Diario | Latin America

Research evidence excerpt

Diario | Latin America

asey's. Exhibit 3 - Laureate NTM EV/EBITDA (x)

Laureate Education (Buy) | Positive Outlook Supported by Peru Tailwinds, FX, Solid

Execution and Continued Buybacks. We remain positive on Laureate, supported by improving

macro and political prospects in Peru and continued operational execution across its core

markets. Enrollment trends remain healthy, with 1Q intake completed and early indications

pointing to a stable cycle in Mexico for the September intake, although it is still early in the

process. We expect $2–3m potential headwind (EBITDA) from Mexico at the current FX.

Laureate had c$76m buyback to be executed by the end of March (following ~$105m total in .

1Q26), which we believe should be completed in 2Q, and followed by another plan for the 2H26 Source: FactSet, Jefferies

($291m EqFCF in 2026E, 6% yield).

Charting LatAm #3: Tariffs, Trade & Treaties. To start, a brief overview of the export

composition of LatAm’s main economies. Mexico stands out as structurally different from its

peers, with around 80% of exports in manufacturing, whereas other economies remain highly

reliant on primary sectors – such as agriculture in Brazil and Argentina, and mining in Peru and

Chile. Full Chartbook.

Alex Wright * | Equity Analyst

Invite | Fireside Chat with Auna President and Executive VPs. We are hosting a virtual group +44 (0)20 7029 8368 | awright5@jefferies.com

meeting with Suso Zamora (President & Executive Chairman), Gisele Remy (CFO & EVP), and Alejandro Anibal Demichelis ^ | Equity Analyst

Lorenzo Massart (EVP of Strategy and ECM) on Thursday, 11th June, at 9am ET / 2pm UK +34 919498377 | ademichelis@jefferies.com

(new time). Auna is an integrated healthcare platform with operations in Peru, Mexico, Colombia Pedro Baptista ^ | Equity Analyst