What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-19 compared with 2025-02-20 · 152 added, 169 removed, 1077 unchanged (23% of the section changed)

21 unchanged sentences

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting.

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.

21 unchanged sentences

As described in Notes 2 and 3 to the consolidated financial statements, the Company’s revenue was $1,701.9 million for the year ended December 31, 2025.

The Company’s revenues primarily consist of tuition and educational services revenues.

Other revenues, such as revenues from student fees and other education-related activities, are less material to the overall financial results and have a tendency to trend with tuition revenues.

The Company’s revenues primarily consist of tuition revenues.

Other revenues, such as revenues from student fees, short courses, and other education-related activities, are less material to the overall financial results and have a tendency to trend with tuition revenues.

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that management expects to be entitled to in exchange for those goods or services.

24 unchanged sentences

Other income (expense), net 7,936 1,222 ( 325 )

Foreign currency exchange gain (loss), net 50,658 ( 75,702 ) ( 17,444 )

Foreign currency exchange (loss) gain, net ( 34,571 ) 50,658 ( 75,702 )

(Loss) gain on disposals of subsidiaries, net — ( 1,304 ) 3,567

4 unchanged sentences

Income from continuing operations 283,816 295,742 117,029

Income (loss) from discontinued operations, net of tax benefit (expense) of $ 0 , $ 0 and $ 508 , respectively

(Loss) income from discontinued operations, net of tax benefit (expense) of $ 0 , $ 0 and $ 508 , respectively

( 32 ) 654 ( 9,762 )

Net income 283,784 296,396 107,267

Net loss attributable to noncontrolling interests 78 323 595

Net (income) loss attributable to noncontrolling interests ( 2,154 ) 78 323

Net income attributable to Laureate Education, Inc.

2 unchanged sentences

Income from continuing operations $ 1.91 $ 1.93 $ 0.75

Income (loss) from discontinued operations — ( 0.06 ) 0.05

(Loss) income from discontinued operations — — ( 0.06 )

Basic earnings per share $ 1.91 $ 1.93 $ 0.69

1 unchanged sentence

Income from continuing operations $ 1.89 $ 1.92 $ 0.74

Income (loss) from discontinued operations — ( 0.06 ) 0.05

(Loss) income from discontinued operations — — ( 0.06 )

Diluted earnings per share $ 1.89 $ 1.92 $ 0.68

10 unchanged sentences

( 868 ) ( 416 ) 82

Total other comprehensive (loss) income ( 190,063 ) 170,283 77,793

Total other comprehensive income (loss) 157,222 ( 190,063 ) 170,283

Comprehensive income 441,006 106,333 277,550

Net comprehensive loss attributable to noncontrolling interests 75 320 582

Net comprehensive (income) loss attributable to noncontrolling interests ( 2,150 ) 75 320

Comprehensive income attributable to Laureate Education, Inc.

83 unchanged sentences

Exercise of stock options and vesting of restricted stock and restricted stock units, net of shares withheld to satisfy tax withholding 573 2 ( 270 ) — — — — ( 268 )

Purchase of treasury stock at cost ( 25,546 ) — — — — ( 282,098 ) — ( 282,098 )

Special cash distribution, special cash dividend, and equitable adjustments to stock-based compensation awards — — ( 204,336 ) ( 45,852 ) — — — ( 250,188 )

Retirement of treasury stock — ( 295 ) ( 1,025,977 ) — — 1,026,272 — —

Special cash dividend and equitable adjustments to stock-based compensation awards — — ( 5,917 ) ( 104,972 ) — — — ( 110,889 )

Change in noncontrolling interests — — 16 — — — ( 140 ) ( 124 )

Reclassification of redeemable equity to non-redeemable equity — — 316 — — — — 316

Net income — — — 107,590 — — ( 323 ) 107,267

6 unchanged sentences

Exercise of stock options and vesting of restricted stock and restricted stock units, net of shares withheld to satisfy tax withholding 484 1 ( 1,776 ) — — — — ( 1,775 )

Retirement of treasury stock ( 295 ) ( 1,025,977 ) — — 1,026,272 — —

Special cash dividend and equitable adjustments to stock-based compensation awards — — ( 5,917 ) ( 104,972 ) — — — ( 110,889 )

Change in noncontrolling interests — — 16 — — — ( 140 ) ( 124 )

Stock repurchase and retirement ( 7,276 ) ( 27 ) ( 56,328 ) ( 46,692 ) — — — ( 103,047 )

Equitable adjustments to stock-based compensation awards — — 51 — — — — 51

Net income — — — 296,474 — — ( 78 ) 296,396

5 unchanged sentences

Non-cash stock compensation — — 13,342 — — — — 13,342

Exercise of stock options and vesting of restricted stock and restricted stock units, net of shares withheld to satisfy tax withholding 484 1 ( 1,776 ) — — — — ( 1,775 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 500 2 ( 4,915 ) — — — — ( 4,913 )

Stock repurchase and retirement ( 8,354 ) ( 34 ) ( 62,806 ) ( 156,385 ) — — — ( 219,225 )

Special cash dividend and equitable adjustments to stock-based compensation awards — — 51 — — — — 51

Equitable adjustments to stock-based compensation awards — — 7 — — — — 7

Change in noncontrolling interests — — 321 — — — ( 321 ) —

Net income — — — 281,630 — — 2,154 283,784

15 unchanged sentences

Loss on impairment of assets — — 3,073

(Gain) loss on sales and disposal of subsidiaries, property and equipment and leases, net ( 5,103 ) 9,603 ( 11,146 )

Loss (gain) on sales and disposal of subsidiaries, property and equipment and leases, net 165 ( 5,103 ) 9,603

Non-cash interest expense 1,595 1,541 1,018

2 unchanged sentences

Deferred income taxes ( 1,849 ) ( 38,524 ) ( 55,856 )

