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)

October 31, 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 October 31, 2024, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 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 October 31, 2024, the Company made available on the investor relations section of its website its third 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 October 3 1, 2024.
99.2			Third 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: October 31, 2024

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2024

MIAMI - October 31, 2024 (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, 2024.

Third Quarter 2024 Highlights (compared to third quarter 2023):

•On a reported basis, revenue increased 2% to $368.6 million. On an organic constant currency basis1, revenue increased 9%.

•Operating income for the third quarter of 2024 was $72.0 million, compared to operating income of $58.7 million for the third quarter of 2023.

•Net income for the third quarter of 2024 was $85.3 million, compared to net income of $36.0 million for the third quarter of 2023. The increase in net income was due to a discrete tax benefit recorded during the third quarter of 2024 of approximately $37.9 million as well as an increase in operating income.

•Adjusted EBITDA for the third quarter of 2024 was $91.4 million, compared to Adjusted EBITDA of $78.4 million for the third quarter of 2023.

Nine Months Ended September 30, 2024 Highlights (compared to nine months ended September 30, 2023):

•New enrollments increased 4%.

•Total enrollments increased 5%.

•On a reported basis, revenue increased 6% to $1,143.2 million. On an organic constant currency basis1, revenue increased 6%.

•Operating income for the nine months ended September 30, 2024 was $249.8 million, compared to operating income of $228.8 million for the nine months ended September 30, 2023.

•Net income for the nine months ended September 30, 2024 was $202.8 million, compared to net income of $65.5 million for the nine months ended September 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, as well as higher operating income and a discrete tax benefit recorded during the nine months ended September 30, 2024.

•Adjusted EBITDA for the nine months ended September 30, 2024 was $308.9 million, compared to Adjusted EBITDA of $287.3 million for the nine months ended September 30, 2023.

Eilif Serck-Hanssen, President and Chief Executive Officer, said “The macroeconomic recovery in Peru contributed to strong operating performance for the third quarter. We believe that we are well-positioned to meet our 2024 goals, with continued revenue growth and margin expansion across all markets. Our results demonstrate the resilience of our business model and the strength of our brands in Mexico and Peru, reinforcing our commitment to driving long-term value for all stakeholders.”

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

Third Quarter 2024 Results

For the third quarter of 2024, revenue on a reported basis was $368.6 million, an increase of $7.1 million, or 2%, compared to the third quarter of 2023. On an organic constant currency basis, revenue increased 9%. Operating income for the third quarter of 2024 was $72.0 million, compared to $58.7 million for the third quarter of 2023, an increase of $13.3 million. Net income for the third quarter of 2024 was $85.3 million, compared to net income of $36.0 million for the third quarter of 2023. The increase in net income was due to a discrete tax benefit recorded during the third quarter of 2024 of approximately $37.9 million as well as an increase in operating income. Basic and diluted earnings per share for the third quarter of 2024 were $0.56.

Adjusted EBITDA for the third quarter of 2024 was $91.4 million, compared to Adjusted EBITDA of $78.4 million for the third quarter of 2023.

Nine Months Ended September 30, 2024 Results

New enrollments for the nine months ended September 30, 2024 increased 4%, compared to new enrollment activity for the nine months ended September 30, 2023, and total enrollments were up 5% compared to the prior-year period. New and total enrollments in Peru increased 4% and 3%, respectively, compared to the prior-year period. New and total enrollments in Mexico were up 4% and 7%, respectively, compared to the prior-year period.

For the nine months ended September 30, 2024, revenue on a reported basis was $1,143.2 million, an increase of $68.3 million, or 6%, compared to the nine months ended September 30, 2023. On an organic constant currency basis, revenue increased 6%. Operating income for the nine months ended September 30, 2024 was $249.8 million, compared to $228.8 million for the nine months ended September 30, 2023, an increase of $21.0 million. Net income for the nine months ended September 30, 2024 was $202.8 million, compared to net income of $65.5 million for the nine months ended September 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, as well as higher operating income and a discrete tax benefit recorded during the nine months ended September 30, 2024. Basic and diluted earnings per share for the nine months ended September 30, 2024 were $1.31.

Adjusted EBITDA for the nine months ended September 30, 2024 was $308.9 million, compared to Adjusted EBITDA of $287.3 million for the nine months ended September 30, 2023.

