Core Insights - The Zacks Schools industry is experiencing a rebound driven by increased demand for career-focused programs in healthcare, skilled trades, cybersecurity, and IT, supported by a labor market that values job-ready skills and government initiatives promoting non-degree pathways [1][2] - Digital innovation is a key differentiator, with institutions investing in adaptive learning tools and scalable online platforms to enhance engagement and support flexible learning for working adults [1][8] - The sector is undergoing consolidation as larger players acquire smaller institutions to broaden offerings and improve scale, with recent legislative changes like "Workforce Pell" expanding market opportunities for accredited programs [6][12] Industry Overview - The Zacks Schools industry includes for-profit education companies offering undergraduate, graduate, and specialized programs in various fields such as finance, healthcare, and technology [3] - The industry is focused on providing career-oriented programs that align with labor market needs, particularly in high-demand areas like nursing and cybersecurity [3][5] Trends Influencing Growth - There is a rising demand for workforce-oriented programs, particularly among adult learners and career switchers, as the labor market increasingly values job-ready skills over traditional degrees [4] - The healthcare sector is facing a significant shortage of skilled professionals, prompting educational institutions to design rigorous programs that meet workforce needs [5] - Digital transformation is driving interest in IT boot camps and tech-aligned certifications, where for-profit providers have established a scalable presence [4] Financial Performance and Market Position - The Zacks Schools industry has lagged the broader Zacks Consumer Discretionary sector but has outperformed the S&P 500 Composite over the past year, with a collective gain of 20.6% [16] - The industry's forward 12-month price-to-earnings ratio is currently at 15.32X, lower than the S&P 500's 22.76X, indicating potential value opportunities [19] Company Highlights - Grand Canyon Education has seen a 10% increase in total online enrollment and a 42.1% stock surge over the past year, with earnings for 2025 expected to grow by 12.8% [25] - Laureate Education's stock has rallied 76.6% over the past year, with a projected earnings growth of 28.2% for 2025 [28] - Stride has experienced a 107.8% stock increase, with fiscal 2026 earnings expected to grow by 5.2% [32] - Lincoln Educational Services has surged 59.5% in stock price, with a projected earnings growth of 19.6% for 2025 [34] - Perdoceo Education's stock has risen 44.7%, with earnings for 2025 expected to grow by 10% [39]

Core Viewpoint - Laureate Education reported a 5% year-over-year revenue growth to $524.2 million for Q2 2025, exceeding consensus estimates, while GAAP EPS fell short of expectations due to foreign currency translation losses [1][5][8] Financial Performance - Revenue for Q2 2025 was $524.2 million, up from $499.2 million in Q2 2024, representing a 5% increase [2] - Adjusted EPS was $0.79, a 21.5% increase from $0.65 in Q2 2024, while GAAP EPS decreased by 21.7% to $0.65 [2][8] - Adjusted EBITDA rose to $214.5 million, a 14.8% increase year-over-year, with operating income improving to $193.3 million, up 16% [2][6] - Enrollment growth was strong, with new student enrollments increasing by 7% overall, and total student enrollments reaching 472,100, up 6% [7] Business Overview - Laureate Education focuses on higher education in Mexico and Peru, emphasizing professional and applied programs in high-demand fields such as health sciences, STEM, and business [3][11] - The company has concentrated on growing market share, tailoring curricula to meet employer needs, strengthening local brands, and investing in digital education formats [4] Strategic Focus - The company aims to navigate regulatory requirements and maintain accreditation in Mexico and Peru, which are critical for its success [4][14] - Digital courses are expanding rapidly, with enrollments growing three to four times faster than traditional formats, catering to working adults [7][13] Outlook - Management raised FY2025 revenue guidance to between $1.615 billion and $1.630 billion, reflecting stronger-than-expected enrollment trends [15] - Adjusted EBITDA guidance was also increased to $489 million to $496 million for FY2025, with total enrollments projected to grow by 4% to 5% [15]

