# EDGAR Filing Document

**Accession Number:** 0000912766
**File Stem:** 0001628280-25-047308
**Filing Date:** 2025-10
**Character Count:** 83899
**Document Hash:** 70b98606a39b5e27258fbeac9dad5a1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-047308.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001628280-25-047308

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAUREATE EDUCATION, INC.
- **CENTRAL INDEX KEY:** 0000912766
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 521492296
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38002
- **FILM NUMBER:** 251432180

**BUSINESS ADDRESS:**
- **STREET 1:** PMB 1158, 1000 BRICKELL AVE., SUITE 715
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 786-209-3368

**MAIL ADDRESS:**
- **STREET 1:** PMB 1158, 1000 BRICKELL AVE., SUITE 715
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SYLVAN LEARNING SYSTEMS INC
- **DATE OF NAME CHANGE:** 19930929

?xml version='1.0' encoding='ASCII'? laur-20251030

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)

**October 30, 2025**

**Laureate Education, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38002** | **52-1492296** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**PMB 1158, 1000 Brickell Avenue, Suite 715** 

**Miami, FL 33131** 

(Address of principal executive offices, including zip code)

**(786) 209-3368** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.004 per share | LAUR | The NASDAQ Stock Market LLC |
| Common Stock, par value $0.004 per share | LAUR | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 30, 2025, Laureate Education, Inc. (the "Company") issued an earnings release announcing its financial results for the quarter ended September 30, 2025. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On October 30, 2025, the Company made available on the investor relations section of its website its third quarter of 2025 Earnings Presentation (the "Presentation"). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Earnings Release issued by Laureate Education, Inc. on](laur09302025earningsreleas.htm)[October 30](laur09302025earningsreleas.htm)[, 2025.](laur09302025earningsreleas.htm)</u> |
| 99.2 | <u>[Third Quarter of 2025 Earnings Presentation.](laureateq32025earningspr.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **LAUREATE EDUCATION, INC.** | **LAUREATE EDUCATION, INC.** |
| By: | /s/ Richard M. Buskirk |
| Name: | Richard M. Buskirk |
| Title: | Senior Vice President and Chief Financial Officer |

---

Date: October 30, 2025

## Exhibit 99.1

**Exhibit 99.1**

**LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2025**

**Company Increases Full-Year 2025 Guidance and**

**Announces $150 Million Increase in Share Repurchase Authorization**

MIAMI - October 30, 2025 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the third quarter and nine months ended September 30, 2025.

***Third Quarter 2025 Highlights (compared to third quarter 2024):***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a reported basis, revenue increased 9% to $400.2 million. On an organic constant currency basis<sup>1</sup>, revenue increased 4% and was unfavorably affected by approximately $7 million of intra-year academic calendar timing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income for the third quarter of 2025 was $71.5 million, compared to operating income of $72.0 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the third quarter of 2025 was $34.4 million, compared to net income of $85.3 million for the third quarter of 2024. The decrease in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2024 period, as well as a discrete tax benefit of $37.9 million recorded during the three months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the third quarter of 2025 was $94.8 million, compared to Adjusted EBITDA of $91.4 million for the third quarter of 2024. Adjusted EBITDA in the third quarter of 2025 was unfavorably affected by approximately $5 million of intra-year academic calendar timing.

***Nine Months Ended September 30, 2025 Highlights (compared to nine months ended September 30, 2024):***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** New enrollments increased 7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total enrollments increased 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a reported basis, revenue increased 2% to $1,160.5 million. On an organic constant currency basis<sup>1</sup>, revenue increased 6%. Revenue was unfavorably affected by approximately $25 million of intra-year academic calendar timing attributable to later semester start dates in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income for the nine months ended September 30, 2025 was $251.6 million, compared to operating income of $249.8 million for the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the nine months ended September 30, 2025 was $112.3 million, compared to a net income of $202.8 million for the nine months ended September 30, 2024. The decrease in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2024 period, as well as a discrete tax benefit of $37.9 million recorded during the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the nine months ended September 30, 2025 was $314.7 million, compared to Adjusted EBITDA of $308.9 million for nine months ended September 30, 2024. Adjusted EBITDA in the nine months ended September 30, 2025 was unfavorably affected by approximately $21 million of intra-year academic calendar timing attributable to later semester start dates in 2025 as compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Laureate expects that the intra-year academic calendar timing impacts on revenue and Adjusted EBITDA will be offset in the fourth quarter.

<sup>1</sup> Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.

------

Eilif Serck-Hanssen, President and Chief Executive Officer, said "We are pleased to report another strong quarter, driven by favorable operating performance as well as a weaker U.S. dollar. We were especially encouraged by our continued ability to scale our fully online offerings in Peru through our industry-leading digital portfolio and to deliver continued growth in Mexico despite a softer macroeconomic environment. The results from the intake cycles, combined with favorable foreign currency trends, give us the confidence to increase our full-year outlook for 2025."

Mr. Serck-Hanssen added, "We are also pleased to announce that the Board has authorized a $150 million increase in our stock buyback authorization. Our strong balance sheet and high free cash flow generation continue to allow us to deliver on our commitment to return excess capital to shareholders."

***Third Quarter 2025 Results***

For the third quarter of 2025, revenue on a reported basis was $400.2 million, an increase of $31.6 million, or 9%, compared to the third quarter of 2024. On an organic constant currency basis, revenue increased 4%. Operating income for the third quarter of 2025 was $71.5 million, compared to $72.0 million for the third quarter of 2024, a decrease of $0.5 million. Net income for the third quarter of 2025 was $34.4 million, compared to net income of $85.3 million for the third quarter of 2024. The decrease in net income was attributable to a loss on foreign currency exchange during the third quarter of 2025 compared to a gain during the third quarter of 2024, mainly related to intercompany loan arrangements, as well as a discrete tax benefit of $37.9 million recorded during the three months ended September 30, 2024. Basic and diluted earnings per share for the third quarter of 2025 were $0.23.

Adjusted EBITDA for the third quarter of 2025 was $94.8 million, compared to Adjusted EBITDA of $91.4 million for the third quarter of 2024.

***Nine Months Ended September 30, 2025 Results***

New enrollments for the nine months ended September 30, 2025 increased 7%, compared to new enrollment activity for the nine months ended September 30, 2024, and total enrollments were up 6% compared to the prior-year period. New and total enrollments in Peru increased 13% and 8%, respectively, compared to the prior-year period. In Mexico, new and total enrollments were up 4% and 4%, respectively, compared to the prior-year period.

For the nine months ended September 30, 2025, revenue on a reported basis was $1,160.5 million, an increase of $17.3 million, or 2%, compared to the nine months ended September 30, 2024. On an organic constant currency basis, revenue increased 6%. Revenue for the nine months ended September 30, 2025 was unfavorably affected by approximately $25 million of intra-year academic calendar timing attributable to later semester start dates in 2025 as compared to 2024. Operating income for the nine months ended September 30, 2025 was $251.6 million, compared to operating income of $249.8 million for the nine months ended September 30, 2024, an increase of $1.8 million. Net income for the nine months ended September 30, 2025 was $112.3 million, compared to $202.8 million for the third quarter of 2024. The decrease in net income was attributable to a loss on foreign currency exchange during the nine months ended September 30, 2025 compared to a gain during the nine months ended September 30, 2024, mainly related to intercompany loan arrangements, as well as a discrete tax benefit of $37.9 million recorded during the nine months ended September 30, 2024. Basic and diluted earnings per share for the nine months ended September 30, 2025 were $0.74.