Unrealized foreign currency exchange (gain) loss ( 53,109 ) 75,488 13,907

Non-cash loss from non-income tax contingencies — — 743

Unrealized foreign currency exchange loss (gain) 35,388 ( 53,109 ) 75,488

Loss on debt extinguishment — 31 —

11 unchanged sentences

Receipts from sales of property and equipment 289 17,964 274

Net (payments) receipts related to sales of discontinued operations ( 3,610 ) 4,265 82,946

Net cash (used in) provided by investing activities ( 57,549 ) ( 51,918 ) 30,346

Net receipts (payments) related to sales of discontinued operations 108 ( 3,610 ) 4,265

Net cash used in investing activities ( 102,646 ) ( 57,549 ) ( 51,918 )

Cash flows from financing activities

2 unchanged sentences

Payments to purchase noncontrolling interests — — ( 123 )

Payments of special dividends, special cash distributions, and dividend equivalent rights ( 1,714 ) ( 112,478 ) ( 253,188 )

Payments of dividend equivalent rights and special dividends ( 455 ) ( 1,714 ) ( 112,478 )

Proceeds from exercise of stock options 128 230 2,308

Payments to repurchase common stock ( 102,067 ) — ( 282,151 )

Payments to repurchase common stock and excise tax payments ( 215,168 ) ( 102,067 ) —

Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options ( 4,060 ) ( 2,894 ) ( 623 )

25 unchanged sentences

A noncontrolling interest is the portion of a subsidiary that is not attributable to us either directly or indirectly.

A noncontrolling interest can also be referred to as a minority interest.

We recognize noncontrolling interest holders’ share of equity and net income or loss separately in Noncontrolling interests in the Consolidated Balance Sheets and Net loss attributable to noncontrolling interests in the Consolidated Statements of Operations.

We recognize noncontrolling interest holders’ share of equity and net income or loss separately in Noncontrolling interests in the Consolidated Balance Sheets and Net (income) loss attributable to noncontrolling interests in the Consolidated Statements of Operations.

Foreign Currency Translation and Transaction Gains and Losses

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Accounts and Notes Receivable

We recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session.

We begin to recognize student receivables when an academic session starts, although students generally enroll in courses prior to the start of the academic session.

Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student.

12 unchanged sentences

( 48,210 ) ( 33,473 ) ( 25,977 )

Currency translation adjustments (2)

11,606 ( 6,720 ) 5,329

Balance at end of period $ 125,056 $ 100,527 $ 84,967

(1) Deductions include accounts receivable written off against the allowance (net of recoveries) and foreign currency translation.

(1) Deductions include accounts receivable written off against the allowance (net of recoveries).

(2) The currency translation adjustments for 2024 and 2023 were previously included within Deductions, as disclosed in prior years.

In order to conform 2024 and 2023 to the current year presentation, the currency translation adjustments have been separately disclosed in this table.

Property and Equipment and Leased Assets

3 unchanged sentences

Repairs and maintenance costs are expensed as incurred.

Assets under construction are recorded in Construction in-progress until they are available for use.

Assets under construction are recorded in

Construction in-progress until they are available for use.

Interest is capitalized as a component of the cost of projects during the construction period.

1 unchanged sentence

Laureate analyzes each lease agreement to determine whether it should be classified as a finance lease or an operating lease.

For operating leases, right-of-use (ROU) assets and lease liabilities are recognized at the

commencement date of the lease based on the estimated present value of lease payments over the lease term.

For operating leases, right-of-use (ROU) assets and lease liabilities are recognized at the commencement date of the lease based on the estimated present value of lease payments over the lease term.

For finance leases, we initially record the assets and lease liabilities at the present value of the future minimum lease payments.

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This ASU requires entities to calculate goodwill impairment as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

Under the updated guidance, the Company continues to have the option of first performing a qualitative goodwill impairment assessment (i.e., step zero) in order to determine if a quantitative impairment test is necessary.

Based on the qualitative

assessment, if we determine that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, the quantitative impairment test is not required.

Under this guidance, the Company continues to have the option of first performing a qualitative goodwill impairment assessment (i.e., step zero) in order to determine if a quantitative impairment test is necessary.

Based on the qualitative assessment, if we determine that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, the quantitative impairment test is not required.

If we do not perform the qualitative assessment for a reporting unit or determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative fair value-based test is performed.

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These events or changes in circumstances may include, but are not limited to, a significant deterioration of operating results, a change in regulatory environment, changes in business plans, or adverse changes in anticipated future cash flows.

If an impairment indicator is present, we evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to result from the use and eventual disposition of the assets.

If an impairment indicator is present, we evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to result from the use and

eventual disposition of the assets.

If the assets are determined to be impaired, the impairment recognized is the excess of the carrying amount over the fair value of the assets.

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Revenue Recognition

Our revenues primarily consist of tuition and educational service revenues.

We also generate other revenues from student fees and other education-related activities.

Our revenues primarily consist of tuition revenues from enrolled students.

We also generate other revenues from student fees, short courses, and other education-related activities.

These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues.

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There were no stock options granted in 2025, 2024 and 2023.

During the years ended December 31, 2024, 2023, and 2022, Laureate has granted restricted stock, restricted stock units, and performance awards for which the vesting is based on annual performance metrics of the Company.

For interim periods, we use our year-to-date actual results, financial forecasts, and other available information to estimate the probability of the award vesting based on the performance metrics.

During the years ended December 31, 2025, 2024, and 2023, Laureate has granted restricted stock units and performance awards for which the vesting is based on annual performance metrics of the Company.

For interim periods, we use our year-to-date actual results, financial forecasts, and other available information to estimate the probability of the award vesting based on

the performance metrics.

