Investor Day 2024 Presented by: Scott Shaw President and CEO 3/19/2024

Safe Harbor Statement Statements in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” that involve risks and uncertainties. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: our failure to comply with the extensive regulatory framework applicable to our industry or our failure to obtain timely regulatory approvals in connection with a change of control of our company or acquisitions; our success in updating and expanding the content of existing programs and developing new programs in a cost-effective manner or on a timely basis; risks associated with changes in applicable federal laws and regulations, including final rules that took effect during 2011 and other pending rulemaking by the U.S. Department of Education; uncertainties regarding our ability to comply with federal laws and regulations regarding the 90/10 rule and cohort default rates; risks associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; the COVID-19 pandemic and its impact on our business and the U.S. and global economics; general economic conditions; and other factors discussed in our annual report on Form 10-K for the year ended December 31, 2023. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in Lincoln’s annual report on Form 10-K for the year ended December 31, 2023. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

Mission Statement MISSION STATEMENT Lincoln’s mission is to provide superior education and training to our students for in- demand careers in a supportive, accessible learning environment, transforming students’ lives and adding value to their communities

Strong Regulatory Focus Enables Long Term Growth We always strive to do the right thing! Our students are our customers We are fully engaged with our regulators Accreditors Staff members volunteer time for reaccreditation visits A Campus President sits on the Board Very positive reaccreditation visits State We maintain close relationships with our 13 states Engaged in state trade associations Partner in state initiatives CT – CareerConn MD - Maryland Career Quest Assist with teach outs – Stone Academy in CT Department of Education 90/10 – 81% Cohort Default Rate – negligible Financial Responsibility Ratio – 3.0 FA processing – no major findings

Avg Grad Rate Avg Grad Rate Avg Grad Rate Avg Grad Rate Avg Grad Rate Community Colleges 33% Lincoln Campuses 63% Lincoln State Rank : #1 Colorado # of Community Colleges : 15 # of Lincoln Campuses : 1 New Jersey # of Community Colleges : 19 # of Lincoln Campuses : 6 Community Colleges 28% Lincoln Campuses 67% Lincoln State Rank : #1 - #6 Connecticut # of Community Colleges : 13 # of Lincoln Campuses : 3 Georgia # of Community Colleges : 19 # of Lincoln Campuses : 1 New York # of Community Colleges : 48 # of Lincoln Campuses : 1 Nevada # of Community Colleges : 3 # of Lincoln Campuses : 1 Illinois # of Community Colleges : 48 # of Lincoln Campuses : 1 Pennsylvania # of Community Colleges : 16 # of Lincoln Campuses : 2 Community Colleges 16% Lincoln Campuses 63% Lincoln State Rank : #1 - #3 Community Colleges 31% Lincoln Campuses 59% Lincoln State Rank : #2 Community Colleges 34% Lincoln Campuses 63% Lincoln State Rank : #3 Avg Grad Rate Community Colleges 24% Lincoln Campuses 65% Lincoln State Rank : #1 Avg Grad Rate Community Colleges 36% Lincoln Campuses 58% Lincoln State Rank : #4 Avg Grad Rate Community Colleges 27% Lincoln Campuses 56% Lincoln State Rank : #1, #4 Lincoln Vs Community College Graduation Rates *Excludes community colleges from calculation if there were no graduation data reported Source College Scorecard 4-Year Institutions: Cohort of Fall 2015 Reported Fall of 2021 Less than 4-Year: Cohort of Fall 2018 Reported in Fall of 2021

