Form 8-K - Current report

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)

August 1, 2024

Laureate Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38002

52-1492296

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

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):

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

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

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

☐ 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
		(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. o

Item 2.02 Results of Operations and Financial Condition.

On August 1, 2024, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2024. 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 Regulation FD Disclosure.

On August 1, 2024, the Company made available on the investor relations section of its website its second quarter of 2024 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 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Earnings Release issued by Laureate Education, Inc. on August 1 , 2024.
99.2			Second Quarter of 2024 Earnings Presentation.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information contained in Item 2.02, including Exhibit 99.1 hereto, and Item 7.01, including Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

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.


			By:			/s/ Richard M. Buskirk
			Name:			Richard M. Buskirk
			Title:			Senior Vice President and Chief Financial Officer

Date: August 1, 2024

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024

MIAMI - August 1, 2024 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2024.

Second Quarter 2024 Highlights (compared to second quarter 2023):

•On a reported basis, revenue increased 8% to $499.2 million. On an organic constant currency basis1, revenue increased 7%.

•Operating income for the second quarter of 2024 was $166.6 million, compared to operating income of $154.5 million for the second quarter of 2023.

•Net income for the second quarter of 2024 was $128.4 million, compared to net income of $56.3 million for the second quarter of 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 quarter.

•Adjusted EBITDA for the second quarter of 2024 was $186.9 million, compared to Adjusted EBITDA of $175.4 million for the second quarter of 2023.

Six Months Ended June 30, 2024 Highlights (compared to six months ended June 30, 2023):

•New enrollments increased 2%.

•Total enrollments increased 5%.

•On a reported basis, revenue increased 9% to $774.6 million. On an organic constant currency basis1, revenue increased 5% and was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period.

•Operating income for the six months ended June 30, 2024 was $177.7 million, compared to operating income of $170.1 million for the six months ended June 30, 2023.

•Net income for the six months ended June 30, 2024 was $117.5 million, compared to net income of $29.6 million for the six months ended June 30, 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 period.

•Adjusted EBITDA for the six months ended June 30, 2024 was $217.5 million, compared to Adjusted EBITDA of $208.9 million for the six months ended June 30, 2023. Adjusted EBITDA for the six months ended June 30, 2024 was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period.

Eilif Serck-Hanssen, President and Chief Executive Officer, said “We are pleased with our solid operating results for the second quarter. Market dynamics remain favorable for the private sector in both our geographies. We continue to deliver strong growth in Mexico, while muted growth in Peru over the past 12 months is expected to pivot to a recovery in the second half of this year. In addition, our strong balance sheet and significant cash flow generation allow for a continued emphasis on returning capital to shareholders.”

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

Second Quarter 2024 Results

For the second quarter of 2024, revenue on a reported basis was $499.2 million, an increase of $37.1 million, or 8%, compared to the second quarter of 2023. On an organic constant currency basis, revenue increased 7%. Operating income for the second quarter of 2024 was $166.6 million, compared to $154.5 million for the second quarter of 2023, an increase of $12.1 million. Net income for the second quarter of 2024 was $128.4 million, compared to net income of $56.3 million for the second quarter of 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 quarter. Basic and diluted earnings per share for the second quarter of 2024 were $0.83.

Adjusted EBITDA for the second quarter of 2024 was $186.9 million, compared to Adjusted EBITDA of $175.4 million for the second quarter of 2023.

Six Months Ended June 30, 2024 Results

New enrollments for the six months ended June 30, 2024 increased 2%, compared to new enrollment activity for the six months ended June 30, 2023, and total enrollments were up 5% compared to the prior-year period. New enrollments in Peru remained flat while total enrollments increased 1% compared to the prior-year period. New and total enrollments in Mexico were up 4% and 9%, respectively, compared to the prior-year period.

For the six months ended June 30, 2024, revenue on a reported basis was $774.6 million, an increase of $61.3 million, or 9%, compared to the six months ended June 30, 2023. On an organic constant currency basis, revenue increased 5% and was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period. Operating income for the six months ended June 30, 2024 was $177.7 million, compared to $170.1 million for the six months ended June 30, 2023, an increase of $7.6 million. Net income for the six months ended June 30, 2024 was $117.5 million, compared to net income of $29.6 million for the six months ended June 30, 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 period. Basic and diluted earnings per share for the six months ended June 30, 2024 were $0.75.

Adjusted EBITDA for the six months ended June 30, 2024 was $217.5 million, compared to Adjusted EBITDA of $208.9 million for the six months ended June 30, 2023. Adjusted EBITDA for the six months ended June 30, 2024 was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period.

Balance Sheet and Capital Structure

Laureate has a strong balance sheet position. As of June 30, 2024, Laureate had $128.8 million of cash and cash equivalents and gross debt of $232.6 million. Accordingly, net debt was $103.7 million as of June 30, 2024.

Laureate has repurchased approximately $72 million of its common stock during the six months ended June 30, 2024, under the previously announced $100 million stock repurchase program.

As of June 30, 2024, Laureate had 152.5 million total shares outstanding.

