Lincoln Educational Services Corporation · NASDAQ:LINC
Lincoln Educational Services — Investor Day (March 2026)
65 slides from Lincoln Educational Services's investor day presentation, Mar 19, 2026
Slide 1: Presented by Scott Shaw, CEO and President
PRESENTED BY: SCOTT SHAW Chief Executive Officer and President March 19, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements contained in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 19
Slide 3: Welcome
WELCOME
Slide 4: People Are the Difference
People Are the Difference Lincoln Tech Is A People First Company We change lives every day—because our people truly care.
Slide 5: Mission Statement
Mission Statement Lincoln’s mission is to provide superior education and training to our students for in-demand careers in a supportive, accessible learning environment, transforming students’ lives and adding value to their communities.
Slide 6: Investor Day 2024 Recap
Investor Day 2024 Strong regulatory focus and record Outcomes meaningfully better than community colleges We would achieve $540 million in revenues and $88 million in adjusted EBITDA in 2027 Our vision is to be the best Large market opportunity with only 2% market share Highly talented instructors w
Slide 7: Experienced Management Team
Experienced Management Team Scott M. Shaw Chief Executive Officer and President (24) Brian K. Meyers Executive Vice President and Chief Financial Officer (23) Chad Nyce Executive Vice President and Chief Operating Officer (6) Stephen Ace Senior Vice President of Human Resources (17) Francis S. Gigli
Slide 8: Board of Directors
Board of Directors John A. Bartholdson Non-Executive Chairman, Lincoln Educational Services; Co- founder & Partner, Juniper Investment Co. LLC James J. Burke Jr. Founder & Managing Member, JJB Capital Partners LLC Anna Escobedo Cabral Former Treasurer of the United States of America Kevin M. Carney
Slide 9: Key Operating Metrics
70% 85% 85% Key Operating Metrics Graduation Rate Placement Rate Student Recommend Rate
Slide 10: Strategic Themes
Strategic Themes Simplify our business Standardize our operations to drive efficiencies Narrow our focus to be the BEST
Slide 11: Our Opportunities Have Never Been Better
OUR OPPORTUNTIES HAVE NEVER BEEN BETTER Q1 is off to a strong start, with starts up approximately 19–20%.
Slide 12: Presented by Scott Watkins, VP of Marketing
PRESENTED BY: Scott Watkins Vice President of Marketing March 19, 2026
Slide 13: The Engine That Powers Student Growth
The Engine That Powers Student Growth Lincoln Tech’s integrated marketing, admissions, and employer partnerships create a scalable engine for attracting students and launching careers in high-demand industries. Core Strategy Key Drivers High-intent search capturing students actively researching care
Slide 14: The Demand Backdrop: Why Students Are Looking Now
The Demand Backdrop: Why Students Are Looking Now Lincoln Tech attracts students because demand for skilled careers is rising, and students choose Lincoln Tech because we remove uncertainty around career outcomes. Key Drivers Persistent skilled labor shortages across trades and health sciences. Incr
Slide 15: Who Are They – Example Persona
Who Are They – Example Persona High school graduates exploring career alternatives. Often balancing work, family, and financial responsibilities. Motivated to build stable, long-term careers. Seeking opportunities to improve income and economic mobility. SOCIAL 82% use a social networking site 70% u
Slide 16: Why Students Choose Lincoln Tech
Why Students Choose Lincoln Tech Career-Focus Training aligned with high-demand industries. Curriculum informed by employer needs. Opportunities to earn industry-recognized certifications. Hands-On Learning Experience Practical instruction using modern facilities and equipment. Hands-on learning env
Slide 17: Engaging Students Throughout the Career Decision Journey
Lincoln Tech Engages Students Throughout the Career Decision Journey
Slide 18: Presented by Jay Rasmussen, SVP of Admissions
PRESENTED BY: Jay Rasmussen Senior Vice President of Admissions March 19, 2026
Slide 19: Our Purpose in Admissions
Our Purpose in Admissions We are a unique business; we don’t sell a product. We sell a future opportunity for those seeking success, we sell the American dream. We impact not just the student attending, but generations. 80% of the children whose parents complete a post secondary education will thems
Slide 20: Our Students
