8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2018

Laureate Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-38002	52-1492296
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

650 South Exeter Street

Baltimore, MD 21202

(Address of principal executive offices, including zip code)

(410) 843-6100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Item 2.02Results of Operations and Financial Condition.

On August 9, 2018, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2018. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 7.01Regulation FD Disclosure.

On August 9, 2018, the Company made available on the investor relations section of its website its Second Quarter 2018 Earnings Presentation (the “Presentation”). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

Item 8.01Other Events.

The Company plans to divest additional business units located in Europe, Asia and Central America. The divestitures are expected to generate over $1 billion in proceeds and create a more focused and simplified business model. In aggregate, the Company anticipates that these transactions will result in a reduction in annual revenues of approximately $700 million.

After exiting the targeted geographies, the Company’s remaining markets will be Brazil, Chile, Mexico, and Peru, along with its online and hybrid educational institutions in the U.S. and Australia. The timing and ability to complete any of these transactions is uncertain, and will be subject to market and other conditions, which may include regulatory approvals and consents of third parties.

Forward-Looking Statements

This Current Report on Form 8-K includes certain disclosures which contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “anticipate” or similar expressions that concern the Company’s strategy, plans or intentions. All statements we make relating to our planned divestitures, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom are forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from the Company’s expectations are set forth in “Item 1—Business, Item 1A—Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as updated in “Part II, Item 1A—Risk Factors” of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.	Description
99.1	Earnings Release issued by Laureate Education, Inc. on August 9, 2018.
99.2	Second Quarter 2018 Earnings Presentation.

The information contained in Item 2.02, including Exhibit 99.1 hereto, and Item 7.01, including Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LAUREATE EDUCATION, INC.
By:	/s/ Jean-Jacques Charhon
Name:	Jean-Jacques Charhon
Title:	Executive Vice President and Chief Financial Officer

Date: August 9, 2018

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EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2018 FINANCIAL RESULTS

COMPANY ANNOUNCES FURTHER PLANNED DIVESTITURES EXPECTED TO GENERATE OVER

$1 BILLION IN PROCEEDS AND CREATE A MORE FOCUSED AND SIMPLIFIED BUSINESS MODEL

BALTIMORE, MARYLAND - August 9, 2018 - Laureate Education, Inc. (NASDAQ: LAUR), the global leader in higher education, today announced financial results for the second quarter and the six months ended June 30, 2018.

Second Quarter 2018 Highlights (compared to second quarter 2017):

·Revenue of $1,247.9 million was up 3% on an organic constant currency basis(1). On a reported basis, revenue decreased 2% due to asset dispositions in prior periods.

·Operating income increased 9% or $21.9 million to $265.8 million.

·Net income for the quarter was $224.0 million, which includes a one-time $111.7 million derivative gain upon conversion of the preferred equity into common shares in April, as compared to $117.1 million in the second quarter of 2017.

·Adjusted EBITDA increased by $19.4 million to $361.2 million; up 6% on an organic constant currency basis.

Six Months Ended June 30, 2018 Highlights (compared to six months ended June 30, 2017):

·New enrollments increased 4% on an organic basis (excluding divestitures).

·Total enrollments increased 1% on an organic basis (excluding divestitures).

·Revenue of $2,133.2 million was up 3% on an organic constant currency basis(1). On a reported basis, revenue was essentially flat and affected by asset dispositions in prior periods.

·Operating income increased 32% or $57.3 million to $238.3 million.

·Net income for the six months was $395.5 million, which included a $309.8 million gain related to the completion of the previously announced sales of our Cyprus, Italy, China, Germany and Morocco institutions, and a $98.2 million derivative gain upon conversion of the preferred equity into common shares in April, as compared to a net loss of $3.3 million in the six months ended June 30, 2017.

·Adjusted EBITDA increased by $18.3 million to $408.7 million; up 7% on an organic constant currency basis.

“I’m pleased to report another strong quarter for the company,” said Eilif Serck-Hanssen, Chief Executive Officer. “The business is performing well and the key initiatives we’ve undertaken to simplify our business model are yielding strong results. Given our performance for the first half of 2018, we are reaffirming full-year 2018 guidance.”

Second Quarter 2018 Results

Revenue in the second quarter of 2018 was $1,247.9 million, a 2% decrease compared to the second quarter of 2017, affected by asset dispositions in prior periods. Operating income increased by $21.9 million to $265.8 million from $243.9 million in the second quarter of 2017. Net income was $224.0 million for the second quarter, compared to $117.1 million in the second quarter of the prior year. Diluted earnings per share were $1.00 for the second quarter of 2018.

Adjusted EBITDA was $361.2 million in the second quarter of 2018, a 6% increase compared to the second quarter of 2017. On an organic constant currency basis, revenue increased 3% and Adjusted EBITDA increased 6% compared to the second quarter of 2017.

Six Months Ended June 30, 2018 Results

New enrollments through year-to-date June 2018, excluding divestitures, increased 4% compared to our new enrollment activity through year-to-date June 2017. New enrollment performance reflects strong growth in Brazil, which was up 9%, led by 90% growth in new enrollments in Distance Learning in that segment. Andean & Iberian grew new enrollments 2%, and in the EMEAA segment our Australia business is scaling nicely, with enrollments increasing 8% as compared to the prior year period. Online & Partnerships new enrollments were down 5% for the period, with Walden new enrollments flat year-to-date, offset by our planned transition away from lower revenue and margin producing students in our partnership business. On an organic basis (excluding divestitures), total enrollments at June 30, 2018 increased 1% compared to June 30, 2017.

