LAUREATE EDUCATION, INC. 10-Q

Item 1. Financial Statements (Unaudited) -LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Operations IN THOUSANDS, except per share amounts For the three months ended March 31, 2026 2025 (Unaudited) (Unaudited) Revenues $ 272,612 $ 236,162 Costs and expenses: Direct costs 289,005 238,363 General and administrative expenses 11,134 10,990 Operating loss ( 27,527 ) ( 13,191 ) Interest income 1,906 1,519 Interest expense ( 3,139 ) ( 2,366 ) Other income (expense), net 439 ( 15 ) Foreign currency exchange gain (loss), net 1,016 ( 3,199 ) Loss from continuing operations before income taxes and equity in net income of affiliates ( 27,305 ) ( 17,252 ) Income tax benefit (expense) 5,711 ( 2,517 ) Equity in net income of affiliates, net of tax — 3 Loss from continuing operations ( 21,594 ) ( 19,766 ) Income from discontinued operations, net of tax of $ 0 for both periods — 213 Net loss ( 21,594 ) ( 19,553 ) Net loss attributable to noncontrolling interests — 57 Net loss attributable to Laureate Education, Inc. $ ( 21,594 ) $ ( 19,496 ) Basic and diluted earnings (loss) per share: Basic and diluted loss per share $ ( 0.15 ) $ ( 0.13 ) The accompanying notes are an integral part of these consolidated financial statements. 2 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income IN THOUSANDS For the three months ended March 31, 2026 2025 (Unaudited) (Unaudited) Net loss $ ( 21,594 ) $ ( 19,553 ) Other comprehensive income (loss): Foreign currency translation adjustment, net of tax of $ 0 for both periods ( 11,859 ) 9,333 Minimum pension liability adjustment, net of tax of $ 0 for both periods 48 — Total other comprehensive (loss) income ( 11,811 ) 9,333 Comprehensive loss ( 33,405 ) ( 10,220 ) Net comprehensive loss attributable to noncontrolling interests 1 60 Comprehensive loss attributable to Laureate Education, Inc. $ ( 33,404 ) $ ( 10,160 ) The accompanying notes are an integral part of these consolidated financial statements. 3 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Balance Sheets IN THOUSANDS, except per share amounts March 31, 2026 December 31, 2025 Assets (Unaudited) Current assets: Cash and cash equivalents $ 157,353 $ 146,703 Restricted cash 5,634 5,372 Receivables: Accounts and notes receivable 173,513 244,070 Other receivables 2,436 15,735 Allowance for doubtful accounts ( 120,426 ) ( 125,056 ) Receivables, net 55,523 134,749 Income tax receivable 19,903 2,568 Prepaid expenses and other current assets 32,235 28,956 Total current assets 270,648 318,348 Property and equipment: Land 159,111 162,595 Buildings 408,608 397,102 Furniture, equipment and software 597,030 596,546 Leasehold improvements 160,903 159,875 Construction in-progress 27,995 26,704 Accumulated depreciation and amortization ( 720,162 ) ( 714,206 ) Property and equipment, net 633,485 628,616 Operating lease right-of-use assets, net 453,755 335,626 Goodwill 635,213 637,300 Tradenames, net 165,037 166,195 Deferred costs, net 4,566 4,537 Deferred income taxes 74,597 72,159 Other assets 42,164 41,888 Long-term assets held for sale 1,682 1,681 Total assets $ 2,281,147 $ 2,206,350 The accompanying notes are an integral part of these consolidated financial statements. 4 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Balance Sheets (continued) IN THOUSANDS, except per share amounts March 31, 2026 December 31, 2025 Liabilities and stockholders' equity (Unaudited) Current liabilities: Accounts payable $ 45,742 $ 57,126 Accrued expenses 81,530 72,669 Accrued compensation and benefits 83,888 112,591 Deferred revenue and student deposits 130,353 80,161 Current portion of operating leases 49,901 55,971 Current portion of long-term debt and finance leases 55,124 54,585 Income taxes payable — 13,225 Other current liabilities 28,209 26,579 Total current liabilities 474,747 472,907 Long-term operating leases, less current portion 456,968 331,792 Long-term debt and finance leases, less current portion 160,717 73,123 Deferred compensation 7,580 7,482 Income taxes payable 77,693 78,979 Deferred income taxes 15,459 15,590 Other long-term liabilities 38,530 37,717 Total liabilities 1,231,694 1,017,590 Redeemable equity 1,398 1,398 Stockholders' equity: Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025 — — Common stock, par value $ 0.004 per share – 700,000 shares authorized, 139,978 shares issued and outstanding as of March 31, 2026 and 142,940 shares issued and outstanding as of December 31, 2025 560 572 Additional paid-in capital 1,051,877 1,075,460 Retained earnings 312,988 416,889 Accumulated other comprehensive loss ( 316,794 ) ( 304,984 ) Total Laureate Education, Inc. stockholders' equity 1,048,631 1,187,937 Noncontrolling interests ( 576 ) ( 575 ) Total stockholders' equity 1,048,055 1,187,362 Total liabilities and stockholders' equity $ 2,281,147 $ 2,206,350 The accompanying notes are an integral part of these consolidated financial statements. 