Financial Analysis

Commitments and Contingencies Contingencies Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business. In managements opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters. Management believes that any judgment or settlement of these matters would not have a material impact on Laureates financial position, results of operations, or cash flows. Income Tax Contingencies As of June 30, 2026 and December 31, 2025, Laureate had recorded cumulative liabilities for income tax contingencies of $74,439 and $78,979, respectively. Non-Income Tax Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of June 30, 2026 and December 31, 2025, approximately $13,000 and $12,800, respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets. We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Companys results of operations if the outcomes are unfavorable. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Outstanding long-term debt was as follows: June 30, 2026 December 31, 2025 Senior long-term debt: Senior Secured Credit Facility $ 75,000 $ Other debt: Lines of credit 42,556 43,278 Note payable 21,822 22,313 Total senior and other debt 139,378 65,591 Finance lease obligations 83,789 63,463 Total long-term debt and finance leases 223,167 129,054 Less: total unamortized deferred financing costs 1,102 1,346 Less: current portion of long-term debt and finance leases 57,552 54,585 Long-term debt and finance leases, less current portion $ 164,513 $ 73,123 Senior Secured Credit Facility The Company maintains a revolving credit facility (the Revolving Credit Facility) under its credit agreement (the Amended Credit Agreement) that provides for $155,000 of revolving credit loans maturing September 18, 2028. The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the Senior Secured Credit Facility. As of June 30, 2026 and December 31, 2025, the Senior Secured Credit Facility had a total outstanding balance of $75,000 and $0, respectively. Peru Term Loan On June 30, 2026, a Laureate subsidiary in Peru, Universidad Privada del Norte (UPN), entered into an agreement to borrow PEN 205,000 (approximately $60,000 at June 30, 2026). The loan bears interest at a fixed rate of 6.45% per annum and interest payments are due quarterly. Quarterly principal payments in the amount of PEN 10,2 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended June 30, 2026 and 2025: Mexico Peru Corporate (1) Total 2026 Tuition and educational services $ 389,895 $ 368,647 $ $ 758,542 123 % Other 36,536 30,472 12 67,020 11 % Gross revenue 426,431 399,119 12 825,562 134 % Less: Discounts / waivers / scholarships (157,435) (52,264) (209,699) (34) % Total $ 268,996 $ 346,855 $ 12 $ 615,863 100 % 2025 Tuition and educational services $ 306,224 $ 320,360 $ $ 626,584 120 % Other 27,650 22,402 53 50,105 9 % Gross revenue 333,874 342,762 53 676,689 129 % Less: Discounts / waivers / scholarships (116,505) (36,028) (152,533) (29) % Total $ 217,369 $ 306,734 $ 53 $ 524,156 100 % (1) Includes the elimination of inter-segment revenues. The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2026 and 2025: Mexico Peru Corporate (1) Total 2026 Tuition and educational services $ 672,238 $ 422,410 $ $ 1,094,648 123 % Other 79,182 45,290 28 124,500 14 % Gross revenue 751,420 467,700 28 1,219,148 137 % Less: Discounts / waivers / scholarships (271,782) (58,891) (330,673) (37) % Total $ 479,638 $ 408,809 $ 28 $ 888,475 100 % 2025 Tuition and educational services $ 550,293 $ 359,867 $ $ 910,160 120 % Other 67,250 33,449 104 100,803 13 % Gross revenue 617,543 393,316 104 1,010,963 133 % Less: Discounts / waivers / scholarships (2 …

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Goodwill The change in the net carrying amount of Goodwill from December 31, 2025 through June 30, 2026 was composed of the following items: Mexico Peru Total Balance at December 31, 2025 $ 557,241 $ 80,059 $ 637,300 Currency translation adjustments 12,348 (1,344) 11,004 Balance at June 30, 2026 $ 569,589 $ 78,715 $ 648,304

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Income Taxes Laureates income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the six months ended June 30, 2026 and 2025 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods. Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss. For the six months ended June 30, 2026, the Company recognized income tax expense of $75,956, as compared to $71,876 in the prior-year period. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal and Regulatory Matters Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business. In managements opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters. Management believes that any judgment or settlement of these matters would not have a material impact on Laureates financial position, results of operations, or cash flows. Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2025 Form 10-K. …

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Revenue Revenue Recognition Our revenues primarily consist of tuition revenues from enrolled students. We also generate other revenues from student fees, short courses, and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureates institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: Identification of the contract, or contracts, with a customer; Identification of the performance obligations in the contract; Determination of the transaction price; Allocation of the transaction price to the performance obligations in the contract; and Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the acad …

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Business and Geographic Segment Information Laureates educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Laureates Chief Executive Officer is the chief operating decision maker. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the compe …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders Equity The components of net changes in stockholders equity for the six months ended June 30, 2026 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total stockholders equity Shares Amount Balance at December 31, 2025 142,940 $ 572 $ 1,075,460 $ 416,889 $ (304,984) $ (575) $ 1,187,362 Non-cash share-based compensation 2,616 2,616 Purchase and retirement of common stock (3,168) (13) (23,835) (82,307) (106,155) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 206 1 (2,364) (2,363) Net loss (21,594) (21,594) Foreign currency translation adjustment, net of tax of $0 (11,858) (1) (11,859) Minimum pension liability adjustment, net of tax of $0 48 48 Balance at March 31, 2026 139,978 $ 560 $ 1,051,877 $ 312,988 $ (316,794) $ (576) $ 1,048,055 Non-cash share-based compensation 4,123 4,123 Purchase and retirement of common stock (2,237) (9) (16,814) (59,586) (76,409) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 8 Reclassification of redeemable equity to non-redeemable equity 699 699 Net income 137,103 137,103 Foreign currency translation adjustment, net of tax of $0 27,235 1 27,236 Balance at June 30, 2026 137,749 $ 551 $ 1,039,885 $ 390,505 $ (289,559) $ (575) $ 1,140,807 Stock Repurchases On September 13, 2024, th …

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Subsequent Events As discussed in Note 7, Stockholders Equity, on July 30, 2026, the Company announced that its Board of Directors had approved an additional $150,000 increase to the existing authorization for the Companys stock repurchase program, which has no fixed expiration date. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing