Covista Inc. · NYSE:CVSA
Covista — Q1 2027 Earnings Presentation
23 slides from Covista's earnings presentation, Oct 29, 2026
Slide 1: First Quarter 2027 Earnings
First Quarter 2027 Earnings October 29, 2026 covista.com
Slide 2: 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 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: Q1 FY27 performance
Q1 FY27 performance Chamberlain University 40.4k students $511.5m REVENUE • 3rd consecutive quarter of total enrollment growth; maintained near record total enrollment • Opened campuses in Cincinnati and Salt Lake City; 27th +10.7% vs. prior year campus in Nashville expected to begin classes January
Slide 7: Business highlights
Business highlights Strong Q1 revenue and adjusted EPS1 1 ▪ 13th straight quarter of total enrollment growth ▪ Raising full year guidance for revenue and adjusted earnings per share Strong financial flexibility supporting value creation activities 2 ▪ Trailing twelve months free cash flow1 of $355 m
Slide 8: Total enrollment trends
Total enrollment trends 97.0k 100.6k 99.5k 104.7k Year-over-Year % change Q1 ‘27 Q4 ‘26 +6.3% +6.8% +8.4% +7.6% +1.3% +1.6% Total enterprise enrollments1 +12.8% +14.0% Year-over-Year % change +3.5% +7.3% Q2 ‘26 Q3 ‘26 Q4 ‘26 Q1 ‘27 Chamberlain: 3rd straight quarter of positive total enrollment growt
Slide 9: Covista performance
Covista performance $ in Millions, except per share data Q1 ‘27 Q1 ‘26 ∆ vs. Q1 ‘26 Total Enrollment • Growth driven by all three segments Revenue $511.5 $462.3 +10.7% 1 Adj. EBITDA margin 1 • Revenue growth and operational efficiencies Adj. EBITDA $131.2 $112.0 +17.1% 1 1 Adj. EPS % Margin 25.6% 24
Slide 10: Chamberlain performance
Chamberlain performance $ in Millions Q1 ‘27 Q1 ‘26 ∆ vs. Q1 ‘26 Total Enrollment • Growth driven by pre-licensure nursing Revenue $192.4 $179.2 +7.4% 1 Adj. EBITDA margin 1 • Operational leverage from revenue growth Adj. EBITDA $37.6 $35.1 +7.1% offset by investments focused on marketing and strate
Slide 11: Walden performance
Walden performance $ in Millions Q1 ‘27 Q1 ‘26 ∆ vs. Q1 ‘26 Total Enrollment • Strong growth in healthcare and non- healthcare Revenue $216.7 $190.0 +14.1% 1 Adj. EBITDA margin 1 Adj. EBITDA $71.9 $61.9 +16.1% • Revenue growth and operational efficiencies generating leverage 1 % Margin 33.2% 32.6% +
Slide 12: Med & Vet performance
Med & Vet performance $ in Millions Q1 ‘27 Q1 ‘26 ∆ vs. Q1 ‘26 Total Enrollment Revenue $102.5 $93.1 +10.0% • Growth from both Medical and Veterinary 1 1 Adj. EBITDA margin Adj. EBITDA $27.4 $21.4 +27.9% • Revenue growth and operational efficiencies generating leverage 1 % Margin 26.7% 23.0% +370 bp
Slide 13: Healthy cash generation & disciplined capital allocation
Healthy cash generation & disciplined capital allocation Trailing Twelve Months Ended Free Cash Flow1 ($M) 0.5x $393 $368 $355 $336 Net Leverage1 Ratio $319 Q1 FY ’27 $84m Q1 '26 Q2 '26 Q3 '26 Q4 '26 Q1 '27 Returned to shareholders through share repurchases Operating $375 $428 $406 $471 $454 in Q1 F
Slide 14: Raising FY27 guidance
Raising FY27 guidance Underlying Themes REVENUE $2,060m – $2,095m Walden shift back of one academic week from Q2 YoY approx. into Q3; no net impact on full year growth +5.5% +7% 0-50 bps adj. EBITDA1 margin expansion; operational excellence PRIOR GUIDANCE $2,050m – $2,090m delivering efficiencies Ca
Slide 15: Appendix
covista Appendix
Slide 16: 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 17: Adjusted operating income disclosure (1/2)
Adjusted operating income disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2026 2025 $ % Chamberlain: Operating income $ 26,730 $ 25,608 $ 1,122 4.4 % Adjusted operating income $ 26,730 $ 25,608 $ 1,122 4.4 % Operating margin 13.9 % 14.3 % Adjusted ope
Slide 18: Adjusted operating income disclosure (2/2)
Adjusted operating income disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2026 2025 $ % Covista (1): Operating income (GAAP) $ 98,027 $ 85,477 $ 12,550 14.7 % Restructuring expense 163 310 (147) Amortization of acquired intangible assets 1,394 2,805 (
Slide 19: Adjusted EBITDA disclosure (1/2)
Adjusted EBITDA disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2026 2025 $ % Chamberlain: Adjusted operating income (GAAP) $ 26,730 $ 25,608 $ 1,122 4.4 % Depreciation 6,094 5,375 719 Amortization of cloud computing implementation assets 2,386 1,527
Slide 20: Adjusted EBITDA disclosure (2/2)
Adjusted EBITDA disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2026 2025 $ % Covista (1): Net income (GAAP) $ 67,427 $ 61,832 $ 5,595 9.0 % Loss (income) from discontinued operations 4,055 (770) 4,825 Interest expense 9,944 11,090 (1,146) Other incom
Slide 21: Adjusted earnings disclosure
Adjusted earnings disclosure (unaudited) (in thousands, except per share data) Three Months Ended September 30, 2026 2025 Net income (GAAP) $ 67,427 $ 61,832 Restructuring expense 163 310 Amortization of acquired intangible assets 1,394 2,805 Strategic advisory costs 6,231 1,684 Loss on debt extingu
Slide 22: Free cash flow disclosure
Free cash flow disclosure (unaudited) (in thousands) Twelve Months Ended FY26 FY26 FY26 FY26 FY27 Q1 Q2 Q3 Q4 Q1 Net cash provided by operating activities-continuing operations (GAAP) $ 374,796 $ 427,890 $ 406,335 $ 470,796 $ 454,438 Capital expenditures (55,936) (59,880) (69,872) (77,696) (99,265)
Slide 23: Net leverage disclosure
Net leverage disclosure (unaudited) (in thousands) Twelve Months Ended September 30, 2026 Covista: Net income (GAAP) $ 257,161 Loss from discontinued operations 20,634 Interest expense 44,289 Other income, net (6,108) Provision for income taxes 79,950 Depreciation and amortization 73,836 Stock-based