5 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows IN THOUSANDS For the three months ended March 31, 2026 2025 Cash flows from operating activities (Unaudited) (Unaudited) Net loss $ ( 21,594 ) $ ( 19,553 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 22,584 16,078 Amortization of operating lease right-of-use assets 9,091 8,125 Gain on lease terminations and disposals of subsidiaries and property and equipment, net ( 90 ) ( 255 ) Non-cash interest expense 593 380 Non-cash share-based compensation expense 2,616 2,463 Bad debt expense 6,337 4,395 Deferred income taxes ( 2,614 ) 4,860 Unrealized foreign currency exchange (gain) loss ( 1,543 ) 2,932 Other, net 3,847 3,304 Changes in operating assets and liabilities: Receivables 71,824 40,931 Prepaid expenses and other assets ( 6,344 ) ( 9,930 ) Accounts payable and accrued expenses ( 37,715 ) ( 18,501 ) Income tax receivable/payable, net ( 31,936 ) ( 20,940 ) Deferred revenue and other liabilities 46,876 43,488 Net cash provided by operating activities 61,932 57,777 Cash flows from investing activities Purchase of property and equipment ( 8,330 ) ( 4,612 ) Receipts from sales of property and equipment 29 56 Net cash used in investing activities ( 8,301 ) ( 4,556 ) Cash flows from financing activities Borrowings on debt 95,127 30,000 Payments on debt ( 23,641 ) ( 22,461 ) Payment of dividend equivalent rights for vested share-based awards ( 97 ) ( 386 ) Proceeds from exercise of stock options 84 42 Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options ( 4,603 ) ( 2,345 ) Payments to repurchase common stock and excise tax payments ( 108,175 ) ( 39,499 ) Net cash used in financing activities ( 41,305 ) ( 34,649 ) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash ( 1,414 ) 875 Change in cash included in current assets held for sale — ( 393 ) Net change in Cash and cash equivalents and Restricted cash 10,912 19,054 Cash and cash equivalents and Restricted cash at beginning of period 152,075 97,854 Cash and cash equivalents and Restricted cash at end of period $ 162,987 $ 116,908 The accompanying notes are an integral part of these consolidated financial statements. 6 Laureate Education, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Dollars and shares in thousands) Note 1. Description of Business Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through a portfolio of degree-granting higher education institutions in Mexico and Peru. Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017, and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.” The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the 2025 Form 10-K). Note 2. Revenue Revenue Recognition 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. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate’s institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue, as applicable. 7 The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2026 and 2025: Mexico Peru Corporate (1) Total 2026 Tuition and educational services $ 282,342 $ 53,764 $ — $ 336,106 123 % Other 42,647 14,818 16 57,481 21 % Gross revenue 324,989 68,582 16 393,587 144 % Less: Discounts / waivers / scholarships ( 114,347 ) ( 6,628 ) — ( 120,975 ) ( 44 ) % Total $ 210,642 $ 61,954 $ 16 $ 272,612 100 % 2025 Tuition and educational services $ 244,069 $ 39,507 $ — $ 283,576 120 % Other 39,600 11,047 51 50,698 22 % Gross revenue 283,669 50,554 51 334,274 142 % Less: Discounts / waivers / scholarships ( 94,414 ) ( 3,698 ) — ( 98,112 ) ( 42 ) % Total $ 189,255 $ 46,856 $ 51 $ 236,162 100 % (1) Includes the elimination of inter-segment revenues. Contract Balances 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. 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. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session. All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets. Total accounts receivable from our contracts with students were $ 173,513 and $ 244,070 as of March 31, 2026 and December 31, 2025, respectively. The decrease in the contract assets balance at March 31, 2026 compared to December 31, 2025 was primarily driven by enrollment cycles, in particular the repayment of outstanding amounts by students re-enrolling for the next academic session. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current. Contract liabilities in the amount of $ 130,353 and $ 80,161 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. The increase in the contract liability balance during the period ended March 31, 2026 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period. Revenue recognized during the three months ended March 31, 2026 that was included in the contract liability balance at the beginning of the year was approximately $ 54,716 . Note 3. Business and Geographic Segment Information Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Laureate’s Chief Executive Officer is the chief operating decision maker. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, 8 global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our in-country networks. There are a number of private and public institutions in both of the countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below. In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses. In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 20 campuses. Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items. The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process. Adjusted EBITDA is defined as Loss from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (loss), 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. 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. 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. We use total assets as the measure of assets for reportable segments. 9 The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations: For the three months ended March 31, 2026 2025 Adjusted EBITDA of reportable segments: Mexico $ 41,476 $ 52,959 Peru ( 34,941 ) ( 38,842 ) Total Adjusted EBITDA of reportable segments 6,535 14,117 Reconciling items: Corporate ( 8,862 ) ( 8,767 ) Depreciation and amortization expense ( 22,584 ) ( 16,078 ) Share-based compensation expense ( 2,616 ) ( 2,463 ) Operating loss ( 27,527 ) ( 13,191 ) Interest income 1,906 1,519 Interest expense ( 3,139 ) ( 2,366 ) Other income (loss), net 439 ( 15 ) Foreign currency gain (loss), net 1,016 ( 3,199 ) Loss from continuing operations before income taxes and equity in net income of affiliates $ ( 27,305 ) $ ( 17,252 ) The following table presents significant segment expenses of our reportable segments: For the three months ended March 31, 2026 2025 Mexico Revenues $ 210,642 $ 189,255 Less: Labor costs 80,766 64,429 Lease and other facilities costs 27,006 23,091 Advertising costs 16,255 12,678 Other costs (1) 45,139 36,098 Adjusted EBITDA $ 41,476 $ 52,959 Peru Revenues $ 61,954 $ 46,856 Less: Labor costs 57,411 48,450 Lease and other facilities costs 6,913 7,374 Advertising costs 13,621 9,961 Other costs (1) 18,950 19,913 Adjusted EBITDA $ ( 34,941 ) $ ( 38,842 ) (1) Other costs for each reportable segment include: professional services expense, technology expense, bad debt and other direct costs. 10 The following table presents other financial information of our reportable segments: For the three months ended March 31, 2026 2025 Mexico Depreciation and amortization expense $ 14,345 $ 9,300 Expenditures for long-lived assets $ 6,228 $ 2,580 Peru Depreciation and amortization expense $ 8,228 $ 6,600 Expenditures for long-lived assets $ 2,102 $ 2,032 The following table presents the total assets of our reportable segments: March 31, 2026 December 31, 2025 Assets Mexico $ 1,491,406 $ 1,383,658 Peru 645,831 674,902 Corporate 143,910 147,790 Total assets $ 2,281,147 $ 2,206,350 Note 4. Goodwill The change in the net carrying amount of Goodwill from December 31, 2025 through March 31, 2026 was composed of the following items: Mexico Peru Total Balance at December 31, 2025 $ 557,241 $ 80,059 $ 637,300 Currency translation