Laureate Education, Inc. · NASDAQ:LAUR
Laureate Education — Q2 2026 Earnings Presentation
40 slides from Laureate Education's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation July 30, 2026 ©2026 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, Adjusted net income, Adjusted EPS, and total debt, net of cash and c
Slide 4: Summary Overview
Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding ©2026 Laureate Education, Inc. 4
Slide 5: Executive Summary
Executive Summary Second quarter Revenue and Adjusted EBITDA ahead of guidance Year-to-date New and Total Enrollments increased 10% and 6%, respectively, versus year-to- date prior year Mexico: New Enrollments grew 7%; Total Enrollments +5% Peru: New Enrollments grew 14%; Total Enrollments +
Slide 6: Compelling Investment Characteristics
Compelling Investment Characteristics ©2026 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 131 million 33 million 164 million Higher Education Students 5,544 2,067 7,611 (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 @ 06/30/26 • Ranked Top 5 university in Mexico Premium/ 1960 124,800 Traditional • 5-Stars rated by QS Stars in categories of Mexico Universidad del Valle de México (UVM) Employa
Slide 9: Q2 & YTD 2026 Performance Results
Q2 & YTD 2026 Performance Results ©2026 Laureate Education, Inc. 9
Slide 10: 2026 Second Quarter – Financial Summary
2026 Second Quarter – Financial Summary Q2 ’26 Variance Vs. Q2 ’25 Notes ($ in millions) Constant (Enrollments rounded to the Results As Reported nearest thousand) Currency1 New Enrollment 40K 13% 13% • +9% adjusted for timing of intakes Total Enrollment 501K 6% 6% • Mexico +5%, Peru +8% Revenue $61
Slide 11: 2026 Q2 YTD – Financial Summary
2026 Q2 YTD – Financial Summary Q2 YTD ’26 Variance Vs. Q2 YTD ’25 Notes ($ in millions) Constant (Enrollments rounded to the Results As Reported nearest thousand) Currency1 New Enrollment 142K 10% 10% • Mexico: +7%, Peru: +14% Total Enrollment 501K 6% 6% • Mexico +5%, Peru +8% • +7% organic/cc adju
Slide 12: Segment Results
Segment Results ©2026 Laureate Education, Inc. 12
Slide 13: Mexico Segment Results
Mexico Segment Results Q2 Results Q2 YTD Results Notes ($ in millions) Q2 Constant Currency Q2 Constant Currency (Enrollments rounded to the nearest thousand) ’26 Vs. Q2 ’25 1 YTD ’26 Vs. Q2 YTD ’25 1 New Enrollment 25K 16% 70K 7% • Primary intake will occur in September • Driven by new enrollments
Slide 14: Peru Segment Results
Peru Segment Results Q2 Results Q2 YTD Results Notes ($ in millions) Q2 Constant Currency Q2 Constant Currency (Enrollments rounded to the nearest thousand) ’26 Vs. Q2 ’25 1 YTD ’26 Vs. Q2 YTD ’25 1 • Strong primary intake completed in New Enrollment 15K 9% 72K 14% March/April • Growth driven by str
Slide 15: Capitalization and Share Count
Capitalization and Share Count ©2026 Laureate Education, Inc. 15
Slide 16: Q2 2026 Capitalization and Return of Capital
Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital Q2 2026 ($ in millions) Total Company Capitalization as of 06/30/26 and Return of Gross Debt $223 Capital Less: Cash & Cash Equivalents ($162) Net Debt $61 138M shares outstanding as of June 30th Share R
Slide 17: Outlook
Outlook ©2026 Laureate Education, Inc. 17
Slide 18: 2026 Updated Outlook
2026 Updated Outlook ($ in millions, except Adjusted EPS) Prior Current (Enrollments rounded to the nearest 2026 Guidance Operational 2026 Guidance thousand) Outlook Change FX Impact Outlook1 Total Enrollment 516K – 521K 2K – 2K - 518K – 523K Revenue $1,890 – $1,905 $10 – $5 $20 $1,920 – $1,930 Adju
Slide 19: 2026 Outlook – Executive Summary
2026 Outlook – Executive Summary Continued strong operating results expected in FY 2026 2026 Revenue growth expected at 13% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on a constant currency basis2 Vs. 2025 2026 Adjusted EBITDA growth expected at 14%-15% Vs. 20251 on a USD repor
Slide 20: Strong Growth Expected for 2026
Strong Growth Expected for 2026 Total Revenue Adjusted EBITDA +13% 15% 1,925M 596M 113M 45M +7% +9% 110M 32M +6% +6% 519M 1,702M 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance in Constant Currency Midpoint in Constant Currency Midp
Slide 21: Q3 2026 Guidance
Q3 2026 ($ in millions) Q3 2026 Outlook1 Guidance Revenue $471 – $476 Adjusted EBITDA $134 – $137 (1) Outlook is based on actual FX rates for July and assumed FX rates (local currency per US dollar) of MXN 17.55 & PEN 3.41 for August through September 2026. FX impact may change based on fluctuations
