8-K

  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)

May 2, 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 May 2, 2024, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 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 May 2, 2024, the Company made available on the investor relations section of its website its first 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 May 2, 2024.
99.2	First 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: May 2, 2024

2

EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2024

Company Increases Full-Year 2024 Guidance

MIAMI - May 2, 2024 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the first quarter of 2024.

First Quarter 2024 Highlights (compared to first quarter 2023):

•New enrollments increased 1%.

•Total enrollments increased 5%.

•On a reported basis, revenue increased 10% to $275.4 million. On an organic constant currency basis1, revenue increased 1% 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 first quarter of 2024 was $11.1 million, compared to operating income of $15.6 million for the first quarter of 2023.

•Net loss for the first quarter of 2024 was $(10.8) million, compared to net loss of $(26.8) million for the first quarter of 2023.

•Adjusted EBITDA for the first quarter of 2024 was $30.6 million, compared to Adjusted EBITDA of $33.5 million for the first quarter of 2023. Adjusted EBITDA in the first quarter of 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 “Last month we celebrated our 25th anniversary and reflected on the positive impact we have had on millions of lives, including through expanding access to higher education in Mexico and Peru. I extend my sincere gratitude to all faculty and staff, past and present, who have played a significant role in our success.”

Mr. Serck-Hanssen added, “During the first quarter of 2024, we completed our main intake cycle in Peru and our secondary intake cycle in Mexico, which resulted in solid performance as our customers continued to recognize the strength of our brands and the quality of our academic offerings. We are on track to deliver on our commitments for the year and look forward to making a positive impact across our communities and generating value for all our stakeholders for many years to come.”

First Quarter 2024 Results

New enrollments for the first quarter of 2024 increased 1%, compared to new enrollment activity for the first quarter of 2023, and total enrollments were up 5% compared to the prior-year period. New enrollments in Peru decreased 3% as compared to the first quarter of prior year (down 2% for the intake cycle). Total enrollments in Peru increased 1% compared to the prior-year period. New and total enrollments in Mexico were up 7% and 9%, respectively, compared to the prior-year period.

For the first quarter of 2024, revenue on a reported basis was $275.4 million, an increase of $24.1 million, or 10%, compared to the first quarter of 2023. On an organic constant currency basis, revenue increased 1% 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 first quarter of 2024 was $11.1 million, compared to $15.6 million for the first quarter of 2023, a decrease of $4.5 million. The decrease in operating income versus the 2023 period resulted mainly from unfavorable academic calendar timing. Net loss for the first quarter of 2024 was $(10.8) million, compared to net loss of $(26.8) million for the first quarter of 2023. Basic and diluted loss per share for the first quarter of 2024 were $(0.07).

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

1

Adjusted EBITDA for the first quarter of 2024 was $30.6 million, compared to Adjusted EBITDA of $33.5 million for the first quarter of 2023. Adjusted EBITDA in the first quarter of 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 March 31, 2024, Laureate had $126.2 million of cash and cash equivalents and gross debt of $228.2 million. Accordingly, net debt was $102.0 million as of March 31, 2024.

As of March 31, 2024, Laureate had 155.2 million total shares outstanding.

Outlook for Fiscal 2024

Laureate is updating its full-year 2024 guidance to reflect an improved outlook, related to more favorable currency rates.

Based on the current foreign exchange spot rates2, Laureate currently 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 $1,566 million to $1,581 million, reflecting growth of 6%-7% 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 $446 million to $456 million, reflecting growth of 6%-9% 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/LAURQ12024 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-April 2024, and current spot FX rates (local currency per U.S. Dollar) of MXN 17.25 and PEN 3.75 for May 2024 - December 2024. FX impact may change based on fluctuations in currency rates in future periods.

2

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.”

3

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.

