INVESTOR DAY 2023 JUNE 20, 2023

FORWARD-LOOKING STATEMENTS Certain statements contained in this release 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 historical or current fact, which includes statements regarding Adtalem’s future growth, and the expected synergies from the Walden acquisition. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law. NON-GAAP FINANCIAL MEASURES This presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. Adtalem uses these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. For how we define the non-GAAP financial measures, and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the reconciliation at the end of this presentation. Safe Harbor

Agenda: Growth with Purpose Evan TrentChief Strategy and Transformation Officer Adtalem: A Force for Good Steve BeardPresident and Chief Executive Officer Short Break Reimagined Marketing Strategy Maurice HerreraChief Marketing Officer Differentiated Student Experience Steven TomChief Customer Officer Medical & Veterinary John Danaher, MDPresident, Medical & Veterinary Walden Michael BetzPresident, Walden University Q&A Maximizing Long-term Value Bob PhelanChief Financial Officer Closing Comments Steve Beard Campus Tour Chamberlain Karen Cox, PhD, RN, FACHE, FAANPresident, Chamberlain University

Adtalem: A Force for Good Steve Beard President and Chief Executive Officer

A Force for Good Systematically important component of the U.S. healthcare system, training care providers Purpose driven organization committed to student and societal outcomes Creating shareholder value Growth with Purpose strategy delivering long-term growth

Started from a position of strength Growth with Purpose strategy Scaled solution addressing healthcare’s most significant challenge Journey across three horizons

Looking back, we started from a position of strength Adtalem Brazil Divestiture Walden University Acquisition Financial Services Divestiture AUGUST 2021 JANUARY 2022 APRIL 2020 Market leading assets and strong academic outcomes Disparate business models, story not well understood Holding company, minimal integration Conglomerate discount, trapped shareholder value Rationalize and restructure portfolio to healthcare focus Strong assets with significant opportunities Horizon 1:

5 like-kind institutions 27 campuses Robust online delivery capabilities All post-secondary higher education ~80k students ~150 degree programs All with a center of gravity in healthcare ~90% of student enrollment is healthcare focused

Adtalem by the numbers #1 Grantor of U.S. nursing degrees; 9% of 2022 total Scale Outcomes Social Impact #2 Provider of medical residents to the U.S. in 2022 ~3,500 Social & Behavioral Sciences degrees granted in 2022 ~300k Alumni impacting local communities #1 Educator of U.S. veterinarians; ~9% of new DVM graduates in 2021 84% Chamberlain NCLEX pass rate, 2020 - 2022 avg. 82% RUSVM NAVLE pass rate, FY2020 - 2022 avg. 86% USMLE Step 1 1st time pass rate, FY2020 - 2022 avg. 97% Residency attainment rate for RUSM & AUC 2022 - 2023 graduates 0.8% 2019 Enterprise cohort default rate ~50% Of total students are minorities 88% Of MD graduates serve in low-income communities #1 Grantor of BSN, MSN-FNP & DNP degrees to minority students #1 Provider of Black MD graduates to the U.S. in 2020 - 2021 #1 Grantor of graduate degrees in multiple disciplines to Black students Definitions and additional information can be found in the appendix.

The Opportunity Incredibly large and attractive market with durable supply &demand asymmetry Right Market Market Leading Scale NewOperatingModel The nation’s largest healthcare educator, systematically important Walden acquisition catalyzed launch of new operating model Creating complementary market profiles Integrating & centralizing key capabilities, leveraging best practices across the enterprise Capturing synergies and increasing operating leverage, enhancing profitability & free cash flow

Growth with Purpose strategy Horizon 2: Growth with PurposeThree-year strategic initiative focused on driving organic revenue growth Marketing Dynamic Resource Allocation Investment in brand marketing and campaigns Performance media optimization and media mix balancing Enrollment Streamlined enrollment process and experience Technology upgrades:1:1 SMS Continued campus expansion at Chamberlain New modalities:BSN Online at Chamberlain Retention Improved Student Journey via Technology Investment in Student Success and Advising Early identification of at-risk students:Predictive at-risk model Programs New programs, responsive to market Continued scaling of newer programs:Physician Assistant program at Chamberlain Tempo Learningprogram at Walden Pricing Pricing Optimization Across Portfolio Optimized scholarships, incentivizing outcomes:Believe & Achieve Scholarship at Walden Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes

Growth with Purpose FY 2026 Targets vs. FY 20231 +200 bps Adj. EBITDA2 margin expansion Revenue CAGR based on midpoint of FY23 guidance (range is $1,400m - $1,450m; midpoint is $1,425m). Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix. +4% to +6% Revenue CAGR1 Incremental +$175m to +$275m

Scaled solution addressing healthcare’s most significant challenge Horizon 3: #1 Workforce challenges – including personnel shortages – ranked No. 1 on the list of hospital CEOs’ top concerns in 2022 42% Of surveyed health system executives believe labor shortages will prevent them from achieving their growth aspirations over the next 5 years Early proof points Fully funded tuition Co-located campus Practice Ready. Specialty Focused.TM Definitions and additional information can be found in the appendix.

Scale Healthcare Focus Access Mission Strong Academic Outcomes A Category of One ADTALEM: INVESTOR DAY 2023 / 14

Talent to win Steve Beard President and Chief Executive Officer Bob Phelan Chief Financial Officer Dr. Karen Cox Ph.D., RN, FACHE, FAAN President, Chamberlain University Michael Betz President, Walden University Dr. John Danaher, MD President, Medical and Veterinary Blake Simpson Chief Communications and Corporate Affairs Officer Douglas Beck General Counsel, Corporate Secretary and Institutional Support Services Evan Trent Chief Strategy and Transformation Officer Cheryl James Chief Human Resources Officer Maurice Herrera Chief Marketing Officer Steven Tom Chief Customer Officer

A Category of One Transformed Portfolio, Positioned Well as a Leading Healthcare Educator In a growing, structurally attractive industry with tailwinds Creating Long-Term Value with Growth with Purpose Strategy Focused on accelerating organic total enrollment growth and efficiency Executing with Operational Excellence Creating the ability to sustainably invest in accretive growth opportunities while delivering long-term margin expansion Strong and Stable Financial Profile With a healthy balance sheet, cash generative model, and an attractive capital allocation philosophy Greater Scale Driving a Greater Purpose Committed to student and societal outcomes As a systematically important component of the U.S. healthcare system, with a clear growth roadmap and meaningful shareholder value creation opportunities

Evan Trent Chief Strategy and Transformation Officer Growth with Purpose

+4.7% BSN 10-yr CAGR Nursing School Applications +2.7% MSN 10-yr CAGR +13.5% DNP 10-yr CAGR +2.0% MD 10-yr CAGR Physician Programs Applications Veterinary Applications +11.7% Masters 7-yr CAGR Psychology Degree Applications +5.6% DVM 10-yr CAGR Investing in long-term, secular growth markets ~680k Applications to nursing school in 2022 6.1% CAGR in applications to nursing school since 2008 vs. 5% CAGR in enrollment over the same period 2.4-to-1 Applicant to seat ratio in 2022-2023 +2.7% Caribbean MD school market share increase from 2010-2021 2.3-to-1 Applicant to seat ratio in 2021 2x Applicants to DVM schools have over 2x the rate of growth of DVM enrollments since 2012 +14% Psychology related degree conferrals from Walden over 5 years 745k Total U.S. enrollment in psychology and related degrees in fall 2022 Definitions and additional information can be found in the appendix.

200k current shortage 400k shortage by 2025 ~80k qualified nursing program applicants turned away in 2022 - 2023 Nurses Physicians Veterinarians 700+ graduates in 2023 ~66% of graduates are entering primary care residencies 6,000+ DVM alumni from AVMA accredited RUSVM Walden ranks #1 in granting research doctoral degrees in Psychology and Social Sciences Social & Behavioral Health Professionals Labor shortages for front-line healthcare workers at all-time highs and projected to remain Healthcare job openings are at an all-time high: 2 million current vacancies | 9% vacancy rate We confer more nursing degrees than any other nursing school 60k current shortage ~120k shortage by 2034 ~15k current shortage ~4k additional veterinarians needed to meet demand for companion pet veterinarians ~75k additional social work jobs are forecasted to be needed each year through 2031 Definitions and additional information can be found in the appendix.

Opportunity to continue expanding access for a scale player prepared to invest Adtalem is operating in highly-fragmented end markets No individual institution within the nursing, medical or veterinary education markets holds over 10% market share Nursing ~1,000 institutions MD ~150 Institutions Veterinarian ~50 Institutions Share of Degree Conferrals Highly fragmented core markets Definitions and additional information can be found in the appendix.