Balance Sheet and Capital Structure

Laureate has a strong balance sheet position. As of September 30, 2024, Laureate had $134.4 million of cash and cash equivalents and gross debt of $154.8 million. Accordingly, net debt was $20.4 million as of September 30, 2024.

During the third quarter of 2024, the $100 million repurchase program that had previously been announced in February 2024 was completed. On September 13, 2024, the Company announced that its Board of Directors had approved a new stock repurchase program to acquire up to $100 million of the Company’s common stock. 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.

As of September 30, 2024, Laureate had 150.7 million total shares outstanding.

Outlook for Fiscal 2024

Laureate is increasing its full-year constant currency outlook and 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 now expects its full-year 2024 results to be as follows:

•Total enrollments are expected to be approximately 470,000 students, reflecting growth of approximately 5% versus 2023;

•Revenues are now expected to be in the range of $1,551 million to $1,556 million, reflecting growth of 5% on an as-reported basis and 7% on an organic constant currency basis versus 2023; and

•Adjusted EBITDA is now expected to be in the range of $447 million to $451 million, reflecting growth of 7%-8% on an as-reported basis and 9%-10% 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/LAURQ32024 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-October 2024, and current spot FX rates (local currency per U.S. Dollar) of MXN 20.20 and PEN 3.77 for November 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 more than 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 3Q 2024	YTD 3Q 2023	Change		As of 09/30/2024	As of 09/30/2023		Change

Mexico	152,400	146,600	4	%			266,600		248,500	7	%
Peru	89,400	86,200	4	%			216,700		210,200	3	%
Laureate	241,800	232,800	4	%			483,300		458,700	5	%

Consolidated Statements of Operations


	For the three months ended September 30,						For the nine months ended September 30,
IN MILLIONS (except per share amounts)	2024		2023		Change		2024		2023		Change
Revenues	$	368.6	$	361.5	$	7.1	$	1,143.2	$	1,074.9	$	68.3
Costs and expenses:
Direct costs	286.0		291.1		(5.1)		858.9		810.4		48.5
General and administrative expenses	10.6		11.8		(1.2)		34.6		34.0		0.6
Loss on impairment of assets	—		—		—		—		1.6		(1.6)
Operating income	72.0		58.7		13.3		249.8		228.8		21.0
Interest income	2.4		2.8		(0.4)		6.3		6.9		(0.6)
Interest expense	(5.0)		(5.2)		0.2		(14.8)		(17.3)		2.5


Other income, net	0.9		0.1		0.8		0.5		0.2		0.3
Foreign currency exchange gain (loss), net	14.5		9.8		4.7		36.4		(51.6)		88.0
Gain (loss) on disposal of subsidiaries, net	—		3.3		(3.3)		(3.1)		3.6		(6.7)
Income from continuing operations before income taxes	84.9		69.5		15.4		275.0		170.7		104.3
Income tax benefit (expense)	0.5		(33.7)		34.2		(72.5)		(101.4)		28.9

Income from continuing operations	85.3		35.7		49.6		202.5		69.3		133.2
Income (loss) from discontinued operations, net of tax	—		0.2		(0.2)		0.3		(3.8)		4.1
Net income	85.3		36.0		49.3		202.8		65.5		137.3
Net income attributable to noncontrolling interests	0.1		0.2		(0.1)		—		0.2		(0.2)
Net income attributable to Laureate Education, Inc.	$	85.5	$	36.2	$	49.3	$	202.8	$	65.7	$	137.1


Basic and diluted earnings per share:
Basic weighted average shares outstanding	151.6		157.3		(5.7)		154.2		157.2		(3.0)
Diluted weighted average shares outstanding	152.2		157.8		(5.6)		154.7		157.7		(3.0)

Basic and diluted earnings per share	$	0.56	$	0.23	$	0.33	$	1.31	$	0.42	$	0.89

Revenue and Adjusted EBITDA by segment


IN MILLIONS
					% Change		$ Variance Components
For the three months ended September 30,	2024		2023		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Acq/Div.		FX
Revenues
Mexico	$	182.5	$	185.4	(2)%	9%	$	(2.9)	$	16.8	$	—	$	(19.7)
Peru	186.1		176.2		6%	8%	9.9		14.0		—		(4.1)
Corporate & Eliminations	—		—		nm	nm	—		—		—		—
Total Revenues	$	368.6	$	361.5	2%	9%	$	7.1	$	30.9	$	—	$	(23.8)