Lincoln Vs Community College Graduation Rate Indiana # of Community Colleges : 2 # of Lincoln Campuses : 1 Rhode Island # of Community Colleges : 1 # of Lincoln Campuses : 1 Avg Grad Rate Community Colleges 30% Lincoln Campuses 52% Lincoln State Rank : #1 Avg Grad Rate Community Colleges 26% Lincoln Campuses 67% Lincoln State Rank : #1 Maryland # of Community Colleges : 16 # of Lincoln Campuses : 1 Avg Grad Rate Community Colleges 26% Lincoln Campuses 64% Lincoln State Rank : #1 Tennessee # of Community Colleges : 13 # of Lincoln Campuses : 1 Avg Grad Rate Community Colleges 26% Lincoln Campuses 54% Lincoln State Rank : #1 Texas # of Community Colleges : 57 # of Lincoln Campuses : 1 Avg Grad Rate Community Colleges 27% Lincoln Campuses 70% Lincoln State Rank : #1 *Excludes community colleges from calculation if there were no graduation data reported Source College Scorecard 4-Year Institutions: Cohort of Fall 2015 Reported Fall of 2021 Less than 4-Year: Cohort of Fall 2018 Reported in Fall of 2021

Lincoln Tech Graduates Make A Difference LEON KAPLAN For 40 years he had a radio show on KABC in Los Angeles called the Motorman HOMER HOGG VP of Truck Services at Travel Centers of America He has a radio show on Sirius XM called Maintenance Matters. He is on the Board of Directors of ASE and he Chairs the TMC S16 Study Group PAT GELSINGER CEO of Intel, former CEO of VmWare, youngest VP at Intel, 8 patents, Invited to the State of the Union Speech WADDELL WILSON NASCAR Legend and Member of the NASCAR Hall of Fame. He was a crew chief and engine builder and his engine still has the Daytona 500 speed record. CARLTON ROSE Former President, Global Fleet Maintenance & Engineering and LINC Board Member

Changing Lives Shana Williford-Johnson is 2012 Medical Assisting graduate who become a critical care registered nurse Marcus Williford is a 2006 Electronic Systems Technician graduate is a supervisor at Comcast Devin Williford is 2011 Collision Repair & Refinishing who is thriving as a self- employed entrepreneur Marlo Johnson is a 2012 Electronic Systems Technician Degree graduate and is now a manager with Johnson Controls

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 Returning to 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 Continuing efforts to streamline and standardize operations including moving to a more efficient hybrid learning model, and standardizing curriculum. Hybrid model is more attractive to students Skills Gap Leader Growth Profitability Increasing Efficiency Balance sheet Investment Opportunity

Margin 16% 9% 7% 2023 2024 2027 Incremental margin of ~35% expected over the next 4 years $37.5M $26.5M $88M 2023 2024 2027 Adjusted EBITDA $415M $377M $540M 2023 2024 2027 Revenue Revenue is expected to grow by ~45% over the next 4 years, partially driven by the new campus openings and expansion of in-demand programs EBITDA growth is expected to increase as our new locations and new programs ramp up to full operations by year 3 Financial Highlights – Total Company

Lincoln Tech’s Vision TO BE THE LEADING CAREER TECHNICAL SCHOOL IN THE NATION BY OFFERING HIGH ROI PROGRAMS

How To Achieve Our Vision Focus on high ROI programs Exceed outcome goals of 70% graduation and 85% placement rates Simplify and streamline the operation to create a more scalable and efficient operation Offer affordable, accelerated programs Be partnered with companies The Lincoln Tech brand needs to mean quality career education that results in employment

Lincoln Tech Largest Provider of Automotive and Skilled Trade Graduates in the East EAST WEST

