NYSE: UTI

“Corporate” includes corporate related expenses that are not allocated to the UTI or Concorde reportable segments.

All of our campuses are institutionally accredited and are eligible for federal student financial assistance funds under the Higher Education Act of 1965, as amended (“HEA”), commonly referred to as Title IV Programs, which are administered by the U.S. Department of Education (“ED”). Many of our programs also are eligible for financial aid from federal sources other than Title IV Programs, such as the programs administered by the U.S. Department of Veterans Affairs (“VA”) and under the Workforce Innovation and Opportunity Act.

Business Model and Industry Partnerships

We continue to evolve our business model to provide students with accessible, affordable training by focusing on bringing education to students at convenient locations.

Market served by UTI

The market for qualified transportation or skilled trades technicians across the programs that UTI offers is large and growing. The United States Department of Labor Bureau of Labor Statistics (“U.S. DOL BLS”) estimates an average of approximately 111,100 new job openings, due to growth and net replacements, will exist annually for newly trained technicians in the automotive, diesel, and collision fields through 2034. Additionally, for skilled trades and other transportation programs, the U.S. DOL BLS estimates an average of 45,700 new jobs openings for industrial machinery mechanics; 45,600 new job openings for welders; 40,100 new job openings in the heating, air conditioning, and refrigeration industry; 13,500 new job openings for computer-controlled machine tool operators; 13,100 new job openings for aviation technicians; 6,000 new job openings for robotics; 4,100 new job openings for marine and motorcycle technicians; and 2,300 new job openings for wind turbine service technicians will exist annually for new entrants through 2034 in these fields.

Market served by Concorde

The market for qualified healthcare support occupations across the programs that Concorde offers is growing even faster, with the U.S. DOL BLS estimating an annual average of 1,286,700 new jobs annually through 2034. Specifically, the U.S. DOL BLS estimates an average of 189,100 new job openings for registered nurses; 112,300 new job openings for medical assistants; 52,900 new job openings for dental assistants; 54,400 new job openings for practical and licensed vocational nurses; 49,000 new job openings for pharmacy technicians; 34,300 new job openings for occupational therapy and physical

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therapist assistants; 26,100 new job openings for diagnostic related technologists and technicians; 22,600 new job openings for clinical laboratory technologists and technicians; 24,700 new job openings for massage therapists; 18,400 new job openings for phlebotomists; and 15,300 new job openings for dental hygienists will exist annually for new entrants through 2034 in these fields.

Recruitment

Our student recruitment efforts begin with our commitment to positive outcomes, both for our students and our industry relationships. We use a multi-touch media approach across our admissions channels. For UTI, there are three primary admissions channels (high school, adult, and military) to enroll and start students, which involves national and local outreach to generate a high quality and quantity of prospective students. For Concorde, adults are the primary admissions channel, with an emphasis on those prospective adult students within the local proximity to a Concorde campus. To maximize the likelihood of student retention and graduation, our admissions process is designed to identify students who have the desire and ability to succeed in their chosen program. Prior to enrolling, many potential Concorde students complete a test which helps determine the best program for them and their expected success rate in a given program. In addition, we have established processes to identify students who may need assistance to succeed in and complete their chosen program. To assist these students in graduating, we employ student service professionals that provide tutoring and academic, financial, personal, and employment advisement. Additionally, as our campus locations do not offer housing for students, we have service professionals who leverage third-party relationships and assist our students in finding affordable housing near our campuses.

Industry Partnerships

To ensure the UTI programs provide students with the necessary hard and soft skills needed upon graduation, UTI has relationships with multiple original equipment manufacturers (“OEMs”) and industry brand partners across the country to understand their needs for qualified service professionals. Through these industry relationships, UTI can continuously refine and expand its programs and curricula. We believe our industry-focused educational model and national presence has enabled the UTI division to develop valuable industry relationships, which provide it with significant competitive advantages and supports its market leadership, along with enabling the division to provide highly specialized education to its students, thus resulting in enhanced employment opportunities and the potential for higher wages for its graduates.

The industry relationships for the UTI division also extend to thousands of local employers, after-market retailers, fleet service providers, and enthusiast organizations. Other target groups for relationship-building, such as parts and tools suppliers, provide UTI with a variety of strategic and financial benefits that include equipment sponsorship, new product support, licensing and branding opportunities, and financial sponsorship for the UTI campuses and students.