Adjusted EBITDA for the nine months ended September 30, 2025 was $314.7 million, compared to Adjusted EBITDA of $308.9 million for the nine months ended September 30, 2024. Adjusted EBITDA for the nine months ended September 30, 2025 was unfavorably affected by approximately $21 million of intra-year academic calendar timing attributable to later semester start dates in the 2025 period as compared to the 2024 period.

------

***Balance Sheet and Capital Structure***

Laureate has a strong balance sheet position. As of September 30, 2025, Laureate had $241.0 million of cash and cash equivalents and gross debt of $102.4 million. Accordingly, net cash was $138.6 million as of September 30, 2025.

Laureate repurchased approximately $71 million of its common stock during the nine months ended September 30, 2025 under the existing stock repurchase program previously announced on September 13, 2024. As of September 30, 2025, the Company had approximately $27 million of stock repurchase authorization remaining under its existing stock repurchase program.

As of September 30, 2025, Laureate had 147.4 million total shares outstanding.

***Increase in Share Repurchase Program***

Laureate today announced that its board of directors approved a $150 million increase to its existing stock repurchase program, from $100 million to $250 million, to acquire shares of the Company's common stock. After giving effect to this new authorization and taking into account the $73 million of cumulative repurchases to date, the Company may repurchase up to approximately $177 million of its common stock under its stock repurchase program, which has no fixed expiration date. The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company's board will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

***Outlook for Fiscal 2025***

Laureate is updating its 2025 outlook to reflect favorable results from the recently closed enrollment intakes and improved foreign currency rates.

Based on assumed foreign exchange rates<sup>2</sup>, Laureate now expects its full-year 2025 results to be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total enrollments are expected to be approximately 494,000 students, reflecting growth of 5% versus 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues now expected to be in the range of $1,681 million to $1,686 million, reflecting growth of 7%-8% on an as-reported basis and growth of approximately 8% on an organic constant currency basis versus 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA now expected to be in the range of $508 million to $512 million, reflecting growth of 13%-14% on an as-reported basis and 12%-13% on an organic constant currency basis versus 2024.

Reconciliations of forward-looking non-GAAP measures, specifically the 2025 Adjusted EBITDA outlook, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort. Please see the "Forward-Looking Statements" section in this release for a discussion of certain risks related to this outlook.

<sup>2</sup> Based on actual FX rates for January-October 2025, and assumed FX rates (local currency per U.S. Dollar) of MXN 18.75 and PEN 3.48 for November 2025 - December 2025. FX impact may change based on fluctuations in currency rates in future periods.

------

***Conference Call***

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering at https://bit.ly/LAURQ32025 to receive dial-in information. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate's website at www.laureate.net.

***Forward-Looking Statements***

This press release 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 meaning of the federal securities laws, which involve risks and uncertainties. Laureate's actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates'' or similar expressions that concern our strategy, plans or intentions. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 20, 2025, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

***Presentation of Non-GAAP Measures***

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA, Adjusted net income, Adjusted earnings per share (Adjusted EPS), and total cash and cash equivalents, net of debt (or net cash). We have included the non-GAAP measures of Adjusted EBITDA and net cash because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into the Company's underlying earnings as they exclude items that may not be indicative of our core operating results.

Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, *plus* depreciation and amortization, share-based compensation expense, and loss on impairment of assets. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key

------

input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate's earnings from core operations.

Total cash and cash equivalents, net of debt (or net cash) consists of total cash and cash equivalents, less total gross debt. Net cash provides a useful indicator about Laureate's leverage and liquidity.

Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debt.

Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.

Laureate's calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total cash and cash equivalents, net of total debt (or net cash) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under "Non-GAAP Reconciliations."

We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures.

**About Laureate Education, Inc.**

*Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 470,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.*

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**Key Metrics and Financial Tables**

*(Dollars in millions, except per share amounts, and may not sum due to rounding)*

New and Total Enrollments by segment

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **New Enrollments** | **New Enrollments** | **New Enrollments** | **Total Enrollments** | **Total Enrollments** | **Total Enrollments** |
| | **YTD 3Q 2025** | **YTD 3Q 2024** | **Change** | **As of 09/30/2025** | **As of 09/30/2024** | **Change** |
| Mexico | 158000 | 152400 | 4% | 277000 | 266600 | 4% |
| Peru | 100800 | 89400 | 13% | 234400 | 216700 | 8% |
| **Laureate** | 258800 | 241800 | 7% | 511400 | 483300 | 6% |

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Consolidated Statements of Operations

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|<br>*IN MILLIONS (except per share amounts)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Revenues** | $400.2 | $368.6 | $31.6 | $1160.5 | $1143.2 | $17.3 |
| Costs and expenses: |  |  |  |  |  |  |
| Direct costs | 316.5 | 286.0 | 30.5 | 872.3 | 858.9 | 13.4 |
| General and administrative expenses | 12.2 | 10.6 | 1.6 | 36.7 | 34.6 | 2.1 |
| **Operating income** | 71.5 | 72.0 | (0.5) | 251.6 | 249.8 | 1.8 |
| Interest income | 2.1 | 2.4 | (0.3) | 5.0 | 6.3 | (1.3) |
| Interest expense | (2.6) | (5.0) | 2.4 | (8.1) | (14.8) | 6.7 |
| Other income, net | 0.2 | 0.9 | (0.7) | 1.0 | 0.5 | 0.5 |
| Foreign currency exchange (loss) gain, net | (2.3) | 14.5 | (16.8) | (31.1) | 36.4 | (67.5) |
| Loss on disposal of subsidiaries, net |  |  |  |  | (3.1) | 3.1 |
| Income from continuing operations before income taxes | 68.8 | 84.9 | (16.1) | 218.4 | 275.0 | (56.6) |
| Income tax (expense) benefit | (34.5) | 0.5 | (35.0) | (106.3) | (72.5) | (33.8) |
| **Income from continuing operations** | 34.4 | 85.3 | (50.9) | 112.0 | 202.5 | (90.5) |
| Income from discontinued operations, net of tax |  |  |  | 0.2 | 0.3 | (0.1) |
| **Net income** | 34.4 | 85.3 | (50.9) | 112.3 | 202.8 | (90.5) |
| Net loss (income) attributable to noncontrolling interests | 0.1 | 0.1 |  | (2.2) |  | (2.2) |
| **Net income attributable to Laureate Education, Inc.** | $34.5 | $85.5 | $(51.0) | $110.1 | $202.8 | $(92.7) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Basic and diluted earnings per share:** | | | | | | |
| Basic weighted average shares outstanding | 147.4 | 151.6 | (4.2) | 148.5 | 154.2 | (5.7) |
| Diluted weighted average shares outstanding | 148.2 | 152.2 | (4.0) | 149.2 | 154.7 | (5.5) |
| Basic and diluted earnings per share | $0.23 | $0.56 | $(0.33) | $0.74 | $1.31 | $(0.57) |

