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Laureate Education (NASDAQ: LAUR) raises 2026 guidance and expands buyback

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Laureate Education reported strong growth for the quarter and six months ended June 30, 2026. Second‑quarter revenue was $615.9 million, up 17% year over year, with operating income of $223.4 million and net income of $137.1 million, or $0.98 per diluted share. Adjusted EBITDA rose to $250.6 million and year‑to‑date revenue reached $888.5 million, with net income of $115.5 million. New enrollments grew 10% to 142,400 and total enrollments increased 6% to 501,400 students across Mexico and Peru.

Laureate ended June 30, 2026 with $161.7 million of cash, gross debt of $223.2 million, and net debt of $61.5 million, and had 137.7 million shares outstanding. The board approved a $150 million increase to the share repurchase authorization. For full‑year 2026, the company now expects revenue of $1.92–$1.93 billion, Adjusted EBITDA of $593–$599 million, and Adjusted EPS of $2.04–$2.10, reflecting growth of 13% in revenue, 14–15% in Adjusted EBITDA, and 19–22% in Adjusted EPS versus 2025.

Positive

  • Q2 2026 revenue grew 17% to $615.9 million with higher profitability.
  • Full‑year 2026 guidance raised to revenue of $1.92–$1.93B.
  • 2026 Adjusted EBITDA guidance increased to $593–$599 million, 14–15% growth.
  • Board added $150 million to ongoing share repurchase authorization.
  • New enrollments increased 10%, total enrollments up 6% year‑to‑date.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $615.9 million Quarter ended June 30, 2026; up from $524.2 million in Q2 2025
Q2 2026 Net Income $137.1 million Income from continuing operations for quarter ended June 30, 2026; vs $97.4 million in 2025
Q2 2026 Adjusted EBITDA $250.6 million Second quarter 2026 Adjusted EBITDA; up from $214.5 million in Q2 2025
Six‑Month 2026 Revenue $888.5 million Revenue for the six months ended June 30, 2026; up from $760.3 million in 2025
Net Debt $61.5 million Gross debt $223.2 million minus cash and cash equivalents $161.7 million as of June 30, 2026
2026 Revenue Guidance $1,920–$1,930 million Full‑year 2026 expected revenues; 13% as‑reported growth versus 2025
2026 Adjusted EBITDA Guidance $593–$599 million Full‑year 2026 expected Adjusted EBITDA; 14–15% as‑reported growth versus 2025
2026 Adjusted EPS Guidance $2.04–$2.10 per share Full‑year 2026 expected Adjusted EPS; 19–22% growth versus 2025
Adjusted EBITDA financial
"Adjusted EBITDA for the second quarter of 2026 was $250.6 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
constant currency financial
"On a constant currency basis, revenue increased 8%"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
net debt financial
"Accordingly, net debt was $61.5 million as of June 30, 2026"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Adjusted EPS financial
"Adjusted EPS is now expected to be in the range of $2.04 - $2.10 per share"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Free Cash Flow financial
"Free Cash Flow consists of operating cash flow minus capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
forward-looking statements regulatory
"therefore are, or may be deemed to be, ‘‘forward-looking statements’’"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Q2 2026 Revenue $615.9 million up from $524.2 million in Q2 2025
Q2 2026 Net Income $137.1 million up from $97.4 million in Q2 2025
Q2 2026 Adjusted EBITDA $250.6 million up from $214.5 million in Q2 2025
Q2 2026 Diluted EPS $0.98 up from $0.65 in Q2 2025
Guidance

For full-year 2026, Laureate expects total enrollments of 518,000–523,000 students, revenue of $1,920–$1,930 million, Adjusted EBITDA of $593–$599 million, and Adjusted EPS of $2.04–$2.10, reflecting as-reported growth of 13% in revenue, 14–15% in Adjusted EBITDA, and 19–22% in Adjusted EPS versus 2025.

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FAQ

What were Laureate Education's (LAUR) key financial results for Q2 2026?
Laureate reported Q2 2026 revenue of $615.9 million, up from $524.2 million a year earlier, and net income of $137.1 million, versus $97.4 million. Adjusted EBITDA rose to $250.6 million and diluted EPS increased to $0.98 from $0.65.

How did enrollments change for Laureate Education (LAUR) in the first half of 2026?
Year‑to‑date new enrollments grew 10% to 142,400, while total enrollments rose 6% to 501,400. In Peru, new and total enrollments increased 14% and 8%, respectively; in Mexico, they grew 7% and 5%, reflecting broad‑based demand across markets.

What is Laureate Education's (LAUR) updated full‑year 2026 guidance?
For 2026, Laureate now expects revenue of $1.92–$1.93 billion, Adjusted EBITDA of $593–$599 million, and Adjusted EPS of $2.04–$2.10. This implies as‑reported growth of 13% in revenue, 14–15% in Adjusted EBITDA, and 19–22% in Adjusted EPS versus 2025.

What is Laureate Education's (LAUR) balance sheet and net debt position as of June 30, 2026?
As of June 30, 2026, Laureate held $161.7 million of cash and cash equivalents and gross debt of $223.2 million, resulting in net debt of $61.5 million. Total assets were $2,423.5 million and stockholders’ equity was $1,140.8 million.

What share repurchase actions did Laureate Education (LAUR) announce?
Laureate’s board approved a $150 million increase to the existing stock repurchase authorization, which has no fixed expiration date. The company noted it had substantially utilized its prior authorization through repurchases completed during the six months ended June 30, 2026.

How is academic calendar timing affecting Laureate Education's (LAUR) 2026 results?
Changes in intra‑year academic calendar timing reduced first‑half 2026 revenue and Adjusted EBITDA by about $9 million. Management expects these timing impacts to be offset in the second half of 2026, mainly shifting the seasonality of reported revenue and earnings within the year.
false000091276600009127662026-07-302026-07-30

  UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
July 30, 2026

Laureate Education, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3800252-1492296
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
                         
PMB 1158, 1000 Brickell Avenue, Suite 715
Miami, FL 33131
(Address of principal executive offices, including zip code)
 
(786) 209-3368
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐                     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐                     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐                     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.004 per share
 		LAURThe NASDAQ Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o


Item 2.02    Results of Operations and Financial Condition.

On July 30, 2026, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2026. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 7.01    Regulation FD Disclosure.

On July 30, 2026, the Company made available on the investor relations section of its website its second quarter of 2026 Earnings Presentation (the “Presentation”). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Earnings Release issued by Laureate Education, Inc. on July 30, 2026.
99.2
Second Quarter of 2026 Earnings Presentation.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).










SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


LAUREATE EDUCATION, INC.
By:/s/ RICHARD M. BUSKIRK
Name:Richard M. Buskirk
Title:Senior Vice President and Chief Financial Officer
 
Date: July 30, 2026
2

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2026

Company Increases Full-Year 2026 Guidance and Announces $150 Million Increase in Share Repurchase Authorization


MIAMI - July 30, 2026 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2026.

Second Quarter 2026 Highlights (compared to second quarter 2025):
•On a reported basis, revenue increased 17% to $615.9 million. On a constant currency basis1, revenue increased 8%.
•Operating income for the second quarter of 2026 was $223.4 million, compared to operating income of $193.3 million for the second quarter of 2025.
•Net income for the second quarter of 2026 was $137.1 million, compared to net income of $97.4 million for the second quarter of 2025.
•Adjusted EBITDA for the second quarter of 2026 was $250.6 million, compared to Adjusted EBITDA of $214.5 million for the second quarter of 2025.

Six Months Ended June 30, 2026 Highlights (compared to six months ended June 30, 2025):
•New enrollments increased 10%.
•Total enrollments increased 6%.
•On a reported basis, revenue increased 17% to $888.5 million. On a constant currency basis1, revenue increased 6% and was unfavorably affected by approximately $9 million of intra-year academic calendar timing attributable to later semester start dates in the first half of 2026 as compared to the first half of 2025.
•Operating income for the six months ended June 30, 2026 was $195.9 million, compared to operating income of $180.1 million for the six months ended June 30, 2025.
•Net income for the six months ended June 30, 2026 was $115.5 million, compared to net income of $77.9 million for the six months ended June 30, 2025. The increase in net income was mainly driven by higher operating income as well as the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2025 period.
•Adjusted EBITDA for the six months ended June 30, 2026 was $248.2 million, compared to Adjusted EBITDA of $219.8 million for the six months ended June 30, 2025. Adjusted EBITDA in the first half of 2026 was unfavorably affected by approximately $9 million of intra-year academic calendar timing attributable to later semester start dates in 2026 as compared to 2025.
•Laureate expects that the intra-year academic calendar timing impacts on revenue and Adjusted EBITDA will be offset in the second half of the year.










1 Constant currency results exclude the period-over-period impact from currency fluctuations.


1

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Second quarter results demonstrate strong operating momentum, including the launch of a new campus and continued expansion of our digital capabilities to meet market demand. I am pleased to announce an increase to our full-year guidance. We are also adding $150 million to our share repurchase program, reflecting our strong balance sheet and commitment to returning capital to shareholders.”

Second Quarter 2026 Results

For the second quarter of 2026, revenue on a reported basis was $615.9 million, an increase of $91.7 million, or 17%, compared to the second quarter of 2025. On a constant currency basis, revenue increased 8%. Operating income for the second quarter of 2026 was $223.4 million, compared to $193.3 million for the second quarter of 2025, an increase of $30.1 million. Net income for the second quarter of 2026 was $137.1 million, compared to net income of $97.4 million for the second quarter of 2025. Basic and diluted earnings per share for the second quarter of 2026 were $0.98.

Adjusted EBITDA for the second quarter of 2026 was $250.6 million, compared to Adjusted EBITDA of $214.5 million for the second quarter of 2025.

Six Months Ended June 30, 2026 Results

New enrollments for the six months ended June 30, 2026 increased 10%, compared to new enrollment activity for the six months ended June 30, 2025, and total enrollments were up 6% compared to the prior-year period. New and total enrollments in Peru increased 14% and 8%, respectively, compared to the prior-year period. New and total enrollments in Mexico were up 7% and 5%, respectively, compared to the prior-year period.

For the six months ended June 30, 2026, revenue on a reported basis was $888.5 million, an increase of $128.2 million, or 17%, compared to the six months ended June 30, 2025. On a constant currency basis, revenue increased 6%. Revenue for the first half of 2026 was unfavorably affected by approximately $9 million of intra-year academic calendar timing attributable to later semester start dates in 2026 as compared to 2025. Operating income for the six months ended June 30, 2026 was $195.9 million, compared to $180.1 million for the six months ended June 30, 2025, an increase of $15.8 million. Net income for the six months ended June 30, 2026 was $115.5 million, compared to net income of $77.9 million for the six months ended June 30, 2025. The increase in net income was mainly driven by higher operating income as well as the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2025 period. Basic and diluted earnings per share for the six months ended June 30, 2026 were $0.82.

Adjusted EBITDA for the six months ended June 30, 2026 was $248.2 million, compared to Adjusted EBITDA of $219.8 million for the six months ended June 30, 2025. Adjusted EBITDA for the first half of 2026 was unfavorably affected by approximately $9 million of intra-year academic calendar timing attributable to later semester start dates in the 2026 period as compared to the 2025 period.

Balance Sheet and Capital Structure

As of June 30, 2026, Laureate had $161.7 million of cash and cash equivalents and gross debt of $223.2 million. Accordingly, net debt was $61.5 million as of June 30, 2026.

Laureate repurchased approximately $76 million of its common stock during the six months ended June 30, 2026 under the existing stock repurchase program, almost fully utilizing the remaining authorization at that time. On July 30, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase program, which has no fixed expiration date.

As of June 30, 2026, Laureate had 137.7 million total shares outstanding.



2

Outlook for Fiscal 2026

Laureate is updating its 2026 outlook to reflect an improved operational outlook as well as more favorable foreign currency exchange rates.

Based on assumed foreign exchange rates2, Laureate expects its full-year 2026 results to be as follows:

•Total enrollments are now expected to be in the range of 518,000 to 523,000 students, reflecting growth of 4%-5% versus 2025;
•Revenues are now expected to be in the range of $1,920 million to $1,930 million, reflecting growth of 13% on an as-reported basis and growth of 6%-7% on a constant currency basis versus 2025;
•Adjusted EBITDA is now expected to be in the range of $593 million to $599 million, reflecting growth of 14%-15% on an as-reported basis and 8%-9% on a constant currency basis versus 2025; and
•Adjusted EPS is now expected to be in the range of $2.04 - $2.10 per share3, reflecting growth of 19%-22% on an as-reported basis versus 2025.

Reconciliations of forward-looking non-GAAP measures, specifically the outlook for 2026 Adjusted EBITDA and Adjusted EPS, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, Laureate cannot reconcile projected Adjusted EBITDA and projected Adjusted EPS to projected net income and projected earnings per share, respectively, without unreasonable effort. Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering at https://bit.ly/LAURQ22026 to receive dial-in information. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s website at www.laureate.net.











2 Based on actual FX rates for January-July 2026, and assumed FX rates (local currency per U.S. Dollar) of MXN 17.55 and PEN 3.41 for August 2026 - December 2026. FX impact may change based on fluctuations in currency rates in future periods.

3 Assumes diluted weighted average shares outstanding of approximately 139 million.


3

Forward-Looking Statements

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA and Adjusted EPS), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 19, 2026, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into Laureate's underlying earnings as they exclude items that may not be indicative of our core operating results.

Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense, and loss on impairment of assets. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.



4

We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate’s earnings from core operations.

Total debt, net of cash and cash equivalents, (or net debt) consists of total gross debt less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity.

Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debt.

Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.

Laureate’s calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under “Non-GAAP Reconciliations.”

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe that providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period.

About Laureate Education, Inc.

Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling approximately 500,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.



5

Key Metrics and Financial Tables
(Dollars in millions, except per share amounts, and may not sum due to rounding)

New and Total Enrollments by segment
New EnrollmentsTotal Enrollments
YTD 2Q 2026YTD 2Q 2025ChangeAs of 06/30/2026As of 06/30/2025Change
Mexico70,200 65,600 7 %249,100 237,600 5 %
Peru72,200 63,400 14 %252,300 234,500 8 %
Laureate142,400 129,000 10 %501,400 472,100 6 %





6


Consolidated Statements of Operations
For the three months ended June 30, For the six months ended June 30,
IN MILLIONS (except per share amounts)
20262025Change20262025Change
Revenues$615.9 $524.2 $91.7 $888.5 $760.3 $128.2 
Costs and expenses:
Direct costs378.2 317.4 60.8 667.2 555.7 111.5 
General and administrative expenses14.2 13.5 0.7 25.4 24.5 0.9 
Operating income223.4 193.3 30.1 195.9 180.1 15.8 
Interest income1.5 1.4 0.1 3.4 2.9 0.5 
Interest expense(4.2)(3.1)(1.1)(7.3)(5.5)(1.8)
Other income, net— 0.8 (0.8)0.5 0.8 (0.3)
Foreign currency exchange loss, net(2.0)(25.6)23.6 (1.0)(28.8)27.8 
Income from continuing operations before income taxes218.8 166.8 52.0 191.5 149.5 42.0 
Income tax expense(81.7)(69.4)(12.3)(76.0)(71.9)(4.1)
Income from continuing operations137.1 97.4 39.7 115.5 77.7 37.8 
Income from discontinued operations, net of tax— — — — 0.2 (0.2)
Net income137.1 97.4 39.7 115.5 77.9 37.6 
Net income attributable to noncontrolling interests— (2.3)2.3 — (2.3)2.3 
Net income attributable to Laureate Education, Inc.$137.1 $95.1 $42.0 $115.5 $75.6 $39.9 
Basic and diluted earnings per share:
Basic weighted average shares outstanding139.2 146.1 (6.9)140.7 149.1 (8.4)
Diluted weighted average shares outstanding139.9 146.8 (6.9)141.6 149.8 (8.2)
Basic earnings per share$0.98 $0.65 $0.33 $0.82 $0.51 $0.31 
Diluted earnings per share$0.98 $0.65 $0.33 $0.82 $0.50 $0.32 



7

Revenue and Adjusted EBITDA by segment

IN MILLIONS

% Change$ Variance Components
For the three months ended June 30, 20262025Reported
Constant
Currency(1)
Total
 Constant
Currency
FX
Revenues
Mexico$269.0 $217.4 24%10%$51.6 $21.8 $29.8 
Peru346.9 306.7 13%6%40.2 18.9 21.3 
Corporate & Eliminations— 0.1 (100)%(100)%(0.1)(0.1)— 
Total Revenues$615.9 $524.2 17%8%$91.7 $40.7 $51.1 
Adjusted EBITDA
Mexico$70.6 $57.4 23%9%$13.2 $4.9 $8.3 
Peru190.8 167.2 14%7%23.6 11.8 11.8 
Corporate & Eliminations(10.8)(10.2)(6)%(6)%(0.6)(0.6)— 
Total Adjusted EBITDA$250.6 $214.5 17%8%$36.1 $16.1 $20.1 

% Change$ Variance Components
For the six months ended June 30, 20262025Reported
Constant
Currency(1)
Total
 Constant
Currency
FX
Revenues
Mexico$479.6 $406.6 18%3%$73.0 $13.6 $59.4 
Peru408.8 353.6 16%8%55.2 28.7 26.5 
Corporate & Eliminations— 0.1 (100)%(100)%(0.1)(0.1)— 
Total Revenues$888.5 $760.3 17%6%$128.2 $42.3 $85.9 
Adjusted EBITDA
Mexico$112.1 $110.4 2%(11)%$1.7 $(12.5)$14.2 
Peru155.8 128.4 21%15%27.4 18.8 8.6 
Corporate & Eliminations(19.7)(18.9)(4)%(4)%(0.8)(0.8)— 
Total Adjusted EBITDA$248.2 $219.8 13%3%$28.4 $5.5 $22.8 
(1) Constant Currency results exclude the period-over-period impact from currency fluctuations. Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Constant Currency” percentage changes are calculated by dividing the Constant Currency amounts by the 2025 Revenues and Adjusted EBITDA amounts.



8

Consolidated Balance Sheets
IN MILLIONSJune 30, 2026December 31, 2025Change
Assets
Cash and cash equivalents$161.7 $146.7 $15.0 
Receivables (current), net159.5 134.7 24.8 
Other current assets44.2 36.9 7.3 
Property and equipment, net647.2 628.6 18.6 
Operating lease right-of-use assets, net466.2 335.6 130.6 
Goodwill and other intangible assets816.4 803.5 12.9 
Deferred income taxes78.1 72.2 5.9 
Other long-term assets48.5 46.4 2.1 
Current and long-term assets held for sale1.7 1.7 — 
Total assets$2,423.5 $2,206.4 $217.1 
Liabilities and stockholders' equity
Accounts payable and accrued expenses$240.3 $242.4 $(2.1)
Deferred revenue and student deposits121.2 80.2 41.0 
Total operating leases, including current portion511.9 387.8 124.1 
Total long-term debt, including current portion222.1 127.7 94.4 
Other liabilities186.5 179.6 6.9 
Total liabilities1,282.0 1,017.6 264.4 
Redeemable equity0.7 1.4 (0.7)
Total stockholders' equity1,140.8 1,187.4 (46.6)
Total liabilities and stockholders' equity$2,423.5 $2,206.4 $217.1 



