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Laureate Education (NASDAQ: LAUR) lifts 2026 EPS outlook after Q1 results

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

Rhea-AI Filing Summary

Laureate Education, Inc. reported first quarter 2026 results and updated its full‑year outlook. Revenue for the quarter rose 15% to $272.6 million, driven by 9% growth in new enrollments and 6% growth in total enrollments across its universities in Mexico and Peru.

The company posted a Q1 2026 operating loss of $27.5 million and a net loss of $21.6 million, with results pressured by academic calendar timing and higher depreciation from campus investments. Adjusted EBITDA was $(2.3) million in this seasonally weak quarter. Laureate repurchased about $105 million of stock, ending the period with 140.0 million shares outstanding and net debt of $59.7 million. For 2026, it reaffirmed guidance for revenue of $1.89–$1.905 billion and Adjusted EBITDA of $583–$593 million, and raised Adjusted EPS guidance to $2.00–$2.08 per share.

Positive

  • Raised 2026 Adjusted EPS guidance: Adjusted EPS is now projected at $2.00–$2.08 per share, implying 16%–21% year‑over‑year growth, supported in part by significant share repurchases.
  • Solid top‑line and enrollment growth: Q1 2026 revenue grew 15% to $272.6 million, with new enrollments up 9% and total enrollments up 6%, indicating healthy demand across Mexico and Peru.
  • Strong full‑year growth outlook: For 2026, the company continues to target revenue growth of 11%–12% and Adjusted EBITDA growth of 12%–14% on a reported basis, plus margin expansion and roughly 50% Adjusted EBITDA‑to‑unlevered free cash flow conversion.

Negative

  • Weaker Q1 profitability: Operating loss widened to $27.5 million, net loss to $21.6 million, and Adjusted EBITDA declined from $5.4 million to $(2.3) million, reflecting timing effects and higher depreciation and amortization.
  • Lower Adjusted EBITDA in core Mexico segment: Mexico’s Adjusted EBITDA fell from $53.0 million to $41.5 million, a 22% decline on a reported basis and 33% decline on a constant currency basis for the quarter.

Insights

Strong enrollment, higher 2026 EPS guidance, but Q1 profitability is weaker on timing and investments.

Laureate delivered Q1 2026 revenue of $272.6M, up 15%, with new enrollments up 9% and total enrollments up 6%. Management highlights favorable intake cycles in both Mexico and Peru, and notes that intra‑year academic calendar shifts deferred about $9M of revenue and Adjusted EBITDA into later quarters.

Profitability this quarter is soft: operating loss widened to $(27.5)M, net loss to $(21.6)M, and Adjusted EBITDA fell to $(2.3)M from $5.4M. The company attributes this mainly to timing effects and higher depreciation and amortization from campus expansions and new campus investments, implying these expenses support future capacity rather than signaling operational deterioration.

For full‑year 2026, guidance remains robust: revenues of $1.89–$1.905B (up 11–12% as reported), Adjusted EBITDA of $583–$593M (up 12–14%), and Adjusted EPS increased to $2.00–$2.08, reflecting share repurchases of about $105M. Investors may focus on execution against this outlook, particularly the expected offset of calendar timing impacts in the third quarter of 2026.

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.
Q1 2026 revenue $272.6 million For the three months ended March 31, 2026; up $36.4 million or 15% vs. 2025
Q1 2026 net loss $21.6 million Net loss for the first quarter of 2026 vs. $19.6 million in 2025
Q1 2026 Adjusted EBITDA $(2.3) million Seasonally low quarter; down from $5.4 million in Q1 2025
2026 revenue guidance $1.89–$1.905 billion Full‑year 2026 outlook; 11%–12% as‑reported growth vs. 2025
2026 Adjusted EBITDA guidance $583–$593 million Full‑year 2026 outlook; 12%–14% as‑reported growth vs. 2025
2026 Adjusted EPS guidance $2.00–$2.08 per share Updated full‑year 2026 range, 16%–21% growth vs. 2025
Q1 2026 share repurchases $105 million Value of common stock repurchased under the existing program in Q1 2026
Cash and net debt $157.4M cash; $59.7M net debt Cash and cash equivalents and net debt as of March 31, 2026
Adjusted EBITDA financial
"Adjusted EBITDA for the first quarter (seasonally low quarter) of 2026 was $(2.3) 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 basis1, revenue increased 1% and was unfavorably affected by approximately $9 million"
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.
Adjusted Earnings Per Share financial
"Company Increases Full-Year 2026 Adjusted Earnings Per Share Guidance"
Adjusted Earnings Per Share shows how much profit a company makes for each share of stock, but it removes unusual or one-time items like big expenses or gains. This helps investors see the company's true ongoing performance, making it easier to compare how well different companies are doing over time.
net debt financial
"Accordingly, net debt was $59.7 million as of March 31, 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.
free cash flow financial
"Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E)."
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
"This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events"
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.
Revenue $272.6 million +15% vs. Q1 2025
Net loss $(21.6) million vs. $(19.6) million in Q1 2025
Adjusted EBITDA $(2.3) million vs. $5.4 million in Q1 2025
New enrollments 102,700 +9% vs. YTD Q1 2025
Total enrollments 507,700 +6% vs. March 31, 2025
Guidance

For full-year 2026, Laureate expects total enrollments of 516,000–521,000 students, revenue of $1.89–$1.905 billion, Adjusted EBITDA of $583–$593 million, and Adjusted EPS of $2.00–$2.08 per share.