For the six months ended June 30, 2018, revenue was $2,133.2 million, a decrease of $0.2 million compared to the six months ended June 30, 2017, affected by asset dispositions in prior periods. Operating income increased $57.3 million compared to the 2017 fiscal period. Net income was $395.5 million, which included a $309.8 million gain related to the sale of the Cyprus, Italy, China, Germany and Morocco institutions, compared to a net loss of $3.3 million in the 2017 fiscal period. Diluted earnings per share for the six months ended June 30, 2018 was $1.75.

Adjusted EBITDA was $408.7 million for the six months ended June 30, 2018, a 5% increase compared to the six months ended June 30, 2017. On an organic constant currency basis, revenue increased 3% and Adjusted EBITDA increased 7% compared to the 2017 fiscal period.

(1) Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.

Balance Sheet and Capital Structure

Laureate ended the second quarter of 2018 with $402.4 million of cash on hand and $739.4 million in total liquidity, including our undrawn revolver capacity.

Further Portfolio Simplification

Throughout 2017 and early 2018, Laureate successfully implemented its Accelerator Plan designed to simplify and streamline its global portfolio of universities, saving over $75 million in annual operating expenses and focusing its geographic footprint. The divestiture of these business units, with combined annual revenues of approximately $400 million and annual Adjusted EBITDA of approximately $85 million, are expected to generate approximately $1 billion in net proceeds. A number of those transactions have already closed.

The Company now plans to divest its business units located in Europe, Asia and Central America. These additional divestitures are expected to generate over $1 billion in proceeds and create a more focused and simplified business model.

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“Actions taken by the management team to simplify the business, mitigate risk, improve margins, strengthen our balance sheet and improve free cash flow generation are yielding concrete results,” said Eilif Serck-Hanssen, Chief Executive Officer. “We now intend to further simplify our portfolio and focus our operations on our large-scale markets where we have a strong track record of delivering successful outcomes for our students and all of our stakeholders. We believe that our unique competitive advantages in the retained markets, specifically superior brands, strong management capabilities, and complementary operating models will significantly strengthen Laureate’s financial position going forward.”

In aggregate, the Company anticipates that these additional transactions will result in an approximately 15% reduction in annual revenue upon completion.

“Laureate is committed to finding new owners that share our organization’s goals of providing quality, affordable higher education,” added Mr. Eilif Serck-Hanssen.

Upon the successful exit from the targeted geographies, the Company’s Latin American markets will be Brazil, Chile, Mexico, and Peru; along with its online and hybrid educational institutions in the U.S. and Australia.

The timing and ability to complete any of these transactions is uncertain, and will be subject to market and other conditions, which may include regulatory approvals and third-party consents.

Outlook for Fiscal 2018

Given our performance for the first half of 2018, we are reaffirming full-year 2018 guidance.

Based on the current foreign exchange spot rates(2), Laureate currently expects its performance for full-year 2018 to be as follows:

·Total enrollments in the range of 1,025,000 to 1,030,000;

·Revenues to be in the range of $4,260 to $4,300 million;

·Adjusted EBITDA to be in the range of $810 to $820 million;

·Capex spending at approximately 7% of revenue;

·Cash interest expense of approximately $250 million, reflecting the improvements in our capital structure; and

·Free cash flow, defined as operating cash flow less capex, expected to be approximately $100 million for 2018.

(2) Based on actual FX rates for January-July 2018, and current spot FX rates (local currency per US dollar) of MXN 18.65, BRL 3.76, CLP 645.00, PEN 3.27, EUR 0.86 for August - December 2018. FX impact may change based on fluctuations in currency rates in future periods.

An outlook for 2018 net income and a reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

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Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by dialing 1-888-517-2513 (for U.S.- based callers) or 1-847-619-6533 (for international callers), and request to join the Laureate conference call, conference ID 5760587. Replays of the entire call will be available through August 16, 2018 at 1-888-843-7419 (for U.S.- based callers) and at 1-630-652-3042 (for international callers), conference ID 5760587. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s web site at www.laureate.net.

Forward-Looking Statements

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, capital expenditures, cash interest expense, free cash flows and reported earnings per share) and all statements we make relating to our planned divestitures, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom, are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on March 20, 2018, our Quarterly Reports on Form 10-Q filed and to be filed with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate has provided a non-GAAP measurement of Adjusted EBITDA. We have included Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management

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and board of directors. Adjusted EBITDA is reconciled from the respective measures under GAAP in the attached table “Non-GAAP Reconciliations.”

About Laureate Education, Inc.

Laureate Education, Inc. is the largest global network of degree-granting higher education institutions, with more than one million students enrolled at 60 institutions in 20 countries at campuses and online. Laureate offers high-quality, undergraduate, graduate and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper and societies benefit. This belief is expressed through the company’s philosophy of being ‘Here for Good’ and is represented by its status as a certified B Corporation® and conversion in 2015 to a Delaware public benefit corporation, a new class of corporation committed to creating a positive impact on society.