Adjusted EBITDA
Mexico	$	20.0	$	21.9	(9)%	2%	$	(1.9)	$	0.4	$	—	$	(2.3)
Peru	79.8		66.3		20%	23%	13.5		15.1		—		(1.6)
Corporate & Eliminations	(8.3)		(9.9)		16%	16%	1.6		1.6		—		—
Total Adjusted EBITDA	$	91.4	$	78.4	17%	22%	$	13.0	$	16.9	$	—	$	(3.9)


					% Change		$ Variance Components
For the nine months ended September 30,	2024		2023		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Acq/Div.		FX
Revenues
Mexico	$	615.2	$	559.5	10%	9%	$	55.7	$	49.3	$	—	$	6.4
Peru	528.0		515.4		2%	3%	12.6		17.8		—		(5.2)
Corporate & Eliminations	0.1		—		nm	nm	0.1		0.1		—		—
Total Revenues	$	1,143.2	$	1,074.9	6%	6%	$	68.3	$	67.1	$	—	$	1.2

Adjusted EBITDA
Mexico	$	128.1	$	109.1	17%	13%	$	19.0	$	14.0	$	—	$	5.0
Peru	209.4		207.1		1%	3%	2.3		5.3		—		(3.0)
Corporate & Eliminations	(28.6)		(28.8)		1%	1%	0.2		0.2		—		—
Total Adjusted EBITDA	$	308.9	$	287.3	8%	7%	$	21.6	$	19.6	$	—	$	2.0

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	September 30, 2024		December 31, 2023		Change
Assets
Cash and cash equivalents	$	134.4	$	89.4	$	45.0
Receivables (current), net	91.2		92.1		(0.9)
Other current assets	34.8		42.0		(7.2)
Property and equipment, net	508.5		562.2		(53.7)
Operating lease right-of-use assets, net	302.3		371.6		(69.3)
Goodwill and other intangible assets	729.7		830.7		(101.0)
Deferred income taxes	63.3		71.4		(8.1)
Other long-term assets	46.4		49.9		(3.5)
Current and long-term assets held for sale	16.6		16.3		0.3
Total assets	$	1,927.2	$	2,125.6	$	(198.4)

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	204.2	$	209.4	$	(5.2)
Deferred revenue and student deposits	86.8		69.4		17.4
Total operating leases, including current portion	347.3		417.6		(70.3)
Total long-term debt, including current portion	152.8		165.1		(12.3)

Other liabilities	229.4		303.6		(74.2)
Current and long-term liabilities held for sale	10.0		11.5		(1.5)
Total liabilities	1,030.4		1,176.5		(146.1)
Redeemable equity	1.4		1.4		—
Total stockholders' equity	895.3		947.7		(52.4)
Total liabilities and stockholders' equity	$	1,927.2	$	2,125.6	$	(198.4)

Consolidated Statements of Cash Flows


	For the nine months ended September 30,
IN MILLIONS	2024		2023		Change
Cash flows from operating activities
Net income	$	202.8	$	65.5	$	137.3
Depreciation and amortization	52.1		52.0		0.1
Loss on lease terminations and disposals of subsidiaries and property and equipment, net	6.5		5.3		1.2


Deferred income taxes	(39.9)		(9.5)		(30.4)
Unrealized foreign currency exchange (gain) loss	(38.6)		51.1		(89.7)
Income tax receivable/payable, net	(21.4)		(6.7)		(14.7)
Working capital, excluding tax accounts	(37.7)		(25.8)		(11.9)
Other non-cash adjustments	68.3		55.6		12.7
Net cash provided by operating activities	192.0		187.4		4.6
Cash flows from investing activities
Purchase of property and equipment	(34.6)		(26.7)		(7.9)

Receipts from sales of property and equipment	3.3		0.3		3.0
Net receipts from sales of discontinued operations	0.8		0.3		0.5



Net cash used in investing activities	(30.5)		(26.2)		(4.3)
Cash flows from financing activities
Increase (decrease) in long-term debt, net	(8.4)		(119.1)		110.7

