Lincoln Educational Services (LINC) The 15th Annual East Coast IDEAS Conference summary

Market positioning and industry trends

• Positioned to benefit from a growing skills gap in hands-on trades, with essential worker roles in high demand post-COVID.

• Largest and oldest U.S. organization focused on trades, celebrating 80 years next year.

• Middle-skills workforce targeted, with programs designed for jobs less vulnerable to AI and automation.

• Market share remains under 2% in key trades, indicating significant growth potential.

• Strong brand recognition in established markets, with expansion into new regions planned.

Growth strategy and operational model

• Focused on organic growth through increased student enrollment and program replication across campuses.

• Opened first new campus in 18 years in Atlanta, with additional campuses in Houston and Long Island planned.

• Hybrid learning model (30% online, 70% on-ground) increases efficiency and student flexibility.

• Selective approach to acquisitions, prioritizing alignment with core hands-on disciplines.

• Ongoing evaluation of campus space to maximize student capacity and program efficiency.

Financial performance and outlook

• Debt-free except for lease obligations, with $60 million in available capital.

• Projecting 11% top-line growth and 200 basis points margin improvement annually through 2027.

• Q1 margin improved by 280 basis points; population grew 17% last year and 20% in Q1.

• EBITDA margin target of 16–20% as operational leverage increases.

• CapEx-intensive year due to campus moves and new openings, with $40 million annual growth investment expected.