LAUREATE EDUCATION, INC. 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)), as of the end of the period covered by this report. Based on that evaluation, our CEO and CFO have concluded that, as of December 31, 2025, our disclosure controls and procedures are effective. The Company’s disclosure controls and procedures are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our CEO and CFO, to allow timely decisions regarding required disclosures. Management’s Report on Internal Control Over Financial Reporting Management’s report on the Company’s internal control over financial reporting as of December 31, 2025 is included in Part II, Item 8 “Financial Statements.” The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm. Their report appears in Part II, Item 8 “Financial Statements.” Changes in Internal Control Over Financial Reporting There were no changes in our internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information Rule 10b5-1 Trading Arrangements During the three months ended December 31, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended). Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 91 Part III Item 10. Directors, Executive Officers and Corporate Governance Certain of this information will be contained in our definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference. Information about our Executive Officers The following table sets forth information regarding our current executive officers, including their ages. Executive officers serve at the request of the Board of Directors. There are no family relationships among any of our executive officers. Name Age Position Eilif Serck-Hanssen 60 Director, President and Chief Executive Officer Leslie S. Brush 62 Senior Vice President, Chief Legal Officer and Secretary Richard M. Buskirk 49 Senior Vice President and Chief Financial Officer Marcelo Barbalho Cardoso 54 Executive Vice President and Chief Operating Officer Eilif Serck-Hanssen has served as our Chief Executive Officer since January 2018 and became our President in July 2019. From March to December 2017, Mr. Serck-Hanssen served as our President and Chief Administrative Officer as well as our Chief Financial Officer. From 2008 to March 2017, Mr. Serck-Hanssen served as our Executive Vice President and Chief Financial Officer. Before joining the Company, Mr. Serck-Hanssen served as Chief Financial Officer and President of International Operations at XOJET, Inc. and was part of the team that founded premium airline, Eos Airlines, Inc., where he served Executive Vice President and Chief Financial Officer. Prior to starting Eos Airlines, Mr. Serck-Hanssen served in several executive positions at US Airways, Inc. (now American Airlines, Inc.) and Northwest Airlines, Inc. (now Delta Airlines, Inc.), including serving as a Senior Vice President and Treasurer of US Airways, Inc. Before joining the airline industry, Mr. Serck-Hanssen spent over five years with PepsiCo, Inc. in various international locations and three years with PricewaterhouseCoopers LLP (formerly Coopers & Lybrand Deloitte) in London. He is an Associate Chartered Accountant (ACA) and a member of the Institute of Chartered Accountants in England and Wales. Mr. Serck-Hanssen earned a B.S. in civil engineering from the Western Norway University of Applied Sciences, a B.A. in management science from the University of Kent at Canterbury (United Kingdom), and an M.B.A. from the University of Chicago Booth School of Business. Leslie S. Brush has served as our Senior Vice President, Chief Legal Officer and Secretary since April 2024. Ms. Brush previously served as our Deputy General Counsel and Secretary from March 2023 to 2024 and Vice President, Assistant General Counsel and Secretary from January 2020 to March 2023. Prior to joining Laureate in September 2019, Ms. Brush was Chief Governance Officer, Vice President-Legal and Secretary for software and solutions services company SunGard Data Systems (now part of FIS) for over 20 years and worked at global law firm Morgan, Lewis & Bockius. Ms. Brush earned a B.S. and M.S. in communication disorders from The Pennsylvania State University and a J.D. from Temple University School of Law. Richard M. Buskirk has served as our Senior Vice President and Chief Financial Officer since April 2021. Mr. Buskirk previously served as our Senior Vice President, Corporate Development from 2018 to April 2021 and as our Vice President, Global Financial Planning & Analysis from 2015 to 2018. Prior to joining Laureate, Mr. Buskirk was a CPA with Ernst & Young