Payments to repurchase common stock	(100.0)		—		(100.0)
Financing other, net	(3.3)		(1.1)		(2.2)
Net cash used in financing activities	(111.7)		(120.2)		8.5
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(6.2)		4.0		(10.2)
Change in cash included in current assets held for sale	0.2		(0.3)		0.5
Net change in Cash and cash equivalents and Restricted cash	43.8		44.7		(0.9)
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	$	140.7	$	138.4	$	2.3

Non-GAAP Reconciliation

The following table reconciles Net income to Adjusted EBITDA:


	For the three months ended September 30,						For the nine months ended September 30,
IN MILLIONS	2024		2023		Change		2024		2023		Change
Net income	$	85.3	$	36.0	$	49.3	$	202.8	$	65.5	$	137.3
Plus:
(Income) loss from discontinued operations, net of tax	—		(0.2)		0.2		(0.3)		3.8		(4.1)
Income from continuing operations	85.3		35.7		49.6		202.5		69.3		133.2
Plus:

Income tax (benefit) expense	(0.5)		33.7		(34.2)		72.5		101.4		(28.9)
Income from continuing operations before income taxes	84.9		69.5		15.4		275.0		170.7		104.3
Plus:
(Gain) loss on disposal of subsidiaries, net	—		(3.3)		3.3		3.1		(3.6)		6.7
Foreign currency exchange (gain) loss, net	(14.5)		(9.8)		(4.7)		(36.4)		51.6		(88.0)
Other income, net	(0.9)		(0.1)		(0.8)		(0.5)		(0.2)		(0.3)


Interest expense	5.0		5.2		(0.2)		14.8		17.3		(2.5)
Interest income	(2.4)		(2.8)		0.4		(6.3)		(6.9)		0.6
Operating income	72.0		58.7		13.3		249.8		228.8		21.0
Plus:
Depreciation and amortization	16.6		17.9		(1.3)		52.1		52.0		0.1
EBITDA	88.6		76.6		12.0		301.9		280.8		21.1
Plus:
Share-based compensation expense (2)	2.8		1.8		1.0		7.1		4.9		2.2
Loss on impairment of assets (3)	—		—		—		—		1.6		(1.6)
Adjusted EBITDA	$	91.4	$	78.4	$	13.0	$	308.9	$	287.3	$	21.6

(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  Third quarter Revenue and Adjusted EBITDA ahead of guidance following strong macroeconomic recovery in Peru  New Enrollments in Peru +12% for Q3; through completion of the secondary intake cycle in November expected to be up 16% year-over-year  Favorable operating performance year-to-date  Year-to-date New and Total Enrollments increased 4% and 5%, respectively, versus comparable prior year period  Net Income of $85M in Q3; $49M increase versus prior year period  Includes one-time favorable tax adjustment of $38M  Strong operating performance in second half of the year offsetting FX headwinds  Increasing constant currency guidance, offsetting weakness in MXN Strong Third Quarter Results Following Peru Macroeconomic Recovery Improved Operating Performance Expected to Cover FX Headwinds

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 @ 9/30/24 127,000 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching139,600 1994 Premium/ Traditional72,400 1994 Value/ Teaching122,700 1983 Technical/ Vocational21,600 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 Top 5 university 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

10©2024 Laureate Education, Inc. 2024 Third Quarter – Financial Summary Q3 ’24 Variance Vs. Q3 ’23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 122K 6% 6% • Mexico +4% • Peru +12% driven by macroeconomic recovery Total Enrollment 483K 5% 5% • Mexico +7%, Peru +3% • Driven by new enrollment growth Revenue $369 2% 9% • Enrollment growth and price/mix • +7% organic/cc adjusted for timing of academic calendar; +$4 impact Adj. EBITDA $91 17% 22% • Benefitting from macroeconomic recovery in Peru • +15% organic/cc adjusted for timing of academic calendar; +$4M impact Adj. EBITDA margin 24.8% 311 bps 260 bps • +175 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. Q3 Results Aided by Peru Macroeconomic Recovery and Favorable Intakes Timing Adjusted Organic/CC1: Revenue +7%, Adjusted EBITDA +15%