9

Consolidated Statements of Cash Flows
For the six months ended June 30,
IN MILLIONS20262025Change
Cash flows from operating activities
Net income$115.5 $77.9 $37.6 
Depreciation and amortization45.6 33.7 11.9 
Gain on lease terminations and disposals of subsidiaries and property and equipment, net(0.1)(0.3)0.2 
Deferred income taxes(4.6)(1.8)(2.8)
Unrealized foreign currency exchange loss0.7 28.9 (28.2)
Income tax receivable/payable, net(3.7)11.1 (14.8)
Working capital, excluding tax accounts(25.1)(58.0)32.9 
Other non-cash adjustments44.6 40.3 4.3 
Net cash provided by operating activities172.9 131.8 41.1 
Cash flows from investing activities
Purchase of property and equipment(35.5)(17.9)(17.6)
Receipts from sales of property and equipment0.1 0.1 — 
Net cash used in investing activities(35.5)(17.7)(17.8)
Cash flows from financing activities
Increase in long-term debt, net67.8 0.4 67.4 
Payments to repurchase common stock and excise tax payments(185.9)(71.6)(114.3)
Financing other, net(4.6)(2.7)(1.9)
Net cash used in financing activities(122.7)(73.8)(48.9)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash0.6 4.8 (4.2)
Change in cash included in current assets held for sale— (0.8)0.8 
Net change in Cash and cash equivalents and Restricted cash15.3 44.2 (28.9)
Cash and cash equivalents and Restricted cash at beginning of period152.1 97.9 54.2 
Cash and cash equivalents and Restricted cash at end of period$167.4 $142.1 $25.3 



10

Non-GAAP Reconciliation (1 of 3)

The following table reconciles Net income to Adjusted EBITDA:
For the three months ended June 30, For the six months ended June 30,
IN MILLIONS20262025Change20262025Change
Net income$137.1 $97.4 $39.7 $115.5 $77.9 $37.6 
Plus:
Loss from discontinued operations, net of tax— — — — (0.2)0.2 
Income from continuing operations137.1 97.4 39.7 115.5 77.7 37.8 
Plus:
Income tax expense81.7 69.4 12.3 76.0 71.9 4.1 
Income from continuing operations before income taxes218.8 166.8 52.0 191.5 149.5 42.0 
Plus:
Foreign currency exchange loss, net2.0 25.6 (23.6)1.0 28.8 (27.8)
Other income, net— (0.8)0.8 (0.5)(0.8)0.3 
Interest expense4.2 3.1 1.1 7.3 5.5 1.8 
Interest income(1.5)(1.4)(0.1)(3.4)(2.9)(0.5)
Operating income223.4 193.3 30.1 195.9 180.1 15.8 
Plus:
Depreciation and amortization23.0 17.7 5.3 45.6 33.7 11.9 
EBITDA246.4 211.0 35.4 241.5 213.8 27.7 
Plus:
Share-based compensation expense (1)
4.1 3.5 0.6 6.7 5.9 0.8 
Adjusted EBITDA$250.6 $214.5 $36.1 $248.2 $219.8 $28.4 
(1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."



11

Non-GAAP Reconciliations (2 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:
For the three months ended June 30,
20262025
IN MILLIONS, except per share amounts
(per share) (1)
(per share) (1)
Net income$137.1 $0.98 $97.4 $0.65 
Plus:
Income from discontinued operations, net of tax— — — — 
Income from continuing operations137.1 0.98 97.4 0.65 
Plus:
Discrete tax items (2)
0.7 0.01 (2.9)(0.02)
Loss on debt extinguishment— — — — 
Loss on disposal of subsidiaries, net— — — — 
Foreign currency exchange loss, net2.0 0.01 25.6 0.17 
Loss on impairment of assets— — — — 
Adjusted net income$139.8 $1.00 $120.1 $0.80 
Diluted weighted average shares outstanding139.9146.8
(1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.
(2) Discrete tax items for 2025 represent a non-recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary, partially offset by $1.8 million interest expense related to legacy tax liabilities.

Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $0.7 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $1.8 million to adjust for the interest related to these legacy tax liabilities that was recorded during the three months ended June 30, 2025.




12

Non-GAAP Reconciliations (3 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:
For the six months ended June 30,
20262025
IN MILLIONS, except per share amounts
(per share) (1)
(per share) (1)
Net income$115.5 $0.82 $77.9 $0.50 
Plus:
Loss from discontinued operations, net of tax— — (0.2)— 
Income from continuing operations115.5 0.82 77.7 0.50 
Plus:
Discrete tax items (2)
(0.6)— (1.0)(0.01)
Loss on debt extinguishment— — — — 
Loss on disposal of subsidiaries, net— — — — 
Foreign currency exchange loss, net1.0 0.01 28.8 0.19 
Loss on impairment of assets— — — — 
Adjusted net income$115.9 $0.83 $105.5 $0.68 
Diluted weighted average shares outstanding141.6149.8
(1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.
(2) Discrete tax items for 2025 represent a non-recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary, partially offset by $3.7 million interest expense related to legacy tax liabilities.

The reduction of interest during the six months ended June 30, 2026 related to a court ruling that reduced a statutory interest rate. Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $(0.6) million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $3.7 million to adjust for the interest related to these legacy tax liabilities that was recorded during the six months ended June 30, 2025.



13

Investor Relations Contact:
ir@laureate.net

Media Contacts:
Laureate Education
Adam Smith
adam.smith@laureate.net
U.S.: +1 (443) 255 0724
Source: Laureate Education, Inc.


14
©2026 Laureate Education, Inc. Second Quarter 2026 Earnings Presentation July 30, 2026 Exhibit 99.2

 

2©2026 Laureate Education, Inc. Forward Looking Statements This presentation includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, Adjusted net income, and Adjusted EPS), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 19, 2026, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes that our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under “Industry and Market Data” in Laureate’s filings with the SEC.

 

3©2026 Laureate Education, Inc. Presentation of Non-GAAP Measures In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this presentation, Laureate provides the non-GAAP measures of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into the Company’s underlying earnings as they exclude items that may not be indicative of our core operating results. Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense, and loss on impairment of assets. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, other non-operating income, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate’s earnings from core operations. Total debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity. Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debt. Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows. Laureate’s calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under “Non-GAAP Reconciliations.” We evaluate our results of operations on both an as reported and an constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe that providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period.