Highly Fragmented Market Automotive Diesel Heavy Equipment # Institutions w/Grads 782 # Institutions w/Grads 331 # Institutions w/Grads 57 2022 Grads 38,139 2022 Grads 10,762 2022 Grads 958 BLS Annual Demand 82,800 BLS Annual Demand 24,300 BLS Annual Demand 15,100 Lincoln Tech's share of Industry Demand 1.8% Lincoln Tech's share of Industry Demand 2.5% Lincoln Tech's share of Industry Demand 1.3% Institution 2022 Grads Institution 2022 Grads Institution 2022 Grads Number 1 5,058 Number 1 1,376 Lincoln Tech 194 Lincoln Tech 1,524 Lincoln Tech 596 Number 2 105 Number 3 611 Number 3 343 Number 3 56 Number 4 544 Number 4 291 Number 4 49 Number 5 467 Number 5 239 Number 5 40 Welding HVAC Electrician # Institutions w/Grads 867 # Institutions w/Grads 706 # Institutions w/Grads 826 2022 Grads 46,305 2022 Grads 30,153 2022 Grads 37,962 BLS Annual Demand 42,600 BLS Annual Demand 37,700 BLS Annual Demand 73,500 Lincoln Tech's share of Industry Demand 3.1% Lincoln Tech's share of Industry Demand 2.7% Lincoln Tech's share of Industry Demand 2.1% Institution 2022 Grads Institution 2022 Grads Institution 2022 Grads Number 1 2,844 Number 1 1,062 Lincoln Tech 1,521 Lincoln Tech 1,307 Lincoln Tech 1,006 Number 2 843 Number 3 833 Number 3 983 Number 3 792 Number 4 475 Number 4 577 Number 4 690 Number 5 467 Number 5 412 Number 5 656 LINCOLN TECH HAS ONLY 2% OF THE ADDRESSABLE MARKET

The education system became designed to send everyone to college Society believed that going to college would lead to a better life Blue collar jobs became stigmatized Renaissance Of The Skilled Trades Today the general public is looking for less expensive, faster ways to start a meaningful career that will provide economic security and personal satisfaction. Career training meets this need The stigma has lessened - Essential Workers The data clearly shows that going to college is not for everyone. Only ~60% graduate in 6 years Students cannot repay their debt Graduates are in jobs that don’t require a degree GROWTH EVEN WITH LOW UNEMPLOYMENT T H E N N O W

Lincoln Tech Lincoln Tech SCHOOL OF AUTOMOTIVE & DIESEL SCHOOL OF SKILLED TRADES SCHOOL OF NURSING & HEALTHCARE

Programs By Campus* Auto Skilled Trades Healthcare Other Allentown, PA EEST LPN, MA CNST Columbia , MD Auto EEST, HVAC & Welding MA Culinary Denver, CO Auto, Diesel, Collision EEST, HVAC & Welding Possible East Point, GA Auto EEST, HVAC & Welding East Windsor, CT Auto, Diesel, Collision EEST, HVAC & Welding MA CNC Grand Prairie, TX Auto, Diesel, Collision EEST, HVAC & Welding Possible CNC Houston, TX '26 Auto, Diesel EEST, HVAC & Welding Possible Indianapolis, IN Auto, Diesel, Collision EEST, HVAC & Welding MA CNC Iselin, NJ LPN, MA, DA CNST Lincoln Mall, RI EEST, HVAC & Welding LPN, MA, DA Massage Mahwah, NJ Auto EEST, HVAC & Welding CNC Marietta, GA EEST & HVAC MA Melrose Park, IL Auto EEST, HVAC & Welding MA Collision Moorestown, NJ EEST & HVAC LPN, MA CNST Nashville, TN Auto, Diesel, HE & Collision EEST, HVAC & Welding Possible New Britain, CT EEST & HVAC LPN, MA Paramus, NJ LPN, MA CNST Philadelphia, PA Auto EEST, HVAC & Welding Possible Queens, NY Auto EEST S. Plainfield, NJ Diesel, HE Welding Shelton, CT EEST, HVAC LPN, MA Culinary Summerlin, NV Cosmo Union, NJ Auto EEST, HVAC *Programs in black will commence in the next 24 months

Experienced Management Team Chad Nyce EVP, Chief Innovation Officer (4) Alexandra Luster EVP, General Counsel & Secretary (29) Peter Tahinos SVP of Marketing (9) Val Thomas SVP & Chief Information Officer (14) Stephen Ace SVP of Human Resources (16) Susan English SVP of Career Services & Industry Partners (40) Francis Giglio SVP of Compliance and Regulatory (20) James Rasmussen SVP Admissions (17) Scott Shaw President and CEO (23) Brian Meyers EVP, CFO & Treasurer (21)