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Revenue and Adjusted EBITDA by segment

*IN MILLIONS*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** |
|<br>**For the three months ended September 30,** | **2025** | **2024** | **Reported** | **Organic Constant**<br>**Currency**<sup>(1)</sup> | **Total** | **Organic Constant<br>Currency** | **Acq/Div.** | **FX** |
| **Revenues** |  |  |  |  |  |  |  |  |
| Mexico | $194.8 | $182.5 | 7% | 5% | $12.3 | $9.4 | $— | $2.9 |
| Peru | 205.3 | 186.1 | 10% | 3% | 19.2 | 6.3 |  | 12.9 |
| Corporate & Eliminations |  |  | nm | nm |  |  |  |  |
| **Total Revenues** | $400.2 | $368.6 | 9% | 4% | $31.6 | $15.8 | $— | $15.8 |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |
| Mexico | $25.7 | $20.0 | 29% | 25% | $5.7 | $4.9 | $— | $0.8 |
| Peru | 78.1 | 79.8 | (2)% | (9)% | (1.7) | (6.9) |  | 5.2 |
| Corporate & Eliminations | (8.9) | (8.3) | (7)% | (7)% | (0.6) | (0.6) |  |  |
| **Total Adjusted EBITDA** | $94.8 | $91.4 | 4% | (3)% | $3.4 | $(2.6) | $— | $6.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** |
|<br>**For the nine months ended September 30,** | **2025** | **2024** | **Reported** | **Organic Constant**<br>**Currency**<sup>(1)</sup> | **Total** | **Organic Constant<br>Currency** | **Acq/Div.** | **FX** |
| **Revenues** |  |  |  |  |  |  |  |  |
| Mexico | $601.5 | $615.2 | (2)% | 8% | $(13.7) | $52.2 | $— | $(65.9) |
| Peru | 558.9 | 528.0 | 6% | 2% | 30.9 | 11.0 |  | 19.9 |
| Corporate & Eliminations | 0.1 | 0.1 | —% | —% |  |  |  |  |
| **Total Revenues** | $1160.5 | $1143.2 | 2% | 6% | $17.3 | $63.3 | $— | $(46.0) |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |
| Mexico | $136.1 | $128.1 | 6% | 21% | $8.0 | $26.9 | $— | $(18.9) |
| Peru | 206.5 | 209.4 | (1)% | (5)% | (2.9) | (11.0) |  | 8.1 |
| Corporate & Eliminations | (27.9) | (28.6) | 2% | 2% | 0.7 | 0.7 |  |  |
| **Total Adjusted EBITDA** | $314.7 | $308.9 | 2% | 5% | $5.8 | $16.6 | $— | $(10.8) |

---

nm - percentage changes not meaningful

<sup>(1)</sup> Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The "Organic Constant Currency" percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2024 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

------

Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
| *IN MILLIONS* | **September 30, 2025** | **December 31, 2024** | **Change** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $241.0 | $91.4 | $149.6 |
| &nbsp;&nbsp;Receivables (current), net | 84.7 | 91.8 | (7.1) |
| &nbsp;&nbsp;Other current assets | 44.7 | 43.6 | 1.1 |
| &nbsp;&nbsp;Property and equipment, net | 570.0 | 514.3 | 55.7 |
| &nbsp;&nbsp;Operating lease right-of-use assets, net | 283.6 | 292.4 | (8.8) |
| &nbsp;&nbsp;Goodwill and other intangible assets | 777.1 | 711.3 | 65.8 |
| &nbsp;&nbsp;Deferred income taxes | 66.9 | 60.8 | 6.1 |
| &nbsp;&nbsp;Other long-term assets | 46.8 | 45.6 | 1.2 |
| &nbsp;&nbsp;Current and long-term assets held for sale | 1.6 | 11.0 | (9.4) |
| **Total assets** | $2116.6 | $1862.1 | $254.5 |
| **Liabilities and stockholders' equity** |  |  |  |
| &nbsp;&nbsp;Accounts payable and accrued expenses | $228.1 | $187.6 | $40.5 |
| &nbsp;&nbsp;Deferred revenue and student deposits | 90.8 | 64.3 | 26.5 |
| &nbsp;&nbsp;Total operating leases, including current portion | 337.4 | 327.1 | 10.3 |
| &nbsp;&nbsp;Total long-term debt, including current portion | 101.0 | 100.3 | 0.7 |
| &nbsp;&nbsp;Other liabilities | 239.7 | 214.5 | 25.2 |
| &nbsp;&nbsp;Current and long-term liabilities held for sale |  | 9.7 | (9.7) |
| **Total liabilities** | 997.0 | 903.5 | 93.5 |
| Redeemable equity | 1.4 | 1.4 |  |
| **Total stockholders' equity** | 1118.1 | 957.1 | 161.0 |
| **Total liabilities and stockholders' equity** | $2116.6 | $1862.1 | $254.5 |

---

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Consolidated Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|<br>*IN MILLIONS* | **2025** | **2024** | **Change** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $112.3 | $202.8 | $(90.5) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 53.3 | 52.1 | 1.2 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on lease terminations and disposals of subsidiaries and property and equipment, net | (0.3) | 6.5 | (6.8) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes |  | (39.9) | 39.9 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange loss (gain) | 30.9 | (38.6) | 69.5 |
| &nbsp;&nbsp;&nbsp;Income tax receivable/payable, net | 5.2 | (21.4) | 26.6 |
| &nbsp;&nbsp;&nbsp;Working capital, excluding tax accounts | (0.6) | (37.7) | 37.1 |
| &nbsp;&nbsp;&nbsp;Other non-cash adjustments | 72.0 | 68.3 | 3.7 |
| **Net cash provided by operating activities** | 272.8 | 192.0 | 80.8 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (36.1) | (34.6) | (1.5) |
| &nbsp;&nbsp;&nbsp;Receipts from sales of property and equipment | 0.2 | 3.3 | (3.1) |
| &nbsp;&nbsp;&nbsp;Net receipts from sales of discontinued operations | 0.1 | 0.8 | (0.7) |
| **Net cash used in investing activities** | (35.7) | (30.5) | (5.2) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase in long-term debt, net | (22.6) | (8.4) | (14.2) |
| &nbsp;&nbsp;&nbsp;Payments to repurchase common stock and excise tax payments | (71.6) | (100.0) | 28.4 |
| &nbsp;&nbsp;&nbsp;Financing other, net | (2.7) | (3.3) | 0.6 |
| **Net cash used in financing activities** | (96.9) | (111.7) | 14.8 |
| Effects of exchange rate changes on Cash and cash equivalents and Restricted cash | 8.1 | (6.2) | 14.3 |
| Change in cash included in current assets held for sale | 0.3 | 0.2 | 0.1 |
| **Net change in Cash and cash equivalents and Restricted cash** | 148.6 | 43.8 | 104.8 |
| Cash and cash equivalents and Restricted cash at beginning of period | 97.9 | 96.9 | 1.0 |
| **Cash and cash equivalents and Restricted cash at end of period** | $246.4 | $140.7 | $105.7 |