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Key Metrics and Financial Tables

(Dollars in millions, except per share amounts, and may not sum due to rounding)

New and Total Enrollments by segment

	New Enrollments						Total Enrollments
	YTD 2Q	YTD 2Q	Change				As of	As of	Change
	2018	2017	Total		Organic		6/30/2018	6/30/2017	Total		Organic
Brazil	102,900	94,100	9	%	9	%	293,700	282,200	4	%	4	%
Mexico	43,600	42,600	2	%	2	%	187,600	191,800	(2	)%	(2	)%
Andean & Iberian	96,100	94,400	2	%	2	%	342,100	333,900	2	%	2	%
Central America & U.S. Campuses	29,300	29,400	—	%	—	%	75,500	73,800	2	%	2	%
EMEAA (1)	18,700	17,400	7	%	10	%	83,200	123,300	(33	)%	1	%
Online & Partnerships	17,100	18,000	(5	)%	(5	)%	58,900	65,900	(11	)%	(11	)%
Laureate	307,700	295,900	4	%	4	%	1,041,000	1,070,900	(3	)%	1	%

(1) New enrollments affected by the sale of business units in Cyprus, Italy, China, Germany and Morocco (EMEAA segment) during 2018.

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Consolidated Statements of Operations

	For the three months ended June 30,									For the six months ended June 30,
IN MILLIONS	2018(2)			2017			Change			2018(2)			2017			Change
Revenues	$	1,247.9		$	1,277.4		$	(29.5	)	$	2,133.2		$	2,133.4		$	(0.2	)
Costs and expenses:
Direct costs	908.9			942.2			(33.3		)	1,774.4			1,795.5			(21.1		)
General and administrative expenses	73.2			91.3			(18.1		)	120.5			156.9			(36.4		)
Operating income	265.8			243.9			21.9			238.3			181.0			57.3
Interest income	5.4			4.5			0.9			11.6			9.2			2.4
Interest expense	(66.0		)	(99.0		)	33.0			(135.4		)	(201.6		)	66.2
Loss on debt extinguishment	—			(6.9		)	6.9			(7.5		)	(8.4		)	0.9
Gain on derivatives	111.6			27.0			84.6			92.3			39.1			53.2
Other income (expense), net	2.1			(0.4		)	2.5			4.5			0.1			4.4
Foreign currency exchange loss, net	(17.9		)	(9.7		)	(8.2		)	(26.6		)	(7.4		)	(19.2		)
Gain (loss) on sales of subsidiaries, net	11.8			(0.2		)	12.0			309.8			(0.2		)	310.0
Income from continuing operations before income taxes	312.8			159.1			153.7			486.9			11.7			475.2
Income tax expense	(88.9		)	(42.0		)	(46.9		)	(91.4		)	(14.9		)	(76.5		)
Net income (loss)	224.0			117.1			106.9			395.5			(3.3		)	398.8
Net loss (income) attributable to noncontrolling interests	0.5			(0.7		)	1.2			(2.2		)	(3.2		)	1.0
Net income (loss) attributable to Laureate Education, Inc.	$	224.4		$	116.4		$	108.0		$	393.3		$	(6.4	)	$	399.7
Subtotal: accretion of Series A Preferred Stock, net and other redeemable noncontrolling interests and equity	$	69.8		$	(69.2	)	$	139.0		$	12.4		$	(108.1	)	$	120.5
Net income (loss) available to common stockholders	$	294.2		$	47.2		$	247.0		$	405.7		$	(114.5	)	$	520.2
Basic and diluted earnings per share:
Basic weighted average shares outstanding	214.9			168.6			46.3			201.5			161.6			39.9
Diluted weighted average shares outstanding	224.4			168.7			55.7			224.5			161.6			62.9
Basic earnings (loss) per share	$	1.37		$	0.28		$	1.09		$	2.01		$	(0.71	)	$	2.72
Diluted earnings (loss) per share	$	1.00		$	0.28		$	0.72		$	1.75		$	(0.71	)	$	2.46

(2) Financial results for 2018 as compared to 2017 were affected by the sale of business units in Cyprus, Italy, China, Germany and Morocco (EMEAA segment) during 2018.

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Revenue and Adjusted EBITDA by segment

IN MILLIONS

							% Change				$ Variance Components
For the three months ended June 30,	2018			2017			Reported		Organic Constant Currency(3)		Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	225.6		$	260.6		(13	)%	(4	)%	$	(35.0	)	$	(9.3	)	$	—		$	—		$	(25.7	)
Mexico	159.6			160.0			—	%	3	%	(0.4		)	4.6			—			—			(5.0		)
Andean & Iberian	486.5			434.4			12	%	7	%	52.1			30.3			—			—			21.8
Central America & U.S. Campuses	78.4			73.1			7	%	8	%	5.3			5.8			—			—			(0.5		)
EMEAA	138.4			182.2			(24	)%	6	%	(43.8		)	8.5			—			(50.5		)	(1.8		)
Online & Partnerships	165.0			175.5			(6	)%	(6	)%	(10.5		)	(11.4		)	—			—			0.9
Corporate & Eliminations	(5.6		)	(8.4		)	33	%	33	%	2.8			2.8			—			—			—
Total Revenues	$	1,247.9		$	1,277.4		(2	)%	3	%	$	(29.5	)	$	31.3		$	—		$	(50.5	)	$	(10.3	)
Adjusted EBITDA
Brazil	$	77.9		$	91.3		(15	)%	(7	)%	$	(13.4	)	$	(6.0	)	$	1.5		$	—		$	(8.9	)
Mexico	27.8			34.3			(19	)%	(17	)%	(6.5		)	(5.9		)	(0.3		)	—			(0.3		)
Andean & Iberian	208.9			183.8			14	%	9	%	25.1			17.1			—			—			8.0
Central America & U.S. Campuses	14.6			11.7			25	%	26	%	2.9			3.0			—			—			(0.1		)
EMEAA	21.3			38.0			(44	)%	34	%	(16.7		)	6.5			—			(19.0		)	(4.2		)
Online & Partnerships	45.4			48.8			(7	)%	(7	)%	(3.4		)	(3.5		)	—			—			0.1
Corporate & Eliminations	(34.7		)	(65.9		)	47	%	13	%	31.2			8.4			22.8			—			—
Total Adjusted EBITDA	$	361.2		$	341.8		6	%	6	%	$	19.4		$	19.8		$	24.0		$	(19.0	)	$	(5.4	)