Concorde partners with dental and medical offices, clinics, and hospitals to provide technical and professional skills through quality clinical experiences. These clinical externship experiences are embedded in the program coursework to provide hands-on, real-world healthcare experiences and connect students with potential employers. Concorde has relationships with thousands of clinical affiliate partners nationwide that provide robust and varied exposure to patient populations and healthcare models. Many of these clinical affiliate partners participate in program advisory councils and contribute to Concorde’s efforts to continuously improve its program curriculum and resources. These partnerships provide early employment and graduate employment opportunities and have resulted in customized curricula to assist in upskilling partners' employees.

Business Strategy

Our business strategy, internally known as our “North Star strategy,” has three core tenets: to grow the business by more deeply penetrating existing target markets and adding new markets; to diversify the business by adding new locations, programs, and offerings that maximize the lifetime value of our students; and to continually optimize the business by enhancing operational efficiency.

Growth, Diversification and Optimization

Our organization has several key levers to grow, diversify, and optimize the business. Organically, we have been successful by adding new locations and new programs. In the last three years, UTI has launched twenty-three new programs throughout existing campuses and begun construction on two new transportation and skilled trades campuses expected to open in 2026, further expanding its geographical footprint and opening access to highly populated locations in growing economies. Inorganically, in November 2021, we acquired MIAT College of Technology (“MIAT”) which has served both as a growth

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strategy by expanding into the Canton, Michigan market and a diversification strategy by adding additional program areas in rapidly expanding skilled trades professions. This acquisition also has allowed us to expand and diversify our existing UTI campus offerings to include aviation, energy, wind, HVACR, and other skilled trade options.

In December 2022, we continued to diversify by expanding into healthcare education through the acquisition of Concorde. This acquisition enabled us to expand our program offerings into the high-growth and high-demand healthcare education market. Since acquisition, we have expanded partnerships in the healthcare market and completed thirteen program expansions within Concorde’s existing campuses.

Continually optimizing program offerings and operations serves to further enhance overall operating margins and is a foundational element of our strategy. Since acquiring Concorde, we have built a multi-division and corporate operating model that provides transparency, accountability, and the ability to be nimble and adapt as we continue to evolve, while also serving as a platform for expansion into new areas.

As we execute on the second phase of our North Star strategy, we continue to focus on these core tenets. Pending regulatory approval, we expect to launch a minimum of six programs annually at our existing campuses and open at least two new campuses each year between fiscal years 2026 and 2029, thus expanding both UTI’s and Concorde’s campus offerings and footprint. We believe this strategy will allow us to reach even more students with industry-aligned workforce and professional programs that demonstrate strong student outcomes, while also increasing the financial strength of the company.

Return on Education Investment

We provide an excellent return on our students’ education investment by working with corporate partners and local communities to offer educational programs that are tailored to professional and industry standards. With a high focus on offering programs for in-demand careers, our graduates are well prepared to enter or re-enter the workforce in high demand areas that offer well-paying jobs. We actively engage corporate partners in defining our program outcomes, program offerings, and ongoing educational requirements to ensure students have the requisite skills to succeed in the workplace of today and have a foundation for tomorrow. We regularly evaluate program offerings, schedules and locations that are most appealing to students and aligned with employer expectations. For our Concorde offerings, where appropriate, we ensure that our courses are aligned with licensure requirements to ensure our students are provided with the greatest opportunity for success. Where appropriate, these professionally aligned programs enable our students to gain licensure, certification, and credentials in high-demand healthcare professions. As a result, we believe we are well positioned to better meet the market’s demand for skilled technicians and healthcare workers.

In addition, we provide relevant services to assist students with possible tuition financing options, educational and career counseling, opportunities for part-time work while attending school, and ultimately graduate employment. Our career services teams identify job opportunities and outreach; advise active students on employment search and interviewing skills; facilitate employer visits to campuses; provide access to reference materials; assist with the composition of resumes; and help students prepare for applicable certification or licensure exams.

Shared Success Model

Overall, our strategy and business model are built around the key principle of, “If you succeed, we succeed.” While operationally the Company has developed core competencies in marketing and enrollment management, the success of the business is not based solely on recruiting students but rather retaining students through the program to graduation and facilitating their transition to employment in their field of study. Providing high-quality instruction in engaging curriculum aligned to industry and professional standards and delivering exemplary student support services to ensure students have everything they need to be successful serves as the foundation of our model. Retaining our students through graduation and supporting them to employment is the key principle of our business.

