American Public Education, Inc. · NASDAQ:APEI
American Public Education — Investor Day (November 2025)
120 slides from American Public Education's investor day presentation, Nov 20, 2025
Slide 1: Welcome to Investor Day 2025!
Welcome to Investor Day 2025! November 2025 American Public Education Inc. Do Not Distribute.
Slide 2: Angela Selden
2 Angela Selden President and CEO, American Public Education, Inc. Angela Selden was appointed President and CEO of APEI in September 2019. With her father an Air Force veteran who used the GI Bill to complete his education and subsequently lead HR for a VA hospital, and her mother, a lifelong educa
Slide 3: APEI is Higher Education's Best Kept Secret!
APEI is Higher Education’s Best Kept Secret! 3 American Public Education Inc. Do Not Distribute. 3
Slide 4: Forward-Looking Statements
Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions (“APEI” or the “Company”) that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the postsecondary
Slide 5: APEI Remains Higher Education's Best Kept Secret!
APEI Remains Higher Education’s Best Kept Secret! 5 American Public Education Inc. Do Not Distribute. 5
Slide 6: Our Purpose Remains Clear. We Educate Those in Service to Others.
Our Purpose Remains Clear. We Educate Those in Service to Others. 6 American Public Education Inc. Do Not Distribute. 6
Slide 7: The Careers We Support Rely on Human Judgment, Compassion and Presence
The Careers We Support Rely on Human Judgment, Compassion and Presence. AI-Resilient Qualities. 7 American Public Education Inc. Do Not Distribute. 7
Slide 8: We Are Only at the Beginning of Our Next Chapter
We Are Only at the Beginning of Our Next Chapter. 8 American Public Education Inc. Do Not Distribute. 8
Slide 9: Purpose, Resilience and Discipline Have Delivered Results
Purpose, Resilience and Discipline Have Delivered Results that Earn Us the Right to Be Here Today. 9 American Public Education Inc. Do Not Distribute. 9
Slide 10: APEI. A Mission that Matters. A Company that Compounds Value
APEI. A Mission that Matters. A Company that Compounds Value Over Time. 10 American Public Education Inc. Do Not Distribute. 10
Slide 11: APEI and Our Institutions Today
APEI and Our Institutions Today APEI and its three subsidiary institutions Transform Lives, Advance Careers and Improve Communities. We provide purpose-built, accessible and affordable post-secondary education to over 108,000 students annually. NASDAQ: APEI Active-duty military, veterans, military f
Slide 12: APEI Offers a Compelling Investment Thesis
APEI Offers a Compelling Investment Thesis Our platforms are purpose-built We are strengthening our to educate those who serve business by simplifying operations through consolidation We prioritize execution that Our planned efforts to explore delivers continuous improvement new markets and add prog
Slide 13: Our Balanced Revenue Mix
Our Balanced Revenue Mix Growth Story Just Getting Started UNIVERSITY Educator of Active-Duty Multi-state Nursing and $73 Military, Veterans and Health Sciences their Families Platform #1 educator of active- Leading educator of new $6421 duty military and veterans nurses (ADN, LPN, BSN) $332 Ful
Slide 14: Why Military, Veterans and Families
Why Military, Veterans and Families APUS supports the U.S. military’s recruitment promise to active-duty personnel to fund education to enhance skills and career opportunities. By funding education, the DoD develops its human capital by investing in its service members, creating a more skilled and a
Slide 15: Why APUS is Poised to Win
Why APUS is Poised to Win Why APUS Wins APUS Investments Unmatched Outcomes Purpose-built tech platform allows for scale • ~72% of students graduate without APUS- without additional cost incurred federal student loan debt.1 Monthly starts and generous transfer credit for military service • ~40%
Slide 16: Why Nursing and Healthcare
Why Nursing and Healthcare Why Nursing & Healthcare Rasmussen and HCN are well positioned in a high demand, U.S. Nursing & high return on education investment sectors Healthcare - Tailwinds1 Leaders in prelicensure nursing in a fragmented industry with substantial market tailwinds highlights long-
Slide 17: Why Rasmussen + HCN are Poised to Win
Why Rasmussen + HCN are Poised to Win RU and HCN Differentiators • Frictionless access and superior service • An entry point for any student with full ladder of nursing and allied health degrees Revenue and Cost Synergy Opportunities • A jumping off point through its 26 campuses in • Cross-pollinati
Slide 18: But You Knew All of That Already!