adjustments 174 ( 2,261 ) ( 2,087 ) Balance at March 31, 2026 $ 557,415 $ 77,798 $ 635,213 Note 5. Debt Outstanding long-term debt was as follows: March 31, 2026 December 31, 2025 Senior long-term debt: Senior Secured Credit Facility $ 75,000 $ — Other debt: Lines of credit 42,064 43,278 Note payable 21,845 22,313 Total senior and other debt 138,909 65,591 Finance lease obligations 78,155 63,463 Total long-term debt and finance leases 217,064 129,054 Less: total unamortized deferred financing costs 1,223 1,346 Less: current portion of long-term debt and finance leases 55,124 54,585 Long-term debt and finance leases, less current portion $ 160,717 $ 73,123 11 Senior Secured Credit Facility The Company maintains a revolving credit facility (the Revolving Credit Facility) under its credit agreement (the Amended Credit Agreement) that provides for $ 155,000 of revolving credit loans maturing September 18, 2028. 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.” As of March 31, 2026 and December 31, 2025, the Senior Secured Credit Facility had a total outstanding balance of $ 75,000 and $ 0 , respectively. Estimated Fair Value of Debt As of March 31, 2026 and December 31, 2025, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of March 31, 2026, our Amended Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Amended Credit Agreement provides, solely with respect to the Revolving Credit Facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3 as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The Amended Credit Agreement also provides that if less than 25 % of the Revolving Credit Facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2026, more than 25 % of the Revolving Credit Facility was utilized, and we were in compliance with the leverage ratio covenant. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2026. Note 6. Commitments and Contingencies Contingencies 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 As of March 31, 2026 and December 31, 2025, Laureate had recorded cumulative liabilities for income tax contingencies of $ 77,693 and $ 78,979 , respectively. Non-Income Tax Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of March 31, 2026 and December 31, 2025, approximately $ 12,500 and $ 12,800 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets. We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $ 19,900 if the outcomes were unfavorable. 12 Guarantees 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. As of March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 7,800 and $ 8,100 , 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 both March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 12,500 . Note 7. Stockholders’ Equity The components of net changes in stockholders’ equity for the three months ended March 31, 2026 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2025 142,940 $ 572 $ 1,075,460 $ 416,889 $ ( 304,984 ) $ ( 575 ) $ 1,187,362 Non-cash share-based compensation — — 2,616 — — — 2,616 Purchase and retirement of common stock ( 3,168 ) ( 13 ) ( 23,835 ) ( 82,307 ) — — ( 106,155 ) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 206 1 ( 2,364 ) — — — ( 2,363 ) Net loss — — — ( 21,594 ) — — ( 21,594 ) Foreign currency translation adjustment, net of tax of $ 0 — — — — ( 11,858 ) ( 1 ) ( 11,859 ) Minimum pension liability adjustment, net of tax of $ 0 — — — — 48 — 48 Balance at March 31, 2026 139,978 $ 560 $ 1,051,877 $ 312,988 $ ( 316,794 ) $ ( 576 ) $ 1,048,055 Stock Repurchases On September 13, 2024, the Company announced that its Board of Directors had approved a $ 100,000 stock purchase program . 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 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, for a total authorization of $ 400,000 that has no fixed expiration date. As of March 31, 2026, the Company had $ 75,795 of capacity remaining under its stock repurchase authorization. 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. The Company’s proposed repurchases may 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 may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. 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. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings to the extent that positive retained earnings exist. 