11©2024 Laureate Education, Inc. 2024 Q3 YTD – Financial Summary Q3 YTD ’24 Variance Vs. Q3 YTD ’23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 242K 4% 4% • Mexico +4% • Peru +4% Total Enrollment 483K 5% 5% • Mexico +7%, Peru +3% • Driven by new enrollment growth Revenue $1,143 6% 6% • +7% organic/cc adjusted for timing of academic calendar; ($9M) impact Adj. EBITDA $309 8% 7% • +9% organic/cc adjusted for timing of academic calendar; ($6M) impact Adj. EBITDA margin 27.0% 29 bps 15 bps • 51 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. Favorable Operating Performance Year-to-Date Timing Adjusted Organic/CC1: Revenue +7%, Adjusted EBITDA +9%

13©2024 Laureate Education, Inc. Mexico Segment Results Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 ’24 Organic/CC Vs. Q3 ’23 1 Q3 YTD ’24 Organic/CC Vs. Q3 YTD ’23 1 New Enrollment 91K 4% 152K 4% • +3% YoY growth expected for the completion of the intake cycle in November; +4% excluding campus closures Total Enrollment 267K 7% 267K 7% • Driven by new enrollments trends Revenue $183 9% $615 9% • YTD +10% organic/cc adjusted for timing of academic calendar; ($6M) impact Adj. EBITDA $20 2% $128 13% • YTD strong growth and productivity gains • YTD +18% organic/cc adjusted for timing of academic calendar; ($5M) impact Adj. EBITDA margin 11.0% (78 bps) 20.8% 72 bps • YTD +130 bps organic/cc adjusted for timing of academic calendar Continued Revenue Growth and Improvements in Profitability YTD Timing Adjusted Organic/CC1: Revenue +10%, Adjusted EBITDA +18% (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. Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q3 ’24 Organic/CC Vs. Q3 ’23 1 Q3 YTD ’24 Organic/CC Vs. Q3 YTD ’23 1 New Enrollment 31K 12% 89K 4% • Strong secondary intake across all brands following macroeconomic recovery • +16% YoY growth expected for completion of secondary intake cycle in November Total Enrollment 217K 3% 217K 3% • Growth driven by strong secondary intake and favorable re-enrollments Revenue $186 8% $528 3% • YTD +4% organic/cc adjusted for timing of academic calendar; ($3M) impact Adj. EBITDA $80 23% $209 3% • YTD +3% organic/cc adjusted for timing of academic calendar; ($2M) impact Adj. EBITDA margin 42.9% 517 bps 39.7% (35 bps) • YTD (24 bps) organic/cc adjusted for timing of academic calendar Strong Q3 Secondary Intake Following Macroeconomic Recovery YTD Timing Adjusted Organic/CC1: Revenue +4%, Adjusted EBITDA +3%

16©2024 Laureate Education, Inc. Q3 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 9/30/24 Gross Debt $155 Less: Cash & Cash Equivalents ($134) Net Debt $20  151M shares outstanding as of September 30th  Share Repurchase Update  Completed existing $100M shares repurchase program in September (initiated in Q1 2024)  Announced new $100M shares repurchase program on September 13th

18©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 Revenue growth expected at 5% Vs. 20231 (up 7% on an organic constant currency basis2)  2024 Adjusted EBITDA growth expected at 7%-8% Vs. 20231 (up 9%-10% on an organic constant currency basis2)  Adjusted EBITDA Margin accretion of ~0.6pts3 (~0.6pts 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 of approximately 40%  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 October, and spot FX rates (local currency per US dollar) of MXN 20.20 & PEN 3.77 for November 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.

19©2024 Laureate Education, Inc. Improved Constant Currency Outlook Expected to Cover FX Headwinds (narrowing of range) (1) Outlook is based on actual FX rates for January through October, and Spot FX rates (local currency per US dollar) of MXN 20.20 & PEN 3.77 for November 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 Operational Change (mid-point) FX Impact (mid-point) Current FY 2024 Outlook1 Total Enrollment 467K – 473K - - Approx. 470K Revenue $1,551 – $1,566 $15 ($20) $1,551 – $1,556 Adjusted EBITDA $441 – $451 $6 ($3) $447 – $451 2024 Outlook – Updated1

20©2024 Laureate Education, Inc. Q4 2024 Guidance ($ in millions) Q4 2024 Outlook1 Revenue $408 – $413 Adjusted EBITDA $138 – $142 (1) Outlook is based on actual FX rates for October and Spot FX rates (local currency per US dollar) of MXN 20.20 & PEN 3.77 for November 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 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.

