Solid Execution, Peru Tailwinds and Buybacks

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Solid Execution, Peru Tailwinds and Buybacks

Latin America | Education

Laureate Education EquityJuneResearch11, 2026

COMPANY UPDATESolid Execution, Peru Tailwinds and Buybacks

We remain positive on Laureate, supported by improving macro and political RATING BUY

prospects in Peru and continued operational execution across its core markets. PRICE $36.49^

With close to $300m of EqFCF in 2026E (c.6% yield), we see ample room for PRICE TARGET | % TO PT $43.00 | +18%

continued buybacks. Laureate executed c.$105m in buybacks in 1Q26, and 52W HIGH-LOW $37.91 - $21.53

we expect ~$76m pending to be completed in 2Q, followed by an additional FLOAT (%) | ADV MM (USD) 90.5% | 45.91

program in 2H26. Laureate trades at 8.4x 2026E EV/EBITDA vs 9–10x for US MARKET CAP $5.2B

peers. TICKER LAUR

^Prior trading day's closing price unless otherwise

noted.

Macro Tailwinds and Improving Peru Outlook. In Mexico, early indications for the September intake

suggest a stable enrollment cycle, although visibility remains limited at this stage. 2Q26 guidance

is of $597–601m revenues and $239–243m EBITDA, with a $2–3m FX headwind from Mexico at FY (Dec) CHANGE TO JEFe JEF vs CONS

current rates, in our estimates. 2026 2027 2026 2027

EBITDA NM NM +1% NM

Strong Enrollment Momentum with Peru as Key Driver. Enrollment trends remain solid, with 1Q26 EPS* NA NM NM +1%

new enrollments up 9% and total enrollments up 6% y/y, driven by strong intake in Peru (+13%) and

resilient growth in Mexico (+4%). Peru continues to act as the primary growth engine, supported by 2026 ($) Q1 Q2 Q3 Q4 FY

favorable macro conditions and expansion of online programs, while Mexico has shown resilience EPS* -- -- -- -- 2.13

despite a softer backdrop. This sustained enrollment momentum underpins revenue visibility and PREV