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IN MILLIONS

							% Change				$ Variance Components
For the six months ended June 30,	2018			2017			Reported		Organic Constant Currency(3)		Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	348.4		$	377.5		(8	)%	1	%	$	(29.1	)	$	2.1		$	—		$	—		$	(31.2	)
Mexico	315.5			310.8			2	%	—	%	4.7			(1.3		)	—			—			6.0
Andean & Iberian	702.7			615.5			14	%	8	%	87.2			46.8			—			—			40.4
Central America & U.S. Campuses	157.4			149.5			5	%	6	%	7.9			8.9			—			—			(1.0		)
EMEAA	285.5			342.0			(17	)%	7	%	(56.5		)	19.5			—			(79.7		)	3.7
Online & Partnerships	333.0			352.6			(6	)%	(6	)%	(19.6		)	(21.9		)	—			—			2.3
Corporate & Eliminations	(9.3		)	(14.5		)	36	%	36	%	5.2			5.2			—			—			—
Total Revenues	$	2,133.2		$	2,133.4		—	%	3	%	$	(0.2	)	$	59.3		$	—		$	(79.7	)	$	20.2
Adjusted EBITDA
Brazil	$	51.9		$	52.2		(1	)%	11	%	$	(0.3	)	$	6.0		$	3.7		$	—		$	(10.0	)
Mexico	58.3			72.1			(19	)%	(20	)%	(13.8		)	(14.7		)	(0.4		)	—			1.3
Andean & Iberian	202.0			165.3			22	%	16	%	36.7			27.0			—			—			9.7
Central America & U.S. Campuses	32.2			28.7			12	%	13	%	3.5			3.8			—			—			(0.3		)
EMEAA	44.5			67.8			(34	)%	30	%	(23.3		)	11.3			—			(29.5		)	(5.1		)
Online & Partnerships	90.4			102.9			(12	)%	(12	)%	(12.5		)	(12.5		)	—			—			—
Corporate & Eliminations	(70.6		)	(98.6		)	28	%	5	%	28.0			5.2			22.8			—			—
Total Adjusted EBITDA	$	408.7		$	390.4		5	%	7	%	$	18.3		$	26.1		$	26.1		$	(29.5	)	$	(4.4	)

(3) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

9

Consolidated Balance Sheets

IN MILLIONS	June 30, 2018		December 31, 2017		Change
Assets
Cash and cash equivalents	$	402.4	$	468.7	$	(66.3	)
Receivables (current), net	449.9		357.9		92.0
Other current assets	383.4		359.7		23.7
Current assets held for sale	36.0		102.6		(66.6		)
Property and equipment, net	1,793.9		1,934.9		(141.0		)
Goodwill and other intangible assets	3,091.0		3,286.2		(195.2		)
Other long-term assets	496.9		489.3		7.6
Long-term assets held for sale	276.9		392.4		(115.5		)
Total assets	$	6,930.5	$	7,391.7	$	(461.2	)
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	550.3	$	618.4	$	(68.1	)
Deferred revenue and student deposits	352.0		312.4		39.6
Total long-term debt, including current portion	2,914.0		3,361.3		(447.3		)
Total due to shareholders of acquired companies, including current portion	59.9		79.6		(19.7		)
Other liabilities	761.2		747.6		13.6
Current and long-term liabilities held for sale	165.0		271.1		(106.1		)
Total liabilities	4,802.4		5,390.4		(588.0		)
Convertible redeemable preferred stock	—		400.3		(400.3		)
Redeemable noncontrolling interests and equity	13.0		13.7		(0.7		)
Total stockholders’ equity	2,115.1		1,587.3		527.8
Total liabilities and stockholders’ equity	$	6,930.5	$	7,391.7	$	(461.2	)