But You Knew All of That Already! 18 American Public Education Inc. Do Not Distribute. 18
Slide 19: Where We Go From Here…
Where We Go From Here… 19 American Public Education Inc. Do Not Distribute. 19
Slide 20: Introducing the New APEI!
20 Introducing the New APEI! American Public Education Inc. Do Not Distribute.
Slide 21: New Brand, New Divisions…
21 New Brand, New Divisions… Reflects our heritage of educating students Reflects creation of APEI’s Healthcare today in 80 countries and all 50 states platform Extending reach to offer high interest Reflects both healthcare focus and the programs in Spanish for US and additional RU programs as “+”
Slide 22: … But the Same Vision, Mission, and Values
22 … But the Same Vision, Mission, and Values American Public Education Inc. Do Not Distribute.
Slide 23: Our Next Chapter: 2025-2029 Revenue Targets
IMPACT OF GROWTH LEVERS AND VALUE CREATION INITIATIVES 23 Our Next Chapter: 2025-2029 Revenue Targets ~$1.0B $890M - $925M REVENUE $642M Midpoint of RU Health+ APUS Global Graduate School 2029 Organic Strategic Investments 2029 Target 2025 Revenue Target Guidance American Public Education Inc. Do No
Slide 24: Our Next Chapter: 2025-2029 Adjusted EBITDA Target
IMPACT OF GROWTH LEVERS AND VALUE CREATION INITIATIVES 24 Our Next Chapter: 2025-2029 Adjusted EBITDA1 Target Adjusted EBITDA1 $190M - $200M $182M - $192M 20% - 21% 20% Adjusted Adjusted EBITDA EBITDA Margin1 Margin1 $77M Midpoint of RU Health+ APUS Global APEI/Graduate School 2029 Organic Strategic
Slide 25: Introducing Today's Presenters
25 Introducing Today’s Presenters Angela Selden Ed Codispoti President and CEO EVP and CFO Nuno Fernandes Mark Arnold Dwayne Bertotto President President SVP and COO American Public Education Inc. Do Not Distribute.
Slide 26: APEI Investor Day 2025 Agenda
APEI 26 9:00-9:25am APEI Mission and Market Angela Selden Opportunity 9:25–9:50am Introducing APUS Global Nuno Fernandes Investor Day Division 2025 9:50-10:30am Introducing RU Health+ Mark Arnold Division Dwayne Bertotto 10:30-10:40am Break AGENDA 10:40-11:00am APEI Financial Outlook Ed Co
Slide 27: Investor Day: Nuno Fernandes, APUS
Investor Day N ov e m b e r 2 0 , 2 0 2 5 Nuno Fernandes, President, American Public University System American Public Education Inc. Do Not Distribute.
Slide 28: American Public Education Inc. Do Not Distribute.
28 American Public Education Inc. Do Not Distribute.
Slide 29: Nuno Fernandes
29 Nuno Fernandes President, American Public University System • From Top 500 global company to higher education, Nuno has built his career on expanding access and opportunity. • After leading Ilumno—an EdTech network across Latin America—as CMO and later as President & CEO, he joined APUS in 2022 a
Slide 30: APUS: Purpose-Built for Military Education
30 APUS: Purpose-Built for Military Education 34 Years of Excellence Military Workforce Recognition • Founded by U.S. Marine (1991, AMU) • Only educator twice selected by CCME as Institution of the Year (2012, 2024) • 25% faculty/staff are military or veterans1 • National Defense Transportation Asso
Slide 31: Why APUS Wins
31 Why APUS Wins Purpose-Built Solutions for Active-Duty Military, Military Families and Veterans Honoring DoD’s Promise to Educate Our Nation’s Heroes APUS Investments Unmatched Outcomes • Purpose-built tech platform allows for scale without additional cost • 72% of students graduate without APUS-
Slide 32: Notable Alumni of APUS's 160,000+ Graduates
32 Notable Alumni of APUS’s 160,000+ Graduates General John D. Caine Nicole Malachowski Dr. James D. Polk 22nd Chairman of the Joint Chiefs of Staff Retired US Air Force Officer / First Female Chief Health and Medical Officer at NASA Pilot selected to fly as part of the USAF Air Force Demonstration
Slide 33: APUS Market Leadership
33 APUS Market Leadership THE Largest Educator for Active-Duty Military (60% Increase in Market Share) Market Share Among ~2,350 TA Participants8 (2019 - 2024E)* 28.2% 29.1% 21.8% 23.8% 24.7% 18.2% 15.4% 15.9% 16.6% 17.9% 13.2% 13.0% 2019 2020 2021 2022 2023 2024E APUS UMGC APUS and University of Ma
Slide 34: APUS is the Leading Educator for Veterans
34 APUS is the Leading Educator for Veterans Market Share of Veterans (GI Bill Students)9 2.21% 2.17% 1.98% 1.72% 1.48% 1.11% 1.00% 0.89% 0.71% 0.64% APUS 2024 WGU SNHU LIBERTY UMGC UoPHOENIX ASU GCU NATIONAL MISSOURI U OF SCI & TECH • 6.2 million veterans do not have a higher education degree 10 Am
Slide 35: APUS Fundamentals
35 APUS Fundamentals Large Addressable Market, Brand Loyalty, and Core Segment Enrollment Growth Total Addressable Market % of Students that Come Student Population Back for Second Degree* 11 Military 2.1M Non-Military Ext. Families Military 31% 9% 7% Veterans 10 6.2M Veterans 34% Veterans 19% Ext.
