Q1 FY2026 INVESTOR PRESENTATION UNIVERSAL TECHNICAL INSTITUTE, INC.
This presentation contains forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. These statements are based on our management’s current beliefs, expectations and assumptions about future events, conditions and results and on information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Discussions containing these forward-looking statements may be found, among other places, in the sections entitled “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference from our most recent Annual Report on Form 10-K, in our subsequent Quarterly Reports on Form 10-Q and certain of our Current Reports on Form 8-K, as well as any amendments thereto, filed with the Securities and Exchange Commission (the “SEC”). In addition, statements that refer to projections of earnings, revenue, costs or other financial items in future periods; anticipated growth and trends in our business or key markets; cost synergies, growth opportunities and other potential financial and operating benefits; future growth and revenues; future economic conditions and performance; anticipated performance of curriculum; plans, objectives and strategies for future operations; and other characterizations of future events or circumstances, and all other statements that are not statements of historical fact are forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated or implied in our forward-looking statements due to a number of factors, including, but not limited to, those set forth under the section entitled “Risk Factors” in our filings with the SEC. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans’ benefit programs; continued Congressional examination of the for-profit education sector; investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students’ ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under our credit agreement; and other risks that are described from time to time in our public filings. Given these risks, uncertainties and other factors, many of which are beyond our control, you should not place undue reliance on these forward-looking statements. Neither we nor any other person makes any representation as to the accuracy or completeness of these forward-looking statements and, except as required by law, we assume no obligation to update these forward-looking statements publicly, or to revise any forward-looking statements, even if new information becomes available in the future. This presentation also contains estimates and other statistical data made by independent parties, and by us, relating to market size and growth and other data about our industry and our business. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Forward-Looking Statements 2
3 Addressing Skills Gaps Through In-Demand Industry Segments LEADING WORKFORCE SOLUTIONS EDUCATION PROVIDER 4 out of 5 Grads Employed Within 1 Year2 35+ Program Offerings Transportation, Energy, and Skilled Trades 33 Campuses Nationwide +6 announced1 1 New campus openings are subject to appropriate regulatory approvals. 2 On average, across all programs all campuses nationwide. Employment rates may vary significantly by program and by campus. See slides 20 and 22 of this presentation as well as UTI.edu/disclosures and the individual campus pages on Concorde.edu for additional information. Healthcare 25k+ Average Active Students
North Star Strategy Phase II “By fiscal 2029, we expect to surpass $1.2 billion in annual revenue and approach $220 million in adjusted EBITDA as we build out a more diversified, efficient, and durable growth engine for the long term.” [Per Company Earnings Release 11/19/2025] == 4 FY2026 STRONG FINANCIAL OUTLOOK* Note: For detailed reconciliations of Non-GAAP measures see the Appendix. * See slide 18 for additional details. $114-119M$40-45M$905-915M Revenue Guidance Net Income Guidance Adj. EBITDA Guidance
