Laureate Education, Inc. · NASDAQ:LAUR
Laureate Education — Q3 2026 Earnings Presentation
39 slides from Laureate Education's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation October 29, 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 Third quarter Revenue and Adjusted EBITDA ahead of guidance Favorable FX and timing of expenses Strong primary enrollment intake for Mexico and secondary intake in Peru1 Mexico primary intake: New Enrollments +8%; driven by face-to-face programs and successful launch of new
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 @ 09/30/26 • Ranked Top 5 university in Mexico Premium/ 1960 141,000 Traditional • 5-Stars rated by QS Stars in categories of Mexico Universidad del Valle de México (UVM) Employa
Slide 9: Q3 & YTD 2026 Performance Results
Q3 & YTD 2026 Performance Results ©2026 Laureate Education, Inc. 9
Slide 10: 2026 Third Quarter – Financial Summary
2026 Third Quarter – Financial Summary Q3 ’26 Variance Vs. Q3 ’25 Notes ($ in millions) Constant (Enrollments rounded to the Results As Reported nearest thousand) Currency1 • Intake Cycle results (timing adjusted)2: New Enrollment 140K 7% 7% LAUR +8%, Mexico +8%, Peru +9% • Mexico +6%, Peru +5% Tota
Slide 11: 2026 Q3 YTD – Financial Summary
2026 Q3 YTD – Financial Summary Q3 YTD ’26 Variance Vs. Q3 YTD ’25 Notes ($ in millions) Constant (Enrollments rounded to the Results As Reported nearest thousand) Currency1 New Enrollment 282K 9% 9% • Mexico: +8%, Peru: +10% Total Enrollment 540K 6% 6% • Mexico +6%, Peru +5% • +7% CC adjusted for t
Slide 12: Segment Results
Segment Results ©2026 Laureate Education, Inc. 12
Slide 13: Mexico Segment Results
Mexico Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) Q3 Constant Currency Q3 Constant Currency (Enrollments rounded to the nearest thousand) ’26 Vs. Q3 ’25 1 YTD ’26 Vs. Q3 YTD ’25 1 • Q3 New Enrollment Intake Cycle results (timing adjusted)2: +8% New Enrollment 101K 9% 171K 8% • S
Slide 14: Peru Segment Results
Peru Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) Q3 Constant Currency Q3 Constant Currency (Enrollments rounded to the nearest thousand) ’26 Vs. Q3 ’25 1 YTD ’26 Vs. Q3 YTD ’25 1 • Q3 Intake Cycle results (timing New Enrollment 39K 3% 111K 10% adjusted)2: +9% • Scaling of fully o
Slide 15: Capitalization and Share Count
Capitalization and Share Count ©2026 Laureate Education, Inc. 15
Slide 16: Q3 2026 Capitalization and Return of Capital
Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital Q3 2026 ($ in millions) Total Company Capitalization as of 09/30/26 and Return of Gross Debt $204 Capital Less: Cash & Cash Equivalents ($190) Net Debt $14 136M shares outstanding as of September 30th Sh
Slide 17: Outlook
Outlook ©2026 Laureate Education, Inc. 17
Slide 18: 2026 Outlook – Executive Summary
2026 Outlook – Executive Summary Reaffirming full year 2026 guidance -- continued strong operating results expected in FY 2026 2026 Revenue growth expected at 13% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on a constant currency basis2 Vs. 2025 2026 Adjusted EBITDA growth expec
Slide 19: Strong Growth Expected for 2026
Strong Growth Expected for 2026 Total Revenue Adjusted EBITDA +13% 15% 1,925M 596M 113M 45M +7% +9% 110M 32M +6% +6% 519M 1,702M 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance in Constant Currency Midpoint in Constant Currency Midp
Slide 20: Q4 2026 Guidance
Q4 2026 ($ in millions) Q4 2026 Outlook1 Guidance Revenue $546 – $556 Adjusted EBITDA $198 – $204 (1) Outlook is based on actual FX rates for October and assumed FX rates (local currency per US dollar) of MXN 18.60 & PEN 3.45 for November through December 2026. FX impact may change based on fluctuat
Slide 21: Change in Academic Calendar in 2026