Slide 36: Today's Three Takeaways
Today's Three Takeaways 1 Recent Performance and Momentum 2 How APUS Global Wins: Profitable Growth Through the Purpose-Built Model 3 Executing the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 37: APUS Financial Highlights: 2022–2024 at-a-Glance
37 APUS Financial Highlights: 2022–2024 at-a-Glance Revenue Grows Faster than Registrations and Adjusted EBITDA* Grows Faster than Revenue REGISTRATIONS: + 8% for the period REVENUE: + 11% for the period 317.0M 368K 378K 303.3M 350K 285.1M 2022 2023 2024 2022 2023 2024 ADJ. EBITDA MARGIN (%)* : + 74
Slide 38: Levers Accelerating APUS's 11% Growth (2022–2024)
38 Levers Accelerating APUS’s 11% Growth (2022–2024) New Student Average Course Student NPS vs. Retention i Consumption ii Industry iii Active-Duty Military Growth 10% iv +270 bps +11% 65 vs. 32 Veterans Growth Proving Operational Excellence & Extraordinary 18% iv Student Satisfaction Can Co-Exist i
Slide 39: Today's Three Takeaways
Today's Three Takeaways 1 Recent Performance and Momentum 2 How APUS Global Wins: Profitable Growth Through the Purpose-Built Model 3 Executing the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 40: APUS Global 2026-2029 Growth Strategy
40 APUS Global 2026-2029 Growth Strategy Five Value Creation Initiatives for Profitable Growth and Cost Optimization * Maximize Active-Duty Accelerate Growth Expand New Introduce Global Military Growth with Veterans and Degree Programs Expansion in English and Military Families Spanish Digital Trans
Slide 41: Maximize Active-Duty Military Growth
Maximize Active-Duty Military Growth American Public Education Inc. Do Not Distribute.
Slide 42: Maximize Active-Duty Military Growth
42 Maximize Active-Duty Military Growth Gain Share from Competitors and Grow the Number of Service Members Using TA • Expand the Military Outreach Team for deeper geographic coverage with additional staff members by 2029 • Create new programs to address modern military needs (drones, AI, modern warf
Slide 43: Accelerate Growth with Veterans and Military Families
Accelerate Growth with Veterans and Military Families American Public Education Inc. Do Not Distribute.
Slide 44: Accelerate Growth with Veterans and Military Families
44 Accelerate Growth with Veterans and Military Families Leverage military Open new outreach team to marketing channels promote extended for demand Optimize dedicated marketing resources to family benefit creation and promote extended family benefit decision-making Maximize impact maximization Incre
Slide 45: Expand New Degree Programs
Expand New Degree Programs American Public Education Inc. Do Not Distribute.
Slide 46: Expand New Degree Programs
46 Expand New Degree Programs 23 High Demand / High Potential Programs and 30 Spanish Translations 2026 2027 2028 English 4 Undergraduate 2 Undergraduate 1 Undergraduate 3 Graduate 6 Graduate 7 Graduate 2026 2027 2028 Spanish 12 Graduate 3 Undergraduate 6 Undergraduate Translation 6 Graduate 3 Gradu
Slide 47: Introduce Global Expansion in English and Spanish
Introduce Global Expansion in English and Spanish American Public Education Inc. Do Not Distribute.
Slide 48: Global Expansion in English and Spanish
48 Global Expansion in English and Spanish Opportunities Fuel Non-Federal Revenue Diversification U.S. non-military market: 40+ Years Mature, low-growth, highly competitive13 Global experience on management team Developing countries: Online learning Middle Class Visa barriers reducing growth13 expan
Slide 49: Digital Transformation and AI Implementation to Accelerate Scale
Digital Transformation and AI Implementation to Accelerate Scale American Public Education Inc. Do Not Distribute.