Outlook for Fiscal 2024

Laureate is maintaining its full-year constant currency outlook but adjusting its as-reported guidance to reflect more recent foreign currency rates, impacted by recent volatility in the Mexican peso.

Based on the current foreign exchange spot rates2, Laureate expects its full-year 2024 results to be as follows:

•Total enrollments are still expected to be in the range of 467,000 to 473,000 students, reflecting growth of 4%-5% versus 2023;

•Revenues are now expected to be in the range of $1,551 million to $1,566 million, reflecting growth of 5%-6% on an as-reported basis and 5%-6% on an organic constant currency basis versus 2023; and

•Adjusted EBITDA is now expected to be in the range of $441 million to $451 million, reflecting growth of 5%-8% on an as-reported basis and 6%-9% on an organic constant currency basis versus 2023.

Reconciliations of forward-looking non-GAAP measures, specifically the 2024 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.

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/LAURQ22024 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.

2 Based on actual FX rates for January-July 2024, and current spot FX rates (local currency per U.S. Dollar) of MXN 18.70 and PEN 3.75 for August 2024 - December 2024. FX impact may change based on fluctuations in currency rates in future periods.

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 22, 2024, 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, and total debt, net of cash and cash equivalents (or net debt). We have included these non-GAAP measurements 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.

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 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.

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.

Laureate’s calculations of Adjusted EBITDA, 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 is reconciled from the GAAP measure in the attached table “Non-GAAP Reconciliation.”

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 as per the accompanying presentation.

About Laureate Education, Inc.

Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling approximately 450,000 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.

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


	New Enrollments				Total Enrollments
	YTD 2Q 2024	YTD 2Q 2023	Change		As of 06/30/2024	As of 06/30/2023		Change

Mexico	61,700	59,200	4	%			223,000		205,100	9	%
Peru	58,600	58,800	—	%			221,200		219,300	1	%
Laureate	120,300	118,000	2	%			444,200		424,400	5	%

Consolidated Statements of Operations


	For the three months ended June 30,						For the six months ended June 30,
IN MILLIONS (except per share amounts)	2024		2023		Change		2024		2023		Change
Revenues	$	499.2	$	462.1	$	37.1	$	774.6	$	713.3	$	61.3
Costs and expenses:
Direct costs	319.0		294.0		25.0		573.0		519.3		53.7
General and administrative expenses	13.7		12.0		1.7		23.9		22.3		1.6
Loss on impairment of assets	—		1.6		(1.6)		—		1.6		(1.6)
Operating income	166.6		154.5		12.1		177.7		170.1		7.6
Interest income	2.0		2.0		—		3.9		4.1		(0.2)
Interest expense	(5.1)		(6.1)		1.0		(9.8)		(12.1)		2.3


Other income (expense), net	0.1		(0.1)		0.2		(0.4)		0.1		(0.5)
Foreign currency exchange gain (loss), net	27.5		(32.4)		59.9		21.8		(61.3)		83.1
(Loss) gain on disposal of subsidiaries, net	—		—		—		(3.1)		0.3		(3.4)
Income from continuing operations before income taxes	191.0		117.8		73.2		190.2		101.3		88.9
Income tax expense	(63.1)		(57.5)		(5.6)		(73.0)		(67.7)		(5.3)

Income from continuing operations	128.0		60.4		67.6		117.2		33.6		83.6
Income (loss) from discontinued operations, net of tax	0.4		(4.0)		4.4		0.3		(4.1)		4.4
Net income	128.4		56.3		72.1		117.5		29.6		87.9
Net income attributable to noncontrolling interests	(0.2)		(0.1)		(0.1)		(0.1)		—		(0.1)
Net income attributable to Laureate Education, Inc.	$	128.1	$	56.2	$	71.9	$	117.4	$	29.6	$	87.8


Basic and diluted earnings per share:
Basic weighted average shares outstanding	153.8		157.2		(3.4)		155.4		157.2		(1.8)
Diluted weighted average shares outstanding	154.4		157.6		(3.2)		156.0		157.6		(1.6)

Basic and diluted earnings per share	$	0.83	$	0.35	$	0.48	$	0.75	$	0.18	$	0.57

Revenue and Adjusted EBITDA by segment


IN MILLIONS
					% Change		$ Variance Components
For the three months ended June 30,	2024		2023		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Acq/Div.		FX
Revenues
Mexico	$	218.6	$	192.1	14%	10%	$	26.5	$	19.7	$	—	$	6.8
Peru	280.6		270.0		4%	5%	10.6		12.8		—		(2.2)
Corporate & Eliminations	—		(0.1)		100%	100%	0.1		0.1		—		—
Total Revenues	$	499.2	$	462.1	8%	7%	$	37.1	$	32.5	$	—	$	4.6

Adjusted EBITDA
Mexico	$	48.2	$	38.2	26%	21%	$	10.0	$	8.0	$	—	$	2.0
Peru	150.3		147.2		2%	3%	3.1		4.2		—		(1.1)
Corporate & Eliminations	(11.6)		(10.0)		(16)%	(16)%	(1.6)		(1.6)		—		—
Total Adjusted EBITDA	$	186.9	$	175.4	7%	6%	$	11.5	$	10.6	$	—	$	0.9