Financial Data and Key Metrics Changes - Total enrollments increased by 6% year-over-year, driven by a 7% growth in new enrollments [15][17] - Revenue for the second quarter was $524 million, with adjusted EBITDA at $214 million, both metrics exceeding previous guidance [15][16] - Adjusted net income for the second quarter was $118 million, resulting in adjusted earnings per share of $0.79 [16] Business Line Data and Key Metrics Changes - In Mexico, new enrollments increased by 6%, with total enrollments up 7% [17] - Mexico's revenue for the second quarter increased by 9% year-over-year, while adjusted EBITDA rose by 19% [18] - In Peru, total enrollment growth was 6%, with revenue increasing by 7% and adjusted EBITDA up 9% [19] Market Data and Key Metrics Changes - Mexico's economic resilience is supported by solid financial systems and continued interest rate cuts, positioning it for improved GDP growth [9] - Peru's economy has shown a turnaround with 3.1% GDP growth year-to-date, supported by stable inflation and low interest rates [10] Company Strategy and Development Direction - The company is expanding its campus footprint with new openings in Monterrey, Mexico, and Lima, Peru, as part of its growth strategy [8] - The focus is on broadening the academic portfolio and scaling digital offerings to serve working adults [25] - The company has identified numerous potential sites for development in Mexico and Peru over the next five years [8] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the demand for quality higher education across both markets, despite geopolitical complexities [11] - The company is raising its full-year 2025 outlook for revenue by $55 million and adjusted EBITDA by $16 million [7][21] - The operating trends remain solid, with expectations for total enrollments to grow by 4% to 5% versus 2024 [22] Other Important Information - The company ended June with $135 million in cash and $116 million in gross debt, resulting in a net cash position of $19 million [20] - The third quarter is expected to be the largest cash flow intake period, with plans to return excess capital to shareholders [20] Q&A Session Summary Question: Any indications on the student application pipeline for Mexico's primary intake period this fall? - Management is encouraged by the trends, noting strong growth in working adult enrollments and positive indicators for traditional undergraduate students [28][30] Question: What contributed to the revenue upside for the quarter? - The outperformance was primarily associated with foreign exchange rates, with $18 million attributed to FX and $2 million to operational performance [31][32] Question: How is the online learning trend developing in Peru? - The online learning business in Peru is growing double digits, with strong interest from working adult students, similar to trends seen in Mexico [36][37] Question: Can you provide details about the new campuses being opened? - Two new campuses are set to open in September, one in Monterrey for Unitech and one in Lima for UPN, with strong demand anticipated [38][39]

Financial Data and Key Metrics Changes - Year-to-date new and total enrollments increased by 76% compared to the prior year, driving a 9% growth in revenue on a timing adjusted and constant currency basis [6][7] - Revenue for the second quarter was $524 million, with adjusted EBITDA at $214 million, both metrics exceeding previous guidance [15] - Second quarter net income was $97 million, resulting in earnings per share of $0.65, while adjusted net income was $118 million with adjusted earnings per share of $0.79 [15][21] Business Line Data and Key Metrics Changes - In Mexico, new enrollments increased by 6% and total enrollments rose by 7%, with revenue for the second quarter up 9% and adjusted EBITDA up 19% [17][18] - In Peru, total enrollment growth was 6%, with revenue increasing by 7% and adjusted EBITDA up 9% [19][20] Market Data and Key Metrics Changes - Mexico's economy is showing resilience with solid financial systems and continued interest rate cuts, positioning it for improved GDP growth in 2026 and beyond [8][9] - Peru's economy has shown a turnaround with 3.1% GDP growth year-to-date, supported by stable inflation and strong business confidence [10] Company Strategy and Development Direction - The company is expanding its academic portfolio and digital offerings while strategically opening new campuses in high-growth areas [25][26] - Two new campuses are set to open in Monterrey, Mexico, and Lima, Peru, with plans for additional campuses in the future [7][41] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the demand for quality higher education in Mexico and Peru, citing a growing middle class and favorable regulatory environments [25][27] - The company is raising its full-year 2025 outlook for revenue by $55 million and for adjusted EBITDA by $16 million, reflecting improved foreign currency exchange rates [7][21] Other Important Information - The company ended June with $135 million in cash and $116 million in gross debt, resulting in a net cash position of $19 million [20] - The company repurchased $71 million of common stock under a previously announced $100 million repurchase program [20] Q&A Session Summary Question: Any indications on the student application pipeline for Mexico's