What we do has never been more important or VALUABLE How we do, what we do, has never been more RELEVANT A CATEGORY OF ONE, addressing critical U.S. healthcare provider challenges

Labor has been both the most significant and persistent cost increase for healthcare systems since the onset of the pandemic 16% - 25% growth in healthcare supply input costs since 2019 Median expense per adjusted discharge January 2019 ‒ June 2022, indexed to 2019 Services +16% Supplies +18% Drugs +21% Labor +25% 2019 2020 2021 2022 100

U.S. higher education nursing programs closed at an accelerating rate… …as the number of new programs declined ADTALEM: INVESTOR DAY 2023 / 23 2010 2021 209 97 Nursing programs: Closures and planned closures Nursing programs: New planned openings 369 2010 2021 308 Definitions and additional information can be found in the appendix.

Vacancy rates have skyrocketed since the pandemic Healthcare job openings and hires Thousands Openings Hires 22 21 20 19 18 17 16 15 14 13 2012 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 ~1.2m gap between openings and hires

What we do has never been more important or VALUABLE How we do, what we do, has never been more RELEVANT A CATEGORY OF ONE, addressing critical U.S. healthcare provider challenges

Relative to an intensifying mental health crisis, accelerated by the global pandemic…

…or relative to the stark inequities in health and education highlighted by post-pandemic outcomes…

…or in the context of of a global pandemic resulting from a zoonotic disease jumping from animal to human…

What we do has never been more important or VALUABLE How we do, what we do, has never been more RELEVANT A CATEGORY OF ONE, addressing critical U.S. healthcare provider challenges

What we do has never been more important or VALUABLE How we do, what we do, has never been more RELEVANT A CATEGORY OF ONE, addressing critical U.S. healthcare provider challenges

Offering the full breadth of healthcare programs across the entire healthcare learning continuum Bachelor’s 33% Master’s 46% Doctoral 21% Nursing pre-licensure 28% 46.6k Current enrollees Nursing post-licensure 72% Nursing Social & Behavioral Sciences 19.2k Current enrollees Medical | Veterinary 3.6k | 1.6k Current enrollees 7.2k Current enrollees Post-Secondary Other Degrees Enrollment data as of March 31, 2023

with leading positions and the capacity to invest for further growth ADTALEM: INVESTOR DAY 2023 / 32 Grantor of U.S. nursing degrees #1 Provider of medical residents to the U.S. #2 Physician Assistant Program 2022 Launch at Social & Behavioral Sciences degrees ~3,500 in 2022 Veterinarian Educator #1 Grantor of BSN, MSN-FNP & DNP to minority students #1 Provider of Black MD graduates to the U.S. #1 Grantor of graduate degrees in multiple disciplines to Black students #1

~150Programs ~7.5k Faculty 9States plus Washington D.C. & UK with medical clinical partnerships 50 States with nursing clinical partnerships Utilizing innovative modalities to meet students where, when and how they learn best ~75%Programs offered online 25States 5Countries with veterinarian clinical rotations TROY INDIANAPOLIS ST. LOUIS ADDISON CHICAGOTINLEY PHOENIX IRWINDALE Sacramento Las Vegas Irwindale Phoenix Irving San Antonio Houston Pearland New Orleans Atlanta Stockbridge Charlotte Tysons Corner North Brunswick Troy Addison Chicago Tinley Park St. Louis Indianapolis Columbus St. Kitts Barbados St. Maarten Preston, UK Miramar Jacksonville

Cohort Default Rates Delivering high-quality academic and professional outcomes at scale with an unwavering student commitment ~2% Lower Adtalem vs. national avg. Cohort Default Rate Adtalem 4-year post secondary institution national average (public & private) 86% USMLE Step 1 1st time pass rate FY2020 - 2022 avg. 97% Residency attainment rate for 2022 - 2023 graduates 82% NAVLE Pass rate FY2020 - 2022 avg. 84% Chamberlain NCLEX pass rate 2020 - 2022 avg.