Slide 50: AI-Powered Transformation Across the Lifecycle
50 AI-Powered Transformation Across the Lifecycle Leveraging AI, RPA, and Automation to Scale APUS by Improving Efficiency, Enhancing Quality, and Reducing Delivery Costs Marketing & Enrollment Teaching & Learning Student Experience Value: Increase conversion Value: Efficiency and quality in Value:
Slide 51: Today's Three Takeaways
Today's Three Takeaways 1 Recent Performance and Momentum 2 How APUS Global Wins: Profitable Growth Through the Purpose-Built Model 3 Executing the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 52: Impact of Value Creation Initiatives: Revenue
52 Impact of Value Creation Initiatives Revenue Increases $91M to $106M $405M – 420M $314M REVENUE Note: Value creation initiatives are evenly represented, so not to scale Midpoint of 2025 Grow Military Grow Veterans New Programs Global 2029 Target Guidance and Extended Families American Public Educ
Slide 53: 2025-2029 Adjusted EBITDA Growth Trajectory
53 2025-2029 Adjusted EBITDA* Growth Trajectory Impact of Growth Levers and Value Creation Initiatives $125M - $130M Adjusted EBITDA* $92M 31% Adjusted EBITDA Margin Note: Value creation initiatives are evenly represented, so not to scale Midpoint of 2025 Scalability and Grow Military Grow Veterans
Slide 54: Today's Three Takeaways
Today's Three Takeaways 1 Recent Performance and Momentum 2 How APUS Global Wins: Profitable Growth Through the Purpose-Built Model 3 Executing the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 55: Thank You
Thank You NOVEMBER 20, 2025 American Public Education Inc. Do Not Distribute.
Slide 56: Investor Day: Rasmussen University
Investor Day N ov e m b e r 2 0 , 2 0 2 5 Mark Arnold, President, Rasmussen University Dwayne Bertotto, Chief Operations Officer, Rasmussen University American Public Education Inc. Do Not Distribute.
Slide 57: Introductory Video
Introductory Video American Public Education Inc. Do Not Distribute.
Slide 58: Mark Arnold
58 Mark Arnold President, Rasmussen University • 20+ years of experience in healthcare services as an executive leader (CEO, COO, CDO), Wall Street research analyst and consultant • Past 15 years scaling two facility-based, multi-state healthcare organizations in radiology and mental health • Joined
Slide 59: 38 Years of Nursing Excellence
59 38 Years of Nursing Excellence Introducing Rasmussen University and Hondros College of Nursing Rasmussen University: Hondros College of Nursing: 20 Years of Nursing Excellence; 18 Years of Nursing Excellence 125 Years of Educational Excellence 1900 Rasmussen 2007 Hondros Practical School of Colle
Slide 60: Introducing RU Health+
60 Introducing Significant Market RU and HCN Revenue and Cost Tailwinds Differentiators Synergy Opportunities Market demand for nursing is Frictionless access and Expand RU campus programs to large and growing superior service HCN Strong education ROI with LPN An entry point for any student Expand h
Slide 61: Market Demand for Nursing Is Large and Growing
61 Market Demand for Nursing Is Large and Growing Annual openings Nursing workforce Of retirement- % of nurses who intend to leave through 20301 over age 502 eligible nurses, in next 5 years has increased dramatically2 20.2% 200K+ 50% 50+% LPN/LVN 41.3% 22.1% RN 39.9% 2020 2024 expected to retire in
Slide 62: RU Health+ Operates 26 Campuses in Eight States
62 RU Health+ Operates 26* Campuses in Eight States Rasmussen Campuses HCN Campuses Greater Chicago, IL (3) Indianapolis, IN Rockford, IL Detroit, MI Twin-Cities, MN (3) Toledo, OH Mankato, MN Cleveland, OH St. Cloud, MN Akron, OH Moorhead, MN Dayton, OH Fargo, ND Cincinn
Slide 63: RU Health+ Revenue Synergies for HCN
63 RU Health+ Revenue Synergies for HCN Full Nursing Program Ladder - Campus and Online RU HCN Doctor of Nursing Practice (DNP) ● • Laddered program that encompasses nursing Family Nurse Practitioner (Masters) 2022 ● education lifecycle Master of Science in Nursing (MSN) ● • ADN program has Post- si
Slide 64: Today's Three Takeaways