Compelling Investment Thesis 1 See Company press release 8/5/2024 “Universal Technical Institute, Inc. Announces Next Phase of ‘North Star Strategy’ to Accelerate Growth, Diversification and Optimization.” 2 Per recent years’ accreditor reporting results. See slides 20 and 22 in this presentation as well as uti.edu/disclosures and the individual campus pages on concorde.edu for additional information. Universal Technical Institute, Inc. 5 Leading educational platforms serving critical, in-demand markets with favorable long-term trends Strong student outcomes2 and positive regulatory metrics driven by enterprise-wide emphasis on our students Consistently meeting or exceeding expectations with proactive management and strong business visibility Successful and ongoing transformation efforts supporting optimized operating model and margin expansion Healthy balance sheet and disciplined capital allocation plan driving continued growth and shareholder value creation Proven strategy driving further growth1 built on the repeatable building blocks that have served as the foundation to the Company’s successful evolution
Diversified Platform of In-Demand Programs 6 Note: See Appendix for more details by Division 1 New campus openings are subject to appropriate regulatory approvals. Example Programs • Auto/Diesel/Motorcycle/ Marine Technician • Welding • Energy Technology and Wind Power • Aviation Maintenance, Airframe and Powerplant • Robotics and Automation Example Programs • Dental Hygienist/Assistant • Medical Assistant • Practical/Vocational/ Registered Nursing • Healthcare Administration • Physical Therapy and Occupational Therapy Assistants $542M Revenue in FY2025 15k Average Students in FY2025 15+ programs across Transportation, Energy, and Skilled Trades 15 Campuses in 9 States, plus 3 additional Campuses announced1 In-person and Hybrid/Blended formats $294M Revenue in FY2025 10k Average Students in FY2025 20+ programs in Dental, Allied Health, Nursing, Patient Care and Diagnostics 18 Campuses in 8 States, plus 3 additional Campuses announced1 In-person, Hybrid/Blended, and fully Online formats
7 Offerings Across Transportation, Skilled Trades, and Healthcare Address Labor Market Needs Note: Projections as per the Occupational Outlook Handbook published annually by the U.S. Bureau of Labor Statistics www.bls.gov, August 2025. Job openings include those due to net employment changes and net replacements. Example UTI Transportation, Energy, & Skilled Trade Programs Auto/Diesel/Motorcycle/ Marine Technician Welding Energy Technology and Wind Power Aviation Maintenance, Airframe and Powerplant Auto Body Repairers Example Concorde Healthcare Programs Dental Hygienist/Assistant Medical Assistant Practical/Vocational/ Registered Nursing Healthcare Administration Physical and Occupational Therapy Assistants 0% 5% 10% 15% 20% 25% 30% JO B G R O W TH 2 02 4- 20 34 ANNUAL JOB OPENINGS 2024-2034 50%
High-Quality, State-of-the-Industry Technical and Healthcare Training Facilities Supporting Successful Student Outcomes
$317 $332 $301 $335 $419 $607 $733 $836 $905-$915 2018 2019 2020 2021 2022 2023 2024 2025 2026E Increasing Momentum in a Multi-Year Transformation Journey Note: For detailed reconciliations of Non-GAAP measures see the Appendix. FY2026E based on midpoints of Company guidance New Campuses One (1) in 2018, Two (2) in 2022, Three (3) announced for 2026, with more in 2027 and beyond Acquisitions and Program Expansions MIAT (closed FY2022), Concorde (closed FY2023) Program and Curricula Additions Programs launched at existing campuses, New MSATs, On-Base Military Programs, EV Curriculum Marketing and Admissions Optimization Revised model to encompass expanded offering set, improvements in lead conversion Real Estate Rationalization Run-rate EBITDA improvements realized; continued emphasis on capacity utilization Blended Learning Improving student experience and space and instructor efficiencies Revenue ($ in Millions) Net Income $40-$45 Adj EBITDA $114-$119 Net Income ($33) Adj EBITDA ($6) 9
0 2 4 6 8 10 $5 $10 $15 $20 $25 $30 $35 $40 Weekly Trading Volume Share Price Delivering on Expectations and Creating Shareholder Value Note: Analyst Consensus, Share Price, and Market Capitalization figures updated as of Market close 2/3/2026 *For detailed reconciliations of Non-GAAP measures see the Appendix. Revenue ($ in Millions) FY'23 FY'24 FY’25 FY’26E Early Estimate - $700+ ~$800 - Initial Guidance $595-$610 $705-$715 $800-$815 $905-$915 Revised Guidance $602-$605 $720-$730 $830-$835 - Analyst Consensus $603 $728 $829 $909 Actual $607 $733 $836 Adj. EBITDA* ($ in Millions) FY'23 FY'24 FY’25 FY’26E Early Estimate - ~$100 ~$120 - Initial Guidance $58-$62 $98-$102 $120-$124 $114-$119 Revised Guidance $62-$64 $102-$104 $124-$128 - Analyst Consensus $63 $103 $126 $117 Actual $64 $103 $126 Share Price: ~$7.00 Market Cap: $0.2B Share Price: ~$28.50 Market Cap: $1.6B 10