Understanding 8-K Material Events →
false000091276600009127662026-04-302026-04-30

  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)
April 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 April 30, 2026, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 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 April 30, 2026, the Company made available on the investor relations section of its website its first 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 April 30, 2026.
99.2
First 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: April 30, 2026
2

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026

Company Increases Full-Year 2026 Adjusted Earnings Per Share Guidance


MIAMI - April 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 first quarter of 2026.

First Quarter 2026 Highlights (compared to first quarter 2025):

•New enrollments increased 9%.
•Total enrollments increased 6%.
•On a reported basis, revenue increased 15% to $272.6 million. On a constant currency basis1, revenue increased 1% and was unfavorably affected by approximately $9 million of intra-year academic calendar timing attributable to later semester start dates in the first quarter of 2026 as compared to the first quarter of 2025.
•Operating loss for the first quarter of 2026 was $(27.5) million, compared to an operating loss of $(13.2) million for the first quarter of 2025. Operating results in the first quarter of 2026 were unfavorably affected by intra-year academic calendar timing as well as higher depreciation and amortization expenses related to growth initiatives including campus expansions and new campus investments as compared to the first quarter of 2025.
•Net loss for the first quarter of 2026 was $(21.6) million, compared to a net loss of $(19.6) million for the first quarter of 2025.
•Adjusted EBITDA for the first quarter (seasonally low quarter) of 2026 was $(2.3) million, compared to Adjusted EBITDA of $5.4 million for the first quarter of 2025. Adjusted EBITDA in the first quarter 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 third quarter.

Eilif Serck-Hanssen, President and Chief Executive Officer, said “We are pleased to report favorable new enrollment results from the recently completed primary intake cycle in Peru and the secondary intake cycle in Mexico. Our operating trends remain on track with our expectations for the year. Additionally, we continue to return excess capital to shareholders, having completed approximately $105 million in share repurchases during the first quarter. As a result, we are increasing our full-year Adjusted Earnings Per Share guidance.”

Mr. Serck-Hanssen added, “I am also proud to share that we recently published our annual Impact Report, highlighting the meaningful and measurable difference we make in the lives of our students and their families, by expanding access to quality higher education and serving as a vital part of our communities. Our impact is driven by a team of more than 30,000 dedicated faculty and staff who embody our values every day. I thank them for their unwavering commitment to our mission.”








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


1

First Quarter 2026 Results

New enrollments for the first quarter of 2026 increased 9%, compared to new enrollment activity for the first quarter of 2025, and total enrollments were up 6% compared to the prior-year quarter.

Through the end of the enrollment intake cycle completed in April 2026, new and total enrollments also increased 9% and 6%, respectively, as compared to the comparable prior-year intake period. New enrollments in Peru increased 13% during the primary intake as compared to the comparable period in the prior-year, and total enrollments grew 8%. In Mexico, both new and total enrollments were up 4% during the secondary intake completed in April 2026, as compared to the comparable prior-year intake period.

For the first quarter of 2026, revenue on a reported basis was $272.6 million, an increase of $36.4 million, or 15%, compared to the first quarter of 2025. On a constant currency basis, revenue increased 1%. Revenue for the first quarter 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 loss for the first quarter of 2026 was $(27.5) million, compared to an operating loss of $(13.2) million for the first quarter of 2025, a change of $14.3 million, mainly driven by the unfavorable effect of intra-year academic calendar timing of semester start dates in addition to higher depreciation and amortization expenses related to growth initiatives including campus expansions and new campus investments as compared to the first quarter of 2025. Net loss for the first quarter of 2026 was $(21.6) million, compared to $(19.6) million for the first quarter of 2025. Basic and diluted loss per share for the first quarter of 2026 was $(0.15), compared to $(0.13) for the first quarter of 2025.

Adjusted EBITDA for the first quarter of 2026 was $(2.3) million, compared to Adjusted EBITDA of $5.4 million for the first quarter of 2025. Adjusted EBITDA for the first quarter 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 March 31, 2026, Laureate had $157.4 million of cash and cash equivalents and gross debt of $217.1 million. Accordingly, net debt was $59.7 million as of March 31, 2026.

