Investor Presentaiton

APUS Summary 92,900 10% 82,600 -8% -8% 83,100 -2% APUS Registrations 86,600 94,000 1% 83,500 1% 85,800 3% 87,200 96,300 2% 1% 88,300 6% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Guidance Period* Overall margin expansion due to higher enrollments + modest price increase + improved marketing efficiencies Continued positive enrollment growth driven by military (+9.9%) and veteran students Growth with veterans leads to positive long-term contribution 3Q23 Registration guidance of +6% to +8% (90,600 to 92,500 registrations) *Note: 3Q23 reflects mid-point of registration guidance 91,500 7% 5 apei AMERICAN PUBLIC EDUCATION, INC.

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