Covista Inc. · NYSE:CVSA
Covista — Investor Day (February 2026)
109 slides from Covista's investor day presentation, Feb 24, 2026
Slide 1: Investor Day
Investor Day February 24, 2026 covista.com
Slide 2: America's Largest Healthcare Educator
COVISTa AMERICA’S LARGEST HEALTHCARE EDUCATOR 5 institutions | 24K healthcare graduates a year | 290K+ healthcare alumni CHAMBERLAIN @rossuvversrry @Prossunivensry |, WALDEN
Slide 3: Welcome
Welcome Jeremy Cohen Vice President, Investor Relations
Slide 4: Safe Harbor
CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain as
Slide 5: Agenda
Agenda Addressing America’s Beyond the Shortage: Reimagining Workforce Crisis at Scale the Healthcare Workforce Moderator: Megan Noel, Chief Corporate Affairs Officer Steve Beard, Chairman & Chief Executive Officer Panelist: Dr. Toby Cosgrove, Ret. Cleveland Clinic President & CEO Panelist: Dr. Gay
Slide 6: Addressing America's workforce crisis at scale
Addressing America’s workforce crisis at scale Steve Beard Chairman & Chief Executive Officer
Slide 7: Indispensable to healthcare & positioned for long-term demand
Indispensable to healthcare & positioned for long-term demand Durable healthcare shortages Purpose at Scale Distinct platform creating structural, unlocks our next serving students and long-term demand growth engine employers at scale Deep clinical Regulatory and accreditation Balance sheet strength
Slide 8: A value creation journey over multiple horizons
A value creation journey over multiple horizons Growth with Purpose FY24-> Focus and Clarity Focused execution, delivering organic growth Operational excellence Cross-institutional learnings Strong assets with significant Scaled efficiencies opportunity to integrate Record enrollment Market leading
Slide 9: We have achieved a consistent track record of strong performance
We have achieved a consistent track record of strong >2X >$2 /per share Expected Expected incremental performance incremental revenue 1 adjusted EPS 1,3 versus targets set at last investor day +$175m to +$495m $5.16 to $7.90 +$275m incremental 1 $5.97 adj. EPS 2,3 incremental revenue 1 revenue 3 2 a
Slide 10: The next horizon in our journey
The next horizon in our journey Purpose at Scale FY27-> Growth with Purpose Scaled solution addressing FY24-> healthcare’s most significant challenges Operational excellence Focus and Clarity Focused execution, Platform extension delivering organic growth Operational excellence Employer integration
Slide 11: There is a healthcare crisis touching every U.S. community
AN AGING MAJOR HEALTHCARE PRIMARY CARE POPULATION TURNOVER SHORTAGES 84 million 1 in 5 47 states There is a anticipated 65+ Americans by 2050 — 1 healthcare workers left their organization face primary care physician shortages healthcare crisis nearly 2x the 2012 level in 2023 2 by 2037 2 touching e
Slide 12: The American learner has changed
The American learner has changed The higher education landscape is diversifying INDISPENSABLE TO HEALTHCARE ~85% ~90% healthcare executives clinicians “for-profit or non-profit institution makes 1 no difference” in their hiring decisions 1. Covista Care Capacity Monitor: Research | Covista Care Capa
Slide 13: Healthcare systems want partners, not just graduates
Healthcare systems want partners, not just graduates OPERATIONAL NEEDS PERSONNEL NEEDS Enhanced productivity Improved retention Lower costs Quality talent to develop ~70% of healthcare executives list talent partnerships as “very or somewhat 1 effective” for meeting workforce needs 1. Covista Care C
Slide 14: AI will transform both education & care delivery
AI will transform both education & care delivery Next generation of clinicians must be tech-fluent from day one 73% of healthcare leaders say: “clinicians need to know how to use AI” 1 1. Covista Care Capacity Monitor: Research | Covista Care Capacity Monitor | Covista Covista Investor Day 2026 | 14
Slide 15: We exist to tackle this problem at scale
We exist to tackle this problem at scale A DISTINCTIVE PLATFORM Program breadth Geographic reach Academic outcomes Technology partnerships Clinical relationships Financial strength
Slide 16: Healthcare remains our center of gravity
Healthcare remains our center of gravity SOCIAL & MEDICAL & POST-SECONDARY NURSING BEHAVIORAL SCIENCES VETERINARY OTHER DEGREES 56.6kCurrent enrollees 25.8k Current enrollees 5.3k 9.3k Current enrollees Current enrollees BACHELOR’S MASTER’S DOCTORAL 34% 48% 18% Enrollment data as of December 31, 202
Slide 17: Unmatched scale, institutional breadth and clinical depth
Unmatched scale, institutional breadth and clinical depth 24k healthcare professionals graduated in FY25 —more than any other U.S. institution 10% 2x No.1 more MDs than any provider of Doctors of Veterinary of America’s nurses 1 MD-granting school in the U.S. Medicine to the U.S. 290k+ Nearly 300 70
Slide 18: Purpose at Scale