13 The components of net changes in stockholders’ equity for the three months ended March 31, 2025 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2024 150,794 $ 604 $ 1,129,511 $ 291,644 $ ( 462,210 ) $ ( 2,404 ) $ 957,145 Non-cash share-based compensation — — 2,463 — — — 2,463 Purchase and retirement of common stock ( 2,181 ) ( 9 ) ( 16,339 ) ( 25,875 ) — — ( 42,223 ) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 197 1 ( 1,129 ) — — — ( 1,128 ) Equitable adjustments to stock-based awards — — ( 2 ) — — — ( 2 ) Net loss — — — ( 19,496 ) — ( 57 ) ( 19,553 ) Foreign currency translation adjustment, net of tax of $ 0 — — — — 9,336 ( 3 ) 9,333 Balance at March 31, 2025 148,810 $ 596 $ 1,114,504 $ 246,273 $ ( 452,874 ) $ ( 2,464 ) $ 906,035 Share-based Compensation Expense During the three months ended March 31, 2026 and 2025, the Company recorded share-based compensation expense for restricted stock unit awards of $ 2,616 and $ 2,463 , respectively. Accumulated Other Comprehen sive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. Laureate reports changes in AOCI on our Consolidated Statements of Stockholders’ Equity. The components of these balances were as follows: March 31, 2026 December 31, 2025 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ ( 325,468 ) $ 960 $ ( 324,508 ) $ ( 313,610 ) $ 961 $ ( 312,649 ) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment ( 1,742 ) — ( 1,742 ) ( 1,790 ) — ( 1,790 ) Accumulated other comprehensive loss $ ( 316,794 ) $ 960 $ ( 315,834 ) $ ( 304,984 ) $ 961 $ ( 304,023 ) Note 8. Income Taxes Laureate’s income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2026 and 2025 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods. Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not ‘ more likely than not ’ that a tax benefit will be realized on the loss. For the three months ended March 31, 2026, the Company recognized an income tax benefit of $ 5,711 , as compared to income tax expense of $( 2,517 ) in the prior-year period. 14 Note 9. Earnings Per Share Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. 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 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: For the three months ended March 31, 2026 2025 Numerator used in basic and diluted earnings per common share for continuing operations: Loss from continuing operations $ ( 21,594 ) $ ( 19,766 ) Loss attributable to noncontrolling interests — 57 Net loss from continuing operations for basic and diluted earnings per share $ ( 21,594 ) $ ( 19,709 ) Numerator used in basic and diluted earnings per common share for discontinued operations: Net income from discontinued operations for basic and diluted earnings per share $ — $ 213 Denominator used in basic and diluted earnings per common share: Basic and diluted weighted average shares outstanding 142,294 147,563 Basic and diluted earnings (loss) per share: Loss from continuing operations $ ( 0.15 ) $ ( 0.13 ) Income from discontinued operations — — Basic and diluted loss per share $ ( 0.15 ) $ ( 0.13 ) The following table summarizes the number of stock options and restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive: For the three months ended March 31, 2026 2025 Stock options 294 316 Restricted stock units 962 1,179 Note 10. Legal and Regulatory Matters 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. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2025 Form 10‑K. 15 Note 11. Supplemental Cash Flow Information Reconciliation of Cash and cash equivalents and Restricted cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2025 balance. The March 31, 2026 and March 31, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025: March 31, 2026 March 31, 2025 December 31, 2025 Cash and cash equivalents $ 157,353 $ 109,776 $ 146,703 Restricted cash 5,634 7,132 5,372 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 162,987 $ 116,908 $ 152,075 Restricted cash represents cash that is not immediately available for use in current operations. Supplemental Noncash Information During the three months ended March 31, 2026, the Company recorded additional operating lease right-of-use assets and operating lease liabilities of approximately $ 134,000 that were predominantly related to the extension of leases for campus real estate in our Mexico segment. 16