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Investor Presentation January 2026
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2 This presentation contains forward-looking statements that involve substantial risk and uncertainties. All statements, other than statements of historical facts contained in this presentation, including statements regarding Legacy Education Inc.'s (the "Company’s” or "Legacy's") strategy, future, operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "depends," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "target," "should," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. In addition, the forward-looking statements included in this presentation represent the Company's views. Subsequent events and developments may cause the Company’s views to change/ The company does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances to reflect the occurrences of unanticipated events, expect as may be required by applicable law. These forward-looking statements should not be relied upon as representations the Company's views as of any date subsequent to the date of this presentation. The Company has filed a registration statement (including a preliminary prospectus) on Form S-1, as amended (File No. 333-281586) (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. Before you invest, you should read the preliminary prospectus in the Registration Statement, including the "Risk Factors" set forth therein, and the other documents the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting the SEC's website at www.sec.gov. The securities of the Company have not been registered under the Securities Act of 1933, as amended, or any other applicable securities law. The Company's securities have not been approved or disapproved by the SEC or any other regulatory or governmental authority, nor have any of the foregoing passed upon the accuracy or adequacy of the information presented. Any representation to the contrary is a criminal offense. The presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale ofthese securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The Company's securities may only be sold pursuant to an effective registration statement filed with the SEC. This presentation contains proprietary information that is the property of the Company. Neither this presentation nor the proprietary information contained herein shall be published, reproduced, copied, disclosed or used for any other purpose, other than the review and consideration of this presentation. Forward-Looking Statements
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3 Legacy At A Glance Legacy Education is an award-winning, nationally accredited, for-profit post-secondary education company • Owns & operates nationally accredited academic institutions which are affordable • Focused on programs in growing industries including allied healthcare (1) with a secondary emphasis on veterinary and business • Committed to growing education footprint via organic enrollment growth, addition of new programs and accretive acquisitions • Headquartered in Lancaster, CA 2009 3,495 70 438 Founded Student Enrollment Programs Offered Employees (as of September 30, 2025) $69.6M $11.3M $23.1K $1.5K LTM Revenue (40% YoY growth) LTM Adj. EBITDA LTM ARPS (2) LTM Gross Student Acquisition Cost (3) 79% 75% 2% 82% Student Graduation Rate (as of June 30, 2025) Student Placement Rate (as of June 30, 2025) Monthly Student Attrition Rate (as of June 30, 2025) NCLEX Pass Rate (as of June 30, 2025) (1) Allied healthcare refers to a sector of healthcare professions that provide a wide range of diagnostic, technical, therapeuti c, and support -related services in connection with healthcare and are distinct from certain medical fields includ ing dentistry, medicine, nursing and pharmacy (2) Average Revenue Per Student based on LTM revenue divided by LTM average enrollment (3) Gross Student Acquisition C ost based on marketing & advertising divided by new enrollments Note: Data as of 09/30/25 unless otherwise noted
