Laureate Highlights from the 2Q26 Conference Call

Research evidence excerpt

Laureate Highlights from the 2Q26 Conference Call

J P M O R G A N Latin America Equity Research

30 July 2026

Laureate Overweight

LAUR, LAUR US

Highlights from the 2Q26 Conference Call Price (29 Jul 26):$38.41

LatAm Technology & Telecom /

Laureate concluded its conference call to discuss its 2Q26 results. Key highlights Education

include: Marcelo Santos, CFA AC

(55-11) 4950-3708

• EBITDA margins to continue expanding 30bps+ per year, driven by marcelo.p.santos@jpmorgan.com

Mexico, via continued operating leverage/flow-through on incremental Livea Mizobata

revenue and additional targeted efficiencies from a centralized cost structure. (55-11) 4950-3604

A key lever is closing the ~6%+ rent delta (Mexico leases vs. Peru owned livea.mizobata@jpmorgan.com

properties), which management believes it can substantially close over the next Victoria Antonello

3–5 years. In 2026, margin accretion is more geared towards 2H to the new (55-11) 4950-3703

campus opening schedule. victoria.antonello@jpmorgan.com

Banco J.P. Morgan S.A.

• Mexican intakes picking up as year progresses; 2H intake on track with

plans. The March secondary intake (~25% of annual) grew ~4%; the June

working-adult intake (~15% of annual) grew ~12%, reflecting an improving

operating environment. The September main intake (~60% of annual) is ~50%

complete and tracking in line with management’s expectations.

• Growth driver #1: rising participation. Management points to substantial

headroom in tertiary participation rates—Mexico ~36% vs. Peru high-40s and

the U.S. mid-60s—which has historically driven predictable, consistent

growth and is expected to continue.

• Growth driver #2: fully online working adult product. Fully online

programs target working adults aged 25–50 (degree completion and