22©2024 Laureate Education, Inc. 2024 Third Quarter – Net Income Reconciliation Q3 ’24 B / (W) Notes ($ in millions) Reported Vs. Q3 ’23 Adjusted EBITDA 91 13 Depreciation & Amortization (17) 1 Interest Expense, net (3) - Other 13 1 • Mainly non-cash FX translation on intercompany loans Income Tax 1 34 • One time benefit Income/(Loss) From Continuing Operations 85 49 Discontinued Operations (Net of Tax) - - Net Income / (Loss) 85 49 Net Income from Continuing Operations Improved Versus Prior Year

23©2024 Laureate Education, Inc. 2024 Q3 YTD – Net Income Reconciliation Q3 YTD ’24 B / (W) Notes ($ in millions) Reported Vs. Q3 YTD ’23 Adjusted EBITDA 309 22 Depreciation & Amortization (52) - Interest Expense, net (9) 2 Other 27 81 • Mainly non-cash FX translation on intercompany loans Income Tax (73) 29 • One time benefit Income/(Loss) From Continuing Operations 203 133 Discontinued Operations (Net of Tax) - 4 Net Income / (Loss) 203 137 Net Income from Continuing Operations Improved Versus Prior Year

24©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) Approx. 21K $97 - $102 $36 - $40 Organic Growth % Approx. 5% 7% 9% - 10% 2024 FY Guidance (Constant Currency) Approx. 470K $1,581 - $1,586 $455 - $459 FX Impact (spot FX) (1) ($30) ($8) 2024 FY Guidance (@ spot FX) (1) Approx. 470K $1,551 - $1,556 $447 - $451 As Reported Growth % Approx. 5% 5% 7% - 8% Improved Constant Currency Outlook Expected to Cover FX Headwinds (1) Based on actual FX rates for January through October, and spot FX rates (local currency per US dollar) of MXN 20.20 & PEN 3.77 for November 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.

25©2024 Laureate Education, Inc. Q4 2024 Guidance Details (1) Based on actual FX rates for October and spot FX rates (local currency per US dollar) of MXN 20.20 & PEN 3.77 for November 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 Q4 2024 net income and reconciliation of the forward-looking Q4 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 and Margin Expansion Expected During Fourth Quarter Q4 Guidance ($ in millions) Revenues Adj. EBITDA 2023 Q4 Results As Reported $409 $131 Timing Impact Intra-Year (academic calendar) $10 $7 2023 Q4 Results Adjusted $419 $138 Organic Growth $20 - $25 $10 - $14 Organic Growth % (excl. Mexico restructuring) 5% - 6% 7% - 10% 2024 Q4 Guidance (Constant Currency) $439 - $444 $148 - $152 FX Impact (spot FX) (1) ($31) ($10) 2024 Q4 Guidance (@ spot FX) (1) $408 - $413 $138 - $142

26©2024 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 YTD Sept 2024 $100 - $100 Cumulative Since 2019 $1,126 $1,734 $2,860 Strong Track Record of Returning Capital to Shareholders Nearly $3 Billion of Capital Returned to Shareholders Since Start of 2019