Today's Three Takeaways 1 Who We Are 2 How We Execute on the Nursing Opportunity 3 Delivering the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 65: Introducing RU Health+
65 Introducing RU Health+ Market Leader in High-Demand Healthcare Education • A national leader in first licensure nursing4 • Offering ADN, BSN and PN programs • Approximately 10,000 nursing enrollments annually • Comprehensive ladder of post-licensure nursing programs • Offer over 15 allied health
Slide 66: Introducing RU Health+
66 Introducing RU Health+ Education that Leads to Lifetime Health Careers • Easy access and student-service focused • One (HCN) and two (RAS) starts each quarter • Immediate entry into nursing programs • Student-centric and service-minded staff and faculty • Complementary programs that ladder to nex
Slide 67: Introducing RU Health+
67 Introducing RU Health+ Foundation for Growth Established • Enrollment growth: • RU: Six straight quarters of YOY enrollment growth • HCN: 23 straight quarters of YOY enrollment growth • Improved student NCLEX outcomes • Dramatic improvement in profitability in 2025 • Value proposition built aroun
Slide 68: RU Health+ Enrollment Growth
68 RU Health+ 2023-2025 Average Annual Active Enrollment Accelerated to 9% Growth 9% 2% 19.0K 17.2K 17.5K 6% 2% 5.4K 5.0K 5.1K 8% 15% ~ 3,100 students in online health 3.1K 2.5K 2.7K ~13,600 students in nursing, allied 8% 9.7K 0% 9.7K 10.5K health, and other health sciences programs 2023 2024 2025 C
Slide 69: RU Health+ Campus Nursing and Health Programs
69 RU Health+ Campus Nursing and Health Programs A national leader in first licensure nursing, Current Pre-licensure Nursing Mix including ADN, BSN and PN programs4 Allied Health programs offered at many BSN campuses, including: 14% • Medical Assisting (10) • Physical Therapy Assistant and Medical L
Slide 70: In-demand Online Health Programs
70 RU Health+ In-demand, Online Health Programs for over 3,100 Students 2025 Average Annual Active Enrollment Preparing students for careers in nursing and healthcare. NURSING Growing at double-digit rates. 14% • Comprehensive ladder of Post-licensure Nursing (RN-BSN, MSN, DNP) HEALTH • Healthcare A
Slide 71: RU Health+ Online Plus Programs
71 RU Health+ Online Plus Programs Online Plus programs Over 5,000 students growing Programs designed for students prepare students for at mid-single-digit rate to seamlessly advance to next growing workforce needs credential or degree • Business More than 350 corporate • Roughly 13% of new • Educat
Slide 72: Rasmussen Advantage Presents Significant Opportunity in HCN Markets
72 RU Health+ Rasmussen Advantage Presents Significant Opportunity in HCN Markets Rasmussen Campus Health Drives Online Growth Synergistic Benefit of (and vice versa) RU Health+ States with States with Of all online • Replicating the online campuses generate campuses have starts brand awareness woul
Slide 73: Today's Three Takeaways
Today's Three Takeaways 1 Who We Are 2 How We Execute on the Nursing Opportunity 3 Delivering the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 74: How We Win Today and Tomorrow
74 RU Health+ With RU Growth Restrictions Lifted, How We Win Today and Tomorrow Add more students to Add new campuses and By 2029, a path to: existing campuses utilizing enter new markets capacity $485M - $505M in Revenue 18% - 20% Adjusted Cross-pollinate existing programs Add new programs EBITDA*
Slide 75: Four Healthcare Value Creation Initiatives
75 RU Health+ Four Healthcare Value Creation Initiatives Fill the Back Row Hand in Hand Leverage the Ladder Trailblazer Expansion American Public Education Inc. Do Not Distribute.
Slide 76: Dwayne Bertotto
76 Dwayne Bertotto Chief Operations Officer, Rasmussen University • 19 years of experience in higher education with over 18 years at Rasmussen University • Served in an executive leadership role for past 14 years focused on recruitment, retention and operational oversight of our campus and online bu
Slide 77: Fill the Back Row
Fill the Back Row Maximize Current Campus Enrollment American Public Education Inc. Do Not Distribute.