Our Students Prospects currently in their final year of high school or who have graduated within the past year. 22% of our students enroll directly out of high school. Many are first- generation college students from blue-collar families. HSO –leads generated by marketing HSP –leads generated at hig
Slide 21: Applications 2021 to 2025
2021 to 2025 Applications 30,917 6% YoY 20% YoY 11% YoY 15% YoY 2021 2022 2023 2024 2025 Enrollments 14% CAGR Demand is robust but admissions still needs to guide students through the process – fear, uncertainty and sometimes low self-esteem hold back many students. A critical first step is completi
Slide 22: Growth by Channel: 5-Year Outlook
Growth by Channel: 5-Year Outlook 640 11,387 758 10,833 812 11,922 3,368 3,360 3,493 13,648 4,020 1,023 1,088 14,889 4,932 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Veteran Not Veteran Adult HS 2021 2022 2023 2024 2025 All channels are growing at similar rates. New campuses will contribu
Slide 23: Starts and Leads Over Time
Starts and Leads Over Time Start Trend Since Covid, starts have accelerated due to increased demand and increased capacity. Market Conditions Are moving in our direction. Positive Media Exposure. Traditional College is being reevaluated for the value proposition. Inquiry Trends Have exceeded expecta
Slide 24: Drivers of Admissions Success
Drivers of Admissions Success The conditions behind high performance. Numbers are important but no more important than the six drivers of success and long-term growth. With the growth experienced over the past several years, it will be important to monitor indicators that could negatively impact the
Slide 25: Leveraging AI in Admissions
Caretaking Caretaking can range from as short as 3 days to as long as a year. AI can assist by sharing videos and serving as a resource for common questions. It can also help identify students who may be at risk of not starting. Self-Scheduling Prospects can schedule their own appointments at a time
Slide 26: Growth in 2026 and Beyond
Growth in 2026 and Beyond HIGH SCHOOL We will continue increasing investment in our high school program, including higher salaries to attract higher-caliber talent, while continuing to expand the team by adding representatives and managers as needed to fulfill growth objectives. ADULT Our core team
Slide 27: Presented by Gina Zaffino, SVP of Education
PRESENTED BY: Gina Zaffino Senior Vice President of Education March 19, 2026
Slide 28: Graduation Trends
Graduation Trends We have developed strategies that support students’ academic progress and personal development, ultimately helping more students complete their programs and graduate. Early 2026 graduation trends indicate these strategies are having a positive impact.
Slide 29: Improving Graduation Rates
Improving Graduation Rates Efficiencies for Flexibility & Reduced Administrative Burdens Standardization of academic delivery, structure, and operations. Retention Coaches for Academic Success Students receive personalized guidance, motivation, and assistance. Retention coaches identify at-risk stud
Slide 30: Queens and Nursing Hybrid Conversion
Queens –Waiting on Degree Granting status in NY Nursing – Hybrid Conversion In-Progress Hybrid Model Completion
Slide 31: Four Elements of Our Hybrid Learning Model
Four Elements of Our Hybrid Learning Model Hybrid learning provides students with greater flexibility; while ensuring they gain online learning skills and hands-on training. Discovery Student is pre-assigned online lessons to be done prior to topic being discussed in class and engages the online mod
Slide 32: Developing Trades Professionals Into Skilled Instructors
Developing Trades Professionals Into Skilled Instructors Lincoln’s Instructional Foundations Training 5-week onboarding program for new instructors. Mimics our hybrid learning model Synchronous, asynchronous, in-person 1-year of ongoing training. Ladders Growth-pathing program to enhance instructor
Slide 33: Cutting Edge Tools and Equipment
Cutting Edge Tools and Equipment Our training tools ensure our students are learning on the most up-to-date equipment in the industry.
Slide 34: Leveraging AI in Education
Leveraging AI in Education 2 clicks in the LMS generates personalized performance insights. Instant AI Feedback AI identifies knowledge gaps and explains key concepts students need to strengthen. Personalized Learning Guidance Students receive targeted guidance on what to review to improve future pe
Slide 35: Our Commitment to Supporting Students
Our Commitment to Supporting Students Extends Beyond Instruction We provide a holistic learning and support environment, removing obstacles, and ensuring students receive the guidance needed to achieve success.