Solidify our position as a leading provider of professional talent to the healthcare industry Expand access to high-quality education Further address health inequities Underpinned by operational excellence Growth with Purpose

Growth with PurposeThree-year strategic initiative focused on driving organic revenue growth Marketing Dynamic Resource Allocation Investment in brand marketing and campaigns Performance media optimization and media mix balancing Enrollment Streamlined enrollment process and experience Technology upgrades:1:1 SMS Continued campus expansion at Chamberlain New modalities:BSN Online at Chamberlain Retention Improved Student Journey via Technology Investment in Student Success and Advising Early identification of at-risk students:Predictive at-risk model Programs New programs, responsive to market Continued scaling of newer programs:Physician Assistant program at Chamberlain Tempo Learningprogram at Walden Pricing Pricing Optimization Across Portfolio Optimized scholarships, incentivizing outcomes:Believe & Achieve Scholarship at Walden Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes Growth with Purpose strategy

Underpinned by operational excellence Inquiry Holistic Application Process Enrollment Retention Alumni Engaging prospective students | Student advisory | Student engagement | Alumni relations | Aligned incentives Centers of excellence | Personalized student platform

Maurice Herrera Chief Marketing Officer Reimagined Marketing Strategy

A redesigned marketing function, poised to better serve our portfolio Prioritize based on the impact they can make on new student enrollment Test, learn and pivot based on assessing the efficacy and incrementality of our tactics and investments Data Driven Impact Focused Student Centric Elevate understanding of what our prospects need and want to hear from us

Marketing priorities Four levers and four enablers in service of new student enrollments Consumer insights (segmentation, personas, prospect journeys) Advanced analytics (KPIs, return on investment, forecasting) Compelling content (fit for purpose) Martech and enablement (journey optimization and recruitment tech) Organic Demand Performance Media Database Engagement Web Experience

New brand platforms are a critical component to our success Belong to Something Greater Set a Course for Change Hands-on From the Start Exceptional Education. Caring Culture. For a Special Breed of Vet Chamberlain Walden RUSM AUC RUSVM Coming soon Coming soon

Steven Tom Chief Customer Officer Differentiated Student Experience

Advanced Data & Analytics Product Development & Classroom Design Workforce & Employer Partnerships Student Experience & Technology Superior student experience, achieving the next phase of our growth Value Creation: Centers of Excellence | Best Practices Maximizing the Impact: Scale | Student | Faculty | Support Accelerating Velocity: New Capabilities | Experience & Outcomes Superior Student Experience

Empowering Growth with Purpose while focusing on our core customer Centers of Excellence Engagement & Persistence Personalized & timely technology Proprietary data sets enabling end-to-end insights across the student journey Career & Licensure Preparedness Cross curate learning methodologies & tools for testing success Reinforce learning approach, addressing individualized strengths & weaknesses Value Creating Partnerships Proprietary pipelines Learning pathways Wraparound services Breadth of prepared healthcare talent

Innovative AI tools enabling unique learning experiences Charlotte: Chatbot Julian: A.I. Tutor Linda: Digital human simulation ADTALEM: INVESTOR DAY 2023 / 45

Karen Cox, PhD, RN, FACHE, FAAN President, Chamberlain University Chamberlain University

Maintaining position as #1 provider of nursing degrees and health-related degrees while growing market share Innovative, multi-channel modalities Strong employer partnerships Specialty-focused tracks Social Determinants of Health practice-ready graduates ADTALEM: INVESTOR DAY 2023 / 47

130+ Years of history 100k+ Alumni 23 Campus locations 7 Degree programs 34.8k Current enrollees 1k+ Educational alliances Largest nursing school in the U.S. >50% students from diverse backgrounds 73.2% four-year baccalaureate completion rate over 25 percentage points higher than national average Nation’s leading nursing and healthcare university Founded in 1889 Chamberlain University Belong to Something Greater Definitions and additional information can be found in the appendix.

Our community connection: BSN Online students prepare online and practice on site at a partner location In-person Skills Evaluation Prior to clinicals, students are evaluatedin a live skills check-off with faculty Clinical Immersions Concentrated clinical experience held at partner sites during the final weeks of an 8-week session Virtual Simulations Next-generation NCLEX® virtually simulated patient encounters help students master each step of the clinical judgment task model Personalized Learning Platform Our platform knows when a student needs help, offers automated remediation and shares performance data with faculty Live Virtual Classes Faculty-led courses allows for optimal interaction and discussion with faculty and peers Virtual Labs Students practice through group and self-directed virtual simulation using in-home lab kits