Laureate repurchased approximately $105 million of its common stock during the first quarter of 2026 under the existing stock repurchase program. As of March 31, 2026, Laureate had approximately $76 million of stock repurchase authorization remaining under its existing stock repurchase program.

As of March 31, 2026, Laureate had 140.0 million total shares outstanding.















2

Outlook for Fiscal 2026

Laureate is updating its 2026 outlook for Adjusted Earnings Per Share (Adjusted EPS) to reflect the impact from share repurchases completed during the first quarter.

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

•Total enrollments are still expected to be in the range of 516,000 to 521,000 students, reflecting growth of 4%-5% versus 2025;
•Revenues are still expected to be in the range of $1,890 million to $1,905 million, reflecting growth of 11%-12% on an as-reported basis and growth of 6%-7% on a constant currency basis versus 2025;
•Adjusted EBITDA is still expected to be in the range of $583 million to $593 million, reflecting growth of 12%-14% on an as-reported basis and 7%-9% on a constant currency basis versus 2025; and
•Adjusted EPS is now expected to be in the range of $2.00 - $2.08 per share3, reflecting growth of 16%-21% on an as-reported basis.

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/LAURQ12026 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-April 2026, and assumed FX rates (local currency per U.S. Dollar) of MXN 17.95 and PEN 3.45 for May 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 141 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
Change
Change
YTD 1Q 2026YTD 1Q 2025
Total
Timing
Adj. (1)
As of 03/31/2026As of 03/31/2025
Total
Timing
Adj. (1)
Mexico45,300 44,200 2 %4 %259,900 250,200 4 %4 %
Peru57,400 49,800 15 %13 %247,800 226,800 9 %8 %
Laureate102,700 94,000 9 %9 %507,700 477,000 6 %6 %
(1) Includes enrollments through completion of the intake cycles that ended in April 2026 and April 2025




6


Consolidated Statements of Operations
For the three months ended March 31,
IN MILLIONS (except per share amounts)
20262025Change
Revenues$272.6 $236.2 $36.4 
Costs and expenses:
Direct costs289.0 238.4 50.6 
General and administrative expenses11.1 11.0 0.1 
Operating loss(27.5)(13.2)(14.3)
Interest income1.9 1.5 0.4 
Interest expense(3.1)(2.4)(0.7)
Other income, net0.4 — 0.4 
Foreign currency exchange gain (loss), net1.0 (3.2)4.2 
Loss from continuing operations before income taxes(27.3)(17.3)(10.0)
Income tax benefit (expense)5.7 (2.5)8.2 
Loss from continuing operations(21.6)(19.8)(1.8)
Income from discontinued operations, net of tax— 0.2 (0.2)
Net loss(21.6)(19.6)(2.0)
Net loss attributable to noncontrolling interests— 0.1 (0.1)
Net loss attributable to Laureate Education, Inc.$(21.6)$(19.5)$(2.1)
Basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares outstanding142.3 147.6 (5.3)
Basic and diluted loss per share$(0.15)$(0.13)$(0.02)



7

Revenue and Adjusted EBITDA by segment

IN MILLIONS
% Change$ Variance Components
For the three months ended March 31, 20262025Reported
Constant
Currency(1)
Total
 Constant
Currency
FX
Revenues
Mexico$210.6 $189.3 11%(4)%$21.3 $(8.3)$29.6 
Peru62.0 46.9 32%21%15.1 9.9 5.2 
Corporate & Eliminations— 0.1 (100)%(100)%(0.1)(0.1)— 
Total Revenues$272.6 $236.2 15%1%$36.4 $1.6 $34.8 
Adjusted EBITDA
Mexico$41.5 $53.0 (22)%(33)%$(11.5)$(17.4)$5.9 
Peru(34.9)(38.8)10%18%3.9 7.1 (3.2)
Corporate & Eliminations(8.9)(8.8)(1)%(1)%(0.1)(0.1)— 
Total Adjusted EBITDA$(2.3)$5.4 (143)%(193)%$(7.7)$(10.4)$2.7 
(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 MILLIONSMarch 31, 2026December 31, 2025Change
Assets
Cash and cash equivalents$157.4 $146.7 $10.7 
Receivables (current), net55.5 134.7 (79.2)
Other current assets57.8 36.9 20.9 
Property and equipment, net633.5 628.6 4.9 
Operating lease right-of-use assets, net453.8 335.6 118.2 
Goodwill and other intangible assets800.3 803.5 (3.2)
Deferred income taxes74.6 72.2 2.4 
Other long-term assets46.7 46.4 0.3 
Current and long-term assets held for sale1.7 1.7 — 
Total assets$2,281.1 $2,206.4 $74.7 
Liabilities and stockholders' equity
Accounts payable and accrued expenses$211.2 $242.4 $(31.2)
Deferred revenue and student deposits130.4 80.2 50.2 
Total operating leases, including current portion506.9 387.8 119.1 
Total long-term debt, including current portion215.8 127.7 88.1 
Other liabilities167.5 179.6 (12.1)
Total liabilities1,231.7 1,017.6 214.1 
Redeemable equity1.4 1.4 — 
Total stockholders' equity1,048.1 1,187.4 (139.3)
Total liabilities and stockholders' equity$2,281.1 $2,206.4 $74.7 