---

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Non-GAAP Reconciliation (1 of 3)

The following table reconciles Net income to Adjusted EBITDA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|<br>*IN MILLIONS* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Net income** | $34.4 | $85.3 | $(50.9) | $112.3 | $202.8 | $(90.5) |
| Plus: |  |  |  |  |  |  |
| Income from discontinued operations, net of tax |  |  |  | (0.2) | (0.3) | 0.1 |
| Income from continuing operations | 34.4 | 85.3 | (50.9) | 112.0 | 202.5 | (90.5) |
| Plus: |  |  |  |  |  |  |
| Income tax expense (benefit) | 34.5 | (0.5) | 35.0 | 106.3 | 72.5 | 33.8 |
| Income from continuing operations before income taxes | 68.8 | 84.9 | (16.1) | 218.4 | 275.0 | (56.6) |
| Plus: |  |  |  |  |  |  |
| Loss on disposal of subsidiaries, net |  |  |  |  | 3.1 | (3.1) |
| Foreign currency exchange loss (gain), net | 2.3 | (14.5) | 16.8 | 31.1 | (36.4) | 67.5 |
| Other income, net | (0.2) | (0.9) | 0.7 | (1.0) | (0.5) | (0.5) |
| Interest expense | 2.6 | 5.0 | (2.4) | 8.1 | 14.8 | (6.7) |
| Interest income | (2.1) | (2.4) | 0.3 | (5.0) | (6.3) | 1.3 |
| Operating income | 71.5 | 72.0 | (0.5) | 251.6 | 249.8 | 1.8 |
| Plus: |  |  |  |  |  |  |
| Depreciation and amortization | 19.6 | 16.6 | 3.0 | 53.3 | 52.1 | 1.2 |
| EBITDA | 91.1 | 88.6 | 2.5 | 304.9 | 301.9 | 3.0 |
| Plus: |  |  |  |  |  |  |
| Share-based compensation expense <sup>(1)</sup> | 3.8 | 2.8 | 1.0 | 9.7 | 7.1 | 2.6 |
| Adjusted EBITDA | $94.8 | $91.4 | $3.4 | $314.7 | $308.9 | $5.8 |

---

<sup>(1)</sup> Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."

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Non-GAAP Reconciliations (2 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| *IN MILLIONS, except per share amounts* |  | **(per share)** <sup>(1)</sup> |  | **(per share)** <sup>(1)</sup> |
| Net income | $34.4 | $0.23 | $85.3 | $0.56 |
| Plus: |  |  |  |  |
| Income from discontinued operations, net of tax |  |  |  |  |
| Income from continuing operations | 34.4 | 0.23 | 85.3 | 0.56 |
| Plus: |  |  |  |  |
| Discrete tax items <sup>(2)</sup> |  |  | (37.9) | (0.25) |
| Loss on debt extinguishment |  |  |  |  |
| Loss on disposal of subsidiaries, net |  |  |  |  |
| Foreign currency exchange loss (gain), net | 2.3 | 0.02 | (14.5) | (0.10) |
| Loss on impairment of assets |  |  |  |  |
| Adjusted net income | $36.7 | $0.25 | $32.9 | $0.22 |
| Diluted weighted average shares outstanding |  | 148.2 |  | 152.2 |

---

<sup>(1)</sup> Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.

<sup>(2)</sup> For 2024, discrete tax items represent a non-recurring, non-cash deferred tax benefit of approximately $37.9 million related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring.

------

Non-GAAP Reconciliations (3 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| *IN MILLIONS, except per share amounts* |  | **(per share)** <sup>(1)</sup> |  | **(per share)** <sup>(1)</sup> |
| Net income | $112.3 | $0.74 | $202.8 | $1.31 |
| Plus: |  |  |  |  |
| Income from discontinued operations, net of tax | (0.2) |  | (0.3) |  |
| Income from continuing operations | 112.0 | 0.74 | 202.5 | 1.31 |
| Plus: |  |  |  |  |
| Discrete tax items <sup>(2)</sup> | (4.7) | (0.03) | (37.9) | (0.24) |
| Loss on debt extinguishment |  |  |  |  |
| Loss on disposal of subsidiaries, net |  |  | 3.1 | 0.02 |
| Foreign currency exchange loss (gain), net | 31.1 | 0.21 | (36.4) | (0.24) |
| Loss on impairment of assets |  |  |  |  |
| Adjusted net income | $138.5 | $0.92 | $131.3 | $0.85 |
| Diluted weighted average shares outstanding |  | 149.2 |  | 154.7 |

---

<sup>(1)</sup> Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.

<sup>(2)</sup> For 2025, discrete tax items represent a non-recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary. For 2024, discrete tax items represent a non-recurring, non-cash deferred tax benefit of approximately $37.9 million related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring.

**Investor Relations Contact:**

<u>ir@laureate.net</u> 

**Media Contacts:**

---

| |
|:---|
| **Laureate Education** |
| Adam Smith |
| adam.smith@laureate.net |
| U.S.: +1 (443) 255 0724 |
| Source: Laureate Education, Inc. |

---

## Exhibit 99.2

![](laureateq32025earningspr001.jpg)©2025 Laureate Education, Inc. Third Quarter 2025 Earnings Presentation October 30, 2025 Exhibit 99.2

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![](laureateq32025earningspr002.jpg)

2©2025 Laureate Education, Inc. 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 meaning of the federal securities laws, which involve risks and uncertainties. Laureate's actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates'' or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 20, 2025, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes that our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under "Industry and Market Data" in Laureate's filings with the SEC.

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![](laureateq32025earningspr003.jpg)

3©2025 Laureate Education, Inc. 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 and its related margin, Adjusted net income, Adjusted Earnings Per Share (Adjusted EPS), Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total cash and cash equivalents, net of debt (or net cash), and Free Cash Flow. We have included the non-GAAP measures of Adjusted EBITDA and net cash because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into the Company's underlying earnings as they exclude items that may not be indicative of our core operating results. Adjusted EBITDA consists of net income (loss), adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to- period comparisons of our core business. Additionally, Adjusted EBITDA and Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenue, are key inputs into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate's earnings from core operations. Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows. Total cash and cash equivalents, net of debt (or net cash) consists of total cash and cash equivalents, less total gross debt. Net cash provides a useful indicator about Laureate's leverage and liquidity. Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debt. Laureate's calculations of Adjusted EBITDA and its related margin, Adjusted net income, Adjusted EPS, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total cash and cash equivalents, net of debt (or net cash), and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income, Adjusted EPS and Free Cash Flow are reconciled from their most directly comparable GAAP measures in the attached tables under "Non-GAAP Reconciliations". We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures.