Optimized Improved model for new campuses with more offerings for students and stronger financial profile for the company Tailored Geography-specific sites with a customized set of programs, for example skilled-trades-only2 locations for the UTI division in new markets, requiring less space and start-up costs Co-branded Leverage deep industry relationships to partner in launching locations that will address the significant demand for our students in the workforce3 Executing Multifaceted Approach in Ongoing Expansion1 Efforts Program Expansions New Campuses 11 1 All initiatives contingent on requisite regulatory approvals. 2 Skilled-trades-only UTI campuses may include programs such as HVACR, Welding, Energy & Robotics but exclude Auto & Diesel, resulting in significant reductions to square footage and CapEx requirements. 3 See, for example, the November 2025 launch of the first co-branded campus with Heartland Dental—a first-of-its-kind partnership. Optimize Increase the capacity of current programs in current locations Add Continue to add programs from our current portfolio to more existing campus locations New Launch new, in-demand program areas we do not currently offer
Robust Incremental Program and New Campus Opportunities Note: See slides 21 and 23 in appendix for full listing of program offerings by campus; New campus and program openings are subject to regulatory approvals. UTI Campuses Concorde Campuses UTI & Concorde Campuses UTI Location Concorde Location Announced Location 12 Atlanta, GA (UTI) Atlanta, GA (Concorde) Houston, TX (Concorde) Phoenix, AZ (Concorde) Salt Lake City, UT (UTI) San Antonio, TX (UTI)
Our exclusive data-driven model integrates demographic, regulatory, and financial inputs to prioritize campus and program expansions that align with market demand and our mission to serve career-ready students. Proprietary Framework for Sustainable Growth A robust set of criteria is evaluated in selecting future locations and programs Population & Geo-Market Analysis Competition & Saturation Mapping Partnership Potential Site Selection & Feasibility Program Fit & Institutional Strengths Regulatory & Accreditation Review Student Acquisition Cost & Yield Modeling Return on Education Forecast Capital Allocation Considerations & Return Thresholds 13 Disciplined approach ensures we scale strategically, not just rapidly, & that each growth initiative delivers long -term value.
$33 $126 Approaching $220 FY21 FY25 FY29E Concorde Acquisition New Campuses Programs New Campuses Programs Organic Growth Organic Growth Phase II of North Star Strategy Driving Continued Growth 1 See page 24 of this presentation for illustrative new campus and program proformas Note: Implementation of all new campuses and programs is subject to review and approval by applicable regulatory authorities ($ in Millions) Adjusted EBITDA Organic Growth Continue to optimize and find efficiencies in our current offerings to drive ongoing same store improvements New Campuses Leverage new, optimized models and refined program mix formats to expand geographic footprint New Programs & Expansions Continue additions of current programs to existing campuses & increasing capacity of current programs offered 14 North Star Phase I North Star Phase II Concorde Acquisition + Organic Growth + 2 New Campuses & over 30 New Programs Organic Growth + 12-16 New Campuses + 50-70 New Programs & Expansions1