4

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 1Q 2024	YTD 1Q 2023	Change		As of 03/31/2024	As of 03/31/2023	Change
Mexico	41,100	38,400	7	%	233,700	213,900	9	%
Peru	54,500	56,400	(3)	%	225,700	224,000	1	%
Laureate	95,600	94,800	1	%	459,400	437,900	5	%

5

Consolidated Statements of Operations

	For the three months ended March 31,
IN MILLIONS (except per share amounts)	2024		2023		Change
Revenues	$	275.4	$	251.3	$	24.1
Costs and expenses:
Direct costs	254.0		225.3		28.7
General and administrative expenses	10.3		10.3		—
Operating income	11.1		15.6		(4.5)
Interest income	1.9		2.2		(0.3)
Interest expense	(4.7)		(6.0)		1.3
Other (expense) income, net	(0.5)		0.3		(0.8)
Foreign currency exchange loss, net	(5.6)		(29.0)		23.4
(Loss) gain on disposal of subsidiaries, net	(3.1)		0.3		(3.4)
Loss from continuing operations before income taxes	(0.9)		(16.6)		15.7
Income tax expense	(9.9)		(10.2)		0.3
Loss from continuing operations	(10.8)		(26.7)		15.9
Loss from discontinued operations, net of tax	(0.1)		—		(0.1)
Net loss	(10.8)		(26.8)		16.0
Net loss attributable to noncontrolling interests	0.1		0.2		(0.1)
Net loss attributable to Laureate Education, Inc.	$	(10.8)	$	(26.6)	$	15.8

Basic and diluted loss per share:
Basic and diluted weighted average shares outstanding	157.0		157.2		(0.2)
Basic and diluted loss per share	$	(0.07)	$	(0.17)	$	0.10

6

Revenue and Adjusted EBITDA by segment

$ IN MILLIONS

					% Change		$ Variance Components
For the three months ended March 31,	2024		2023		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Acq/Div.		FX
Revenues
Mexico	$	214.1	$	182.0	18%	7%	$	32.1	$	12.8	$	—	$	19.3
Peru	61.2		69.2		(12)%	(13)%	(8.0)		(9.1)		—		1.1
Corporate & Eliminations	—		0.1		(100)%	(100)%	(0.1)		(0.1)		—		—
Total Revenues	$	275.4	$	251.3	10%	1%	$	24.1	$	3.7	$	—	$	20.4
Adjusted EBITDA
Mexico	$	59.9	$	48.9	22%	11%	$	11.0	$	5.6	$	—	$	5.4
Peru	(20.7)		(6.5)		nm	nm	(14.2)		(14.0)		—		(0.2)
Corporate & Eliminations	(8.6)		(9.0)		4%	4%	0.4		0.4		—		—
Total Adjusted EBITDA	$	30.6	$	33.5	(9)%	(24)%	$	(2.9)	$	(8.1)	$	—	$	5.2

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.

7

Consolidated Balance Sheets

IN MILLIONS	March 31, 2024		December 31, 2023		Change
Assets
Cash and cash equivalents	$	126.2	$	89.4	$	36.8
Receivables (current), net	82.1		92.1		(10.0)
Other current assets	53.3		42.0		11.3
Property and equipment, net	567.5		562.2		5.3
Operating lease right-of-use assets, net	364.1		371.6		(7.5)
Goodwill and other intangible assets	843.8		830.7		13.1
Deferred income taxes	71.3		71.4		(0.1)
Other long-term assets	51.2		49.9		1.3
Current and long-term assets held for sale	16.8		16.3		0.5
Total assets	$	2,176.4	$	2,125.6	$	50.8
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	187.8	$	209.4	$	(21.6)
Deferred revenue and student deposits	121.3		69.4		51.9
Total operating leases, including current portion	402.1		417.6		(15.5)
Total long-term debt, including current portion	226.0		165.1		60.9
Other liabilities	295.1		303.6		(8.5)
Current and long-term liabilities held for sale	11.6		11.5		0.1
Total liabilities	1,243.8		1,176.5		67.3
Redeemable equity	1.4		1.4		—
Total stockholders' equity	931.2		947.7		(16.5)
Total liabilities and stockholders' equity	$	2,176.4	$	2,125.6	$	50.8