27©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

29©2024 Laureate Education, Inc. Financial Tables Consolidated Statements of Operations Note: Dollars in millions, except per share amounts, 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) 2024 2023 Change 2024 2023 Change Revenues $ 368.6 $ 361.5 $ 7.1 $ 1,143.2 $ 1,074.9 $ 68.3 Costs and expenses: Direct costs 286.0 291.1 (5.1) 858.9 810.4 48.5 General and administrative expenses 10.6 11.8 (1.2) 34.6 34.0 0.6 Loss on impairment of assets — — — — 1.6 (1.6) Operating income 72.0 58.7 13.3 249.8 228.8 21.0 Interest income 2.4 2.8 (0.4) 6.3 6.9 (0.6) Interest expense (5.0) (5.2) 0.2 (14.8) (17.3) 2.5 Other income, net 0.9 0.1 0.8 0.5 0.2 0.3 Foreign currency exchange gain (loss), net 14.5 9.8 4.7 36.4 (51.6) 88.0 Gain (loss) on disposal of subsidiaries, net — 3.3 (3.3) (3.1) 3.6 (6.7) Income from continuing operations before income taxes 84.9 69.5 15.4 275.0 170.7 104.3 Income tax benefit (expense) 0.5 (33.7) 34.2 (72.5) (101.4) 28.9 Income from continuing operations 85.3 35.7 49.6 202.5 69.3 133.2 Income (loss) from discontinued operations, net of tax — 0.2 (0.2) 0.3 (3.8) 4.1 Net income 85.3 36.0 49.3 202.8 65.5 137.3 Net income attributable to noncontrolling interests 0.1 0.2 (0.1) — 0.2 (0.2) Net income attributable to Laureate Education, Inc. $ 85.5 $ 36.2 $ 49.3 $ 202.8 $ 65.7 $ 137.1 Basic and diluted earnings per share: Basic weighted average shares outstanding 151.6 157.3 (5.7) 154.2 157.2 (3.0) Diluted weighted average shares outstanding 152.2 157.8 (5.6) 154.7 157.7 (3.0) Basic and diluted earnings per share $ 0.56 $ 0.23 $ 0.33 $ 1.31 $ 0.42 $ 0.89

30©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 may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the three months ended September 30, 2024 2023 Reported Organic Constant Currency(1) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $ 182.5 $ 185.4 (2)% 9% $ (2.9) $ 16.8 $ — $ (19.7) Peru 186.1 176.2 6% 8% 9.9 14.0 — (4.1) Corporate & Eliminations — — nm nm — — — — Total Revenues $ 368.6 $ 361.5 2% 9% $ 7.1 $ 30.9 $ — $ (23.8) Adjusted EBITDA Mexico $ 20.0 $ 21.9 (9)% 2% $ (1.9) $ 0.4 $ — $ (2.3) Peru 79.8 66.3 20% 23% 13.5 15.1 — (1.6) Corporate & Eliminations (8.3) (9.9) 16% 16% 1.6 1.6 — — Total Adjusted EBITDA $ 91.4 $ 78.4 17% 22% $ 13.0 $ 16.9 $ — $ (3.9)

31©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 may not sum to total due to rounding. IN MILLIONS % Change $ Variance Components For the nine months ended September 30, 2024 2023 Reported Organic Constant Currency(2) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $ 615.2 $ 559.5 10% 9% $ 55.7 $ 49.3 $ — $ 6.4 Peru 528.0 515.4 2% 3% 12.6 17.8 — (5.2) Corporate & Eliminations 0.1 — nm nm 0.1 0.1 — — Total Revenues $ 1,143.2 $ 1,074.9 6% 6% $ 68.3 $ 67.1 $ — $ 1.2 Adjusted EBITDA Mexico $ 128.1 $ 109.1 17% 13% $ 19.0 $ 14.0 $ — $ 5.0 Peru 209.4 207.1 1% 3% 2.3 5.3 — (3.0) Corporate & Eliminations (28.6) (28.8) 1% 1% 0.2 0.2 — — Total Adjusted EBITDA $ 308.9 $ 287.3 8% 7% $ 21.6 $ 19.6 $ — $ 2.0

32©2024 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS September 30, 2024 December 31, 2023 Change Assets Cash and cash equivalents $ 134.4 $ 89.4 $ 45.0 Receivables (current), net 91.2 92.1 (0.9) Other current assets 34.8 42.0 (7.2) Property and equipment, net 508.5 562.2 (53.7) Operating lease right-of-use assets, net 302.3 371.6 (69.3) Goodwill and other intangible assets 729.7 830.7 (101.0) Deferred income taxes 63.3 71.4 (8.1) Other long-term assets 46.4 49.9 (3.5) Current and long-term assets held for sale 16.6 16.3 0.3 Total assets $ 1,927.2 $ 2,125.6 $ (198.4) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 204.2 $ 209.4 $ (5.2) Deferred revenue and student deposits 86.8 69.4 17.4 Total operating leases, including current portion 347.3 417.6 (70.3) Total long-term debt, including current portion 152.8 165.1 (12.3) Other liabilities 229.4 303.6 (74.2) Current and long-term liabilities held for sale 10.0 11.5 (1.5) Total liabilities 1,030.4 1,176.5 (146.1) Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 895.3 947.7 (52.4) Total liabilities and stockholders' equity $ 1,927.2 $ 2,125.6 $ (198.4)

