Investor Presentaiton

2Q23 Executive Summary Key Take-Aways apei AMERICAN PUBLIC EDUCATION, INC. Guidance Summary ■ APEI delivered revenue of $147.2 million, at the high end of guidance ■ Net loss available to common of $(52.7) million and EPS per diluted common share of $(2.93) Excluding non-cash impairments, net loss available to common of $(4.5) million and EPS per diluted share of $(0.25), both above guidance ranges ■ APEI exceeded Adjusted EBITDA guidance for 2Q23, delivering $8.8 million or by 38% 2Q23 Positive enrollment momentum continued at APUS, HCN, GSUSA, RU Online Significant NCLEX-RN improvements in 2Q23 at RU and HCN ■ 3Q23 positive enrollment momentum, driven by RU Online and HCN RU non-nursing +5% enrollment HCN: +17% vs prior year period ■ With new leadership in place, RU initiatives are gaining traction Right-sizing cost structure to align expenses with current revenue profile ($ in millions) Revenue Net loss avail. to common stockholders 3Q 2023 $148.3 to $150.3 ($5.7) to ($4.3) Adjusted EBITDA (1) $8.4 to $10.4 1) Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization less non- recurring expenses, such as severance, and non-cash expenses, such as stock compensation) is a non-GAAP financial measure. Refer to appendix for GAAP to non- GAAP reconciliation. 3

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