8

Consolidated Statements of Cash Flows

	For the three months ended March 31,
IN MILLIONS	2024		2023		Change
Cash flows from operating activities
Net loss	$	(10.8)	$	(26.8)	$	16.0
Depreciation and amortization	18.1		16.7		1.4
Loss on sales and disposal of subsidiaries and property and equipment, net	3.3		1.5		1.8
Deferred income taxes	1.3		(0.6)		1.9
Unrealized foreign currency exchange loss	5.0		28.9		(23.9)
Income tax receivable/payable, net	(12.0)		(32.7)		20.7
Working capital, excluding tax accounts	7.4		24.2		(16.8)
Other non-cash adjustments	21.0		15.1		5.9
Net cash provided by operating activities	33.2		26.5		6.7
Cash flows from investing activities
Purchase of property and equipment	(15.9)		(5.8)		(10.1)
Net (payments) receipts from sales of discontinued operations	(0.2)		0.3		(0.5)
Net cash used in investing activities	(16.0)		(5.6)		(10.4)
Cash flows from financing activities
Increase in long-term debt, net	54.5		22.8		31.7
Proceeds from exercise of stock options	—		1.4		(1.4)
Payments to repurchase common stock	(32.9)		—		(32.9)
Financing other, net	(3.3)		(3.1)		(0.2)
Net cash provided by financing activities	18.4		21.1		(2.7)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	1.1		3.5		(2.4)
Change in cash included in current assets held for sale	0.3		—		0.3
Net change in Cash and cash equivalents and Restricted cash	36.9		45.5		(8.6)
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	$	133.8	$	139.3	$	(5.5)

9

Non-GAAP Reconciliation

The following table reconciles Net loss to Adjusted EBITDA:

	For the three months ended March 31,
IN MILLIONS	2024		2023		Change
Net loss	$	(10.8)	$	(26.8)	$	16.0
Plus:
Loss from discontinued operations, net of tax	0.1		—		0.1
Loss from continuing operations	(10.8)		(26.7)		15.9
Plus:
Income tax expense	9.9		10.2		(0.3)
Loss from continuing operations before income taxes	(0.9)		(16.6)		15.7
Plus:
Loss (gain) on disposal of subsidiaries, net	3.1		(0.3)		3.4
Foreign currency exchange loss, net	5.6		29.0		(23.4)
Other expense (income), net	0.5		(0.3)		0.8
Interest expense	4.7		6.0		(1.3)
Interest income	(1.9)		(2.2)		0.3
Operating income	11.1		15.6		(4.5)
Plus:
Depreciation and amortization	18.1		16.7		1.4
EBITDA	29.2		32.3		(3.1)
Plus:
Share-based compensation expense (2)	1.4		1.1		0.3
Adjusted EBITDA	$	30.6	$	33.5	$	(2.9)

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

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.

10

EX-99.2

©2024 Laureate Education, Inc.® | Confidential & Proprietary May 2, 2024 First Quarter 2024 Earnings Presentation Exhibit 99.2

2©2024 Laureate Education, Inc.® | Confidential & Proprietary 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.® | Confidential & Proprietary 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. 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.

4©2024 Laureate Education, Inc.® | Confidential & Proprietary Summary Overview Note: Throughout this presentation amounts may not sum to totals due to rounding

5©2024 Laureate Education, Inc.® | Confidential & Proprietary Executive Summary  First quarter Revenue and Adjusted EBITDA ahead of guidance on favorable FX rates  First quarter enrollments in-line with expectations  New and Total Enrollments increased 1% and 5%, respectively, versus Q1 of prior year  Mexico: New Enrollments grew 7% for the secondary intake; total enrollments +9%  Peru: New Enrollments declined slightly during the primary intake (-2% for the cycle, -3% for the quarter); total enrollments +1%  Expectation for economic recovery in second half of 2024 for Peru  Net Loss of $11M in Q1 during seasonally low quarter; $16M improvement vs prior year period  Increasing full-year 2024 guidance due to favorable FX rates  Revenue impact: +$13M  Adjusted EBITDA impact: +$5M New Enrollment Growth During First Quarter, Cycle One Intake Led by Mexico Increasing Full Year Guidance on Favorable FX Rates