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![](laureateq32025earningspr004.jpg)

4©2025 Laureate Education, Inc. Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding

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![](laureateq32025earningspr005.jpg)

5©2024 Laureate Education, Inc.® \| Confidential & Proprietary©2025 Laureate Education, I c. Executive Summary  Third quarter Revenue and Adjusted EBITDA ahead of guidance  Completion of Q3 primary intake for Mexico and secondary intake in Peru  Mexico primary intake: New Enrollments +4% excluding campus closures; solid results against the backdrop of a softer macroeconomic environment – reinforcing the resiliency of our business model  Peru secondary intake: New Enrollments +21% driven by scaling of fully online programs, albeit from a smaller base  Net Income of $34M in third quarter  Increasing full-year 2025 guidance at the mid-point by $61M for Revenue and $17M for Adjusted EBITDA  Favorable secondary intake in Peru and better price/mix  Improved foreign currency rates  Announcing $150M increase in stock buyback authorization Solid Execution and Continued Favorable Currency Trends Increasing Full Year Guidance and Upsizing Stock Buyback Authorization by $150M

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![](laureateq32025earningspr006.jpg)

6©2025 Laureate Education, Inc. Compelling Investment Characteristics

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![](laureateq32025earningspr007.jpg)

7©2025 Laureate Education, Inc. Mexico Peru Combined Population 130 million 32 million 162 million Higher Education Students (000s) 5,518 2,042 7,560 Higher Education Gross Participation Rate (Total)1 36% 57% 40% Traditional 4+ yr degrees 35% 42% 36% Technical / Vocational 1% 15% 4% Market Share for Private Institutions2 46% 76% 57% Sources: UNESCO, World Bank, Secretaría de Educación Pública (Mexico), Superintendencia Nacional de Educación Superior Universitaria (Peru), Ministry of Education of Peru. Data as of year-end 2023. (1) Defined as total enrollments as compared to 18-24 year old population. (2) Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 39%); for Peru based on total country. Attractive Markets with Significant Growth Opportunities Participation rates growing and still well below developed markets Attractive Market Opportunities in Mexico and Peru

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![](laureateq32025earningspr008.jpg)©2025 Laureate Education, Inc. 8 Leading University Portfolio in Mexico & Peru Sources: QS Stars , Guía Universitaria (UVM), MERCO Institutional Reputation Ranking (UPC) 1960 Brand Founded Market Segment Ratings/RankingsQS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 9/30/25 133,400 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching143,600 1994 Premium/ Traditional79,600 1994 Value/ Teaching132,200 1983 Technical/ Vocational22,600 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBERTEC M ex ic o Pe ru • Ranked Top 5 university in Mexico • 5-Stars rated by QS Stars in categories of Employability, Inclusiveness, Online Learning & Social Impact • Largest private university in Mexico • 5-Stars rated by QS Stars in categories of Employability, Inclusiveness, Online Learning & Social Impact • Ranked #1 in educational sector in Peru • 5-Stars rated by QS Stars in categories of Employability, Inclusiveness, Online Learning & Social Impact • 3rd largest private university in Peru • 5-Stars rated by QS Stars in categories of Employability, Inclusiveness, Online Learning & Social Impact • One of the largest private technical / vocational institutes in Peru

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![](laureateq32025earningspr009.jpg)

9©2025 Laureate Education, Inc. Q3 & YTD 2025 Performance Results

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![](laureateq32025earningspr010.jpg)

10©2025 Laureate Education, Inc. 2025 Third Quarter – Financial Summary Q3 '25 Variance Vs. Q3 '24 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 130K 7% 7% • Strong secondary intake in Peru, driven by scaling of fully online Total Enrollment 511K 6% 6% • Mexico +4% (5% excluding campus closures) • Peru +8% Revenue $400 9% 4% • Enrollment growth and price/mix • +6% organic/cc adjusted for timing of academic calendar; ($7M) impact Adj. EBITDA $95 4% (3%) • +3% organic/cc adjusted for timing of academic calendar; ($5M) impact Adj. EBITDA margin 23.7% (111 bps) (170 bps) • (71 bps) organic/cc adjusted for timing of academic calendar (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Intra-Year Academic Calendar Timing Impacting Reported Results Q3 Timing Adjusted Organic/CC1: Revenue +6%, Adjusted EBITDA +3%

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![](laureateq32025earningspr011.jpg)

11©2025 Laureate Education, Inc. 2025 Q3 YTD – Financial Summary Q3 YTD '25 Variance Vs. Q3 YTD '24 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 259K 7% 7% • Mexico: +4% • Peru: +13% Total Enrollment 511K 6% 6% • Mexico +4% (5% excluding campus closures) • Peru +8% Revenue $1,161 2% 6% • +8% organic/cc adjusted for timing of academic calendar; ($25M) impact Adj. EBITDA $315 2% 5% • +13% organic/cc adjusted for timing of academic calendar; ($21M) impact Adj. EBITDA margin 27.1% 10 bps (4 bps) • +126 bps organic/cc adjusted for timing of academic calendar (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Intra-Year Academic Calendar Timing Impacting Reported Results YTD Timing Adjusted Organic/CC1: Revenue +8%, Adjusted EBITDA +13%

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![](laureateq32025earningspr012.jpg)

12©2025 Laureate Education, Inc. Segment Results

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![](laureateq32025earningspr013.jpg)

13©2025 Laureate Education, Inc. Mexico Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 '25 Organic/CC Vs. Q3 '24 1 Q3 YTD '25 Organic/CC Vs. Q3 YTD '24 1 New Enrollment 92K 2% 158K 4% • Primary intake in Q3 up 2% reported, up 4% excluding campus closures Total Enrollment 277K 4% 277K 4% • Up 5% excluding campus closures Revenue $195 5% $602 8% • No timing impact in Q3 and YTD period Adj. EBITDA $26 25% $136 21% • No timing impact in Q3 and YTD period Adj. EBITDA margin 13.2% 202 bps 22.6% 240 bps Continued Growth and Improvements in Profitability (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.