primary intake period this fall? - Management is encouraged by the trends, noting strong growth in working adult programs and positive indicators for traditional undergraduate students [30][31] Question: What contributed to the revenue upside for the quarter? - The outperformance was primarily associated with foreign exchange rates, with $18 million attributed to FX and $2 million to operational outperformance [33][34] Question: How is the online learning trend developing in Peru? - The online learning business in Peru is growing double digits, with strong interest from working adult students, similar to trends seen in Mexico [39][40] Question: Can you provide details about the new campuses? - New campuses are opening in Monterrey for Unitech and in East Lima for UPN, with strong demand anticipated [40][41] Question: How does the CapEx level change with new campus openings? - CapEx as a percentage of revenues is expected to increase to about 5% to support growth, with potential increases if additional campuses are launched [42][43]

Q2 2025 Performance - New Enrollments increased by 42% in Q2 2025 as reported[27] - Total Enrollment increased by 6% in Q2 2025 as reported, reaching 472,000[27] - Revenue increased by 5% to $524 million in Q2 2025 as reported[27] - Adjusted EBITDA increased by 15% to $214 million in Q2 2025 as reported[27] - Adjusted EBITDA margin increased by 348 bps to 409% in Q2 2025 as reported[27] - Year-to-date New Enrollments increased 7% and Total Enrollments increased 6%[18] H1 2025 Performance - Revenue was $760 million, a decrease of 2% as reported, but an increase of 6% organically[30] - Adjusted EBITDA was $220 million, an increase of 1% as reported, but an increase of 9% organically[30] - Adjusted EBITDA margin was 289%, an increase of 83 bps as reported[30] Capitalization and Share Count - Cash & Cash Equivalents totaled $135 million as of June 30, 2025[43] - Net Cash was $19 million as of June 30, 2025[43] - $71 million of shares were repurchased in H1 2025[43] 2025 Outlook - Revenue growth is expected at 3%-4% on a USD reported basis, and 6%-7% on an organic constant currency basis[50] - Adjusted EBITDA growth is expected at 9%-10% on a USD reported basis, and 11%-13% on an organic constant currency basis[50] - The company increased full-year 2025 guidance by $55 million for Revenue and $16 million for Adjusted EBITDA due to strengthening of MXN and PEN currencies[18]

Core Viewpoint - Laureate Education, Inc. has reported solid operating results for the second quarter of 2025 and is increasing its full-year guidance due to improved foreign currency rates and strong cash flow generation [5][14]. Financial Performance - **Second Quarter 2025 Results**: Revenue was $524.2 million, a 5% increase from Q2 2024. On an organic constant currency basis, revenue increased by 10% [6][7]. Operating income rose to $193.3 million from $166.6 million, while net income decreased to $97.4 million from $128.4 million due to foreign currency exchange losses [6][10]. - **Adjusted EBITDA**: For Q2 2025, adjusted EBITDA was $214.5 million, up from $186.9 million in Q2 2024, reflecting a 15% increase [8][30]. - **Six Months Ended June 30, 2025**: Revenue was $760.3 million, a 2% decrease compared to the same period in 2024. However, on an organic constant currency basis, revenue increased by 6% [10][11]. Operating income was $180.1 million, slightly up from $177.7 million, while net income fell to $77.9 million from $117.5 million [10][11]. Enrollment Metrics - **New Enrollments**: Increased by 7% for the six months ended June 30, 2025, with total enrollments up by 6% compared to the prior year [9][10]. In Peru, new enrollments rose by 8%, while in Mexico, they increased by 6% [9]. - **Total Enrollments**: As of June 30, 2025, total enrollments reached 472,100, up from 444,200 in the previous year [28]. Balance Sheet and Capital Structure - As of June 30, 2025, the company had $135.3 million in cash and cash equivalents, with gross debt of $116.1 million, resulting in net cash of $19.2 million [12][13]. - The company repurchased approximately $71 million of its common stock under a $100 million stock repurchase program, with $27 million remaining for future repurchases [13]. Outlook for Fiscal 2025 - The company has updated its 2025 outlook, expecting revenue in the range of $1,615 million to $1,630 million, reflecting a growth of 3%-4% on an as-reported basis and 6%-7% on an organic constant currency basis [15]. Adjusted EBITDA is now expected to be between $489 million and $496 million, indicating growth of 9%-10% [15]. Total enrollments are anticipated to be between 491,000 and 495,000 students, representing a growth of 4%-5% [15].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission File Number: 001-38002 Laureate Education, Inc. (Exact name of registrant as specified in its charter) | Delaware | | 52-1492296 | | ...

