Lincoln Educational Services Corporation · NASDAQ:LINC
Lincoln Educational Services — Q1 2026 Earnings Presentation
30 slides from Lincoln Educational Services's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Investor Presentation
Click to edit Master title style •Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Q1 2026 Investor Presentation
Slide 2: Safe Harbor Statement
ClickHarbor Safe to edit Master Statement title style Statements in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “pro
Slide 3: Opportunity Investment
Click to edit Opportunity Investment Master title style •Click to edit Master text styles • SecondLeader Skills Gap level Growth Profitability Balance sheet Increasing Efficiency • Third level Employers cannot Lincoln is a leading, Proven ability to Continuing our Strong balance Continuing efforts f
Slide 4: Strong Start to 2026 – Raising Guidance
Strong Start to 2026 – Raising Guidance Click to edit Master title style Revenue Starts $15.5M EPS 2: $0.14 +22.5% +19.5% Adj EBITDA 1 vs $0.06 PY ~5,500 +85% Q1 2026 NI: $4.4M •Click to editQ1Master Q1 2026: $144.0M 2026 Starts text styles vs prior year +124% vs PY • Second level • Third level • Fo
Slide 5: Well-Positioned to Exceed Long-Term Goals
Well-Positioned to Exceed Long-Term Goals ($ in millions) Click to edit Master title style $850M Revenue Organic Growth Opportunities Existing Campuses & Programs Efficiencies through Lincoln 10.0 hybrid teaching model, centralization, and automation Expansion of high school student initiatives &
Slide 6: New Campus Pro-Forma Hybrid Learning Model
New Campus Pro-Forma Hybrid Learning Model Click to edit Master title style • State-of-the-art training equipment Facilities • ~80k – 90k square feet •Click to edit Master text styles Offering a mix of Automotive and Blended Programs • Second level Skilled Trade Programs in the Hybrid Learning Model
Slide 7: Graduates Are Essential Workers
ClickGraduates Lincoln to edit Master title style are Essential Workers •Click to edit Master text styles • Second level • Third level Over 95% of our students • Fourth level are pursuing careers • Fifth level that the U.S Department of Homeland Security considers Essential Critical Infrastructure W
Slide 8: Company Overview
Click to edit Company Overview Master title style •Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level
Slide 9: Campuses Across the Country
Campuses Across the Country Click to edit Master title style Opportunity for expansion Active Campuses: 22 New Campuses: 2 •Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level
Slide 10: Demand for Middle Skills Training
Demand Click to edit for “Middle Master Skills title style Training” Middle-skill jobs, which require education beyond high school but not a four-year •Click to edit Master text styles degree, make up the largest part of America’s labor market. • Second level (Source: U.S. Bureau of Labor Statistics
Slide 11: Drivers of Demand for Training
ClickoftoOrganic Drivers edit Master title Demand forstyle Training Supply Demand Declining societal pressure to attend New appreciation for skills-trade traditional college •Click to edit Master text styles training Elimination of Vo-Tec programs GAP Silver Tsunami – aging baby- • Second le
Slide 12: Significant Opportunity for Organic Growth
Significant Opportunity for Organic Growth Click to edit Master title style BLS data for Lincoln’s top programs Annual New Hires •Click to edit Master text styles Electrical 81,000 • Second level Automotive Technology 70,000 • Third level Welding 45,600 • Fourth level HVAC 40,100 • Fifth level Diese
Slide 13: Our Superior Educational Approach
Our Superior Educational Approach Click to edit Master title style Develop training programs with feedback from employers and Feedback key industry associations to understand gaps and needs Integration Integrate industry preferred licensing and certifications into the curriculum •Click to edit S
Slide 14: Lincoln Tech
Lincoln Tech Click to edit Master title style Largest Provider of Automotive and Skilled Trade Graduates in the East •Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 3 Schools 19 Schools Source: IPEDS completions survey 2023-24
Slide 15: Strong Industry Partner Relationships
Strong Industry Partner Relationships Click to edit Master title style Positions Lincoln as long-term solutions provider for both entry level technicians and advanced workforce training Employers appreciate the technical and soft skills of our students Partners provide validation of the qualit
Slide 16: Compliance Stats
