Laureate Education, Inc. · NASDAQ:LAUR
Laureate Education — Q4 2025 Earnings Presentation
42 slides from Laureate Education's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter & Year-End 2025 Earnings Presentation
Fourth Quarter & Year-End 2025 Earnings Presentation February 19, 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 cash and cash equivalen
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 Fourth quarter results ahead of expectations aided by favorable FX; Net Income of $172M in Q4 Strong operating results in FY 2025 – continued growth and margin expansion FY Financial Results: Revenue of $1.7B, Adjusted EBITDA of $519M, Net Income of $284M (including discrete
Slide 6: Key Academic Highlights in 2025
Key Academic Highlights in 2025 UPC in Peru: For the fifth consecutive year, UPC was ranked Peru’s #1 Education Brand in Peru by Merco. Universidad Peruana de Ciencias Aplicadas (UPC) UPC earned a 5-Stars rating in the QS Stars global university rating system. UVM in Mexico: For the third consecutiv
Slide 7: Compelling Investment Characteristics
Compelling Investment Characteristics ©2026 Laureate Education, Inc. 7
Slide 8: Attractive Market Opportunities in Mexico and Peru
Attractive Market Opportunities in Mexico and Peru Attractive Markets with Significant Growth Opportunities Participation rates growing and still well below developed markets Mexico Peru Combined Population 131 million 33 million 164 million Higher Education Students 5,544 2,067 7,611 (000s) Higher
Slide 9: Leading University Portfolio in Mexico & Peru
Leading University Portfolio in Mexico & Peru Enrollment Market QS StarsTM Brand Founded Segment Overall Ratings/Rankings @ 12/31/25 • Ranked Top 5 university in Mexico Premium/ 1960 132,200 Traditional • 5-Stars rated by QS Stars in categories of Mexico Universidad del Valle de México (UVM) Employa
Slide 10: Q4 & FY 2025 Performance Results
Q4 & FY 2025 Performance Results ©2026 Laureate Education, Inc. 10
Slide 11: 2025 Fourth Quarter – Financial Summary
2025 Fourth Quarter – Financial Summary Q4 ’25 Variance Vs. Q4 ’24 Notes ($ in millions) (Enrollments rounded to the Results As Reported Organic/CC1 nearest thousand) New Enrollment 13K 26% 26% • Not a material intake period • Mexico +4% (5% same-store) in FY 2025 Total Enrollment 498K 5% 5% • Peru
Slide 12: 2025 FY – Financial Summary
2025 FY – Financial Summary FY ’25 Variance Vs. FY ’24 Notes ($ in millions) (Enrollments rounded to the Results As Reported Organic/CC1 nearest thousand) • Mexico: +5% New Enrollment 272K 8% 8% • Peru: +13% (driven by scaling of fully online programs) • Mexico +4% (5% same-store) Total Enrollment 4
Slide 13: Segment Results
Segment Results ©2026 Laureate Education, Inc. 13
Slide 14: Mexico Segment Results
Mexico Segment Results Q4 Results FY Results Notes ($ in millions) Organic/CC Vs. Organic/CC Vs. (Enrollments rounded to Q4 ’25 FY ’25 the nearest thousand) Q4 ’24 1 FY ’24 1 New Enrollment 10K 28% 168K 5% Total Enrollment 269K 4% 269K 4% • Up 5% same-store in FY 2025 Revenue $276 12% $877 9% • No t
Slide 15: Peru Segment Results
Peru Segment Results Q4 Results FY Results Notes ($ in millions) Organic/CC Vs. Organic/CC Vs. (Enrollments rounded to Q4 ’25 FY ’25 the nearest thousand) Q4 ’24 1 FY ’24 1 • FY driven by strong secondary intake New Enrollment 3K 22% 104K 13% performance in Q3 (driven by scaling of fully online prog
Slide 16: Capitalization and Share Count
Capitalization and Share Count ©2026 Laureate Education, Inc. 16
Slide 17: Q4 2025 Capitalization and Return of Capital
Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital Q4 2025 ($ in millions) Total Company Capitalization as of 12/31/25 and Return of Cash & Cash Equivalents $147 Capital Less: Gross Debt ($129) Net Cash $18 143M shares outstanding as of December 31st Sha
Slide 18: Outlook
Outlook ©2026 Laureate Education, Inc. 18
Slide 19: 2026 Outlook – Executive Summary
2026 Outlook – Executive Summary Continued strong operating results expected in FY 2026 2026 Revenue growth expected at 11%-12% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on an organic constant currency basis2 Vs. 2025 2026 Adjusted EBITDA growth expected at 12%-14% Vs. 20251 o
Slide 20: Outlook
Continued Constant Currency Revenue Growth And Margin Expansion 2026 ($ in millions, except Adjusted EPS) (Enrollments rounded to the nearest thousand) 2026 Guidance Outlook1 Outlook Total Enrollment 516K – 521K Revenue $1,890 – $1,905 Adjusted EBITDA $583 – $593 Adjusted EPS2 $1.95 – $2.03 (1) Outl
Slide 21: Strong Growth Expected for 2026
Strong Growth Expected for 2026 Total Revenue Adjusted EBITDA +11% 13% 1,897M 588M 106M 42M +6% +8% 90M 27M +5% 519M +5% 1,702M 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance 2025 Actuals FX Impact 1 Operational Growth 2026 Guidance in Constant Currency Midpoint in Constant Currency Midpo
Slide 22: Change in Academic Calendar in 2026