 

4©2026 Laureate Education, Inc. Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding

 

5©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Executive Summary  Second quarter Revenue and Adjusted EBITDA ahead of guidance  Year-to-date New and Total Enrollments increased 10% and 6%, respectively, versus year-to- date prior year  Mexico: New Enrollments grew 7%; Total Enrollments +5%  Peru: New Enrollments grew 14%; Total Enrollments +8%  Net Income of $137M in second quarter  Raising full-year 2026 guidance outlook  Increasing as reported guidance at the mid-point by $28M for Revenue, $8M for Adjusted EBITDA, and $0.03/share for Adjusted Earnings Per Share  Announcing $150M increase in stock buyback authorization Solid Operating Performance for Second Quarter Increasing Full Year Guidance

 

6©2026 Laureate Education, Inc. Compelling Investment Characteristics

 

7©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Mexico Peru Combined Population 131 million 33 million 164 million Higher Education Students (000s) 5,544 2,067 7,611 Higher Education Gross Participation Rate (Total)1 35% 57% 40% Traditional 4+ yr degrees 34% 42% 36% Technical / Vocational 1% 15% 4% Market Share for Private Institutions2 47% 76% 58% Sources: UNESCO, World Bank, Secretaría de Educación Pública (Mexico), Superintendencia Nacional de Educación Superior Universitaria (Peru), Ministry of Education of Peru. Data as of year-end 2024. (1) Defined as total enrollments as compared to 18-24 year old population. (2) Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 39%); for Peru based on total country. Attractive Markets with Significant Growth Opportunities Participation rates growing and still well below developed markets Attractive Market Opportunities in Mexico and Peru

 

©2026 Laureate Education, Inc. 8 Leading University Portfolio in Mexico & Peru Sources: Secretaría de Educación Pública, SEP 2024 Database (Mexico), Ministry of Education of Peru, MINEDU 2024 Database (Peru). QS Stars , Guía Universitaria (UVM), MERCO 2025 Institutional Reputation Ranking (UPC). 1960 Brand Founded Market Segment Ratings/RankingsQS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 06/30/26 124,800 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching124,300 1994 Premium/ Traditional85,400 1994 Value/ Teaching142,800 1983 Technical/ Vocational24,100 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBERTEC M ex ic o Pe ru • Ranked Top 5 university in Mexico • 5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact • Largest private university in Mexico • 5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact • Ranked #1 in educational sector in Peru • 5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact • 3rd largest private university in Peru • 5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact • Second largest private technical / vocational institutes in Peru

 

9©2026 Laureate Education, Inc. Q2 & YTD 2026 Performance Results

 

10©2026 Laureate Education, Inc. 2026 Second Quarter – Financial Summary Q2 ’26 Variance Vs. Q2 ’25 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Constant Currency1 New Enrollment 40K 13% 13% • +9% adjusted for timing of intakes Total Enrollment 501K 6% 6% • Mexico +5%, Peru +8% Revenue $616 17% 8% • Enrollment growth and price/mix Adj. EBITDA $251 17% 8% Adj. EBITDA margin 40.7% (23 bps) (11 bps) • Impacted by phasing of expenses/investments Solid Operating Performance During Second Quarter (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations

 

11©2026 Laureate Education, Inc. 2026 Q2 YTD – Financial Summary Q2 YTD ’26 Variance Vs. Q2 YTD ’25 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Constant Currency1 New Enrollment 142K 10% 10% • Mexico: +7%, Peru: +14% Total Enrollment 501K 6% 6% • Mexico +5%, Peru +8% Revenue $888 17% 6% • +7% organic/cc adjusted for timing of academic calendar; ($9M) impact Adj. EBITDA $248 13% 3% • +7% organic/cc adjusted for timing of academic calendar; ($9M) impact Adj. EBITDA margin 27.9% (97 bps) (82 bps) • (4 bps) organic/cc adjusted for timing of academic calendar Intra-Year Academic Calendar Timing Impacting Reported Results Timing Adjusted Constant Currency1: Revenue +7%, Adjusted EBITDA +7% (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations

 

12©2026 Laureate Education, Inc. Segment Results

 

13©2026 Laureate Education, Inc. Mexico Segment Results Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q2 ’26 Constant Currency Vs. Q2 ’25 1 Q2 YTD ’26 Constant Currency Vs. Q2 YTD ’25 1 New Enrollment 25K 16% 70K 7% • Primary intake will occur in September Total Enrollment 249K 5% 249K 5% • Driven by new enrollments and stronger retention Revenue $269 10% $480 3% • YTD +6% organic/cc adjusted for timing of academic calendar; ($12M) impact • No timing impact in Q2 period Adj. EBITDA $71 9% $112 (11%) • YTD (2%) organic/cc adjusted for timing of academic calendar; ($10M) impact • 1H impacted by phasing of expenses/investments Adj. EBITDA margin 26.2% (36 bps) 23.4% (385 bps) • YTD (206 bps) adjusted for timing of academic calendar • 1H impacted by phasing of expenses/investments Favorable Secondary Intake and Continued Improvements in Profitability YTD Timing Adjusted Constant Currency1: Revenue +6%, Adjusted EBITDA (2%) (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations

 

14©2026 Laureate Education, Inc. Peru Segment Results Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q2 ’26 Constant Currency Vs. Q2 ’25 1 Q2 YTD ’26 Constant Currency Vs. Q2 YTD ’25 1 New Enrollment 15K 9% 72K 14% • Strong primary intake completed in March/April Total Enrollment 252K 8% 252K 8% • Growth driven by strong new enrollments Revenue $347 6% $409 8% • YTD +7% organic/cc adjusted for timing of academic calendar; $3M impact • No timing impact in Q2 period Adj. EBITDA $191 7% $156 15% • YTD +13% organic/cc adjusted for timing of academic calendar; $2M impact Adj. EBITDA margin 55.0% 46 bps 38.1% 219 bps • YTD +197 bps organic/cc adjusted for timing of academic calendar Strong Primary Intake; YTD Results Impacted by Intra-Year Academic Calendar Timing YTD Timing Adjusted Constant Currency1: Revenue +7%, Adjusted EBITDA +13% (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations

 

15©2026 Laureate Education, Inc. Capitalization and Share Count

 

16©2026 Laureate Education, Inc. Q2 2026 Capitalization and Return of Capital Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital ($ in millions) Total Company as of 06/30/26 Gross Debt $223 Less: Cash & Cash Equivalents ($162) Net Debt $61  138M shares outstanding as of June 30th  Share Repurchase Update:  $181M of share buybacks completed through June YTD (or 5.4M shares)  Announcing $150M increase in share repurchase authorization

 

17©2026 Laureate Education, Inc. Outlook

 

18©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. 2026 Updated Outlook Increasing as reported guidance at the mid-point by $28M for Revenue, $8M for Adjusted EBITDA, and $0.03/share for Adjusted Earnings Per Share ($ in millions, except Adjusted EPS) (Enrollments rounded to the nearest thousand) Prior 2026 Guidance Outlook Operational Change FX Impact Current 2026 Guidance Outlook1 Total Enrollment 516K – 521K 2K – 2K - 518K – 523K Revenue $1,890 – $1,905 $10 – $5 $20 $1,920 – $1,930 Adjusted EBITDA $583 – $593 $5 – $1 $5 $593 – $599 Adjusted EPS2 $2.00 – $2.08 $0.02 – $0.00 $0.02 – $0.02 $2.04 – $2.10 (1) Outlook is based on actual FX rates for January through July, and assumed Spot FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. (2) Assumes diluted weighted average shares outstanding of approximately 139 million. Note: An outlook for 2026 net income and reconciliation of the forward-looking 2026 Adjusted EBITDA and 2026 Adjusted EPS outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA, its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, or Adjusted EPS to their projected GAAP equivalents without unreasonable effort.