UTI Schools and Programs

UTI offers certificate, diploma or degree programs at campuses across the United States under the banner of several well-known brands. The majority of the UTI programs are designed to be completed in 30 to 110 weeks. The UTI advanced training programs range from 12 to 23 weeks in duration and are completed subsequent to satisfying the core UTI program requirements. These programs culminate in a certificate, diploma, associate of occupational studies degree, or associate of applied science degree depending on the program and campus. Tuition rates vary by type and length of our programs and the program level, such as core or advanced training.

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The table below sets forth the current locations that operate under the UTI division, the year the campus opened, and the principal programs taught at each location.

UTI Location Year Campus Opened Current Principal Programs

Arizona (Avondale) 1965 Airframe & Powerplant; Automotive; Diesel; HVACR; Welding

Arizona (Phoenix) 1973 Motorcycle

California (Long Beach) 2015 Airframe & Powerplant; Automotive; Diesel; Collision Repair and Refinishing; HVACR; Welding

California (Rancho Cucamonga) 1998 Automotive; Diesel; HVACR; Industrial Maintenance; Robotics & Automation; Welding; Wind Power

California (Sacramento) 2005 Automotive; Diesel; HVACR; Welding

Florida (Miramar) 2022 Airframe & Powerplant; Automotive; Diesel; HVACR; Welding

Florida (Orlando) 1986 Automotive; Diesel; HVACR; Motorcycle; Marine

Illinois (Lisle) 1988 Automotive; Diesel; Industrial Maintenance; Robotics & Automation; Welding; Wind Power

Michigan (Canton) 1969 Airframe and Powerplant; Aviation Maintenance; Energy; HVACR; Industrial Maintenance; Robotics & Automation; Wind Power; Welding

New Jersey (Bloomfield) 2018 Automotive; Diesel; HVACR; Welding

North Carolina (Mooresville)
2002 Automotive; CNC Machining; EEIT; HVACR; NASCAR; Robotics & Automation; Welding

Pennsylvania (Exton) 2004 Automotive; Diesel; EEIT; Robotics & Automation; Welding

Texas (Austin) 2022 Automotive; Diesel; HVACR; Welding

Texas (Dallas) 2010 Automotive; Diesel; Welding

Texas (Houston)
1983 Airframe and Powerplant; Automotive; Aviation Maintenance; Collision Repair and Refinishing; Diesel; HVACR; Industrial Maintenance; Non-Destructive Testing; Robotics & Automation; Welding; Wind Power

Description of Current UTI Programs Offered

Many of the UTI students receive their training in a blended learning model that combines instructor-facilitated online teaching and demonstrations with hands-on labs. The blended learning model not only increases access for students, but better prepares them to be life-long learners as technicians today perform many day-to-day tasks and continuing education courses online or on a digital device.

The table below provides an overview of the programs taught by UTI owned and operated institutions, including the year a program was first offered at one of the campuses, the focus of the program, and the type of employment the program is designed to prepare graduates to obtain.

UTI Program Year Established Program Focus
Target Job Placement(1)

Airframe and Powerplant 1969 Inspect, maintain, repair and test aircraft systems and turbine engines Entry-level opportunities in various areas of the aviation industry

Automotive 1965 Diagnose, service and repair automobiles Entry-level service technicians in automotive dealer service departments or automotive repair facilities

Automotive/Diesel 1970 Diagnose, service and repair automobiles and diesel systems Entry-level service technicians in automotive repair facilities, automotive dealer service departments, diesel engine repair facilities, medium and heavy truck facilities, truck dealerships, or in service and repair facilities

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UTI Program Year Established Program Focus
Target Job Placement(1)

Aviation Maintenance Technology 2012 Inspect, service, repair, and test aircraft Entry-level service technicians in aviation repair stations and hangars, and on airfields

Collision Repair and Refinishing 1999 Assess, repair, refinish, and restore vehicles
Entry-level technicians at OEM dealerships and independent repair facilities

Computer Numerical Control (CNC) Machining 2017 Program, set up, operate, and inspect CNC equipment
Entry-level CNC operators in the manufacturing and mechanical fabrication industries

Diesel 1968 Diagnose, service and repair diesel systems and industrial equipment Entry-level service technicians in medium and heavy truck facilities, truck dealerships, or in service and repair facilities