9

Consolidated Statements of Cash Flows
For the three months ended March 31,
IN MILLIONS20262025Change
Cash flows from operating activities
Net loss$(21.6)$(19.6)$(2.0)
Depreciation and amortization22.6 16.1 6.5 
Gain on lease terminations and disposals of subsidiaries and property and equipment, net(0.1)(0.3)0.2 
Deferred income taxes(2.6)4.9 (7.5)
Unrealized foreign currency exchange (gain) loss(1.5)2.9 (4.4)
Income tax receivable/payable, net(31.9)(20.9)(11.0)
Working capital, excluding tax accounts74.6 56.0 18.6 
Other non-cash adjustments22.5 18.7 3.8 
Net cash provided by operating activities61.9 57.8 4.1 
Cash flows from investing activities
Purchase of property and equipment(8.3)(4.6)(3.7)
Receipts from sales of property and equipment— 0.1 (0.1)
Net cash used in investing activities(8.3)(4.6)(3.7)
Cash flows from financing activities
Increase in long-term debt, net71.5 7.5 64.0 
Payments to repurchase common stock and excise tax payments(108.2)(39.5)(68.7)
Financing other, net(4.6)(2.7)(1.9)
Net cash used in financing activities(41.3)(34.6)(6.7)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash(1.4)0.9 (2.3)
Change in cash included in current assets held for sale— (0.4)0.4 
Net change in Cash and cash equivalents and Restricted cash10.9 19.1 (8.2)
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$163.0 $116.9 $46.1 



10

Non-GAAP Reconciliation (1 of 2)

The following table reconciles Net loss to Adjusted EBITDA:
For the three months ended March 31,
IN MILLIONS20262025Change
Net loss$(21.6)$(19.6)$(2.0)
Plus:
Income from discontinued operations, net of tax— (0.2)0.2 
Loss from continuing operations(21.6)(19.8)(1.8)
Plus:
Income tax (benefit) expense(5.7)2.5 (8.2)
Loss from continuing operations before income taxes(27.3)(17.3)(10.0)
Plus:
Foreign currency exchange (gain) loss, net(1.0)3.2 (4.2)
Other income, net(0.4)— (0.4)
Interest expense3.1 2.4 0.7 
Interest income(1.9)(1.5)(0.4)
Operating loss(27.5)(13.2)(14.3)
Plus:
Depreciation and amortization22.6 16.1 6.5 
EBITDA(4.9)2.9 (7.8)
Plus:
Share-based compensation expense (1)
2.6 2.5 0.1 
Adjusted EBITDA$(2.3)$5.4 $(7.7)
(1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."



11

Non-GAAP Reconciliations (2 of 2)

The following table reconciles Net loss to Adjusted net loss and Adjusted EPS:
For the three months ended March 31,
20262025
IN MILLIONS, except per share amounts
(per share) (1)
(per share) (1)
Net loss$(21.6)$(0.15)$(19.6)$(0.13)
Plus:
Income from discontinued operations, net of tax— — (0.2)— 
Loss from continuing operations(21.6)(0.15)(19.8)(0.13)
Plus:
Discrete tax items (2)
(1.3)(0.01)1.9 0.01 
Loss on debt extinguishment— — — — 
Loss on disposal of subsidiaries, net— — — — 
Foreign currency exchange (gain) loss, net(1.0)(0.01)3.2 0.02 
Loss on impairment of assets— — — — 
Adjusted net loss$(23.9)$(0.17)$(14.7)$(0.10)
Diluted weighted average shares outstanding142.3147.6
(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) 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 $(1.3) million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively, should be excluded from Adjusted net loss and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. The reduction of interest during the three months ended March 31, 2026 related to a court ruling that reduced a statutory interest rate. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $1.9 million to adjust for the interest related to these legacy tax liabilities that was recorded during the three months ended March 31, 2025.



12

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.


13
©2026 Laureate Education, Inc. First Quarter 2026 Earnings Presentation April 30, 2026

 

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. Figures labeled n.m. indicate values that are not meaningful or not applicable.