Slide 22: Change in Academic Calendar in 2026
Change in Academic Calendar in 2026 Changes in academic calendar and revenue recognition expected to impact seasonality during 2026 Expected Intra-Year Changes in Revenue Seasonality Vs. 2025 ($ in millions) Q1 Q2 Q3 Q4 FY Actual Actual Est. Est. Mexico ($12) - $28 ($16) - Peru $3 - $1 ($4) - Tota
Slide 23: Appendix
Appendix ©2026 Laureate Education, Inc. 23
Slide 24: 2026 Second Quarter – Net Income Reconciliation
2026 Second Quarter – Net Income Reconciliation Q2 ’26 B / (W) Notes ($ in millions) Reported Vs. Q2 ’25 Adjusted EBITDA 251 36 Depreciation & Amortization (23) (5) Interest Expense, net (3) (1) • Mainly non-cash FX translation on Other (6) 22 intercompany loans Income Tax (82) (12) Income/(Loss) Fr
Slide 25: 2026 Q2 YTD – Net Income Reconciliation
2026 Q2 YTD – Net Income Reconciliation Q2 YTD ’26 B / (W) Notes ($ in millions) Reported Vs. Q2 YTD ’25 • Impacted by ($9M) intra-year timing of Adjusted EBITDA 248 28 academic calendar; offset in 2H Depreciation & Amortization (46) (12) Interest Expense, net (4) (1) • Mainly non-cash FX translatio
Slide 26: 2026 Full Year Guidance Details
2026 Full Year Guidance Details ($ 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 (Constant Currency) 518K - 523K $1
Slide 27: Q3 2026 Guidance Details
Q3 2026 Guidance Details Q3 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q3 Results As Reported $400 $95 Timing Impact Intra-Year (academic calendar) $29 $26 2025 Q3 Results Adjusted $429 $121 Growth $24 - $29 $8 - $11 Growth % 6% - 7% 7% - 9% 2026 Q3 Guidance (Constant Currency) $453 - $458 $
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 $217 - $217 2026 YTD June $181 - $181 Cumulative Since 2019 $1,526 $1,734 $3,2
Slide 29: Intra-Year Seasonality Trends
Intra-Year Seasonality Trends Revenue Seasonality Adjusted EBITDA Seasonality 43% 42% 42% 41% 31% 31% 32% 31% 32% 39% 28% 28% 27% 24% 24% 24% 24% 31% 31% 28% 17% 17% 18% 21% 14% 19% 20% 18% 8% 8% 7% 1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2022 2023 2024 2025 New Enrollments Seasonality Factor
Slide 30: Financial Results & Tables
Financial Results & Tables ©2026 Laureate Education, Inc. 30
Slide 31: Financial Tables
Financial Tables Consolidated Statements of Operations For the three months ended June 30, For the six months ended June 30, IN MILLIONS (except per share amounts) 2026 2025 Change 2026 2025 Change Note: May not sum to total due to rounding. Revenues $ 615.9 $ 524.2 $ 91.7 $ 888.5 $ 760.3 $ 128.2 Co
Slide 32: Financial Tables
Financial Tables Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Constant Currency results exclude the period- Constant Constant over-period impact from currency fluctuations. For the three months ended June 30, 20
Slide 33: Financial Tables
Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Constant Currency results exclude the period- over-period impact from currency fluctuations. Constant Constant Constant Currency is calculated u
Slide 34: Financial Tables
Financial Tables Consolidated Balance Sheets IN MILLIONS June 30, 2026 December 31, 2025 Change Note: Dollars in millions may not sum to total due to rounding. Assets Cash and cash equivalents $ 161.7 $ 146.7 $ 15.0 Receivables (current), net 159.5 134.7 24.8 Other current assets 44.2 36.9 7.3 Prope
Slide 35: Financial Tables
Financial Tables Consolidated Statements of Cash Flows For the six months ended June 30, IN MILLIONS 2026 2025 Change Note: Dollars in millions may not sum to total due Cash flows from operating activities to rounding. Net income $ 115.5 $ 77.9 $ 37.6 Depreciation and amortization 45.6 33.7 11.9 Gai
Slide 36: Financial Tables
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 June 30, For the six months ended June 30, (1) Represents non-cash, share-based compensation expense pursuant to the provisions IN MI
Slide 37: Financial Tables
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 For the three months ended June 30
Slide 38: Financial Tables
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 six months ended June 30, available to common shareholders, which
Slide 39: Financial Tables
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 six months ended June 30, 2026 and 2025: Note: Dollars in millions may not sum to total due IN MILLIONS 2026 2025 Change to
Slide 40: ©2026 Laureate Education, Inc.
©2026 Laureate Education, Inc.