Expansive geographic presence supporting our leading position as national partner of choice 23 Campuses in 15 states 18 Additional states with BSN Online 33 States with Chamberlain University TROY INDIANAPOLIS ST. LOUIS ADDISON CHICAGOTINLEY PHOENIX NEW ORLEANS HOUSTON SAN ANTONIO IRWINDALE ATLANTA(2 CAMPUSES) Campus BSN Online Campus & BSN Online Sacramento Las Vegas Irwindale Phoenix Irving San Antonio Houston Pearland New Orleans Miramar Jacksonville Atlanta Stockbridge Charlotte Tysons Corner North Brunswick Troy Addison Chicago Tinley Park St. Louis Indianapolis Columbus

Premier healthcare community with over a century of academic excellence Bachelor of Science in Nursing 13.5k current enrollees Registered Nurse to BSN 7.5k current enrollees Master of Science in Nursing 12.0k current enrollees Doctor of Nursing Practice 1.3k current enrollees College of Health Professions1 Pre-licensure enrollment 39% Post-licensure enrollment 61% Enrollment data as of March 31, 2023 College of Health Professions comprised of: Masters of Physician Assistant Studies, Masters of Public Health, and Masters of Social Work. ~500 current enrollees

Social Determinants of Learning™ built on the foundation of Removing Learning Barriers Making Healthcare Education More Accessible Social Determinants of Health delivering positive health outcomes Future of care goes beyond preventative care: Social Determinants of Learning™ are more critical than ever

Healthcare, at its core, is about caring: Extraordinary Care. Extraordinary Nurses. The Chamberlain Care™ Model: State-of-the-art curriculum and assessment strategy Coaching teams Workshops to support academic needs Live content mastery reviews through curriculum Personalized and comprehensive clinical judgement focus to prepare graduate for NCLEX CareFor Colleagues CareFor Self CareFor Students CareFor Patients CareFor Community

Perioperative nursing Launched January 2022 Partnership with Association of periOperative Registered Nurses American Nurses Foundation (ANF): Reimagining Nursing Initiative Cultivating Practice Ready.Specialty Focused™ Professionals 1 of 10 participating institutions Transformation of the nursing profession to focus on healthcare access, care, and outcomes Home health nursing Launched May 2023 Partnership with BrightStar Care® Nephrology nursing Launching January 2024 Partnership with DaVita

Partnerships with local healthcare-focused employers Earn to Learn Student receives hands-on healthcare-related experience, mentorship, and earns income through the partner Fostering a direct pathway to potential employment upon graduation We go beyond just providing “education”

Michael Betz President, Walden WaldenUniversity

Turnaround of commercial performance #1 Online institution for graduate degree scholars, advancing diversity, equity and inclusion in healthcare Strong foundation Commercial turnaround is showing results and puts us on a strong footing heading into FY24 Program portfolio Academic quality Student outcomes A new student acquisition strategy Commercial excellence across the student journey Competitive pricing Regaining Walden’s leadership position

50+ Years of history 170k+ Alumni 100% Online 7 Colleges 39.4k Current enrollees 115+ Countries represented by current enrollees Set A Course For Change, pioneering digital learning for working professionals #1 provider of Master of Science in Nursing >50% students from diverse backgrounds #1 awarding research doctorates to African-American students Founded in 1970 Walden University #1 provider of Master of Science in Nursing #1 awarding research doctorates to Black students >50% students from diverse backgrounds Founded in 1970 Walden University

Comprehensive portfolio of in-demand programs focused on graduate studies Healthcare enrollment 78% Non-healthcare enrollment 22% Bachelor’s 15% Master’s 60% Doctoral 25% College of Social and Behavioral Health 10.3k current enrollees College of Psychology & Community Services 3.8k current enrollees College of Health Sciences & Public Policy 1.9k current enrollees The Richard W. Riley College of Education & Human Sciences 5.1k current enrollees College of Management & Human Potential 4.2k current enrollees College of Allied Health & Other ~500 current enrollees College of Nursing 13.5k current enrollees Enrollment data as of March 31, 2023

Social Work & Human Services Addressing some of the most pressing issues facing society today Addressing the mental health crisis Psychology Making life better for people and communities Counseling Helping people navigate through their life challenges

ADTALEM: INVESTOR DAY 2023 / 62 Operational and commercial excellence across the full student journey Drive Walden brand awareness among the full target audience Offer the strongest student value proposition