Change in Academic Calendar in 2026 Changes in academic calendar and revenue recognition expected to impact seasonality during 2026 Expected Intra-Year Changes in Revenue Seasonality Vs. 2025 ($ in millions) Q1 Q2 Q3 Q4 FY Est. Est. Est. Est. Mexico ($12) - $28 ($16) - Peru $3 - $2 ($5) - Total Re
Slide 23: Q1 2026 Guidance
Q1 Impacted by Intra-Year Timing Items Q1 2026 ($ in millions) Q1 2026 Outlook1 Guidance Revenue $261 – $265 Adjusted EBITDA ($20) – ($17) (1) Outlook is based on actual FX rates for January and Spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for February through March 2026. FX
Slide 24: Appendix
Appendix ©2026 Laureate Education, Inc. 24
Slide 25: 2025 Fourth Quarter – Net Income Reconciliation
2025 Fourth Quarter – Net Income Reconciliation Q4 ’25 B / (W) Notes ($ in millions) Reported Vs. Q4 ’24 • Impacted by $21M intra-year timing of Adjusted EBITDA 204 63 academic calendar Depreciation & Amortization (21) (5) Interest Expense, net (0) 1 • Mainly non-cash FX translation on Other (0) (16
Slide 26: 2025 FY – Net Income Reconciliation
2025 FY – Net Income Reconciliation FY ’25 B / (W) Notes ($ in millions) Reported Vs. FY ’24 Adjusted EBITDA 519 69 Depreciation & Amortization (75) (6) Interest Expense, net (4) 6 • Mainly non-cash FX translation on Other (40) (83) intercompany loans • One-time discrete benefits impacting Income Ta
Slide 27: Change in Academic Calendar in 2025
Change in Academic Calendar in 2025 Changes in academic calendar impacted seasonality during 2025 Start of certain classes shifted in both Mexico and Peru to align with updated academic scheduling requirements Expected Intra-Year Changes in Revenue Seasonality Vs. 2024 ($ in millions) Q1 Q2 Q3 Q
Slide 28: 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 Organic Growth 18K - 23K $98 - $113 $37 - $47 Organic Growth % 4% - 5% 6% - 7% 7% - 9% 2026 FY Guidance (Constant Currency)
Slide 29: Q1 2026 Guidance Details
Q1 2026 Guidance Details Q1 Guidance ($ in millions) Revenues Adj. EBITDA 2025 Q1 Results As Reported $236 $5 Timing Impact Intra-Year (academic calendar) ($9) ($9) 2025 Q1 Results Adjusted $227 ($4) Organic Growth $4 - $8 ($16) - ($13) Organic Growth % 2% - 4% n.m. 2026 Q1 Guidance (Constant Curren
Slide 30: Return of Capital Summary Since 2019
Return of Capital Summary Since 2019 Cash Stock Distributions / ($ 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 Cumulative Since 2019 $1,345 $1,734 $3,079 Strong Track Record of
Slide 31: 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 32: Financial Results & Tables
Financial Results & Tables ©2026 Laureate Education, Inc. 32
Slide 33: Financial Tables
Financial Tables Consolidated Statements of Operations For the three months ended December 31, For the year ended December 31, IN MILLIONS 2025 2024 Change 2025 2024 Change Note: May not sum to total due to rounding. Revenues $ 541.4 $ 423.4 $ 118.0 $ 1,701.9 $ 1,566.6 $ 135.3 Costs and expenses: Di
Slide 34: Financial Tables
Financial Tables Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Organic Constant Currency results exclude the period-over-period impact from currency Organic Organic fluctuations, acquisitions and divestitures. Or
Slide 35: Financial Tables
Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date IN MILLIONS nm - percentage changes not meaningful % Change $ Variance Components (1) Organic Constant Currency results exclude the Organic Organic period-over-period impact from currency For the year ended Constant Constant fluct
Slide 36: Financial Tables
Financial Tables Consolidated Balance Sheets IN MILLIONS December 31, 2025 December 31, 2024 Change Note: Dollars in millions may not sum to total due Assets to rounding. Cash and cash equivalents $ 146.7 $ 91.4 $ 55.3 Receivables (current), net 134.7 91.8 42.9 Other current assets 36.9 43.6 (6.7) P
Slide 37: Financial Tables
Financial Tables Consolidated Statements of Cash Flows For the year ended December 31, IN MILLIONS 2025 2024 Change Note: Dollars in millions may not sum to total due Cash flows from operating activities to rounding. Net income $ 283.8 $ 296.4 $ (12.6) Depreciation and amortization 74.5 68.2 6.3 Los
Slide 38: Financial Tables
Financial Tables Non-GAAP Reconciliations (1 of 4) The following table reconciles Net Income to Adjusted EBITDA and Adjusted EBITDA margin: (1) Represents non-cash, share-based For the three months ended December 31, For the year ended December 31, compensation expense pursuant to the provisions of
Slide 39: 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 December 31, available to common shareholders,
Slide 40: Financial Tables
Financial Tables Non-GAAP Reconciliations (3 of 4) (1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to The following table reconciles Net income to Adjusted net income and Adjusted EPS: common shareholders, which excludes income attributable to no
Slide 41: 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 twelve months ended December 31, 2025, 2024 and 2023: Note: Dollars in millions may not sum to total due to rounding. For t
Slide 42: ©2026 Laureate Education, Inc.
©2026 Laureate Education, Inc.