					% Change		$ Variance Components
For the six months ended June 30,	2024		2023		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Acq/Div.		FX
Revenues
Mexico	$	432.7	$	374.1	16%	9%	$	58.6	$	32.5	$	—	$	26.1
Peru	341.9		339.2		1%	1%	2.7		3.8		—		(1.1)
Corporate & Eliminations	0.1		—		nm	nm	0.1		0.1		—		—
Total Revenues	$	774.6	$	713.3	9%	5%	$	61.3	$	36.3	$	—	$	25.0

Adjusted EBITDA
Mexico	$	108.1	$	87.1	24%	16%	$	21.0	$	13.6	$	—	$	7.4
Peru	129.6		140.7		(8)%	(7)%	(11.1)		(9.7)		—		(1.4)
Corporate & Eliminations	(20.2)		(19.0)		(6)%	(6)%	(1.2)		(1.2)		—		—
Total Adjusted EBITDA	$	217.5	$	208.9	4%	1%	$	8.6	$	2.6	$	—	$	6.0

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 2023 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Consolidated Balance Sheets


IN MILLIONS	June 30, 2024		December 31, 2023		Change
Assets
Cash and cash equivalents	$	128.8	$	89.4	$	39.4
Receivables (current), net	117.5		92.1		25.4
Other current assets	41.7		42.0		(0.3)
Property and equipment, net	526.6		562.2		(35.6)
Operating lease right-of-use assets, net	333.5		371.6		(38.1)
Goodwill and other intangible assets	781.5		830.7		(49.2)
Deferred income taxes	67.2		71.4		(4.2)
Other long-term assets	46.1		49.9		(3.8)
Current and long-term assets held for sale	18.8		16.3		2.5
Total assets	$	2,061.8	$	2,125.6	$	(63.8)

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	190.4	$	209.4	$	(19.0)
Deferred revenue and student deposits	61.4		69.4		(8.0)
Total operating leases, including current portion	372.4		417.6		(45.2)
Total long-term debt, including current portion	230.4		165.1		65.3

Other liabilities	279.1		303.6		(24.5)
Current and long-term liabilities held for sale	10.9		11.5		(0.6)
Total liabilities	1,144.6		1,176.5		(31.9)
Redeemable equity	1.4		1.4		—
Total stockholders' equity	915.8		947.7		(31.9)
Total liabilities and stockholders' equity	$	2,061.8	$	2,125.6	$	(63.8)

Consolidated Statements of Cash Flows


	For the six months ended June 30,
IN MILLIONS	2024		2023		Change
Cash flows from operating activities
Net income	$	117.5	$	29.6	$	87.9
Depreciation and amortization	35.5		34.0		1.5
Loss on sales and disposal of subsidiaries and property and equipment, net	2.9		5.7		(2.8)


Deferred income taxes	(0.2)		(6.9)		6.7
Unrealized foreign currency exchange (gain) loss	(23.4)		61.3		(84.7)
Income tax receivable/payable, net	(17.9)		(1.7)		(16.2)
Working capital, excluding tax accounts	(85.2)		(71.3)		(13.9)
Other non-cash adjustments	44.2		28.1		16.1
Net cash provided by operating activities	73.4		78.8		(5.4)
Cash flows from investing activities
Purchase of property and equipment	(26.6)		(14.9)		(11.7)

Receipts from sales of property and equipment	3.3		0.1		3.2
Net receipts from sales of discontinued operations	0.8		0.3		0.5



Net cash used in investing activities	(22.6)		(14.5)		(8.1)
Cash flows from financing activities
Increase (decrease) in long-term debt, net	66.5		(44.2)		110.7

Payments to repurchase common stock	(71.4)		—		(71.4)
Financing other, net	(3.4)		(1.5)		(1.9)
Net cash used in financing activities	(8.3)		(45.7)		37.4
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(3.0)		8.7		(11.7)
Change in cash included in current assets held for sale	—		(0.6)		0.6
Net change in Cash and cash equivalents and Restricted cash	39.6		26.7		12.9
Cash and cash equivalents and Restricted cash at beginning of period	96.9		93.8		3.1
Cash and cash equivalents and Restricted cash at end of period	$	136.5	$	120.5	$	16.0

Non-GAAP Reconciliation

The following table reconciles Net income to Adjusted EBITDA:


	For the three months ended June 30,						For the six months ended June 30,
IN MILLIONS	2024		2023		Change		2024		2023		Change
Net income	$	128.4	$	56.3	$	72.1	$	117.5	$	29.6	$	87.9
Plus:
(Income) loss from discontinued operations, net of tax	(0.4)		4.0		(4.4)		(0.3)		4.1		(4.4)
Income from continuing operations	128.0		60.4		67.6		117.2		33.6		83.6
Plus:

Income tax expense	63.1		57.5		5.6		73.0		67.7		5.3
Income from continuing operations before income taxes	191.0		117.8		73.2		190.2		101.3		88.9
Plus:
Loss (gain) on disposal of subsidiaries, net	—		—		—		3.1		(0.3)		3.4
Foreign currency exchange (gain) loss, net	(27.5)		32.4		(59.9)		(21.8)		61.3		(83.1)
Other (income) expense, net	(0.1)		0.1		(0.2)		0.4		(0.1)		0.5


Interest expense	5.1		6.1		(1.0)		9.8		12.1		(2.3)
Interest income	(2.0)		(2.0)		—		(3.9)		(4.1)		0.2
Operating income	166.6		154.5		12.1		177.7		170.1		7.6
Plus:
Depreciation and amortization	17.4		17.3		0.1		35.5		34.0		1.5
EBITDA	184.0		171.8		12.2		213.2		204.1		9.1
Plus:
Share-based compensation expense (2)	2.9		2.0		0.9		4.3		3.1		1.2
Loss on impairment of assets (3)	—		1.6		(1.6)		—		1.6		(1.6)
Adjusted EBITDA	$	186.9	$	175.4	$	11.5	$	217.5	$	208.9	$	8.6

(2) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."

(3) Represents non-cash charges related to impairments of long-lived assets.

Investor Relations Contact:

ir@laureate.net

Media Contacts:


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

2©2024 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 22, 2024, 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.

3©2024 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 measurements of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow. We have included these non-GAAP measurements 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. 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. 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 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. Laureate’s calculations of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), 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 and Free Cash Flow are reconciled from their respective GAAP measures in the attached tables “Non-GAAP Reconciliation”. 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.

5©2024 Laureate Education, Inc.® | Confidential & Proprietary©2024 Laureate Education, I c. Executive Summary  Solid operating performance for the second quarter  Year-to-date New and Total Enrollments increased 2% and 5%, respectively, versus year-to- date prior year  Mexico: New Enrollments grew 4% (+6% through July cycle completion); total enrollments +9%  Peru: New Enrollments flat; total enrollments +1%  Expectation for economic recovery in second half of 2024 for Peru  Net Income of $128M in Q2; $72M increase vs prior year period  Reaffirming full-year 2024 guidance on a constant currency basis  Adjusting as reported guidance down ($15M) for Revenue and ($5M) for Adjusted EBITDA given recent volatility in the Mexican peso Solid Operating Performance for Second Quarter Reaffirming Full Year Constant Currency Guidance – Adjusting As Reported for FX Rates

7©2024 Laureate Education, Inc. Mexico Peru Combined Population 129 million 32 million 161 million Higher Education Students (000s) 5,193 1,841 7,034 Higher Education Gross Participation Rate1 34% 52% 38% Traditional 4+ yr degrees 33% 40% 35% Technical/Vocational 1% 12% 3% Market Share for Private Institutions2 43% 74% 54% 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 2022. (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 37%); 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

©2024 Laureate Education, Inc. 8 Leading University Portfolio in Mexico & Peru Sources: QS Stars™, Guía Universitaria (UVM), AmericaEconomia (UPC) 1960 Brand Founded Market Segment Ratings/RankingsQS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 6/30/24 104,500 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching118,500 1994 Premium/ Traditional73,900 1994 Value/ Teaching125,300 1983 Technical/ Vocational22,000 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 Responsibility • Largest private university in Mexico • 5-Stars rated by QS Stars™ in categories of Employability, Inclusiveness, Online Learning & Social Responsibility • Ranked Top 5 university in Peru • 5-Stars rated by QS Stars™ in categories of Employability, Inclusiveness, Online Learning & Social Responsibility • 3rd largest private university in Peru • 5-Stars rated by QS Stars™ in categories of Employability, Inclusiveness, Online Learning & Social Responsibility • One of the largest private technical / vocational institutes in Peru

10©2024 Laureate Education, Inc. 2024 Second Quarter – Financial Summary Q2 ’24 Variance Vs. Q2 ’23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 25K 6% 6% • Not a material intake period Total Enrollment 444K 5% 5% • Mexico +9%, Peru +1% • Driven by new enrollment growth Revenue $499 8% 7% • Enrollment growth and price/mix Adj. EBITDA $187 7% 6% • Growth and productivity gains in Mexico, offset by macroeconomic conditions in Peru Adj. EBITDA margin 37.4% (52 bps) (35 bps) (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Solid Operating Performance During Second Quarter Driving Growth in Revenue and Adjusted EBITDA

11©2024 Laureate Education, Inc. 2024 Q2 YTD – Financial Summary Q2 YTD ’24 Variance Vs. Q2 YTD ’23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 120K 2% 2% • Total Company: +2% (+3% through July cycle completion) • Mexico: +4% (+6% through July cycle completion) • Peru: Flat YoY Total Enrollment 444K 5% 5% • Mexico +9%, Peru +1% • Driven by new enrollment growth Revenue $775 9% 5% • +7% organic/cc adjusted for timing of academic calendar; ($13M) impact Adj. EBITDA $218 4% 1% • +7% organic/cc adjusted for timing of academic calendar; ($11M) impact Adj. EBITDA margin 28.1% (121 bps) (107 bps) • (14bps) 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 Timing Adjusted Organic/CC1: Revenue +7%, Adjusted EBITDA +7%