Purpose at Scale Operational Platform Employer Technology Excellence Extension Integration Focus Covista Investor Day 2026 | 18
Slide 19: Our commitment to disciplined capital allocation
Self-funded Innovation to Drive Organic Growth Our commitment Value-Centric Share Repurchase to disciplined capital allocation Fortress Balance Sheet Accretive M&A Covista Investor Day 2026 | 19
Slide 20: Purpose at Scale: FY 2029 financial targets
Purpose at Scale: FY 2029 financial targets 1 vs. FY 2026 +7% to +10% +10% to +14% Revenue Adj. EPS 2 CAGR CAGR 1 1 >120,000 Enrolled students by FY 2029 end 1. Revenue & adj. EPS CAGR based on midpoint of FY26 guidance (Revenue range $1,900m - $1,940m; midpoint is $1,920m | adj. EPS range $7.80 - $
Slide 21: Walden University
Walden University Career-outcome leadership for working professionals Michael Betz Chief Digital Officer & President, Walden University
Slide 22: Walden has regained its leadership position
Walden has regained Our strong performance is We are well-positioned its leadership position sustainable and based on for continued growth in healthcare-focused investments in core across undergraduate and graduate education capabilities and innovation graduate programs Covista Investor Day 2026 | 2
Slide 23: Career transformation for working professionals
Career transformation for working professionals Pioneer in distance learning 8 colleges Breaking down barriers Digital learning platform 50+ >200k 150+ ~80% Tempo Learning® years alumni degrees & healthcare Believe & Achieve® programs enrollment Empowering busy professionals to achieve career goals
Slide 24: Walden's offerings align to areas of strong demand
Walden’s offerings align to areas of strong student and employer demand ~80% Critical clinical healthcare roles ~20% High-demand fields College of College of Richard W. Riley School of College of College of College of Social Psychology & College of College of Interdisciplinary Management Health Scie
Slide 25: Walden has regained leadership position
Walden has regained leadership position Total Enrollment >64k 10 graduates in the last 5 years straight quarters total enrollment 52.4k year-over-year growth 38.0k #1 #2 Masters of Masters in 2Q FY26 Social Work Nursing 1 2 2Q FY23 Top 16% of schools named Carnegie Opportunity Institution for combin
Slide 26: Capabilities that have driven strong and sustainable performance
Capabilities that have driven strong and sustainable performance Pricing Brand World-class Front-line Academic & innovation & building prospect capability operations affordability & student building partnership experience Covista Investor Day 2026 | 26
Slide 27: We are now positioned to pursue the next wave of growth
We are now positioned to pursue the next wave of growth Extend graduate leadership Innovate the student Expand undergraduate share experience with AI and technology Accelerate new program development Covista Investor Day 2026 | 27
Slide 28: Extend graduate leadership
Extend graduate leadership +17% +40% growth in growth in counseling jobs nurse practitioner Market aligned programs through 2034 openings through 2034 Workforce ready professional training Award-winning online classroom experience Transformed doctoral program 365k +6% uncertified or growth in under-
Slide 29: Expand share in undergrad market
Expand share in undergrad market World-class student outcomes: +1,500 bps first-to-second term 40 million 1 persistence vs. 2022 Americans with some college credits, but no credential2 End-to-end career support: ~24% § Personalized career mapping before enrollment § Career-relevant competencies Unde
Slide 30: Accelerate new program development
Accelerate new program development >1,000 Students currently enrolled after launching 7 new degree programs heading into 2026 academic year Employer Student Demand Interest 7 Walden Proven Additional new programs Outcomes approved to launch Covista Investor Day 2026 | 30
Slide 31: Innovate the student experience with AI and technology
Innovate the student experience with AI and technology NEW ENROLLMENT STUDENT SUCCESS TEACHING & LEARNING Self-service tools: Simplified platform for student advisors Faculty enablement platform § Build Your Education Plan Building 1:1 digital companion Award-winning digital classroom § Personalized
Slide 32: FY 2029 total enrollment target: >65,000
FY 2029 total enrollment target: >65,000
Slide 33: Medical & Veterinary
Medical & Veterinary Excellence in training the physician & veterinarian pipelines Scott Liles President, Medical & Veterinary
Slide 34: Structural healthcare and workforce dynamics create durable demand
Structural healthcare We are purpose-built Strong academic and and workforce dynamics to serve a clearly defined, licensure performance factors create durable, underserved segment positions us to sustain long-term demand of qualified students and accelerate growth for our programs Covista Investor D
Slide 35: Leading educator of veterinarians to the U.S.
Leading educator of veterinarians to the U.S. Founded in 1982 1.6k current enrollees 7.5k 20+ alumni clinical rotation partners #1 RUSVM largest provider of DVM graduates to the U.S. that matched into selective U.S. internships & residencies1 1. Based on total number of DVM graduates at RUSVM compar
Slide 36: Veterinary student demand over 2X capacity & expanding
Veterinary student demand over 2X capacity & expanding RUSVM Veterinary school U.S. & International Applicant-to-Seat ratio existing scaled infrastructure 2.0x 2.3x ~7% Available seats growth is lagging industry & CAGR in veterinary student demand 2024 school applicants 2019 (2017-2024) Structural c
Slide 37: Maintaining our leadership position with outcomes for veterinary students
Maintaining our leadership position with outcomes for veterinary students NAVLE pass rate 2024-25 89% 89% U.S. DVM program average outcome for the same target applicant RUSVM Sustained NAVLE performance validates academic rigor and underpins long-term demand, yield, and brand strength Covista Invest
Slide 38: Delivering outcomes that matter for the medical industry
Delivering outcomes that matter for the medical industry Founded Founded 1978 1978 16k 96% 8.5k 95% alumni RUSM first-time residency alumni RUSM first-time residency attainment rate1 attainment rate1 150+ clinical rotation partners 3.7k current enrollees 1. First-time residency attainment rate is th
Slide 39: The physician shortage is structural & getting worse
The physician shortage is structural & getting worse 3.9k AUC & RUSM MD graduates in the last 5 years 2x 1,300,000 # of U.S. physicians Demand 1,200,000 More MDs than any MD- Supply granting school in the U.S. Physician labor gap expected to widen from 1,100,000 114k to 185k 1 over the next decade A
Slide 40: Durable student demand remains over 2X capacity
Durable student demand remains over 2X capacity AUC & RUSM significant Medical school U.S. opportunity to Applicant-to-seat ratio utilize capacity 2.4x 2.4x ~30k MD industry enrollment growing ~1% annually 2020- 2025- due to physical limitations MD school 2021 2026 applicants not accepted annually A
Slide 41: A structurally important, scalable platform built for U.S. healthcare needs
A structurally important, scalable platform built for U.S. healthcare needs Covista Medical & Veterinary segment built for scale and addresses U.S. healthcare needs: § Centralized operating model unlocks scaled efficiencies § Student facing capabilities & investments jointly developed & applied acro
Slide 42: Growth levers to address workforce gaps
Growth levers to address workforce gaps Win share of clearly defined core customer Sustain strong academic outcomes and retention Expand access via innovative pathways and partnerships Covista Investor Day 2026 | 42
Slide 43: Win share of clearly defined core customer
Win share of clearly defined core customer Prospective medical school student’s destination Purpose-built operations to win share of this core Total U.S. student profile MD Applicants 55k 42% U.S. MD 23k Academic programs & ~10k school student support designed for our core U.S. DO student success 14
Slide 44: Strong medical student academic outcomes
Strong medical student academic outcomes USMLE Step 1 first-time pass rate 1 (2020 – 2024) 81% 83% In a 2020-2022 study: Within Covista’s key applicant pool, AUC & RUSM showcased first-time pass USMLE Step 1 pass rates of 80% and 84% respectively vs. 73% for U.S. MD programs 2 for students who matri
Slide 45: Strategically expanding access to medical school via innovative pathways
Strategically expanding access to medical school via innovative pathways and partnerships § Redefined MedOrigins program § Pre-MD graduate level course, strategically preparing students for success at medical school through teaching foundations in basic sciences and studying techniques in an on-camp
Slide 46: Our strategy is delivering new enrollment growth
Our strategy is delivering new enrollment growth… 2025 YoY growth Share increase most prominent with our target MCAT applicant 4x 4 1H FY26 results showcasing leading Straight new student indicator momentum start growth YoY at our medical schools Operational excellence focus & improved execution MD
Slide 47: Reigniting our long-term total enrollment growth trajectory
…and reigniting our long-term total enrollment growth trajectory Segment focus & improved operational execution Covista Medical & Veterinary average total enrollment growth +2.4% Market-leading residency outcomes across medical & veterinary portfolios +0.5% Total enrollment stabilized -1.0% & reboun
Slide 48: FY 2029 total enrollment target: >6,000
FY 2029 total enrollment target: >6,000
Slide 49: Chamberlain University
Chamberlain University Transforming and solving patient care shortages at scale Steve Beard Chairman & Chief Executive Officer
Slide 50: Strengthening stakeholder value proposition
Strengthening Solving patient care Unlocking health system stakeholder value shortages through partnerships that serve proposition by expanding reach and students, employers, and modernizing nursing integration with U.S. communities education healthcare providers Covista Investor Day 2026 | 50
Slide 51: Nation's leading nursing university
Nation’s leading nursing university Largest nursing 39.3K current students Differentiated school in the U.S. learning model 130+ >150k 45 24 11k Chamberlain Care® Practice Ready. Specialty FocusedTM 51 years alumni states BSN Partner Commitment to Completion GrantTM campuses locations Preparing extr
Slide 52: From licensure to doctorate: dominating the nursing career lifecycle
From licensure to doctorate: dominating the nursing career lifecycle 42% Pre-Licensure 58% Post-Licensure Bachelors of Registered Nurse to Master of Science Doctor of College of Science in Nursing Bachelors of Science in Nursing Nursing Practice Health Professionals (pre-licensure) in Nursing (RN >
Slide 53: Expanded our leading position
Expanded our leading position Total Enrollment 74k ~9% 39.3k graduates in the Total nursing market share 1 last 5 years +130 bps since 2019 33.4k #1 #1 2Q FY26 Nursing Pre-Licensure 1 Nursing Post-Licensure 1 2Q FY23 1. Source: AACN, market share does not include any nursing programs below the Bache
Slide 54: A large and growing national nursing shortage
A large and growing national nursing shortage +60% of the U.S. will experience a registered nursing supply shortage in 2026 Physical Chamberlain University Campus Shortage Adequate supply Source: U.S. Health Resources and Services Administration Adequacy defined as supply of registered nurses versus
Slide 55: Chamberlain is best positioned to meet the industry needs
Chamberlain is best positioned to meet the industry needs Total Enrollment1 38.9k 34.9k 27.4k ~340 avg. students at a typical U.S. nursing school3 9.7k Typical nursing school lacks scale to meet industry needs FY11 FY16 FY21 FY25 Maintaining a high adj. EBITDA margin; FY25 26.4% 2 Chamberlain’s grow
Slide 56: Extending our advantages and reach
Extending our advantages and reach Win in BSN Maintain Post-Licensure leadership Covista Investor Day 2026 | 56
Slide 57: Win in BSN: Meeting the nursing shortage
Win in BSN: Meeting the nursing shortage +2% BSN U.S. application volume 5 year CAGR 1 Hybrid Online Physical Campuses >170k BSN U.S. qualified applicants without an available seat in AY2024 2 Student Demand | Employer Demand | NCLEX Outcomes 1. BSN U.S. application volume data source: AACN, 5-year
Slide 58: BSN Online: Bringing nursing education to all corners of the country
BSN Online: Bringing nursing education to all corners of the country 38 States Personalized Student Support Personalized Learning >4,200 students 80+ clinical hubs Virtual Virtual Labs Simulations Skill & Simulation Live Virtual 85% Healthcare executives from rural Immersion Classes & less urban com
Slide 59: Maintain Post-Licensure leadership
Maintain Post-Licensure leadership § Market responsive, specialized programs >60k Masters in Nursing (MSN) & Nurse Practitioner (NP) U.S. § Chamberlain qualified applicants without undergraduate pipeline an available seat in AY2024 § Healthcare partnerships § Extensive clinical 39% partnerships, str
Slide 60: Significant opportunity to expand our physical presence
Significant opportunity to expand our physical presence Expansion strategy criteria 1 Metropolitan markets in high shortage states Leverage our network 2 of clinical relationships Physical campus 3 complements our BSN Online offering Covista Investor Day 2026 | 60
Slide 61: Smaller, asset-light campus generates compelling unit economics
Smaller, asset-light campus generates compelling unit economics 450 - 500 students Enrollment steady ~75% capacity state year 3 ~25k Enrollment ramp square feet $9m to $12m EBITDA positive >30% EBITDA capital investment within 24 months of margin first class start Accretive to Chamberlain’s margin +
Slide 62: Elevating our student learning experience
Elevating our student learning experience § Designed for collaborative learning § Scaled & replicable campus design § Flexible program delivery § Integrating technology & AI driven clinical simulations Nationally scaled Locally delivered Covista Investor Day 2026 | 62
Slide 63: Four new locations already in flight
Four new locations already in flight Covista Investor Day 2026 | 63
Slide 64: FY 2029 total enrollment target: >49,000
FY 2029 total enrollment target: >49,000
Slide 65: Proprietary partnership pipeline
Proprietary partnership pipeline
Slide 66: Platform connecting talent development to deployment
Platform connecting talent development to deployment Healthcare outcomes Differentiated pathways to talent Quality development & employee retention Cost Proprietary access to clinical talent Career pathways & accelerated programs Clinician Experience Clinical education programs Career mobility & adv
Slide 67: Case Study: Chamberlain & SSM Health Aspiring Nurse Program
Case Study: Chamberlain & SSM Health “Aspiring Nurse Program ” ® St. Louis BSN Campus Oklahoma BSN Online >400 # applications for January start # applications for January start new nurses 2026 2025 2024 2026 2025 2024 graduating annually at scale Applications Four +117% YoY Applications +205% YoY ma
Slide 68: Interdependent & integrated model
Interdependent & integrated Reduce onboarding time and costs model Expand access to talent Rapidly fill and improve retention workforce gaps Reduce the healthcare Increased access to labor shortage attractive healthcare Creating value for partners, careers at lower cost driving enrollment and Educat
Slide 69: Beyond the shortage: Reimagining the healthcare workforce
Beyond the shortage: Reimagining the healthcare workforce Megan Noel Dr. Toby Cosgrove Chief Corporate Affairs Officer Ret. President and CEO, Cleveland Clinic Moderator Panelist Dr. Gay Landstrom PhD, RN, NEA-BC, FACHE, FAONL Former Chief Nursing Officer, Trinity Health Panelist
Slide 70: Scalable growth engine
Scalable growth engine Maurice Herrera Chief Marketing Officer
Slide 71: We have driven sustained application growth with stronger returns
We have driven We attribute our success Local marketing and sustained application to brand strategy, smarter AI-enabled content are growth with stronger media, and better web key opportunity areas returns on investment experiences Covista Investor Day 2026 | 71
Slide 72: We have driven interest in our institutions and enrolled new students at lower cost
We have driven interest in our institutions and enrolledand institutions new students enrolled at lower cost new students at a lower cost Organic Interest Acquisition Cost 18% Organic Inquiry Volume 16% Customer Acquisition Cost FY23 vs. FY25 FY23 vs. FY25 Covista Investor Day 2026 | 72
Slide 73: Our brands convey differentiated value propositions
Our brands convey differentiated value propositions that resonate BRAND PLATFORM CAMPAIGN Get the W The nurse Dueling You are ready From passion I want to be Narratives to profession Top decile performance vs. benchmark Covista Investor Day 2026 | 73
Slide 74: Inspired prospects are met with a superior and evolving web experience
User-Centricity Conversion-Focused Inspired prospects are met with WEB a superior and EXPERIENCE evolving web experience Data-Driven Optimization-Tested Covista | Investor Covista InvestorDay Day2026 2026 || 74 74
Slide 75: Hyper-local marketing at enterprise scale
Hyper-local marketing at enterprise scale Strategic playbook by designated market area Localized content and web experiences Market level measurement Covista | Investor Covista InvestorDay Day 2026 2026 || 75 75
Slide 76: Content is the key to our success and creation will be enabled by AI
Content is the key to our success and creation will be enabled by AI Discovery Inspiration Briefing Ideation AI- Roles of Enabled Content Creation Decisioning Education Versioning Production Covista | Investor Day 2026 | 76
Slide 77: Technology & AI: Transforming healthcare education
Technology & AI: Transforming healthcare education Michael Betz Chief Digital Officer & President, Walden University
Slide 78: Digital & AI are unlocking transformative change in healthcare education
Digital & AI are unlocking Covista is uniquely Enterprise AI solutions and transformative change in positioned to seize this partnerships are already healthcare education opportunity and drive driving value for Covista, its transformative change students and its healthcare partners Covista Investor
Slide 79: AI enhances the higher education experience
AI enhances the higher education experience AI can scale the AI enables a personalized AI fluent graduates effectiveness and student and learning are in high demand efficiency of core experience in a way by healthcare student processes that accelerates providers from enrollment mastery of skills to
Slide 80: Covista is uniquely positioned to take advantage of this moment
Covista is uniquely positioned to take advantage of this moment OUR SCALE 97k students & 5 healthcare-focused institutions Scale provides fuel to advance AI fluency OUR PROOF Delivering results at scale High value business outcomes today OUR PARTNERSHIPS Google Cloud. Hippocratic AI. HelloAI. Creden
Slide 81: AI is deeply embedded into our enterprise strategy
AI is deeply embedded into our enterprise strategy Teaching & Persistence Learning AI Elevated AI Fluent Student Journey Enrollment AI-Ready Graduates Graduates AI POWERED OPERATIONS AI INNOVATION ENGINE Building capacity for an AI fluent enterprise Designing, deploying, and scaling AI solutions acr
Slide 82: AI in action
covista AI tn action
Slide 83: Deeper dive: Elevated student journey & AI powered operations
Deeper dive: Elevated student journey & AI powered operations Enrollment AI tools power enrollment Real-time enrollment conversion growth specialist support 25%+ 7,000+ ~6s contact rate increase questions answered avg response time Driving greater enrollment without adding headcount Quicker resoluti
Slide 84: Deeper dive: Elevated student journey - Persistence
Deeper dive: Elevated student journey Persistence AI delivers personalized AI delivers personalized outreach at scale outreach at scale 4x 3x 36% >3.2x campaign email open rates & persistence increase ROI multiple throughput call to response Scaling time-sensitive communications Detect financial ris
Slide 85: Deeper dive: Elevated student journey - Teaching and Learning
Deeper dive: Elevated student journey Teaching and Learning Coach Ally – SimConverse – AI Tutoring Clinical Simulations 50% 1.5M Unlimited 24/7 clinical practice access student adoption AI tutor responses 23k+ monthly users. Faculty freed Virtual patient simulations on the for high-impact teaching r
Slide 86: What's next: Strategic AI priorities shaping the future
What’s next: Strategic AI priorities shaping the future 1 2 3 AI Powered End-to-end AI Powered Workforce Digital Classroom Student Companion and Operations AI adaptive learning built native An always-on AI navigator Turn 10,000+ colleagues into the learning management with persistent memory that int
Slide 87: Accelerating our reach through profitable growth
Accelerating our reach through profitable growth Bob Phelan Chief Financial Officer
Slide 88: Strong track record of financial performance and creating shareholder value
Strong track record of Clearly defined profitable Balanced capital allocation financial performance growth trajectory that will philosophy aligned with and creating continue to generate long-term shareholder shareholder value significant cash interests Covista CovistaInvestor InvestorDay Day2026 202
Slide 89: Entering next phase of profitable growth
Entering next phase of profitable growth Creating Maximizing Accelerating essential Operational existing & expanding healthcare excellence capacity capacity workforce infrastructure Covista Investor Day 2026 | 89
Slide 90: Growth with Purpose created an efficient foundation
Growth with Purpose created an efficient foundation, built to maximize financial returns Growth with Purpose continues to yield durable returns & sustains high profit margins Operational excellence creates an optimal foundation to add additional enterprise capacity Realization of the full potential
Slide 91: Durable growth utilizing existing capacity
Durable growth utilizing existing capacity Average Total Enrollment1 Revenue 97,185 ($M) $1,900 – $1,940 $1,900 - $1,940 91,852 $1,788 82,994 $1,585 77,965 $1,451 FY '23 FY '24 FY '25 FY '26 1H FY '23 FY '24 FY '25 FY '26 Guidance Leveraged existing capacity Enrollment growth in high life-time-value
