A U G U S T 7 , 2 0 2 5 ©2025 Adtalem Global Education Inc. All rights reserved Safe Harbor CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Fourth Quarter & Full Year 2025 Earnings Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any histor ...

Financial Performance - For the quarter ended March 2025, American Public Education (APEI) reported revenue of $164.55 million, up 6.6% year-over-year [1] - EPS for the quarter was $0.41, a significant improvement from -$0.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $161.94 million, resulting in a surprise of +1.61% [1] - The company delivered an EPS surprise of +173.33%, with the consensus EPS estimate being $0.15 [1] Key Metrics - Shares of American Public Education have returned +16.9% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3] Segment Performance - Rasmussen University (RU) reported revenues of $59.25 million, exceeding the average estimate of $57.19 million, representing a year-over-year change of +11.5% [4] - Hondros College, Nursing Programs (HCN) generated revenues of $17.68 million, slightly below the average estimate of $18.07 million, with a year-over-year change of +7.5% [4] - American Military & Public University (APUS) reported revenues of $83.95 million, surpassing the average estimate of $82.42 million, reflecting a year-over-year change of +4.1% [4]

Q3 2025 Performance Highlights - Adtalem's revenue reached $466.1 million, a 12.9% increase compared to the prior year[16] - Adjusted EBITDA margin was 27.4%, a 150 bps increase compared to the prior year[17] - Adjusted EPS was $1.92, a 28.0% increase compared to the prior year[17] - Total enrollment grew by 9.8% year-over-year[15] Segment Performance - Chamberlain's revenue increased by 13.1% to $192.6 million, with a 6.8% increase in total enrollment[30] - Walden's revenue increased by 18.5% to $178.4 million, with a 13.5% increase in total enrollment[35] - Medical & Veterinary revenue increased by 3.6% to $95.0 million, with a 1.2% increase in total enrollment[40] Cash Flow and Capital Allocation - Trailing twelve months free cash flow was $287 million[21] - The company repaid $100 million of outstanding Term Loan B balance on January 17, 2025[21] - A new $150 million share repurchase authorization was approved through May 2028[21] FY 2025 Guidance - The company raised its revenue outlook to $1.760 billion - $1.775 billion[46] - The company raised its Adjusted EPS outlook to $6.40 - $6.60[46]

Core Insights - American Public Education (APEI) is expected to report quarterly earnings of $0.15 per share, a significant increase of 350% year-over-year [1] - Forecasted revenues for APEI are $161.94 million, reflecting a year-over-year increase of 4.9% [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' projections [1] Revenue Projections - Revenues for Rasmussen University (RU) are projected to be $57.19 million, representing a year-over-year increase of 7.6% [4] - Revenues for Hondros College, Nursing Programs (HCN) are estimated at $18.07 million, indicating a year-over-year increase of 9.9% [4] - Revenues for American Military & Public University (APUS) are forecasted to reach $82.42 million, reflecting a year-over-year change of 2.2% [5] Market Performance - APEI shares have increased by 5.6% over the past month, compared to a 11.3% increase in the Zacks S&P 500 composite [6] - APEI holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]