Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — Q1 2026 Earnings Presentation
25 slides from Covista's earnings presentation, Oct 30, 2025
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings October 30, 2025 A D T A L E M : T h i r d Q u a r t e r 2 0 2 5 R e s u l t s / 1
Slide 2: Safe Harbor
SafeSafe CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Harbor Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events bas
Slide 3: Purpose driven organization
Purpose driven organization committed to student & societal outcomes Creating shareholder value Growth with Purpose strategy, delivering long-term growth Systemically important component of the U.S. healthcare system, training care providers ADTALEM: First Quarter 2026 Results / 3 ©2025 Adtalem Glob
Slide 4: 5 like-kind institutions
5 like-kind institutions All post-secondary All with a center of higher education gravity in healthcare 28 campuses >97k students ~90% of student enrollment Robust online delivery capabilities ~150 programs1 healthcare focused As of September 30, 2025 ADTALEM: First Quarter 2026 Results / 4 1. Progr
Slide 5: Growth with Purpose
Growth with Purpose Growth with Purpose Strategy Driving Organic Revenue Growth Marketing Enrollment Retention Pricing Programs Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes ADTALEM: First Quarter 2026 Results / 5 ©2025 Adtalem Global Education Inc. A
Slide 6: Q1 FY26 Performance
Q1 FY26 Performance Total enrollment growth YoY: +8.0% $462.3 million 24.2% $1.75 1 1 Revenue Adj. EBITDA margin Adj. EPS +10.8% vs. prior year +100 bps vs. prior year +35.7% vs. prior year Growth with Purpose generating significant returns through operational excellence Chamberlain Walden Medical &
Slide 7: Highlights
Highlights 1 Revenue & Adj. EPS , strong results in-line with expectations ▪ Ninth straight quarter of total enrollment YoY growth ▪ Operational excellence focus, quality academic outcomes, maintained high persistence Financial strength ▪ Trailing twelve months free cash flow1 $319 million ▪ Cash an
Slide 8: Total Enrollment Trends
Total Enrollment Trends Chamberlain: eleventh straight quarter of YoY total enrollment growth Walden: ninth straight quarter of YoY total enrollment growth Med/Vet: third straight enrollment cycle of YoY total enrollment growth Continue to deliver quality student outcomes, maintained high persistenc
Slide 9: Enterprise Performance
Enterprise Performance Growth with Purpose strategy delivering significant value Revenue growth and efficiencies generating operational leverage Operational leverage greater than increased level of investments Total Enrollment +8.0% • All segments contributing Q1 ‘26 Q1 ‘25 ∆ vs. Q1 ‘25 $ in Million
Slide 10: Chamberlain Performance
Chamberlain Performance Growth driven by pre-licensure nursing programs High persistence Q1 ‘26 Q1 ‘25 ∆ vs. Q1 ‘25 Total Enrollment +2.2% $ in Millions • Growth in pre-licensure nursing programs; partially offset by post-licensure nursing programs Revenue $179.2 $167.9 +6.7% 1 Adj. EBITDA margin (2
Slide 11: Walden Performance
Walden Performance Growth driven by healthcare & non-healthcare programs High persistence Q1 ‘26 Q1 ‘25 ∆ vs. Q1 ‘25 Total Enrollment +13.6% $ in Millions • Growth in healthcare & non-healthcare programs 1 Revenue $190.0 $161.5 +17.6% Adj. EBITDA margin +300 bps • Revenue growth and operational effi
Slide 12: Medical & Veterinary Performance
Medical & Veterinary Performance Vet maintaining leading position Med strengthening foundation, leading indicators for sustainable growth Q1 ‘26 Q1 ‘25 ∆ vs. Q1 ‘25 $ in Millions Revenue $93.1 $88.0 +5.9% Total Enrollment +2.4% 1 • Growth in Med & Vet Adj. EBITDA $21.4 $19.2 +11.6% • New enrollment
Slide 13: Cash Flow