The related compensation expense recognized is affected by our estimates of the vesting probability of these performance awards.

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Accounting Standards Update (ASU) ASU No.

2023-07 (ASU 2023-07), Segment Reporting (Topic 280);

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07 in order to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories and amounts for each reportable segment.

The new guidance is effective for the Company's 2024 year-end financial statements and should be adopted retrospectively unless impracticable.

The guidance does not affect recognition or measurement in the Company's Consolidated Financial Statements.

See Note 6, Business and Geographic Segment Information for our updated disclosure.

2023-09 (ASU 2023-09), Income Taxes (Topic 740);

Improvements to Income Tax Disclosure

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, with the objective of improving the transparency of income tax disclosures by requiring:

(1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.

The new requirements were effective for the Company's 2025 year-end financial statements and were applied on a prospective basis, as permitted.

See Note 12, Income Taxes for our updated disclosure.

Recently Issued Accounting Standards Not Yet Adopted

5 unchanged sentences

The guidance does not affect recognition or measurement in the Company's Consolidated Financial Statements.

2023-09 (ASU 2023-09), Income Taxes (Topic 740);

Improvements to Income Tax Disclosure

In December 2023, the FASB issued ASU 2023-09, with the objective of improving the transparency of income tax disclosures by requiring:

(1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.

The new requirements will be effective for the Company's 2025 year-end financial statements and will be applied on a prospective basis with the option to apply the standard retrospectively.

The guidance does not affect recognition or measurement in the Company's Consolidated Financial Statements.

2025-06 (ASU 2025-06), Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40);

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06 which eliminates project stages and requires capitalizing costs when management has committed to funding the project and it is probable of completion.

ASU 2025-06 is effective for the Company for its fiscal year and all interim periods beginning January 1, 2028 on a prospective basis.

Early adoption is permitted.

The Company is evaluating the impact that the updated standard will have on its financial position, results of operations or cash flow.

Revenue Recognition

Our revenues primarily consist of tuition and educational service revenues.

We also generate other revenues from student fees and other education-related activities.

Our revenues primarily consist of tuition revenues from enrolled students.

We also generate other revenues from student fees, short courses, and other education-related activities.

These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues.

14 unchanged sentences

Mexico Peru Corporate (1)

Tuition and educational services $ 1,121,019 $ 726,444 $ — $ 1,847,463 118 %

Tuition $ 1,212,172 $ 834,512 $ — $ 2,046,684 120 %

Other 142,341 82,220 142 224,703 13 %

2 unchanged sentences

Total $ 877,392 $ 824,396 $ 142 $ 1,701,930 100 %

Tuition and educational services $ 1,020,420 $ 687,642 $ — $ 1,708,062 115 %

Tuition $ 1,121,019 $ 726,444 $ — $ 1,847,463 118 %

Other 137,085 70,689 207 207,981 13 %

2 unchanged sentences

Total $ 841,236 $ 725,199 $ 207 $ 1,566,642 100 %

Tuition and educational services $ 778,066 $ 613,379 $ — $ 1,391,445 112 %

Tuition $ 1,020,420 $ 687,642 $ — $ 1,708,062 115 %

Other 133,913 68,901 ( 22 ) 202,792 14 %

9 unchanged sentences

Laureate's transaction price is determined based on gross price, net of scholarships and other discounts, refunds and waivers.

The majority of our revenue is derived from tuition and educational services agreements with students, and thus, is recognized over time on a weekly straight-line basis over each academic session.

The majority of our revenue is derived from tuition agreements with students, and thus, is recognized over time on a straight-line basis over each academic session.

We view the knowledge gained by the student as the benefit which the student receives during the academic sessions.

We use the output method to recognize tuition and educational services revenue as this method faithfully depicts our performance toward complete satisfaction of the performance obligation.

We use the output method to recognize tuition revenue as this method faithfully depicts our performance toward complete satisfaction of the performance obligation.

Dormitory/residency revenues, which are included in the Other line item in the table above, are recognized over time throughout the occupancy period using the output method based on the proportional period of time elapsed which faithfully depicts our performance toward complete satisfaction of the performance obligation.

3 unchanged sentences

The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets.

We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session.

We have various billing and academic cycles and begin to recognize student receivables when an academic session starts, although students generally enroll in courses prior to the start of the academic session.

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Assets Held for Sale

During 2023, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico met the criteria for classification as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” The sale of the K-12 campuses is intended to allow the Mexico segment to focus on its core business.

The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the Consolidated Financial Statements.

In addition, during 2023 and 2024, several parcels of land and buildings at campuses in Mexico and a parcel of land in the United States met the criteria for classification as held for sale under ASC 360-10-45-9.

The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell.

Assets and liabilities classified as held for sale are recorded at the lower of their carrying values or their estimated fair values less costs to sell.

As of December 31, 2025 and 2024, several parcels of land at campuses in Mexico were classified as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” In addition, as of December 31, 2024, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico were classified as held for sale under ASC 360-10-45-9.

As of December 31, 2025, these K-12 campuses no longer met the criteria to be classified as held for sale and were reclassified to held and used.

As discussed below, the sales of certain real estate in the United States and Mexico were completed during 2024.

6 unchanged sentences

Operating lease right-of-use assets, net — 7,512

Other assets — 11

Total assets held for sale $ 1,681 $ 10,974

15 unchanged sentences

On August 12, 2021, the Company closed the transaction pursuant to the Membership Interest Purchase Agreement (the Walden Purchase Agreement), dated September 11, 2020, with Adtalem Global Education Inc., a Delaware corporation (the Walden Purchaser).

subsidiary of the Company (Walden), and its subsidiary, Walden University, LLC, a Florida limited liability company and an indirect wholly owned subsidiary of the Company (together with Walden, the Walden Group).