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4 Changing Market Dynamics Within Post -Secondary Education Landscape Yields Opportunity Documented problems (cost, scalability, program design, COVID -19 pandemic) threaten traditional post -secondary education model Legacy Education to leverage programs and delivery model – driving student growth and shareholder returns Nationally Accredited Career College Platform with Demonstrated Success 4 accredited education institutions (6 campuses) educating 3,495 students (as of September 30, 2025) in California Re-accredited 5-year through ACCET and ABHES with 75% average placement rates 82% NCLEX (1) pass rates (as of June 30, 2025) Large Post-Secondary Education Opportunity within Core Program Verticals and Adjacent Programs Vertical focus within Allied Health with an estimated 16+ million domestic jobs (projected to grow at 14% annually through 20 28) Additional programs designed to target high growth segments of the economy Student acquisition cost relative to program billings provides compelling lifetime value and ROI potential Experienced and Loyal Leadership Senior management with 20+ years of experience on average Strong retention among Senior management M&A Opportunities to Augment Platform Growth History of successful M&A outcomes (Central Coast 2019, Integrity College 2020, Contra Costa 2024) Legacy to leverage program and campus revenue synergies while optimizing operating expenses and per student acquisition costs Investment Highlights (1) National Council Licensure Examination
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5 U.S. Healthcare Labor Market Healthcare & Social Assistance Job Openings (1) As of August 2025 Source: U.S. Bureau of Labor Statistics Openings Hires (1) 1.3M Current openings Gap between openings and hires has widened since the Coronavirus pandemic 1.9M New Jobs Created from 2024 – 2034 (1) The U.S. is facing a shortage of healthcare professionals driven by increased demand for healthcare services Growth drivers for the U.S. healthcare labor market include: • Expanding aging population • Technological advancement • Growing emphasis on preventive care California community colleges are plagued by poor completion rates, uncertain career pathways, and poor placement rates 8% Projected Growth from 2024 – 2034 (1) 0.0M 0.5M 1.0M 1.5M 2.0M 2.5M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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6 U.S. Healthcare Labor Market Meeting Critical Workforce Needs Source: U.S. Department of Education, National C enter for Education Statistics, Integrated Postsecondary Education Data Syste m (IPEDS), Fall 2024 (provisional data), Completions component With the current shortage of healthcare workers in the nation and significant projected job growth through 2033, conferring degrees in healthcare is more essential than ever Percentage of degrees/certificates conferred by for -profit schools • 72% of Medical & Clinical Assistants • 67% of Clinical Lab Assistants • 62% of Dental Assistants • 54% of Pharmacy Technicians These programs are shorter, targeted, and hands-on— helping students enter the workforce faster while ensuring employers have access to qualified, job -ready talent. This direct link to workforce readiness makes the sector one of the most essential, and investable, drivers of America’s economic recovery and competitiveness 71.8% 23.6% 4.7% Medical/Clinical Assistant 36.3% 1.9% 61.8% Dental Assisting/Assistant 70.3% 2.5% 27.2% Licensed Practical/Vocational Nurse Training 54.8% 24.6% 19.6% Registered Nursing/Registered Nurse Private For-Profit Public Private Non-Profit
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7 2009 - 2010 Founded Legacy Education Acquired High Desert Medical College 10+ Years of Growth and Accolades California Association of Private Post Secondary School Excellence in Community Service Award – 2020, 2022 & 2023 Antelope Valley Best Career / Trade School Award 2020, 2021 & 2023 Beautiful Bakersfield Best Career School 2022 Legacy Timeline 2011 - 2018 Program Expansion and Title IV Eligibility Programs Approved for Distant Learning 2019 Acquired Central Coast College Launched Temecula Campus 2020 Acquired Integrity College of Health Launched New Accredited Programs: Ultrasound Technician (ICH) RN to BSN (ICH) Medical Billing and Coding (ICH) 2021 - 2022 Added Multiple Campus Directors Permanent Hybrid Approval all programs Launched New Accredited Programs: Cardiac Sonography AAS Vocational Nursing AAS Ultrasound AAS (CCC) Vocational Nursing (HDMC) 2023 Added Campus Directors of Education, Directors of Nursing & Dean of Imaging Launched New Accredited Programs: Certified Nurse Assistants (HDMC) Magnetic Resonance Imaging AAS