Universal Technical Institute Reports Fiscal Year 2025 Fourth Quarter and Year-End Results

Met or surpassed fiscal year 2025 guidance ranges for revenue, net income, adjusted EBITDA, diluted EPS, and new student starts

Universal Technical Institute, Inc.(NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2025 fourth quarter and the full year ended September 30, 2025. Universal Technical Institute, Inc. operates in two reportable segments, Universal Technical Institute (UTI) and Concorde Career Colleges (Concorde), and together with its segments and subsidiaries is referred to as the “Company,” “we,” “us” or “our.”

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Financial Highlights

— Full year revenue of $835.6 million in 2025, an increase of 14.0% over the prior year.

— Full year net income was $63.0 million, an increase of 50.0% over the prior year.

— Full year adjusted EBITDA(1) was $126.5 million, an increase of 22.9% over the prior year.

Operational Highlights and North Star Strategy Developments

— Full year average full-time active students of 24,618, an increase of 10.5% over the prior year, with total new student starts of 29,793, an increase of 10.8% over the prior year.

— Company now expects to open at least two and up to five new campuses, as well as launch approximately 20 new programs, across both the divisions annually over this next phase, pending regulatory approval.

“Fiscal 2025 was an exceptional year for Universal Technical Institute and a defining start to the second phase of our North Star strategy,” said Jerome Grant, CEO of Universal Technical Institute, Inc. “We exceeded every major operational target we set and even surpassed our twice-raised revenue guidance range with 14% year-over-year growth. Entering this next chapter, we are executing from the strongest position in our company's history, and these results reinforce the durability of our model and prove that our platform can scale efficiently while maintaining our high quality.

“As we enter fiscal 2026, we are accelerating the next phase of our growth plan. We now expect to open at least two and up to five campuses annually, as well as launch approximately 20 new programs annually, across both the UTI and Concorde divisions. Everything is in place for another strong year, with clear targets, a scalable platform, and a built-out team executing with discipline and precision. The momentum we have created gives us great confidence in our ability to deliver outsized returns and expand our footprint throughout Phase II of our North Star strategy and beyond.”

Financial Results for the Three-Month Period Ended September 30, 2025 Compared to 2024

— Revenues increased 13.3% to $222.4 million, compared to $196.4 million.

— Operating expenses increased 15.9% to $197.5 million, compared to $170.3 million.

— Operating income was $25.0 million compared to $26.0 million.

— Net income was $18.8 million compared to $18.8 million.

— Basic and diluted earnings per share (EPS) were $0.34, compared to $0.35 and $0.34, respectively.

— Adjusted EBITDA(1) decreased 1.4% to $36.8 million, compared to $37.3 million.

— Average full-time active students increased 8.1%, with total new student starts of 12,109 compared to 11,492.

Financial Results for the Year Ended September 30, 2025 Compared to 2024

— Revenues increased 14.0% to $835.6 million, which exceeded our increased full-year expectations, compared to $732.7 million primarily due to growth in average full-time active students at both UTI and Concorde.

— Operating expenses increased 11.6% to $752.1 million, compared to $673.8 million, primarily due to the growth in both UTI and Concorde average full-time active students and costs associated with new campus launches and program expansions currently underway or completed over the last year.

— Operating income increased 41.7% to $83.5 million compared to $58.9 million.

— Net income was $63.0 million, which exceeded the high-end of our full-year guidance range of $56 – 60 million, compared to $42.0 million.

— Basic and diluted EPS were $1.16 and $1.13, respectively, compared to $0.77 and $0.75, respectively.

— Adjusted EBITDA(1) increased 22.9% to $126.5 million, which was within our updated full-year guidance range of $124 – 128 million, compared to $102.9 million.

— Net cash provided by operating activities increased 13.3% to $97.3 million compared to $85.9 million.

— Adjusted free cash flow(1) was $56.0 million.

— Full year average full-time active students increased 10.5%, with total new student starts of 29,793, an increase of 10.8% over the prior year, which was within our updated full-year guidance range of 29,500 – 30,000.