Pursuant to the Walden Purchase Agreement, the Company sold to the Walden Purchaser all of the issued and outstanding equity interest in Walden e-Learning, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (Walden), and its subsidiary, Walden University, LLC, a Florida limited liability company and an indirect wholly owned subsidiary of the Company (together with Walden, the Walden Group).

Under the Walden Purchase Agreement, the Company agreed to indemnify the Walden Purchaser under certain circumstances.

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Adjusted EBITDA is defined as Income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items:

(Loss) gain on disposals of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (expense), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, Share-based compensation expense and expenses related to our Excellence-in-Process (EiP) initiative.

Our EiP initiative was completed as of December 31, 2021, except for certain EiP expenses during 2022 related to the run out of programs that began in prior periods.

EiP was an enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources.

It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company's system of internal controls over financial reporting.

The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with previous dispositions.

The chief decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

(Loss) gain on disposals of subsidiaries, net, Foreign currency exchange (loss) gain, net, Other income (expense), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

Adjusted EBITDA is also a key measure 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.

In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-

to-period comparisons of our core business.

In particular, 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 financial measure 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.

9 unchanged sentences

Depreciation and amortization expense 40,617 26,677 947 68,241

Loss on impairment of assets 1,620 — 1,453 3,073

Total assets 1,143,053 567,310 151,697 1,862,060

14 unchanged sentences

Share-based compensation expense ( 13,342 ) ( 7,843 ) ( 7,114 )

EiP expenses — — ( 813 )

Operating income 431,102 373,983 338,822

2 unchanged sentences

Other income (expense), net 7,936 1,222 ( 325 )

Foreign currency exchange gain (loss), net 50,658 ( 75,702 ) ( 17,444 )

Foreign currency exchange (loss) gain, net ( 34,571 ) 50,658 ( 75,702 )

(Loss) gain on disposals of subsidiaries, net — ( 1,304 ) 3,567

28 unchanged sentences

Consolidated total $ 1,701,930 $ 1,566,642 $ 1,484,288

(2) Excludes intercompany revenues and therefore does not agree to the table above

(2) Excludes intercompany revenues for 2024 and 2023 and therefore does not agree to the table above.

Long-lived assets are composed of Property and equipment, net.

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Total senior and other debt 65,591 53,750

Finance lease obligations and sale-leaseback financings 48,395 57,568

Finance lease obligations

63,463 48,395

Total long-term debt and finance leases 129,054 102,145

2 unchanged sentences

Long-term debt and finance leases, less current portion $ 73,123 $ 59,027

As of December 31, 2024 , aggregate annual maturities of the senior and other debt, excluding finance lease obligations and sale-leaseback financings, were as follows:

As of December 31, 2025 , aggregate annual maturities of the senior and other debt, excluding finance lease obligations, were as follows:

Years Ended December 31, Senior and Other Debt

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as amended by the First Amendment, dated as of July 20, 2020, the Second Amendment, dated as of December 23, 2022 and, as further amended by the Third Amendment, the “Amended Credit Agreement”).

Among other things, the Company incurred a new tranche of revolving credit loans maturing September 18, 2028 (the “Series 2028 Tranche”).

The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

The Amended Credit Agreement, among other things, provided for $ 145,000 of revolving credit loans, which matured on October 7, 2024 (the “Series 2024 Tranche”) and $ 155,000 of revolving credit loans under the Series 2028 Tranche for a $ 300,000 aggregate revolving credit facility (the “Revolving Credit Facility”).

Given the maturity date of the Series 2024 Tranche, as of December 31, 2024, the borrowing capacity of the Revolving Credit Facility is $ 155,000 .

The Amended Credit Agreement, among other things, provides for $ 155,000 of revolving credit loans (the “Revolving Credit Facility”).

As a subfacility under the Revolving Credit Facility, the Amended Credit Agreement provides for letter of credit commitments in the aggregate amount of $ 10,000 .

2 unchanged sentences

The Revolving Credit Facility bears interest at a per annum interest rate, at the option of the Company, at either the EURIBOR rate, the Term SOFR rate or the ABR rate plus an applicable margin of 2.50 % per annum, 2.25 % per annum, 2.00 % per annum or 1.75 % per annum for EURIBOR loans or Term SOFR loans, and 1.50 % per annum, 1.25 % per annum, 1.00 % per annum or 0.75 % per annum for ABR loans, in each case, based on the Company’s Consolidated Total Debt to Consolidated EBITDA ratio as defined in the Amended Credit Agreement.

As of December 31, 2024 and December 31, 2023, the Senior Secured Credit Facility had a total outstanding balance of $ 0 and $ 59,000 , respectively.

As of December 31, 2025 and 2024, there was no outstanding balance under our Senior Secured Credit Facility.

Guarantors of the Senior Secured Credit Facility

5 unchanged sentences

Estimated Fair Value of Debt

As of December 31, 2024 and December 31, 2023, the estimated fair value of our debt approximated its carrying value.

As of December 31, 2025 and 2024, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

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Notes Payable

Notes payable include mortgages payable that are secured by certain fixed assets, and an unsecured term loan.

The notes payable have varying maturity dates and repayment terms through 2029.

Interest rates on notes payable ranged from 5.09 % to 11.74 % and 5.09 % to 13.00 % at December 31, 2024 and 2023, respectively.

As of December 31, 2025, notes payable included an unsecured term loan maturing in 2029, as discussed below.

As of December 31, 2024, notes payable included the unsecured term loan as well as a loan in Peru, as discussed below.

An unsecured term loan is held by one of our Mexican subsidiaries and was scheduled to mature in June 2024.

2 unchanged sentences

Under the loan modification agreement, quarterly principal repayments resumed in December 2024, beginning at MXN 4,250 ($ 237 at December 31, 2025) and increasing to MXN 23,375 ($ 1,306 at December 31, 2025), with a balloon payment of MXN 170,000 ($ 9,495 at December 31, 2025) due at maturity.

