Laureate Education : Q3 2023 Laureate Education, Inc. Earnings Conference Call

Third Quarter 2023

Earnings Presentation

November 2, 2023

© 2023 Laureate Education, Inc.

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Forward Looking Statements

This presentation includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ''forward-looking statements'' within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate's actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates'' or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward- looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 23, 2023, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes that our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under "Industry and Market Data" in Laureate's filings with the SEC.

© 2023 Laureate Education, Inc.

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Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this presentation, Laureate provides the non-GAAP measurements of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow. We have included these non-GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans.

Adjusted EBITDA consists of net income (loss), adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenue, provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures, plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.

Total debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate's leverage and liquidity.

Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debt.

Laureate's calculations of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA and Free Cash Flow are reconciled from their respective GAAP measures in the attached tables "Non-GAAP Reconciliation".

We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local- currency operating results for the current period, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation.

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© 2023 Laureate Education, Inc.

SUMMARY OVERVIEW

Note: Throughout this presentation amounts may not sum to totals due to rounding	4
© 2023 Laureate Education, Inc.

Executive Summary

• Q3 results in-line with expectations
• New and Total Enrollments up 9% and 6% YTD, respectively versus prior year period
• Net Income of $36M in Q3; $5M improvement versus prior year period
• FX rates weaker vs August, but still favorable versus prior year
• Cash accretive business model with strong balance sheet
• • Year to date free cash flow increase of $23M vs YTD September prior year
  • Net Debt of $4M as of September 30th (essentially unlevered balance sheet)
• Announcing special cash dividend of $0.70 per share to be paid on November 30th
• • Continued commitment to return capital to shareholders

Strong Primary New Enrollment Intake for Mexico During Third Quarter

Continued Commitment to Return Capital to Shareholders

© 2023 Laureate Education, Inc. 5

COMPELLING INVESTMENT CHARACTERISTICS

© 2023 Laureate Education, Inc.

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Large Markets with Low Penetration Rates in Higher Education

	Mexico	Peru	Combined
Population (M)	129M	32M	161M
Higher Education	5,058	1,811	6,869
Students (000s)
Higher Education Gross	34%2	52%2	37%	U.S. E.U.
Participation Rate1	62% 54%

Market Share for	42%	73%	53%
Private Institutions3

Sources: UNESCO, World Bank, Secretaría de Educación Pública (Mexico), Superintendencia Nacional de Educación Superior Universitaria (Peru), Ministry of Education of Peru. Data as of year-end 2021.

1. Defined as total enrollments as compared to 18-24 year old population; European Union (EU) is based on management estimate.
2. Includes 12% participation in Technical/Vocation institutions in Peru, 1% in Mexico.
3. Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 36%); for Peru based on total country.

Attractive Markets with Strong Growth Opportunities

Fueled by Increasing Participation Rates

© 2023 Laureate Education, Inc.

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Leading University Portfolio in Mexico & Peru

Mexico

Peru

Brand

Universidad del

Valle de México (UVM)

Universidad Tecnológica

de México (UNITEC)

Universidad Peruana de Ciencias Aplicadas (UPC)

Universidad Privada

del Norte (UPN)

CIBERTEC

Enrollment	Market	QS StarsTM
Founded @ 9/30/23	•	Overall	Ratings / Rankings
Segment
			 Ranked Top 10 university in Mexico

Premium/

1960 114,200 Traditional  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness

 Largest private university in Mexico

Value/

1966 134,300 Teaching  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness

		Premium/	 Ranked Top 5 university in Peru
1994	69,700	 5-Stars rated by QS Stars™ in categories
Traditional
		of Employability & Inclusiveness
		Value/	 3rd largest private university in Peru
1994	118,500	 5-Stars rated by QS Stars™ in categories
Teaching
		of Employability & Inclusiveness
		Technical/	 2nd largest private technical / vocational
1983	22,000	institute in Peru
Vocational

Operating Leading Brands in Attractive Market Segments

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Sources: QS Stars™, Guía Universitaria (UVM), AmericaEconomia (UPC)	© 2023 Laureate Education, Inc.

Q3 & YTD 2023 PERFORMANCE RESULTS

© 2023 Laureate Education, Inc.

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2023 Third Quarter - Financial Summary

	Q3 '23	Variance Vs. Q3 '22		Notes
($ in millions)	Results	As Reported	Organic/CC1
(Enrollments rounded to the nearest
thousand)
				• Mexico +7% (up 4% adjusted for
New Enrollment	115K	6%	6%		timing of intake close -- on top of 17%
	increase during PY primary intake)
				•	Peru +2%

Total Enrollment	459K	6%	6%
Revenue	$362	20%	8%
Adj. EBITDA	$78	8%	(2%)
Adj. EBITDA margin	21.7%	(250 bps)	(219 bps)

• Mexico +9%
• Peru +4%
• Enrollment growth and price/mix
• Q3 impacted by shifting of expenses from 1H, as discussed on prior earnings call

Strong Primary Intake for Mexico During Third Quarter

1. Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other

items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets.	© 2023 Laureate Education, Inc.	10