Compliance Stats Click to edit Master title style 90/10 Rule : This rule caps the percentage of revenue that a proprietary institution can receive from federal financial aid sources at 90%; the other 10% of revenue must come from alternative sources. Starting in 2023, the Veteran Affairs benefits ar
Slide 17: Financial Review
Financial Review Click to edit Master title style •Click to edit Master text styles • Second level • Third level Q1 Results from Operations • Fourth level Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025 • Fifth level Starts Revenue Adj. EBITDA 1 Net Income 5,509 +19.5
Slide 18: Revenue, EBITDA & Margin
Revenue, EBITDA & Margin Click to edit Master title style ($ in millions) FY Revenue & Margin Q1 Revenue & Margin $518.2 $144.0 •Click to edit Master text styles $433.0 $117.5 $367.2 $101.3 $330.9 $83.8 10.8% • Second level 7.9% 8.4% 11.0% 2.3% 4.3% 7.1% 6.6% • Third level 2022 • Fourth 2023 level 2
Slide 19: Starts & Average Population
Starts & Average Population Click to edit Master title style FY Starts Q1 Starts 19.5% 15.2% 20.9% 16.9% 17.8% 13.3% 5,509 •Click to edit Master text styles 15,526 18,153 20,906 3,812 4,610 • Second level 13,709 3,236 • Third level 2022 • Fourth 2023 level 2024 2025 Q1 2023 Q1 2024 Q1 2025 Q1 2026 •
Slide 20: Seasonality
Seasonality Click to edit Master title style Operations continue to demonstrate consistent seasonality, with the strongest performance in the 2nd half of the year Adjusted EBITDA Seasonality 1 ($ in 000's) •Click to edit Master text styles 2022 $ Q1 3,038 $ Q2 2,779 $ Q3 7,583 $ Q4 15,567 $ TY 28,
Slide 21: Merits Investment
Click to edit Merits Investment Master title style ` A national leader in hands-on transportation, skilled trades, and healthcare training •Click to edit Master text styles Organic revenue growth with increasing profitability • Second level • Third level The skills gap will drive growth for the next
Slide 22: Appendix
Click to edit Master title style Appendix •Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level
Slide 23: Use of Non-GAAP Financial Information
Use ofto Click Non-GAAP edit Master Financial title style Information •Click to edit Master text styles This presentation contains non-GAAP (Generally Accepted Accounting Principles) financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measu
Slide 24: Population
Click to edit Master title style Population Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Q1 2025 Q2 2025* Q3 2025* Q4 2025 FY 2025 Starts •Click to edit Healthcare & Other 1,112 Master text styles Transportation/Skilled Trades 4,397 1,059 3,551 4,802 1,119 5,253 1,192 2,920 1,010 16,526 4,380 Total Compa
Slide 25: Financial Statements
Click to edit Financial Statements Master title style •Click to edit Master text styles Our financial statements reflect the following operational results: • Second level • Third 1. Adjusted level EBITDA - We define Adjusted EBITDA as EBITDA plus stock compensation • Fourth expense and adjustments l
Slide 26: Quarterly Starts Reconciliation
Quarterly Starts Reconciliation Click to edit Master title style For the Three Months Ended For the Year March 31, June 30, Sept 30, Dec 31, Ended 2025 2025 2025 2025 2025 Starts Total Company 4,610 3,157 9,209 3,930 20,906 •Click to edit Master text styles Adjustments to Starts July 1, 2025 Starts
Slide 27: Quarterly Avg Pop Reconciliation
Quarterly Avg Pop Reconciliation Click to edit Master title style For the Three Months Ended For the Year March 31, June 30, Sept 30, Dec 31, Ended 2025 2025 2025 2025 2025 Average Pop Total Company 15,469 15,554 16,303 18,243 16,392 •Click to edit Master text styles Adjustments to Avg Pop Impact of
Slide 28: Quarterly Revenue Reconciliation
Quarterly Revenue Reconciliation Click to edit Master title style For the Three Months Ended For the For the Three Months Ended For the Year Year March 31, June 30, Sept 30, Dec 31, Ended March 31, June 30, Sept 30, Dec 31, Ended 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 •Click to edit Maste
Slide 29: Quarterly & FY Guidance EBITDA Reconciliation
Quarterly & FY Guidance EBITDA Reconciliation Click to edit Master title style For the Three Months Ended For the New Adjusted EBITDA FY 2026 March 31, June 30, Sept 30, Dec 31, Year Ended Guidance 2026 2026 2026 2026 2026 Methodology * Midpoint Net Income Net Income Total Company $ 4,356 Total Comp
Slide 30: Quarterly EBITDA Reconciliation
Click to edit Quarterly EBITDA Master Reconciliation title style For the Three Months Ended For the For the Three Months Ended For the March 31, June 30, Sept 30, Dec 31, Year Ended March 31, June 30, Sept 30, Dec 31, Year Ended 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 Net Income (Loss) Add
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