Electrical, Electronics & Industrial Technology (EEIT) 2025 Install, maintain, troubleshoot, and repair electrical systems Entry-level electrical technicians

Energy Technology 2007 Install, maintain, troubleshoot, and optimize energy systems Entry-level positions in the wind, nuclear, gas, coal, power distribution, or solar industries

Heating, ventilation, air conditioning and refrigeration (HVACR) 2012 Install, maintain, troubleshoot, and repair climate systems Entry-level service technicians in the heating and cooling industry

Industrial Maintenance 2007 Diagnose, service, test and repair various types of machinery Entry-level industrial maintenance technician in a wide range of industries including gas, coal, nuclear and solar industries

Marine 1991
Diagnose, service and repair boats

Entry-level service technicians for marine dealerships and independent repair shops, as well as for marinas, boat yards and yacht clubs

Motorcycle 1973
Diagnose, service and repair motorcycles and all-terrain vehicles

Entry-level service technicians in motorcycle dealerships and independent repair facilities

NASCAR 2002
Automotive training along with additional NASCAR-specific elective courses

Entry-level service technicians in automotive dealer service departments or automotive repair facilities, or opportunities in racing-related industries

Non-Destructive Testing 2019 Examine, evaluate, verify, and document material integrity Entry-level technicians in a variety of industries, from oil and gas and manufacturing to power generation and aviation

Robotics & Automation 2018 Design, program, operate, and maintain robotic systems Entry-level technician in a variety of industries

Welding 2017 Cut, join, fabricate, and repair metal components Entry-level welders in the construction, structural, pipe, mechanical contracting and fabrication industries

Wind Power 2007 Diagnose, service and repair wind turbine towers Entry-level service technicians for the wind power industry

(1) Target job placement describes the type of employment the program is designed to prepare graduates to obtain. UTI graduates may also secure positions outside of the target job placement, including, for example, parts associate, service technician, fabricator, paint and preparation, and shop owner or operator, among others.

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UTI Manufacturer Specific Advanced Training (“MSAT”) Programs

In addition to the program offerings noted above, UTI also offers advanced training programs in the form of manufacturer-paid post-graduate MSAT programs and in the form of student-paid MSAT courses, which may be added as electives to a student’s core automotive, diesel or motorcycle program.

UTI Manufacturer-Paid MSATs

A select number of UTI students are offered manufacturer-paid MSATs, which are paid for by the manufacturer and/or its dealers in return for a commitment by the student to work for a dealer of that manufacturer for a certain period of time upon completion of the program. UTI students who are high performing graduates of an automotive or diesel program may apply to be selected for these programs. The programs range from 12 to 23 weeks in duration. UTI’s manufacturer-paid MSATs are intended to offer in-depth instruction on specific manufacturers’ products, qualifying a graduate for employment with a dealer seeking highly specialized, entry-level technicians with brand-specific skills.

UTI currently offers the following manufacturer-paid MSAT programs using vehicles, equipment, specialty tools and curricula provided by its manufacturer brand partners:

UTI Manufacturer-Paid MSAT Programs Offered Location

Mercedes-Benz DRIVE Mercedes-Benz facilities in Long Beach, California; Jacksonville, Florida; Robbinsville, New Jersey; and Grapevine, Texas

Peterbilt Technician Institute (PTI) Lisle, Illinois; Dallas, Texas

Porsche Technician Apprenticeship Program (PTAP) Porsche facilities in Eastvale, California; Atlanta, Georgia; and Easton, Pennsylvania

Tesla START Collision Long Beach, California

UTI Student-Paid MSATs

UTI students may participate in student-paid MSAT programs upon successfully completing the necessary core curriculum prerequisites. UTI currently offers the following student-paid MSAT programs using vehicles, equipment, specialty tools and curricula provided by and/or developed in collaboration with its manufacturer brand partners:

UTI Student-Paid MSAT Programs Offered Location

Advanced Training

BMW FastTrack Avondale, Arizona; Exton, Pennsylvania; Houston, Texas; Long Beach, California; Orlando, Florida; Lisle, Illinois; Miramar, Florida

Cummins Engines Avondale, Arizona; Exton, Pennsylvania; Houston, Texas

Cummins Power Generation Avondale, Arizona

Daimler Trucks Finish First Program Avondale, Arizona; Lisle, Illinois; Orlando, Florida