6©2024 Laureate Education, Inc.® | Confidential & Proprietary ESG Leadership we report annually on our impact. In 2023, our first materiality assessment, led by external ESG specialists, gathered insights from both internal and external stakeholders to prioritize key ESG topics, shaping our contributions to the United Nations Sustainable Development Goals (SDGs). For more than 25 years … As a Public Benefit Corporation (PBC) … Laureate has demonstrated its commitment to operating as a force for good. Our mission … Along with our track record of expanding the middle classes in Mexico and Peru, we are a proud contributor of sustainable business practices. 2023 Laureate Education Impact Highlights 168,000 189,000 hours of community medical and dental care contributed through campus and offsite clinics in Peru Student volunteering 1.05 million hours USD $426 million in scholarships and discounts 10,000 Read and learn more in the 2023 Laureate Education Impact Report at: laureate.net/impact free or low-cost veterinary services provided in campus clinics community members in Mexico received complimentary or low-cost medical and dental services

7©2024 Laureate Education, Inc.® | Confidential & Proprietary Compelling Investment Characteristics

8©2024 Laureate Education, Inc.® | Confidential & Proprietary 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.® | Confidential & Proprietary 9 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 @ 3/31/24 108,300 1966Universidad Tecnológica de México (UNITEC) Value/ Teaching125,400 1994 Premium/ Traditional76,000 1994 Value/ Teaching126,500 1983 Technical/ Vocational23,200 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBERTEC M ex ic o Pe ru • Ranked Top 10 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.® | Confidential & Proprietary Q1 2024 Performance Results

11©2024 Laureate Education, Inc.® | Confidential & Proprietary 2024 First Quarter – Financial Summary Q1 ‘24 Variance Vs. Q1 ‘23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 96K 1% 1% • Secondary intake for Mexico: +7% • Primary intake for Peru: (3%) Total Enrollment 459K 5% 5% • Mexico +9% • Peru +1% Revenue $275 10% 1% • +7% organic/cc adjusted for timing of academic calendar; ($14M) impact Adj. EBITDA $31 (9%) (24%) • +11% organic/cc adjusted for timing of academic calendar; ($11M) impact • Seasonally low quarter with fixed costs (largely out of session period) Adj. EBITDA margin 11.1% (222 bps) (337 bps) (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+11%

12©2024 Laureate Education, Inc.® | Confidential & Proprietary Segment Results

13©2024 Laureate Education, Inc.® | Confidential & Proprietary Mexico Segment Results Q1 ‘24 Variance Vs. Q1 ‘23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results Organic/CC1 New Enrollment 41K 7% • Strong results during secondary intake cycle; primary intake for Mexico will occur in September Total Enrollment 234K 9% • Driven by new enrollments and strength of primary intake in Fall 2023 Revenue $214 7% • +10% organic/cc adjusted for timing of academic calendar; ($4M) impact • Enrollment growth and favorable price/mix Adj. EBITDA $60 11% • +20% organic/cc adjusted for timing of academic calendar; ($3M) impact • Strong growth and productivity gains Adj. EBITDA margin 28.0% 111 bps Strong Secondary Intake and Continued Improvements in Profitability Timing Adjusted Organic/CC1: Revenue +10%, Adjusted EBITDA+20% (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.

14©2024 Laureate Education, Inc.® | Confidential & Proprietary Peru Segment Results Q1 ‘24 Variance Vs. Q1 ‘23 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results Organic/CC1 New Enrollment 55K (3%) • Intake cycle impacted by current macroeconomic conditions • New enrollments (-2%) for the cycle, (-3%) for the reported quarter Total Enrollment 226K 1% • Growth driven by favorable re-enrollments Revenue $61 (13%) • +1% organic/cc adjusted for timing of academic calendar; ($10M) impact • Largely out of session for Q1 (summer period) Adj. EBITDA ($21) n.m. • Largely out of session for Q1 (summer period) with fixed costs • ($7M) impact from timing of the academic calendar Adj. EBITDA margin (33.8%) n.m. New Enrollments Impacted by Softer Macroeconomic Conditions Timing Adjusted Organic/CC1: Revenue +1% (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.