10

Consolidated Statements of Cash Flows

	For the six months ended June 30,
IN MILLIONS	2018			2017			Change
Cash flows from operating activities
Net income (loss)	$	395.5		$	(3.3	)	$	398.8
Depreciation and amortization	130.2			131.5			(1.3		)
(Gain) loss on sales of subsidiaries and disposal of property and equipment, net	(309.9		)	1.9			(311.8		)
Gain on derivative instruments	(92.7		)	(39.4		)	(53.3		)
Loss on debt extinguishment	7.5			8.4			(0.9		)
Unrealized foreign currency exchange loss	18.7			11.8			6.9
Income tax receivable/payable, net	12.0			(21.9		)	33.9
Working capital, excluding tax accounts	(220.9		)	(338.5		)	117.6
Other non-cash adjustments	61.6			108.7			(47.1		)
Net cash provided by (used in) operating activities	1.8			(140.8		)	142.6
Cash flows from investing activities
Purchase of property and equipment	(93.7		)	(86.8		)	(6.9		)
Expenditures for deferred costs	(7.7		)	(8.2		)	0.5
Receipts from sales of subsidiaries and property and equipment, net of cash sold	374.7			0.5			374.2
Settlement of derivatives related to sale of subsidiaries	(10.0		)	—			(10.0		)
Investing other, net	1.0			(0.9		)	1.9
Net cash provided by (used in) investing activities	264.3			(95.5		)	359.8
Cash flows from financing activities
Decrease in long-term debt, net	(373.0		)	(304.6		)	(68.4		)
Payments of deferred purchase price for acquisitions	(5.9		)	(6.3		)	0.4
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs	—			55.3			(55.3		)
Payment of dividends on Series A Preferred Stock	(11.1		)	—			(11.1		)
Proceeds from initial public offering, net of issuance costs	—			456.6			(456.6		)
Payments of debt issuance costs and redemption and call premiums for debt modification	(0.3		)	(76.5		)	76.2
Financing other, net	(2.8		)	(1.2		)	(1.6		)
Net cash (used in) provided by financing activities	(393.1		)	123.2			(516.3		)
Effects of exchange rate changes on cash and cash equivalents and restricted cash	(12.7		)	19.3			(32.0		)
Change in cash included in current assets held for sale	31.3			—			31.3
Net change in cash and cash equivalents and restricted cash	(108.4		)	(93.8		)	(14.6		)
Cash and cash equivalents and restricted cash at beginning of period	693.7			654.3			39.4
Cash and cash equivalents and restricted cash at end of period	$	585.3		$	560.5		$	24.8

11

Non-GAAP Reconciliation

	For the three months ended June 30,									For the six months ended June 30,
IN MILLIONS	2018			2017			Change			2018			2017			Change
Net income (loss)	$	224.0		$	117.1		$	106.9		$	395.5		$	(3.3	)	$	398.8
Plus:
Income tax expense	88.9			42.0			46.9			91.4			14.9			76.5
Income from continuing operations before income taxes	312.8			159.1			153.7			486.9			11.7			475.2
Plus:
(Gain) loss on sale of subsidiaries, net	(11.8		)	0.2			(12.0		)	(309.8		)	0.2			(310.0		)
Foreign currency exchange loss, net	17.9			9.7			8.2			26.6			7.4			19.2
Other (income) expense, net	(2.1		)	0.4			(2.5		)	(4.5		)	(0.1		)	(4.4		)
Gain on derivatives	(111.6		)	(27.0		)	(84.6		)	(92.3		)	(39.1		)	(53.2		)
Loss on debt extinguishment	—			6.9			(6.9		)	7.5			8.4			(0.9		)
Interest expense	66.0			99.0			(33.0		)	135.4			201.6			(66.2		)
Interest income	(5.4		)	(4.5		)	(0.9		)	(11.6		)	(9.2		)	(2.4		)
Operating income	265.8			243.9			21.9			238.3			181.0			57.3
Plus:
Depreciation and amortization	62.4			67.0			(4.6		)	130.2			131.5			(1.3		)
EBITDA	328.2			310.9			17.3			368.5			312.5			56.0
Plus:
Share-based compensation expense(4)	7.7			12.9			(5.2		)	3.9			35.3			(31.4		)
EiP implementation expenses(5)	25.3			18.1			7.2			36.3			42.6			(6.3		)
Adjusted EBITDA	$	361.2		$	341.8		$	19.4		$	408.7		$	390.4		$	18.3

(4) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718.

(5) EiP implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with the planned dispositions and the completed dispositions during 2018.

Investor Relations Contact:

ir@laureate.net

Media Contacts:

Laureate Education

Tanea Jackson

Tanea.Jackson@laureate.net

U.S.: +1 (443) 627 7541

Source: Laureate Education, Inc.

12

EX-99.2

Exhibit 99.2

Second Quarter 2018 Earnings Presentation August 9, 2018

Forward Looking Statements This presentation includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenue, Adjusted EBITDA, costs (including cost savings), expenditures (including capital expenditures), cash interest expense, free cash flow, earnings per share, runrates and growth rates), our hedging strategy, margin expansion, EV/EBITDA, currency rates and financial results, debt leverage, all statements we make related to the expansion of our EiP initiative, and all statements we make relating to our planned divestitures, the expected proceeds generated therefrom and the expected reduction in revenue and Adjusted EBITDA therefrom, are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2018, our Quarterly Report on Form 10-Q filed on May 9, 2018 with the SEC, our Quarterly Report on Form 10-Q filed with the SEC on Aug 9, 2018, and other filings made with the SEC. These forward-looking statements speak only as of the time of this presentation and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under “Market and Industry Data” in Laureate’s filings with the SEC. Presentation of Non-GAAP Measures This presentation contains certain non-GAAP measures which are provided to assist in an understanding of the business and performance of Laureate Education Inc. These measures should always be considered in conjunction with the appropriate GAAP measure. Reconciliations of non-GAAP measures to the relevant GAAP measures are provided in the appendix to this presentation in the financial tables and our SEC filings.

SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding

Summary Highlights New Enrollments up 4% Q2 YTD Continued margin improvements; up 86bps through Q2 YTD 2Q Adjusted EBITDA ahead of Guidance; up 6% Vs. 2Q 2017 (1) Strong 1H performance; reaffirming full year guidance Outstanding 3rd party rankings and recognitions in Spain, Chile and Peru 2017 Accelerator Plan on-track, resulting in simplification of business model & margin expansion Further portfolio simplification underway Strong H1 Performance On an Organic Constant Currency (CC) basis

Portfolio Simplification

2017 Accelerator Plan has Been Successful Exit 7 Markets Approx. $1bn in proceeds expected at 13x EV/EBITDA 1,2 Net leverage expected to be 2.7x by year-end 2018 Deploy Common Operating Model $75M+ in annual cost savings Simplify Portfolio Streamline Operations Innovate Enhanced Student Digital Experience Program Differentiation (e.g. IBM Partnership) Simplification, Deleveraging & Unlocking Significant Value 1 SPAs executed for all announced transactions, closing still pending for Malaysia and St Augustine 2 Enterprise value to trailing EBITDA

Accelerator Plan Wave 2 Underway of Proceeds Expected of Revenue ~$700M Assets to be Divested $1bn+ Europe Asia Central Further reducing complexity and focusing on LATAM Big 4 and Online/Hybrid opportunities Remaining Portfolio LATAM Big 4 Brazil, Mexico, Peru & Chile Online/Hybrid U.S. & Australia/NZ Focused Portfolio at Scale of Adj. EBITDA ~$100M 1 2018 expected results, Adjusted EBITDA is net of related G&A savings 2 2018 pro forma for sale of assets from 2017 Accelerator Plan and Accelerator Plan Wave 2 (expected in future periods) 1 of Revenue ~$3.4B of Adj. EBITDA ~$0.7B 2 2 America 1

Focused Portfolio at Scale Number of Countries Net Leverage At IPO 2017 Accelerator Plan Accelerator Plan Wave 2 25 18 LATAM Big 4 & Online/Hybrid 4.0x 2.7x ~1x LATAM Big 4 as % Revenue 53% 62% 76% Revenues ($ billions) $4.2B $4.1B $3.4B 1 2018 pro forma for sale of assets from 2017 Accelerator Plan 2 2018 pro forma for sale of assets from 2017 Accelerator Plan and Accelerator Plan Wave 2 (expected in future periods) 3 Assumes proceeds from asset sales are used to repay debt (expected in future periods) (2017A) (2018 PF) (2018 PF) 1 2 3 4 Scale LATAM Markets Brazil Chile Mexico Peru 53% 62% 76%

Q2 & 1H 2018 PERFORMANCE RESULTS

Q2 ’18 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q2 ‘17 New Enrollment 62K (10%) Light enrollment period (not a major intake) New Enrollment – Organic(1) (9%) +9% Adjusted for intake timing due to Peru floods in 2017 Total Enrollment 1,041K (3%) Total Enrollment – Organic(1) 1% Revenue $1,248 (2%) Revenue – Organic/CC(2) 3% Adj. EBITDA $361 6% Adj. EBITDA – Organic/CC(2) 6% Adj. EBITDA margin 28.9% 219 bps Organic results exclude period-over-period impacts from acquisitions and divestitures Organic Constant Currency (CC) Operations excludes exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification. 2018 Second Quarter – Financial Summary Q2’18 Adjusted EBITDA ahead of Guidance

H1 ’18 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. H1 ‘17 New Enrollment 308K 4% New Enrollment – Organic(1) 4% Brazil up 9% with strong growth in DL Total Enrollment 1,041K (3%) Total Enrollment – Organic(1) 1% Revenue $2,133 0% Revenue – Organic/CC(2) 3% Adj. EBITDA $409 5% Adj. EBITDA – Organic/CC(2) 7% Adj. EBITDA margin 19.2% 86 bps 2018 H1 – Financial Summary Strong H1 Performance Organic results exclude period-over-period impacts from acquisitions and divestitures Organic Constant Currency (CC) Operations excludes exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification.

2018 Second Quarter – Enrollment Dynamics by Segment Small Intake Cycle in Q2; New Enrollment Growth +9% Normalized for 2017 Peru Floods Timing Q2 ’18 New Enrollment (NE) Q2 ’18 Total Enrollment (TE) Notes (Enrollments in thousands) Q2 ’18 Organic Vs. Q2 ’17 Q2 ‘18 Organic Vs. Q2 ’17 Brazil 16 45% 294 4% Strong growth in DL Mexico 15 6% 188 (2%) Andean & Iberian 4 (79%) 342 2% NE impacted by timing of intake in Peru due to 2017 floods Central Am. & U.S. Campuses 11 2% 76 2% EMEAA 8 40% 83 1% NE driven by strong growth in Australia and intake timing Online & Partnerships 8 (9%) 59 (11%) Timing impacts; Walden down 5% for Q2 due to timing shifts Laureate Total 62 (9%) 1,041 1% +9% Adjusted for intake timing due to Peru floods in 2017

2018 H1 – Enrollment Dynamics by Segment Enrollment Trends in line With Expectations H1 ’18 New Enrollment (NE) H1 ’18 Total Enrollment (TE) Notes (Enrollments in thousands) H1 ’18 Organic Vs. H1 ’17 H1 ’18 Organic Vs. H1 ’17 Brazil 103 9% 294 4% +90% Distance Learning NE Growth Mexico 44 2% 188 (2%) UNITEC growth offset by UVM Andean & Iberian 96 2% 342 2% Central Am. & U.S. Campuses 29 0% 76 2% EMEAA 19 10% 83 1% 4k Turkey quota reduction; strong growth in Australia (NE:+8%) Online & Partnerships 17 (5%) 59 (11%) Walden NE flat; reported results impacted by planned transition away from certain unprofitable partnerships Laureate Total 308 4% 1,041 1%

