Lincoln Educational Services (LINC) Lytham Partners Fall 2025 Investor Conference summary

Company overview and market position

• Celebrating 80 years, the organization focuses on skilled trades, healthcare, and automotive training, serving about 17,000 students across 12 states.

• Programs include automotive, diesel, electrical, HVAC, welding, and healthcare, with a strong presence in the Northeast and expansion into the Midwest and West.

• Holds a leading position east of the Mississippi in skilled trades and automotive post-secondary education.

• Partnerships with major employers enable consistent training standards across multiple markets.

Strategic growth and expansion plans

• Plans to reinvest in existing campuses and open 1-2 new campuses annually, prioritizing markets based on third-party research and industry demand.

• Recently opened campuses in Atlanta and Houston, with ongoing searches in top 25 metropolitan areas.

• Focuses on leasing properties, using sale-leasebacks to fund expansion and upgrades.

• New and relocated campuses are designed for efficiency and program expansion, including adding electrical and HVAC training.

Financial outlook and capital allocation

• New campuses require $20–$25 million in investment, expected to generate $6–$9 million EBITDA per site.

• Capital expenditures projected at $40–$50 million annually for new campuses, with maintenance CapEx at 2–3% of revenue.

• Anticipates being cash flow neutral in 2025 and cash flow positive by 2027, with zero debt expected by year-end.

• Maintains a $60 million credit facility with a $20 million accordion for acquisitions.