APEI Q4 net income +9.6%, FY revenue +3.9%; guides FY2026 rev $685-695M

Full Year 2025 Highlights (as Compared to Full Year 2024) · Consolidated revenue of $648.9 million, a 3.9% year-over year increase, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of GSUSA in July 2025. o RU segment revenue growth of 13.9% year-over-year to $246.2 million, primarily driven by increased enrollments . o HCN segment revenue growth of 11.4% year-over-year to $75.0 million, primarily driven by increased enrollments. o APUS segment revenue growth of 0.9% year-over-year to $319.8 million, impacted by the federal government shutdown in the fourth quarter of 2025. · Net income available to common stockholders increased 151.6% to $25.3 million, compared to $10.1 million. · Adjusted EBITDA increased 18.6% to $85.7 million. · Net income per diluted common share increased 147.3% to $1.36 per share, compared to $0.55 per share.

Consolidated revenue of $158.3 million, a 3.5% year-over year decrease, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of Graduate School USA (“GSUSA”) in July 2025. o Rasmussen University (“RU”) segment revenue growth of 15.9% year-over-year to $66.6 million, primarily driven by increased enrollments . o Hondros College of Nursing (“HCN”) segment revenue growth of 9.5% year-over-year to $20.7 million, primarily driven by increased enrollments . o American Public University System (“APUS”) segment revenue decreased 13.8%, primarily driven by the government shutdown in the fourth quarter of 2025. o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have been flat when compared to the prior year period. · Net income available to common stockholders increased 9.6% to $12.6 million, compared to $11.5 million. · Adjusted EBITDA decreased 8.6% to $28.7 million, impacted by the government shutdown in the fou

Full Year 2026 Full Year 2025 Revenue $685.0 - $695.0 $648.9 Net Income Available to Common Stockholders $41.3 - $47.6 $25.3 Adjusted EBITDA $91.5 - $100.5 $85.7 Diluted Earnings per Share $2.15 per - $2.47 per share $1.36 per share

First Quarter 2026 First Quarter 2025 APU Global Net registrations 106,600 +4.0% y/y 102,500 RU Health+ Enrollment 19,400 +7.8% y/y 18,000 Revenue $173.0 - $175.0 $164.6 Includes $3.7 of GSUSA Revenue Net Income Available to Common Stockholders $11.1 - $12.2 $7.5 Adjusted EBITDA $25.5 - $27.0 $21.2 Diluted Earnings per Share $0.58 per - $0.64 per share $0.41