 

19©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. 2026 Outlook – Executive Summary  Continued strong operating results expected in FY 2026  2026 Revenue growth expected at 13% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on a constant currency basis2 Vs. 2025  2026 Adjusted EBITDA growth expected at 14%-15% Vs. 20251 on a USD reported basis, expected to be up 8%-9% on a constant currency basis2 Vs. 2025  Adjusted EBITDA Margin accretion of ~50bps3 still expected driven by continued margin optimization as well as operating leverage from Revenue growth  Adjusted EBITDA to Unlevered Free Cash Flow Conversion of approximately 50% still expected  Adjusted Earnings Per Share (EPS) now expected to be $2.04 - $2.10/share, an increase of 19%-22% Vs. 20251,4 (1) Based on actual FX rates for January through July, and assumed spot FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. (2) Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations. (3) At mid-point of 2026 guidance provided. (4) Assumes diluted weighted average shares outstanding of approximately 139 million. Note: An outlook for 2026 net income and reconciliation of the forward-looking 2026 Adjusted EBITDA and 2026 Adjusted EPS outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA, its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, or Adjusted EPS to their projected GAAP equivalents without unreasonable effort.

 

20©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Strong Growth Expected for 2026 Total Revenue Adjusted EBITDA Strong Operational Growth Expected Along with FX Currency Tailwinds (1) Based on actual FX rates for January through July, and assumed spot FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2026 net income and reconciliation of the forward-looking 2026 Adjusted EBITDA and 2026 Adjusted EPS outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA, its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, or Adjusted EPS to their projected GAAP equivalents without unreasonable effort. 1,702M 1,925M 2025 Actuals 110M +6% FX Impact 1 113M +7% Operational Growth in Constant Currency 2026 Guidance Midpoint +13% 519M 596M 2025 Actuals 32M +6% FX Impact 1 45M +9% Operational Growth in Constant Currency 2026 Guidance Midpoint 15%

 

21©2026 Laureate Education, Inc. Q3 2026 Guidance ($ in millions) Q3 2026 Outlook1 Revenue $471 – $476 Adjusted EBITDA $134 – $137 (1) Outlook is based on actual FX rates for July and assumed FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through September 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for Q3 net income and reconciliation of the forward-looking Q3 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

 

22©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Change in Academic Calendar in 2026 Expected Intra-Year Changes in Revenue Seasonality Vs. 2025 ($ in millions) Q1 Actual Q2 Actual Q3 Est. Q4 Est. FY Mexico ($12) - $28 ($16) - Peru $3 - $1 ($4) - Total Revenue Impact ($9) - $29 ($20) -  Changes in academic calendar and revenue recognition expected to impact seasonality during 2026 Intra-Year Seasonality Impacting Timing of Revenue and Earnings in 2026

 

23©2026 Laureate Education, Inc. Appendix

 

24©2026 Laureate Education, Inc. 2026 Second Quarter – Net Income Reconciliation Q2 ’26 B / (W) Notes ($ in millions) Reported Vs. Q2 ’25 Adjusted EBITDA 251 36 Depreciation & Amortization (23) (5) Interest Expense, net (3) (1) Other (6) 22 • Mainly non-cash FX translation on intercompany loans Income Tax (82) (12) Income/(Loss) From Continuing Operations 137 40 Discontinued Operations (Net of Tax) (0) (0) Net Income / (Loss) 137 40 Continued Improvements in Income From Continuing Operations

 

25©2026 Laureate Education, Inc. 2026 Q2 YTD – Net Income Reconciliation Q2 YTD ’26 B / (W) Notes ($ in millions) Reported Vs. Q2 YTD ’25 Adjusted EBITDA 248 28 • Impacted by ($9M) intra-year timing of academic calendar; offset in 2H Depreciation & Amortization (46) (12) Interest Expense, net (4) (1) Other (7) 27 • Mainly non-cash FX translation on intercompany loans Income Tax (76) (4) Income/(Loss) From Continuing Operations 116 38 Discontinued Operations (Net of Tax) (0) (0) Net Income / (Loss) 116 38 Net Income Impacted by Intra-Year Academic Calendar Timing And Non-Cash FX Translation on Intercompany Loans

 

26©2026 Laureate Education, Inc. 2026 Full Year Guidance Details ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2025 FY Results As Reported 498K $1,702 $519 Growth 20K - 25K $108 - $118 $42 - $48 Growth % 4% - 5% 6% - 7% 8% - 9% 2026 FY Guidance (Constant Currency) 518K - 523K $1,810 - $1,820 $561 - $567 Growth % (Constant Currency) 4% - 5% 6% - 7% 8% - 9% FX Impact (spot FX) (1) $110 $32 2026 FY Guidance (@ spot FX) (1) 518K - 523K $1,920 - $1,930 $593 - $599 As Reported Growth % 4% - 5% 13% - 13% 14% - 15% Continued Constant Currency Top Line Growth and Margin Expansion (1) Based on actual FX rates for January through July, and assumed spot FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2026 net income and reconciliation of the forward-looking 2026 Adjusted EBITDA and 2026 Adjusted EPS outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA, its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, or Adjusted EPS to their projected GAAP equivalents without unreasonable effort.

 

27©2026 Laureate Education, Inc. Q3 2026 Guidance Details Q3 Outlook Showing Expected Continued Revenue Growth Momentum Q3 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q3 Results As Reported $400 $95 Timing Impact Intra-Year (academic calendar) $29 $26 2025 Q3 Results Adjusted $429 $121 Growth $24 - $29 $8 - $11 Growth % 6% - 7% 7% - 9% 2026 Q3 Guidance (Constant Currency) $453 - $458 $129 - $132 Growth % (Constant Currency) 6% - 7% 7% - 9% FX Impact (spot FX) (1) $18 $5 2026 Q3 Guidance (@ spot FX) (1) $471 - $476 $134 - $137 As Reported Growth % 18% - 19% 41% - 44% (1) Based on actual FX rates for July and assumed spot FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through September 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for Q3 2026 net income and reconciliation of the forward-looking Q3 2026 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

 

28©2026 Laureate Education, Inc. Return of Capital Summary Since 2019 ($ in millions) Stock Buybacks Cash Distributions / Dividends Total 2019 $264 - $264 2020 $100 - $100 2021 $380 $1,375 $1,755 2022 $282 $249 $531 2023 - $110 $110 2024 $102 - $102 2025 $217 - $217 2026 YTD June $181 - $181 Cumulative Since 2019 $1,526 $1,734 $3,260 Strong Track Record of Returning Capital to Shareholders More than $3 Billion of Capital Returned to Shareholders Since Start of 2019