Ford Accelerated Credential Training (FACT) Avondale, Arizona; Rancho Cucamonga, California; Sacramento, California; Orlando, Florida; Lisle, Illinois; Mooresville, North Carolina; Bloomfield, New Jersey; Exton, Pennsylvania; Houston, Texas

General Motors Technician Career Training Avondale, Arizona

Mopar TEC by Fiat Chrysler Automobiles US LLC Mooresville, North Carolina

Toyota Professional Automotive Technician (TPAT) Rancho Cucamonga, California

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UTI Student-Paid MSAT Programs Offered Location

Manufacturer Specific Training

American Honda Motor Company, Inc. Phoenix, Arizona; Orlando, Florida

BMW Motorrad of North America, LLC Phoenix, Arizona; Orlando, Florida

Harley-Davidson Motor Company Phoenix, Arizona; Orlando, Florida

Kawasaki Motors Corporation, USA Phoenix, Arizona; Orlando, Florida

Mercury Marine Orlando, Florida

Suzuki Motor of America, Inc. Phoenix, Arizona

Volvo Penta of the Americas Orlando, Florida

Yamaha Motor Corporation, USA Phoenix, Arizona; Orlando, Florida

UTI Military Base Programs

In addition to the MSATs noted above, in partnership with the military and select industry partners, UTI has advanced training programs for transitioning veterans at select military base locations. Military base programs differ from UTI’s traditional MSATs in that the students do not complete the traditional core programs at a UTI campus before entering these advanced training programs. These programs range from 12 to 16 weeks and are available to all men and women transitioning out of the military. Candidates are interviewed and selected for these programs. Additionally, to be considered, candidates must be within six months of their separation dates from the military. There is no tuition cost to the participating service members.

UTI currently offers the following military base programs using vehicles, equipment, specialty tools and curricula provided by and/or developed in collaboration with certain manufacturer brand partners:

UTI Military Base Programs Offered Location

BMW Military Service Technician Education Program Marine Corps Base Camp Pendleton in California

U.S. Army Base Fort Bragg in North Carolina

Penske Premier Truck Group Technician Skills Program Fort Bliss in El Paso, Texas

UTI Affordability and Accessibility

During the year ended September 30, 2025, tuition for UTI programs ranged from approximately $18,000 for the Wind Power Technician programs (lasting 30 weeks) to $69,000 for the Automotive and Diesel program (lasting 90 weeks). During the year ended September 30, 2025, the average annual revenue per UTI student was approximately $35,100, net of scholarships or grants funded by the institution. We are focused on making our training more affordable and accessible for the UTI students through financing options, proprietary loans, institutional and relocation grants, scholarships based on need and merit, and employer sponsored training and tuition reimbursement. During the year ended September 30, 2025, approximately 58% of active UTI students received a UTI-funded scholarship or grant, approximately 49% of active UTI students participated in an “in school” cash payment plan, and approximately 21% of active UTI students received funding from UTI’s proprietary loan program.

In response to growing demand for trained technicians, UTI industry partners and employers are increasingly willing to participate in the UTI students’ cost of education by providing them with scholarship money and relocation assistance to attend school and by offering UTI graduates tuition reimbursement plans and competitive compensation and benefit packages, including signing bonuses, relocation grants and tool incentives. There are over 9,100 employer location incentive opportunities for UTI students, which when made available make the UTI training programs more affordable for students and may provide them with valuable relationships or employment opportunities following graduation.

Concorde Schools and Programs

Concorde offers certificate, diploma or degree programs in the healthcare field at campuses across the United States under the Concorde Career Colleges or Concorde Career Institute brands. The majority of Concorde’s short and core programs are 8 to 38 weeks in duration. Clinical programs are 30 to 120 week programs. The programs offered culminate in a diploma, associate of applied science degree or associate of science degree depending on the program and campus. Tuition rates vary by type and length of our programs and the program level, such as core or advanced training.

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The table below sets forth the current locations that operate under the Concorde brand, the year the campus opened, and the principal programs taught at each location.