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 Scott M. Shaw President & Chief Executive Officer, Lincoln Educational Services John A. Bartholdson Co-Founder & Partner, Juniper Investment Co. LLC Felecia Pryor Chief Human Resources Officer, John Deere Sylvia J. Young Former President & Chief Executive Officer HCA Continental Division Dr. Michael A. Plater Former University President, Strayer University

ACADEMICS Presented by: Chad Nyce EVP & Chief Innovation Officer

Discussion Topics Uniquely Qualified Faculty Cutting-Edge Training Tools Efficient Instructional Model Program Portfolio Strategy

Uniquely Qualified Faculty Program Certification Faculty with Certification Transportation ASE Master Automotive & Light Truck Certification 85 ASE Master Medium-Heavy Truck Certification 22 ASE Master Collision Repair & Refinish Certification 15 ASE World Class Technician 11 Skilled Trades EEST Craft Instructor 103 EEST Master Craft Instructor 1 Certified Master HVACR Educator (CMHE) 11 ASE World Class Technician Facts: Less than 50 earn this annually Must attain 22 specific ASE certifications to receive World Class Recognition Transportation Skilled Trades Healthcare % FT Faculty 92% 84% 25%

Cutting Edge Training Tools Miller MobileArc Augmented Reality Welding System VIDEO

Cutting Edge Training Tools Sim Spray Virtual Reality Paint Spraying Trainer VIDEO

Cutting Edge Training Tools Electude - Auto and Diesel Curriculum A Reimagined Way of Learning

Cutting Edge Training Tools Electude - Auto and Diesel Curriculum VIDEO

Legacy Instructional Model Legacy Instructional Model Limitations: Students required to go to school 5 days per week Faculty required to work 5 days per week A minimum of 2.5 instructors are required to tech 3 cohorts Facility inefficiencies (large number of dedicated classrooms plus a large cafeteria/student break room Students in the evening cohort take two times longer to complete their program (lower retention for longer programs) Example: 1,200Hr. Program

Efficient Instructional Model Efficient Instructional Model Benefits: Students are required to go to school only 4 days per week (more time to work a PT job) Faculty are required to work only 4 days per week (less burn out) Fewer instructors are required to teach 3 cohorts More efficient facility utilization (less classrooms and smaller student break areas) Students in the evening cohort can complete their program in 1 year (higher retention rates and faster revenue recognition) Example: 1,200Hr. Program

Efficient Instructional Model Rollout 100% 75% 64% 48% % of Overall Students in 10.0 % of Students in 10.0 Offered Programs 2023 2024

Program Portfolio Strategy Current Programs Programs Removed Programs Added Transportation 23 -2 4 Skilled Trades 32 -3 22 Healthcare 26 -2 0

Admissions Presented by: Jay Rasmussen SVP of Admissions, Group VP

Why Students Choose Lincoln Tech Nationally recognized and respected Practical hands-on training for high demand career fields Shorter length of curriculum means students enter the workforce sooner Skills acquired at Lincoln apply directly to their chosen career field High return on investment

We Train for Careers That Are In Demand Based on market demand, we are replicating programs throughout our current footprint and at new locations. These programs have proven to have greater interest and increased employability, providing a higher return on investment for our students. *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, onetonline.org, for the years 2022-2032, captured on November 19, 2023.

Populations We Currently Serve Commuter Based Locations These locations have populations that primarily commute to attend Lincoln Tech Destination Locations These locations have populations with typically younger students that have relocated to attend Lincoln Tech. These include Denver, Grand Prairie, Indy, East Windsor and Nashville.