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14©2025 Laureate Education, Inc. Peru Segment Results (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 '25 Organic/CC Vs. Q3 '24 1 Q3 YTD '25 Organic/CC Vs. Q3 YTD '24 1 New Enrollment 37K 21% 101K 13% • Strong secondary intake performance in Q3 driven by scaling of fully online programs, albeit from a smaller base Total Enrollment 234K 8% 234K 8% • Growth driven by new enrollment performance Revenue $205 3% $559 2% • Q3 +8% organic/cc adjusted for timing of academic calendar; ($7M) impact • YTD +7% organic/cc adjusted for timing of academic calendar; ($25M) impact Adj. EBITDA $78 (9%) $207 (5%) • Q3 (2%) organic/cc adjusted for timing of academic calendar; ($5M) impact • YTD +5% organic/cc adjusted for timing of academic calendar; ($21M) impact Adj. EBITDA margin 38.0% (499 bps) 36.9% (285 bps) • YTD (58 bps) bps organic/cc adjusted for timing of academic calendar Strong Intakes; YTD Results Impacted by Intra-Year Academic Calendar Timing YTD Timing Adjusted Organic/CC1: Revenue +7%, Adjusted EBITDA +5%

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15©2025 Laureate Education, Inc. Capitalization and Share Count

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16©2025 Laureate Education, Inc. Q3 2025 Capitalization and Return of Capital Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital ($ in millions) Total Company as of 9/30/25 Cash & Cash Equivalents $241 Less: Gross Debt ($102) Net Cash $139  147M shares outstanding as of September 30th  Share Repurchase Update:  $71M of shares repurchased through YTD September 2025 at average purchase price of $19.25/share  Announcing $150M increase in stock buyback authorization  Total stock buyback capacity of $177M ($150M increase plus $27M remaining unused)

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17©2025 Laureate Education, Inc. Outlook

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18©2024 Laureate Education, Inc.® \| Confidential & Proprietary©2025 Laureate Education, I c. 2025 Outlook – Executive Summary  Strong operating results expected, despite impact from campus consolidations  2025 Revenue growth expected at 7%-8% Vs. 20241 on a USD reported basis, expected to be up ~8% on an organic constant currency basis2 Vs. 2024  2025 Adjusted EBITDA growth expected at 13%-14% Vs. 20241 on a USD reported basis, expected to be up 12%- 13% on an organic constant currency basis2  Adjusted EBITDA Margin accretion of ~1.5pts3 driven by Mexico's continued margin optimization as well as operating leverage from Revenue growth  Adjusted EBITDA to Unlevered Free Cash Flow Conversion of approximately 50% (1) Based on actual FX rates for January through October, and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations, and acquisitions and divestitures. (3) At mid-point of 2025 guidance provided. Note: An outlook for 2025 net income and reconciliation of the forward-looking 2025 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA, its related margin or Adjusted EBITDA to Unlevered Free Cash Flow Conversion to their projected GAAP equivalents without unreasonable effort.

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19©2024 Laureate Education, Inc.® \| Confidential & Proprietary©2025 Laureate Education, I c. 2025 Updated Outlook (1) Based on actual FX rates for January through October, and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2025 net income and reconciliation of the forward-looking 2025 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Increasing Guidance Following Completion of Intake Cycles and Strengthening of Currencies ($ in millions) (Enrollments rounded to the nearest thousand) Prior FY 2025 Outlook Current FY 2025 Outlook1 Total Enrollment 491K – 495K ~494K Revenue $1,615 – $1,630 $1,681 – $1,686 Adjusted EBITDA $489 – $496 $508 – $512

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20©2024 Laureate Education, Inc.® \| Confidential & Proprietary©2025 Laureate Education, I c. Strong Growth in Revenue and Adj. EBITDA Expected for FY 2025 Total Revenue ($M) Adjusted EBITDA ($M) Strong Revenue Growth Expected for FY 2025 (1) Based on actual FX rates for January through October, and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2025 net income and reconciliation of the forward-looking 2025 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Total R venue Adjusted EBITDA $1,567 $1,684 2024 Actuals ($9) (1%) FX Impact 1 $126 +8% Operational Growth in Constant Currency 2025 Guidance Midpoint at Spot FX 7% $450 $510 2024 Actuals $4 1% FX Impact 1 $56 +12% Operational Growth in Constant Currency 2025 Guidance Midpoint at Spot FX 13%

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21©2025 Laureate Education, Inc. Q4 2025 Guidance ($ in millions) Q4 2025 Outlook1 Revenue $521 – $526 Adjusted EBITDA $194 – $198 (1) Outlook is based on actual FX rates for October and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for Q4 net income and reconciliation of the forward-looking Q4 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

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22©2024 Laureate Education, Inc.® \| Confidential & Proprietary©2025 Laureate Education, I c. Change in Academic Calendar in 2025 Expected Intra-Year Changes in Revenue Seasonality Vs. 2024 ($ in millions) Q1 Actual Q2 Actual Q3 Actual Q4 Est. FY Mexico ($8) $8 - - - Peru ($18) - ($7) $25 - Total Revenue Impact ($26) $8 ($7) $25 -  Changes in academic calendar expected to impact seasonality during 2025  Start of certain classes shifted in both Mexico and Peru to align with updated academic scheduling requirements Start Dates for Classes Will Impact Timing of Revenue and Earnings in 2025 Q1 Negative Impact Offset Mainly by Benefit in Q4

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23©2025 Laureate Education, Inc. Appendix

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24©2025 Laureate Education, Inc. 2025 Third Quarter – Net Income Reconciliation Q3 '25 B / (W) Notes ($ in millions) Reported Vs. Q3 '24 Adjusted EBITDA 95 3 • Impacted by ($5M) intra-year timing of academic calendar Depreciation & Amortization (20) (3) Interest Expense, net (1) 2 Other (6) (18) • Mainly non-cash FX translation on intercompany loans Income Tax (35) (35) • One-time discrete benefit of $38M in Q3 2024 Income/(Loss) From Continuing Operations 34 (51) Discontinued Operations (Net of Tax) 0 0 Net Income / (Loss) 34 (51) Net Income Impacted by Intra-Year Academic Calendar Timing And Non-Cash FX Translation on Intercompany Loans

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25©2025 Laureate Education, Inc. 2025 Q3 YTD – Net Income Reconciliation Q3 YTD '25 B / (W) Notes ($ in millions) Reported Vs. Q3 YTD '24 Adjusted EBITDA 315 6 • Impacted by ($21M) intra-year timing of academic calendar; offset in Q4 Depreciation & Amortization (53) (1) Interest Expense, net (3) 5 Other (40) (67) • Mainly non-cash FX translation on intercompany loans Income Tax (106) (34) • One-time discrete benefit of $38M in Q3 2024 Income/(Loss) From Continuing Operations 112 (91) Discontinued Operations (Net of Tax) 0 (0) Net Income / (Loss) 112 (91) Net Income Impacted by Intra-Year Academic Calendar Timing And Non-Cash FX Translation on Intercompany Loans

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26©2025 Laureate Education, Inc. 2025 Full Year Guidance Details ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2024 FY Results As Reported 472K $1,567 $450 Organic Growth (excl. Campus Consolidations) ~25K $131 - $136 $56 - $60 Organic Growth % (excl. Campus Consolidations) ~5% 8% - 9% 12% - 13% Campus Consolidation Impact (3K) ($8) ($2) 2025 FY Guidance (Constant Currency) ~494K $1,690 - $1,695 $504 - $508 Organic Growth % (Constant Currency) ~5% 8% - 8% 12% - 13% FX Impact (spot FX) (1) ($9) $4 2025 FY Guidance (@ spot FX) (1) ~494K $1,681 - $1,686 $508 - $512 As Reported Growth % ~5% 7% - 8% 13% - 14% (1) Based on actual FX rates for January through October, and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2025 net income and reconciliation of the forward-looking 2025 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Continued Constant Currency Top Line Growth and Margin Expansion