Concorde Location Year Campus Opened Current Principal Programs

California (Garden Grove) 1968 Dental Assistant; Dental Hygiene; Medical Assistant; Pharmacy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Vocational Nursing

California (North Hollywood) 1968 Dental Assistant; Medical Assistant; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Vocational Nursing

California (San Bernardino) 1968 Dental Assistant; Dental Hygiene; Medical Assistant; Neurodiagnostic Technology; Polysomnographic Technology; Respiratory Therapy; Surgical Technology; Vocational Nursing

California (San Diego) 1968 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Physical Therapist Assistant; Surgical Technology; Vocational Nursing

Colorado (Aurora) 1969 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Physical Therapist Assistant; Practical Nursing; Radiologic Technology; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Bachelor of Science in Nursing

Florida (Jacksonville) 1978 Cardiovascular Sonography; Dental Assistant; Diagnostic Medical Sonography; Medical Assistant; Nursing Practice; Phlebotomy Technician; Physical Therapist Assistant; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Florida (Miramar) 1987 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Medical Assistant; Occupational Therapist Assistant; Pharmacy Technician; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Florida (Orlando) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Sterile Processing Technician; Surgical Technology

Florida (Tampa) 1987 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Mississippi (Southaven) 2013 Dental Assistant; Massage Therapy; Medical Assistant; Medical Office Professional; Phlebotomy Technician; Sterile Processing Technician

Missouri (Kansas City) 1986 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Medical Office Administration; Phlebotomy Technician; Physical Therapist Assistant; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Bachelor of Science in Nursing

Oregon (Portland) 1969 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Polysomnographic Technology; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Tennessee (Memphis) 1981 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Massage Therapy; Medical Assistant; Medical Office Professional; Neurodiagnostic Technology; Nursing Practice; Occupational Therapy Assistant; Pharmacy Technician; Phlebotomy Technician; Physical Therapist Assistant; Polysomnographic Technology; Radiologic Technology; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Texas (Dallas) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Vocational Nursing

Texas (Grand Prairie) 2001 Dental Assistant; Dental Hygiene; Medical Assistant; Neurodiagnostic Technology; Phlebotomy Technician; Polysomnographic Technology; Sterile Processing Technician; Surgical Technology; Vocational Nursing

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Concorde Location Year Campus Opened Current Principal Programs

Texas (San Antonio) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology

Online 2013 Dental Hygiene; Healthcare Administration; Medical Office Administration; Nursing Practice; Surgical Technology; Bachelor of Science in Nursing

Description of Current Concorde Programs Offered

Many of Concorde’s students receive their training in a blended training model that combines instructor-facilitated online teaching and demonstrations with hands-on labs. The blended learning model not only increases access for students, but better prepares them to be life-long learners as students today perform many day-to-day tasks and continuing education courses online or on a digital device.

The table below provides an overview of the programs taught by Concorde institutions, including the year a program was first offered at one of the campuses, the focus of the program, and the type of employment the program is designed to prepare graduates to obtain.

Concorde Program Year Established Program Focus
Target Job Placement(1)

Short Programs

Phlebotomy Technician 2021 Phlebotomists prepare patients, collect blood samples, and transport specimens for analysis. Entry-level phlebotomist in clinical laboratories, physician offices, blood donation centers, and hospitals.

Sterile Processing Technician 2021 Sterile Processing Technicians clean and sterilize medical instruments and durable equipment to ensure the safety of patients and medical staff. Entry-level sterile processing technicians in dental offices, physician offices, outpatient health centers, and hospitals.

Core Programs

Dental Assistant 1995 Overall operations of a dental office Entry-level dental assistant

Massage Therapy 2002 Massage techniques and manipulations designed to enhance the physical health of patients Entry-level massage therapist in massage clinics, hospital rehabilitation departments, public practice, wellness centers, and chiropractic offices

Medical Assistant, Medical Assisting or Medical Office Professional 1995 Basic knowledge of a medical practice and the operations of a medical office Entry-level medical assistant in a clinic or physician’s office, long-term care facility, hospital or medical insurance company

Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments

Clinical Programs

Cardiovascular Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions Entry-level cardiovascular sonographers

Dental Hygiene 2011 Qualifications for licensure as a Registered Dental Hygienist Entry-level dental hygienist

Diagnostic Medical Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions
Entry-level obstetrics and gynecology sonographer or entry-level abdominal sonographer

Neurodiagnostic Technology 2012 Advanced diagnostic procedures including EEGs, PSGs and others. Upon completion of the program, professional certifications may be required Entry-level neurodiagnostic technician in neurology-related departments of hospitals, clinics and the private offices of neurologists and neurosurgeons