 

29©2026 Laureate Education, Inc. New Enrollments Seasonality Intra-Year Seasonality Trends Revenue Seasonality Adjusted EBITDA Seasonality Factors Affecting Seasonality  Large intake cycles at end of Q1 (Peru) and end of Q3 (Mexico) drive seasonality of earnings  Q2 and Q4 are typically Laureate’s strongest earnings quarters  Academic calendar  FX trends 37% 11% 50% 3% 39% 10% 48% 3% 38% 10% 48% 4% 35% 13% 48% 5% Q1 Q2 Q3 Q4 2022 2023 2024 2025 8% 43% 21% 28% 8% 42% 19% 31% 7% 42% 20% 31% 1% 41% 18% 39% Q1 Q2 Q3 Q4 2022 2023 2024 2025 17% 31% 24% 28% 17% 31% 24% 28% 18% 32% 24% 27% 14% 31% 24% 32% Q1 Q2 Q3 Q4 2022 2023 2024 2025

 

30©2026 Laureate Education, Inc. Financial Results & Tables

 

31©2026 Laureate Education, Inc. Financial Tables Consolidated Statements of Operations Note: May not sum to total due to rounding. For the three months ended June 30, For the six months ended June 30, IN MILLIONS (except per share amounts) 2026 2025 Change 2026 2025 Change Revenues $ 615.9 $ 524.2 $ 91.7 $ 888.5 $ 760.3 $ 128.2 Costs and expenses: Direct costs 378.2 317.4 60.8 667.2 555.7 111.5 General and administrative expenses 14.2 13.5 0.7 25.4 24.5 0.9 Operating income 223.4 193.3 30.1 195.9 180.1 15.8 Interest income 1.5 1.4 0.1 3.4 2.9 0.5 Interest expense (4.2) (3.1) (1.1) (7.3) (5.5) (1.8) Other income, net — 0.8 (0.8) 0.5 0.8 (0.3) Foreign currency exchange loss, net (2.0) (25.6) 23.6 (1.0) (28.8) 27.8 Loss on disposal of subsidiaries, net — — — — — — Income from continuing operations before income taxes 218.8 166.8 52.0 191.5 149.5 42.0 Income tax expense (81.7) (69.4) (12.3) (76.0) (71.9) (4.1) Income from continuing operations 137.1 97.4 39.7 115.5 77.7 37.8 Income from discontinued operations, net of tax — — — — 0.2 (0.2) Net income 137.1 97.4 39.7 115.5 77.9 37.6 Net income attributable to noncontrolling interests — (2.3) 2.3 — (2.3) 2.3 Net income attributable to Laureate Education, Inc. $ 137.1 $ 95.1 $ 42.0 $ 115.5 $ 75.6 $ 39.9 Basic and diluted earnings per share: Basic weighted average shares outstanding 139.2 146.1 (6.9) 140.7 149.1 (8.4) Diluted weighted average shares outstanding 139.9 146.8 (6.9) 141.6 149.8 (8.2) Basic earnings per share $ 0.98 $ 0.65 $ 0.33 $ 0.82 $ 0.51 $ 0.31 Diluted earnings per share $ 0.98 $ 0.65 $ 0.33 $ 0.82 $ 0.50 $ 0.32

 

32©2026 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Quarter nm - percentage changes not meaningful (1) Constant Currency results exclude the period- over-period impact from currency fluctuations. Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Constant Currency” percentage changes are calculated by dividing the Constant Currency amounts by the 2025 Revenues and Adjusted EBITDA amounts. Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the three months ended June 30, 2026 2025 Reported Constant Currency(1) Total Constant Currency FX Revenues Mexico $ 269.0 $ 217.4 24% 10% $ 51.6 $ 21.8 $ 29.8 Peru 346.9 306.7 13% 6% 40.2 18.9 21.3 Corporate & Eliminations — 0.1 (100)% (100)% (0.1) (0.1) — Total Revenues $ 615.9 $ 524.2 17% 8% $ 91.7 $ 40.7 $ 51.1 Adjusted EBITDA Mexico $ 70.6 $ 57.4 23% 9% $ 13.2 $ 4.9 $ 8.3 Peru 190.8 167.2 14% 7% 23.6 11.8 11.8 Corporate & Eliminations (10.8) (10.2) (6)% (6)% (0.6) (0.6) — Total Adjusted EBITDA $ 250.6 $ 214.5 17% 8% $ 36.1 $ 16.1 $ 20.1

 

33©2026 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date nm - percentage changes not meaningful (1) Constant Currency results exclude the period- over-period impact from currency fluctuations. Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Constant Currency” percentage changes are calculated by dividing the Constant Currency amounts by the 2025 Revenues and Adjusted EBITDA amounts. Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the six months ended June 30, 2026 2025 Reported Constant Currency(1) Total Constant Currency FX Revenues Mexico $ 479.6 $ 406.6 18% 3% $ 73.0 $ 13.6 $ 59.4 Peru 408.8 353.6 16% 8% 55.2 28.7 26.5 Corporate & Eliminations — 0.1 (100)% (100)% (0.1) (0.1) — Total Revenues $ 888.5 $ 760.3 17% 6% $ 128.2 $ 42.3 $ 85.9 Adjusted EBITDA Mexico $ 112.1 $ 110.4 2% (11)% $ 1.7 $ (12.5) $ 14.2 Peru 155.8 128.4 21% 15% 27.4 18.8 8.6 Corporate & Eliminations (19.7) (18.9) (4)% (4)% (0.8) (0.8) — Total Adjusted EBITDA $ 248.2 $ 219.8 13% 3% $ 28.4 $ 5.5 $ 22.8

 

34©2026 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS June 30, 2026 December 31, 2025 Change Assets Cash and cash equivalents $ 161.7 $ 146.7 $ 15.0 Receivables (current), net 159.5 134.7 24.8 Other current assets 44.2 36.9 7.3 Property and equipment, net 647.2 628.6 18.6 Operating lease right-of-use assets, net 466.2 335.6 130.6 Goodwill and other intangible assets 816.4 803.5 12.9 Deferred income taxes 78.1 72.2 5.9 Other long-term assets 48.5 46.4 2.1 Current and long-term assets held for sale 1.7 1.7 — Total assets $ 2,423.5 $ 2,206.4 $ 217.1 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 240.3 $ 242.4 $ (2.1) Deferred revenue and student deposits 121.2 80.2 41.0 Total operating leases, including current portion 511.9 387.8 124.1 Total long-term debt, including current portion 222.1 127.7 94.4 Other liabilities 186.5 179.6 6.9 Total liabilities 1,282.0 1,017.6 264.4 Redeemable noncontrolling interests and equity 0.7 1.4 (0.7) Total stockholders' equity 1,140.8 1,187.4 (46.6) Total liabilities and stockholders' equity $ 2,423.5 $ 2,206.4 $ 217.1