[Executive Summary & Highlights](index=1&type=section&id=Executive_Summary_Highlights) [Second Quarter 2025 Highlights](index=1&type=section&id=Second_Quarter_2025_Highlights) Laureate Education reported a 5% increase in reported revenue to $524.2 million for Q2 2025, with organic constant currency revenue up 10%, operating income rose to $193.3 million, and Adjusted EBITDA increased to $214.5 million, while net income decreased to $97.4 million due to foreign currency exchange losses, with new enrollments growing by 7% and total enrollments by 6% Second Quarter 2025 Key Financial Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Reported Change | Organic Constant Currency Change | | :------------------ | :--- | :--- | :--- | :--- | | Revenue | 524.2 | 499.2 | 5% | 10% | | Operating Income | 193.3 | 166.6 | - | - | | Net Income | 97.4 | 128.4 | - | - | | Adjusted EBITDA | 214.5 | 186.9 | - | - | - New enrollments increased **7%** and total enrollments increased **6%** in Q2 2025[5](index=5&type=chunk) - Net income decreased due to a loss on foreign currency exchange during Q2 2025 compared to a gain in Q2 2024[5](index=5&type=chunk) [Six Months Ended June 30, 2025 Highlights](index=1&type=section&id=Six_Months_Ended_June_30%2C_2025_Highlights) For the first six months of 2025, reported revenue decreased 2% to $760.3 million, but increased 6% on an organic constant currency basis, operating income slightly increased to $180.1 million, and Adjusted EBITDA was $219.8 million, while net income decreased to $77.9 million, primarily due to foreign currency exchange losses, with new enrollments increasing 7% and total enrollments by 6% Six Months Ended June 30, 2025 Key Financial Highlights | Metric | H1 2025 ($M) | H1 2024 ($M) | Reported Change | Organic Constant Currency Change | | :------------------ | :--- | :--- | :--- | :--- | | Revenue | 760.3 | 774.6 | (2)% | 6% | | Operating Income | 180.1 | 177.7 | - | - | | Net Income | 77.9 | 117.5 | - | - | | Adjusted EBITDA | 219.8 | 217.5 | - | - | - New enrollments increased **7%** and total enrollments increased **6%** for the six months ended June 30, 2025[5](index=5&type=chunk) - Net income decreased due to a loss on foreign currency exchange during the six months ended June 30, 2025 compared to a gain in the prior-year period[5](index=5&type=chunk) [CEO Commentary](index=2&type=section&id=CEO_Commentary) CEO Eilif Serck-Hanssen expressed satisfaction with solid Q2 operating results and announced an increase in full-year guidance due to improved foreign currency rates, highlighting the company's progress on strategic priorities, strong balance sheet, robust cash flow generation, and commitment to growth initiatives and shareholder returns - Solid operating results for Q2 2025 led to an increase in full-year outlook due to improved foreign currency rates[6](index=6&type=chunk) - Company remains on track with strategic priorities, including opening two new campuses in September[6](index=6&type=chunk) - Strong balance sheet and cash flow generation support growth initiatives and return of excess capital to shareholders[6](index=6&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed_Financial_Performance) [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second_Quarter_2025_Financial_Performance) Laureate's Q2 2025 revenue increased 5% reported (10% organic constant currency) to $524.2 million, with an $8 million favorable impact from academic calendar timing, operating income grew by $26.7 million to $193.3 million, net income decreased by $31.0 million to $97.4 million, primarily due to a foreign currency exchange loss compared to a gain in the prior year, Adjusted EBITDA increased by $27.6 million to $214.5 million, favorably affected by $7 million from academic calendar timing, and basic and diluted EPS were $0.65 Second Quarter 2025 Financial Performance | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change ($M) | | :------------------ | :--- | :--- | :--- | | Revenue (Reported) | 524.2 | 499.2 | 25.0 | | Operating Income | 193.3 | 166.6 | 26.7 | | Net Income | 97.4 | 128.4 | (31.0) | | Adjusted EBITDA | 214.5 | 186.9 | 27.6 | | Basic & Diluted EPS | 0.65 | 0.83 | (0.18) | - The decrease in net income was attributable to a loss on foreign currency exchange during the second quarter of 2025 compared to a gain during the second quarter of 2024, mainly related to intercompany loan arrangements[7](index=7&type=chunk) - Revenue and Adjusted EBITDA were