Laureate Education, Inc. · NASDAQ:LAUR
Laureate Education — Q3 2026 Earnings Presentation
39 slides from Laureate Education's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
©2026 Laureate Education, Inc. Third Quarter 2026 Earnings Presentation October 29, 2026
Slide 2: Forward Looking Statements
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-looki
Slide 3: Presentation of Non-GAAP Measures
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, a
Slide 4: Summary Overview
4©2026 Laureate Education, Inc. Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding
Slide 5: Executive Summary
5©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Executive Summary Third quarter Revenue and Adjusted EBITDA ahead of guidance Favorable FX and timing of expenses Strong primary enrollment intake for Mexico and secondary intake in Peru1 Mexico prima
Slide 6: Compelling Investment Characteristics
6©2026 Laureate Education, Inc. Compelling Investment Characteristics
Slide 7: Attractive Markets with Significant Growth Potential
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 3
Slide 8: Leading University Portfolio in Mexico & 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). 196
Slide 9: Q3 & YTD 2026 Performance Results
9©2026 Laureate Education, Inc. Q3 & YTD 2026 Performance Results
Slide 10: 2026 Third Quarter – Financial Summary
10©2026 Laureate Education, Inc. 2026 Third Quarter – Financial Summary Q3 ’26 Variance Vs. Q3 ’25 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Constant Currency1 New Enrollment 140K 7% 7% • Intake Cycle results (timing adjusted)2: LAUR +8%, Mexico +8%, Per
Slide 11: 2026 Q3 YTD – Financial Summary
11©2026 Laureate Education, Inc. 2026 Q3 YTD – Financial Summary Q3 YTD ’26 Variance Vs. Q3 YTD ’25 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Constant Currency1 New Enrollment 282K 9% 9% • Mexico: +8%, Peru: +10% Total Enrollment 540K 6% 6% • Mexico +6%,
Slide 12: Segment Results
12©2026 Laureate Education, Inc. Segment Results
Slide 13: Mexico Segment Results
13©2026 Laureate Education, Inc. Mexico Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 ’26 Constant Currency Vs. Q3 ’25 1 Q3 YTD ’26 Constant Currency Vs. Q3 YTD ’25 1 New Enrollment 101K 9% 171K 8% • Q3 New Enrollment Intake Cycle re
Slide 14: Peru Segment Results
14©2026 Laureate Education, Inc. Peru Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 ’26 Constant Currency Vs. Q3 ’25 1 Q3 YTD ’26 Constant Currency Vs. Q3 YTD ’25 1 New Enrollment 39K 3% 111K 10% • Q3 Intake Cycle results (timing adj
Slide 15: Capitalization and Share Count
15©2026 Laureate Education, Inc. Capitalization and Share Count
Slide 16: Q3 2026 Capitalization and Return of Capital
16©2026 Laureate Education, Inc. Q3 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 09/30/26 Gross Debt $204 Less: Cash & Cash Equivalents ($190) Net Debt $14 136M shares outs
Slide 17: Outlook
17©2026 Laureate Education, Inc. Outlook
Slide 18: 2026 Outlook – Executive Summary
18©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. 2026 Outlook – Executive Summary Reaffirming full year 2026 guidance -- continued strong operating results expected in FY 2026 2026 Revenue growth expected at 13% Vs. 20251 on a USD reported basis, expec
Slide 19: Strong Growth Expected for 2026
19©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Strong Growth Expected for 2026 Total Revenue Adjusted EBITDA Strong Operational Growth Expected Along with FX Currency Tailwinds (1) Based on actual FX rates for January through October, and assumed spot FX
Slide 20: Q4 2026 Guidance
20©2026 Laureate Education, Inc. Q4 2026 Guidance ($ in millions) Q4 2026 Outlook1 Revenue $546 – $556 Adjusted EBITDA $198 – $204 (1) Outlook is based on actual FX rates for October and assumed FX rates (local currency per US dollar) of MXN 18.60 & PEN 3.45 for November through December 2026. FX im