15©2024 Laureate Education, Inc.® | Confidential & Proprietary Outlook

16©2024 Laureate Education, Inc.® | Confidential & Proprietary 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 6%-7% Vs. 20231 (up 5%-6% on an organic constant currency basis2)  2024 Adjusted EBITDA growth expected at 6%-9% 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 April, and spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May 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.® | Confidential & Proprietary 2024 Outlook – Updated1 Increasing Guidance to Reflect Favorable FX Rates ($ 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 $1,553 – $1,568 +$13 $1,566 – $1,581 Adjusted EBITDA $441 – $451 +$5 $446 – $456 (1) Outlook is based on actual FX rates for January through April, and Spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May 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.

18©2024 Laureate Education, Inc.® | Confidential & Proprietary Q2 2024 Guidance Details Continued Growth Expected in Q2 2024 ($ in millions) Q2 2024 Outlook1 Revenue $480 – $486 Adjusted EBITDA $172 – $175 (1) Outlook is based on actual FX rates for January through April, and Spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May through June 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 Q2 2024 net income and reconciliation of the forward-looking Q2 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.

19©2024 Laureate Education, Inc.® | Confidential & Proprietary Appendix

20©2024 Laureate Education, Inc.® | Confidential & Proprietary 2024 First Quarter – Net Income Reconciliation Q1 ‘24 B / (W) Notes ($ in millions) Reported Vs. Q1 ‘23 Adjusted EBITDA 31 (3) Depreciation & Amort. (18) (1) Interest Expense, net (3) 1 Other (11) 19 • Mainly non-cash FX translation loss on intercompany loans Income Tax (10) 0 Income/(Loss) From Continuing Operations (11) 16 Discontinued Operations (Net of Tax) (0) (0) Net Income / (Loss) (11) 16 Loss from Continuing Operations Improved Versus Prior Year

21©2024 Laureate Education, Inc.® | Confidential & Proprietary Q1 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 3/31/24 Gross Debt $228 Less: Cash & Cash Equivalents ($126) Net Debt $102  Total current shares outstanding of 155M shares as of March 31st  Share Repurchase Update  $33M of shares repurchased in Q1 2024 (total authorization of $100M)

22©2024 Laureate Education, Inc.® | Confidential & Proprietary 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) $5 $0 2024 FY Guidance (@ spot FX) (1) 467K - 473K $1,566 - $1,581 $446 - $456 As Reported Growth % 4% - 5% 6% - 7% 6% - 9% (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May 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. Continued Top Line Growth and Margin Expansion

23©2024 Laureate Education, Inc.® | Confidential & Proprietary Q2 2024 Guidance Details (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May through June 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 Q2 2024 net income and reconciliation of the forward-looking Q2 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 Growth Expected in Q2 Q2 Guidance ($ in millions) Revenues Adj. EBITDA 2023 Q2 Results As Reported $462 $175 Timing Impact Intra-Year (academic calendar) - - 2023 Q2 Results Adjusted $462 $175 Organic Growth $21 - $27 $5 - $8 Organic Growth % (excl. Mexico restructuring) 5% - 6% 3% - 5% One-time restructuring (Mexico margin optimization plan) - ($4) 2024 Q2 Guidance (Constant Currency) $483 - $489 $176 - $179 FX Impact (spot FX) (1) ($3) ($4) 2024 Q2 Guidance (@ spot FX) (1) $480 - $486 $172 - $175

24©2024 Laureate Education, Inc.® | Confidential & Proprietary 1H and 2H Implied 2024 Guidance Details (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 17.25 & PEN 3.75 for May 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 1H and 2H 2024 net income and reconciliation of the forward-looking 1H and 2H 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. 2H Margins Anticipated to Grow ~300bps YoY (1H Margins Impacted by Timing of Academic Calendar and One-Time Restructuring) 1H Implied Guidance 2H Implied Guidance ($ in millions) Revenues Adj. EBITDA Revenues Adj. EBITDA 2023 Results As Reported $713 $209 $771 $210 Timing Impact Intra-Year (academic calendar) ($14) ($11) $14 $11 2023 Results Adjusted $699 $198 $785 $221 Organic Growth $39 - $45 $8 - $11 $39 - $48 $23 - $30 Organic Growth % (excl. Mexico restructuring) 5% - 6% 4% - 6% 5% - 6% 10% - 13% One-time restructuring (Mexico margin optimization plan) - ($5) - - 2024 Guidance (Constant Currency) $738 - $744 $202 - $205 $823 - $832 $244 - $251 FX Impact (spot FX) (1) $17 $1 ($12) ($1) 2024 Guidance (@ spot FX) (1) $755 - $761 $203 - $206 $811 - $820 $243 - $250 Adjusted EBITDA Margin YoY (as reported) (2.3%) +3.0%

