Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — Q2 2026 Earnings Presentation
25 slides from Covista's earnings presentation, Jan 28, 2026
Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings January 28, 2026 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: Second Quarter 2026 Results / 3 ©2026 Adtalem Glo
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 December 31, 2025 ADTALEM: Second 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: Second Quarter 2026 Results / 5 ©2026 Adtalem Global Education Inc.
Slide 6: Q2 FY26 Performance
Q2 FY26 Performance Total enrollment growth YoY: +6.3% $503.4 million 30.8% $2.43 1 1 Revenue Adj. EBITDA margin Adj. EPS +12.4% vs. prior year +290 bps vs. prior year +34.3% vs. prior year Growth with Purpose; durable operational foundation, yielding sustainable growth Chamberlain Walden Medical &
Slide 7: Highlights
Highlights 1 Strong Q2 revenue and adjusted EPS results; raising FY26 adj. EPS guidance range ▪ Tenth straight quarter of total enrollment YoY growth ▪ Operational excellence focus, quality academic outcomes, maintained high persistence Financial strength & capital deployment ▪ Trailing twelve month
Slide 8: Total Enrollment Trends
Total Enrollment Trends Walden: tenth straight quarter of YoY total enrollment growth Chamberlain: lower YoY total enrollment; strategic actions yielding strong leading indicator results; application volumes up double digits YoY Fourteenth straight quarter of pre-licensure BSN YoY total enrollment g
Slide 9: Enterprise Performance
Enterprise Performance Growth with Purpose strategy delivering significant value Revenue growth and efficiencies generating operational leverage 1 Revenue & adj. EBITDA growth benefited from one incremental academic week at Walden Investing to expand reach and future growth Total Enrollment +6.3% •
Slide 10: Chamberlain Performance
Chamberlain Performance Strategic actions yielding results Pre- and post-licensure application volumes up double digits YoY High persistence Q2 ‘26 Q2 ‘25 ∆ vs. Q2 ‘25 Total Enrollment (1.0)% $ in Millions • Decline in post-licensure nursing programs; partially offset by growth in pre-licensure nurs
Slide 11: Walden Performance
Walden Performance Growth driven by healthcare & non-healthcare programs One-week academic calendar shift; $18 million revenue & adj. EBITDA benefit in Q2 ‘26 High persistence Q2 ‘26 Q2 ‘25 ∆ vs. Q2 ‘25 Total Enrollment +13.0% $ in Millions • Growth in healthcare & non-healthcare programs 2 Revenue
Slide 12: Medical & Veterinary Performance
Medical & Veterinary Performance Vet maintaining leading position Med strengthening foundation, leading indicators for sustainable growth Q2 ‘26 Q2 ‘25 ∆ vs. Q2 ‘25 $ in Millions Revenue $102.0 $95.4 +6.9% Total Enrollment +2.4% 1 • Q2 ‘26 doesn’t include a new enrollment period; Adj. EBITDA $31.4 $
Slide 13: Cash Flow
Cash Flow Continued healthy cash generation and disciplined capital allocation Free Cash Flow Trailing Twelve Months $ in Millions $368 $319 $287 $283 $232 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 1 Operating Cash Flow $282 $335 $333 $375 $428 Capital Expenditures ($50) ($48) ($50) ($56) ($60) 2 Free Cash
Slide 14: FY 2026 Guidance
FY 2026 Guidance Maintaining strong momentum; increasing adjusted EPS guidance Underlying Themes Revenue $1,900m – $1,940m Revenue growth higher in 1H ‘26 vs. 2H ‘26 YoY approx. growth 6% 8.5% 1 100 bps adj. EBITDA margin expansion; operational excellence delivering efficiencies Increased level of i
Slide 15: Transformed Portfolio, Positioned Well
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 Disciplined Return Excess Cash Capital Completed $150 million Board-authorized share repurchase program; announced new $750
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 Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Operating income $ 31,998 $ 42,226 $ (10,228) (24.2)% $ 57,606 $ 68,200 $ (10,594) (15.
Slide 20: Adjusted Operating Income Disclosure (2/2)
Adjusted Operating Income Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Operating loss $ (20,709) $ (8,717) $ (11,992) (137.6)% $ (30,837) $ (18,961) $ (11,876
Slide 21: Adjusted EBITDA Disclosure (1/2)
Adjusted EBITDA Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Adjusted operating income (GAAP) $ 33,823 $ 42,303 $ (8,480) (20.0)% $ 59,431 $ 70,135 $ (10,704)
Slide 22: Adjusted EBITDA Disclosure (2/2)
Adjusted EBITDA Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Adjusted operating loss $ (11,234) $ (8,528) $ (2,706) (31.7)% $ (19,412) $ (17,883) $ (1,529) (8
Slide 23: Adjusted Earnings Disclosure
Adjusted Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Net income (GAAP) $ 76,376 $ 75,856 $ 138,208 $ 122,021 Restructuring expense 4,055 322 4,365 2,416 Amortization of acquired intangible ass
Slide 24: Free Cash Flow Disclosure
Free Cash Flow Disclosure (unaudited) (in thousands) Twelve Months Ended FY25 FY25 FY25 FY26 FY26 Q2 Q3 Q4 Q1 Q2 Net cash provided by operating activities- continuing operations (GAAP) $ 281,971 $ 335,069 $ 333,734 $ 374,796 $ 427,890 Capital expenditures (50,375) (47,914) (50,327) (55,936) (59,880)
Slide 25: Net Leverage Disclosure
Net Leverage Disclosure (unaudited) (in thousands) Twelve Months Ended December 31, 2025 Adtalem Global Education: Net income (GAAP) $ 253,252 Income from discontinued operations (763) Interest expense 45,934 Other income, net (8,599) Provision for income taxes 74,201 Depreciation and amortization 6
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