LLP, and an investment banker with Deutsche Bank, and worked for multiple global brands, including Vodafone, NII Holdings, Inc. (formerly Nextel International) and Sprint/Nextel in a range of financial, strategy and advisory positions. Mr. Buskirk earned a B.S. in accounting from the University of Maryland and a dual M.B.A. from Columbia University and London Business School. Marcelo Barbalho Cardoso has served as our Executive Vice President and Chief Operating Officer since June 2021. Mr. Cardoso has been with Laureate since 2011, holding several leadership positions across our Mexico and Brazil operations including Chief Executive Officer of Laureate Mexico from June 2022 to April 2025 and Chief Executive Officer of Laureate Brazil from 2019 to June 2021, Global Chief Transformation Officer during 2019, Chief Operating Officer of Laureate Brazil from 2017 to 2018, and Vice President of Operations and President of FMU from 2013 to 2017. Prior to joining Laureate, Mr. Cardoso served as Latin America Vice President, Business Ops & CFO for Dell EMC Computer Systems and held senior leadership positions at Johnson Controls. Mr. Cardoso earned an undergraduate degree in chemical engineering from Universidade Estadual de Campinas (Brazil) and an MBA in management from the University of Michigan. 92 Item 11. Executive Compensation This information will be contained in our definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters This information will be contained in our definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence This information will be contained in our definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference. Item 14. Principal Accountant Fees and Services This information will be contained in our definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference. 93 Part IV Item 15. Exhibits and Financial Statement Schedules (a) The following documents are filed as part of this report: (1) Financial Statements (certain schedules are omitted because they are not applicable or not required, or because the required information is included in the consolidated financial statements or notes thereto). (2) Those exhibits required by Item 601 of Regulation S-K and by paragraph (b) below. (b) The following exhibits are filed as part of this Annual Report or, where indicated, were filed and are incorporated by reference: Exhibit No. Exhibit Description Form File Number Exhibit Number Filing Date 2.1# Membership Interest Purchase Agreement, dated September 11, 2020, by and between Laureate Education, Inc. and Adtalem Global Education Inc. 10-Q 001-38002 2.11 11/05/2020 2.2# Waiver and Amendment to Membership Interest Purchase Agreement by and between Adtalem Global Education Inc. and Laureate Education, Inc., dated as of July 21, 2021 8-K 001-38002 2.1 07/27/2021 2.3# Amendment dated August 10, 2021 to Membership Interest Purchase Agreement, dated September 11, 2020, by and between Laureate Education, Inc. and Adtalem Global Education Inc. 10-Q 001-38002 2.2 11/04/2021 3.1 Amended and Restated Certificate of Incorporation S-1/A 333-207243 3.1 01/31/2017 3.2 Amended and Restated Bylaws S-1/A 333-207243 3.2 01/31/2017 3.3 Certificate of Retirement of Convertible Redeemable Preferred Stock, Series A 8-K 001-38002 3.1 07/20/2018 3.4 Certificate of Retirement of Class A Common Stock and Class B Common Stock 8-K 001-38002 3.1 12/17/2021 4.1 Description of Capital Stock of Laureate Education, Inc. 10-K 001-38002 4.1 02/23/2023 10.1† 2013 Long-Term Incentive Plan Form of Stock Option Agreement effective as of September 11, 2013 S-1/A 333-207243 10.34 11/20/2015 10.2† Form of Management Stockholder’s Agreement for equityholders S-1/A 333-207243 10.36 11/20/2015 10.3† Form of Stockholders’ Agreement for Individual Directors S-1/A 333-207243 10.48 11/20/2015 10.4† 2013 Long‑Term Incentive Plan Form of Stock Option Agreement for 2016 for Named Executive Officers S-1/A 333-207243 10.57 05/20/2016 10.5† 2013 Long‑Term Incentive Plan Form of Stock Option Agreement for 2016 S-1/A 333-207243 10.58 05/20/2016 10.6 Registration Rights Agreement by and among Laureate Education, Inc., each of the Investors set forth on Schedule A thereto, Douglas L. Becker and Wengen Alberta, Limited Partnership 10-K 001-38002 10.29 03/20/2018 10.7 Investors’ Stockholders Agreement by and among Laureate Education, Inc., Wengen Alberta, Limited Partnership and the Investors set forth on Schedule A thereto 10-K 001-38002 10.30 03/20/2018 10.8 Amended and Restated Securityholders Agreement by and among Wengen