25©2024 Laureate Education, Inc.® | Confidential & Proprietary 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

26©2024 Laureate Education, Inc.® | Confidential & Proprietary Financial Results & Tables

27©2024 Laureate Education, Inc.® | Confidential & Proprietary 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 March 31, IN MILLIONS 2024 2023 Change Revenues $ 275.4 $ 251.3 $ 24.1 Costs and expenses: Direct costs 254.0 225.3 28.7 General and administrative expenses 10.3 10.3 — Operating income 11.1 15.6 (4.5) Interest income 1.9 2.2 (0.3) Interest expense (4.7) (6.0) 1.3 Other (expense) income, net (0.5) 0.3 (0.8) Foreign currency exchange loss, net (5.6) (29.0) 23.4 (Loss) gain on disposal of subsidiaries, net (3.1) 0.3 (3.4) Loss from continuing operations before income taxes (0.9) (16.6) 15.7 Income tax expense (9.9) (10.2) 0.3 Loss from continuing operations (10.8) (26.7) 15.9 Loss from discontinued operations, net of tax (0.1) — (0.1) Net loss (10.8) (26.8) 16.0 Net loss attributable to noncontrolling interests 0.1 0.2 (0.1) Net loss attributable to Laureate Education, Inc. $ (10.8) $ (26.6) $ 15.8 Basic and diluted loss per share: Basic and diluted weighted average shares outstanding 157.0 157.2 (0.2) Basic and diluted loss per share $ (0.07) $ (0.17) $ 0.10

28©2024 Laureate Education, Inc.® | Confidential & Proprietary 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 March 31, 2024 2023 Reported Organic Constant Currency(1) Total Organic Constant Currency Acq/Div. FX Revenues Mexico $ 214.1 $ 182.0 18% 7% $ 32.1 $ 12.8 $ — $ 19.3 Peru 61.2 69.2 (12)% (13)% (8.0) (9.1) — 1.1 Corporate & Eliminations — 0.1 (100)% (100)% (0.1) (0.1) — — Total Revenues $ 275.4 $ 251.3 10% 1% $ 24.1 $ 3.7 $ — $ 20.4 Adjusted EBITDA Mexico $ 59.9 $ 48.9 22% 11% $ 11.0 $ 5.6 $ — $ 5.4 Peru (20.7) (6.5) nm nm (14.2) (14.0) — (0.2) Corporate & Eliminations (8.6) (9.0) 4% 4% 0.4 0.4 — — Total Adjusted EBITDA $ 30.6 $ 33.5 (9)% (24)% $ (2.9) $ (8.1) $ — $ 5.2

29©2024 Laureate Education, Inc.® | Confidential & Proprietary Financial Tables Consolidated Balance Sheets Note: Dollars in millions may not sum to total due to rounding. IN MILLIONS March 31, 2024 December 31, 2023 Change Assets Cash and cash equivalents $ 126.2 $ 89.4 $ 36.8 Receivables (current), net 82.1 92.1 (10.0) Other current assets 53.3 42.0 11.3 Property and equipment, net 567.5 562.2 5.3 Operating lease right-of-use assets, net 364.1 371.6 (7.5) Goodwill and other intangible assets 843.8 830.7 13.1 Deferred income taxes 71.3 71.4 (0.1) Other long-term assets 51.2 49.9 1.3 Current and long-term assets held for sale 16.8 16.3 0.5 Total assets $ 2,176.4 $ 2,125.6 $ 50.8 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 187.8 $ 209.4 $ (21.6) Deferred revenue and student deposits 121.3 69.4 51.9 Total operating leases, including current portion 402.1 417.6 (15.5) Total long-term debt, including current portion 226.0 165.1 60.9 Other liabilities 295.1 303.6 (8.5) Current and long-term liabilities held for sale 11.6 11.5 0.1 Total liabilities 1,243.8 1,176.5 67.3 Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 931.2 947.7 (16.5) Total liabilities and stockholders' equity $ 2,176.4 $ 2,125.6 $ 50.8