Slide 78: Grow Enrollments with Minimal Incremental Overhead
78 Fill the Back Row Grow Enrollments with Minimal Incremental Overhead Major Markets 6,964 3,146 Super School Clusters 2,271 2,154 Available incremental capacity at existing Small Markets 1,171 629 campuses: ~5,900 students Existing Enrollment * Available Capacity * Actual Active Enrollment as of Q
Slide 79: Cross-pollinate Programs and Increase Enrollment Caps
79 Fill the Back Row Cross-pollinate Programs and Increase Enrollment Caps 2026 program expansion 2026 program By 2029 program per campuses "cap" expansion expansion initiatives • BSN: Three campuses • Rad Tech: Two Campuses • BSN: Ten campuses • ADN: One campus • ADN: Two Campuses • ADN: Three camp
Slide 80: Relentless Focus on Execution Excellence
80 Fill the Back Row Relentless Focus on Execution Excellence Illustrative Campus 10.0 Essential Drivers for Growth 9.0 8.0 7.0 • Clinical Opportunities 6.0 5.0 • Faculty Staffing 4.0 3.0 • Inquiry Generation 2.0 1.0 • Admission Operations 0.0 • Student Success American Public Education Inc. Do Not
Slide 81: Strong Fundamentals with Attractive Unit Economics
81 Fill the Back Row Strong Fundamentals with Attractive Unit Economics Driving Increased Margins 40 Revenue Model • Midpoint of nursing annual tuition ~$20,000 EBITDA Margin (%) 30 • Program length 18-24 months 20 10 Leverage Fixed Costs • Occupancy/rent 0 • Campus management Today • Central operat
Slide 82: Leverage the Ladder
Leverage the Ladder Accelerate Healthcare Upskilling and Career Advancement American Public Education Inc. Do Not Distribute.
Slide 83: Full Nursing Program Ladder - Campus and Online
83 Leverage the Ladder Full Nursing Program Ladder - Campus and Online RU HCN Doctor of Nursing Practice (DNP) ● • Laddered program that encompasses nursing Family Nurse Practitioner (Masters) 2022 ● education lifecycle Master of Science in Nursing (MSN) ● • ADN program has Post- significant enrollm
Slide 84: Creating a New Connected Model to Address the Nursing Shortage
Creating a New Connected Model to Address the Nursing Shortage American Public Education Inc. Do Not Distribute.
Slide 85: Hand in Hand: A New Connected Model
85 Hand in Hand A New Connected Model The Challenge: Status Quo Traditional model yields: Our Vision: A New Connected Model Graduates with low "stickiness," We believe there is a significant ineffective onboarding, and curricula opportunity to create better financial and disconnected from real-world
Slide 86: Modernizing the Traditional Clinical Model
86 Hand in Hand Modernizing the Traditional Clinical Model Begin Establish Graduate Partner Onboarding Continuous Education Affiliation; Jumpstart through Upskilling Learn the Affiliation Pathways Partner Way Creating Value for Partners Creating Value for Students • Student educational experience cu
Slide 87: Trailblazer Expansion
Trailblazer Expansion Adding New Campuses to Meet Nursing Demand American Public Education Inc. Do Not Distribute.
Slide 88: Strategic & Achievable New Campus Growth
88 Trailblazer Expansion Strategic & Achievable New Campus Growth Expansion Capital Expected Pace Requirements Returns • Target two campuses • Target ~$3.5M per campus • Break-even: ~18 months annually starting 2026 • Funded from operating • Full capacity: 48 to 60 • 18-24 month cash flow months dev
Slide 89: Multi-faceted Analysis of New Markets
89 Trailblazer Expansion Multi-faceted Analysis of New Markets Total Addressable Employment Regulatory Market Demand Landscape Presence of Availability Availability of Competitors of Nurse Educators Clinical Partners American Public Education Inc. Do Not Distribute.
Slide 90: Today's Three Takeaways
Today's Three Takeaways 1 Who We Are 2 How We Execute on the Nursing Opportunity 3 Delivering the Four-Year Plan American Public Education Inc. Do Not Distribute.
Slide 91: 2025-2029 Revenue Growth Trajectory
91 2025-2029 Revenue Growth Trajectory Impact of Growth Levers and Value Creation Initiatives $485M - $505M REVENUE $320M Note: Value creation initiatives are evenly represented and not to scale Midpoint of 2025 Existing Operations Program Expansion New Campuses 2029 Target Guidance (Fill the Back R
Slide 92: 2025-2029 Adjusted EBITDA Growth Trajectory
92 2025-2029 Adjusted EBITDA* Growth Trajectory Impact of Growth Levers and Value Creation Initiatives Adjusted EBITDA* $85M - $100M 18% to 20% Adjusted EBITDA Margin Note: Value creation initiatives are evenly represented and not to scale $14M Midpoint of Existing Operations Program Expansion Trail
Slide 93: Thank You
Thank You NOVEMBER 20, 2025 American Public Education Inc. Do Not Distribute.
Slide 94: Four-Year Financial Outlook
94 94 Four-Year Financial Outlook Investor Day N ov e m b e r 2 0 , 2 0 2 5 Edward Codispoti, APEI Chief Financial Officer American Public Education Inc. Do Not Distribute.
Slide 95: Edward H. Codispoti
95 Edward H. Codispoti EVP and CFO, American Public Education, Inc. • Former CFO, NV5 Global, Inc., a global engineering and technology firm. • Former CFO, Ilumno Holdings, Inc., a provider of higher education technology solutions to universities in Latin America, driving growth and advancing higher
Slide 96: Our Growth Story
96 Our Growth Story Strong enrollment and revenue growth trends across Education Units Enrollment1 Revenue2 Comments Accelerating enrollment APUS 8% 5% through market share gains and new segments Filling the back row at the Rasmussen 10% 12% campuses New campuses and program Hondros College of Nursi
Slide 97: Revenue Growth and Margin Expansion
97 Revenue Growth and Margin Expansion Beginning to Show Accelerated Growth - TTM 3Q’24 to 3Q’25 $650 Annual Revenue and Adj. EBITDA Margin1 24.0% $655 $640 ($ in millions) $625 $630 • 3% Revenue CAGR from 2022 – Q3 25 TTM $620 $606 $610 $601 13.5% • 7% revenue growth (TTM) as of 9/30/25 11.6% compa
Slide 98: Strengthening Financial Position
98 Strengthening Financial Position Increasing cash position and decreasing leverage ratios Unrestricted Cash and Total Debt ($ in millions) • In 2Q’25 we redeemed our preferred equity, saving $6 million annual cash $191.3 outlay $131.9 • Through sale of Graduate School USA, $116.7 $102.5 $99.1 $99.
Slide 99: Our Cash Flow Strength
99 Our Cash Flow Strength Driving accelerating Free Cash Flow1 through execution and margin expansion Free Cash Flow TTM (September 2025) Free Cash ($ in millions) Flow Yield1 Accelerating Cash Flow Generation $60.0 • Higher operating leverage at +173% +10% Rasmussen producing accelerating margins +
Slide 100: 2025-2029 Revenue Growth Trajectory
100 2025-2029 Revenue Growth Trajectory 9-10% Impact of Growth Levers and Value Creation Initiatives ~$1.0B $890M - $925M REVENUE $642M Midpoint of RU Health+ APUS Global Graduate School 2029 Organic Strategic Investments 2029 Target 2025 Revenue Target Guidance American Public Education Inc. Do Not
Slide 101: 2025-2029 Adjusted EBITDA Growth
101 2025-2029 Adjusted EBITDA1 Growth 24-26% Impact of Growth Levers and Value Creation Initiatives Adjusted EBITDA1 $190M - $200M $182M - $192M 20% - 21% 20% Adjusted Adjusted EBITDA EBITDA Margin1 Margin1 $77M Midpoint of RU Health+ APUS Global APEI/Graduate School 2029 Organic Strategic Investmen
Slide 102: Capital Allocation Overview
102 Capital Allocation Overview Disciplined, Balanced, and Aligned with Long-Term Value Creation $300 - $400 million of expected cumulative cash generation from 2026 through 2029 Fund the Business Growth Initiatives Tuck in Acquisitions Return to Shareholders • Intelligent Systems • New Campuses • G
Slide 103: Key Financial Growth Targets
103 Key Financial Growth Targets APEI Targets Revenue Growth and Adjusted EBITDA1 Margin Expansion 2029 Targets2 Adjusted Organic Revenue Revenue EBITDA1 Margin Adjusted EBITDA1 CAGR $190M - 9-12% ~ $1.0 B 20-21% $200M 1. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortizati
Slide 104: Thank You
104 104 Thank You NOVEMBER 20, 2025 American Public Education Inc. Do Not Distribute.
Slide 105: CEO Summary
105 105 CEO Summary N ov e m b e r 2 0 , 2 0 2 5 Angela Selden, APEI Chief Executive Officer American Public Education Inc. Do Not Distribute.