favorably affected by approximately **$8 million** and **$7 million**, respectively, of intra-year academic calendar timing[5](index=5&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Six Months Ended June 30, 2025 Financial Performance](index=2&type=section&id=Six_Months_Ended_June_30%2C_2025_Financial_Performance) For the six months ended June 30, 2025, reported revenue decreased 2% to $760.3 million (6% increase on organic constant currency basis), unfavorably affected by $18 million due to later semester start dates, operating income slightly increased to $180.1 million, net income decreased by $39.6 million to $77.9 million, primarily due to foreign currency exchange losses, Adjusted EBITDA was $219.8 million, unfavorably affected by $16 million from academic calendar timing, new enrollments increased 7% overall, with Peru up 8% and Mexico up 6%, total enrollments increased 6% overall, with Peru up 6% and Mexico up 7%, and basic and diluted EPS were $0.51 and $0.50, respectively Six Months Ended June 30, 2025 Financial Performance | Metric | H1 2025 ($M) | H1 2024 ($M) | Change ($M) | | :------------------ | :--- | :--- | :--- | | Revenue (Reported) | 760.3 | 774.6 | (14.3) | | Operating Income | 180.1 | 177.7 | 2.4 | | Net Income | 77.9 | 117.5 | (39.6) | | Adjusted EBITDA | 219.8 | 217.5 | 2.3 | | Basic EPS | 0.51 | 0.75 | (0.24) | | Diluted EPS | 0.50 | 0.75 | (0.25) | - The decrease in net income was attributable to a loss on foreign currency exchange during the six months ended June 30, 2025 compared to a gain during the six months ended June 30, 2024, mainly related to intercompany loan arrangements[10](index=10&type=chunk) - Revenue and Adjusted EBITDA were unfavorably affected by approximately **$18 million** and **$16 million**, respectively, of intra-year academic calendar timing attributable to later semester start dates in 2025 as compared to 2024[5](index=5&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) H1 2025 Enrollment Growth by Region | Metric | Mexico | Peru | Laureate | | :----- | :----- | :--- | :------- | | New Enrollments Growth | 6% | 8% | 7% | | Total Enrollments Growth | 7% | 6% | 6% | [Balance Sheet and Capital Structure](index=3&type=section&id=Balance_Sheet_and_Capital_Structure) As of June 30, 2025, Laureate maintained a strong balance sheet with $135.3 million in cash and cash equivalents and gross debt of $116.1 million, resulting in net cash of $19.2 million, the company repurchased approximately $71 million of common stock during the first six months of 2025, with $27 million remaining under the existing authorization, and total shares outstanding were 147.4 million Balance Sheet Snapshot (June 30, 2025) | Metric | Amount ($ millions) | | :----- | :------------------ | | Cash and cash equivalents | 135.3 | | Gross debt | 116.1 | | Net cash | 19.2 | - Laureate repurchased approximately **$71 million** of its common stock during the six months ended June 30, 2025, with approximately **$27 million** of share repurchase authorization remaining[13](index=13&type=chunk) - As of June 30, 2025, Laureate had **147.4 million** total shares outstanding[14](index=14&type=chunk) [Outlook and Guidance](index=3&type=section&id=Outlook_and_Guidance) [Fiscal Year 2025 Guidance Update](index=3&type=section&id=Fiscal_Year_2025_Guidance_Update) Laureate updated its full-year 2025 outlook, increasing revenue guidance by approximately $55 million and Adjusted EBITDA guidance by approximately $16 million, primarily due to more favorable foreign currency rates, with total enrollments expected to grow 4%-5%, revenues 3%-4% reported (6%-7% organic constant currency), and Adjusted EBITDA 9%-10% reported (11%-13% organic constant currency) - Full-year 2025 guidance increased due to more favorable foreign currency rates, with revenue guidance up **$55 million** and Adjusted EBITDA guidance up **$16 million**[15](index=15&type=chunk) Updated Full-Year 2025 Guidance | Metric | Range | Growth vs 2024 (Reported) | Growth vs 2024 (Organic Constant Currency) | | :------------------ | :-------------------------- | :-------------------------------- | :----------------------------------------- | | Total Enrollments | 491,000 to 495,000 students | 4%-5% | - | | Revenues | $1,615 million to $1,630 million | 3%-4% | 6%-7% (7%-8% excluding campus consolidations) | | Adjusted EBITDA | $489 million to $496 million | 9%-10% | 11%-13% | [Corporate Information](index=4&type=section&id=Corporate_Information) [Conference