As of December 31, 2024 and December 31, 2023, the outstanding balance of this loan was $ 20,799 and $ 29,528 , respectively.

As of December 31, 2025 and 2024, the outstanding balance of this loan was $ 22,313 and $ 20,799 , respectively.

In prior years, the Company obtained financing to fund the construction of two campuses at one of our institutions in Peru.

As of December 31, 2024 and 2023, one loan remains outstanding, which matures in November 2025 and carries an interest rate of 5.09 %.

Principal payments, plus accrued and unpaid interest, are made semi-annually in April and October.

As of December 31, 2024, one loan remained outstanding that had an interest rate of 5.09 %, and this loan was fully paid off in the second quarter of 2025.

As of December 31, 2025 and 2024, the outstanding balance of this loan was $ 0 and $ 2,962 , respectively.

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Contingencies

Laureate is subject to legal actions arising in the ordinary course of its business.

In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions.

We do not believe that any settlement would have a material impact on our Consolidated Financial Statements.

Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business.

In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters.

Management believes that any judgment or settlement of these matters would not have a material impact on Laureate's financial position, results of operations, or cash flows.

Income Tax Contingencies

7 unchanged sentences

In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $ 20,000 if the outcomes were unfavorable.

Guarantees and Commitments

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a tax assessment received related to tax audits of 2014 and 2015.

In addition, during the fourth quarter of 2023, the same institution issued a bank guarantee in order to appeal a tax assessment received related to the tax audit of 2009.

During the third quarter of 2024, the Peruvian institution paid the tax assessment related to the 2009 tax audit, and therefore the related bank guarantee was released.

As of December 31, 2025 and 2024, the total amount of the guarantees was approximately $ 8,100 and $ 7,300 , respectively.

During the third quarter of 2025, one of our Mexican institutions issued a bank guarantee in order to appeal an assessment received related to a tax audit of 2017.

As of December 31, 2025, the total amount of the guarantee was approximately $ 12,500 .

Share-based Compensation and Equity

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(c) those time-based restricted stock awards that would have become vested and free of forfeiture risk and lapse restriction on or prior to the third anniversary of the effective time of such change in control would become fully vested and immediately exercisable;

(d) those performance-based restricted stock awards that would have vested and become free of forfeiture risk and lapse restrictions had Laureate achieved the target performance in the three fiscal years ending coincident

with or immediately subsequent to the effective time of such change in control would become fully vested and immediately exercisable;

(d) those performance-based restricted stock awards that would have vested and become free of

forfeiture risk and lapse restrictions had Laureate achieved the target performance in the three fiscal years ending coincident with or immediately subsequent to the effective time of such change in control would become fully vested and immediately exercisable;

(e) those time-based restricted stock units that would have become vested or earned on or prior to the third anniversary of the effective time of such change in control would become vested and earned and be settled in cash or shares of common stock as promptly as practicable;

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Other Stockholders' Equity Transactions

On November 17, 2022, the Company entered into an underwriting agreement by and among the Company, KKR 2006 Fund (Overseas), Limited Partnership (KKR Overseas) and KKR Partners II (International), L.P.

(together with KKR Overseas, the Selling Stockholders or KKR), and Goldman Sachs & Co.

LLC, as representative of the several underwriters named therein, relating to an underwritten offering (the Secondary Offering) of 32,842 shares of the Company’s common stock, par value $ 0.004 per share.

On November 22, 2022, the Secondary Offering was completed at a price of $ 9.40875 per share.

The Selling Stockholders received all of the net proceeds from this offering and no shares of common stock were sold by the Company.

On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares.

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Stock Repurchases

Repurchases Pursuant to Authorized Repurchase Program Announced in November 2020

On November 5, 2020, Laureate’s Board of Directors announced a stock repurchase program to acquire up to $ 300,000 of the Company’s common stock.

On April 30, 2021, the Company’s Board of Directors approved an increase of the authorization by $ 200,000 ;

on December 14, 2021, the Company’s Board of Directors approved an increase of the authorization by $ 100,000 , and on March 14, 2022, the Company’s Board of Directors approved an increase of the authorization by $ 50,000 , for a total authorization of up to $ 650,000 of the Company’s common stock.

The Company’s repurchases could be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act.

Repurchases could be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.

During the third quarter of 2022, the Company's repurchases reached the total authorized limit of $ 650,000 .

Repurchases Pursuant to Authorized Repurchase Program Announced in February 2024

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and SPG Co-Investment, L.P.

(together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 2,115

shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 14.64 per share for an aggregate purchase price of $ 30,958 .

(together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 2,115 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 14.64 per share for an aggregate purchase price of $ 30,958 .

During the second and third quarters of 2024, the Company repurchased 546 shares and 1,895 shares, respectively, of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $ 36,148 that reached the total authorized limit of $ 100,000 .

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On September 13, 2024, the Company announced that its Board of Directors had approved a new stock repurchase program to acquire up to $ 100,000 of the Company’s common stock.

During the fourth quarter of 2024, the Company repurchased 113 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Exchange Act, for total open market repurchases of

approximately $ 2,024 .

On October 30, 2025, the Company announced that its Board of Directors had approved a $ 150,000 increase to the authorization for the Company’s stock repurchase program.

On March 13, 2025, the Company entered into a stock purchase agreement with each of Snow Phipps Group, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P.

and SPG Co-Investment, L.P., pursuant to which the Company purchased an aggregate of 521 shares of its common stock at a purchase price of $ 17.47 per share for an aggregate purchase price of $ 9,101 .

Additionally, during the year ended December 31, 2025, the Company repurchased 7,833 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Exchange Act, for total open market repurchases of approximately $ 207,970 .