Slide 21: Change in Academic Calendar in 2026
21©2024 Laureate Education, Inc.® | Confidential & Proprietary©2026 Laureate Education, I c. Change in Academic Calendar in 2026 Expected Intra-Year Changes in Revenue Seasonality Vs. 2025 ($ in millions) Q1 Actual Q2 Actual Q3 Actual Q4 Est. FY Mexico ($12) - $28 ($16) - Peru $3 - $1 ($4) - Total R
Slide 22: Appendix
22©2026 Laureate Education, Inc. Appendix
Slide 23: Net Income Reconciliation Q3 2026
23©2026 Laureate Education, Inc. 2026 Third Quarter – Net Income Reconciliation Q3 ’26 B / (W) Notes ($ in millions) Reported Vs. Q3 ’25 Adjusted EBITDA 147 52 • Impacted by $26M of intra-year timing of academic calendar Depreciation & Amortization (24) (4) Interest Expense, net (3) (2) Other 1 7 •
Slide 24: Net Income Reconciliation Q3 YTD 2026
24©2026 Laureate Education, Inc. 2026 Q3 YTD – Net Income Reconciliation Q3 YTD ’26 B / (W) Notes ($ in millions) Reported Vs. Q3 YTD ’25 Adjusted EBITDA 395 80 • Impacted by $17M of intra-year timing of academic calendar Depreciation & Amortization (69) (16) Interest Expense, net (6) (3) Other (7)
Slide 25: 2026 Full Year Guidance Details
25©2026 Laureate Education, Inc. 2026 Full Year Guidance Details ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2025 FY Results As Reported 498K $1,702 $519 Growth 20K - 25K $108 - $118 $42 - $48 Growth % 4% - 5% 6% - 7% 8% - 9% 2026 FY Guidance (
Slide 26: Q4 2026 Guidance Details
26©2026 Laureate Education, Inc. Q4 2026 Guidance Details Q4 Outlook Showing Expected Continued Revenue Growth Momentum Q4 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q4 Results As Reported $541 $204 Timing Impact Intra-Year (academic calendar) ($20) ($17) 2025 Q4 Results Adjusted $521 $187 G
Slide 27: Capital Returned to Shareholders Since 2019
27©2026 Laureate Education, Inc. Return of Capital Summary Since 2019 ($ 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 September $256 - $256 Cu
Slide 28: Seasonality Trends
28©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
Slide 29: Financial Results & Tables
29©2026 Laureate Education, Inc. Financial Results & Tables
Slide 30: Consolidated Statements of Operations
30©2026 Laureate Education, Inc. Financial Tables Consolidated Statements of Operations Note: May not sum to total due to rounding. For the three months ended September 30, For the nine months ended September 30, IN MILLIONS (except per share amounts) 2026 2025 Change 2026 2025 Change Revenues $ 485
Slide 31: Revenue and Adjusted EBITDA by Segment: Quarter
31©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
Slide 32: Revenue and Adjusted EBITDA by Segment: Year-to-Date
32©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-p
Slide 33: Consolidated Balance Sheets
33©2026 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS September 30, 2026 December 31, 2025 Change Assets Cash and cash equivalents $ 189.9 $ 146.7 $ 43.2 Receivables (current), net 117.7 134.7 (17.0)
Slide 34: Consolidated Statements of Cash Flows
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 nine months ended September 30, IN MILLIONS 2026 2025 Change Cash flows from operating activities Net income $ 216.7 $ 112.3 $ 104.4 Depreci
Slide 35: Non-GAAP Reconciliations (1 of 4)
35©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." No
Slide 36: Non-GAAP Reconciliations (2 of 4)
36©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 e
Slide 37: Non-GAAP Reconciliations (3 of 4)
37©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 e
Slide 38: Non-GAAP Reconciliations (4 of 4)
38©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 nine months ended September 30, 2026 and 2025: Note: Dollars in millions may not sum to to
Slide 39: ©2026
©2026 Laureate Education, Inc.