Tempo Learning®: Competency-based learning, proving a true competitive advantage Aligns to working professionals’ needs for speed, flexibility, and affordability Differentiates Walden programs from majority of online offerings Strong growth potential in both B2C and B2B Advance at Your Own Pace: The Faster You Complete Your Program, The More You Save

Promotes student persistence and graduation Scholarship structure enables significant reduction in total cost of degree programs without reducing rack rate price Improves program price competitiveness Drives increased lifetime value for Walden Affordability and Accessibility for Working Professionals Paving the Way for Change, Believing in Our Students, Achieving Dreams New “Believe & Achieve” scholarship program

Dr. John Danaher, MD President, Medical and Veterinary Medical and Veterinary

ADTALEM: INVESTOR DAY 2023 / 67 Maintain and build on quality academic outcomes Accelerate growth and achieve capacity Curricular focus on health equity A leading educator for physicians and veterinarians, with a strong commitment to health equity and One Health Medical

90+ Years of combined history 15.5k+ Alumni  Achieved residencies in all major specialty areas 50 graduates practice in all 50 states as well as the UK, Canada, and Puerto Rico 3.1k Current enrollees 38 Health system partnerships for clinical rotations Two distinguished medical schools with a strong foundation of training the next generation of medical practitioners Both founded in 1978 86% USMLE 1st time pass rate 97% 1st time residency attainment Definitions and additional information can be found in the appendix.

15-week program preparing aspiring physicians for the rigor of medical school >50% students advanced to AUC or RUSM ADTALEM: INVESTOR DAY 2023 / 69 Definitions and additional information can be found in the appendix.

of graduates practice in rural HPSA of graduates practice in medically underserved or health professional shortages areas (HPSA) of graduates practice in low-income communities 88% 44% 7% Graduate more Black physicians than anyU.S. medical school in 2020 - 2021

Preston, UK Campus Partnership with University of Central Lancashire International students earn AUC MD degree; direct pathway to practice in the UK Affiliations with some of the UK’s most prestigious hospitals, including Chelsea and Westminster Exceptional education and caring culture characterize the unique AUC experience Research institution in an intimate campus setting

DESIGNED Maintain our market-leading position Connect with future veterinarians by living & teaching One Health Leverage our immersive experience, campus, research capabilities, and AVMA clinical competency training Strong employer partnerships ADTALEM: INVESTOR DAY 2023 / 72 A leading educator for physicians and veterinarians, with a strong commitment to health equity and One Health Veterinary

40+ Year history 6k Alumni Access to a broad range of terrestrial, exotic, and aquatic animals ~9% of new U.S. Doctor of Veterinary Medicine graduates in 2021 1.6k Current enrollees 28 International clinicallocations A Special Breed of Vet™, at a top AVMA accredited veterinary school Founded in 1982 >33% of graduates from minority backgrounds >75% of students are women Significant AVMA alumni body in all 50 states

Bob Phelan Chief Financial Officer Maximizing Long-Term Value

Systematically Important to U.S. Healthcare System Operational Effectiveness Growth with Purpose Driving Enrollment

Funding our ability to sustainably invest in future growth opportunities through an efficient operational foundation Realization of the full potential of the current enterprise at scale Repositioned our portfolio for growth: Healthcare assets Operational effectiveness Increased margin profile Clear strategy to achieve durable growth Significant progress achieved against our strategic transformation, repositioned for growth

Generating Free Cash Flow1 $129m $227m $133m FY ‘21 Q3 FY ‘23 TTM FY ‘22 Net Leverage Ratio1 Q3 FY ‘23 Achieve two-year cost synergy program in FY ‘22 – FY ‘23 1.1x $60m Operational Effectiveness Financial Strength Capital Deployment Strengthened foundation, positioning us for sustainable long-term growth $211m $942m Debt reduction since Q1 FY ‘22 Returned to shareholders through share repurchases since Q3 FY ‘22 Adj. EBITDA margin1 22% 24% 24% FY ‘21 Q3 ‘23 YTD FY ‘22 Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix.

Focusing on our expertise and competitive advantages to realize the full potential of our institutions $ millions Revenue Adj. EBITDA1 Walden acquisition Improved persistence and enrollment trends Synergy cost capture (FY ‘22 & FY ‘23): $60m Adj. EBITDA margin improvement ~+200 bps $899 $1,382 $1,400 - $1,450 FY ‘23 Guidance FY ‘22 FY ‘21 $196 $329 FY ‘22 FY ‘21 Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix.

