American Public Education (APEI) investor relations material

Strategic direction and growth targets

• Focus on simplifying operations, accelerating growth, and expanding margins through business consolidation and disciplined execution.

• Clear mission to serve active-duty military, veterans, military families, and healthcare professionals.

• 2029 targets include 8-12% revenue CAGR, $890M–$1B revenue, and 20-21% adjusted EBITDA margin.

• Strong competitive advantages in military education and regulated nursing markets.

• Business model designed to compound value over time with a resilient, community-centered approach.

Market opportunities and segment performance

• Military+ division holds 28% market share in active-duty education, with high referral rates and zero out-of-pocket tuition for undergraduates.

• Health+ division operates 27 campuses in eight states, graduating ~9,400 nurses annually, addressing ~5% of annual job demand.

• Veterans and military families represent a large, growing market, with 72% of students graduating without federal student loan debt.

• Nursing employment expected to grow 5% annually through 2034, with 200,000 job openings per year.

• Expansion strategy includes organic growth, new campus openings, and acquisitions to enter new states.

Financial highlights and recent performance

• Q2 2026 revenue reached $171.7M (+5.5% YoY), adjusted EBITDA $20.7M (+36.8% YoY), and net income $9.8M.

• 2025 revenue was $648.9M, with $85.7M adjusted EBITDA and $25.3M net income.

• Cash and equivalents totaled $222.8M as of June 30, 2026, with total debt at $88.9M.

• Military+ segment maintains 30% margins, providing a strong engine for consolidated growth.

• Health+ enrollment grew 7% YoY in Q2 2026, supporting double-digit revenue growth.