Veterinary Assisting (ICH) Vocational Nursing AAS (ICH) Vocational Nursing (CCC) Launched Cannabis Career Website and Curriculum (HDMC) Executed Lease for New Building in Lancaster Added 7,00 SF to CCC Location for New Programs Added 5,000 sq feet in ICH for New Programs Initial RN approval for Lancaster Campus 2024 - 2025 Added 25,000 SF for CCC HDMC new curriculum approval for the new rule on minimum hours HDMC 5-year reaccreditation granted through April 2029 CCC RN Program Application CCC 5-year reaccreditation granted through April 2030 Acquired Contra Costa Medical Career College Launched New Accredited Programs: Registered Nurse (RN) EMT (HDMC) Surgical Technology (CCC) Sterile Processing (CCC) 2 campuses 2 campuses 4 campuses 5 campuses 5 campuses 6 campuses 5 campuses
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8 Source: Educationdata.org, Bloomberg, MarketWatch, Business Insider Challenges for Post-Secondary Education Rising tuitions (outpacing inflation and wage growth) Rising costs due to labor and expensive infrastructure Antiquated delivery models (campus -based model) Inconsistent job placement capabilities (underemployment is a growing problem among recent 4 -year college graduates) Schools failing to evolve with declining relevancy and training performance Widespread problems within post -secondary education have been widely publicized by leading media outlets “Nearly half of companies plan to eliminate bachelor's degree requirements in 2024" - Intelligent Legacy Education has Developed the Programs and Deployment Models to Effectively Capitalize on Changing Market Dynamics Changing Post-Secondary Landscape Hands-on Training Emphasis Program Design & Flexibility Broad Market Appeal Bring Opportunity to For-Profit Education Programs designed around high ROI for students (affordable, specialized degrees with shorter durations including programs less than 52 weeks designed to accommodate degree / learning progression ) Focus on graduate success, retention rates & standards of academic quality Campuses strategically located in areas with high job growth Aligned product offerings with employer needs which include simulation training initiatives and network of extern sites Bypasses antiquated delivery model by focusing on scalability COVID-19 accelerated transition to next gen learning models – Legacy has successfully implemented hybrid Interactive Distance Learning (“IDL”) Leveraging leading ed -tech software providers to increase flexibility and scalability
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9 Geographic Footprint Bakersfield, CA Lancaster, CA Temecula, CA Salinas, CA Pasadena, CA Antioch, CA 6 3,495 28% Campuses Current Students (09/30/25) 5 Year Enrollment CAGR College FY20A FY21A FY22A FY23A FY24A FY25A 09/30/25 689 959 39% 1,165 21% 1,236 6% 1,588 28% 1,956 23% 2,263 175 238 36% 304 27% 337 11% 435 29% 495 14% 549 43 67 56% 119 78% 132 11% 164 24% 202 23% 220 448 463 Total 907 1,264 1,588 1,705 2,187 3,101 3,495 Enrollment Growth by College Ending Enrollment % denotes YoY Increase 5 Year CAGR 28% 3,495 907 1,264 1,588 1,705 2,187 3,101
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10 1,648 1,799 1,705 2,024 1,912 2,166 2,187 2,539 2,768 3,245 3,101 3,495 0% 10% 20% 30% 40% 50% 60% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A FY 2023 FY 2024 FY 2025 FY 2026 273 504 391 760 415 719 623 849 397 1,227 721 1,117 Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A FY 2023 FY 2024 FY 2025 FY 2026 Quarterly Enrollment Since 2023 (1) Calculated by subtracting from one the ratio of current quarter -ending enrollment to the total of the previous quarter’s ending enrollment plus the current q uarter's new starts to approximate the quarterly rate of graduates and discontinued students (2) Q2 2025 Student Attrition + G raduation Rate excludes 389 CCMCC students due to acquisition closing on December 18, 2024, occu rring within the measurement period Note: Quarterly starts data excludes cash programs for HDMC and ICH prior to FY 2024 due to lack of internal reporting Quarterly Starts Ending Enrollment 42% increase YoY in ending enrollment at FY 2025A Ending Enrollment Student Attrition + Graduation Rate (1) 2,517 Starts FY 2024A 3,194 Starts FY 2025A % Change YoY % Change YoY (2) 16% 20% 28% 25% 45% 50% 42% 38%52% 43% 59% 12% (4%) 71% 16% 32% 27% Increase YoY