Alberta, Limited Partnership, Laureate Education, Inc. and the other parties thereto 8-K 001-38002 10.1 02/06/2017 10.9 Amendment No. 1 dated October 28, 2021 to the Amended and Restated Securityholders Agreement, dated as of February 6, 2017, among Wengen Alberta, Limited Partnership, Laureate Education, Inc. and the other parties thereto 10-K 001-38002 10.16 02/24/2022 10.10 Amended and Restated Registration Rights Agreement by and among Wengen Alberta, Limited Partnership, Wengen Investments Limited, Laureate Education, Inc. and the other parties thereto 8-K 001-38002 10.2 02/06/2017 94 Exhibit No. Exhibit Description Form File Number Exhibit Number Filing Date 10.11 Amended and Restated Guarantee, dated as of April 26, 2017, by Laureate Education, Inc. and certain domestic subsidiaries of Laureate Education, Inc. party thereto from time to time, as guarantors, in favor of Citibank, N.A., as collateral agent 10-Q 001-38002 10.83 05/11/2017 10.12 Amended and Restated Pledge Agreement, dated as of April 26, 2017, among Laureate Education, Inc. and certain domestic subsidiaries of Laureate Education, Inc. party thereto from time to time, as pledgors, and Citibank, N.A., as collateral agent 10-Q 001-38002 10.84 05/11/2017 10.13 Amended and Restated Security Agreement, dated as of April 26, 2017, among Laureate Education, Inc. and certain domestic subsidiaries of Laureate Education, Inc. party thereto from time to time, as grantors, and Citibank, N.A., as collateral agent 10-Q 001-38002 10.85 05/11/2017 10.14 Third Amended and Restated Credit Agreement, dated as of October 7, 2019, among Laureate Education, Inc., the lending institutions from time to time parties thereto, and Citibank, N.A., as administrative agent and collateral agent 8-K 001-38002 10.1 10/11/2019 10.15 First Amendment to Third Amended and Restated Credit Agreement, dated as of July 20, 2020, by Laureate Education, Inc. and Citibank, N.A., as administrative agent 10-Q 001-38002 10.57 11/05/2020 10.16 Second Amendment to Third Amended and Restated Credit Agreement dated as of December 23 , 202 2 , by Laureate Education, Inc. and Citibank, N.A., as administrative agent 10-K 001-38002 10.20 02/23/2023 10.17 Third Amendment to Third Amended and Restated Credit Agreement dated as of September 18, 2023 by Laureate Education, Inc. and Citibank, N.A., as administrative agent 10-Q 001-38002 10.1 11/02/2023 10.18† Laureate Education, Inc. Amended and Restated 2013 Long-Term Incentive Plan 8-K 001-38002 10.1 06/20/2017 10.19† Amended and Restated 2013 Long‑Term Incentive Plan Form of Performance-based Stock Option Agreement for 2017 10-Q 001-38002 10.52 08/08/2017 10.20† Amended and Restated 2013 Long‑Term Incentive Plan Form of Time-based Stock Option Agreement for 2017 10-Q 001-38002 10.53 08/08/2017 10.21† Amended and Restated 2013 Long‑Term Incentive Plan Form of Performance-based Stock Option Agreement for 2017 for Certain Executives 10-Q 001-38002 10.56 08/08/2017 10.22† Amended and Restated 2013 Long‑Term Incentive Plan Form of Time-based Stock Option Agreement for 2017 for Certain Executives 10-Q 001-38002 10.57 08/08/2017 10.23† Amended and Restated 2013 Long‑Term Incentive Plan Form of Time-based Stock Option Agreement for 2018 Grants 10-K 001-38002 10.29 02/24/2022 10.24† Amended and Restated 2013 Long‑Term Incentive Plan Form of Time-based Stock Option Agreement for 2019 Grants 10-K 001-38002 10.30 02/24/2022 10.25† Amended and Restated 2013 Long‑Term Incentive Plan Form of Restricted Stock Units Notice and Agreement for 2022-2024 Grants for Certain Executives 10-K 001-38002 10.32 02/24/2022 10.26† Amended and Restated 2013 Long‑Term Incentive Plan Form of Performance Share Units Notice and Agreement for 2023-2024 Grants 10-Q 001-38002 10.1 05/04/2023 10.27† Amended and Restated 2013 Long‑Term Incentive Plan Form of Special Restricted Stock Units Notice and Agreement dated May 30, 2024 for Certain Executives 10-Q 001-38002 10.2 08/01/2024 10.28† Amended and Restated 2013 Long Term Incentive Plan Form of Performance Share Units Notice and Agreement for 2025-2026 Grants 10-Q 001-38002 10.2 05/01/2025 10.29† 2013 Long-Term Incentive Plan Form of Restricted Stock Units Agreement for Non-Employee Directors 10-K 001-38002 10.35 02/24/2022 10.30† Form of Director Indemnity Agreement 10-Q 001-38002 10.64 08/08/2019 95 Exhibit No. Exhibit Description Form File Number Exhibit Number Filing Date 10.31† Form of Director and Officer Indemnity Agreement 10-Q 001-38002 10.1 08/04/2022 10.32† Promotion Offer Letter, dated March 16, 2021, between