Cash Flow Continued healthy cash generation and disciplined capital allocation Trailing Twelve Months $ in Millions $319 $287 $283 $243 $232 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 1 Operating Cash Flow $292 $282 $335 $333 $375 Capital Expenditures ($49) ($50) ($48) ($50) ($56) 2 Free Cash Flow $243 $232
Slide 14: FY 2026 Guidance
FY 2026 Guidance Maintaining strong momentum Underlying Themes Revenue $1,900m – $1,940m Revenue growth higher in 1H ‘26 vs. 2H ’26 YoY approx. growth 6.0% 8.5% 1 100 bps adj. EBITDA margin expansion Operational leverage greater than investments in organic and new capacity growth Adj. EPS 1 $7.60 –
Slide 15: Transformed Portfolio, Positioned Well as the Largest Healthcare Educator
Transformed Portfolio, Positioned Well as the Largest Healthcare Educator In a growing, structurally attractive industry with durable demand trends Creating Long-Term Value with Growth with Purpose Strategy A systemically important Focused on accelerating organic total enrollment growth and efficien
Slide 16: Disciplined Capital Allocation
Student Growth Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Investing to expand access to in-demand healthcare education Return Excess Cash Disciplined Repurchased $8 million of shares in the first quarter; $142 million remaining under $150 mill
Slide 17: Appendix
Appendix ADTALEM GLOBAL EDUCATION
Slide 18: 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 Adtalem’s ongoing operations as seen through the eyes of management and are useful fo
Slide 19: Adjusted Operating Income Disclosure (1/2)
Adjusted Operating Income Disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Chamberlain: Operating income $ 25,608 $ 25,974 $ (366) (1.4)% Restructuring expense — 1,858 (1,858) Adjusted operating income $ 25,608 $ 27,832 $ (2,224) (8.0)% O
Slide 20: Adjusted Operating Income Disclosure (2/2)
Adjusted Operating Income Disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Home Office: Operating loss $ (10,128) $ (10,244) $ 116 1.1 % Restructuring expense 266 177 89 Strategic advisory costs 1,684 — 1,684 Debt modification costs — 712
Slide 21: Adjusted EBITDA Disclosure (1/2)
Adjusted EBITDA Disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Chamberlain: Adjusted operating income (GAAP) $ 25,608 $ 27,832 $ (2,224) (8.0)% Depreciation 5,375 5,368 7 Amortization of cloud computing implementation assets 1,527 652 8
Slide 22: Adjusted EBITDA Disclosure (2/2)
Adjusted EBITDA Disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Home Office: Adjusted operating loss $ (8,178) $ (9,355) $ 1,177 12.6 % Depreciation 161 184 (23) Stock-based compensation 1,660 1,985 (325) Adjusted EBITDA $ (6,357) $ (7,1
Slide 23: Adjusted Earnings Disclosure
Adjusted Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended September 30, 2025 2024 Net income (GAAP) $ 61,832 $ 46,165 Restructuring expense 310 2,094 Amortization of acquired intangible assets 2,805 2,805 Strategic advisory costs 1,684 — Write-off of debt issu
Slide 24: Free Cash Flow Disclosure
Free Cash Flow Disclosure (unaudited) (in thousands) Twelve Months Ended FY25 FY25 FY25 FY25 FY26 Q1 Q2 Q3 Q4 Q1 Net cash provided by operating activities- continuing operations (GAAP) $ 291,820 $ 281,971 $ 335,069 $ 333,734 $ 374,796 Capital expenditures (48,873) (50,375) (47,914) (50,327) (55,936)
Slide 25: Net Leverage Disclosure
Net Leverage Disclosure (unaudited) (in thousands) Twelve Months Ended September 30, 2025 Adtalem Global Education: Net income (GAAP) $ 252,732 Income from discontinued operations (5,238) Interest expense 48,926 Other income, net (9,130) Provision for income taxes 69,491 Depreciation and amortizatio
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