Slide 36: Presented by Jennifer Hash, VP of Career Services
PRESENTED BY: Jennifer Hash Vice President of Career Services March 19, 2026
Slide 37: Connecting Education to Opportunity
Connecting Education to Opportunity OUR GRADUATES ARE THE PRODUCT—AND THE MEASURE OF OUR IMPACT EMPLOYERS ARE OUR CUSTOMERS, RELYING ON US FOR SKILLED, JOB-READY TALENT WE BRIDGE EDUCATION AND OPPORTUNITY THROUGH SUCCESSFUL GRADUATE PLACEMENT EVERY PLACEMENT SUPPORTS A FAMILY, FILLS A WORKFORCE NEED
Slide 38: Delivering Results: Placement
Delivering Results: 74.7% 82.8% 79.6% 15/16 20/21 24/25 Eligible Graduates +45% since 15/16 *Placement percentages based on graduate cohort dates of July 1 – June 30 and placed by December 31st. Infrastructure & Strategy 100(+) Dedicated Career Services team members 18% staff growth over last 2 year
Slide 39: Preparing Students for Careers
Preparing Students for Careers Career preparation is integrated alongside technical training from enrollment through graduation. Curriculum and expectations are aligned to real job roles and employer requirements. Education and Career Services operate in lockstep to build job-ready graduates. Focus
Slide 40: Employer Demand for Lincoln Tech Graduates
Employer Demand for Lincoln Tech Graduates SKILLED TRADES: HVAC, ELECTRICAL, WELDING, AND INDUSTRIAL SERVICE EMPLOYERS TRANSPORTATION: AUTOMOTIVE DEALERSHIPS, COLLISION REPAIR CENTERS, DIESEL, FLEET, AND TRUCKING EMPLOYERS HEALTHCARE: ALLIED HEALTH AND PATIENT CARE EMPLOYERS EMPLOYER RELATIONSHIPS S
Slide 41: Strategic Focus on High-Demand Workforce Sectors
Strategic Focus on High-Demand Workforce Sectors Focused on mission-critical industries supporting 24/7 operations, including data centers and advanced integration environments. Strategic partnerships enable access to high-demand employers aligned to evolving workforce needs. National approach ensur
Slide 42: Presented by Chad Nyce, EVP and COO
PRESENTED BY: Chad Nyce Executive Vice President and Chief Operating Officer March 19, 2026
Slide 43: Growth Strategy
Growth Strategy New Campuses Program Replications Organic Growth Healthcare Expansion Replicate Our Most In Demand Programs Build two new campuses per year Increased marketing. Investments in HS Recruiting. Investments in Military. Seeking degree granting in NJ, CT and NY to better serve veterans an
Slide 44: Legacy Instructional Model
Legacy Instructional Model Example: 1,200Hr. Program Legacy Instructional Model Limitations: Students required to go to school 5 days per week. Faculty required to work 5 days per week. A minimum of 2.5 instructors are required to teach 3 cohorts. Facility inefficiencies (large number of dedicated c
Slide 45: Current Instructional Model (Lincoln 10.0)
Current Instructional Model (Lincoln 10.0) Example: 1,200Hr. Program Efficient Instructional Model Benefits: Students are required to go to school only 4 days per week (more time to work a PT job) Faculty are required to work only 4 days per week (less burn out) Fewer instructors are required to tea
Slide 46: Current Capacity and Growth Opportunity
Current Capacity and Growth Opportunity
Slide 47: Increasing Operating Cost Efficiencies
Increasing Operating Cost Efficiencies Class Size Ratio 18:1 As we increase classroom utilization, we leverage existing fixed costs and improve operating margins. Also seeking to lower fixed costs with AI and further process improvement. $330.9 $367.2 $433.0 $518.2 $585.0 $850.0 9% 7% 10% 13% 13% 18
Slide 48: Seeking Non-Title IV Funding Sources
Seeking Non-Title IV Funding Sources To diversify from Title IV. To lower the cost for students: High School Share. 3rd party scholarships. Employer paid students – fully or partially. Workforce training beyond secondary (e.g., Container Management Corporation and NJ Transit)
Slide 49: High School Share Program
High School Share Program High School Share program would not require any additional expense for : Marketing Admissions Career Services Financial Aid Bad Debt
Slide 50: Presented by Brian Meyers, EVP and CFO
PRESENTED BY: Brian Meyers Executive Vice President and Chief Financial Officer March 19, 2026
