LINC

• Adjusted EBITDA rose 42.4% to $12.7 million from $8.9 million in Q2 2025.
• Year-to-date revenue increased 22.5% to $286.5 million; adjusted EBITDA up 62.9% to $28.2 million.
• Company reiterates full-year 2026 guidance: revenue $590-600M, adjusted EBITDA $76-80M, net income $23-26M, diluted EPS $0.74-0.83, student starts growth 10-14%.
• Capital expenditure guidance raised by ~$25 million to $95-100 million, reflecting Melrose Park property acquisition and new Suitland campus.
• Completed acquisition of Melrose Park, Illinois campus property for $18.8 million in July 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The purchase price was $18,800,000, as adjusted, under a Purchase and Sale Agreement dated May 12, 2026.
• The acquisition was funded with $15,040,000 in mortgage financing from Provident Bank and the remainder from cash on hand.
• The loan from Provident Bank accrues interest at an initial fixed rate of 5.99% for the first five years, then adjusts to a floating rate with a 5.00% floor, and matures on July 1, 2036.
• Monthly principal and interest payments of approximately $97,628 begin on August 1, 2026, and the loan is secured by the property and guaranteed by the company and its subsidiaries.

1.01 Entry into a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits

• The purchase price is $18,800,000, subject to adjustment per the agreement's terms.
• Lincoln Technical Institute currently leases the property and operates its Melrose Park campus there; it decided to purchase the property as the opportunity arose.
• The agreement includes customary representations, warranties, covenants, and closing conditions, including due diligence, title, and compliance reviews.
• The parties anticipate closing on June 25, 2026.

1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits

• Shareholders approved, on a non-binding advisory basis, the compensation of named executive officers (22,584,287 for, 1,159,831 against, 121,833 abstentions).
• Shareholders ratified Deloitte & Touche LLP as independent auditor for fiscal year 2026 (26,809,750 for, 69,444 against, 124,228 abstentions).
• A quorum of 27,003,422 shares was represented at the meeting out of 31,696,582 shares outstanding as of the March 18, 2026 record date.
• The company also furnished a shareholder presentation (Exhibit 99.1) covering its strategic plan, including projected revenue over $600M by 2027 and new campus openings.

5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Net income more than doubled to $4.4 million, or $0.14 per diluted share, from $1.9 million, or $0.06 per share.
• Adjusted EBITDA rose 85% to $15.5 million from $8.4 million.
• Student starts grew 19.5% to 5,500, and ending student population rose 17.6% to 18,702.
• Company raised full-year 2026 guidance: revenue to $590-$600 million, adjusted EBITDA to $76-$80 million, net income to $23-$26 million, and student start growth to 10%-14%.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The revolving credit facility increases the aggregate principal amount from $60 million to $125 million, with a $10 million letter of credit sublimit and a $25 million accordion feature.
• The facility matures on April 11, 2031, and is guaranteed by the company's wholly-owned subsidiaries, secured by a first-priority lien on substantially all personal property.
• Interest rates are based on SOFR or Prime Rate plus an applicable margin, which varies from 1.50% to 2.25% for Tranche Rate loans and 0.50% to 1.25% for Base Rate loans.
• The company stated the increased liquidity supports its growth initiatives and long-term operating objectives, citing 19-20% student start growth in Q1 2026.

1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• Lincoln Educational Services hosted its 2026 Investor Day on March 19, 2026, at its Nashville, TN campus and via webcast.
• The company expects first quarter 2026 student start growth to increase 19% compared to the year-ago quarter.
• The company provided a five-year outlook for financial performance, including long-term targets.
• The press release and Investor Day presentation were furnished as exhibits to the Form 8-K under Item 7.01 Regulation FD Disclosure.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Full-year 2025 revenue was $518.2 million, up 17.8%; net income was $20.0 million, up 102.2% from $9.9 million in 2024.
• Adjusted EBITDA for Q4 2025 was $29.1 million, up 51.2%; full-year adjusted EBITDA was $67.1 million, up 58.7%.
• 2026 guidance: revenue $580-$590 million, adjusted EBITDA $72-$76 million, net income $20-$23 million, diluted EPS $0.64-$0.74.
• Company announced Investor Day on March 19, 2026, at its new Nashville campus to discuss five-year strategic targets.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits