Covista Inc. · NYSE:CVSA
Covista — Q4 FY2026 Earnings Presentation
28 slides from Covista's earnings presentation, Aug 6, 2026
Slide 1: Fourth Quarter 2026 Earnings
Fourth Quarter 2026 Earnings August 6, 2026 covista.com
Slide 2: Cautionary Disclosure Regarding Forward-Looking Statements
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 3: America's Largest Healthcare Educator
AMERICA’S LARGEST HEALTHCARE EDUCATOR 5 institutions | 26K healthcare graduates a year | 400K alumni
Slide 4: 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 5: 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 integratio
Slide 6: Q4 FY26 performance
Q4 FY26 performance Chamberlain University 39.5k students $501.4m • Continued positive total enrollment growth trajectory, with sequential improvement across the second half of FY26 REVENUE • Ongoing momentum driven by operational improvements, +9.7% vs. prior year supporting new enrollment growth •
Slide 7: Business highlights
Business highlights Revenue and adjusted EPS1 ahead of expectations 1 ▪ 12th straight quarter of total enrollment growth ▪ Initiating compelling FY27 guidance Strong financial flexibility supporting value creation activities 2 ▪ FY26 free cash flow1 of $393 million, up 38.7% from prior year ▪ Return
Slide 8: Growing a practice-ready nursing pipeline
Growing a practice-ready nursing pipeline SCHOLARSHIPS CLINICAL EMPLOYMENT LOAN Reducing some of IMMERSION PATHWAYS REPAYMENT the financial barriers that Specialized training inside A direct line Partners provide financial keep future nurses partner facilities to to a career in our support for stude
Slide 9: Total enrollment trends
Total enrollment trends 97.4k 97.0k 100.6k 99.5k Year-over-Year % change Q4 ‘26 Q3 ‘26 +8.0% +6.3% +6.8% +8.4% +1.6% +0.5% Total enterprise enrollments1 +14.0% +12.3% Year-over-Year % change +7.3% +4.1% Q1 ‘26 Q2 ‘26 Q3 ‘26 Q4 ‘26 Chamberlain: Second straight quarter of positive total enrollment gro
Slide 10: Q4 Covista performance
Q4 Covista performance $ in Millions, except per share data Q4 ‘26 Q4 ‘25 ∆ vs. Q4 ‘25 Total Enrollment • Growth driven by all three segments Revenue $501.4 $457.1 +9.7% 1 Adj. EBITDA margin 1 • Revenue growth and operational Adj. EBITDA $126.9 $110.2 +15.2% efficiencies, partially offset by an elev
Slide 11: FY26 Covista performance
FY26 Covista performance $ in Millions, except per share data FY26 FY25 ∆ vs. FY25 Total Enrollment • Growth driven by all three segments Revenue $1,954.1 $1,788.3 +9.3% 1 Adj. EBITDA margin 1 • Revenue growth and operational Adj. EBITDA $521.7 $459.7 +13.5% efficiencies, partially offset by an elev
Slide 12: Q4 Chamberlain performance
Q4 Chamberlain performance $ in Millions Q4 ‘26 Q4 ‘25 ∆ vs. Q4 ‘25 Total Enrollment • Growth driven by pre-licensure nursing and MSN programs Revenue $190.2 $184.3 +3.2% 1 Adj. EBITDA margin 1 Adj. EBITDA $46.8 $45.0 +3.8% • Operational leverage from revenue growth, partially offset by investments
Slide 13: Q4 Walden performance
Q4 Walden performance $ in Millions Q4 ‘26 Q4 ‘25 ∆ vs. Q4 ‘25 Total Enrollment • Strong growth in healthcare and non- healthcare Revenue $210.8 $182.2 +15.7% 1 Adj. EBITDA margin 1 Adj. EBITDA $69.7 $52.7 +32.3% • Revenue growth and operational efficiencies generating leverage 1 % Margin 33.0% 28.9
Slide 14: Q4 Med & Vet performance
Q4 Med & Vet performance $ in Millions Q4 ‘26 Q4 ‘25 ∆ vs. Q4 ‘25 Total Enrollment Revenue $100.3 $90.6 +10.7% • Growth led by Medical • New enrollment acceleration at both Medical 1 & Veterinary Adj. EBITDA $22.5 $20.0 +12.3% 1 Adj. EBITDA margin 1 % Margin 22.4% 22.1% +30 bps • Revenue growth driv
Slide 15: Healthy cash generation & disciplined capital allocation