Laureate Education, Inc. and Richard M. Buskirk 10-K 001-38002 10.44 02/24/2022 10.33† Independent Contractor and Consultant Agreement, dated May 28, 2021, between Laureate Education, Inc. and Marcelo Barbalho Cardoso 10-K 001-38002 10.46 02/24/2022 10.34† Amendment dated July 21, 2022 to Independent Contractor and Consultant Agreement, dated May 28, 2021, between Laureate Education, Inc., Marcelo Barbalho Cardoso and MC Consultoria and Assesoria Empresarial LTDA 10-K 001-38002 10.43 02/23/2023 10.35† Second Amendment to Independent Contractor and Consultant Agreement as of March 1, 2022 between Laureate Education, Inc. and MC Consultoria and Assesoria Empresarial LTDA 10-K 001-38002 10.44 02/23/2023 10.36† Third Amendment to Independent Contractor and Consultant Agreement as of March 1, 2023 between Laureate Education, Inc. and MC Consultoria and Assesoria Empresarial LTDA 10-Q 001-38002 10.2 05/04/2023 10.37† Fourth Amendment to Independent Contractor and Consultant Agreement as of September 18, 2023 between Laureate Education, Inc. and MC Consultoria and Assesoria Empresarial LTDA 10-Q 001-38002 10.2 11/02/2023 10.38† Fifth Amendment to Independent Contractor and Consultant Agreement as of March 1, 2024 between Laureate Education, Inc. and MC Consultoria and Assesoria Empresarial LTDA 10-Q 001-38002 10.2 05/02/2024 10.39† Sixth Amendment to Independent Contractor and Consultant Agreement as of March 1, 2025 between Laureate Education, Inc. and MC Consultoria and Assesoria Empresarial LTDA 10-Q 001-38002 10.1 05/01/2025 10.40† Form of Annual Incentive Plan for Certain Executives 10-Q 001-38002 10.3 05/01/2025 10.41† Promotion Offer Letter, dated February 29, 2024, between Laureate US Holdings Corporation and Leslie S. Brush 10-K 001-38002 10.43 02/20/2025 10.42† Employment Letter Agreement, dated December 12, 2024, between Laureate Education, Inc. and Eilif Serck-Hanssen, including Form of One-Time Restricted Stock Unit Award 10-K 001-38002 10.46 02/20/2025 10.43† Laureate Education, Inc. Directors Deferral Plan 10-Q 001-38002 10.1 10/30/2025 19 Laureate Education, Inc. Insider Trading Policy 10-K 001-38002 19 02/20/2025 21.1* List of Subsidiaries of the Registrant 23.1* Consent of PricewaterhouseCoopers LLP 31.1* Certification pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 31.2* Certification pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 32* Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 97 Laureate Education, Inc. Incentive Compensation Clawback Policy 10-K 001-38002 97 2/22/2024 96 Exhibit No. Exhibit Description Form File Number Exhibit Number Filing Date Ex. 101.INS* XBRL Instance Document - - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document Ex. 101.SCH* Inline XBRL Taxonomy Extension Schema Document Ex. 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Ex. 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Ex. 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Ex. 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) * Filed herewith. # The exhibits, disclosure schedules, and other schedules, as applicable, have been omitted pursuant to Item 601(a)(5) of Regulation S-K. † Indicates a management contract or compensatory plan or arrangement. The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time. Item 16. Form 10-K Summary None. 97 Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 19, 2026. Laureate Education, Inc. By: /s/ RICHARD M. BUSKIRK Richard M. Buskirk Senior Vice President and Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Name Title Date /s/ EILIF SERCK-HANSSEN President, Chief Executive Officer and Director February 19, 2026 Eilif Serck-Hanssen (Principal Executive Officer) /s/ RICHARD M. BUSKIRK Senior Vice President and Chief Financial Officer February 19, 2026 Richard M. Buskirk (Principal Financial Officer) /s/ GERARD M. KNAUER Vice President, Accounting and Global Controller February 19, 2026 Gerard M. Knauer (Principal Accounting Officer) /s/ ANDREW B. COHEN Chairman of the Board February 19, 2026 Andrew B. Cohen /s/ WILLIAM J. DAVIS Director February 19, 2026 William J. Davis /s/ PEDRO DEL CORRO Director February 19, 2026 Pedro del Corro /s/ ARISTIDES DE MACEDO Director February 19, 2026 Aristides de Macedo /s/ KENNETH W. FREEMAN Director February 19, 2026 Kenneth W. Freeman /s/ BARBARA MAIR Director February 19, 2026 Barbara Mair /s/ GEORGE MUÑOZ Director February 19, 2026 George Muñoz /s/ DR. JUDITH RODIN Director February 19, 2026 Dr. Judith Rodin /s/ IAN K. SNOW Director February 19, 2026 Ian K. Snow 98