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27©2025 Laureate Education, Inc. Q4 2025 Guidance Details (1) Based on actual FX rates for October and assumed FX rates (local currency per US dollar) of MXN 18.75 & PEN 3.48 for November through December 2025. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for Q4 2025 net income and reconciliation of the forward-looking Q4 2025 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Strong Revenue and Adjusted EBITDA Growth Expected in Q4 Aided by Intra-Year Academic Calendar Timing Catch-up and FX Rates Q4 Guidance ($ in millions) Revenues Adj. EBITDA 2024 Q4 Results As Reported $423 $141 Timing Impact Intra-Year (academic calendar) $25 $21 2024 Q4 Results Adjusted $448 $162 Organic Growth (excl. Campus Consolidations) $39 - $44 $17 - $21 Organic Growth % (excl. Campus Consolidations) 9% - 10% 10% - 13% Campus Consolidation Impact ($3) ($0) 2025 Q4 Guidance (Constant Currency) $484 - $489 $179 - $183 Organic Growth % (Constant Currency) 8% - 9% 10% - 13% FX Impact (spot FX) (1) $37 $15 2025 Q4 Guidance (@ spot FX) (1) $521 - $526 $194 - $198 As Reported Growth % 23% - 24% 38% - 40%

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28©2025 Laureate Education, Inc. Return of Capital Summary Since 2019 ($ in millions) Stock Buybacks Cash Distributions / 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 YTD September $71 - $71 Cumulative Since 2019 $1,199 $1,734 $2,933 Strong Track Record of Returning Capital to Shareholders Nearly $3 Billion of Capital Returned to Shareholders Since Start of 2019

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29©2025 Laureate Education, Inc. New Enrollments Seasonality Intra-Year Seasonality Trends Revenue Seasonality Adjusted EBITDA Seasonality Factors Affecting Seasonality  Large intake cycles at end of Q1 (Peru) and end of Q3 (Mexico) drive seasonality of earnings  Q2 and Q4 are typically Laureate's strongest earnings quarters  Academic calendar  FX trends 18% 30% 25% 27% 17% 31% 24% 28% 17% 31% 24% 28% 18% 32% 24% 27% Q1 Q2 Q3 Q4 2021 2022 2023 2024 4% 42% 30% 24% 8% 43% 21% 28% 8% 42% 19% 31% 7% 42% 20% 31% Q1 Q2 Q3 Q4 2021 2022 2023 2024 38% 10% 49% 2% 37% 11% 50% 3% 39% 10% 48% 3% 38% 10% 48% 4% Q1 Q2 Q3 Q4 2021 2022 2023 2024

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30©2025 Laureate Education, Inc. Financial Results & Tables

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31©2025 Laureate Education, Inc. Financial Tables Consolidated Statements of Operations Note: May not sum to total due to rounding. For the three months ended September 30, For the nine months ended September 30, IN MILLIONS (except per share amounts) 2025 2024 Change 2025 2024 Change Revenues $400.2 $368.6 $31.6 $1,160.5 $1,143.2 $17.3 Costs and expenses: Direct costs 316.5 286.0 30.5 872.3 858.9 13.4 General and administrative expenses 12.2 10.6 1.6 36.7 34.6 2.1 Operating income 71.5 72.0 (0.5) 251.6 249.8 1.8 Interest income 2.1 2.4 (0.3) 5.0 6.3 (1.3) Interest expense (2.6) (5.0) 2.4 (8.1) (14.8) 6.7 Other income, net 0.2 0.9 (0.7) 1.0 0.5 0.5 Foreign currency exchange (loss) gain, net (2.3) 14.5 (16.8) (31.1) 36.4 (67.5) Loss on disposal of subsidiaries, net — — — — (3.1) 3.1 Income from continuing operations before income taxes 68.8 84.9 (16.1) 218.4 275.0 (56.6) Income tax (expense) benefit (34.5) 0.5 (35.0) (106.3) (72.5) (33.8) Income from continuing operations 34.4 85.3 (50.9) 112.0 202.5 (90.5) Income from discontinued operations, net of tax — — — 0.2 0.3 (0.1) Net income 34.4 85.3 (50.9) 112.3 202.8 (90.5) Net loss (income) attributable to noncontrolling interests 0.1 0.1 — (2.2) — (2.2) Net income attributable to Laureate Education, Inc. $34.5 $85.5 $(51.0) $110.1 $202.8 $(92.7) Basic and diluted earnings per share: Basic weighted average shares outstanding 147.4 151.6 (4.2) 148.5 154.2 (5.7) Diluted weighted average shares outstanding 148.2 152.2 (4.0) 149.2 154.7 (5.5) Basic and diluted earnings per share $0.23 $0.56 $(0.33) $0.74 $1.31 $(0.57)

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32©2025 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Quarter nm - percentage changes not meaningful (1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The "Organic Constant Currency" percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2024 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the three months ended September 30, 2025 2024 Reported Organic Constant Currency(1) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $194.8 $182.5 7% 5% $12.3 $9.4 $— $2.9 Peru 205.3 186.1 10% 3% 19.2 6.3 — 12.9 Corporate & Eliminations — — nm nm — — — — Total Revenues $400.2 $368.6 9% 4% $31.6 $15.8 $— $15.8 Adjusted EBITDA Mexico $25.7 $20.0 29% 25% $5.7 $4.9 $— $0.8 Peru 78.1 79.8 (2)% (9)% (1.7) (6.9) — 5.2 Corporate & Eliminations (8.9) (8.3) (7)% (7)% (0.6) (0.6) — — Total Adjusted EBITDA $94.8 $91.4 4% (3)% $3.4 $(2.6) $— $6.0

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33©2025 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date nm - percentage changes not meaningful (1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The "Organic Constant Currency" percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2024 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the nine months ended September 30, 2025 2024 Reported Organic Constant Currency(1) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $601.5 $615.2 (2)% 8% $(13.7) $52.2 $— $(65.9) Peru 558.9 528.0 6% 2% 30.9 11.0 — 19.9 Corporate & Eliminations 0.1 0.1 —% —% — — — — Total Revenues $1,160.5 $1,143.2 2% 6% $17.3 $63.3 $— $(46.0) Adjusted EBITDA Mexico $136.1 $128.1 6% 21% $8.0 $26.9 $— $(18.9) Peru 206.5 209.4 (1)% (5)% (2.9) (11.0) — 8.1 Corporate & Eliminations (27.9) (28.6) 2% 2% 0.7 0.7 — — Total Adjusted EBITDA $314.7 $308.9 2% 5% $5.8 $16.6 $— $(10.8)