 

5©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Executive Summary  First quarter Revenue and Adjusted EBITDA ahead of guidance attributable favorable FX and timing items  New enrollment intake in-line with expectations  New and Total Enrollments increased 9% and 6%, respectively, for the intake cycle versus comparable intake period of prior year  Peru (primary intake): New Enrollments grew 13% and Total Enrollments increased 8%; strong macro trends and scaling of working adult fully online programs  Mexico (secondary intake): New Enrollments grew 4% and Total Enrollments increased 4%; solid results against a softer macroeconomic backdrop highlighting the resiliency of our business model  Net Loss of $22M in Q1 during seasonally low quarter; impacted by intra-year academic calendar timing  Increasing FY 2026 Adjusted Earnings Per Share guidance to reflect $105M of share buybacks completed during first quarter Favorable New Enrollment Intake in Cycle One Increasing Full Year Adjusted EPS Guidance on Share Buybacks

 

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 @ 03/31/26 128,000 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching131,900 1994 Premium/ Traditional83,700 1994 Value/ Teaching139,700 1983 Technical/ Vocational24,400 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

 

©2026 Laureate Education, Inc. 9 Delivering Measurable Outcomes for Our Students and Communities Accessible Education. Real Outcomes. Lasting Impact. Expanding Access to Education 50% First-generation students1 1Percentage of newly enrolled students who are the first in their family to attend higher education. Student Outcomes and Economic Mobility 9 out of 10 Graduates employed within 12 months2 2Job-seeking graduates employed within 12 months of graduation. ~3 years Time required for graduates of Laureate on-campus programs to recover the nominal cost of their education through additional earnings compared to high school graduates of the same age. Payback period Our Mission… By expanding access to higher education and helping build the middle class in Mexico and Peru, we contribute to stronger, more equitable societies. See the full 2025 Impact Report at: laureate.net/impact

 

10©2026 Laureate Education, Inc. Q1 2026 Performance Results

 

11©2026 Laureate Education, Inc. 2026 First Quarter – Financial Summary Q1 ’26 Variance Vs. Q1 ’25 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Constant Currency1 New Enrollment 103K 9% 9% • Through Cycle completion (timing adjusted): LAUR +9%, Mexico +4%, Peru +13% Total Enrollment 508K 6% 6% • Through Cycle completion (timing adjusted): LAUR +6%, Mexico +4%, Peru +8% Revenue $273 15% 1% • Largely an out of session period • +5% constant currency adjusted for timing of academic calendar; ($9M) impact Adj. EBITDA ($2) n.m. n.m. • Largely an out of session period Adj. EBITDA margin (0.8%) n.m. n.m. (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +5%

 

12©2026 Laureate Education, Inc. Segment Results

 

13©2026 Laureate Education, Inc. Mexico Segment Results Q1 Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q1 ’26 Constant Currency Vs. Q1 ’251 New Enrollment 45K 2% • Through Cycle completion (timing adjusted): +4% • Solid results through completion of the secondary intake cycle; primary intake for Mexico will occur in September Total Enrollment 260K 4% • Through Cycle completion (timing adjusted): +4% • Driven by new enrollments and stronger retention Revenue $211 (4%) • +2% constant currency adjusted for timing of academic calendar; ($12M) impact • Timing of other Revenue Adj. EBITDA $41 (33%) • Largely out of session period, includes cost related to new campus investments • (16%) constant currency adjusted for timing of academic calendar; ($11M) impact Adj. EBITDA margin 19.7% (833 bps) • (413 bps) constant currency adjusted for timing of academic calendar Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +2% (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations.

 

14©2026 Laureate Education, Inc. Peru Segment Results (1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations. Q1 Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q1 ’26 Constant Currency Vs. Q1 ’251 New Enrollment 57K 15% • Through Cycle completion (timing adjusted): +13% • Favorable macro trends and further scaling of working adult online programs Total Enrollment 248K 9% • Through Cycle completion (timing adjusted): +8% Revenue $62 21% • Largely an out of session period • +13% constant currency adjusted for timing of academic calendar; +$3M impact Adj. EBITDA ($35) 18% • Largely an out of session period • +13% constant currency adjusted for timing of academic calendar; +$2M impact Adj. EBITDA margin (56.3%) n.m. Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +13%

 

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

 

16©2026 Laureate Education, Inc. Q1 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 03/31/26 Gross Debt $217 Less: Cash & Cash Equivalents ($157) Net Debt $60  140M shares outstanding as of March 31st  Share Repurchase Update:  $105M of share buybacks completed in Q1 2026 (or 3.2M shares)  Remaining stock buyback authorization capacity of $76M as of March 31st

 

17©2026 Laureate Education, Inc. Outlook

 

18©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. 2026 Updated Outlook Increasing Full Year Adjusted EPS Guidance For Q1 Share Buybacks Completed ($ in millions, except Adjusted EPS) (Enrollments rounded to the nearest thousand) Prior 2026 Guidance Outlook Current 2026 Guidance Outlook1 Total Enrollment 516K – 521K 516K – 521K Revenue $1,890 – $1,905 $1,890 – $1,905 Adjusted EBITDA $583 – $593 $583 – $593 Adjusted EPS2 $1.95 – $2.03 $2.00 – $2.08 (1) Outlook is based on actual FX rates for January through April, and Spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May 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 141 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 still expected at 11%-12% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on a constant currency basis2 Vs. 2025  2026 Adjusted EBITDA growth still expected at 12%-14% Vs. 20251 on a USD reported basis, expected to be up 7%- 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 $2.00 - $2.08/share, an increase of 16%-21% Vs. 20251,4 (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May 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 141 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 April, and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May 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 1,897M 2025 Actuals 90M +5% FX Impact 1 106M +6% Operational Growth in Constant Currency 2026 Guidance Midpoint +11% 519M 588M 2025 Actuals 27M +5% FX Impact 1 42M +8% Operational Growth in Constant Currency 2026 Guidance Midpoint 13%