Reaffirming FY 2023 Guidance Revenue Adj. EPS1 Underlying Themes Improving trend for total enrollment Enhanced student outcomes Continued cost discipline Capital deployment $1,400m - $1,450m $4.05 - $4.20 Solid Year to Date Q3 FY ‘23 Results Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix.

Short-term investments in brand and student experience generating a high ROI through long-term durable total enrollment growth and operational leverage Repositioned our portfolio for growth: Healthcare assets Operational effectiveness Increased margin profile Clear strategy to achieve durable growth Today -> FY ‘24 Initiatives driving total enrollment growth Maintain margin as we invest to capture long-term demand Cash generation Entering our next phase: long-term durable growth Realization of the full potential of the current enterprise at scale FY ‘25 -> FY ‘26+ Long-term durable total enrollment growth Expanding margin through institutional leverage Returning capital to shareholders

Introducing FY 2024 Guidance Modest revenue growth Maintain Adj. EBITDA1 margin profile Investments in organic growth Continued strong cash flow and active capital deployment Underlying Themes Revenue Adj. EPS1 $1,460m - $1,520m $4.15 - $4.40 Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix.

Path to achieve our full financial potential by FY 2026 1 Utilizing existing capacity at our market leading institutions and expanding access Growth with Purpose strategy driving total student enrollment growth Long-term margin expansion through operational effectiveness and durable operational leverage Accretive investments and disciplined capital allocation strategy to enhance our earnings growth 2 3 4

FY 2024 FY 2025 FY 2026 $1,460m - $1,520m Driving solid revenue growth +4% to +6% +5% to +8%

FY 2025 FY 2026 Operational leverage amplifies Adj. EPS1 $4.15 - $4.40 ~flat Adj. EBITDA1 margin +10% to +15% +100 bps Adj. EBITDA1 margin expansion +13% to +18% +100 bps Adj. EBITDA1 margin expansion Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix. FY 2024

Disciplined Capital Allocation Philosophy Student Growth Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Return Excess Cash Execution of the remaining $252m against our Board-authorized $300m share repurchase program through February 2025 Financial Strength Thoughtfully reduce long-term financial obligations to maximize flexibility and balance sheet strength Opportunistic M&A Opportunities to enhance our student outcomes through capabilities and technology Focused on tuck-ins to horizontally expand into in-demand healthcare education markets

Purpose Driven Organization Driving Long-term Shareholder Value

Steve Beard President and Chief Executive Officer Closing Remarks

A Category of One Transformed Portfolio, Positioned Well as a Leading Healthcare Educator In a growing, structurally attractive industry with tailwinds Creating Long-Term Value with Growth with Purpose Strategy Focused on accelerating organic total enrollment growth and efficiency Executing with Operational Excellence Creating the ability to sustainably invest in accretive growth opportunities while delivering long-term margin expansion Strong and Stable Financial Profile With a healthy balance sheet, cash generative model, and an attractive capital allocation philosophy Greater Scale Driving a Greater Purpose Committed to student and societal outcomes as a systematically important component of the U.S. healthcare system, with a clear growth roadmap and meaningful shareholder value creation opportunities

Appendix

Non-GAAP financial measures and reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables: Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations. Adjusted earnings per share (most comparable GAAP measure: earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Adjusted EBITDA (most comparable GAAP measure: net income attributed to Adtalem) – Measure of Adtalem’s net income adjusted for net (income) loss from discontinued operations attributable to Adtalem, interest expense, other income expense net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation, deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Income taxes, interest expense, and other (income) expense, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income (loss). Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures. Net debt – Defined as long-term debt less cash and cash equivalents. Net leverage – Defined as net debt divided by adjusted EBITDA. A description of special items in our non-GAAP financial measures described above are as follows: Deferred revenue adjustment related to a revenue purchase accounting adjustment to record Walden’s deferred revenue at fair value. CEO transition costs related to acceleration of stock-based compensation expense. Restructuring expense primarily related to plans to achieve synergies with the Walden acquisition and real estate consolidations at Walden, Medical and Veterinary, and Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense. Business acquisition and integration expense include expenses related to the Walden acquisition and certain costs related to growth transformation initiatives. We do not include normal, recurring, cash operating expenses in our business acquisition and integration expense. Intangible amortization expense on acquired intangible assets. Gain on sale of Adtalem’s Chicago, Illinois, campus facility. Pre-acquisition interest expense related to financing arrangements in connection with the Walden acquisition, write-off of debt discount and issuance costs and gain on extinguishment of debt related to prepayments of debt, and impairment of an equity investment. Net tax benefit related to a valuation allowance release. Net (income) loss from discontinued operations attributable to Adtalem includes the operations of Adtalem Brazil, ACAMS, Becker, OCL, and EduPristine, including the after-tax gain on the sale of these businesses, in addition to costs related to DeVry University.