Our Student Trends High School Prospects that are currently in their last year of High School and those who have graduated within the current year 22% of our students are directly out of High School Adult Prospects that have graduated High School and are beyond their year of graduation account for 78% of our population Veteran 5% of our students are veterans looking to reenter the workforce Employed About 70% of our students are employed in full-time or part-time positions while attending Dependents About 27% of our new students have dependents

Demographics Age 50% of our students are 21 years of age or younger Gender Male and female trends are remaining steady Ethnicity Hispanic populations have surpassed all other ethnic groups

Inquiries enter the system from any one of our marketing sources. They are then assigned to our Admissions Support Center. ASC makes the first attempt at contact through a phone call and text messaging. If no contact, ASC then assigns it to a campus. If we make contact, the agent attempts to warm transfer or books an appointment with the prospect. The Rep Interviews all prospects to determine eligibility. The Rep remains the prospect’s guide throughout the entire admissions process. Each student is guided through the Financial Aid process. For students, this is often the most intimidating part. The Rep follows up to ensure the prospect understands and has the ability to keep their funding commitment. Caretaking can be as short as 3 days or as long as a year. To remain on track to start, each student is handled differently based on their timeline. High School students, for example, can take up to 12 months from application to starting school. This is a fantastic day for the student and family as they start out on a new journey. Admissions hands off the student to Education to care for them throughout the program. Inquiry ASC Campus Staff Financial Aid Orientation and the Start Caretaking Student Life Cycle Through the above process of guidance and care, we develop lifelong relationships and a superior bond with our students. Our compassion for their successes is what separates us from all others

Admissions – Corporate Structure

Admissions – Teams 7 High School Regional Directors 90 High School Representatives CAMPUS ADMISSIONS EMPLOYEES: 22 Local Directors 174 Admissions Representatives

New Student Starts Trending Start Trend We are averaging 5% over the last 5 years 2023 showed strong growth with a notable uptick in Q4 Market Conditions Looks to be moving in our direction Positive Media Exposure Traditional College is being reevaluated for the value proposition Inquiry Trends Have exceeded expectations and continued at this pace into 2024. We first saw a spike in interest in August of 2022 12% 8% -2% 11% 2019 2020 2021 2022 2023 Starts 2020 2021 2022 2023 2024 0 5 10 15 20 25 30 35 Jan Feb Oct Nov Dec Thousands Leads Mar Apr 2020 May 2021 Jun Jul Aug 2022 2023 Sep 2024

CAREER SERVICES & INDUSTRY PARTNERSHIPS Presented by: Susan English SVP of Career Services & Industry Partnerships

Career Services & Industry Partnerships BOTH DIVISIONS PROVIDE ESSENTIAL RESOURCES FOR OUR STUDENTS AND OUR INDUSTRY PARTNERS Across the country, in the next ten years, there are projected to be more than 7.4 million* job openings in the Auto-Skilled Trades & Healthcare fields alone Ongoing Supply of Candidates 11,000+ Graduates in 2023 Personalized Workforce Services Skilled Talent *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, onetonline.org, for the years 2022-2032, captured on November 19, 2023.

Career Services: Our Report Card Placement Growth* 2023 Program Performance 78 76 74 72 70 80 84 82 2013 2018 2023 97 89 88 87 85 84 82 82 82 80 79 79 Over the last 5 Years AN AVERAGE OF 85 DEDICATED CAREER SERVICES EMPLOYEES 37,000+ Graduates have found employment in their field 19,000+ Employers have hired our graduates 82.3% 74.5% 81.4% *Placement percentages based on graduate cohort dates of July 1 – June 30 and placed by December 31.

Student Resources Technology Products CAREER PREPARATION TOOLS Resume Builder Interview Simulator Mock Job Application Job Board Students receive daily job postings to their mobile devices Dedicated Employer Days Immediate Decision Days Career Fairs Mentoring Employer Engagement on Campus Professional Skills Training Courses Blended Learning

Employer Demand Employer Pain Points Lack of Skilled Talent High Turnover Poor Workplace Communicat ion Skills How Employers are Partnering with Lincoln & Our Students Funding tuition balances for select students Providing scholarships Improving salary and benefit packages to be more competitive Tool and equipment donations Formalizing an Early Hire Program to launch later this year

