PUT YOUR POTENTIAL TO WORK 2023 Shareholders’ Meeting Year Ended December 31, 2022

Lincoln Graduates are Essential Workers 2 Approximately 90% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers.

Demand for “Middle Skills Training” 3 Middle-skill jobs, which require education beyond high school but not a four-year degree, make up the largest part of America’s labor market. (Source: National Skills Coalition) Lincoln connects employers with entry level trained professionals from the adult, high school and military sectors.

Financial Trends Total Year 2019 – 2022 4 Refer to appendix for adjusted EBITDA Reconciliation Revenue includes transitional segment Adjusted starts and average population exclude transitional segment

5 Revenue, Starts, & Average Population: Total Year($ in millions) Revenue Average Pop Starts 3.9% Excludes Transitional Segment

Investment Opportunity Employers cannot find enough technically trained employees and with the infrastructure bill passed demand for skilled workers should be even greater Lincoln is a leading, technical, hands-on educator and trainer serving high demand industries (transportation, skilled trades and healthcare) facing this Skills Gap Proven ability to grow population and revenue in high and low unemployment markets Long term significant operating leverage with approximately 40% of incremental revenue dropping to the bottom line Strong balance sheet with resources to expand programs and campuses to accelerate growth Lincoln has emerged from the COVID-19 disruption in an excellent position for growth Lincoln has historically benefited from economic slowdowns Renewed attention on healthcare careers Methods of operating under distance learning can be retained to deliver education under a more efficient blended strategy going forward Skills Gap Leader Growth Profitability Efficient Delivery Balance Sheet 6

Silver Tsunami – aging baby-boomers retiring from the workplace Growing skepticism of the value of college Employers struggle to find interested candidates Simple jobs have become more complex with technology Strong demand in healthcare, manufacturing and construction Infrastructure spending will exacerbate the shortage Less stigma – Essential Workers Demand Supply Societal pressure to go to college Elimination of Vo-Tec programs 7 GAP Drivers of Organic Demand for Training

Significant Opportunity for Organic Growth BLS data for annual new hires for Lincoln’s top programs National figures cited above are based on projected annual job openings which refers to the average annual job openings due to growth and net replacement. This data was compiled from the U.S. Dept. of Labor, Bureau of Labor Statistics, for the years 2021 through 2031, www.careeronestop.org, captured on February 28, 2023. State-specific employment projections can also be found at careeronestop.org. 8

9 Based on IPEDS (The Integrated Postsecondary Education Data System) data collected for 2021 graduates

New Programs for 2023 Medical Assisting at 1 campus Electrical at 1 campus HVAC at 1 campus 2024: 7 additional programs Efficiencies through Centralization and Automation resulting in cost optimization Expansion of standardization hybrid teaching model Buy : Acquisition Strategic acquisition to expand market share Diversify Program Offerings Leverage cost saving synergies New School Construction Expand to markets where Lincoln does not have geographic presence Create a new efficient and streamlined campus model Lincoln’s Growth Strategy Organic Growth Inorganic Growth Growth Strategy 10

Campuses Across the Country 11 Opportunity for expansion in the South and West

EBITDA Growth 2022 - 2025 * Adjusted EBITDA, excludes stock-based compensation * Does not include any future campuses 12

Our Superior Educational Approach 13 Feedback Integration Student Support Industrial Infrastructure Engaging Curriculum Graduation and Placement Employment Assistance Develop training programs with feedback from employers and key industry associations to understand gaps and needs Integrate industry preferred licensing and certifications into the curriculum Provide robust student support services to ensure strong outcomes Build labs and shops that replicate the working environment using professional grade equipment and tools Incorporate cutting edge education technology with animations, videos and simulations to make learning active and engaging Superior graduation rates and placement rates Expect students to meet employability standards for appearance, attendance and professional attitude while in school Offer an accelerated program with multiple entry points to allow students to graduate quickly and enter the workforce earlier

Growing Base of Industry Partners Positions Lincoln as long-term solutions provider for both entry level technicians and advanced workforce training Employers appreciate the technical and soft skills of our students Partners provide validation of the quality of our education Co-branding opportunities with elite partners helps attract new students Partners provide better job opportunities for our graduates

Compliance Stats 15 90/10 Rule : This rule caps the percentage of revenue that a proprietary institution can receive from federal financial aid sources at 90%; the other 10% of revenue must come from alternative sources. CDR : It is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1st to September 30th, and default or meet other specified conditions prior to the end of the second following fiscal year. Composite Score : the DOE composite score reflects the overall financial health of an institution. The score can be anywhere along the scale from negative 1.0 to positive 3.0. If an institution receives a score greater than or equal to 1.5, the institution is considered financially responsible. FY 2022 FY 2021 Metrics Company Overall New Britain OPEID Indianapolis OPEID Iselin OPEID Company Overall New Britain OPEID Indianapolis OPEID Iselin OPEID 90/10 74% 75% 71% 80% 75% 77% 72% 80% 90/10* 80% 80% 79% 83% 82% 82% 82% 83% CDR** 2.7% 2.9% 2.9% 1.9% 9.8% 10.3% 11.3% 6.6% Composite Score 2.9 3.0 This data is the annual data submitted to ACCSC for completion and employment rates for programs offered as of July 1, 2022 Total Students Available for Grad. Total Grads Completion Percentage Grads. Available for Employment Total Employed Employment Percentage 13,696 8,833 64.5% 8,509 6,924 81.4% * Currently veteran’s educational benefits is not included as part of the 90% limit, however, if it was included, the Company’s ratio would remain below 90% as shown in the adjusted ratio. ** 2019 cohort reported in FY22, 2018 cohort reported in FY21.

Experienced Management Team (Years at Lincoln) 16 Scott Shaw President and CEO (21) Brian Meyers EVP, CFO & Treasurer (19) Stephen Buchenot EVP of Campus Operations (30) Chad Nyce EVP, Chief Innovation Officer (2) Alexandra Luster SVP, General Counsel & Secretary (27) Susan English SVP of Career Services & Industry Partners (37) Francis Giglio SVP of Compliance and Regulatory (18) James Rasmussen SVP Admissions (15) Peter Tahinos SVP of Marketing (7) Val Thomas SVP & Chief Information Officer (12) Stephen Ace SVP of Human Resources (14)

Board of Directors J. Barry Morrow Non-Executive Chairman, Lincoln Educational Services; Founder & Chief Executive Officer, BK Capital Group James J. Burke, Jr. Founder & Managing Partner, JJB Capital Partners LLC Kevin M. Carney Former Executive Vice President & Chief Financial Officer, Web.com Group Inc. Carlton Rose Former President, Global Fleet Maintenance & Engineering, UPS; 1981 Lincoln Tech Graduate Dr. Michael A. Plater Former University President, Strayer University Scott M. Shaw President & Chief Executive Officer, Lincoln Educational Services John A. Bartholdson Co-Founder & Partner, Juniper Investment Co. LLC Felecia Pryor SVP and Chief People Officer, Deere & Company 17 Sylvia J. Young Former President & Chief Executive Officer HCA Continental Division

A national leader in hands-on transportation, skilled trades, and healthcare training Organic revenue growth with increasing profitability The skills gap will drive growth for the next decade In a down economy, Lincoln’s growth and profitability can increase substantially Opportunities to expand footprint and program offerings for additional growth Capacity at campuses provides high operating leverage on incremental growth Strong student outcomes and regulatory record Investment Merits 18