 

35©2026 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions may not sum to total due to rounding. For the six months ended June 30, IN MILLIONS 2026 2025 Change Cash flows from operating activities Net income $ 115.5 $ 77.9 $ 37.6 Depreciation and amortization 45.6 33.7 11.9 Gain on lease terminations and disposals of subsidiaries and property and equipment, net (0.1) (0.3) 0.2 Deferred income taxes (4.6) (1.8) (2.8) Unrealized foreign currency exchange loss 0.7 28.9 (28.2) Income tax receivable/payable, net (3.7) 11.1 (14.8) Working capital, excluding tax accounts (25.1) (58.0) 32.9 Other non-cash adjustments 44.6 40.3 4.3 Net cash provided by operating activities 172.9 131.8 41.1 Cash flows from investing activities Purchase of property and equipment (35.5) (17.9) (17.6) Receipts from sales of property and equipment 0.1 0.1 — Net cash used in investing activities (35.5) (17.7) (17.8) Cash flows from financing activities Increase in long-term debt, net 67.8 0.4 67.4 Payments to repurchase common stock and excise tax payments (185.9) (71.6) (114.3) Financing other, net (4.6) (2.7) (1.9) Net cash used in financing activities (122.7) (73.8) (48.9) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 0.6 4.8 (4.2) Change in cash included in current assets held for sale — (0.8) 0.8 Net change in Cash and cash equivalents and Restricted cash 15.3 44.2 (28.9) Cash and cash equivalents and Restricted cash at beginning of period 152.1 97.9 54.2 Cash and cash equivalents and Restricted cash at end of period $ 167.4 $ 142.1 $ 25.3

 

36©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (1 of 4) The following table reconciles Net Income to Adjusted EBITDA and Adjusted EBITDA margin: (1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation." Note: Dollars in millions may not sum to total due to rounding. For the three months ended June 30, For the six months ended June 30, IN MILLIONS 2026 2025 Change 2026 2025 Change Net income $ 137.1 $ 97.4 $ 39.7 $ 115.5 $ 77.9 $ 37.6 Plus: Loss from discontinued operations, net of tax — — — — (0.2) 0.2 Income from continuing operations 137.1 97.4 39.7 115.5 77.7 37.8 Plus: Income tax expense 81.7 69.4 12.3 76.0 71.9 4.1 Income from continuing operations before income taxes 218.8 166.8 52.0 191.5 149.5 42.0 Plus: Foreign currency exchange loss, net 2.0 25.6 (23.6) 1.0 28.8 (27.8) Other income, net — (0.8) 0.8 (0.5) (0.8) 0.3 Interest expense 4.2 3.1 1.1 7.3 5.5 1.8 Interest income (1.5) (1.4) (0.1) (3.4) (2.9) (0.5) Operating income 223.4 193.3 30.1 195.9 180.1 15.8 Plus: Depreciation and amortization 23.0 17.7 5.3 45.6 33.7 11.9 EBITDA 246.4 211.0 35.4 241.5 213.8 27.7 Plus: Share-based compensation expense (1) 4.1 3.5 0.6 6.7 5.9 0.8 Adjusted EBITDA $ 250.6 $ 214.5 $ 36.1 $ 248.2 $ 219.8 $ 28.4 Revenues $ 615.9 $ 524.2 $ 91.7 $ 888.5 $ 760.3 $ 128.2 Income from continuing operations margin 22.3 % 18.6 % 367 bps 13.0 % 10.2 % 279 bps Adjusted EBITDA margin 40.7 % 40.9 % -23 bps 27.9 % 28.9 % -97 bps

 

37©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (2 of 4) The following table reconciles Net income to Adjusted net income and Adjusted EPS: (1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests. (2) Discrete tax items for 2025 represent a non- recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary, partially offset by $1.8 million interest expense related to legacy tax liabilities. Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $0.7 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $1.8 million to adjust for the interest related to these legacy tax liabilities that was recorded during the three months ended June 30, 2025. Note: Dollars in millions, except per share amounts, may not sum to total due to rounding. For the three months ended June 30, 2026 2025 IN MILLIONS, except per share amounts (per share) (1) (per share) (1) Net income $ 137.1 $ 0.98 $ 97.4 $ 0.65 Plus: Income from discontinued operations, net of tax — — — — Income from continuing operations 137.1 0.98 97.4 0.65 Plus: Discrete tax items (2) 0.7 0.01 (2.9) (0.02) Loss on debt extinguishment — — — — Loss on disposal of subsidiaries, net — — — — Foreign currency exchange loss, net 2.0 0.01 25.6 0.17 Loss on impairment of assets — — — — Adjusted net income $ 139.8 $ 1.00 $ 120.1 $ 0.80 Diluted weighted average shares outstanding 139.9 146.8

 

38©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (3 of 4) The following table reconciles Net income to Adjusted net income and Adjusted EPS: (1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests. (2) Discrete tax items for 2025 represent a non- recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary, partially offset by $3.7 million interest expense related to legacy tax liabilities. The reduction of interest during the six months ended June 30, 2026 related to a court ruling that reduced a statutory interest rate. Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $(0.6) million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $3.7 million to adjust for the interest related to these legacy tax liabilities that was recorded during the six months ended June 30, 2025. Note: Dollars in millions, except per share amounts, may not sum to total due to rounding. For the six months ended June 30, 2026 2025 IN MILLIONS, except per share amounts (per share) (1) (per share) (1) Net income $ 115.5 $ 0.82 $ 77.9 $ 0.50 Plus: Loss from discontinued operations, net of tax — — (0.2) — Income from continuing operations 115.5 0.82 77.7 0.50 Plus: Discrete tax items (2) (0.6) — (1.0) (0.01) Loss on debt extinguishment — — — — Loss on disposal of subsidiaries, net — — — — Foreign currency exchange loss, net 1.0 0.01 28.8 0.19 Loss on impairment of assets — — — — Adjusted net income $ 115.9 $ 0.83 $ 105.5 $ 0.68 Diluted weighted average shares outstanding 141.6 149.8

 

39©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (4 of 4) The following table presents Free cash flow and reconciles Net cash flows from operating activities to Free Cash Flow for the six months ended June 30, 2026 and 2025: Note: Dollars in millions may not sum to total due to rounding.IN MILLIONS 2026 2025 Change Net cash provided by operating activities $ 172.9 $ 131.8 $ 41.1 Capital expenditures: Purchase of property and equipment (35.5) (17.9) (17.6) Receipts from sales of property and equipment 0.1 0.1 — Free Cash Flow $ 137.5 $ 114.0 $ 23.5

 

©2026 Laureate Education, Inc.

 

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