Call](index=4&type=section&id=Conference_Call) Laureate hosted an earnings conference call on July 31, 2025, at 8:30 am ET, with interested parties able to register to receive dial-in information, and a webcast replay, press release, and slides available on the Investor Relations section of Laureate's website - Earnings conference call held on July 31, 2025, at 8:30 am ET[19](index=19&type=chunk) - Webcast, replays, press release, and related slides are available on Laureate's Investor Relations website (www.laureate.net)[19](index=19&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking_Statements) This section serves as a cautionary note, stating that the press release contains forward-looking statements regarding future events and results, which are subject to risks and uncertainties, actual results may differ materially from these statements, and the company does not undertake to publicly update or revise them, except as required by law - Press release includes forward-looking statements concerning future events or results, identifiable by words such as 'believes,' 'expects,' 'plans,' 'estimates,' or 'anticipates'[20](index=20&type=chunk) - Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from expectations[20](index=20&type=chunk) - The company does not undertake to publicly update or revise forward-looking statements, except as required by law[20](index=20&type=chunk) [Presentation of Non-GAAP Measures](index=4&type=section&id=Presentation_of_Non-GAAP_Measures) Laureate uses several non-GAAP financial measures, including Adjusted EBITDA, Adjusted net income, Adjusted EPS, total cash and cash equivalents net of debt (net cash), Free Cash Flow, and Adjusted EBITDA to Unlevered Free Cash Flow Conversion, which are provided to offer better visibility into core operating performance, trends, and underlying earnings, as they exclude items not indicative of core results - Laureate provides non-GAAP measures (Adjusted EBITDA, Adjusted net income, Adjusted EPS, net cash, Free Cash Flow, Adjusted EBITDA to Unlevered Free Cash Flow Conversion) to help understand and evaluate core operating performance and trends[21](index=21&type=chunk)[27](index=27&type=chunk) - Adjusted EBITDA consists of net income (loss) before various non-operating and non-cash items, providing a useful measure for period-to-period comparisons of core business[22](index=22&type=chunk)[23](index=23&type=chunk) - Adjusted net income and Adjusted EPS provide insight into earnings from core operations by excluding items like discrete tax items, foreign currency exchange, and loss on disposal of subsidiaries[24](index=24&type=chunk) [About Laureate Education, Inc.](index=5&type=section&id=About_Laureate_Education%2C_Inc.) Laureate Education, Inc. operates five higher education institutions in Mexico and Peru, serving over 470,000 students, focusing on academic quality, innovation, market-leading employability outcomes, and increasing access to higher education - Operates **five** higher education institutions across Mexico and Peru[28](index=28&type=chunk) - Enrolls more than **470,000** students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning[28](index=28&type=chunk) - Committed to academic quality, innovation, market-leading employability outcomes, and making higher education more accessible[28](index=28&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial_Statements_Reconciliations) [Key Enrollment Metrics](index=6&type=section&id=Key_Metrics_and_Financial_Tables) For the six months ended June 30, 2025, Laureate reported a 7% increase in new enrollments and a 6% increase in total enrollments year-over-year, with Mexico seeing new enrollments up 6% and total enrollments up 7%, while Peru experienced new enrollments up 8% and total enrollments up 6% New and Total Enrollments by Segment (YTD Q2 2025 vs YTD Q2 2024) | | YTD 2Q 2025 | YTD 2Q 2024 | Change | As of 06/30/2025 | As of 06/30/2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **New Enrollments** | | | | | | | | Mexico | 65,600 | 61,700 | 6 % | | | | | Peru | 63,400 | 58,600 | 8 % | | | | | Laureate | 129,000 | 120,300 | 7 % | | | | | **Total Enrollments** | | | | | | | | Mexico | | | | 237,600 | 223,000 | 7 % | | Peru | | | | 234,500 | 221,200 | 6 % | | Laureate | | | | 472,100 | 444,200 | 6 % | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated_Statements_of_Operations) The consolidated statements of operations show that for Q2 2025, revenue increased by $25.0 