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11 73% 75% 76% 74% 75% 74% Bakersfield Lancaster Temecula CCC ICH CCMCC Vocational Nursing, Dental Assisting, Veterinary Assistant, and Clinical Medical Assisting among the highest placement rate programs Preparing students for a competitive workforce with functional and soft skills to be successful Exceeding Academic and Student Outcomes 75% Avg Placement Rate (1) Placement Rate by Campus Successful Student Outcomes (1) Based on employment 90 days post -graduation; Inclusive of Contra Cost Medical Career College; Data as of J une 30, 2025 (2) Data as of June 30, 2025 82% NCLEX Pass Rates (2) 75% Avg Placement Rate (1) 86% Avg Program Retention 50% Vet Tech Pass Rates (2)
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12 12 Student Profile Target Student Note: Data as of 06/30/25 88% Women 12% Men Over 50% Of our student enrollment is 24 years of age and younger Education Level High School Diploma or G.E.D. Geography Targeting students within 25 -mile radius to each campus (changing with availability of online programs) Desired Outcome Students looking for better career opportunities Entrance Exam Wonderlic Scholastic Level Exam (SLE) HESI for VN only 11
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13 LeeAnn Rohmann | Chief Executive Officer & Founder, Legacy Education Ms. Rohmann has served our Chief Executive Officer since July 2010 and Chairman of our board of directors since October 2009.From 2004 until 2008, she served as Chief Sales Officer, Student Loan Xpress at CIT, a national bank, and from 2001 until 2004, she served as Vice President, Sales of Edfinancial Services, a financial company that provides student loan servicing. From 1997 until 2001, Ms. Rohmann served as Senior Vice President, Sales of American Express. We believe Ms. Rohmann is qualified to serve as a member of our board of directors because she has more than 25 years of higher education industry experience. Brandon Pope | Chief Financial Officer Mr. Pope has served as Chief Financial Officer of Legacy Education, L.L.C. from June 2018 until the Reorganization and our Chief Financial Officer since the Reorganization. From October 2017 until June 2018, he served as Controller of Squar Milner, an accounting and advisory firm, and from December 2014 until April 2017, he served as Senior Vice President, Corporate Controller of International Education Corporation, a provider of career education. From January 2014 until October 2017, Mr. Pope also served as Principal of Pope Consulting Group, LLP, and from 2008 until 2014 he served in various capacities including Vice President, Chief Accounting Officer and Vice President, Corporate Controller at Bridgepoint Education, Inc., a higher education company. Mr. Pope also previously served as Assistant Vice President, Assistant Controller of Corinthian Colleges, Inc.; Assistant Controller of Stater Bros. Markets; and Senior Manager of Financial Reporting and Control, Manager of Financial Reporting and Senior Accountant at Ingram Micro, Inc. Mr. Pope is a certified public accountant in the state of California, and received his bachelors of science in business administration and MBA from the University of Phoenix. Dr. Ragheb Milad | Chief Academic Officer Dr. Ragheb Milad has served as our Chief Academic Officer since June 2021. From January 2019 to January 2021, Dr. Milad served as the Corporate Director of Education for Legacy Education and Campus President of HDMC’s Lancaster, California campus, and from January 2014 to January 2018 he served as the Director of Academics for HDMC. Dr. Milad also served as an instructor from in both the Vocational Nursing and Ultrasound Technician Programs for HDMC from 2011 to 2014. During his roles as Director of Academics and Corporate Director of Legacy Education, Dr. Milad developed many of Legacy Education’s existing programs. In addition, from 2008 to July 2021, Dr. Milad served as the Sales Director of 3D Diagnostix, a dental computer guided surgery company. In July 2021, he co-founded ITX PROS, a digital dentistry company that supports dentist with dental implant cases, and since its inception he has served as a member of the board of directors of ITX PROS. Dr. Milad also serves as a member on the Board of St. Athanasius and St. Cyril Theological School, a Coptic Orthodox theological school since 2015.Furthermore, from 2008 to 2011 Dr. Milad was a practicing physician in Cairo, Egypt. He graduated from Ain Shams University in Cairo, Egypt from the Faculty of Medicine where he received his Medical Degree. Legacy Education also employs campus directors at each respective campus with extensive experience in their fields Management Team
