Lincoln Educational Services Shareholders Back Directors, Say-on-Pay and Deloitte Auditor at AGM

Key Points

• Shareholders approved all three 2026 AGM proposals — election of a 10‑member board, advisory “say on pay,” and ratification of Deloitte & Touche — with directors receiving at least 87% support, say‑on‑pay 95.1%, and auditor ratification 99.3%.
• Management said 2025 was “outstanding,” reporting ~20% revenue growth, ~66% profitability improvement, student starts +15%, placement rates up to 82.8%, a 300‑bp adjusted EBITDA margin improvement, and year‑end cash of $29M with no debt.
• Lincoln is focusing on skilled trades, automotive and healthcare programs, campus expansion and potential acquisitions to drive growth, and targets by 2030 $850M revenue, $150M adjusted EBITDA, and $60M net income.

Lincoln Educational Services NASDAQ: LINC shareholders approved all three proposals presented at the company’s 2026 annual meeting, including the election of a 10-member board slate, an advisory “say on pay” vote, and the ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for fiscal 2026.

Virtual meeting and voting items

John Bartholdson, non-executive chairman, opened the virtual annual meeting and introduced directors attending remotely, along with William Carey of Deloitte & Touche. President and CEO Scott Shaw outlined the format for the meeting, including electronic voting and question submission.

General Counsel and Corporate Secretary Alexandra Luster presented the three proposals described in the company’s proxy statement:

• Election of 10 directors: John Bartholdson, James Burke, Anna Escobedo Cabral, Kevin Carney, Marta Newhart, Dr. Michael Plater, Felecia Pryor, Carlton Rose, Sylvia Young, and Scott Shaw
• Advisory, non-binding vote on executive compensation (“say on pay”)
• Ratification of Deloitte & Touche LLP as independent auditor for the fiscal year ending Dec. 31, 2026

The operator noted that notice of the meeting was mailed March 26, 2026, and said a shareholder list as of the March 18, 2026 record date was made available via the webcast. Heather Obie of The Carideo Group Inc. served as inspector of election. The inspector’s report indicated a quorum was present, and the meeting was “legally convened,” according to the operator.

Preliminary voting results

After Shaw closed the polls, Senior Vice President of Finance David Shaw reported preliminary voting results based on the inspector of election’s report.

Proposal one, the election of directors, was approved, with “each director having received no fewer than 23.4 million votes in favor, or 87% of the votes cast,” David Shaw said.

Proposal two, the advisory say-on-pay vote, was approved with “22.6 million votes in favor, or 95.1% of the votes cast,” he said.

Proposal three, ratification of Deloitte & Touche, was approved with “26.8 million votes in favor, or 99.3% of the votes cast,” he added. David Shaw said final results would be reported in an upcoming Form 8-K to be filed “in the next few days.”

Management highlights: 2025 performance and 2026 momentum

In a management presentation following the vote, CEO Scott Shaw said the company would celebrate its 80th year in 2026 as a trade school focused on hands-on education and training. He said 2025 was “an outstanding year” in which Lincoln achieved or exceeded guidance and delivered broad growth and profitability improvements.

According to Scott Shaw, in 2025 Lincoln:

• Grew revenue by 20% and increased profitability by 66%
• Increased student starts by 15% and average population by 18%
• Ended the year with no debt and $29 million in cash
• Opened a second new campus in Houston, Texas, and relocated its Nashville and Philadelphia campuses into modern facilities offering more programs
• Raised placement rates by 250 basis points to 82.8%

Shaw also said the company saw operating leverage in 2025, including a 300-basis-point improvement in adjusted EBITDA margin, and said Lincoln expects that trend to continue. He added that momentum from 2025 was carrying into 2026 and that the company would exceed its 2027 goals “laid out three years ago.”

Demand backdrop and growth strategy

Shaw attributed increased interest in skilled trades to post-pandemic trends, describing a “Tool Belt Generation” that he said is increasingly skeptical of four-year degrees and drawn to career schools offering in-demand skills at lower cost. He also said 95% of Lincoln’s students are deemed essential workers by the federal government.

He described Lincoln’s student population as broad and diverse, with an average student age of 25. In 2025, he said 22% entered immediately after high school, 73% were adults, and 5% were veterans, adding that the company made additional investments to expand its high school and military populations.

Shaw said Lincoln has narrowed its offerings to three sectors with eight programs, including electrical, HVAC, and welding in skilled trades; automotive, collision, and diesel in transportation; and licensed practical nursing and medical assisting in healthcare. He said employer demand remains strong, with thousands of companies hiring Lincoln graduates annually, and described expanded partnerships that provide specialized training and can help students enter employment with “advanced standing and higher wages.”

Looking ahead, Shaw said Lincoln aims to become the largest provider of automotive and skilled trades graduates in the nation by expanding programs in existing markets, opening new campuses in new markets, and potentially pursuing acquisitions. He also shared a longer-term forecast: “by the end of 2030,” the company expects $850 million in revenue, adjusted EBITDA of $150 million (up from “this year’s $74 million”), and net income of $60 million.

In closing remarks, Shaw said the company intends to use its “strong balance sheet” to support growth and “maximize shareholder value,” while continuing to improve student experience and outcomes. Bartholdson and the operator formally concluded the meeting.

About Lincoln Educational Services NASDAQ: LINC

Lincoln Educational Services Corporation is a publicly traded provider of career-focused post-secondary vocational education in the United States. Operating under the Lincoln Tech and Lincoln Culinary Institute brands, the company delivers hands-on technical instruction across high-growth industries. Its mission centers on equipping students with practical skills and industry credentials designed to meet employer needs.

The company's program offerings span automotive technology, skilled trades, health sciences, information technology, culinary arts and public safety.

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