American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q1 2026 Earnings Presentation
26 slides from American Public Education's earnings presentation, May 11, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Forward-Looking Statements
2 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 abo
Slide 3: APEI Investment Highlights
3 APEI Investment Highlights We Have Simplified and Strengthened APEI. Our Next Chapter Accelerates Growth and Expands Margins. Our Purpose Remains Clear. We Educate Those in Service to Others: Active-Duty Military, Veterans, Nurses, Healthcare Workers. The Careers We Support Rely on Human Judgment,
Slide 4: Experienced Management Team
4 Experienced Management Team Angela Selden was appointed CEO and board director of Edward H. Codispoti joined APEI as Executive Vice APEI in September 2019, where she has led a multi-year President and Chief Financial Officer, effective October transformation focused on profitable growth, portfolio
Slide 5: Company Overview & Strategy
5 Company Overview & Strategy APEI and its two divisions Transform Lives, Advance Careers, and Improve Communities. Nasdaq: APEI We provide purpose-built, accessible, and affordable Share Price1 $54.52 post-secondary education to over 108,000 students annually. Market Cap1 $1.0B 2025 Revenue $648.9M
Slide 6: APEI Offers a Compelling Investment Thesis
6 APEI Offers a Compelling Investment Thesis Competitive Moat: Streamlined Business: Our platforms are purpose-built for We are strengthening our business active-duty military and new nurses by simplifying operations through consolidation Operational Excellence: We prioritize execution that delivers
Slide 7: Our Balanced Revenue Mix
7 Our Balanced Revenue Mix FY Revenue as of December 31, 2025 $75 Educator of Multi-state $320 Active-Duty Nursing and Military, Health Sciences Veterans, and Platform $246 their Families #1 educator of active-duty Leading educator of new military and #1 educator nurses (ADN, LPN, BSN) ($ in mil
Slide 8: Market Opportunity - Military
8 Market Opportunity - Military APU Global supports the U.S. military’s promise to educate active-duty personnel through affordable degree opportunities Approximately 2.1 million U.S. active-duty military and reserves serve each year1 o 230,000 take advantage of tuition assistance2 Military Market
Slide 9: Market Opportunity – Veterans and Families are 3x and 10x Active Duty
9 Market Opportunity – Veterans and Families are 3x and 10x Active Duty Why Students Choose APU Global 2.1M active-duty plus reserves • ~72% of students graduate without APU Global- incurred federal student loan debt.1 • ~30% of active-duty military and veteran graduates return for a second degree2
Slide 10: APU Global – Solid Growth and Profitability
10 APU Global – Solid Growth and Profitability TTM Quarterly Course Registrations • 30% margins providing accretive engine for consolidated growth. Variable cost structure provides further expansion potential • Disciplined growth and purpose-built military portal connection is expected to enable i
Slide 11: Market Opportunity – Nursing & Healthcare
11 Market Opportunity – Nursing & Healthcare RU Health+ is well positioned in a high demand and low economic sensitivity industry A leader in prelicensure nursing in a fragmented industry highlights long-term growth potential State regulated nursing boards limit new market U.S. Nursing Opportuni
Slide 12: Purpose Built for Healthcare Education
12 Purpose Built for Healthcare Education 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 +15% Growth strategy includes organic and inorganic +8% 3.1K initiatives: 2.5K 2.7K Organic: Fill campus capacity; RU Health+ on campuses
Slide 13: Market Opportunity – Nursing & Healthcare
13 Market Opportunity – Nursing & Healthcare Significant Job Market RU Health+ Revenue and Margin Tailwinds Differentiators Expansion Opportunities Market demand for nursing is Strong education ROI with Add more students to existing large and growing LPN and RN salaries campuses – Fill the Back Row
Slide 14: Filling the Back Row
14 Filling 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 o
Slide 15: Trailblazer Expansion
15 TrailblazerExpansion Strategic & Achievable New Campus Growth Expansion Capital Expected Pace Requirements Returns 2 campuses annually starting ~$3.5M per campus Break-even: ~18 months 2026 Funded from operating cash flow Full capacity: ~48 months 18-24 month development cycle per cam
Slide 16: APEI Investment Highlights Recap
16 APEI Investment Highlights Recap We have Simplified and Strengthened APEI. Our Next Chapter Accelerates Growth and Expands Margins. Our Purpose Remains Clear. We Educate Those in Service to Others - Active-Duty Military, Veterans, Nurses, Healthcare Workers. The Careers We Support Rely on Human J
Slide 17: Financial Highlights
re | e American Public Education, Inc. Financial Highlights
Slide 18: 4Q and FY2025 Executive Summary
3 18 4Qand FY2025ExecutiveSummary Exceededguidancerangesacrossallkeymetrics— Revenue,AdjustedEBITDA,NetIncome &EPS Q4 2025 Highlights $158.3M $28.7M $12.6M $0.67 Net Income Available to Revenue Adj. EBITDA* Diluted EPS Common Stockholders Q4 2025 18.1% margin +9.6% YoY +6.3% YoY Full Year 2025 Highl
Slide 19: 4Q and FY2025 Balance Sheet and Liquidity Improvements
3 19 4Qand FY2025BalanceSheetandLiquidityImprovements Strategic Action Balance Sheet Impact Benefits Eliminates $6.0M annual Redemption of Preferred Stock $43.1M redemption dividend cash outflow Sale of Two Corporate $23.0M cash proceeds Monetized non-core real estate Buildings & Land Parcel $24.5M
Slide 20: 1Q 2026 Registration & Enrollment Growth
20 1Q2026Registration&EnrollmentGrowth ~106,600 ~19,400 Net Course Registrations Enrollment Up 4% YoY from 102,500 Up 8% YoY Sequential registrations 7th consecutive quarter of YoY enrollment up ~30% from Q4 2025 (82,200) — growth across Rasmussen University and shutdown impact now mostly be
Slide 21: 1Q 2026 Capital Structure Optimization: Refinancing & Buyback
21 1Q2026CapitalStructureOptimization:Refinancing&Buyback New $130M Senior Secured Credit Facility Refinancing — Key Highlights $3.7M $40M 2031 Interest Savings From ~375 bps Revolving Credit Maturity Borrowing Spread Facility Extension Reduction Share Repurchase Authorization — Key Highlights $50M
Slide 22: Path to ~$1B by 2029: Investor Day Framework Summary
22 Pathto ~$1Bby2029: InvestorDayFrameworkSummary Presented at Investor Day, November 2025 Consolidated 2029 Targets $890M-$925M ~$1.0B 20-21% $300M-$400M Organic Revenue w/ Strategic Inv. Adj. EBITDA* Margin Incremental Net Cash 9-10% CAGR 11-12% CAGR Organic 2026-2029 APU Global — 2029 Targets RU
Slide 23: 2026-2029 Capital Allocation Overview
23 2026-2029 Capital Allocation Overview Disciplined, Balanced, and Aligned with Long-Term Value Creation $300 - $400 million of expected incremental cash generation from 2026 through 2029 Fund the Business Growth Initiatives Tuck in Acquisitions Return to Shareholders • Intelligent Systems • New Ca
Slide 24: Appendix
Appendix
Slide 25: APEI Non-GAAP Disclosures
25 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 for the three and twelve months ended December 31, 2025 and 2024: Three Months Ended Twelve Months Ended December 31, December 31, (in thousa
Slide 26: Thank You
Thank You Company Investor Relations Gary Janson Shannon Devine Chief Growth & Strategy Officer MZ Group investorrelations@apei.com 203-741-8811 APEI@mzgroup.us
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