Industry Partnership Division Employer – Funded Programs Custom build programs and services specific to the needs and products of a company Program candidates are LTI graduates/company employees Employer-Funded Student OEM Programs OEM Virtual and/or instructor led Training Students will take while attending Lincoln Tech Mostly programs are at no additional cost to our students MORE THAN 1,100 STUDENTS PARTICIPATED IN A PARTNERSHIP PROGRAM IN 2023

Student Programs Employee retention is higher Onboarding timeframes are shorter Technicians generate revenue faster Students gain advanced s entering the kills before workforce Value Proposition Independent Online Programs: Audi AEP Certificate Program Genesis Hyundai Stellantis - Mopar CAP 1 Toyota TECS Mazda Toyota TECS Elite Program Student Paid Training BMW Fast Track Stellantis -Mopar CAP 2 Volkswagen

Custom Program Development Program Staffing and Management Training Space Recruitment Services Retention Services OUR TEAM PROVIDES INDUSTRY SOLUTIONS, CUSTOM BUILT TO OUR PARTNER’S WORKFORCE NEEDS

Revenue Generated Through Partnerships Johnson Controls Republic Services Hussmann Peterbilt ~$5,000,000 ~$8,000,000 ~$10,000,000 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 Revenue Projections 2023 2024 2025 Assumptions: Projected growth achieves budgeted targets All legacy renewals due by 2025 continue As Projected Through 2025

Lincoln Tech: Collaborating With Our Partners VIDEO

Marketing Presented by: Peter Tahinos SVP Marketing

Marketing Strategy Keys to Continued Growth Create greater efficiencies in lead generation Increase conversion rates Reduce cost per start Gradually eliminate the need for PPL/Affiliates Strategically increase Paid Social Media Position Lincoln as authority in industries we serve Top of funnel web content (blogs, podcasts, articles) Focus on instructors’ industry experience Successfully launch new campuses Expand existing core programs

YEAR MARKETING SPEND INCREASE OVER PY 2018 7.4% 2019 3.1% 2020 5.0% 2021 6.1% 2022 5.1% 2023 8.3% 2024* 9.3% Marketing Budget *Based on Projected Budget Growing paid search and paid social and shrinking third party affiliates Also driving more organic searches better SEO and blog content

Cost Per Start* *Based on starts generated by media spend; Excludes starts generated by field HS Teams

2015 2016 2017 2018 2019 2020 2021 2022 2023 96,348 62% 103,587 69% 117,871 68% 127,299 69% 150,579 70% 161,199 80% 188,554 87% 208,439 90% 238,141 94% 49,959 32% 41,371 27% 50,555 29% 53,056 29% 59,773 28% 38,986 19% 26,875 12% 20,696 9% 13,103 5% TOTAL LEADS WEB VS. AFFILIATES 154,157 173,971 184,311 214,299 201,306 217,368 253,342 230,834 151,157 Lead Growth

Creative Strategy What We Want to Communicate Motivate students to follow their passion Proven alternative to 4-year colleges Lower investment / quicker route to employment Create awareness for program offerings Acquire in demand skills that can’t be exported or replaced by AI Leverage our partnerships Engagement with employers Profile successful graduates

Lincoln Tech: Vital to Employers VIDEO

Lincoln Tech: Committed To Our Students VIDEO

Traditional College: Not For Everyone VIDEO

STRATEGIC LONG TERM GROWTH PLAN Presented by: Brian Meyers EVP, CFO & Treasurer

Real Estate Strategy - Monetized our real estate at a time of high value / low rates, significantly improving our liquidity Campuses Transaction Net Proceeds Q3 2021 Grand Prairie,TX Denver, CO Sale-Leaseback $45M Q2 2022 Suffield, CT Sold vacant property $2M Q2 2023 Nashville, TN Sale (in process of relocating) $33M Q4 2023 Philadelphia, PA (Levittown) Purchased new site & subsequently executed a sale-leaseback ($10M) / $10M Strategic Financing Developments Balance Sheet Strength Real Estate proceeds plus over $75 million of Operating Cash Flow since 2020 allowed Lincoln to enter 2024 with a cash balance of $80M and no debt New $40 million credit facility (Q1 2024) further adds to our liquidity Well-positioned to implement our growth initiatives