As of December 31, 2025, the dollar value of shares yet to be repurchased under this stock repurchase program was $ 30,905 .

On February 19, 2026, the Company announced that its Board of Directors had approved an additional $ 150,000 increase to the existing authorization for the Company’s stock repurchase program .

After giving effect to this new authorization and taking into account the cumulative repurchases through December 31, 2025, the Company may repurchase up to $ 180,905 of its common stock under its stock repurchase program, which has no fixed expiration date.

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.

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The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

Repurchases Made In Connection with Secondary Offering

In connection with the Secondary Offering completed on November 22, 2022, the Company’s Board of Directors approved the Company's repurchase of 7,971 shares out of the 32,842 shares of common stock sold in the Secondary Offering, at a per share price of $ 9.40875 , for a total of approximately $ 75,000 .

Dividends and Distributions

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In connection with the 2023 Special Dividend, the Board of Directors approved certain required adjustments under the Company’s equity award compensation plans.

Upon payment of the 2023 Special Dividend, the exercise price of the Company’s options was reduced by $ 0.70 per share, and holders of restricted and performance stock units received an amount in cash equal to $ 0.70 per unvested stock unit held payable when such unit vests.

Upon payment of the 2023 Special Dividend, the exercise price of the Company’s stock options was reduced by $ 0.70 per share, and holders of restricted and performance stock units received an amount in cash equal to $ 0.70 per unvested stock unit held payable when such unit vests.

If all outstanding stock units vest, the aggregate amount to be paid in respect of the units will be approximately $ 756 .

2022 Special Cash Distribution

On September 14, 2022, the Company announced that its Board of Directors approved, pursuant to the previously announced adoption of a Partial Liquidation Plan related to the distribution of net proceeds from the Company’s sale of Walden e-Learning LLC (the Walden Sale), the payment of a special cash distribution (the October 2022 Distribution) equal to $ 0.83 per each share of the Company’s common stock, par value $ 0.004 per share, to each holder of record on September 28, 2022.

The proceeds that were distributed were attributable to the release during the third quarter of 2022 of $ 71,700 of escrowed funds from the Walden Sale, plus remaining net proceeds that had yet to be distributed.

This is anticipated to be the final distribution pursuant to the Partial Liquidation Plan.

On October 12, 2022, the Company paid approximately $ 136,600 related to the October 2022 Distribution.

In connection with the October 2022 Distribution, the Board of Directors approved certain required adjustments under the Company’s equity award compensation plans.

The exercise prices of the Company’s stock options were reduced by $ 0.83 per

share, and holders of restricted and performance stock units will receive an amount in cash equal to $ 0.83 per unvested stock unit, payable when such unit vests.

2022 Special Cash Dividend

On October 24, 2022, the Board of Directors of the Company approved a special cash dividend (the 2022 Special Cash Dividend) equal to $ 0.68 per each share of the Company’s common stock, par value $ 0.004 per share, to each holder of record on November 4, 2022.

On November 17, 2022, the Company paid approximately $ 112,000 related to the 2022 Special Cash Dividend.

In connection with the 2022 Special Cash Dividend, the Board approved certain required adjustments under the Company’s equity award compensation plans.

The exercise price of the Company’s options was reduced by $ 0.68 per share, and holders of restricted and performance stock units will receive an amount in cash equal to $ 0.68 per unvested stock unit held payable when such unit vests.

Dividend Payable

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For the years ended December 31, 2025 2024 2023

United States $ ( 6,653 ) $ ( 5,488 ) $ ( 33,097 )

Federal $ 51,939 $ ( 6,653 ) $ ( 5,488 )

Foreign ( 171,098 ) ( 150,850 ) ( 187,971 )

State — — ( 273 )

Total current ( 119,159 ) ( 157,503 ) ( 193,459 )

United States — — 4,663

Federal — — —

Foreign 1,849 38,524 55,856

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Amortization of intangible assets 51,700 45,141

Deferred gain on Walden — 440

Unrealized gain — 2,469

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Net deferred tax assets $ 56,569 $ 48,390

Laureate does not provide deferred taxes on the portion of its unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely.

As of December 31, 2024, undistributed earnings from foreign subsidiaries totaled $ 431,000 .

If the Company were to remove its assertion and distribute the remaining unremitted earnings, we would record approximately $ 18,700 in additional deferred tax liabilities.

Laureate does not provide deferred taxes on the portion of its unremitted earnings attributable to foreign subsidiaries that have been considered indefinitely reinvested.

If the Company were to remove its assertion and distribute the remaining unremitted earnings, we would record approximately $ 19,700 in additional deferred tax liabilities as of December 31, 2025.

The amount of additional deferred tax liabilities recognized could increase if our expectations change based on future developments.

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In addition, on a tax-effected basis, the Company has $ 3,547 of foreign net operating loss carryforwards that expire from 2026 to 2034 and $ 6,082 of foreign net operating loss carryforwards that do not expire as well as $ 4,552 of tax credit carryforwards that do not expire and $ 45,697 of interest carryforwards that do not expire.

Most of the deferred tax liability for Investment in subsidiaries was released in 2024 as it was no longer required following the completion of an entity restructuring that received regulatory approval.

This resulted in a net deferred tax benefit of approximately $ 37,900 during the year ended December 31, 2024.

The Company assesses the realizability of deferred tax assets by examining all available evidence, both positive and negative.

Accounting guidance restricts the amount of reliance the Company can place on projected taxable income to support the recovery of the deferred tax assets when a company is in a three-year cumulative loss position.

A valuation allowance is recorded when the company is not able to identify a source of income to support realization of the deferred tax asset on a more-likely-than-not basis.

A valuation allowance is recorded when a company is not able to identify a source of income to support realization of the deferred tax asset on a more-likely-than-not basis.