13©2024 Laureate Education, Inc. Mexico Segment Results Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q2 ’24 Organic/CC Vs. Q2 ’23 1 Q2 YTD ’24 Organic/CC Vs. Q2 YTD ’23 1 New Enrollment 21K (1%) 62K 4% • Strong results during secondary intake cycles; YTD +6% through July (cycle completion) • Primary intake will occur in September Total Enrollment 223K 9% 223K 9% • Driven by new enrollments and strength of primary intake in Fall 2023 Revenue $219 10% $433 9% • YTD +11% organic/cc adjusted for timing of academic calendar; ($8M) impact Adj. EBITDA $48 21% $108 16% • Strong growth and productivity gains • YTD +25% organic/cc adjusted for timing of academic calendar; ($6M) impact Adj. EBITDA margin 22.0% 193 bps 25.0% 148 bps • YTD +253bps organic/cc adjusted for timing of academic calendar Favorable Secondary Intakes and Continued Improvements in Profitability YTD Timing Adjusted Organic/CC1: Revenue +11%, Adjusted EBITDA +25% (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.

14©2024 Laureate Education, Inc. Peru Segment Results (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q2 ’24 Organic/CC Vs. Q2 ’23 1 Q2 YTD ’24 Organic/CC Vs. Q2 YTD ’23 1 New Enrollment 4K n.m. 59K 0% • Intake cycle impacted by current macroeconomic conditions Total Enrollment 221K 1% 221K 1% • Growth driven by favorable re-enrollments Revenue $281 5% $342 1% • YTD +3% organic/cc adjusted for timing of academic calendar; ($5M) impact Adj. EBITDA $150 3% $130 (7%) • YTD (4%) organic/cc adjusted for timing of academic calendar; ($5M) impact • Increased discounts/scholarships Adj. EBITDA margin 53.6% (98 bps) 37.9% (329 bps) • YTD (258bps) organic/cc adjusted for timing of academic calendar New Enrollments Impacted by Softer Macroeconomic Conditions YTD Timing Adjusted Organic/CC1: Revenue +3%, Adjusted EBITDA (4%)

16©2024 Laureate Education, Inc.® | Confidential & Proprietary©2024 Laureate Education, I c. 2024 Outlook – Executive Summary  Market dynamics remain favorable for the private sector in Mexico and Peru  2024 outlook reflects differing macroeconomic conditions by market  Mexico: Strong growth expectations; favorable macro backdrop including nearshoring tailwinds  Peru: Growth more muted due to current economic downturn; expect recovery in 2H 2024  2024 Revenue growth expected at 5%-6% Vs. 20231 (up 5%-6% on an organic constant currency basis2)  2024 Adjusted EBITDA growth expected at 5%-8% Vs. 20231 (up 6%-9% on an organic constant currency basis2)  Adjusted EBITDA Margin accretion of ~0.4pts3 (~0.5pts FX neutral) driven by Mexico's continued margin optimization as well as additional reduction of corporate expenses  Adjusted EBITDA to Unlevered Free Cash Flow Conversion in the high 30% range  Includes one-time legacy Laureate payments of ~$45M primarily driven by deferred taxes  Absent legacy Laureate clean-up items, our Adjusted EBITDA to Unlevered Free Cash Flow conversion is targeted to reach ~50% in 2024, in line with our stated target profile (1) Based on actual FX rates for January through July, and spot FX rates (local currency per US dollar) of MXN 18.70 & PEN 3.75 for August through December 2024. 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, acquisitions and divestitures, and other items (if applicable). (3) At mid-point of 2024 guidance provided. Note: An outlook for 2024 net income and reconciliation of the forward-looking 2024 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 or its related margin to projected net income or its related margin without unreasonable effort.

17©2024 Laureate Education, Inc. Reaffirming Full Year Constant Currency Outlook Adjusting As Reported Guidance for FX Rates (1) Outlook is based on actual FX rates for January through July, and Spot FX rates (local currency per US dollar) of MXN 18.70 & PEN 3.75 for August through December 2024. 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 2024 net income and reconciliation of the forward-looking 2024 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. ($ in millions) (Enrollments rounded to the nearest thousand) Prior FY 2024 Outlook FX Impact Current FY 2024 Outlook1 Total Enrollment 467K – 473K - 467K – 473K Revenue $1,566 – $1,581 ($15) $1,551 – $1,566 Adjusted EBITDA $446 – $456 ($5) $441 – $451 2024 Outlook – Updated1

18©2024 Laureate Education, Inc. Q3 2024 Guidance ($ in millions) Q3 2024 Outlook1 Revenue $358 – $362 Adjusted EBITDA $69 – $73 (1) Outlook is based on actual FX rates for July and Spot FX rates (local currency per US dollar) of MXN 18.70 & PEN 3.75 for August through September 2024. 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 Q3 net income and reconciliation of the forward-looking Q3 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.

