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INVESTOR PRESENTATION JULY 2026
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Forward-looking statements STRATEGIC EDUCATION INC | 2 Statements in this presentation are “forward-looking statements” under the federal securities laws. Such statements may be identified by the use of words such as “expect,” “estimate,” “assume,” “believe,” “anticipate,” “may,” “will,” “forecast,” “outlook,” “plan,” “project,” “potential” and other similar words, and include all statements that are not historical facts, including with respect to, among other things, the future financial performance and growth opportunities of Strategic Education, Inc. (Strategic Education); Strategic Education’s plans, strategies and prospects; and future events and expectations. The statements are based on Strategic Education’s current expectations and are subject to a number of assumptions, uncertainties and risks, including but not limited to: the pace of student enrollment; Strategic Education’s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as other federal laws and regulations, institutional accreditation standards and state regulatory requirements; legislation and other actions by the U.S. Congress, actions by the current administration, rulemaking and other action by the Department of Education or other governmental entities, including without limitation action related to Title IV programs, Department of Education staffing levels, borrower defense to repayment applications, gainful employment or similar measures, 90/10, increased focus by governmental entities on for-profit education institutions, and including actions by governmental entities in Australia and New Zealand; competitive factors; risks associated with the opening of new campuses; risks associated with the offering of new educational programs and adapting to other changes; risks associated with the acquisition of other businesses, including existing educational institutions; risks relating to the timing of regulatory approvals; Strategic Education’s ability to implement its growth strategy; risks associated with the ability of Strategic Education’s students to finance their education in a timely manner; risks associated with cybersecurity incidents, including but not limited to reputational risks and possible liability under U.S. state and federal privacy statutes and legal actions; risks associated with the use of artificial intelligence and related tools; general economic and market conditions; and additional factors described in Strategic Education’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond Strategic Education’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, these forward-looking statements speak only as of the information currently available to Strategic Education on the date they are made, and Strategic Education undertakes no obligation to update or revise forward-looking statements, except as required by law. Actual results may differ materially from those projected in the forward-looking statements. All Strategic Education filings are available for viewing on our website at www.strategiceducation.com. Statements Under the Private Securities Litigation Reform Act of 1995
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SEI is a global leader in digital education STRATEGIC EDUCATION INC | 3 Mission driven We are dedicated to enabling economic mobility with education. Student centric Our students’ best interests are at the center of everything we do. Quality focused Disciplined execution against the highest standards. We never take shortcuts. Long-term orientation We manage for the long-term building of enduring businesses. We own the best education assets in the markets we serve ANZ Media Design School at Strayer, an international additional location of Strayer University, also operates as a New Zealand private training establishment and for financial reporting purposes continues to be reported as part of the Australia New Zealand segment.
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SEI’s broad, deep, innovative and flexible portfolio Technology that disseminates Skills-based learning products Flagship brands STRATEGIC EDUCATION INC | 4 Current revenue drivers Employer growth opportunities U.S. International
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Strategic Education Overview STRATEGIC EDUCATION INC | 5 Strong balance sheet with cash, cash equivalents and marketable securities of $134 million as of June 30, 2026, and free cash flow of $92 million for the six months ended June 30, 2026. Total annual cash dividend of $2.40 per share of common stock. USHE: $221 million ANZ: $67 million ETS: $42 million Q2 2026 revenue of $330 million* 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 *Total enrollment as of Q2 2026; constant currency revenue in Q2 2026 Total enrollment of 103,449 students* ANZ enrollments 17,555 USHE enrollments 85,894 Headquartered in Herndon, VA, with significant presence in Minneapolis, MN, Australia, and New Zealand
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Financial Results STRATEGIC EDUCATION INC | 6