Disciplined Capital Allocation Strategy Creating Long-Term Value Note: “Baseline Adj EBITDA” refers to Reported Adj EBITDA excluding growth investments. *While the Company continually invests in growth & transformation initiatives across the organization, “growth investments” in this context are expenses specifically associated with opening new campuses and programs. Adjusted EBITDA ($ in Millions) 15 ~($100) Operating Cash Flow CapEx Adjusted Free Cash Flow FY2029E ~($70) Growth ~($30) Maint Approaching $220 Approaching $120 Adjusted Free Cash Flow ($ in Millions) ~$116.0 ~$6.5 ~$22.5 ~($100.0) Operating Cash Flow CapEx Adjustments Adjusted Free Cash Flow FY2026E $97.3 $0.6 $56.0 ($42.0) Operating Cash Flow CapEx Adjustments Adjusted Free Cash Flow FY2025 ($54.0) Executed & Accrue d ($22.0) Maint. ($20.0) Growth ~$156.5 ~($40.0) ~$116.5 Baseline Adj. EBITDA Growth Investments* Reported Adj. EBITDA FY2026E Baseline Adj. EBITDA Growth Investments* Reported Adj. EBITDA FY2029EApproaching $270 Approaching $220 ~($50) ($26.0) Maintenance ($74.0) Growth $132.8 ($6.3) $126.5 Baseline Adj. EBITDA Growth Investments* Reported Adj. EBITDA FY2025
$836 $905-915 $1,200+ FY25 FY26E FY27E FY28E FY29E Adj EBITDA Approaching $220Net Income $63 Adj EBITDA $126 Net Income $40-$45 Adj EBITDA $114-$119 Organic Growth New Campuses Programs *~3% Same Store Volume + 2-3% Tuition Increases + ~5% Growth Initiatives Repeatable Building Blocks Delivering Additional Scale FY26E based on midpoints of Company guidance ($ in Millions) New Campuses Leverage new, optimized models and refined program mix formats to expand geographic footprint New Programs & Expansions Continue additions of current programs to existing campuses & increasing capacity of current programs offered Additional Acquisitions Strategic and disciplined approach for evaluating new opportunities; would be accretive to long-term outlook presented Adjusted EBITDA 16 Organic Growth Continue to optimize and find efficiencies in our current offerings to drive ongoing same store improvements
Business Outlook Fiscal 2026 Guidance
Fiscal 2026 Guidance 1 Beginning in FY2025, growth investments for program expansion and new campus initiatives are no longer included as add-backs in Adj EBITDA and Adj FCF calculations, affecting year-over-year comparability. Further, FY2026 guidance reflects significant growth investments in both capital and operating expenditures, impacting year-over-year comparability and affecting both profitability and cash flows for the year Note: For detailed reconciliations of Non-GAAP measures see the Appendix. ($ in Millions, except EPS) $49.1 $73.5 $56.0 $20-$25 2023 2024 2025 2026E Adjusted Free Cash Flow1 $12.3 $42.0 $63.0 $40-$45 2023 2024 2025 2026E Net Income $0.13 $0.75 $1.13 $0.71-$0.80 2023 2024 2025 2026E EPS - Diluted $607.4 $732.7 $835.6 2023 2024 2025 2026E Revenue $905-$915 $64.2 $102.9 $126.5 2023 2024 2025 2026E Adjusted EBITDA1 $114-$119 18 22,613 26,885 29,793 2023 2024 2025 2026E New Student Starts 31.5k-33.0k
Appendix
20 Business Overview • 15+ programs for in-demand fields across transportation and skilled trades • Program Mix (FY2025 Revenue): – Auto/Diesel 63%, Other Transportation 12%, Welding 10%, Other Skilled Trades 8%, and Industry Training 6% • Program additions and new campus launches remain part of the division’s growth roadmap Universal Technical Institute Division Overview 1 Fiscal 2025 2 Current active campuses – Additional campuses announced in Atlanta, GA, San Antonio, TX, and Salt Lake City, UT; New Campus openings subject to appropriate regulatory approvals 3 Based on most recent reporting periods. Ratios represent averages across UTI’s 4 OPEIDs, though individual program results may vary significantly from the mean. Note that due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through September 30, 2023, significantly decreasing default rates. 4 Aggregated rates based on reporting in the ACCSC 2025 annual reports. Each of the ACCSC program outcomes is evaluated individually. The ACCSC reports exclude graduates from the employment rate calculation who were not available for employment because of continuing education, military service, health, incarceration, death or international student status. See UTI.edu/ disclosures for further information. Note: For detailed reconciliations of Non-GAAP measures see the Appendix. Mission Statement To serve our students, partners, and communities by providing quality education and support services for in-demand careers. A leading provider of transportation, energy and skilled trades technical training, driven to change the world one life at a time by helping people achieve their dreams. Summary Statistics Founded 1965 Revenue1 $542M Operating Inc.1 (Margin) $94M (17.3%) Adj. EBITDA1 (Margin) $121M (22.2%) Locations2 15 Campuses in 9 States, with 3 more announced Key Metrics Avg. Enrollment1 ~15k Students Cohort Default Rate3 0% 90/10 Ratio3 ~81% Graduation Rate4 ~74% Employment Rate4 ~79% Composite Score: Calculated and reported only at an enterprise level. Reported score for FYE 9/30/25 was 2.3
UTI Division Programs by Location Note some programs above have been announced but are not yet open at all locations shown. 1UTI Avondale and UTI Phoenix MSAT = Manufacturer-Specific Advanced Training (offerings vary by location) Austin, TX Avondale, AZ1 Bloomfield, NJ Canton, MI Dallas, TX Exton, PA Houston, TX Lisle, IL Long Beach, CA Miramar, FL Mooresville, NC Orlando, FL Rancho Cucamonga, CA Sacramento, CA Transportation Airframe & Powerplant Automotive Collision Diesel Marine Motorcycle MSAT NASCAR Tech Energy Energy Technology Wind Power Skilled Trades CNC Machining HVACR Industrial Maintenance Non-Destrictive Testing Robotics & Automation Welding Electrical, Electronics & Industrial Technology (EEIT) Electrical, Electronics & Industrial Technology Electrical, Wind Turbine Technology Electrical & Industrial Maintenance Technology Electrical, Robotics & Automation Technology 21
22 Business Overview • 20+ programs for in-demand healthcare professional degrees and certifications • Program Mix (FY2025 Revenue): – Dental 26%, Medical Assisting 22%, Other Allied Health 25%, Nursing 16%, Diagnostic 8%, and Health Services Management 3% • Program additions and new campus launches remain part of the division’s growth roadmap Concorde Career Colleges Division Overview 1 Fiscal 2025 2 Current active campuses – Additional campuses announced in, Houston, TX, Atlanta, GA, and Phoenix, AZ ; New Campus openings sub ject to appropriate regulatory approvals 3 Based on most recent reporting periods and represent approximate averages across Concorde’s 11 OPEIDs, though individual pr ogram results may vary significantly from the mean. Note that due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through September 30, 2023, significantly decreasing default rates. 4 Aggregated rates for the 14 campuses accredited by ACCSC based on reporting in the ACCSC 2025 annual reports and excludes t he three campuses not accredited by ACCSC. Each of the ACCSC program outcomes is evaluated individually. The ACCSC reports exclude graduates from the employment rate calculation who were not available for employment because of continuing education, military service, health, incarceration, death or international student status. See disclosures on the individual campus pages on Concorde.edu fo r additional information. Note: For detailed reconciliations of Non-GAAP measures see the Appendix. Mission Statement To prepare committed students for successful employment in a rewarding health care profession through high-caliber training, real world experience and student-centered support. Healthcare education provider focused on preparing America’s next generation of healthcare professionals for rewarding careers in areas such as dental, patient care, nursing and allied health. Composite Score: Calculated and reported only at an enterprise level. Reported score for FYE 9/30/25 was 2.3. Summary Statistics Founded 1968 Revenue1 $294M Operating Inc.1 (Margin) $36M (12.3%) Adj. EBITDA1 (Margin) $44M (15.1%) Locations2 18 Campuses in 8 States, with 3 more announced Key Metrics Avg. Enrollment1 ~10k Students Cohort Default Rate3 0% 90/10 Ratio3 ~76% Graduation Rate4 ~73% Employment Rate4 ~82%