Balance Sheet and Liquidity

At September 30, 2025, our total available liquidity was $254.5 million, consisting of $127.4 million cash and cash equivalents, $41.8 million of short-term investments, and $85.4 million available from the revolving credit facility. Total debt at September 30, 2025 was $87.1 million, including $20.0 million drawn on the revolving credit facility. For fiscal 2025, the Company incurred $42.0 million of cash capital expenditures (“capex”) driven primarily by investments in program expansions for both UTI and Concorde, along with spending associated with curriculum and equipment refresh and upgrades, facility and leasehold improvements, and IT investments.

Fiscal 2026 Financial Outlook

“Fiscal 2025 was another year of outstanding performance and disciplined execution for Universal Technical Institute,” said Bruce Schuman, CFO of Universal Technical Institute, Inc. “We delivered revenue of$835.6 million or 14% year-over-year growth, exceeding the upper end of our previously raised guidance ranges for net income, earnings per share, and revenue. We also achieved double-digit increases in both average full-time active students and new student starts. Adjusted EBITDA of $126.5 million landed within our expected range even as we absorbed over $6 million in deliberate growth investments tied to new campuses and programs. These results underscore the scalability of our model, the resilience of our demand environment, and the strong foundation we have established to support the next phase of our growth.

“Looking ahead to fiscal 2026, we expect revenue between $905 and $915 million, or approximately 9% year-over-year growth at the midpoint. Our baseline adjusted EBITDA, excluding planned growth investments, is expected to exceed $150 million, while reported adjusted EBITDA is projected between $114 and $119 million, reflecting approximately $40 million in growth investments for new campuses and program launches. We view these as disciplined, high-return investments that will temporarily moderate margins and then provide meaningful returns as they increase our scale and earnings power. By fiscal 2029, we expect to surpass $1.2 billion in annual revenue and approach $220 million in adjusted EBITDA as we build out a more diversified, efficient, and durable growth engine for the long term.”

FY 2025 FY 2026 Year-Over-Year($ in millions excluding new student starts and EPS) Actuals Guidance Growth(2)New student starts 29,793 31,500 – 33,000 8%Revenue $835.6 $905 – 915 9%Net Income $63.0 $40 – 45 (33)%Diluted EPS $1.13 $0.71 – 0.80 (33)%Adjusted EBITDA(1)(3) $126.5 $114 – $119 (8)%Adjusted free cash flow(1)(3)(4) $56.0 $20 – 25 (60)%

(1) See the “Use of Non-GAAP Financial Information” below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release.(2) Year-over-year growth percentages are calculated using the fiscal 2026 guidance midpoint.(3) Beginning in FY2025, growth investments for program expansion and new campus initiatives will no longer be included as add-backs in Adjusted EBITDA and Adjusted free cash flow calculations, affecting the year-over-year comparability.(4) Includes $42.0 million of cash capex for FY 2025 primarily related to program expansions and a consistent level of annual maintenance capex. For FY 2026, assumes approximately $100M of cash capex, including investments for new campus launches and program expansions, and maintenance capex.

For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.

Conference Call

Management will hold a conference call to discuss the financial results for the fiscal 2025 fourth quarter and full year ended September 30, 2025, on Wednesday, November19, 2025, at 4:30 pm EST.

To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute investor relations website at https://investor.uti.edu. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at https://investor.uti.edu or the telephone replay can be accessed through December3, 2025, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and entering passcode 2202010.

Use of Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses certain non-GAAP financial information in this press release and may similarly disclose non-GAAP financial information on the related conference call. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. Additional details on our non-GAAP measures and the tables reconciling these measures to the most directly comparable GAAP measure are provided below.

Adjusted EBITDA

The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations.

Adjusted Free Cash Flow

The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.

Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:

— Acquisition-related costs: We have excluded costs associated with both potential and announced acquisitions to allow for comparable financial results to historical operations and forward-looking guidance.

— Integration-related costs for completed acquisitions: We have excluded integration costs related to business structure realignment and new programs for recent acquisitions to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long-term value. Furthermore, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.

— Restructuring charges: In December 2023, we announced plans to consolidate the two Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT Houston campus, acquired in November 2021, began a phased teach-out in May 2024, and such campus began operating under the UTI brand. MIAT-Houston students who have not completed their programs before their program's teach-out date may enroll at UTI-Houston to complete their program. Both facilities will remain in use post-consolidation.

