Laureate Education : Q1 2026 Earnings Presentation

Published: 2026-04-30 07:55:10 ET LAUR

Published on 04/30/2026 at 07:55 am EDT

April 30, 2026

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this presentation, Laureate provides the non-GAAP measures of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt 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, other non-operating income, 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 debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt 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 debt, net of cash and cash equivalents (or net debt) 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 constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe that providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate 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.

Presentation of Non-GAAP Measures

not meaningful or not applicable.

Note: Throughout this presentation, amounts may not sum to totals due to rounding. Figures labeled n.m. indicate values that are

First quarter Revenue and Adjusted EBITDA ahead of guidance attributable favorable FX and timing items

New enrollment intake in-line with expectations

New and Total Enrollments increased 9% and 6%, respectively, for the intake cycle versus comparable intake period of prior year

Peru (primary intake): New Enrollments grew 13% and Total Enrollments increased 8%; strong macro trends and scaling of working adult fully online programs

Mexico (secondary intake): New Enrollments grew 4% and Total Enrollments increased 4%; solid results against a softer macroeconomic backdrop highlighting the resiliency of our business model

Net Loss of $22M in Q1 during seasonally low quarter; impacted by intra-year academic calendar timing

Increasing FY 2026 Adjusted Earnings Per Share guidance to reflect $105M of share buybacks completed during first quarter

Favorable New Enrollment Intake in Cycle One Increasing Full Year Adjusted EPS Guidance on Share Buybacks

Executive Summary

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 (000s)

5,544

2,067

7,611

Higher Education Gross Participation Rate (Total)1

Traditional 4+ yr degrees Technical / Vocational

35%

57%

40%

34%

42%

36%

15%

Market Share for Private Institutions2

47%

76%

58%

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 2024.

Defined as total enrollments as compared to 18-24 year old population.

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 Market Opportunities in Mexico and Peru

Leading University Portfolio in Mexico & Peru

Peru Mexico

Universidad del

Valle de México (UVM)

Universidad Tecnológica de México (UNITEC)

Universidad Peruana de Ciencias Aplicadas (UPC)

Universidad Privada del Norte (UPN)

CIBERTEC

1960

1966

1994

1983

128,000

131,900

83,700

139,700

24,400

Premium/ Traditional

Value/ Teaching

Premium/ Traditional

Value/ Teaching

Technical/ Vocational

Ranked Top 5 university in Mexico

Brand

Founded

Enrollment

@ 03/31/26

Market

Segment

QS StarsTM

Overall

Ratings/Rankings

5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact

Largest private university in Mexico

5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact

Ranked #1 in educational sector in Peru

5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact

3rd largest private university in Peru

5-Stars rated by QS Stars in categories of Employability, Online Learning & Social Impact

Second largest private technical / vocational institutes in Peru

Sources: Secretaría de Educación Pública, SEP 2024 Database (Mexico), Ministry of Education of Peru, MINEDU 2024 Database (Peru). QS Stars , Guía Universitaria (UVM), MERCO 2025 Institutional Reputation Ranking (UPC).

Delivering Measurable Outcomes for Our Students and Communities

Accessible Education. Real Outcomes. Lasting Impact.

Expanding Access to Education

First-generation students1

1Percentage of newly enrolled students who are the first in their family to attend higher education.

Payback period

~3 years

Time required for graduates of Laureate on-campus programs to recover the nominal cost of their education through additional earnings compared to high school graduates of the same age.

Student Outcomes and Economic Mobility

9 out of 10

Graduates employed within 12 months2

2Job-seeking graduates employed within 12 months of graduation.

Our Mission…

By expanding access to higher education and helping build the middle class in Mexico and Peru, we contribute to stronger, more equitable societies.

See the full 2025 Impact Report at: laureate.net/impact

($ in millions)

(Enrollments rounded to the nearest thousand)

Q1 '26

Results

Variance Vs. Q1 '25

As Reported Constant

Currency1

Notes

New Enrollment

103K

Through Cycle completion (timing adjusted): LAUR +9%, Mexico +4%, Peru +13%

Total Enrollment 508K 6% 6%

Through Cycle completion (timing adjusted): LAUR +6%, Mexico +4%, Peru +8%

Revenue

$273

15%

Largely an out of session period

• +5% constant currency adjusted for timing of academic calendar; ($9M) impact

Adj. EBITDA

($2)

n.m.

Largely an out of session period

Adj. EBITDA margin

(0.8%)

n.m.

Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +5%

(1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations

2026 First Quarter - Financial Summary

($ in millions)

(Enrollments rounded to the nearest thousand)

Q1 '26

Q1 Results

Constant Currency Vs. Q1 '251

Notes

New Enrollment

45K

Through Cycle completion (timing adjusted): +4%

Solid results through completion of the secondary intake cycle; primary intake for Mexico will occur in September

Total Enrollment

260K

4% • Through Cycle completion (timing adjusted): +4%

Driven by new enrollments and stronger retention

Revenue

$211

• +2% constant currency adjusted for timing of academic

(4%) calendar; ($12M) impact

Timing of other Revenue

Adj. EBITDA

$41

Largely out of session period, includes cost related to new

(33%) campus investments

(16%) constant currency adjusted for timing of academic

calendar; ($11M) impact

Adj. EBITDA margin

19.7%

(833 bps) • (413 bps) constant currency adjusted for timing of academic

calendar

Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +2%

(1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations.

Mexico Segment Results

($ in millions)

(Enrollments rounded to the nearest thousand)

Q1 '26

Q1 Results

Constant Currency Vs. Q1 '251

Notes

New Enrollment

57K

15%

Through Cycle completion (timing adjusted): +13%

Favorable macro trends and further scaling of working adult online programs

Total Enrollment

248K

Through Cycle completion (timing adjusted): +8%

Revenue

$62

21%

Largely an out of session period

• +13% constant currency adjusted for timing of academic calendar; +$3M impact

Adj. EBITDA

($35)

18%

Largely an out of session period

• +13% constant currency adjusted for timing of academic calendar; +$2M impact

Adj. EBITDA margin

(56.3%)

n.m.

Intra-Year Academic Calendar Timing Impacting Q1 Reported Results Q1 Timing Adjusted Constant Currency1: Revenue +13%

(1) Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations.

Peru Segment Results

Strong Balance Sheet and Cash Accretive Business Model Allow For Continued Return of Capital

($ in millions)

Total Company as of 03/31/26

Gross Debt

$217

Less: Cash & Cash Equivalents

($157)

Net Debt

$60

140M shares outstanding as of March 31st

Share Repurchase Update:

$105M of share buybacks completed in Q1 2026 (or 3.2M shares)

Remaining stock buyback authorization capacity of $76M as of March 31st

Q1 2026

Capitalization and Return of Capital

($ in millions, except Adjusted EPS) (Enrollments rounded to the nearest thousand)

Prior 2026 Guidance

Outlook

Current 2026 Guidance

Outlook1

Total Enrollment

516K - 521K

Revenue

$1,890 - $1,905

Adjusted EBITDA

$583 - $593

Adjusted EPS2

$1.95 - $2.03

$2.00 - $2.08

Increasing Full Year Adjusted EPS Guidance For Q1 Share Buybacks Completed

Outlook is based on actual FX rates for January through April, and Spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded.

Assumes diluted weighted average shares outstanding of approximately 141 million.

Note: An outlook for 2026 net income and reconciliation of the forward-looking 2026 Adjusted EBITDA and 2026 Adjusted EPS 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, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, or Adjusted EPS to their projected GAAP equivalents without unreasonable effort.

2026 Updated Outlook

Continued strong operating results expected in FY 2026

2026 Revenue growth still expected at 11%-12% Vs. 20251 on a USD reported basis, expected to be up 6%-7% on a constant currency basis2 Vs. 2025

2026 Adjusted EBITDA growth still expected at 12%-14% Vs. 20251 on a USD reported basis, expected to be up 7%-9% on a constant currency basis2 Vs. 2025

Adjusted EBITDA Margin accretion of ~50bps3 still expected driven by continued margin optimization as well as operating leverage from Revenue growth

Adjusted EBITDA to Unlevered Free Cash Flow Conversion of approximately 50% still expected

Adjusted Earnings Per Share (EPS) now expected to be $2.00 - $2.08/share, an increase of 16%-21% Vs. 20251,4

Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.95 & PEN 3.45 for May through December 2026. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded.

Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations.

At mid-point of 2026 guidance provided.

Assumes diluted weighted average shares outstanding of approximately 141 million.

2026 Outlook - Executive Summary

Total Revenue Adjusted EBITDA

+11%

1,897M

1,702M

90M

+5%

106M

+6%

13%

588M

519M

27M

+5%

42M

+8%

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

Midpoint

Strong Operational Growth Expected Along with FX Currency Tailwinds

Strong Growth Expected for 2026

Disclaimer

Laureate Education Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:54 UTC.