Laureate Education, Inc. · NASDAQ:LAUR
Laureate Education — Q3 2025 Earnings Presentation
40 slides from Laureate Education's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation October 30, 2025 ©2025 Laureate Education, Inc.
Slide 2: Forward Looking Statements
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 meani
Slide 3: Presentation of Non-GAAP Measures
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 and its related margin, Adjusted net income, Adjusted Earnings Per Sh
Slide 4: Summary Overview
Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding ©2025 Laureate Education, Inc. 4
Slide 5: Executive Summary
Executive Summary Third quarter Revenue and Adjusted EBITDA ahead of guidance Completion of Q3 primary intake for Mexico and secondary intake in Peru Mexico primary intake: New Enrollments +4% excluding campus closures; solid results against the backdrop of a softer macroeconomic environment –
Slide 6: Compelling Investment Characteristics
Compelling Investment Characteristics ©2025 Laureate Education, Inc. 6
Slide 7: Attractive Market Opportunities in Mexico and Peru
Attractive Market Opportunities in Mexico and Peru Attractive Markets with Significant Growth Opportunities Participation rates growing and still well below developed markets Mexico Peru Combined Population 130 million 32 million 162 million Higher Education Students 5,518 2,042 7,560 (000s) Higher
Slide 8: Leading University Portfolio in Mexico & Peru
Leading University Portfolio in Mexico & Peru Enrollment Market QS StarsTM Brand Founded Segment Overall Ratings/Rankings @ 9/30/25 • Ranked Top 5 university in Mexico Premium/ • 5-Stars rated by QS Stars in categories of 1960 133,400 Traditional Employability, Inclusiveness, Online Learning & Mexic
Slide 9: Q3 & YTD 2025 Performance Results
Q3 & YTD 2025 Performance Results ©2025 Laureate Education, Inc. 9
Slide 10: 2025 Third Quarter – Financial Summary
2025 Third Quarter – Financial Summary Q3 ’25 Variance Vs. Q3 ’24 Notes ($ in millions) (Enrollments rounded to the Results As Reported Organic/CC1 nearest thousand) • Strong secondary intake in Peru, driven by scaling of New Enrollment 130K 7% 7% fully online • Mexico +4% (5% excluding campus closu
Slide 11: 2025 Q3 YTD – Financial Summary
2025 Q3 YTD – Financial Summary Q3 YTD ’25 Variance Vs. Q3 YTD ’24 Notes ($ in millions) (Enrollments rounded to the Results As Reported Organic/CC1 nearest thousand) • Mexico: +4% New Enrollment 259K 7% 7% • Peru: +13% • Mexico +4% (5% excluding campus closures) Total Enrollment 511K 6% 6% • Peru +
Slide 12: Segment Results
Segment Results ©2025 Laureate Education, Inc. 12
Slide 13: Mexico Segment Results
Mexico Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) Organic/CC Vs. Organic/CC Vs. (Enrollments rounded to Q3 ’25 Q3 YTD ’25 the nearest thousand) Q3 ’24 1 Q3 YTD ’24 1 • Primary intake in Q3 up 2% reported, up 4% New Enrollment 92K 2% 158K 4% excluding campus closures Total Enroll
Slide 14: Peru Segment Results
Peru Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) Organic/CC Vs. Organic/CC Vs. (Enrollments rounded to Q3 ’25 Q3 YTD ’25 the nearest thousand) Q3 ’24 1 Q3 YTD ’24 1 • Strong secondary intake performance in Q3 New Enrollment 37K 21% 101K 13% driven by scaling of fully online progr
Slide 15: Capitalization and Share Count
Capitalization and Share Count ©2025 Laureate Education, Inc. 15
Slide 16: Q3 2025 Capitalization and Return of Capital
Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital Q3 2025 ($ in millions) Total Company Capitalization as of 9/30/25 and Return of Cash & Cash Equivalents $241 Capital Less: Gross Debt ($102) Net Cash $139 147M shares outstanding as of September 30th Sh
Slide 17: Outlook
Outlook ©2025 Laureate Education, Inc. 17
Slide 18: 2025 Outlook – Executive Summary
2025 Outlook – Executive Summary Strong operating results expected, despite impact from campus consolidations 2025 Revenue growth expected at 7%-8% Vs. 20241 on a USD reported basis, expected to be up ~8% on an organic constant currency basis2 Vs. 2024 2025 Adjusted EBITDA growth expected at 1
Slide 19: 2025 Updated Outlook
2025 Updated Outlook ($ in millions) Prior FY Current FY (Enrollments rounded to the nearest thousand) 2025 Outlook 2025 Outlook1 Total Enrollment 491K – 495K ~494K Revenue $1,615 – $1,630 $1,681 – $1,686 Adjusted EBITDA $489 – $496 $508 – $512 Increasing Guidance Following Completion of Intake Cycl
Slide 20: Strong Growth in Revenue and Adj. EBITDA Expected for FY 2025
Strong Growth in Revenue and Adj. EBITDA Expected for FY 2025 Total Total Revenue Revenue ($M) Adjusted Adjusted EBITDA EBITDA ($M) 7% 13% $1,684 $510 $56 $126 +12% +8% $1,567 $450 $4 ($9) 1% (1%) 2024 Actuals FX Impact 1 Operational Growth 2025 Guidance 2024 Actuals FX Impact 1 Operational Growth 2
Slide 21: Q4 2025 Guidance
Q4 2025 ($ in millions) Q4 2025 Outlook1 Guidance Revenue $521 – $526 Adjusted EBITDA $194 – $198 (1) Outlook is based on actual FX rates for October and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuat
Slide 22: Change in Academic Calendar in 2025
Change in Academic Calendar in 2025 Changes in academic calendar expected to impact seasonality during 2025 Start of certain classes shifted in both Mexico and Peru to align with updated academic scheduling requirements Expected Intra-Year Changes in Revenue Seasonality Vs. 2024 ($ in millions)
Slide 23: Appendix
Appendix ©2025 Laureate Education, Inc. 23
Slide 24: 2025 Third Quarter – Net Income Reconciliation
2025 Third Quarter – Net Income Reconciliation Q3 ’25 B / (W) Notes ($ in millions) Reported Vs. Q3 ’24 • Impacted by ($5M) intra-year timing of Adjusted EBITDA 95 3 academic calendar Depreciation & Amortization (20) (3) Interest Expense, net (1) 2 • Mainly non-cash FX translation on Other (6) (18)
Slide 25: 2025 Q3 YTD – Net Income Reconciliation
2025 Q3 YTD – Net Income Reconciliation Q3 YTD ’25 B / (W) Notes ($ in millions) Reported Vs. Q3 YTD ’24 • Impacted by ($21M) intra-year timing of Adjusted EBITDA 315 6 academic calendar; offset in Q4 Depreciation & Amortization (53) (1) Interest Expense, net (3) 5 • Mainly non-cash FX translation o
Slide 26: 2025 Full Year Guidance Details
2025 Full Year Guidance Details ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2024 FY Results As Reported 472K $1,567 $450 Organic Growth (excl. Campus Consolidations) ~25K $131 - $136 $56 - $60 Organic Growth % (excl. Campus Consolidations) ~5%
Slide 27: Q4 2025 Guidance Details
Q4 2025 Guidance Details Q4 Guidance ($ in millions) Revenues Adj. EBITDA 2024 Q4 Results As Reported $423 $141 Timing Impact Intra-Year (academic calendar) $25 $21 2024 Q4 Results Adjusted $448 $162 Organic Growth (excl. Campus Consolidations) $39 - $44 $17 - $21 Organic Growth % (excl. Campus Cons
Slide 28: Return of Capital Summary Since 2019
Return of Capital Summary Since 2019 Cash Stock Distributions / ($ in millions) Buybacks 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 YTD September $71 - $71 Cumulative Since 2019 $1,199 $1,734 $2,933 Strong Trac
Slide 29: Intra-Year Seasonality Trends
Intra-Year Seasonality Trends Revenue Seasonality Adjusted EBITDA Seasonality 42% 43% 42% 42% 32% 30% 31% 31% 27% 28% 28% 27% 25% 24% 24% 24% 30% 31% 31% 28% 18% 17% 17% 18% 24% 21% 19% 20% 8% 8% 7% 4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2021 2022 2023 2024 New Enrollments Seasonality Factor
Slide 30: Financial Results & Tables
Financial Results & Tables ©2025 Laureate Education, Inc. 30
Slide 31: Consolidated Statements of Operations
Financial Tables Consolidated Statements of Operations For the three months ended September 30, For the nine months ended September 30, IN MILLIONS (except per share amounts) 2025 2024 Change 2025 2024 Change Note: May not sum to total due to rounding. Revenues $ 400.2 $ 368.6 $ 31.6 $ 1,160.5 $ 1,1
Slide 32: Revenue and Adjusted EBITDA by segment: Quarter
Financial Tables Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Organic Constant Currency results exclude the Organic Organic period-over-period impact from currency For the three months ended Constant Constant fl
Slide 33: Revenue and Adjusted EBITDA by segment: Year-to-Date
Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Organic Constant Currency results exclude the Organic Organic period-over-period impact from currency For the nine months ended Constant Constan
Slide 34: Consolidated Balance Sheets
Financial Tables Consolidated Balance Sheets IN MILLIONS September 30, 2025 December 31, 2024 Change Note: Dollars in millions may not sum to total due Assets to rounding. Cash and cash equivalents $ 241.0 $ 91.4 $ 149.6 Receivables (current), net 84.7 91.8 (7.1) Other current assets 44.7 43.6 1.1 P
Slide 35: Consolidated Statements of Cash Flows
Financial Tables Consolidated Statements of Cash Flows For the nine months ended September 30, IN MILLIONS 2025 2024 Change Note: Dollars in millions may not sum to total due Cash flows from operating activities to rounding. Net income $ 112.3 $ 202.8 $ (90.5) Depreciation and amortization 53.3 52.1
Slide 36: Non-GAAP Reconciliations (1 of 4)
Financial Tables Non-GAAP Reconciliations (1 of 4) The following table reconciles Net Income to Adjusted EBITDA and Adjusted EBITDA margin: For the three months ended September 30, For the nine months ended September 30, (1) Represents non-cash, share-based IN MILLIONS 2025 2024 Change 2025 2024 Cha
Slide 37: Non-GAAP Reconciliations (2 of 4)
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. For the three months ended September 30, Earnings per share is calculated based on income available to common shareholders,
Slide 38: Non-GAAP Reconciliations (3 of 4)
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 For the nine months ended September 30, available to common shareholders,
Slide 39: Non-GAAP Reconciliations (4 of 4)
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, 2025 and 2024: Note: Dollars in millions may not sum to total due IN MILLIONS 2025 2024 Cha
Slide 40: ©2025 Laureate Education, Inc.
©2025 Laureate Education, Inc.