million to $524.2 million, while for the six months, revenue decreased by $14.3 million to $760.3 million, net income for Q2 2025 was $97.4 million (EPS $0.65), down from $128.4 million in Q2 2024, and for the six months, net income was $77.9 million (EPS $0.50), down from $117.5 million in the prior year, largely due to foreign currency exchange losses Consolidated Statements of Operations (Key Figures) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change ($M) | H1 2025 ($M) | H1 2024 ($M) | Change ($M) | | :-------------------------------- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | 524.2 | 499.2 | 25.0 | 760.3 | 774.6 | (14.3) | | Operating income | 193.3 | 166.6 | 26.7 | 180.1 | 177.7 | 2.4 | | Net income | 97.4 | 128.4 | (31.0) | 77.9 | 117.5 | (39.6) | | Basic earnings per share | 0.65 | 0.83 | (0.18) | 0.51 | 0.75 | (0.24) | | Diluted earnings per share | 0.65 | 0.83 | (0.18) | 0.50 | 0.75 | (0.25) | [Revenue and Adjusted EBITDA by Segment](index=8&type=section&id=Revenue_and_Adjusted_EBITDA_by_segment) For Q2 2025, Mexico's revenue decreased 1% reported but increased 13% organic constant currency, while Peru's revenue increased 9% reported and 7% organic constant currency, Adjusted EBITDA for Mexico increased 19% reported (37% organic constant currency) and for Peru increased 11% reported (9% organic constant currency), for the six months, Mexico's revenue decreased 6% reported (10% organic constant currency), and Peru's revenue increased 3% reported (1% organic constant currency), Adjusted EBITDA for Mexico increased 2% reported (20% organic constant currency), while Peru's decreased 1% reported (3% organic constant currency), and foreign currency fluctuations had a significant negative impact on reported figures, especially for Mexico Q2 2025 Revenue and Adjusted EBITDA by Segment | Metric | 2025 ($M) | 2024 ($M) | Reported % Change | Organic Constant Currency % Change | FX Impact ($M) | | :------------------ | :--- | :--- | :--- | :--- | :--- | | **Revenues** | | | | | | | Mexico | 217.4 | 218.6 | (1)% | 13% | (30.5) | | Peru | 306.7 | 280.6 | 9% | 7% | 6.3 | | Total Revenues | 524.2 | 499.2 | 5% | 10% | (24.2) | | **Adjusted EBITDA** | | | | | | | Mexico | 57.4 | 48.2 | 19% | 37% | (8.7) | | Peru | 167.2 | 150.3 | 11% | 9% | 3.4 | | Total Adjusted EBITDA | 214.5 | 186.9 | 15% | 18% | (5.3) | H1 2025 Revenue and Adjusted EBITDA by Segment | Metric | 2025 ($M) | 2024 ($M) | Reported % Change | Organic Constant Currency % Change | FX Impact ($M) | | :------------------ | :--- | :--- | :--- | :--- | :--- | | **Revenues** | | | | | | | Mexico | 406.6 | 432.7 | (6)% | 10% | (68.8) | | Peru | 353.6 | 341.9 | 3% | 1% | 7.0 | | Total Revenues | 760.3 | 774.6 | (2)% | 6% | (61.8) | | **Adjusted EBITDA** | | | | | | | Mexico | 110.4 | 108.1 | 2% | 20% | (19.7) | | Peru | 128.4 | 129.6 | (1)% | (3)% | 2.9 | | Total Adjusted EBITDA | 219.8 | 217.5 | 1% | 9% | (16.8) | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated_Balance_Sheets) As of June 30, 2025, Laureate's total assets increased to $2,035.9 million from $1,862.1 million at December 31, 2024, driven by higher cash and cash equivalents, receivables, property and equipment, and goodwill, total liabilities also increased to $983.2 million, while total stockholders' equity grew to $1,051.4 million Consolidated Balance Sheet (Key Figures) | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | Change ($M) | | :-------------------------------- | :--- | :--- | :--- | | Cash and cash equivalents | 135.3 | 91.4 | 43.9 | | Total assets | 2,035.9 | 1,862.1 | 173.8 | | Total liabilities | 983.2 | 903.5 | 79.7 | | Total stockholders' equity | 1,051.4 | 957.1 | 94.3 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated_Statements_of_Cash_Flows) For the six months ended June 30, 2025, net cash provided by operating activities significantly increased to $131.8 million from $73.4 million in the prior year, primarily due to changes in working capital and unrealized foreign currency exchange, net cash used in investing activities decreased to $17.7 million, while net cash used in financing activities substantially increased to $73.8 million, mainly due to common stock repurchases Consolidated Statements of Cash Flows (Key Figures) | Metric | H1 2025 ($M) | H1 2024 ($M) | Change ($M) | | :-------------------------------- | :--- | :--- | :--- | | Net cash provided by operating activities | 131.8 | 73.4 | 58.4 | | Net cash used in investing activities | (17.7) | (22.6) | 4.9 | | Net cash used in financing activities | (73.8) | (8.3) | (65.5) | | Net change in Cash and cash equivalents | 44.2 | 39.6 | 4.6 | [Non-GAAP Reconciliations](index=11&type=section&id=Non-GAAP_Reconciliations) This section provides detailed reconciliations from GAAP net income to various non-GAAP measures, including Adjusted EBITDA, Adjusted net income, and Adjusted EPS, for both the three and six months ended June 30, 2025 and 2024, with key adjustments including income tax expense, foreign currency exchange loss/gain, interest expense/income, depreciation and amortization, and share-based compensation [Net Income to Adjusted EBITDA Reconciliation](index=11&type=section&id=Net_Income_to_Adjusted_EBITDA_Reconciliation) Net Income to Adjusted EBITDA Reconciliation (Q2 & H1) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | H1 2025 ($M) | H1 2024 ($M) | | :-------------------------------- | :--- | :--- | :--- | :--- | | Net income | 97.4 | 128.4 | 77.9 | 117.5 | | Plus: Income tax expense | 69.4 | 63.1 | 71.9 | 73.0 | | Plus: Foreign currency exchange loss (gain), net | 25.6 | (27.5) | 28.8 | (21.8) | | Plus: Interest expense | 3.1 | 5.1 | 5.5 | 9.8 | | Less: Interest income | (1.4) | (2.0) | (2.9) | (3.9) | | Plus: Depreciation and amortization | 17.7 | 17.4 | 33.7 | 35.5 | | Plus: Share-based compensation expense | 3.5 | 2.9 | 5.9 | 4.3 | | **Adjusted EBITDA** | **214.5** | **186.9** | **219.8** | **217.5** | [Net Income to Adjusted Net Income and Adjusted EPS Reconciliation (Three Months)](index=12&type=section&id=Net_Income_to_Adjusted_Net_Income_and_Adjusted_EPS_Reconciliation_Three_Months) Net Income to Adjusted Net Income and Adjusted EPS Reconciliation (Q2) | Metric | Q2 2025 ($M) | Q2 2025 (per share) | Q2 2024 ($M) | Q2 2024 (per share) | | :-------------------------------- | :--- | :--- | :--- | :--- | | Net income | 97.4 | 0.65 | 128.4 | 0.83 | | Plus: Discrete tax items | (4.7) | (0.03) | — | — | | Plus: Foreign currency exchange loss (gain), net | 25.6 | 0.17 | (27.5) | (0.18) | | **Adjusted net income** | **118.3** | **0.79** | **100.5** | **0.65** | | Diluted weighted average shares outstanding | | 146.8 | | 154.4 | [Net Income to Adjusted Net Income and Adjusted EPS Reconciliation (Six Months)](index=13&type=section&id=Net_Income_to_Adjusted_Net_Income_and_Adjusted_EPS_Reconciliation_Six_Months) Net Income to Adjusted Net Income and Adjusted EPS Reconciliation (H1) | Metric | H1 2025 ($M) | H1 2025 (per share) | H1 2024 ($M) | H1 2024 (per share) | | :-------------------------------- | :--- | :--- | :--- | :--- | | Net income | 77.9 | 0.50 | 117.5 | 0.75 | | Plus: Discrete tax items | (4.7) | (0.03) | — | — | | Plus: Loss on disposal of subsidiaries, net | — | — | 3.1 | 0.02 | | Plus: Foreign currency exchange loss (gain), net | 28.8 | 0.19 | (21.8) | (0.14) | | **Adjusted net income** | **101.7** | **0.66** | **98.4** | **0.63** | | Diluted weighted average shares outstanding | | 149.8 | | 156.0 |

Over the past 90 days, the Zacks Consensus Estimate for BWMX's full-year earnings has moved 21.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving. Investors interested in Consumer Discretionary stocks should always be looking to find the best-performing companies in the group. Is Betterware de Mexico SAPI de C (BWMX) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Consumer Discretionary peers, we ...

Core Viewpoint - Laureate Education, Inc. is set to release its financial results for the quarter ending June 30, 2025, on July 31, 2025, prior to the stock market opening, followed by a conference call to discuss the results and business outlook [1]. Group 1 - The conference call for investors and analysts will take place at 8:30 a.m. ET on the same day as the earnings release [1]. - Interested parties can register to receive dial-in information for the earnings conference call [1]. - A webcast of the conference call, including replays, will be available on the Investor Relations section of the Company's website [2]. Group 2 - Laureate Education, Inc. operates five higher education institutions in Mexico and Peru, with an enrollment of over 470,000 students in various degree programs [3]. - The Company emphasizes academic quality, innovation, and aims for market-leading employability outcomes while making higher education more accessible [3]. - The Company believes that the success of its students contributes to the prosperity of countries and benefits societies [3].