The reconciliations of the beginning and ending balances of the valuation allowance on deferred tax assets were as follows:

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Balance at beginning of period $ 102,837 $ 270,982 $ 291,722

(Deductions) additions from tax expense from continuing operations ( 166,396 ) ( 22,815 ) 7,972

Additions (deductions) from tax expense from continuing operations 15,193 ( 166,396 ) ( 22,815 )

Charges to other accounts

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Balance at end of period $ 119,552 $ 102,837 $ 270,982

The reconciliations of the reported Income tax (expense) benefit to the amount that would result by applying the United States federal statutory tax rate of 21% to income from continuing operations before income taxes were as follows:

Pursuant to ASU 2023-09, for the year ended December 31, 2025, the reconciliation of the reported Income tax (expense) benefit to the amount that would result by applying the United States federal statutory tax rate of 21% to income from continuing operations before income taxes was as follows:

For the year ended December 31, 2025 $ Amount %

Tax expense at the United States statutory rate $ ( 84,191 ) 21.0 %

Non-taxable or non-deductible items ( 6,965 ) 1.7 %

Changes in valuation allowances ( 5,125 ) 1.3 %

Changes in unrecognized tax benefits 56,625 ( 14.1 ) %

Foreign tax effects

Tax effect of foreign income taxed at higher rate ( 18,921 ) 4.7 %

Capital redemption cost ( 5,062 ) 1.3 %

Other ( 856 ) 0.2 %

Tax effect of foreign income taxed at higher rate ( 28,761 ) 7.2 %

Withholding taxes ( 9,237 ) 2.3 %

Other ( 1,539 ) 0.4 %

Changes in valuation allowances ( 6,919 ) 1.7 %

Other 943 ( 0.2 ) %

Switzerland ( 5,057 ) 1.3 %

Other ( 2,245 ) 0.6 %

Total income tax expense $ ( 117,310 ) 29.3 %

Consistent with our presentation prior to the adoption of ASU 2023-09, for the years ended December 31, 2024 and 2023, the reconciliations of the reported Income tax (expense) benefit to the amount that would result by applying the United States federal statutory tax rate of 21% to income from continuing operations before income taxes were as follows:

For the years ended December 31, 2024 2023

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Tax credits 8,346 —

State income tax benefit, net of federal tax effect — — 669

Other — — ( 169 )

Total income tax expense $ ( 118,979 ) $ ( 137,603 )

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This resulted in a net deferred tax benefit of approximately $ 37,900 during the year ended December 31, 2024.

Included within permanent differences in the 2023 rate reconciliation was approximately $ 5,400 of tax benefit for a change in estimate related to unrealized foreign currency exchange that is fully offset by a corresponding change in the valuation allowance, as well as approximately $ 3,800 of tax benefit related to the inflationary adjustment for monetary assets, partially offset by approximately $ 6,700 of non-deductible expenses.

Included within permanent differences in the 2022 rate reconciliation was approximately $ 7,700 of tax expense from stock option shortfalls, $ 13,700 of non-deductible scholarship expenses, and $ 4,200 of taxable income related to intercompany dividends, as well as $ 11,200 of expense for a change in estimate related to unrealized foreign currency exchange that is fully offset by a corresponding increase in the valuation allowance.

allowance, as well as approximately $ 3,800 of tax benefit related to the inflationary adjustment for monetary assets, partially offset by approximately $ 6,700 of non-deductible expenses.

The reconciliations of the beginning and ending amount of unrecognized tax benefits were as follows:

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Additions for tax positions related to current year — — —

Decreases for unrecognized tax benefits as a result of a lapse in the statute of limitations ( 1,838 ) — ( 2,329 )

Decreases as a result of a lapse in the statute of limitations ( 53,035 ) ( 1,838 ) —

End of the period $ 183,363 $ 238,154 $ 255,716

Laureate records interest and penalties related to uncertain tax positions as a component of Income tax expense.

Laureate records interest and penalties related to unrecognized tax benefits as a component of Income tax expense.

During the years ended December 31, 2025, 2024 and 2023, net interest and penalties related to income taxes (decreased)/increased by $( 9,248 ), $( 739 ), and $ 10,155 , respectively.

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Approximately $ 61,906 of unrecognized tax benefits, if recognized, will affect the effective income tax rate.

It is reasonably possible that Laureate’s unrecognized tax benefits may decrease within the next 12 months by up to approximately $ 59,600 as a result of the resolution of outstanding tax matters in various jurisdictions.

Laureate and various subsidiaries file income tax returns in the United States federal jurisdiction, and in various states and foreign jurisdictions.

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United States federal and state statutes are generally open back to 2022.

however, the Internal Revenue Service (the IRS) has the ability to challenge 2005 through 2020 net operating loss carryforwards.

Statutes of other major jurisdictions are open back to 2021 for Chile, 2019 for Mexico, 2016 for Peru and 2018 for the Netherlands.

Statutes of other major jurisdictions are open back to 2019 for Mexico, 2016 for Peru, 2018 for the Netherlands and 2023 for Switzerland.

During the year ended December 31, 2025, the Company paid income taxes in the jurisdictions of Mexico and Peru of $ 63,005 and $ 100,073 , respectively, as well as total income taxes in other jurisdictions of $ 352 , for a total of $ 163,430 .

During the years ended December 31, 2024 and 2023, the Company paid income taxes of $ 194,811 and $ 171,284 , respectively.

Earnings (Loss) Per Share

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Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock.

To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and other share-based compensation arrangements determined using the treasury stock method.

To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.