 

21©2026 Laureate Education, Inc. Q2 2026 Guidance ($ in millions) Q2 2026 Outlook1 Revenue $597 – $601 Adjusted EBITDA $239 – $243 (1) Outlook is based on actual FX rates for April and Spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May through June 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 Q2 2026 net income and reconciliation of the forward-looking Q2 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. Q2 Guidance

 

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 Est. Q3 Est. Q4 Est. FY Mexico ($12) - $28 ($16) - Peru $3 - $2 ($5) - Total Revenue Impact ($9) - $30 ($21) -  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 First Quarter – Net Income Reconciliation Q1 ’26 B / (W) Notes ($ in millions) Reported Vs. Q1 ’25 Adjusted EBITDA (2) (8) • Impacted by ($9M) intra-year timing of academic calendar Depreciation & Amortization (23) (7) • ($3M) increase year-over-year from FX, plus growth initiatives including campus expansions and new campuses Interest Expense, net (1) 0 Other (1) 5 Income Tax 6 8 Loss From Continuing Operations (22) (2) Discontinued Operations (Net of Tax) 0 0 Net Loss (22) (2) Net Loss Impacted by Intra-Year Academic Calendar Timing

 

25©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 18K - 23K $98 - $113 $37 - $47 Growth % 4% - 5% 6% - 7% 7% - 9% 2026 FY Guidance (Constant Currency) 516K - 521K $1,800 - $1,815 $556 - $566 Growth % (Constant Currency) 4% - 5% 6% - 7% 7% - 9% FX Impact (spot FX) (1) $90 $27 2026 FY Guidance (@ spot FX) (1) 516K - 521K $1,890 - $1,905 $583 - $593 As Reported Growth % 4% - 5% 11% - 12% 12% - 14% Continued Constant Currency Top Line Growth and Margin Expansion (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May 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.

 

26©2026 Laureate Education, Inc. First and Second Half 2026 Implied Guidance Details First Half Implied Guidance Second Half Implied Guidance ($ in millions) Revenues Adj. EBITDA Revenues Adj. EBITDA 2025 Results As Reported $760 $219 $942 $300 Timing Impact Intra-Year (academic calendar) ($9) ($9) $9 $9 2025 Results Adjusted $752 $211 $950 $308 Growth $42 - $46 $7 - $11 $56 - $67 $30 - $36 Growth % 6% 3% - 5% 6% - 7% 10% - 12% 2026 Guidance (Constant Currency) $794 - $798 $218 - $222 $1,006 - $1,017 $338 - $344 Growth % (Constant Currency) 6% 3% - 5% 6% - 7% 10% - 12% FX Impact (spot FX) (1) $76 $19 $14 $8 2026 Guidance (@ spot FX) (1) $870 - $874 $237 - $241 $1,020 - $1,031 $346 - $352 As Reported Growth % 14% - 15% 8% - 10% 8% - 10% 16% - 18% (1) Based on actual FX rates for April and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May through June 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 first half and second half 2026 net income and reconciliation of the forward-looking first half and second half 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. Continued Constant Currency Top Line Growth and Margin Expansion

 

27©2026 Laureate Education, Inc. Q2 2026 Guidance Details Q2 Outlook Showing Continued Revenue Growth Momentum Q2 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q2 Results As Reported $524 $214 Timing Impact Intra-Year (academic calendar) - - 2025 Q2 Results Adjusted $524 $214 Growth $32 - $36 $9 - $13 Growth % 6% - 7% 4% - 6% 2026 Q2 Guidance (Constant Currency) $556 - $560 $223 - $227 Growth % (Constant Currency) 6% - 7% 4% - 6% FX Impact (spot FX) (1) $41 $16 2026 Q2 Guidance (@ spot FX) (1) $597 - $601 $239 - $243 As Reported Growth % 14% - 15% 12% - 14% (1) Based on actual FX rates for April and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May through June 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 Q2 2026 net income and reconciliation of the forward-looking Q2 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 March $105 - $105 Cumulative Since 2019 $1,450 $1,734 $3,184 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 March 31, IN MILLIONS (except per share amounts) 2026 2025 Change Revenues $ 272.6 $ 236.2 $ 36.4 Costs and expenses: Direct costs 289.0 238.4 50.6 General and administrative expenses 11.1 11.0 0.1 Operating loss (27.5) (13.2) (14.3) Interest income 1.9 1.5 0.4 Interest expense (3.1) (2.4) (0.7) Other income, net 0.4 — 0.4 Foreign currency exchange gain (loss), net 1.0 (3.2) 4.2 Loss on disposal of subsidiaries, net — — — Loss from continuing operations before income taxes (27.3) (17.3) (10.0) Income tax benefit (expense) 5.7 (2.5) 8.2 Loss from continuing operations (21.6) (19.8) (1.8) Income from discontinued operations, net of tax — 0.2 (0.2) Net loss (21.6) (19.6) (2.0) Net loss attributable to noncontrolling interests — 0.1 (0.1) Net loss attributable to Laureate Education, Inc. $ (21.6) $ (19.5) $ (2.1) Basic and diluted earnings (loss) per share: Basic and diluted weighted average shares outstanding 142.3 147.6 (5.3) Basic and diluted loss per share $ (0.15) $ (0.13) $ (0.02)