33©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 nine months ended September 30, IN MILLIONS 2024 2023 Change Cash flows from operating activities Net income $ 202.8 $ 65.5 $ 137.3 Depreciation and amortization 52.1 52.0 0.1 Loss on lease terminations and disposals of subsidiaries and property and equipment, net 6.5 5.3 1.2 Deferred income taxes (39.9) (9.5) (30.4) Unrealized foreign currency exchange (gain) loss (38.6) 51.1 (89.7) Income tax receivable/payable, net (21.4) (6.7) (14.7) Working capital, excluding tax accounts (37.7) (25.8) (11.9) Other non-cash adjustments 68.3 55.6 12.7 Net cash provided by operating activities 192.0 187.4 4.6 Cash flows from investing activities Purchase of property and equipment (34.6) (26.7) (7.9) Receipts from sales of property and equipment 3.3 0.3 3.0 Net receipts from sales of discontinued operations 0.8 0.3 0.5 Net cash used in investing activities (30.5) (26.2) (4.3) Cash flows from financing activities Increase (decrease) in long-term debt, net (8.4) (119.1) 110.7 Payments to repurchase common stock (100.0) — (100.0) Financing other, net (3.3) (1.1) (2.2) Net cash used in financing activities (111.7) (120.2) 8.5 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (6.2) 4.0 (10.2) Change in cash included in current assets held for sale 0.2 (0.3) 0.5 Net change in Cash and cash equivalents and Restricted cash 43.8 44.7 (0.9) 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 $ 140.7 $ 138.4 $ 2.3

34©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 may not sum to total due to rounding. For the three months ended September 30, For the nine months ended September 30, IN MILLIONS 2024 2023 Change 2024 2023 Change Net income $ 85.3 $ 36.0 $ 49.3 $ 202.8 $ 65.5 $ 137.3 Plus: (Income) loss from discontinued operations, net of tax — (0.2) 0.2 (0.3) 3.8 (4.1) Income from continuing operations 85.3 35.7 49.6 202.5 69.3 133.2 Plus: Income tax (benefit) expense (0.5) 33.7 (34.2) 72.5 101.4 (28.9) Income from continuing operations before income taxes 84.9 69.5 15.4 275.0 170.7 104.3 Plus: (Gain) loss on disposal of subsidiaries, net — (3.3) 3.3 3.1 (3.6) 6.7 Foreign currency exchange (gain) loss, net (14.5) (9.8) (4.7) (36.4) 51.6 (88.0) Other income, net (0.9) (0.1) (0.8) (0.5) (0.2) (0.3) Interest expense 5.0 5.2 (0.2) 14.8 17.3 (2.5) Interest income (2.4) (2.8) 0.4 (6.3) (6.9) 0.6 Operating income 72.0 58.7 13.3 249.8 228.8 21.0 Plus: Depreciation and amortization 16.6 17.9 (1.3) 52.1 52.0 0.1 EBITDA 88.6 76.6 12.0 301.9 280.8 21.1 Plus: Share-based compensation expense (3) 2.8 1.8 1.0 7.1 4.9 2.2 Loss on impairment of assets (4) — — — — 1.6 (1.6) Adjusted EBITDA $ 91.4 $ 78.4 $ 13.0 $ 308.9 $ 287.3 $ 21.6 Revenues $ 368.6 $ 361.5 $ 7.1 $ 1,143.2 $ 1,074.9 $ 68.3 Income from continuing operations margin 23.1 % 9.9 % 1,326 bps 17.7 % 6.5 % 1,126 bps Adjusted EBITDA margin 24.8 % 21.7 % 311 bps 27.0 % 26.7 % 29 bps

35©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 nine months ended September 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 $ 192.0 $ 187.4 $ 4.6 Capital expenditures: Purchase of property and equipment (34.6) (26.7) (7.9) Receipts from sales of property and equipment 3.3 0.3 3.0 Free Cash Flow $ 160.7 $ 161.0 $ (0.3)

Cover Page	Oct. 31, 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	Oct. 31, 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