Slide 106: APUS Global 2026-2029 Growth Strategy
106 APUS Global 2026-2029 Growth Strategy Five Value Creation Initiatives for Profitable Growth and Cost Optimization * Maximize Active-Duty Accelerate Growth Expand New Introduce Global Military Growth with Veterans and Degree Programs Expansion in English and Military Families Spanish Digital Tran
Slide 107: RU Health+ 2026-2029 Growth Strategy
107 RU Health+ 2026-2029 Growth Strategy Four Healthcare Value Creation Initiatives Fill the Back Row Hand in Hand Leverage the Ladder Trailblazer Expansion American Public Education Inc. Do Not Distribute.
Slide 108: Our Next Chapter: 2025-2029 Revenue Targets
IMPACT OF GROWTH LEVERS AND VALUE CREATION INITIATIVES 108 Our Next Chapter: 2025-2029 Revenue Targets ~$1.0B $890M - $925M REVENUE $642M Midpoint of RU Health+ APUS Global Graduate School 2029 Organic Strategic Investments 2029 Target 2025 Revenue Target Guidance American Public Education Inc. Do N
Slide 109: Our Next Chapter: 2025-2029 Adjusted EBITDA Target
109 Our Next Chapter: 2025-2029 Adjusted EBITDA1 Target Impact of Growth Levers and Value Creation Initiatives Adjusted EBITDA1 $190M - $200M $182M - $192M 20% - 21% 20% Adjusted Adjusted EBITDA EBITDA Margin1 Margin1 $77M Midpoint of RU Health+ APUS Global APEI/Graduate School 2029 Organic Strategi
Slide 110: Introducing Our Leaders Panel
110 110 Introducing Our Leaders Panel N ov e m b e r 2 0 , 2 0 2 5 Angela Selden, APEI Chief Executive Officer American Public Education Inc. Do Not Distribute.
Slide 111: Introducing APEI's Leadership Team Panelists
111 Introducing APEI’s Leadership Team Panelists Angela Ed Nuno Mark Dwayne Selden Codispoti Fernandes Arnold Bertotto Rick Gary James Karmela Sunderland Janson Kenigsberg Gaffney American Public Education Inc. Do Not Distribute.
Slide 112: Closing Remarks
112 112 Closing Remarks American Public Education Inc. Do Not Distribute.
Slide 113: Thank You
113 113 Thank You NOVEMBER 20, 2025 American Public Education Inc. Do Not Distribute.
Slide 114: APEI Non-GAAP Disclosures
114 APEI Non-GAAP Disclosures GAAP Outlook Net Income to Outlook Adjusted EBITDA: The following table sets forth the reconciliation of the Company’s outlook GAAP net income available to common stockholders to the calculation of outlook adjusted EBITDA for the twelve months ending December 31, 2025:
Slide 115: APUS – Appendix: Sources
115 APUS – Appendix: Sources # SOURCE DETAILS 1 Average based on annual self-reporting each year from 2020 to 2025. Based on FY 2019 Department of Defense tuition assistance and Veterans Administration student enrollment data, as reported by Military 2 Times, 2020. NASA Lunar Autonomy Challenge, Fin
Slide 116: APUS – Appendix: Sources
116 APUS – Appendix: Sources # SOURCE DETAILS 9 GI Bill® Comparison Tool: https://www.va.gov/education/gi-bill-comparison-tool/ Bureau of Labor Statistics, “Employment status of people 25 years and over by veteran status and educational attainment, 2024 annual 10 averages.”: https://www.bls.gov/news
Slide 117: APUS – Non-GAAP Disclosures
117 APUS – Non-GAAP Disclosures APUS is presenting Adjusted EBITDA for 2022-2024 and outlook Adjusted EBITDA for 2025 and urges investors to review the reconciliations to Operating Income and outlook Operating Income for 2025, respectively that are included in the table below (under the caption “Edu
Slide 118: RU Health+ Appendix - Sources
118 RU Health+ Appendix - Sources # SOURCE DETAILS Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, career information accessed 1 November,2025, https://www.bls.gov/ooh/healthcare/licensed-practical-and-licensed-vocational-nurses.htm, https://www.bls.gov/ooh/healt
Slide 119: RU Health+ Non-GAAP Disclosures
119 RU Health+ Non-GAAP Disclosures RU Health+, which includes HCN and Rasmussen, is presenting outlook Adjusted EBITDA and urges investors to review the reconciliation of outlook Operating Income, the most directly comparable GAAP financial measure, to outlook Adjusted EBITDA that is included in th
Slide 120: APEI Non-GAAP Disclosures
120 APEI Non-GAAP Disclosures The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA, and supplemental financial information, for the twelve months ended December 31, 2022, and three months ended between December 31, 2022 thr
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