30©2024 Laureate Education, Inc.® | Confidential & Proprietary Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions may not sum to total due to rounding. For the three months ended March 31, IN MILLIONS 2024 2023 Change Cash flows from operating activities Net loss $ (10.8) $ (26.8) $ 16.0 Depreciation and amortization 18.1 16.7 1.4 Loss on sales and disposal of subsidiaries and property and equipment, net 3.3 1.5 1.8 Deferred income taxes 1.3 (0.6) 1.9 Unrealized foreign currency exchange loss 5.0 28.9 (23.9) Income tax receivable/payable, net (12.0) (32.7) 20.7 Working capital, excluding tax accounts 7.4 24.2 (16.8) Other non-cash adjustments 21.0 15.1 5.9 Net cash provided by operating activities 33.2 26.5 6.7 Cash flows from investing activities Purchase of property and equipment (15.9) (5.8) (10.1) Net (payments) receipts from sales of discontinued operations (0.2) 0.3 (0.5) Net cash used in by investing activities (16.0) (5.6) (10.4) Cash flows from financing activities Increase in long-term debt, net 54.5 22.8 31.7 Proceeds from exercise of stock options — 1.4 (1.4) Payments to repurchase common stock (32.9) — (32.9) Financing other, net (3.3) (3.1) (0.2) Net cash provided by financing activities 18.4 21.1 (2.7) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 1.1 3.5 (2.4) Change in cash included in current assets held for sale 0.3 — 0.3 Net change in Cash and cash equivalents and Restricted cash 36.9 45.5 (8.6) 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 $ 133.8 $ 139.3 $ (5.5)

31©2024 Laureate Education, Inc.® | Confidential & Proprietary Financial Tables Non-GAAP Reconciliation (1 of 2) The following table reconciles Net Loss to Adjusted EBITDA and Adjusted EBITDA margin: (1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. Note: Dollars in millions, and may not sum to total due to rounding. For the three months ended March 31, IN MILLIONS 2024 2023 Change Net loss $ (10.8) $ (26.8) $ 16.0 Plus: Loss from discontinued operations, net of tax 0.1 — 0.1 Loss from continuing operations (10.8) (26.7) 15.9 Plus: Income tax expense 9.9 10.2 (0.3) Loss from continuing operations before income taxes (0.9) (16.6) 15.7 Plus: Loss (gain) on disposal of subsidiaries, net 3.1 (0.3) 3.4 Foreign currency exchange loss, net 5.6 29.0 (23.4) Other expense (income), net 0.5 (0.3) 0.8 Interest expense 4.7 6.0 (1.3) Interest income (1.9) (2.2) 0.3 Operating income 11.1 15.6 (4.5) Plus: Depreciation and amortization 18.1 16.7 1.4 EBITDA 29.2 32.3 (3.1) Plus: Share-based compensation expense (1) 1.4 1.1 0.3 Adjusted EBITDA $ 30.6 $ 33.5 $ (2.9) Revenues $ 275.4 $ 251.3 $ 24.1 Loss from continuing operations margin (3.9) % (10.6) % 673 bps Adjusted EBITDA margin 11.1 % 13.3 % -222 bps

32©2024 Laureate Education, Inc.® | Confidential & Proprietary Financial Tables Non-GAAP Reconciliation (2 of 2) The following table reconciles operating cash flow to Free Cash Flow for the three months ended March 31, 2024 and 2023: IN MILLIONS 2024 2023 Change Net cash provided by operating activities $ 33.2 $ 26.5 $ 6.7 Capital expenditures: Purchase of property and equipment (15.9) (5.8) (10.1) Free Cash Flow $ 17.3 $ 20.7 $ (3.4) Note: Dollars in millions may not sum to total due to rounding.

©2024 Laureate Education, Inc.® | Confidential & Proprietary

XML

Cover Page	May 02, 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	May 02, 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