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14 Our Path to Growth Organic growth within existing footprint Current programs and cross program integration and acquire students at a positive ROI New program development Create adjacent programs (increase re -enrollment) and new fields of study to increase enrollments with minimal cannibalization New campuses (focus on buy vs build) Build requires upfront investment of human capital and greater time to achieve scale / breakeven while buy allows for the acquisition of accretive campuses and integration (scale / geography and synergy benefits) 1 2 3 14 Executing Our Strategy Legacy Education delivers 39% revenue growth, with student population up 38% For existing footprint, integrate programs across brands, expanding our academic portfolio. Strategic acquisition of Contra Costa strengthens our California presence while maintaining 16% adjusted EBITDA marginsNote: Data as of 09/30/25
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15 Healthcare 53 Programs (1) Data as of 05/29/24 Core Markets ~ 90% of Legacy’s current enrollment (1) Accredited programs launched since 2023: • Certified Nurse Assistants (HDMC) • Magnetic Resonance Imaging • Registered Nurse (RN) • Vocational Nursing AAS (ICH) • Vocational Nursing (CCC) • Surgical Technology Associate of Applied Science (CCC) • Dental Assisting (CCC) • Sterile Processing (CCC) • Pharmacy Technician (CCC) • Emergency Medical Technician (HDMC) Leading diagnostic imaging services company finalized agreement with Legacy Key Focus Areas: Continuous improvement in VTNE pass rates Future veterinary technology (RVT) programs at ICH and HDMC Basic veterinary assistant certificate program Expansion of dental assistant program at CCC Future dental hygienist program Future orthodontic assistant permit (cash) Future dental sedations assistant permit (cash) Nursing Imaging Allied Health Veterinary 4 Programs Dental 13 Programs Organic Growth Within Existing Footprint
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16 EMT 1 EKG / ECG 1 Terminology 1 Cannabis Dispensary 1 MRI 2 Accounting 1 Phlebotomy 4 Veterinary 4 Med. Billing & Coding 3 Dental 13 Pharmacy 3 Sterile Processing/ Surgery 7 Medical Assisting 8 Nursing 13 Ultrasound/ Sonography 8 2010 2015 2020 2021 2022 2023 2024 2025 Diverse & Growing Set of Programs 70 Total Programs Offered Organic Growth Within Existing Footprint Program Offering Timeline Current Program Offering Per College
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17 Ultrasound Technician AAS Medical Assisting Vocational Nursing Cardiac Sonography AAS Program Duration 108 – 123 weeks 34 – 42 weeks 115 – 130 weeks 115 weeks 56 – 68 weeks Quarterly Revenue (per student)(1) ~$6.8k ~$6.8k ~$6.5k ~$7.0k ~$7.6k Extern Sites (2) 497 915 83 56 69 Re-Enrollment Opportunity Highest Degree in Track Yes Highest Degree in Track Highest Degree in Track Yes Top Program Mix (1) Calculated by dividing total billings divided over midpoint program duration on a quarterly basis (2) Extern sites facilitate experiential learning opportunities to provide students occupational experiences in their field of st udy Note: Data as of 06/30/25 Organic Growth Within Existing Footprint Collectively, Legacy Education’s top five programs by enrollment represent roughly 61% of total enrollment Magnetic Resonance Imaging (MRI) AAS
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18 Legacy Education is committed to students across their learning journey offering programs that build on one another as studen ts require further professional credentialing Students can build lasting trust with the same educational institution and Legacy and achieve repeat students and increase li fetime value per student Bachelor in Science and Nursing (BSN) Registered Nurse (RN) Licensed Vocational Nursing (LVN) Medical Assistant (MA) Certified Nursing Assistant (CNA) 1st 2nd 3rd 4th 5th Program Re-Enrollment Progression (1) Alternative enrollment progressions exist for Nursing, such as CNA -> MA -> VN -> VNAAS -> RN -> BSN Programs Designed for Re-Enrollment Veterinary Technician (VT AAS) Veterinary Assistant (VA) 1st 2nd Magnetic Resonance Imaging (MRIAAS) Cardiac Sonography (CSAAS) Ultrasound Technician (UT AAS) Ultrasound Technician Certificate (UT) Students can take these in any sequence New Program Development Healthcare (1) Imaging Veterinary