Building On Our Strong Financial Track Record Final 2023 Guidance 2023 Actuals 2024 Guidance Revenue $370M to $375M $376.6 $410M to $420M Adjusted EBITDA1 $24M to $26M $26.5 $35M to $40M Adjusted Net Income1 $12M to $14M $14.8 $10M to $15M Starts +8% to +11% +11.4% +7% to +12% Capital Expenditures2 $30M to $33M $31.2 $65M to $70M Excludes the impact of the new Atlanta, GA campus, as well as costs associated with the Company’s Transitional segment, one-time expenses not considered part of the Company’s normal business operations, and gain realized on the sale of the Nashville, TN property. 2023 excludes $10M related to the new Levittown, PA campus.

Strategic Growth Plan S t a r ted f r o m a p o s i t ion o f s t r e n gth G r o w th b y e x p a nd ing o ur s t r o nges t p r o g r ams G r o w th f r o m e x p a nsio n t o ne w ma r k et s * 2024 represents the midpoint of guidance ** New Locations: Atlanta, Houston, Philadelphia (Levittown), and Nashville $375 $540 Excludes Atlanta, Philadelphia, and Nashville campuses Margin: 16% $37.5 $88 Margin: 30% Margin: 40% Margin: 22%

$375M $37.5M $52.5M 10% 12% $425M 2024 2027 Revenue Adjusted EBITDA Margin Base Growth Assumptions Tuition Increase 1% annually Start Growth 5% per year Incremental margin 28-32% * Graduation Rate flat to current Excluding $5M efficiencies from Lincoln Hybrid Learning Model (Lincoln 10.0) Base excludes new programs and new locations: Atlanta, Houston, Philadelphia, and Nashville (including current operations in Philadelphia and Nashville)

INVESTMENT Investing ~ $10M in capital expenditures between 2023 ($2M) and 2024 ($8M) PROGRAMS Expanding our strongest demand programs in Skilled Trade SUCCESS New programs are expected to reach full operations by Year 3 Allocating Capital To Highest Demand Programs Launching 7 new skilled trade programs from Q2 2024 through Q1 2025 $1M $25M ($2.5M) $10M -179% 40% 2024 2027 Revenue EBITDA Margin

INVESTMENT Investing ~$80M in capital expenditures between 2023 ($15M), 2024 (~$50M), 2025 (~$15M) NEW CAMPUSES Lincoln will be opening 2 new campuses in Atlanta (March 2024) and Houston (Q1 2026) NEW LOCATIONS Lincoln plans on relocating 2 of its existing campuses in Nashville and Philadelphia Growth By Expansion To New Markets Q1 2024 Q2 2025 Q3 2025 Q1 2026 Atlanta Levittown Nashville Houston Includes locations for which Lincoln Tech has acquired space or signed a lease and does not reflect additional opportunities the company may pursue in the future $40M $90M ($10M) $20M 22% -25% 2024 2027 Revenue EBITDA Margin

Lincoln Hybrid Learning Model Expands capacity at existing campuses Efficiencies from Lincoln’s hybrid program (Lincoln 10.0) are expected to generate ~$5M in savings (~5% of current instructional payroll expense) Creating standard scheduling methodology across all campuses to drive further efficiencies Standard curriculum design and three schedule options improve student experience and outcomes