— Facility lease accounting adjustments: During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations.

To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission (“SEC”). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations.

Forward Looking Statements

All statements contained in this press release and the related conference call, other than statements of historical fact, are “forward-looking” statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will,” the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company's expectation that it will meet its fiscal year 2026 guidance for new student start growth, revenue growth, net income, diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash Flow; (2) the Company's expectation that it will continue to expand its value proposition and build a business that can grow in double digits with potential upside, regardless of the economic environment; and (3) the Company's expectation that it will succeed in new program launches next year. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans' benefit programs; continued Congressional examination of the for-profit education sector; regulatory investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our failure to execute on our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students' ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under our credit agreement, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.

Social Media Disclosure

Universal Technical Institute(UTI) uses its websites (https://www.uti.edu/ and https://investor.uti.edu/) and LinkedIn page (https://www.linkedin.com/school/universal-technical-institute/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and UTI may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

About Universal Technical Institute, Inc.

Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider serving students, partners and communities nationwide. The company offers high-quality education and support services for in-demand careers via its two divisions: UTI and Concorde Career Colleges. The UTI division operates 15 campuses located in nine states and offers a wide range of transportation, skilled trades, electrical and energy training programs. Concorde operates across 17 campuses in eight states and online, offering programs in the allied health, dental, nursing, patient care and diagnostic fields. For more information, visit www.uti.edu or www.concorde.edu; LinkedIn at@UniversalTechnicalInstitute and @Concorde Career Colleges; or X at @news_UTI and @ConcordeCareer.

Company Contact: Matt Kempton VP Corporate Finance & Investor Relations Universal Technical Institute, Inc. (623) 445-9392 mkempton@uti.edu

Media Contact: Susan Aspey Vice President, Corporate Affairs & External Communications Universal Technical Institute, Inc. (202) 549-0534 saspey@uti.edu

Investor Relations Contact: Matt Glover or Ralf Esper Gateway Group, Inc. (949) 574-3860 UTI@gateway-grp.com

(Tables Follow)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2025 2024 2025 2024Revenues $ 222,442 $ 196,358 $ 835,616 $ 732,687Operating expenses:Educational services and facilities 112,258 99,355 420,491 384,529Selling, general and administrative 85,198 70,981 331,656 289,267Total operating expenses 197,456 170,336 752,147 673,796Income from operations 24,986 26,022 83,469 58,891Other income (expense):Interest income 1,340 1,472 6,173 6,314Interest expense (909) (2,267) (5,633) (9,471)Other income 142 143 265 496Total other income (expense), net 573 (652) 805 (2,661)Income before income taxes 25,559 25,370 84,274 56,230Income tax expense (6,803) (6,530) (21,256) (14,229)Net income 18,756 18,840 63,018 42,001Preferred stock dividends – – – (1,097)Income available for distribution 18,756 18,840 63,018 40,904Income allocated to participating securities – – – (2,855)Net income available to common shareholders $ 18,756 $ 18,840 $ 63,018 $ 38,049Earnings per share:Net income per share – basic $ 0.34 $ 0.35 $ 1.16 $ 0.77Net income per share – diluted $ 0.34 $ 0.34 $ 1.13 $ 0.75Weighted average number of shares outstanding:Basic 54,425 53,813 54,301 49,429Diluted 55,728 55,404 55,615 50,851