Change in Academic Calendar in 2026 Changes in academic calendar and revenue recognition expected to impact seasonality during 2026 Expected Intra-Year Changes in Revenue Seasonality Vs. 2025 ($ in millions) Q1 Q2 Q3 Q4 FY Actual Actual Actual Est. Mexico ($12) - $28 ($16) - Peru $3 - $1 ($4) - To
Slide 22: Appendix
Appendix ©2026 Laureate Education, Inc. 22
Slide 23: 2026 Third Quarter – Net Income Reconciliation
2026 Third Quarter – Net Income Reconciliation Q3 ’26 B / (W) Notes ($ in millions) Reported Vs. Q3 ’25 • Impacted by $26M of intra-year timing Adjusted EBITDA 147 52 of academic calendar Depreciation & Amortization (24) (4) Interest Expense, net (3) (2) • Mainly non-cash FX translation on Other 1 7
Slide 24: 2026 Q3 YTD – Net Income Reconciliation
2026 Q3 YTD – Net Income Reconciliation Q3 YTD ’26 B / (W) Notes ($ in millions) Reported Vs. Q3 YTD ’25 • Impacted by $17M of intra-year timing Adjusted EBITDA 395 80 of academic calendar Depreciation & Amortization (69) (16) Interest Expense, net (6) (3) • Mainly non-cash FX translation on Other (
Slide 25: 2026 Full Year Guidance Details
2026 Full Year Guidance Details ($ 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 $1
Slide 26: Q4 2026 Guidance Details
Q4 2026 Guidance Details Q4 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q4 Results As Reported $541 $204 Timing Impact Intra-Year (academic calendar) ($20) ($17) 2025 Q4 Results Adjusted $521 $187 Growth $30 - $40 $11 - $17 Growth % 6% - 8% 6% - 9% 2026 Q4 Guidance (Constant Currency) $551 -
Slide 27: Return of Capital Summary Since 2019
Return of Capital Summary Since 2019 Cash Stock Distributions / ($ 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 September $256 - $256 Cumulative Since 2019 $1,601 $1,734
Slide 28: 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 29: Financial Results & Tables
Financial Results & Tables ©2026 Laureate Education, Inc. 29
Slide 30: Financial Tables
Financial Tables Consolidated Statements of Operations For the three months ended September 30, For the nine months ended September 30, Note: May not sum to total due to rounding. IN MILLIONS (except per share amounts) 2026 2025 Change 2026 2025 Change Revenues $ 485.1 $ 400.2 $ 84.9 $ 1,373.6 $ 1,1
Slide 31: 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 September 3
Slide 32: 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 Currency is calculated using the change Co
Slide 33: Financial Tables
Financial Tables Consolidated Balance Sheets IN MILLIONS September 30, 2026 December 31, 2025 Change Note: Dollars in millions may not sum to total due to rounding. Assets Cash and cash equivalents $ 189.9 $ 146.7 $ 43.2 Receivables (current), net 117.7 134.7 (17.0) Other current assets 39.9 36.9 3.
Slide 34: Financial Tables
Financial Tables Consolidated Statements of Cash Flows For the nine months ended September 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 $ 216.7 $ 112.3 $ 104.4 Depreciation and amortization 69.4 53.3
Slide 35: 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 September 30, For the nine months ended September 30, (1) Represents non-cash, share-based compensation expense pursuant to the provi
Slide 36: 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 For the three months ended September 30, available to common shareholders,
Slide 37: 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 nine months ended September 30, available to common shareholders,
Slide 38: 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 nine months ended September 30, 2026 and 2025: Note: Dollars in millions may not sum to total due IN MILLIONS 2026 2025 Cha
Slide 39: ©2026 Laureate Education, Inc.
©2026 Laureate Education, Inc.