Slide 92: Operational excellence fuels our growth engine
Operational excellence fuels our growth engine Adj. EBITDA ($M) | Adj. EBITDA margin % 1 1 Adj. EBITDA margin FY26 500 $460 26 guidance assumption: Centralized scale 450 +100 bps YoY expansion 25.5 400 $378 25.7% 25 $343 350 23.8% 24.5 Ongoing efficiency 300 23.7% 24 capture 250 23.5 200 150 23 Sign
Slide 93: Generating significant earnings growth & shareholder value
Generating significant earnings growth & shareholder value Adj. Earnings Per Share 1 Operating profit growth $7.80 $7.80 -- $8.00 $8.00 $6.67 $5.01 Lowered net debt & $4.21 borrowing costs Reduced shares FY '23 FY '24 FY '25 FY '26 Guidance outstanding Scaled profitable growth foundation 1. Reconcil
Slide 94: Strong financial foundation with flexibility to generate returns
Strong financial foundation with flexibility to generate returns across multiple levers $1.1bn Debt reduction since Q1 FY ’22 Operating Cash Flow ($M) $428 0.9x Net Leverage Ratio1 Q2 FY ’26 $334 $288 $195 $936m Returned to shareholders through share repurchases since Q3 FY ’22 2 FY '23 FY '24 FY '2
Slide 95: Reaffirming FY26 guidance
Reaffirming FY26 guidance Underlying Themes REVENUE $1,900m – $1,940m Revenue growth higher YoY approx. growth +6% +8.5% in 1H ‘26 vs. 2H ‘26 100 bps adj. EBITDA1 margin expansion; operational excellence delivering efficiencies Increased level of investments ADJ. EPS 1 $7.80 – $8.00 in Q3 ‘26 compar
Slide 96: Expanding our leading position: creating long-term durable growth
Expanding our leading position: creating long-term durable growth Purpose at Scale expected to generate high ROI through sustaining market- leading enrollment growth Scaled U.S. healthcare infrastructure: delivering significant Scaled operational leverage High ROI investments: financial returns & pr
Slide 97: Blueprint to achieve our FY29 targets
Blueprint to achieve our FY29 targets Potential accretive M&A Prudently investing to accelerate growth, create REVENUE healthcare partnerships, build technology & AI capabilities, and disciplined capital allocation +7% to +10% CAGR FY 2027 – FY 2029 Maximize existing institutional capacity resulting
Slide 98: Diversified enrollment growth meeting the healthcare market's needs
Diversified enrollment growth meeting the healthcare market’s needs Q2 FY ‘26 FY ‘29 TARGET STRATEGIC GROWTH DRIVER Undergraduate expansion Walden 52,400 >65,000 Graduate maintaining leading position Pre-Licensure BSN physical & online expansion Chamberlain 39,300 >49,000 Post-Licensure maintaining
Slide 99: Growing profitability while expanding our market leading position
Growing profitability while Target Range expanding our market FY 2029 FY 2029 2 leading position FY 2028 +12% to $10.60 - +16% $11.80 FY 2027 +10% to +14% Adj. EPS +9% to Growth1 +13% +75 to +100 bps Adj. EBITDA +50 to +100 bps Margin1 Flat to +50 bps $2,350m - +8% to +11% Revenue +6% to +8% +7% to
Slide 100: Our commitment to disciplined capital allocation
Self-funded Innovation to Drive Organic Growth Our commitment Value-Centric Share Repurchase to disciplined capital allocation Fortress Balance Sheet Accretive M&A Covista Investor Day 2026 | 100
Slide 101: Entering next phase of profitable growth
Entering next phase of profitable growth Creating Maximizing Accelerating essential Operational existing & expanding healthcare excellence capacity capacity workforce infrastructure Covista Investor Day 2026 | 101
Slide 102: Today's Takeaways
Today’s Takeaways Our scale & track record of strong academic outcomes makes Covista uniquely indispensable to healthcare We operate in a structurally attractive market with growing healthcare shortages Multiple paths to double-digit earnings growth with expanding margins Covista Investor Day 2026 |
Slide 103: Slide 103
Slide 104: Appendix
covista Appendix
Slide 105: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Covista’s ongoing operations as seen through the eyes of management and are useful fo
Slide 106: Non-GAAP adjusted EBITDA disclosure
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Slide 107: Non-GAAP Chamberlain adjusted EBITDA disclosure
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Slide 108: Non-GAAP adjusted net income & earnings disclosure
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Slide 109: Net leverage disclosure
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