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Concorde Program Year Established Program Focus
Target Job Placement(1)

Nursing Practice 2016 Qualifications for licensure as a registered nurse Entry-level registered nurse positions after passing the state board licensure exam

Occupational Therapy Assistant 2012 To provide quality occupational therapy services to assigned individuals under the supervision of a registered Occupational Therapist Entry-level occupational therapy assistants in hospitals, clinics, schools, client homes, and community settings

Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments

Physical Therapist Assistant 2011 Physical Therapist Assistants provide physical therapy services under the direction and supervision of a licensed Physical Therapist Entry-level physical therapist assistant in a variety of settings, including hospitals, inpatient rehabilitation facilities, private practices, outpatient clinics, home health, skilled nursing facilities, schools, sports facilities, and more

Polysomnographic Technology 2012 Perform sleep tests and work with physicians to provide information needed for the diagnosis of sleep disorders Entry-level positions as Polysomnographic Technologists

Practical/Vocational Nursing 1996 Perform as entry-level nursing staff in an acute-care hospital, extended-care facility, physician’s office, or other healthcare agency Entry-level positions as a licensed practical/vocational nurse

Radiologic Technology 2012 Perform diagnostic imaging examinations on patients Entry-level diagnostic radiographer positions

Respiratory Therapy 2011 Assess, treat, and care for patients with breathing disorders. Prepare students for licensure as a registered respiratory therapist Respiratory therapists may serve as asthma educators, patient educators, case managers, hyperbaric oxygen specialists, extra corporeal membrane oxygenation specialists and sleep specialists. Respiratory therapists work in hospitals, clinics, skilled nursing facilities, home care, and diagnostic labs

Surgical Technology 2012 Surgical technologist is a highly skilled and knowledgeable allied health professional who, as an essential member of the surgical team, works with surgeons, anesthesia providers, operating room nurses, and other professionals in providing safe care to the surgical patient Entry-level surgical technologist in acute-care hospitals, outpatient surgery centers, surgical clinics, central sterile processing departments, birthing centers, and other healthcare settings

(1) Target job placement describes the type of employment the program is designed to prepare graduates to obtain. Concorde graduates may also secure positions outside of the target job placement, including various other healthcare related positions.

Concorde Affordability and Accessibility

During the year ended September 30, 2025, tuition for Concorde programs ranged from approximately $1,000 for the Phlebotomy program (lasting approximately 8 weeks) to approximately $99,000 for the Dental Hygiene program (lasting approximately 90 weeks). During the year ended September 30, 2025, the average annual revenue per Concorde student was approximately $30,000, net of scholarships or grants funded by the institution. We are focused on making the Concorde training more affordable and accessible through financing options, institutional and relocation grants, and scholarships based on need and merit. Concorde currently and historically offers certain students retail installment contracts for payment of their tuition that is not covered by federal student financial aid or other funding sources. During the year ended September 30, 2025, approximately 16% of Concorde’s active students received a Concorde-funded scholarship or grant and approximately 68% of Concorde active students received funding through Concorde sponsored retail installment contracts.

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Student Enrollment

UTI enrolls students throughout the year with courses typically starting every three to twelve weeks. Concorde enrolls students throughout the year with core terms starting every month and clinical terms starting every ten or sixteen weeks. The table below outlines our new student starts, average full-time students, and end of period full-time students for both UTI and Concorde.

Year Ended September 30, % Change

2025 2024
2023(1)

2025 vs 2024

2024 vs 2023

UTI

Total new student starts 16,339 15,138 14,181 7.9 % 6.7 %

Average full-time active students 14,913 13,810 12,614 8.0 % 9.5 %

End of period full-time active students 16,841 15,873 14,833 6.1 % 7.0 %

Concorde

Total new student starts 13,454 11,747 8,432 14.5 % 39.3 %

Average full-time active students 9,705 8,475 7,654 14.5 % 10.7 %

End of period full-time active students 10,838 9,747 8,369 11.2 % 16.5 %

Consolidated

Total new student starts 29,793 26,885 22,613 10.8 % 18.9 %

Average full-time active students 24,618 22,285 20,268 10.5 % 10.0 %

End of period full-time active students 27,679 25,620 23,202 8.0 % 10.4 %

(1) Student data for Concorde presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023.

