Laureate Education (LAUR) investor relations material

Executive summary

• Q3 revenue was $485.1M and Adjusted EBITDA was $146.8M, both ahead of guidance; full-year 2026 guidance was reaffirmed.

• Enrollment momentum continued across Mexico and Peru, with 9M new enrollments up 9% and total enrollment up 6%.

Financial highlights

• Q3 revenue was $485.1M, up 21% reported and 14% constant currency; Adjusted EBITDA was $146.8M, up 55% reported and 46% constant currency.

• Timing-adjusted Q3 constant-currency growth was 6% for revenue and 14% for Adjusted EBITDA; academic-calendar timing added $29M and $26M, respectively.

• 9M revenue was $1,373.6M, up 18% reported and 8% constant currency; Adjusted EBITDA was $395.1M, up 26% reported and 16% constant currency.

• GAAP net income was $101.2M in Q3 and $216.7M in 9M; Q3 adjusted net income was $71.7M.

• Q3 and 9M net income included a $25.4M non-recurring, non-cash tax benefit from resolving a legacy tax contingency.

Outlook and guidance

• FY26 total enrollment guidance remains 518,000–523,000, representing 4%–5% growth versus 2025.

• FY26 revenue guidance is $1.920B–$1.930B; Adjusted EBITDA guidance is $593M–$599M. Constant-currency ranges are $1.810B–$1.820B and $561M–$567M, respectively.

• FY26 revenue growth is expected at 13% reported and 6%–7% constant currency; Adjusted EBITDA growth at 14%–15% reported and 8%–9% constant currency.

• FY26 Adjusted EPS guidance is $2.04–$2.10, up 19%–22%; expected Adjusted EBITDA margin accretion and unlevered free-cash-flow conversion are each ~50%.

• Q4 revenue guidance is $546M–$556M and Adjusted EBITDA guidance is $198M–$204M; academic-calendar benefits are expected to reverse in Q4.