Concorde Programs by Location Note some programs above have been announced but are not yet open 1Kansas City location includes both a main campus and a smaller satellite campus Aurora, CO Dallas, TX Fort Myers, FL Garden Grove, CA Grand Prarie, TX Jacksonville, FL Kansas City, MO1 Memphis, TN Miramar, FL North Hollywood, CA Orlando, FL Portland, OR San Antonio, TX San Bernadino, CA San Diego, CA Southaven, MS Tampa, FL Online Nursing Nursing (BS) Nursing Practice (AS/AAS) Practical / Vocational Nursing (Diploma) RN to BSN Dental Dental Assisting (AS/AAS) Dental Assisting (Diploma) Dental Hygiene (AS/AAS) Diagnostic Cardiovascular Sonography (AS/AAS) Diagnostic Medical Sonography (AS/AAS) Neurodiagnostic Technology (AS/AAS) Polysomnographic Technology (Diploma) Radiologic Technology (AS/AAS) Patient Care Massage Therapy (Diploma) Occupational Therapy Assistant (AS/AAS) Physical Therapist Assistant (AS/AAS) Respiratory Therapy (AS/AAS) Surgical Technology (AS/AAS) Allied Health Dental Hygiene (BS) Healthcare Administration (BS) Medical Assistant (Diploma) Medical Assisting (AS/AAS) Medical Office Administration (Diploma) Medical Office Professional (AS/AAS) Medical Office Professional (Diploma) Pharmacy Technician (AS/AAS) Pharmacy Technician (Diploma) Phlebotomy Technician (Diploma) Sterile Processing Technician (Diploma) Continuing Education Radiography 23
Illustrative Organic Growth Opportunities Note: Financial projections based on management’s current beliefs, expectations and assumptions about future events, conditions and results. Representative figures include startup expenses and are not fully burdened (i.e., exclude allocated corporate and marketing costs and working capital considerations). 1Return on Invested Capital (ROIC): Calculated as projected Year 10 after-tax net cash flow divided by (total capital expenditures plus one-time pre-launch costs). Growth strategy expected to include additional program expansions and new campuses. Below examples are for directional guidan ce on financial impact. ($15) ($5) $5 $15 $25 $35 $45 $55 Year 0/1 Year 2 Year 3 Year 4 Year 5 New Campus UTI Division ($0.5) $0.5 $1.5 $2.5 $3.5 Year 0/1 Year 2 Year 3 Year 4 Year 5 HVACR ($0.5) $0.0 $0.5 $1.0 $1.5 Year 0/1 Year 2 Year 3 Year 4 Year 5 Digital Medical Sonography Proforma projections shown. Actual financial profiles will vary by location, individual program performance, and program mix. ($10) $0 $10 $20 $30 $40 Year 0/1 Year 2 Year 3 Year 4 Year 5 New Campus Concorde Division Revenue EBITDA New Campus HVACR Program New Campus Digital Medical Sonography UTI Division UTI Division Concorde Division Concorde Division CapEx Requirement $15M-$30M ~$0.8M $12M ~$0.5M IRR (10-year) 25%-35% 70%+ ~25% 30%+ Sq Footage Requirement 50,000-115,000 4,600 45,000 1,300 Average Students 700-1,300 ~110 ~850 ~35 Return on Invested Capital (Year 10)1 30%+ 95%+ 35%+ 65%+ 24 $ in Millions
Differentiated Industry Partnerships UTI’s relationships with more than 30 leading brands, and other industry and employer partners for both UTI and Concorde, provide unique value propositions and competitive differentiation for our schools and students. * In November 2025 the Company launched a co-branded campus with Heartland Dental for dental hygiene and dental assistant programs, a first-of-its-kind partnership. * 25
Non-GAAP Information
Use of Non-GAAP Financial Information In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations. The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations. Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include: • Acquisition-related costs: We have excluded costs associated with both potential and announced acquisitions to allow for comparable financial results to historical operations and forward- looking guidance. • Integration-related costs for completed acquisitions: We have excluded integration costs related to business structure realignment and new programs for recent acquisitions to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long- term value. Furthermore, our management believes that • Restructuring costs: In December 2023, we announced plans to consolidate the two Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT-Houston campus, acquired in November 2021, began a phased teach-out in May 2024, and such campus began operating under the UTI brand. Both facilities will remain in use, operated by UTI-Houston post-consolidation. As of March 31, 2025, the only remaining cost related to this restructuring is the potential for federal loan discharges. • Facility lease accounting adjustments: During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations. To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the SEC. Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. 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 define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is included in the following slides and investors are encouraged to review the reconciliations. Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow to the most directly comparable GAAP financial measure is unavailable to the company without unreasonable effort. The company is not able to provide a quantitative reconciliation of forward-looking adjusted EBITDA or adjusted free cash flow to the most directly comparable GAAP financial measure because certain items required for such reconciliation are uncertain, outside of the company’s control and/or cannot be reasonably predicted, including but not limited to the provision for (benefit from) income taxes. Preparation of such reconciliation would require a forward-looking statement of income and statement of cash flows prepared in accordance with GAAP, and such forward- looking financial statements are unavailable to the company without unreasonable effort. 27
Adjusted EBITDA Reconciliation ($ in Thousands) 1. Costs related to both announced and potential acquisition targets; FY2026 projected spend is an estimate and is fully contingent on acquisition-related expenses this year, if any. 2. In fiscal 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022. This is offset by additional integration costs incurred during the year. 3. In December 2023, the Company announced plans to consolidate its MIAT-Houston and UTI-Houston operations beginning in fiscal 2024 which was completed in Q1 fiscal 2025. As of September 30, 2025, the only remaining cost related to this restructuring is the potential for federal loan discharges. 4. During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations. Expected adjustments outlined for FY2026 are illustrative only and may differ from what is realized, either in the amounts &/or the categories shown. Net income, as reported ~$42,500 $63,018 $42,001 Interest expense, net ~1,000 (540) 3,157 Income tax expense ~15,500 21,256 14,229 Depreciation and amortization ~39,000 32,958 29,324 EBITDA ~$98,000 $116,692 $88,711 Stock-based compensation expense ~12,500 9,151 8,560 Acquisition-related costs(1) ~3,000 873 − Integration-related costs for completed acquisitions(2) ~3,000 (304) 6,049 Restructuring costs(3) − 43 185 Facility lease accounting adjustments(4) − − (650) Adjusted EBITDA, non-GAAP ~$116,500 $126,455 $102,855 FY2026 Guidance Range $114,000-$119,000 Guidance Midpoint Fiscal 2026 Actual Fiscal 2025 Actual Fiscal 2024 28
Adjusted Free Cash Flow Reconciliation ($ in Thousands) 1. Costs related to both announced and potential acquisition targets; FY2026 projected spend is an estimate and is fully contingent on acquisition-related spend this year, if any. 2. In fiscal 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022. This is offset by additional integration costs incurred during the year. 3. In December 2023, the Company announced plans to consolidate its MIAT-Houston and UTI-Houston operations beginning in fiscal 2024 which was completed in Q1 fiscal 2025. As of September 30, 2025, the only remaining cost related to this restructuring is the potential for federal loan discharges. 4. During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations. Note: Expected adjustments outlined for FY2026 are illustrative only and may differ from what is realized, either in the amounts &/or the categories shown. Guidance Midpoint Fiscal 2026 Actual Fiscal 2025 Actual Fiscal 2024 Cash flow provided by operating activities, as reported ~$116,500 $97,330 $85,895 Purchase of property and equipment ~(100,000) (41,978) (24,298) Free cash flow, non-GAAP ~16,500 $55,352 $61,597 Adjustments Cash outflow for acquisition-related costs (1) ~3,000 873 − Cash outflow for integration-related costs for completed acquisitions (2) ~3,000 (304) 6,196 Cash outflow for integration-related PP&E(2) − − 4,330 Cash outflow for restructuring costs and PP&E (3) − 59 632 Cash outflow for facility lease accounting adjustments (4) − − 700 Adjusted Free Cash Flow, non-GAAP ~$22,500 $55,980 $73,455 FY2026 Guidance Range $20,000-$25,000 29