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19 Target Qualitative Transaction Rationale 35-year single owners with repeated highest grants of accreditation Profitable and steady growth Added 3 new programs 19% Enrollment CAGR since acquisition close New accrediting body (ABHES) which expanded our program offerings up to master’s degrees Expanded our footprint in California to accommodate for the growing student population 38% Enrollment CAGR since acquisition close Graduates over 1,200 students annually and offers 16 allied health programs Expands our program offerings with surgical technology and sterile processing Strengthens our position in Northern California 25% Enrollment CAGR since acquisition close Single campus or multi -campus for-profit postsecondary education operators Expand our geographic footprint Programs offering positive cross -campus synergy opportunities Capital efficient transactions – strongly prefer transactions immediately accretive to shareholders Technology or platforms that augment delivery models 1 2 3 4 5 Track Record of Successful Campus Acquisitions (1) Calculated by dividing the number of students at CCC , ICH, and CCM CC by the total number of students enrolled at Legacy as of 6/30/25 Note: Enrollment data as of 09/30/25 New Campuses (Buy vs Build) ~ 35% of current enrollment is due to successful M&A activities (1) Legacy Education M&A PlaybookM&A Track Record Closed – Jan 2019 Closed – Dec 2019 Closed – Dec 2024 Active Pipeline – Management and directors with network of quality potential acquisition targets
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20 Benefits of Legacy’s IDL Experiences Increased flexibility to support multiple modes of student learning both in and out of the classroom Streamlined course creation with AI -assisted design (instructor - reviewed, secure, and private) that saves time and improves teaching and learning Enhanced delivery of curriculums with more engaging material and learning methods Streamlined faculty and peer -to-peer communication through modern video conferencing and edtech platforms The majority of our programs have between 30% and 50% of the students enrolled being taught via IDL Accessible supplementary materials such as course textbooks, announcements, and calendars Optimized instructor grading and reviewing through assignment, quiz, and test capabilities Uniform materials across various classes within a program, ensuring a standardized learning experience for students Legacy Education partners with several Educational Industry Content Specialists to deliver a seamless Interactive Distance Learning Experience with the most advanced educational tools available today for its curriculums. Legacy’s IDL Experience Partners Interactive Distance Learning (“IDL”) Experience
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21 Nationally Recognized Accrediting Agencies Recognized by U.S. Secretary of Education & U.S. Department of Education (1) The Accrediting Council on Continuing Education and Training (2) The Accrediting Bureau of Health Education Schools National Accreditation Legacy Education recently earned the highest grant of accreditation – 5-year certificate of accreditation through ACCET (1) ACCET 5-year renewal grant April 2024 – Highest grant achievable ACCET 5-year renewal grant April 2025 Central Coast Reaccreditation renewal Legacy Education’s management school, Integrity College of Health was granted accreditation – 4-year certificate of accreditation through ABHES until February 2026 (2) PPA Renewed until September 30, 2026 (HDMC) and September 30, 2026 (CCC) Expedited Program Review opened and closed within 120 days Accreditation ensures Legacy Education programs meet objective and rigorous third-party standards of educational practices ACCET National Accreditation ABHES Accreditation Title IV Standing Higher Education Act of 1965
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22 22 ECM 24-45 22 Financial Overview