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34©2025 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS September 30, 2025 December 31, 2024 Change Assets Cash and cash equivalents $241.0 $91.4 $149.6 Receivables (current), net 84.7 91.8 (7.1) Other current assets 44.7 43.6 1.1 Property and equipment, net 570.0 514.3 55.7 Operating lease right-of-use assets, net 283.6 292.4 (8.8) Goodwill and other intangible assets 777.1 711.3 65.8 Deferred income taxes 66.9 60.8 6.1 Other long-term assets 46.8 45.6 1.2 Current and long-term assets held for sale 1.6 11.0 (9.4) Total assets $2,116.6 $1,862.1 $254.5 Liabilities and stockholders' equity Accounts payable and accrued expenses $228.1 $187.6 $40.5 Deferred revenue and student deposits 90.8 64.3 26.5 Total operating leases, including current portion 337.4 327.1 10.3 Total long-term debt, including current portion 101.0 100.3 0.7 Other liabilities 239.7 214.5 25.2 Current and long-term liabilities held for sale — 9.7 (9.7) Total liabilities 997.0 903.5 93.5 Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 1,118.1 957.1 161.0 Total liabilities and stockholders' equity $2,116.6 $1,862.1 $254.5

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35©2025 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions may not sum to total due to rounding. For the nine months ended September 30, IN MILLIONS 2025 2024 Change Cash flows from operating activities Net income $112.3 $202.8 $(90.5) Depreciation and amortization 53.3 52.1 1.2 (Gain) loss on lease terminations and disposals of subsidiaries and property and equipment, net (0.3) 6.5 (6.8) Deferred income taxes — (39.9) 39.9 Unrealized foreign currency exchange loss (gain) 30.9 (38.6) 69.5 Income tax receivable/payable, net 5.2 (21.4) 26.6 Working capital, excluding tax accounts (0.6) (37.7) 37.1 Other non-cash adjustments 72.0 68.3 3.7 Net cash provided by operating activities 272.8 192.0 80.8 Cash flows from investing activities Purchase of property and equipment (36.1) (34.6) (1.5) Receipts from sales of property and equipment 0.2 3.3 (3.1) Net receipts from sales of discontinued operations 0.1 0.8 (0.7) Net cash used in investing activities (35.7) (30.5) (5.2) Cash flows from financing activities Increase in long-term debt, net (22.6) (8.4) (14.2) Payments to repurchase common stock and excise tax payments (71.6) (100.0) 28.4 Financing other, net (2.7) (3.3) 0.6 Net cash used in financing activities (96.9) (111.7) 14.8 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 8.1 (6.2) 14.3 Change in cash included in current assets held for sale 0.3 0.2 0.1 Net change in Cash and cash equivalents and Restricted cash 148.6 43.8 104.8 Cash and cash equivalents and Restricted cash at beginning of period 97.9 96.9 1.0 Cash and cash equivalents and Restricted cash at end of period $246.4 $140.7 $105.7

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36©2025 Laureate Education, Inc. 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 compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation." Note: Dollars in millions may not sum to total due to rounding. For the three months ended September 30, For the nine months ended September 30, IN MILLIONS 2025 2024 Change 2025 2024 Change Net income $34.4 $85.3 $(50.9) $112.3 $202.8 $(90.5) Plus: Income from discontinued operations, net of tax — — — (0.2) (0.3) 0.1 Income from continuing operations 34.4 85.3 (50.9) 112.0 202.5 (90.5) Plus: Income tax expense (benefit) 34.5 (0.5) 35.0 106.3 72.5 33.8 Income from continuing operations before income taxes 68.8 84.9 (16.1) 218.4 275.0 (56.6) Plus: Loss on disposal of subsidiaries, net — — — — 3.1 (3.1) Foreign currency exchange loss (gain), net 2.3 (14.5) 16.8 31.1 (36.4) 67.5 Other income, net (0.2) (0.9) 0.7 (1.0) (0.5) (0.5) Interest expense 2.6 5.0 (2.4) 8.1 14.8 (6.7) Interest income (2.1) (2.4) 0.3 (5.0) (6.3) 1.3 Operating income 71.5 72.0 (0.5) 251.6 249.8 1.8 Plus: Depreciation and amortization 19.6 16.6 3.0 53.3 52.1 1.2 EBITDA 91.1 88.6 2.5 304.9 301.9 3.0 Plus: Share-based compensation expense (1) 3.8 2.8 1.0 9.7 7.1 2.6 Adjusted EBITDA $94.8 $91.4 $3.4 $314.7 $308.9 $5.8 Revenues $400.2 $368.6 $31.6 $1,160.5 $1,143.2 $17.3 Income from continuing operations margin 8.6 % 23.1 % -1,456 bps 9.7 % 17.7 % -806 bps Adjusted EBITDA margin 23.7 % 24.8 % -111 bps 27.1 % 27.0 % 10 bps

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37©2025 Laureate Education, Inc. (1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests. (2) For 2024, discrete tax items represent a non- recurring, non-cash deferred tax benefit of approximately $37.9 million related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring. Note: Dollars in millions, except per share amounts, may not sum to total due to rounding. Financial Tables Non-GAAP Reconciliations (2 of 4) The following table reconciles Net income to Adjusted net income and Adjusted EPS: For the three months ended September 30, 2025 2024 IN MILLIONS, except per share amounts (per share) (1) (per share) (1) Net income $34.4 $0.23 $85.3 $0.56 Plus: Income from discontinued operations, net of tax — — — — Income from continuing operations 34.4 0.23 85.3 0.56 Plus: Discrete tax items (2) — — (37.9) (0.25) Loss on debt extinguishment — — — — Loss on disposal of subsidiaries, net — — — — Foreign currency exchange loss (gain), net 2.3 0.02 (14.5) (0.10) Loss on impairment of assets — — — — Adjusted net income $36.7 $0.25 $32.9 $0.22 Diluted weighted average shares outstanding 148.2 152.2

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38©2025 Laureate Education, Inc. 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 available to common shareholders, which excludes income attributable to noncontrolling interests. (2) For 2025, discrete tax items represent a non- recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary. For 2024, discrete tax items represent a non-recurring, non-cash deferred tax benefit of approximately $37.9 million related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring. Note: Dollars in millions, except per share amounts, may not sum to total due to rounding. For the nine months ended September 30, 2025 2024 IN MILLIONS, except per share amounts (per share) (1) (per share) (1) Net income $112.3 $0.74 $202.8 $1.31 Plus: Income from discontinued operations, net of tax (0.2) — (0.3) — Income from continuing operations 112.0 0.74 202.5 1.31 Plus: Discrete tax items (2) (4.7) (0.03) (37.9) (0.24) Loss on debt extinguishment — — — — Loss on disposal of subsidiaries, net — — 3.1 0.02 Foreign currency exchange loss (gain), net 31.1 0.21 (36.4) (0.24) Loss on impairment of assets — — — — Adjusted net income $138.5 $0.92 $131.3 $0.85 Diluted weighted average shares outstanding 149.2 154.7

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39©2025 Laureate Education, Inc. 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, 2025 and 2024: Note: Dollars in millions may not sum to total due to rounding.IN MILLIONS 2025 2024 Change Net cash provided by operating activities $272.8 $192.0 $80.8 Capital expenditures: Purchase of property and equipment (36.1) (34.6) (1.5) Receipts from sales of property and equipment 0.2 3.3 (3.1) Free Cash Flow $236.9 $160.7 $76.2

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![](laureateq32025earningspr040.jpg)©2025 Laureate Education, Inc.

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