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except par value and per share amounts)(Unaudited) September 30, 2025 September 30, 2024AssetsCash and cash equivalents $ 127,361 $ 161,900Restricted cash 6,769 5,572Held-to-maturity investments 41,784 -Receivables, net 46,078 31,096Notes receivable, current portion 6,597 6,200Prepaid expenses 12,526 11,945Other current assets 5,517 5,238Total current assets 246,632 221,951Property and equipment, net 285,852 264,797Goodwill 28,459 28,459Intangible assets, net 17,352 18,229Notes receivable, less current portion 41,109 36,267Right-of-use assets for operating leases 178,861 158,778Deferred tax assets 4,283 3,563Other assets 23,591 12,531Total assets $ 826,139 $ 744,575Liabilities and Shareholders' EquityAccounts payable and accrued expenses $ 104,644 $ 83,866Deferred revenue 91,525 92,538Operating lease liability, current portion 16,967 22,210Long-term debt, current portion 2,865 2,697Other current liabilities 13,670 3,652Total current liabilities 229,671 204,963Deferred tax liabilities 4,144 4,696Operating lease liability 174,838 146,831Long-term debt 84,234 123,007Other liabilities 5,142 4,847Total liabilities 498,029 484,344Commitments and contingenciesShareholders' equity:Common stock, $0.0001 par value, 100,000 shares authorized, 54,512 and 5 553,899 shares issued, and 54,430 and 53,817 shares outstanding as ofSeptember30, 2025 and 2024, respectivelyPaid-in capital – common 226,031 220,976Treasury stock, at cost, 82 shares as of September30, 2025 and 2024 (365) (365)Retained earnings 101,527 38,509Accumulated other comprehensive income 912 1,106Total shareholders' equity 328,110 260,231Total liabilities and shareholders' equity $ 826,139 $ 744,575

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) (Unaudited) Year Ended September 30, 2025 2024Cash flows from operating activities:Net income $ 63,018 $ 42,001Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 32,958 29,324Amortization of right-of-use assets for operating leases 23,827 21,861Provision for credit losses 22,144 7,547Stock-based compensation 9,151 8,560Deferred income taxes (1,337) 4,439Unrealized loss on interest rate swaps, net of taxes (194) (1,357)Other, net 1,915 1,802Changes in assets and liabilities:Accounts and notes receivables (43,951) (17,927)Prepaid expenses and other current assets (1,724) (3,651)Accounts payable, accrued expenses and other current liabilities 11,164 13,195Deferred revenue (1,012) 6,800Income tax payable/receivable 11,357 (2,066)Operating lease liability (22,141) (22,449)All other assets and liabilities (7,845) (2,184)Net cash provided by operating activities 97,330 85,895Cash flows from investing activities:Purchase of property and equipment (41,978) (24,298)Purchase of held-to-maturity investments (68,371) -Proceeds received upon maturity of investments 22,301 -Other investing activities 169 296Net cash used in investing activities (87,879) (24,002)Cash flows from financing activities:Proceeds from revolving credit facility 26,000 41,000Payments on revolving credit facility (62,000) (75,000)Payment of term loans and finance leases (2,697) (2,518)Preferred share repurchase – (11,503)Payment of preferred stock cash dividend – (1,097)Payment of payroll taxes on stock-based compensation through shares withheld (4,755) (2,227)Proceeds from stock option exercises 659 -Net cash used in financing activities (42,793) (51,345)Change in cash, cash equivalents and restricted cash $ (33,342) $ 10,548Cash and cash equivalents, beginning of period $ 161,900 $ 151,547Restricted cash, beginning of period 5,572 5,377Cash, cash equivalents and restricted cash, beginning of period $ 167,472 $ 156,924Cash and cash equivalents, end of period $ 127,361 $ 161,900Restricted cash, end of period 6,769 5,572Cash, cash equivalents and restricted cash, end of period $ 134,130 $ 167,472

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESSELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT(In thousands, except for Student Metrics)(Unaudited)Student Metrics Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 UTI Concorde Total UTI Concorde TotalTotal new student starts 7,166 4,943 12,109 7,068 4,424 11,492Year-over-year growth (decline) 1.4% 11.7% 5.4% 8.7% 13.7% 10.6%Average full-time active students 15,207 9,842 25,049 14,067 9,113 23,180Year-over-year growth (decline) 8.1% 8.0% 8.1% 9.2% 13.8% 11.0%End of period full-time active students 16,841 10,838 27,679 15,873 9,747 25,620Year-over-year growth (decline) 6.1% 11.2% 8.0% 7.0% 16.5% 10.4% Year Ended September 30, 2025 Year Ended September 30, 2024 UTI Concorde Total UTI Concorde TotalTotal new student starts 16,339 13,454 29,793 15,138 11,747 26,885Year-over-year growth (decline) 7.9% 14.5% 10.8% 6.7% 39.3% 18.9%Average full-time active students 14,913 9,705 24,618 13,810 8,475 22,285Year-over-year growth (decline) 8.0% 14.5% 10.5% 9.5% 10.7% 10.0%End of period full-time active students 16,841 10,838 27,679 15,873 9,747 25,620Year-over-year growth (decline) 6.1% 11.2% 8.0% 7.0% 16.5% 10.4%

