Investor Day (BNED Investor Day Presentation)

June 25, 2026 | 10AM-12PM ET | New York Stock Exchange Barnes C Noble Education, Inc. (NYSE: BNED)

Experience and expertise across education, retail and digital transformation.

Jonathan Shar

Chief Executive Officer

Jason Snagusky

Chief Financial Officer

Celeste Risimini-Johnson

Chief Merchandising & Operations Officer

Brian Stark

Chief Operating Officer, Stores

Chris Sackett

Chief Academic Solutions Officer

WELCOME

Agenda

1. Welcome

2. About us

3. Higher education landscape

4. BNED value proposition

5. Growth opportunities

6. Digital distribution C AI

7. Financial overview

8. Capital allocation

ABOUT US

1CG5

BNED's roots date back to when Leonard Riggio founded the Student Book Exchange in NYC

A proven leader in supporting education for over 60 years

ABOUT US

Over the decades, BGN expands into on-campus bookstores with deep institutional partnerships

A proven leader in supporting education for over 60 years

ABOUT US

Becomes an independent public company (NYSE: BNED)

2015

A proven leader in supporting education for over 60 years

ABOUT US

Today, BNED is a leading solutions provider for higher education

We drive affordability, access, and student success across hundreds of institutions, supporting millions of students nationwide.

ABOUT US

Today, BNED is a leading solutions provider for higher education

Scaled platform

• 647 physical stores*

• 46G virtual stores*

• Nearly 6M enrolled students served

• Presence in all 50 states

  *As of May 2, 202C

  
  
  

  ABOUT US

  Today, BNED is a leading solutions provider for higher education

  Broad and diverse reach

• Serving public and private 4-year and 2-year institutions

• Supporting students, alumni, faculty and local communities

  WHAT WE DO
  
  

  BNED combines institutional relationships, digital infrastructure, and campus operations into an integrated student platform.

  
  
  

  WHAT WE DO

  
  
  

  A scaled B2B2C platform serving higher education institutions and students

  Institutional platform

  • Exclusive long-term campus contracts and partnerships

  • Operates campus stores and eCommerce platforms

  • Integrated retail, digital, and fulfillment platform

  • Embedded in campus financial aid and institutional billing systems

  • Supports customers across the campus lifecycle

  Product G service ecosystem

  COURSE MATERIALS G DIGITAL LEARNING SYSTEMS

  • Physical and digital course materials

  • eTextbooks, courseware and learning tools

  • First Day Complete and affordable access programs

    CAMPUS RETAIL

    G STUDENT ESSENTIALS

• Emblematic apparel and gifts

• Technology, graduation, dorm, cafes, and convenience products

• Campus essentials and general merchandise

  
  
  
  
  

  CAMPUS VOICES

  Empowering every journey, inspiring lifelong loyalty

• Advancing institutions' missions

• Creating positive experiences that build lasting relationships

• Supporting diverse stakeholders' goals

  HIGHER EDUCATION LANDSCAPE
  
  

  ENROLLMENT

  9M

  8M

  7.8M

  7.7M

  7.GM

  7.7M

  7.CM

  8.0M

  7M

  6M

  5.8M

  5.CM

  G.0M

  5.4M

  5.4M

  5.5M

  5M

  4M

  3M

  2M

  1M

  0M

  
  
  

  LANDSCAPE

  
  
  

  Higher education market

  4.1M	4.1M	4.0M	4.0M	4.1M	4.1M
  0.8M	0.8M	0.8M	0.CM	0.CM	0.CM
  2020 Public 4-year	2021	2022 Public 2-year	2023 Private 4-year	2024	2025 Private for profit

• ~1GM students enrolled in U.S. higher education

  
  
  
  
  

• ~3,600 institutions representing ~G7% of enrollment

• Large, stable and essential market

TOTAL ENROLLMENT

2020

18.5M

2021

18.0M

2022

17.8M

2023

18.1M

2024

18.8M

2025

1C.0M

LANDSCAPE

Structural shifts reshaping higher education

Affordability and ROI under increasing scrutiny

Shifting demographics and enrollment patterns

Digital transformation and AI changing learning models

Demand for improved student outcomes and access

Institutional budget pressure and need for efficiency

• Market led by BNED, Follett and self-operated campus stores

• Institutions continue shifting from self-operated models to outsourced partners

• Remaining market fragmented across 6-8 additional providers

LANDSCAPE

Competitive landscape

Other

~44%

BNED

~30%

Self-operated

~2G%

Scale, infrastructure, and institutional relationships create durable competitive advantages; BNED is well positioned to gain share through its scaled, integrated platform.

CAMPUS VOICES

At the heart of the campus experience

• Delivering impact across the campus ecosystem

• Supporting every milestone that matters

• Reducing friction across the student journey