20©2024 Laureate Education, Inc. 2024 Second Quarter – Net Income Reconciliation Q2 ’24 B / (W) Notes ($ in millions) Reported Vs. Q2 ’23 Adjusted EBITDA 187 12 Depreciation & Amort. (17) 0 Interest Expense, net (3) 1 Other 25 61 • Mainly non-cash FX translation on intercompany loans Income Tax (63) (6) Income/(Loss) From Continuing Operations 128 68 Discontinued Operations (Net of Tax) 0 4 Net Income / (Loss) 128 72 Net Income from Continuing Operations Improved Versus Prior Year

21©2024 Laureate Education, Inc. 2024 Q2 YTD – Net Income Reconciliation Q2 YTD ’24 B / (W) Notes ($ in millions) Reported Vs. Q2 YTD ’23 Adjusted EBITDA 218 9 Depreciation & Amort. (36) (2) Interest Expense, net (6) 2 Other 14 80 • Mainly non-cash FX translation on intercompany loans Income Tax (73) (5) Income/(Loss) From Continuing Operations 117 84 Discontinued Operations (Net of Tax) 0 4 Net Income / (Loss) 118 88 Net Income from Continuing Operations Improved Versus Prior Year

22©2024 Laureate Education, Inc. Q2 2024 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 6/30/24 Gross Debt $233 Less: Cash & Cash Equivalents ($129) Net Debt $104  Total current shares outstanding of 153M shares as of June 30th  Share Repurchase Update  $72M of shares repurchased in H1 2024 (total authorization of $100M)

23©2024 Laureate Education, Inc. 2024 Full Year Guidance Details ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2023 FY Results As Reported 449K $1,484 $419 Organic Growth (incl. Restructuring) 18K - 24K $77 - $92 $27 - $37 Organic Growth % 4% - 5% 5% - 6% 6% - 9% 2024 FY Guidance (Constant Currency) 467K - 473K $1,561 - $1,576 $446 - $456 FX Impact (spot FX) (1) ($10) ($5) 2024 FY Guidance (@ spot FX) (1) 467K - 473K $1,551 - $1,566 $441 - $451 As Reported Growth % 4% - 5% 5% - 6% 5% - 8% Reaffirming Constant Currency Full Year 2024 Outlook As Provided on Q1 Earnings Call Adjusting As Reported Guidance For FX Rates (Recent MXN Volatility) (1) Based on actual FX rates for January through July, and spot FX rates (local currency per US dollar) of MXN 18.70 & PEN 3.75 for August through December 2024. 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 2024 net income and reconciliation of the forward-looking 2024 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.

24©2024 Laureate Education, Inc. Q3 2024 Guidance Details (1) Based on actual FX rates for July and spot FX rates (local currency per US dollar) of MXN 18.70 & PEN 3.75 for August through September 2024. 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 Q3 2024 net income and reconciliation of the forward-looking Q3 2024 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 Top Line Growth Expected During Seasonally Low Quarter Adjusted EBITDA Impacted by Timing of Expenses Q3 Guidance ($ in millions) Revenues Adj. EBITDA 2023 Q3 Results As Reported $362 $78 Timing Impact Intra-Year (academic calendar) $4 $4 2023 Q3 Results Adjusted $366 $82 Organic Growth $16 - $20 ($7) - ($3) Organic Growth % (excl. Mexico restructuring) 5% - 6% (9%) - (4%) 2024 Q3 Guidance (Constant Currency) $382 - $386 $75 - $79 FX Impact (spot FX) (1) ($24) ($6) 2024 Q3 Guidance (@ spot FX) (1) $358 - $362 $69 - $73

25©2024 Laureate Education, Inc. New Enrollments Seasonality Intra-Year Seasonality Trends Revenue Seasonality Adjusted EBITDA Seasonality Factors Affecting Seasonality 28% 22% 48% 2% 38% 10% 49% 2% 37% 11% 50% 3% 39% 10% 48% 3% Q1 Q2 Q3 Q4 2020 2021 2022 2023 (14%) 46% 24% 44% 4% 42% 30% 24% 8% 43% 21% 28% 8% 42% 19% 31% Q1 Q2 Q3 Q4 2020 2021 2022 2023 19% 30% 24% 28% 18% 30% 25% 27% 17% 31% 24% 28% 17% 31% 24% 28% Q1 Q2 Q3 Q4 2020 2021 2022 2023  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