 

32©2026 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Quarter (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 March 31, 2026 2025 Reported Constant Currency(1) Total Constant Currency FX Revenues Mexico $ 210.6 $ 189.3 11% (4)% $ 21.3 $ (8.3) $ 29.6 Peru 62.0 46.9 32% 21% 15.1 9.9 5.2 Corporate & Eliminations — 0.1 (100)% (100)% (0.1) (0.1) — Total Revenues $ 272.6 $ 236.2 15% 1% $ 36.4 $ 1.6 $ 34.8 Adjusted EBITDA Mexico $ 41.5 $ 53.0 (22)% (33)% $ (11.5) $ (17.4) $ 5.9 Peru (34.9) (38.8) 10% 18% 3.9 7.1 (3.2) Corporate & Eliminations (8.9) (8.8) (1)% (1)% (0.1) (0.1) — Total Adjusted EBITDA $ (2.3) $ 5.4 (143)% (193)% $ (7.7) $ (10.4) $ 2.7

 

33©2026 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS March 31, 2026 December 31, 2025 Change Assets Cash and cash equivalents $ 157.4 $ 146.7 $ 10.7 Receivables (current), net 55.5 134.7 (79.2) Other current assets 57.8 36.9 20.9 Property and equipment, net 633.5 628.6 4.9 Operating lease right-of-use assets, net 453.8 335.6 118.2 Goodwill and other intangible assets 800.3 803.5 (3.2) Deferred income taxes 74.6 72.2 2.4 Other long-term assets 46.7 46.4 0.3 Current and long-term assets held for sale 1.7 1.7 — Total assets $ 2,281.1 $ 2,206.4 $ 74.7 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 211.2 $ 242.4 $ (31.2) Deferred revenue and student deposits 130.4 80.2 50.2 Total operating leases, including current portion 506.9 387.8 119.1 Total long-term debt, including current portion 215.8 127.7 88.1 Other liabilities 167.5 179.6 (12.1) Total liabilities 1,231.7 1,017.6 214.1 Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 1,048.1 1,187.4 (139.3) Total liabilities and stockholders' equity $ 2,281.1 $ 2,206.4 $ 74.7

 

34©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 three months ended March 31, IN MILLIONS 2026 2025 Change Cash flows from operating activities Net loss $ (21.6) $ (19.6) $ (2.0) Depreciation and amortization 22.6 16.1 6.5 Gain on lease terminations and disposals of subsidiaries and property and equipment, net (0.1) (0.3) 0.2 Deferred income taxes (2.6) 4.9 (7.5) Unrealized foreign currency exchange (gain) loss (1.5) 2.9 (4.4) Income tax receivable/payable, net (31.9) (20.9) (11.0) Working capital, excluding tax accounts 74.6 56.0 18.6 Other non-cash adjustments 22.5 18.7 3.8 Net cash provided by operating activities 61.9 57.8 4.1 Cash flows from investing activities Purchase of property and equipment (8.3) (4.6) (3.7) Receipts from sales of property and equipment — 0.1 (0.1) Net cash used in investing activities (8.3) (4.6) (3.7) Cash flows from financing activities Increase in debt, net 71.5 7.5 64.0 Payments to repurchase common stock and excise tax payments (108.2) (39.5) (68.7) Financing other, net (4.6) (2.7) (1.9) Net cash used in financing activities (41.3) (34.6) (6.7) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (1.4) 0.9 (2.3) Change in cash included in current assets held for sale — (0.4) 0.4 Net change in Cash and cash equivalents and Restricted cash 10.9 19.1 (8.2) 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 $ 163.0 $ 116.9 $ 46.1

 

35©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (1 of 3) 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 March 31, IN MILLIONS 2026 2025 Change Net loss $ (21.6) $ (19.6) $ (2.0) Plus: Income from discontinued operations, net of tax — (0.2) 0.2 Loss from continuing operations (21.6) (19.8) (1.8) Plus: Income tax expense (benefit) (5.7) 2.5 (8.2) Loss from continuing operations before income taxes (27.3) (17.3) (10.0) Plus: Foreign currency exchange (gain) loss, net (1.0) 3.2 (4.2) Other income, net (0.4) — (0.4) Interest expense 3.1 2.4 0.7 Interest income (1.9) (1.5) (0.4) Operating loss (27.5) (13.2) (14.3) Plus: Depreciation and amortization 22.6 16.1 6.5 EBITDA (4.9) 2.9 (7.8) Plus: Share-based compensation expense (1) 2.6 2.5 0.1 Adjusted EBITDA $ (2.3) $ 5.4 $ (7.7) Revenues $ 272.6 $ 236.2 $ 36.4 Loss from continuing operations margin (7.9)% (8.4)% 45 bps Adjusted EBITDA margin (0.8)% 2.3 % -313 bps

 

36©2026 Laureate Education, Inc. (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) Beginning in the fourth quarter of 2025, the Company determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $(1.3) million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively, should be excluded from Adjusted net loss and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. The reduction of interest during the three months ended March 31, 2026 related to a court ruling that reduced a statutory interest rate. For comparability and to conform the prior year to the current presentation, the Company has revised the 2025 amount for discrete tax items by $1.9 million to adjust for the interest related to these legacy tax liabilities that was recorded during the three months ended March 31, 2025. Note: Dollars in millions, except per share amounts, may not sum to total due to rounding. Financial Tables Non-GAAP Reconciliations (2 of 3) The following table reconciles Net income to Adjusted net income and Adjusted EPS: For the three months ended March 31, 2026 2025 IN MILLIONS, except per share amounts (per share) (1) (per share) (1) Net loss $ (21.6) $ (0.15) $ (19.6) $ (0.13) Plus: Income from discontinued operations, net of tax — — (0.2) — Loss from continuing operations (21.6) (0.15) (19.8) (0.13) Plus: Discrete tax items (2) (1.3) (0.01) 1.9 0.01 Loss on debt extinguishment — — — — Loss on disposal of subsidiaries, net — — — — Foreign currency exchange (gain) loss, net (1.0) (0.01) 3.2 0.02 Loss on impairment of assets — — — — Adjusted net loss $ (23.9) $ (0.17) $ (14.7) $ (0.10) Diluted weighted average shares outstanding 142.3 147.6

 

37©2026 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliations (3 of 3) The following table presents Free cash flow and reconciles Net cash flows from operating activities to Free Cash Flow for the three months ended March 31, 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 $ 61.9 $ 57.8 $ 4.1 Capital expenditures: Purchase of property and equipment (8.3) (4.6) (3.7) Receipts from sales of property and equipment — 0.1 (0.1) Free Cash Flow $ 53.6 $ 53.3 $ 0.3

 

©2026 Laureate Education, Inc.

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Laureate Education (LAUR) perform financially in Q1 2026?

Laureate Education reported Q1 2026 revenue of $272.6 million, up 15% year over year. The company recorded a net loss of $21.6 million and Adjusted EBITDA of $(2.3) million, with results affected by academic calendar timing and higher depreciation from growth investments.

What is Laureate Education’s 2026 revenue and EBITDA guidance?

For full‑year 2026, Laureate expects revenue of $1.89–$1.905 billion, reflecting 11%–12% reported growth. It also projects Adjusted EBITDA of $583–$593 million, representing 12%–14% growth, with constant currency revenue growth of 6%–7% and Adjusted EBITDA growth of 7%–9% versus 2025.

How has Laureate Education (LAUR) updated its 2026 Adjusted EPS outlook?

Laureate increased its 2026 Adjusted EPS guidance to $2.00–$2.08 per share, from a prior range of $1.95–$2.03. This implies 16%–21% year‑over‑year growth, assuming approximately 141 million diluted weighted average shares outstanding during 2026.

What is the impact of academic calendar timing on Laureate’s 2026 results?

The company estimates Q1 2026 revenue and Adjusted EBITDA were reduced by about $9 million due to later semester start dates. Laureate expects these intra‑year academic calendar timing effects on revenue and Adjusted EBITDA to be offset in the third quarter of 2026.

How much stock did Laureate Education repurchase in Q1 2026 and what is its share count?

During Q1 2026, Laureate repurchased approximately $105 million of common stock under its existing program. As of March 31, 2026, the company had 140.0 million total shares outstanding and about $76 million of remaining stock repurchase authorization.

What does Laureate Education’s balance sheet look like as of March 31, 2026?

As of March 31, 2026, Laureate held $157.4 million in cash and cash equivalents and $217.1 million of gross debt, resulting in $59.7 million of net debt. Total assets were $2,281.1 million, and total stockholders’ equity stood at $1,048.1 million.

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