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Q2 2026 Highlights – Constant Currency STRATEGIC EDUCATION INC | 7 1 Non-GAAP financial measures; refer to the non-GAAP financial measures slide of this presentation for more information regarding non-GAAP financial measures 2 Translates foreign currency results for the three months ended June 30, 2026 at a constant exchange rate of 0.64 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2025; refer to the non-GAAP financial measures slide of this presentation for more information 3 Australia/New Zealand Q2 2026 constant currency operating results include a $12.7 million reserve associated with the Australian Fair Work Ombudsman compliance matter initially disclosed in Strategic Education's 10-Q dated April 23, 2026 Financial Performance (YoY) Consolidated2 Segments U.S. Higher Education Education Technology Services Australia/New Zealand2,3 Revenue $330.2 million +2.7% $220.5 million +2.3% $42.4 million +15.4% $67.4 million -2.6% Adjusted Total Costs and Expenses1 $277.5 million +1.7% $188.2 million -3.5% $22.8 million +5.2% $66.6 million +18.0% Adjusted Operating Income1 $52.7 million +8.6% $32.4 million +56.0% $19.6 million +30.2% $0.8 million -93.8% Adjusted Operating Margin1 16.0% of revenue +90 basis points 14.7% of revenue +510 basis points 46.2% of revenue +520 basis points 1.2% of revenue -1,720 basis points Adjusted Net Income1 $38.2 million +6.5% NA NA NA Adjusted Diluted Earnings Per Share1 $1.76 +15.8% NA NA NA Strategic Education
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Enrollment Performance (YoY) Consolidated Segments U.S. Higher Education Education Technology Services Australia/New Zealand3,4 Total Enrollment 103,449 -1.3% 85,894 -0.5% NA1 17,555 -5.2% Financial Performance (YoY) Revenue $337.3 million +4.9% $220.5 million +2.3% $42.4 million +15.4% $74.4 million +7.6% Adjusted Total Costs and Expenses2 $284.3 million +4.2% $188.2 million -3.5% $22.8 million +5.2% $73.4 million +30.1% Adjusted Operating Income2 $52.9 million +9.1% $32.4 million +56.0% $19.6 million +30.2% $1.0 million -92.1% Adjusted Operating Margin2 15.7% of revenue +60 basis points 14.7% of revenue +510 basis points 46.2% of revenue +520 basis points 1.3% of revenue -1,710 basis points Adjusted Net Income2 $38.3 million +6.9% NA NA NA Adjusted Diluted Earnings Per Share2 $1.76 +15.8% NA NA NA Balance Sheet / Cash Flow Cash position as of June 30, 2026 (cash, cash equivalents, and marketable securities) $133.8 million NA NA NA Free cash flow for the six months ended June 30, 2026 (operating cash flow less purchases of property and equipment)2 $92.4 million NA NA NA Quarterly cash dividend declared and paid during Q2 2026 $0.60 per share NA NA NA Q2 2026 Highlights - Current Currency Strategic Education 1 Q2 2026 employer affiliated enrollment was 34.7% of U.S. Higher Education enrollment compared to 31.8% for the same period in 2025; Q2 2026 Sophia Learning average total subscribers increased approximately 32% from the same period in 2025 2 Non-GAAP financial measures; refer to the non- GAAP financial measures slide of this presentation for more information regarding non- GAAP financial measures 3 Refer to the constant currency slide of this presentation for information regarding currency impacts to operating results 4 Australia/New Zealand Q2 2026 operating results include a $13.9 million reserve associated with the Australian Fair Work Om budsman compliance matter initially disclosed in Strategic Education's 10-Q dated April 23, 2026 STRATEGIC EDUCATION INC | 8
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Non-GAAP financial measures These materials report certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). We discuss management’s reasons for reporting these non-GAAP measures below, and our publicly available financial information reconciles the most directly comparable GAAP measure to each non-GAAP measure that we reference. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for total costs and expenses, income from operations, operating margin, income before income taxes, net income, earnings per share or any other comparable financial measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. Management uses certain non-GAAP measures to evaluate financial performance because those non-GAAP measures allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. Management believes this information is useful to investors to compare the Company’s results of operations period-over-period. These measures are Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, Adjusted Diluted Earnings Per Share (EPS), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA, and Free Cash Flow. We define Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) severance costs, asset impairment charges, gains/losses on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities, (2) income/loss recognized from the Company’s investments in partnership interests and other investments, and (3) discrete tax adjustments utilizing an adjusted effective income tax rate of 29.0% for both the three months ended June 30, 2025 and 2026. To illustrate currency impacts to operating results, Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS for the three months ended June30, 2026 are also presented on a constant currency basis utilizing an exchange rate of 0.64 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2025. We define EBITDA as net income before other income (expense), the provision for income taxes, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA we also exclude stock-based compensation expense, amortization expense associated with deferred implementation costs incurred in cloud computing arrangements, and the amounts in (1) above. We define Free Cash Flow as net cash provided by operating activities less purchases of property and equipment. Please see the press release filed as Exhibit 99.1 to the 8-K dated July 29, 2026 and available on our website at www.strategiceducation.com and our Form 10- Q for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. Non-GAAP measures should not be viewed as substitutes for GAAP measures. STRATEGIC EDUCATION INC | 9
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INVESTOR PRESENTATION JULY 2026