27©2024 Laureate Education, Inc. Financial Tables Consolidated Statements of Operations Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding. For the three months ended June 30, For the six months ended June 30, IN MILLIONS (except per share amounts) 2024 2023 Change 2024 2023 Change Revenues $ 499.2 $ 462.1 $ 37.1 $ 774.6 $ 713.3 $ 61.3 Costs and expenses: Direct costs 319.0 294.0 25.0 573.0 519.3 53.7 General and administrative expenses 13.7 12.0 1.7 23.9 22.3 1.6 Loss on impairment of assets — 1.6 (1.6) — 1.6 (1.6) Operating income 166.6 154.5 12.1 177.7 170.1 7.6 Interest income 2.0 2.0 — 3.9 4.1 (0.2) Interest expense (5.1) (6.1) 1.0 (9.8) (12.1) 2.3 Other income (expense), net 0.1 (0.1) 0.2 (0.4) 0.1 (0.5) Foreign currency exchange gain (loss), net 27.5 (32.4) 59.9 21.8 (61.3) 83.1 (Loss) gain on disposal of subsidiaries, net — — — (3.1) 0.3 (3.4) Income from continuing operations before income taxes 191.0 117.8 73.2 190.2 101.3 88.9 Income tax expense (63.1) (57.5) (5.6) (73.0) (67.7) (5.3) Income from continuing operations 128.0 60.4 67.6 117.2 33.6 83.6 Income (loss) from discontinued operations, net of tax 0.4 (4.0) 4.4 0.3 (4.1) 4.4 Net income 128.4 56.3 72.1 117.5 29.6 87.9 Net income attributable to noncontrolling interests (0.2) (0.1) (0.1) (0.1) — (0.1) Net income attributable to Laureate Education, Inc. $ 128.1 $ 56.2 $ 71.9 $ 117.4 $ 29.6 $ 87.8 Basic and diluted earnings per share: Basic weighted average shares outstanding 153.8 157.2 (3.4) 155.4 157.2 (1.8) Diluted weighted average shares outstanding 154.4 157.6 (3.2) 156.0 157.6 (1.6) Basic and diluted earnings per share $ 0.83 $ 0.35 $ 0.48 $ 0.75 $ 0.18 $ 0.57

28©2024 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 2023 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions, and may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the three months ended June 30, 2024 2023 Reported Organic Constant Currency(1) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $ 218.6 $ 192.1 14% 10% $ 26.5 $ 19.7 $ — $ 6.8 Peru 280.6 270.0 4% 5% 10.6 12.8 — (2.2) Corporate & Eliminations — (0.1) 100% 100% 0.1 0.1 — — Total Revenues $ 499.2 $ 462.1 8% 7% $ 37.1 $ 32.5 $ — $ 4.6 Adjusted EBITDA Mexico $ 48.2 $ 38.2 26% 21% $ 10.0 $ 8.0 $ — $ 2.0 Peru 150.3 147.2 2% 3% 3.1 4.2 — (1.1) Corporate & Eliminations (11.6) (10.0) (16)% (16)% (1.6) (1.6) — — Total Adjusted EBITDA $ 186.9 $ 175.4 7% 6% $ 11.5 $ 10.6 $ — $ 0.9

29©2024 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment: Year-to-Date nm - percentage changes not meaningful (2) 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 2023 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions, and may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the six months ended June 30, 2024 2023 Reported Organic Constant Currency(2) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $ 432.7 $ 374.1 16% 9% $ 58.6 $ 32.5 $ — $ 26.1 Peru 341.9 339.2 1% 1% 2.7 3.8 — (1.1) Corporate & Eliminations 0.1 — nm nm 0.1 0.1 — — Total Revenues $ 774.6 $ 713.3 9% 5% $ 61.3 $ 36.3 $ — $ 25.0 Adjusted EBITDA Mexico $ 108.1 $ 87.1 24% 16% $ 21.0 $ 13.6 $ — $ 7.4 Peru 129.6 140.7 (8)% (7)% (11.1) (9.7) — (1.4) Corporate & Eliminations (20.2) (19.0) (6)% (6)% (1.2) (1.2) — — Total Adjusted EBITDA $ 217.5 $ 208.9 4% 1% $ 8.6 $ 2.6 $ — $ 6.0

30©2024 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS June 30, 2024 December 31, 2023 Change Assets Cash and cash equivalents $ 128.8 $ 89.4 $ 39.4 Receivables (current), net 117.5 92.1 25.4 Other current assets 41.7 42.0 (0.3) Property and equipment, net 526.6 562.2 (35.6) Operating lease right-of-use assets, net 333.5 371.6 (38.1) Goodwill and other intangible assets 781.5 830.7 (49.2) Deferred income taxes 67.2 71.4 (4.2) Other long-term assets 46.1 49.9 (3.8) Current and long-term assets held for sale 18.8 16.3 2.5 Total assets $ 2,061.8 $ 2,125.6 $ (63.8) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 190.4 $ 209.4 $ (19.0) Deferred revenue and student deposits 61.4 69.4 (8.0) Total operating leases, including current portion 372.4 417.6 (45.2) Total long-term debt, including current portion 230.4 165.1 65.3 Other liabilities 279.1 303.6 (24.5) Current and long-term liabilities held for sale 10.9 11.5 (0.6) Total liabilities 1,144.6 1,176.5 (31.9) Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 915.8 947.7 (31.9) Total liabilities and stockholders' equity $ 2,061.8 $ 2,125.6 $ (63.8)

