A U G U S T 7 , 2 0 2 5 ©2025 Adtalem Global Education Inc. All rights reserved Safe Harbor CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Fourth Quarter & Full Year 2025 Earnings Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any histor ...

Summary of Adtalem Global Education Conference Call Company Overview - **Company**: Adtalem Global Education - **Industry**: Post-secondary education, specifically healthcare-focused institutions - **Current Enrollment**: Approximately 92,000 to 94,000 students across five institutions, with 92% of programs in healthcare [1][5] Core Business and Strategy - **Mission**: Expand access to high-quality clinical careers for historically overlooked students and address critical workforce shortages in healthcare [4] - **Institutions**: - Chamberlain University: Largest nursing school in the U.S. with over 40,000 students [5] - Walden University: Fully online university with nearly 50,000 students, third largest nursing school [6] - Medical and Veterinary Schools: Two medical schools and one veterinary school serving about 4,500 students [6][7] - **Strategic Focus**: Operational excellence through a three-year strategy termed "growth with purpose," focusing on marketing, enrollment, retention, pricing, and programs [8][10] Financial Performance - **Enrollment Growth**: Total enrollment has grown sequentially for nine straight quarters [9] - **Revenue and Profitability**: Revenue growth has been primarily organic, with profitability improving significantly over the years [11] - **Earnings Per Share**: Attractive growth in earnings per share due to improved profitability and effective balance sheet management [11] Key Metrics and Achievements - **Leading Grantor**: Number one grantor of nursing and MD degrees in the U.S. [12] - **Alumni Success**: Strong employability and low cohort default rates, reflecting the quality of education and job placement [14] - **Diversity**: Largest producer of Black and Latino physicians in the U.S. [19] Market Environment - **Demand Trends**: Normalized demand environment post-COVID, with a growing competitive landscape in healthcare education [21][22] - **Competitive Moat**: Strong brand equity, clinical relationships, and regulatory approvals allow for uncapped student enrollment across states [23] Institutional Branding - **Chamberlain vs. Walden**: Distinct branding strategies allow for capturing different market segments; Chamberlain focuses on pre-licensure nursing while Walden targets post-licensure [24][26] Pricing Strategy - **Pricing Philosophy**: Chamberlain is positioned as a premium brand, while Walden operates as a more affordable option, allowing for a diverse enrollment mix [26][27] - **Price Optimization**: Adjustments made to pricing based on market conditions and enrollment trends [28][29] Future Growth and Sustainability - **Growth Drivers**: Focus on student success, maximizing existing capacity, and introducing new programs in new geographies [35][36] - **Operating Leverage**: Ability to grow revenues without proportional increases in expenses, targeting 100 basis points of margin improvement annually [38][39] Regulatory Environment - **Current Landscape**: Favorable regulatory conditions for proprietary higher education, with potential positive changes in legislation that could benefit Adtalem [47][50] - **Concerns**: Proposed cuts to education funding and loan programs, but the company believes it can manage these challenges through alternative financing options [51][53] Conclusion - **Outlook**: The company is optimistic about sustaining growth and profitability, with plans for future investor updates and projections [44][45]

Q3 2025 Performance Highlights - Adtalem's revenue reached $466.1 million, a 12.9% increase compared to the prior year[16] - Adjusted EBITDA margin was 27.4%, a 150 bps increase compared to the prior year[17] - Adjusted EPS was $1.92, a 28.0% increase compared to the prior year[17] - Total enrollment grew by 9.8% year-over-year[15] Segment Performance - Chamberlain's revenue increased by 13.1% to $192.6 million, with a 6.8% increase in total enrollment[30] - Walden's revenue increased by 18.5% to $178.4 million, with a 13.5% increase in total enrollment[35] - Medical & Veterinary revenue increased by 3.6% to $95.0 million, with a 1.2% increase in total enrollment[40] Cash Flow and Capital Allocation - Trailing twelve months free cash flow was $287 million[21] - The company repaid $100 million of outstanding Term Loan B balance on January 17, 2025[21] - A new $150 million share repurchase authorization was approved through May 2028[21] FY 2025 Guidance - The company raised its revenue outlook to $1.760 billion - $1.775 billion[46] - The company raised its Adjusted EPS outlook to $6.40 - $6.60[46]