The following tables summarize the computations of basic and diluted earnings per share:

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Income from continuing operations $ 283,816 $ 295,742 $ 117,029

Net loss attributable to noncontrolling interests 78 323 595

Net (income) loss attributable to noncontrolling interests ( 2,154 ) 78 323

Net income from continuing operations available to common stockholders for basic and diluted earnings per share $ 281,662 $ 295,820 $ 117,352

Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:

Net income (loss) from discontinued operations for basic and diluted earnings per share $ 654 $ ( 9,762 ) $ 8,260

Net (loss) income from discontinued operations for basic and diluted earnings per share $ ( 32 ) $ 654 $ ( 9,762 )

Denominator used in basic and diluted earnings (loss) per common share:

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Income from continuing operations $ 1.91 $ 1.93 $ 0.75

Income (loss) from discontinued operations — ( 0.06 ) 0.05

(Loss) income from discontinued operations — — ( 0.06 )

Basic earnings per share $ 1.91 $ 1.93 $ 0.69

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Income from continuing operations $ 1.89 $ 1.92 $ 0.74

Income (loss) from discontinued operations — ( 0.06 ) 0.05

(Loss) income from discontinued operations — — ( 0.06 )

Diluted earnings per share $ 1.89 $ 1.92 $ 0.68

The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

The following table summarizes the number of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

For the years ended December 31, 2025 2024 2023

Stock options — — 40

Restricted stock and RSUs 115 4 237

Restricted stock units

Related Party Transactions

2025 Stock Repurchases

As discussed in Note 11, Share-based Compensation and Equity, on March 13, 2025, the Company entered into a stock purchase agreement with certain Snow Phipps entities pursuant to which the Company purchased an aggregate of 521 shares of its common stock at a purchase price of $ 17.47 per share for an aggregate purchase price of $ 9,101 .

This repurchase, which was approved as a related party transaction by the Audit and Risk Committee of the Company’s Board of Directors, was pursuant to the Company’s existing share repurchase program that was announced on September 13, 2024.

2024 Stock Repurchases

As discussed in Note 11, Share-based Compensation and Equity, on March 5, 2024, the Company entered into a stock purchase agreement with the Torreal Sellers pursuant to which the Company purchased an aggregate of 2,607 shares of its common stock from the Torreal Sellers at a purchase price of $ 12.62 per share for an aggregate purchase price of $ 32,894 .

Additionally, on May 6, 2024, the Company entered into a stock purchase agreement with the Snow Phipps Sellers pursuant to which the Company purchased an aggregate of 2,115 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 14.64 per share for an aggregate purchase price of $ 30,958 .

These repurchases, which were approved as related party transactions by the Audit and Risk Committee of the Company’s Board of Directors, were pursuant to the Company’s $ 100,000 share repurchase program that was announced on February 22, 2024 and was completed in September 2024 .

These repurchases, which were approved as related party

transactions by the Audit and Risk Committee of the Company’s Board of Directors, were pursuant to the Company’s $ 100,000 share repurchase program that was announced on February 22, 2024 and was completed in September 2024 .

Payment to Wengen Alberta, Limited Partnership (Wengen)

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The matching on the “after-tax” Roth contributions is the same as the matching on the traditional “pre-tax” contributions.

Laureate made discretionary contributions in cash to this plan of $ 285 , $ 323 , and $ 287 for the years ended December 31, 2024, 2023 and 2022, respectively.

Supplemental Employment Retention Agreement (SERA)

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Legal and Regulatory Matters

Laureate is subject to legal proceedings arising in the ordinary course of business.

In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions.

Management believes that any settlement would not have a material impact on Laureate's financial position, results of operations, or cash flows.

Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business.

In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters.

Management believes that any judgment or settlement of these matters would not have a material impact on Laureate's financial position, results of operations, or cash flows.

Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations.

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In determining the amount of such gain subject to such tax, the gain is first multiplied by the percentage of the Company’s value that is represented by its Peruvian business determined under certain Peruvian valuation rules (the “Peru Ratio”).

This tax applies if the value of stock determined under certain Peruvian valuation rules (calculated in PEN) transferred multiplied by the Peru Ratio exceeds approximately $57,000 applying the PEN/USD exchange rate at

December 31, 2024 (the “Threshold”).

This tax applies if the value of stock determined under certain Peruvian valuation rules (calculated in PEN) transferred multiplied by the Peru Ratio exceeds approximately $65,000 applying the PEN/USD exchange rate at December 31, 2025 (the “Threshold”).

The Threshold is calculated in PEN and changes with currency exchange rates.

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Laureate periodically reviews its investment and cash repatriation strategies in order to meet our liquidity requirements in the United States.

Laureate recognized currency exchange adjustments attributable to intercompany loans that are not designated as indefinitely invested of $ 46,568 , $( 64,303 ) and $( 27,198 ) as part of Foreign currency exchange gain (loss), net, in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively.

Laureate recognized currency exchange adjustments attributable to intercompany loans that are not designated as indefinitely invested of $( 17,203 ), $ 46,568 and $( 64,303 ) as part of Foreign currency exchange (loss) gain, net, in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Write Off of Accounts and Notes Receivable

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Cash interest payments prior to interest income were $ 9,019 , $ 16,595 and $ 20,264 for the years ended December 31, 2025, 2024 and 2023, respectively.

Net cash payments for income taxes were $ 194,811 , $ 171,284 and $ 153,761 for the years ended December 31, 2024, 2023 and 2022, respectively.

Income Taxes, for cash payments for income taxes for the years ended December 31, 2025, 2024 and 2023, respectively.

Reconciliation of Cash and cash equivalents and Restricted cash

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Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 152,075 $ 97,854 $ 96,897

Subsequent Events

Increase to Authorized Stock Repurchase Program

As discussed in Note 11, Share-based Compensation and Equity, on February 19, 2026 , the Company announced that its Board of Directors had approved an additional $ 150,000 increase to the existing authorization for the Company’s stock repurchase program .

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data