Due to the seasonality of our business and normal fluctuations in student populations, we expect variability in our quarterly results. See "Seasonality" within Part II, Item 7 of this Annual Report on Form 10-K for further discussion of seasonal fluctuations in our revenues and operating results.

Graduate Employment

Identifying employment opportunities and preparing our graduates for their future careers is critical to our ability to deliver value to our graduates from their education. Additionally, we are required to meet certain graduate placement standards by location and program by both our national and programmatic accreditors. Accordingly, we dedicate significant resources to maintaining an effective career services team. Our campus-based staff facilitate several career development processes, including instruction and coaching for interview skills, interview etiquette and professionalism. Additionally, the career services team provides students with reference materials and assistance with the composition of resumes. Finally, we place emphasis on and devote significant time to assisting students with part-time and graduate job searches.

We also have centralized departments for each segment whose focus is to build and maintain relationships with potential and existing national employers and develop graduate job opportunities and, where possible, relocation assistance, sign-on bonuses, tool packages and tuition reimbursement plans with our manufacturer brand partners and other industry employers. Together, the campuses and centralized departments coordinate and host career fairs, industry awareness presentations, interview days and employer visits to our campus locations. We believe that our graduate career services provide our students with a compelling value proposition and enhance the employment opportunities for our graduates. These graduate career services are a competitive differentiator from other education institutions.

Competition

The for-profit, post-secondary education industry is highly competitive and highly fragmented, with no one provider controlling significant market share. We compete with other institutions that are eligible to receive Title IV funding, including not-for-profit public and private schools, community colleges and for-profit institutions which offer programs similar to ours. Our competition differs in each market depending on the curriculum we offer and the availability of other choices, including job prospects. Other competitive factors that influence our ability to attract new students include the employment market, community colleges, other career-oriented and technical schools, and the military.

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Prospective students may choose to forego additional education and enter the workforce directly, especially during periods when the unemployment rate declines or remains stable as it has in recent years. This may include employment with our industry partners or with other manufacturers and employers of our graduates.

We compete with local community colleges for students seeking programs that are similar to ours, mainly due to local accessibility, low tuition rates and in certain cases free tuition. Public institutions are generally able to charge lower tuition than our schools, due in part to government subsidies and other financial sources not available to for-profit schools. No single community college is a significant competitor; rather, the sector as a whole provides competition.

Within the for-profit education sector, some of our public company competitors are Adtalem Global Education, Inc., American Public Education, Inc., Legacy Education, Lincoln Educational Services Corporation, Perdoceo Education Corporation, and Strategic Education, Inc. We also consider other regional or single location institutions with a larger local presence near one of our campuses to be competitors. Competition is generally based on location, tuition rates, the type of programs offered, the quality of instruction and instructional facilities, graduate employment rates, reputation and recruiting. Additionally, the military often recruits or retains potential students when branches of the military offer enlistment or re-enlistment bonuses.

Human Capital Management

As of September 30, 2025, we had approximately 4,100 employees, including approximately 1,500 instructors, 400 admissions representatives, and 1,500 student support employees.

We believe in creating an environment where innovation thrives and students are able to succeed. As a forward-thinking educational institution, we know that the best ideas emerge when people feel connected, valued, and empowered to share their perspectives. Our Director of Engagement leads efforts to build a strong internal culture where engagement and belonging are foundational. We are committed to cultivating a workplace where individuals feel safe to express themselves, contribute meaningfully, and collaborate across differences in service of our dynamic student population.

Faculty members are hired nationally in accordance with established criteria, applicable accreditation standards and applicable state regulations. Members of our faculty are primarily industry professionals and are hired based on their prior work and educational experience. We require a specific level of industry experience in order to enhance the quality of the programs we offer and to address current and industry-specific issues in our course content. We provide intensive instructional training and continuing education to our faculty members to maintain the quality of instruction in all fields of study. A majority of our existing instructors have a minimum of five years’ experience in the industry and an average of seven years of experience teaching at UTI and four years of experience teaching at Concorde.

We employ field, military and campus-based admissions representatives who work directly with prospective students to facilitate the enrollment process. Additionally, each campus has a support team that typically includes a campus president, an education director, a financial aid director, a student services director, and a career services director.

We believe our corporate and divisional management teams have the experience necessary to effectively implement our growth and diversification strategy and continue to drive positive educational and employment outcomes for our students. For discussion of the risks relating to the attraction and retention of management and executive management employees, see