Financial Summary by Segment and Consolidated Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 UTI Concorde Corporate Consolidated UTI Concorde Corporate ConsolidatedRevenue $ 144,648 $ 77,794 $ – $ 222,442 $ 130,545 $ 65,813 $ – $ 196,358Total operating expenses 117,043 67,671 12,742 197,456 100,101 59,099 11,136 170,336Net income (loss) 26,807 10,109 (18,160) 18,756 28,760 6,777 (16,697) 18,840 Twelve Months Ended September 30, 2025 Twelve Months Ended September 30, 2024 UTI Concorde Corporate Consolidated UTI Concorde Corporate ConsolidatedRevenue $ 541,816 $ 293,800 $ – $ 835,616 $ 486,376 $ 246,311 $ – $ 732,687Total operating expenses 447,446 257,671 47,030 752,147 408,620 225,507 39,669 673,796Net income (loss) 89,901 36,001 (62,884) 63,018 71,646 21,048 (50,693) 42,001

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESSELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT(In thousands, except for Student Metrics)(Unaudited)Major Operating Expense Categories by Segment and Consolidated Three Months Ended September 30, 2025 UTI Concorde Corporate ConsolidatedOperating ExpensesCompensation and Benefits $ 52,097 $ 33,875 $ 18,099 $ 104,071Advertising 12,647 7,784 54 20,485Occupancy 11,621 6,563 273 18,457Student Related 11,734 7,074 – 18,808General Operations 6,788 4,935 3,541 15,264Professional and Contract Services 2,557 1,335 4,412 8,304Depreciation and amortization 6,138 2,055 313 8,506Other Expenses 1,657 899 1,005 3,561Corporate Support 11,804 3,151 (14,955) -Total Operating Expenses $ 117,043 $ 67,671 $ 12,742 $ 197,456 Three Months Ended September 30, 2024 UTI Concorde Corporate ConsolidatedOperating ExpensesCompensation and Benefits $ 48,081 $ 30,795 $ 13,284 $ 92,160Advertising 11,459 6,546 56 18,061Occupancy 9,052 5,258 169 14,479Student Related 10,566 6,529 – 17,095General Operations 3,887 2,537 2,922 9,346Professional and Contract Services 2,222 2,548 3,884 8,654Depreciation and amortization 5,973 1,420 369 7,762Other Expenses 1,139 1,072 568 2,779Corporate Support 7,722 2,394 (10,116) -Total Operating Expenses $ 100,101 $ 59,099 $ 11,136 $ 170,336

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESSELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT(In thousands, except for Student Metrics)(Unaudited)Major Operating Expense Categories by Segment and Consolidated Twelve Months Ended September 30, 2025 UTI Concorde Corporate ConsolidatedOperating ExpensesCompensation and Benefits $ 205,859 $ 132,270 $ 66,768 $ 404,897Advertising 56,754 30,575 217 87,546Occupancy 39,868 24,769 946 65,583Student Related 38,245 24,084 – 62,329General Operations 21,695 17,919 12,249 51,863Professional and Contract Services 9,925 5,207 17,826 32,958Depreciation and amortization 24,085 7,554 1,319 32,958Other Expenses 6,530 3,704 3,779 14,013Corporate Support 44,485 11,589 (56,074) -Total Operating Expenses $ 447,446 $ 257,671 $ 47,030 $ 752,147 Twelve Months Ended September 30, 2024 UTI Concorde Corporate ConsolidatedOperating ExpensesCompensation and Benefits $ 190,640 $ 116,591 $ 56,373 $ 363,604Advertising 51,302 25,744 215 77,261Occupancy 36,202 23,454 714 60,370Student Related 42,402 22,177 – 64,579General Operations 15,349 8,516 10,677 34,542Professional and Contract Services 9,416 8,540 14,216 32,172Depreciation and amortization 22,855 5,159 1,310 29,324Other Expenses 6,048 4,033 1,863 11,944Corporate Support 34,406 11,293 (45,699) -Total Operating Expenses $ 408,620 $ 225,507 $ 39,669 $ 673,796