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23 STUDENT GROWTH – ending enrollment of 3,495 through 09/30/25 (38% YoY growth) REVENUE – $69.6M LTM revenue (40% YoY growth); surpassing prior 3-year sales CAGR of 25% from FY21A through FY24A PROFITABILITY– leveraging scale and efficiencies to drive profitability; ended the quarter with $3.1M of adjusted EBITDA, up 10% YoY LIQUIDITY & WORKING CAPITAL– ended the quarter with $20.6M in cash and total working capital of $25.9M COMPELLING UNIT ECONOMICS– focus on driving accretive student acquisition – LTM gross acquisition cost per student $1.5K (1) generates > 15x LTM annual revenue per student of $23.1K (2) as of September 30, 2025 Financial & KPI Overview (1) Gross Student Acquisition C ost based on LTM marketing & advertising divided by LTM new enrollments (2) Annual Revenue per Student calculated by dividing LTM revenue by LTM average enrollment Note: See slid e 26 for full reconciliation from N et Income to Adjusted EBITDA Note: Data as of 09/30/25
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24 Financial Performance Revenue Adjusted EBITDA (1) (1) See slide 26 for full reconciliation from Net Income to Adjusted EBITDA $35.5M $46.0M $64.2M FY23A FY24A FY25A $14.0M $19.4M 3ME 09/30/24 3ME 09/30/25 $3.8M $8.4M $11.0M FY23A FY24A FY25A $2.8M $3.1M 3ME 09/30/24 3ME 09/30/25
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25 Quarterly Performance in Review Q1 FY26 Operating Results YoY Change (%) Starts 1,117 32% Ending Enrollment 3,495 38% Revenue $19.4M 39% Educational Service Costs (% of net Tuition) 53.2% 2% Adj. EBITDA $3.1M 10% Student Acquisition Cost (1) (marketing spend / starts) $1.4K Positive momentum across numerous financial KPIs and leading indicators (1) Student Acquisition C ost calculated as marketing & advertising expenses divided by new starts for the quarter ending Septembe r 30, 2025
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26 as of September 30, 2025 Capitalization & Liquidity Summary (1) Data as of 01/05/26, 12.6M common shares outstanding adjusted for 1.6M vested and exercisable options with a weighted exercis e price of $3.53, 0.1M warrants with an exercise price of $4.60, 0.1M warrants with an exercise price of $9.51, and an assumed T SM share buyback of $10.60 (2) Data sourced from S&P Capital IQ and as of 01/05/26 (3) Volume-weighted average price (10 -day) Highlights During Q1 2026, Legacy generated $1.1M in net cash from operating activities Legacy ended Q1 2026 with a cash balance of $20.6M and working capital of $25.9M We believe our existing cash balance, operating cash flows, proceeds from the IPO and other sources of liquidityprovide adequate funds to fuel growth including: Continued operations & working capital requirements Planned Capex Potential cash required for future M&A activities Cash $20.6M Working Capital $25.9M Debt $0.8M Stockholders’ Equity $43.7M Diluted Common Shares Outstanding (1) 13.7M Share Price (2,3) $10.26 Trading Range (since Initial Public Offering) 2 $3.60 - $13.89 Market Capitalization (2) $133.2M Average Daily Volume Since IPO (2) 79.5K Capital Structure Liquidity Analyst Coverage Northland Capital Markets – Mike Grondahl Ladenburg Thalmann & Company – Jeffrey Cohen
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27 Non-GAAP Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as earnings (loss) from operations less depreciation and amortization, share based compensations, transaction costs, and one-time items. Earnings (loss) from operations excludes interest, interest expense, gain (loss) on sale of equipment, change in fair value of financial instruments and other expenses. The Company believes Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company. Table shows the reconciliation of the unaudited Non-GAAP EBITDA and Non- GAAP Adjusted EBITDA. The unaudited figures have been derived from financials in accordance with US GAAP . ( $ in thousands) FY 23A FY 24A FY 25A 3ME 09/30/24 3ME 09/30/25 Net Income $2,667 $5,115 $7,534 $2,091 $2,187 Interest Expense (Income), Net ($243) ($769) ($1,037) ($232) ($275) Provision for Income Taxes $1,198 $1,871 $3,489 $813 $787 D&A $224 $265 $442 $81 $124 EBITDA $3,846 $6,482 $10,428 $2,753 $2,822 Non-cash Compensation - $1,882 $553 $67 $269 Adj. EBITDA $3,846 $8,364 $10,981 $2,820 $3,092
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28 28 Contact LeeAnn Rohmann – CEO & Founder Email: lrohmann@legacyed.com Phone: (661) 940-9300 Amato and Partners, LLC Investor Relations Counsel 100 Park Avenue, 16th Floor New York, NY 10017 admin@amatoandpartners.com