New Campus Pro-Forma Hybrid Learning Model State-of-the-art facilities ~60k – 80k square feet Facilities The Campus will offer a mix of Automotive and Skilled Trade Programs in the Hybrid Learning Model. Blended Programs CapEx: ~$20M ~$5.5M of EBITDA loss in years 0/1 Classes start ~2 years from lease signing Accretive to earnings within 2 years of class start Avg Pop of ~600 students by Year 5 Financials $8.00 $15.00 $17.75 $19.00 $0.00 $10.00 $20.00 $0.00 $0.00 Year 1 Year 2 Year 1 Year 2 Year 3 Year 4 Revenue ($M) EBITDA includes corporate allocations Pre-Opening Campus Open EBITDA ($M) $10.00 $5.00 $4.50 $5.00 $3.50 $0.00 ($2.00) ($1.50) ($5.00) ($3.50) Y0 ear 1 Year 2 Year 1 Year 2 Year 3 Year 4 Pre-Opening Campus Open

Summary Improved financial performance and real estate strategy provides ample growth capital Strong demand from students and employers continues to drive base business growth Making substantial investment in high return growth initiatives $30 million of capex last year (including Atlanta & new programs) $10 million for 7 new programs $65 million by 2025 for new locations in Houston, Philadelphia and Nashville Hybrid learning model provides efficiencies and more scalable platform Opportunity to continue to invest in highly profitable growth beyond announced plans Expect to enter 2025 with ~$70M in cash and availability, after ~$70M in 2024 capex

Lincoln Tech – Growing for our Future The nation’s middle skills gap is real and will only be getting worse in the short term which means opportunity for us Lincoln has years of experience in offering hands-on training in multiple career fields, and we are clearly a leader in a highly fragmented market We provide quality education with a highly accomplished faculty using technology that engages and excites students We are focused on compliance and exemplary student outcomes delivering high ROI programs Understanding our students’ needs differentiates us from traditional Lincoln's scale appeals to local, regional and national employers We have a strong balance sheet and operational leverage that will fund our growth We will continue to leverage the Renaissance in the skilled trades to grow our existing campuses while we strategically replicate our most successful programs and open new campuses to expand our reach

Appendix

Use of Non-GAAP Financial Information This presentation contains non-GAAP (Generally Accepted Accounting Principles) financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management chooses to disclose to investors these non-GAAP financial measures because they provide an additional analytical tool to clarify the results from operations and help to identify underlying trends. Additionally, such measures help compare the company's performance on a consistent basis across time periods. Management defines As Reported as actual operating results derived from previously filed annual and quarterly financial information submitted to the Securities and Exchange Commission. Management defines EBITDA as loss before interest expense, interest income, income taxes, depreciation and amortization. Management defines Pro forma as actual operating results derived from previously filed annual and quarterly financial information submitted to the Securities and Exchange Commission excluding unusual and non-recurring transactions such as closed school operations, gain on sale of assets and interest normalization. Management defines interest normalization as adjusting interest expense on debt from prior years using the Company’s current credit agreement terms. To obtain a complete understanding of the company's performance, these measures should be examined in connection with revenue, operating loss and net loss, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission. Since the items excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be an alternative to revenue, operating loss and net loss as a measure of the company's operating performance. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may calculate non- GAAP financial measures differently than the Company does, limiting their usefulness as a comparative measure across companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is included in the following slides.

Adjusted EBITDA And Net Income Reconciliation 2024 Guidance (Midpoint) 2023 Adjusted EBITDA Net Income EBITDA Net Income Net income $ 5,200 $ 5,200 $ 25,997 $ 25,997 Interest income, net 700 (2,281) 235 Provision for income taxes 2,000 9,642 - Depreciation and amortization 13,200 6,770 192 EBITDA 21,100 40,128 Stock compensation expense 4,200 - 5,894 3,514 Impairment of goodwill and long-lived assets - - 4,220 4,220 Severance and other one-time costs - - 1,831 1,831 New campus start-up costs 9,700 9,700 2,451 2,451 Program Expansions 2,500 2,500 - - Transitional segment - - 1,900 1,900 Gain on sale of Nashville, Tennessee - - (30,939) (30,939) FMV of Nashville, Tennessee rent - - 1,015 1,015 Tax effect - (4,900) - 4,364 Adjusted EBITDA $ 37,500 $ 12,500 $ 26,500 $ 14,780