Non-GAAP free cash flow

Non-GAAP adjusted EBITDA

Non-GAAP net leverage disclosure

Subsequent definitions & footnotes: Adtalem by the numbers slide #9: USMLE: First-time pass rate is the number of students passing the USMLE step 1 exam on the first attempt divided by the number of students whose first attempt was in 2020 - 2022. In order to sit for the USMLE step 1 exam students must successfully complete the Medical Sciences curriculum. Cohort default rates: 2019 is the latest data published by the United States Department of Education. Scaled solution addressing healthcare’s most significant challenge slide #13: Workforce challenges: American College of Healthcare Executives (February 2023) Health system executive survey: McKinsey survey, June/July 2022 Investing in long-term, secular growth markets slide #18: Nursing school applications: AACN Nursing program applicants defined as completed applications received for academic years 2012 - 2022. Physician program applications: AACOM Physician program applicants defined as completed applicants received academic years 2012 - 2022. Veterinary applications: APA Veterinary program applicants defined as completed applicants received academic years 2012 - 2022. Psychology degree applications: APA Psychology degree program applicants defined as completed applicants received academic years 2012 - 2022. Total U.S. enrollment in psychology and related degrees in fall 2022: IPEDS Enrollment data for all degree level within CIP Code 42 – Psychology Labor shortages for front-line healthcare workers at all-time highs and projected to remain slide #19: Nurses current shortage: Sourced based on number of annual RN job openings from BLS Nurse shortage by 2025: McKinsey & Company - “Assessing the Lingering Impact of COVID-19 on the Nursing Workforce,” May 2022 Physicians current and projected shortage: Qualified nursing program applicants turned away in 2022 – 2023: AACN 2022-2023 Enrollments and Graduations Report Veterinarians current shortage: Mars Veterinary Health & Animal Health Economics, LLC, “Pet Healthcare in the US” Social & Behavioral Health Professionals: Based on data from the Substance Abuse and Mental Health Services Administration Healthcare vacancy rates: Vacancy rate sourced from BLS; defined as the number of job openings as a percentage of total end-market employment plus job openings Highly fragmented core markets slide #20: Degree conferrals: Based on 2021-2022 Academic Year Nursing market data: AACN Enrollments & Graduations Report MD market data: AAMC, MRNP & Internal ATGE Data; Top providers show only US MD schools + ATGE institutions, no institution other than Adtalem’s has more than a 1.5% share; applications were used as a proxy for IMG degree conferrals given lack of publicly available IMG graduates data Veterinarian market data: AAVMC Institutional Data Report Labor has been both the most significant and persistent cost increase for healthcare systems since the onset of the pandemic slide #22: Source: Kauffman Hall Flash Reports. This material was presented in July 2022 at McKinsey’s Healthcare conference and has been summarized. It is not a complete record of McKinsey’s analysis on this subject or all possible discussion on this topic and does not constitute advice. Nursing program closures slide #23: AACN Annual Reports Vacancy rates have skyrocketed since the pandemic slide #24 2022 NSI National Health Care Retention & RN Staffing Report, US Bureau of Labor Statistics Delivering high-quality academic and professional outcomes at scale with an unwavering student commitment slide #34: Cohort default rates: 2019 is the latest data published by the United States Department of Education. Adtalem cohort default rate inclusive of Walden University for all periods presented. Nation’s leading nursing and healthcare university slide #48: All four-year baccalaureate institutions completion rates for students entering full-time. Reporting year 2021 - 2022. Two distinguished medical schools with a strong foundation of training the next generation of medical practitioners slide #68: Residency attainment rate: First-time residency attainment rate is the percent of students attaining a 2023-24 residency position out of all graduates or expected graduates in 2022-23 who were active applicants in the 2023 NRMP match or who attained a residency position outside the NRMP match. Medical Education Readiness Program slide #69: For fiscal year 2020 / 2021 student cohort