Slide 51: Revenue and Adjusted EBITDA Tracking Ahead
REVENUE: All growth drivers (base business, new program launches, and new & relocated campuses) are outperforming expectations. Adjusted EBITDA Adjusted EBITDA is tracking to 2027 target one year ahead of schedule even with Houston, Levittown and Nashville opened 2025. Profit margins continue to exp
Slide 52: 2026 Guidance
2026 Guidance FULL YEAR 2026 OUTLOOK FY25 Actual 2026 Guidance Year-Over-Year Growth 3 Revenue $518.2M $580M to $590M +13% Adjusted EBITDA 1 $57.1M $72M to $76M +30% Net Income $20.0M $20M to $23M +8% Diluted EPS $0.64 $0.64 to $0.74 +8% Capital Expenditures 2 $88.0M $70M to $75M -18% Starts 20,906
Slide 53: Organic Growth
Organic Growth Growing interest in skilled trades training as employer demand for skilled workers continues to exceed supply. Public's questioning the value of the traditional four-year college education continues to grow. Concerns about the negative impact of artificial intelligence on white-collar
Slide 54: Announced Relocations and New Campuses
Announced Relocations and New Campuses Campus Sq Footage Lease Signed Class Start East Point, GA New in existing market 72,000 Q2 2022 Q1 2024 Nashville, TN Relocate & right-size 125,000 Q4 2023 Q1 2025 Levittown, PA Relocate & expand 90,000 Q3 2023 Q3 2025 Houston, TX New market 98,000 Q1 2024 Q3 2
Slide 55: Accelerated New Campus Operating Model
CapEx: ~$20-$25M CapEx spend starts ~4 months after lease signing Facility build-out and equipment installation occurs over ~5 quarters Classes start ~21 months from lease signing Accretive to earnings within 1-2 years of class start By Year 4: Avg Pop of ~900 students ($30m Revenues / $10M EBITDA)
Slide 56: Future New Campuses
Future New Campuses Consistently opening 2 campuses requires capital expenditures of approximately $50M - $55M with annual pre-opening and Year 1 EBITDA losses of approximately $10M. Self-funding: current and projected cash flow is more than sufficient to fund this pace of expansion. By 2030, future
Slide 57: Solid Organic & Expansion Revenue Growth
Solid Organic & Expansion Revenue Growth Projecting $850M in revenue by 2030 driven by sustained growth in our core operations, bolstered by strategic investments in underserved markets. ($ in millions)
Slide 58: Doubling Adjusted EBITDA by 2030
Doubling Adjusted EBITDA by 2030 Efficiencies and Strategic Investments Driving Profitability. Margins projected to increase ~150bps per year. ($ in millions)
Slide 59: Tripling Net Income by 2030
Tripling Net Income by 2030 Generating free cash flow of ~$50M by 2030. Projected to have over $100M cash by year-end 2030. Projected to have no year-end borrowings. Well-positioned to double our credit facility if required, providing capacity to pursue strategic acquisitions and expansion opportuni
Slide 60: Presented by Scott Shaw, CEO and President
PRESENTED BY: SCOTT SHAW Chief Executive Officer and President March 19, 2026
Slide 61: Closing Summary: Middle Skills Gap Opportunity
The nation’s middle skills gap is real and will only be getting worse in the short term which means opportunity for us. Lincoln has years of experience in offering hands-on training in multiple career fields, and we are clearly a leader in a highly fragmented market. We provide quality education wit
Slide 62: We Do Meaningful Work
We Do Meaningful Work Every day I have the privilege of making a difference in someone’s future. In Admissions, we give people hope, direction, and support—some of these individuals never had that. We have the power to see the gifts and skills they have and coach them on how to utilize them to be th
Slide 63: Thank You
in] THANK YOU
Slide 64: Appendix
Appendix
Slide 65: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA ($ in 000s) FY25 Actual 2026 Guidance Net Income $19,998 $21,500 Add back: Interest expense, net 3,268 4,500 Provision for income taxes 6,120 8,800 Operating Income $29,386 $34,800 Depreciation and amortization 20,831 33,000 EBITDA $50,217 $67,800 Stock compensation expense 5,488 6,2
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