LINCOLN EDUCATIONAL SERVICES CORP

INDEX TO FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

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Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q and the documents incorporated by reference contain “forward-looking statements”, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; expectations that regulatory developments or other matters will or will not have a material adverse effect on our consolidated financial position, results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operating results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

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:

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compliance with the extensive existing regulatory framework applicable to our industry or our failure to timely obtain and maintain regulatory approvals and accreditation;

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compliance with continuous changes in applicable federal and state laws and regulations, including pending rulemaking by the U.S. Department of Education;

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the effect of current and future Title IV Program regulations arising out of negotiated rulemaking, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs;

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successful updating and expansion of the content of existing programs and developing new programs on a cost-effective and timely basis;

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uncertainties regarding our ability to comply with federal laws and regulations regarding the 90/10 Rule and cohort default rates;

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successful implementation of our strategic plan;

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our inability to maintain eligibility for or to process federal student financial assistance;

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regulatory investigations or actions that may be commenced against, us or other companies in our industry;

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changes in the state regulatory environment or budgetary constraints;

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decline in enrollment;

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challenges in our students’ ability to find employment as a result of economic conditions;

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maintenance and expansion of existing industry relationships and development of new industry relationships;

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a loss of members of our senior management or other key employees;

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uncertainties associated with opening of new campuses and closing existing campuses;

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uncertainties associated with integration of acquired schools;

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industry competition;

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the effect of any cybersecurity incident;

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the effect of public health outbreaks, epidemics and pandemics;

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general economic conditions; and

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other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the headings “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as applicable.

Forward-looking statements speak only as of the date the statements are made. Except as required under the federal securities laws and rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to update or revise forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.

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