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months Ended September 30, 2025 UTI Concorde Corporate ConsolidatedNet income (loss) $ 26,807 $ 10,109 $ (18,160) $ 18,756Interest expense (income), net 797 13 (1,241) (431)Income tax expense – – 6,803 6,803Depreciation and amortization 6,159 2,055 292 8,506EBITDA 33,763 12,177 (12,306) 33,634Integration-related costs for completed acquisitions – – 396 396Stock-based compensation expense 475 233 2,041 2,749Adjusted EBITDA, non-GAAP $ 34,238 $ 12,410 $ (9,869) $ 36,779 Three Months Ended September 30, 2024 UTI Concorde Corporate ConsolidatedNet income (loss) $ 28,760 $ 6,777 $ (16,697) $ 18,840Interest expense (income), net 1,689 (63) (831) 795Income tax expense – – 6,530 6,530Depreciation and amortization 5,996 1,419 347 7,762EBITDA 36,445 8,133 (10,651) 33,927Integration-related costs for completed acquisitions 187 730 209 1,126Stock-based compensation expense 778 81 2,003 2,862Restructuring costs 44 – – 44Facility lease accounting adjustments – (650) – (650)Adjusted EBITDA, non-GAAP $ 37,454 $ 8,294 $ (8,439) $ 37,309

(1) During the twelve months ended September 30, 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022. This is offset by additional integration costs incurred during the year.

Twelve Months Ended September 30, 2024 UTI Concorde Corporate ConsolidatedNet income (loss) $ 71,646 $ 21,048 $ (50,693) $ 42,001Interest expense (income), net 6,135 (244) (2,734) 3,157Income tax benefit – – 14,229 14,229Depreciation and amortization 22,917 5,158 1,249 29,324EBITDA 100,698 25,962 (37,949) 88,711Integration-related costs for completed acquisitions 1,150 2,802 2,097 6,049Stock-based compensation expense 2,080 213 6,267 8,560Restructuring costs 185 – – 185Facility lease accounting adjustments – (650) – (650)Adjusted EBITDA, non-GAAP $ 104,113 $ 28,327 $ (29,585) $ 102,855

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow Twelve Months Ended September 30, 2025 2024Net cash provided by operating activities, as reported $ 97,330 $ 85,895Purchase of property and equipment (41,978) (24,298)Free cash flow, non-GAAP 55,352 61,597Adjustments:Cash outflow for acquisition-related costs 873 -Cash outflow for integration-related costs for completed acquisitions(1) (304) 6,196Cash outflow for integration-related property and equipment – 4,330Cash outflow for restructuring costs and property and equipment 59 632Facility lease accounting adjustments – 700Adjusted free cash flow, non-GAAP $ 55,980 $ 73,455

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIALINFORMATION FOR FISCAL 2026 GUIDANCE(In thousands)(Unaudited)For each of the non-GAAPreconciliationsprovided for fiscal 2026 guidance, we are reconciling to the midpoint of the guidance range. The adjustments reflected below for fiscal 2026 are illustrative only and may change throughout the year, both in amount or the adjustments themselves.Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Fiscal 2026 Guidance Twelve Months Ended September 30, 2026Net income $42,500Interest (income) expense, net 1,000Income tax expense 15,000Depreciation and amortization 39,000EBITDA 97,500Stock-based compensation expense 12,500Acquisition related costs(1) 3,000Integration-related costs for completed acquisitions 3,500Adjusted EBITDA, non-GAAP $116,500FY 2026 Guidance Range $114,000-$119,000Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow for Fiscal 2026 Guidance Twelve Months Ended September 30, 2026Net cash provided by operating activities $116,000Purchase of property and equipment (100,000)Free cash flow, non-GAAP 16,000Adjustments:Cash outflow for acquisition related costs(1) 3,500Cash outflow for integration-related costs for completed acquisitions 3,000Adjusted free cash flow, non-GAAP $22,500FY 2026 Guidance Range $20,000-$25,000

(1) FY26 projected spend on acquisition related costs is an estimate and is fully contingent on whether the Company pursues an acquisition this year.

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SOURCE Universal Technical Institute, Inc.

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