Healthy cash generation & disciplined capital allocation Twelve Months Ended Free Cash Flow1 ($M) 0.5x $393 $368 $336 $319 Net Leverage1 Ratio Q4 FY ’26 $283 $238m Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q4 '26 Returned to shareholders through share repurchases Operating $333 $375 $428 $406 $471 in FY26 Cash Fl
Slide 16: Initiates FY27 guidance
Initiates FY27 guidance Underlying Themes Revenue growth rate higher REVENUE $2,050m – $2,090m in 2H ’27 vs. 1H ’27 due to Walden shift back of one academic week from Q2 into Q3 YoY approx. growth +5% +7% 0-50 bps adj. EBITDA1 margin expansion; operational excellence delivering efficiencies Capital
Slide 17: Appendix
covista Appendix
Slide 18: FY26 Chamberlain performance
FY26 Chamberlain performance $ in Millions FY26 FY25 ∆ vs. FY25 Total Enrollment • Growth driven by pre-licensure nursing and MSN programs Revenue $750.2 $725.8 +3.4% 1 Adj. EBITDA margin 1 Adj. EBITDA $185.5 $191.4 (3.1)% • Operational leverage from revenue growth, offset by investments focused on
Slide 19: FY26 Walden performance
FY26 Walden performance $ in Millions FY26 FY25 ∆ vs. FY25 Total Enrollment • Strong growth in healthcare and non- healthcare Revenue $804.9 $693.4 +16.1% 1 Adj. EBITDA margin 1 Adj. EBITDA $268.0 $206.5 +29.8% • Revenue growth and operational efficiencies generating leverage 1 % Margin 33.3% 29.8%
Slide 20: FY26 Med & Vet performance
FY26 FY26 Med & Vet performance $ in Millions FY26 FY25 ∆ vs. FY25 Total Enrollment Revenue $398.9 $369.1 +8.1% • Growth led by Medical • New enrollment acceleration at both Medical 1 & Veterinary Adj. EBITDA $102.8 $88.8 +15.7% 1 Adj. EBITDA margin 1 % Margin 25.8% 24.1% +170 bps • Revenue growth d
Slide 21: 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 22: Adjusted operating income disclosure (1/2)
Adjusted operating income disclosure (1/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Chamberlain: Operating income $ 36,316 $ 35,739 $ 577 1.6 % $ 141,618 $ 151,455 $ (9,837) (6.5) % Restructuring ex
Slide 23: Adjusted operating income disclosure (2/2)
Adjusted operating income disclosure (2/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Home Office: Operating loss $ (17,282) $ (17,660) $ 378 2.1 % $ (65,140) $ (56,622) $ (8,518) (15.0) % Restructuri
Slide 24: Adjusted EBITDA disclosure (1/2)
Adjusted EBITDA disclosure (1/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Chamberlain: Adjusted operating income (GAAP) $ 36,316 $ 35,739 $ 577 1.6 % $ 143,642 $ 153,367 $ (9,725) (6.3) % Depreciati
Slide 25: Adjusted EBITDA disclosure (2/2)
Adjusted EBITDA disclosure (2/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Home Office: Adjusted operating loss $ (14,906) $ (10,100) $ (4,806) (47.6) % $ (43,843) $ (36,030) $ (7,813) (21.7) % Depre
Slide 26: Adjusted earnings disclosure
Adjusted earnings disclosure (unaudited) (in thousands, except per share data) Three Months Ended Year Ended June 30, June 30, 2026 2025 2026 2025 Net income (GAAP) $ 71,721 $ 54,212 $ 251,566 $ 237,065 Restructuring expense 1,101 388 6,329 3,314 Amortization of acquired intangible assets 2,805 2,80
Slide 27: Free cash flow disclosure
Free cash flow disclosure (unaudited) (in thousands) Twelve Months Ended FY25 FY26 FY26 FY26 FY26 Q4 Q1 Q2 Q3 Q4 Net cash provided by operating activities-continuing operations (GAAP) $ 333,734 $ 374,796 $ 427,890 $ 406,335 $ 470,796 Capital expenditures (50,327) (55,936) (59,880) (69,872) (77,696)
Slide 28: Net leverage disclosure
Net leverage disclosure (unaudited) (in thousands) Year Ended June 30, 2026 Covista: Net income (GAAP) $ 251,566 Loss from discontinued operations 15,809 Interest expense 45,435 Other income, net (7,178) Provision for income taxes 77,744 Depreciation and amortization 72,253 Stock-based compensation