31©2024 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions may not sum to total due to rounding. For the six months ended June 30, IN MILLIONS 2024 2023 Change Cash flows from operating activities Net income $ 117.5 $ 29.6 $ 87.9 Depreciation and amortization 35.5 34.0 1.5 Loss on sales and disposal of subsidiaries and property and equipment, net 2.9 5.7 (2.8) Deferred income taxes (0.2) (6.9) 6.7 Unrealized foreign currency exchange (gain) loss (23.4) 61.3 (84.7) Income tax receivable/payable, net (17.9) (1.7) (16.2) Working capital, excluding tax accounts (85.2) (71.3) (13.9) Other non-cash adjustments 44.2 28.1 16.1 Net cash provided by operating activities 73.4 78.8 (5.4) Cash flows from investing activities Purchase of property and equipment (26.6) (14.9) (11.7) Receipts from sales of property and equipment 3.3 0.1 3.2 Net receipts from sales of discontinued operations 0.8 0.3 0.5 Net cash used in investing activities (22.6) (14.5) (8.1) Cash flows from financing activities Increase (decrease) in long-term debt, net 66.5 (44.2) 110.7 Payments to repurchase common stock (71.4) — (71.4) Financing other, net (3.4) (1.5) (1.9) Net cash used in financing activities (8.3) (45.7) 37.4 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (3.0) 8.7 (11.7) Change in cash included in current assets held for sale — (0.6) 0.6 Net change in Cash and cash equivalents and Restricted cash 39.6 26.7 12.9 Cash and cash equivalents and Restricted cash at beginning of period 96.9 93.8 3.1 Cash and cash equivalents and Restricted cash at end of period $ 136.5 $ 120.5 $ 16.0

32©2024 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (1 of 2) The following table reconciles Net Income to Adjusted EBITDA and Adjusted EBITDA margin: (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (4) Represents non-cash charges related to impairments of long-lived assets. Note: Dollars in millions, and may not sum to total due to rounding. For the three months ended June 30, For the six months ended June 30, IN MILLIONS 2024 2023 Change 2024 2023 Change Net income $ 128.4 $ 56.3 $ 72.1 $ 117.5 $ 29.6 $ 87.9 Plus: (Income) loss from discontinued operations, net of tax (0.4) 4.0 (4.4) (0.3) 4.1 (4.4) Income from continuing operations 128.0 60.4 67.6 117.2 33.6 83.6 Plus: Income tax expense 63.1 57.5 5.6 73.0 67.7 5.3 Income from continuing operations before income taxes 191.0 117.8 73.2 190.2 101.3 88.9 Plus: Loss (gain) on disposal of subsidiaries, net — — — 3.1 (0.3) 3.4 Foreign currency exchange (gain) loss, net (27.5) 32.4 (59.9) (21.8) 61.3 (83.1) Other (income) expense, net (0.1) 0.1 (0.2) 0.4 (0.1) 0.5 Interest expense 5.1 6.1 (1.0) 9.8 12.1 (2.3) Interest income (2.0) (2.0) — (3.9) (4.1) 0.2 Operating income 166.6 154.5 12.1 177.7 170.1 7.6 Plus: Depreciation and amortization 17.4 17.3 0.1 35.5 34.0 1.5 EBITDA 184.0 171.8 12.2 213.2 204.1 9.1 Plus: Share-based compensation expense (3) 2.9 2.0 0.9 4.3 3.1 1.2 Loss on impairment of assets (4) — 1.6 (1.6) — 1.6 (1.6) Adjusted EBITDA $ 186.9 $ 175.4 $ 11.5 $ 217.5 $ 208.9 $ 8.6 Revenues $ 499.2 $ 462.1 $ 37.1 $ 774.6 $ 713.3 $ 61.3 Income from continuing operations margin 25.6 % 13.1 % 1,257 bps 15.1 % 4.7 % 1,042 bps Adjusted EBITDA margin 37.4 % 38.0 % -52 bps 28.1 % 29.3 % -121 bps

33©2024 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (2 of 2) The following table reconciles operating cash flow to Free Cash Flow for the six months ended June 30, 2024 and 2023: Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS 2024 2023 Change Net cash provided by operating activities $ 73.4 $ 78.8 $ (5.4) Capital expenditures: Purchase of property and equipment (26.6) (14.9) (11.7) Receipts from sales of property and equipment 3.3 0.1 3.2 Free Cash Flow $ 50.1 $ 64.0 $ (13.9)

Cover Page	Aug. 01, 2024
Cover [Abstract]
Title of 12(b) Security	Common Stock, par value $0.004 per share
Soliciting Material	false
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Entity Incorporation, State or Country Code	DE
Document Type	8-K
Document Period End Date	Aug. 01, 2024
Entity Emerging Growth Company	false
Entity Registrant Name	Laureate Education, Inc.
Entity File Number	001-38002
Entity Tax Identification Number	52-1492296
Entity Address, Address Line One	PMB 1158, 1000 Brickell Avenue, Suite 715
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	786
Local Phone Number	209-3368
Written Communications	false
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Amendment Flag	false
Entity Central Index Key	0000912766