Revenue Adj. EBITDA Notes ($ millions) Q2 ‘18 Organic/CC Vs. Q2 ’17 (1) Q2 ‘18 Organic/CC Vs. Q2 ’17 (1) Brazil 226 (4%) 78 (7%) Impacted by Academic Calendar shift; 1H: Revenue +1% / Adj. EBITDA +11% Mexico 160 3% 28 (17%) Accelerated marketing investments Andean & Iberian 487 7% 209 9% Central Am. & U.S. Campuses 78 8% 15 26% EMEAA 138 6% 21 34% Online & Partnerships 165 (6%) 45 (7%) Revenue decline impacted by soft Fall 2017 intake and deemphasis on int’l partnerships; EBITDA decline driven by incremental marketing investments Corp. & Elimin. (6) n.m. (35) 13% Laureate Total 1,248 3% 361 6% Organic Constant Currency (CC) Operations excludes exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification. Strong Q2’18 Results – Adjusted EBITDA above Guidance 2018 Second Quarter – Revenue, EBITDA Dynamics by Segment

Revenue Adj. EBITDA Notes ($ millions) H1 ‘18 Organic/CC Vs. H1 ’17 (1) H1 ‘18 Organic/CC Vs. H1 ’17 (1) Brazil 348 1% 52 11% Margin lift due to new operating model Mexico 316 0% 58 (20%) Increased & front-loading of marketing investments Andean & Iberian 703 8% 202 16% Central Am. & U.S. Campuses 157 6% 32 13% EMEAA 285 7% 45 30% Online & Partnerships 333 (6%) 90 (12%) Increased marketing investments Corp. & Elimin. (9) n.m. (71) 5% Laureate Total 2,133 3% 409 7% H1 growth Trends in line with FY Guidance 2018 H1– Revenue, EBITDA Dynamics by Segment Organic Constant Currency (CC) Operations excludes exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification.

2018 Second Quarter – Net Income Reconciliation Net Income Improvements Driven by Lower Interest Expense & One-Time Gain upon Conversion of Preferred Equity Q2 ’18 B / (W) Vs. Q2 ’17 Notes ($ in millions) Reported $ % Adjusted EBITDA 361 19 6% $19M reduction in Q2 due to asset sales Depreciation & Amort. (62) 5 7% Interest Expense, net (61) 34 36% 25% reduction in debt levels Vs. 2Q ’17 and reduced cost of debt Net Gain on Sale of Subsidiaries 12 12 n.m. Closing of Morocco and Germany Other 63 84 n.m. $112M one-time gain upon conversion of preferred equity in April 2018 Income Tax (89) (47) n.m. Timing of tax accrual impacted by U.S. tax reform Net Income 224 107 n.m.

2018 H1 – Net Income Reconciliation H1 Results include ~$300M Gain related to Asset Sales H1 ’18 B / (W) Vs. H1 ’17 Notes ($ in millions) Reported $ % Adjusted EBITDA 409 18 5% $29M reduction in H1 due to asset sales Depreciation & Amort. (130) 1 1% Interest Expense, net (124) 69 36% 25% reduction in debt levels and reduced cost of debt Net Gain on Sale of Subsidiaries 310 310 n.m. Italy, Cyprus, China, Morocco and Germany Other 22 77 n.m. $98M (YTD net) one-time gain upon conversion of preferred equity in April 2018 Income Tax (91) (76) n.m. Timing of tax accrual, in addition 1H 2017 included $30M one-time benefit Net Income 395 399 n.m.

2018 Second Quarter – Free Cash Flow Q2 FCF up $114M Y-o-Y Driven by Lower Interest Expense and Timing of Working Capital Change B / (W) Vs. ($ millions) Q2 ‘18 Q2 ’17 Notes Adj. EBITDA (excl. Debt Refi) 361 (3) $19M reduction in Q2 due to asset sales  Working Capital/Other (203) 70 Timing impact from payments and asset divestitures Cash Taxes (44) (4) Capital Expenditures (1) (52) (3) EiP Initiatives (28) (5) Unlevered Free Cash Flow 34 55 Debt Refinancing Cost - 23 Cash Interest (79) 36 Lower debt levels and cost of debt Reported FCF (45) 114 Excluding EiP related capex

2018 H1 – Free Cash Flow H1 FCF up $136M mostly due to Interest Expense Reductions B / (W) Vs. ($ millions) H1 ‘18 H1 ’17 Notes Adj. EBITDA (excl. Debt Refi) 409 (4) $29M reduction in 1H due to asset sales  Working Capital/Other (163) 25 Timing impact from payments and asset divestitures Cash Taxes (83) (21) Capital Expenditures (1) (97) (10) EiP Initiatives (40) 10 Unlevered Free Cash Flow 26 0 Debt Refinancing Cost - 23 Cash Interest (126) 113 Lower debt levels & cost of debt Reported FCF (100) 136 Excluding EiP related capex

FX update

Impact of Currency Movements on Translated Results Foreign Currency Exposure: ~80% of Revenue is non-USD) Foreign Currency Exposure: ~90% of Adj EBITDA is non-USD as all corporate expenses are USD ~55% of Interest is in USD ----- Impact From +1% Appreciation of USD ----- ($35M) (0.8% of FY Revenue) The company is well hedged from a transactional standpoint as revenue and expense are matched in our local markets – main exposure is currency translation Revenue Adj. EBITDA Free Cash Flow ($7M) (0.9% of FY Adj. EBITDA) ($4M) (4.0% of FY FCF)

2018 guidance

FY (1) Q3 (1) ($ in millions) (Enrollments in thousands) 2018 2018 Total Enrollments 1,025K – 1,030K Revenue $4,260 - $4,300 $920 - $940 Adjusted EBITDA $810 - $820 $95 - $105 Net Leverage 2.7x Capex as % Revenue ~ 7% Cash Taxes 22% of EBIT (excluding gain on asset sales) Cash Interest ~ $250 Free Cash Flow (2) ~ $100 2018 Guidance Reaffirming 2018 Full Year Guidance On an as reported basis – See Appendix for pro forma (for asset divestitures) details Free Cash Flow defined as operating cash flow less capital expenditures Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Appendix

FY 2018 Guidance (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA 2017 Results 1,068 $4,378 $832 2017 Normalized Adjustments (1) ($13) Completed Divestitures (by Q2 2018) (2) (44) ($186) ($43) Pending Divestitures (3) (21) ($182) ($42) 2017 Proforma 1,004 $4,010 $734 Organic Growth 21 – 26 $140 – $180 $49 – $59 Growth % 2.0% - 2.5% 3% - 4% 7% - 8% 2018 FXN Guidance ex Divestitures (CC) 1,025 – 1,030 $4,150 – $4,190 $783 – $793 FX Impact (spot FX) (4) - ($81) ($20) 2018 Guidance ex Divestitures (@ spot FX) (4) 1,025 – 1,030 $4,069 – $4,109 $763 – $773 Add Back Pending Divestitures (3) 0 $174 $45 Add Back Completed Divestitures (by Q2 2018)(2) 0 $17 $2 2018 Guidance (@ spot FX) (4) 1,025 – 1,030 $4,260 – $4,300 $810 – $820 Normalized adjustment include ($20.3) million sale of property, impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, and $22.8 million expense associated with our debt refinancing transactions in the second quarter of 2017 Completed divestitures include Cyprus, Italy, China, Morocco, and Germany Pending Divestitures include Malaysia, Kendall and University of St. Augustine Based on current spot FX rates as of 08/02/2018 (local currency per U.S. dollar) of MXN 18.65, BRL 3.76, CLP 645, PEN 3.27, EUR 0.86 for August – December 2018. FX impact may change based on fluctuations in currency rates in future periods. Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Q3 2018 Guidance (USD millions) Revenues Adj. EBITDA 3Q 2017 Reported Results $983 $87 Closed Divestitures (1) ($43) $12 Debt Refinancing 3Q 2017 Reported Results Pro Forma $941 $99 Organic Growth $17 - $37 $2 - $12 Growth % 2% - 4% 2% – 12% 3Q 2018 Guidance (CC) $958 - $978 $101 - $111 Add Back Closed Divestitures (1) $23 $1 FX Impact (spot FX) (2) ($61) ($7) 3Q 2018 Guidance (@ spot FX) (2) $920 - $940 $95 - $105 Includes Cyprus, Italy, China, Morocco, and Germany impact; assumes Kendall and Malaysia close in August and September, respectively Based on current spot FX rates as of 08/02/2018 (local currency per U.S. dollar) of MXN 18.65, BRL 3.76, CLP 645, PEN 3.27, EUR 0.86 for August – September 2018. FX impact may change based on fluctuations in currency rates in future periods. Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Other Information

Q1 and Q3 are peak intake quarters, but seasonally weak earnings quarters as institutions are largely out of session during the summer season Q1 represents the large intake for our Southern Hemisphere institutions (Brazil, Andean & Iberian) Q3 represents the large intake for our Northern Hemisphere institutions (Mexico, CentAm &US Campus Based, EMEAA, Online & Partnerships) Seasonality: Main Enrollment Intakes

Intra-Year Seasonality Trends Large intake cycles at end of Q1 (Southern Hemisphere) and end of Q3 (Northern Hemisphere) drive seasonality of earnings (Q2 and Q4 are our strongest earnings quarters) Revenue Seasonality Adj. EBITDA Seasonality New Enrollments Seasonality Factors Affecting Seasonality Intake cycles Q1 Southern Hemisphere Q3 Northern Hemisphere Academic calendar FX trends 43% 14% 37% 7% 47% 11% 35% 7% 45% 12% 35% 7% 44% 13% 36% 6% Q1 Q2 Q3 Q4 2014 2015 2016 2017 7% 42% 9% 42% 5% 46% 17% 32% 10% 40% 13% 37% 6% 41% 10% 43% Q1 Q2 Q3 Q4 2014 2015 2016 2017 20% 28% 22% 30% 21% 30% 23% 27% 21% 29% 22% 28% 20% 29% 22% 29% Q1 Q2 Q3 Q4 2014 2015 2016 2017

Financial Tables

Financial Tables Consolidated Statements of Operations Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding For the three months ended June 30, For the three months ended June 30, For the six months ended June 30, For the six months ended June 30, IN MILLIONS 2018(1) 2018(1) 2017 2017 Change Change 2018(1) 2018(1) 2017 2017 Change Change Revenues $ 1,247.9 $ 1,277.4 $ (29.5 ) $ 2,133.2 $ 2,133.4 $ (0.2 ) Costs and expenses: Direct costs 908.9 942.2 (33.3 ) 1,774.4 1,795.5 (21.1 ) General and administrative expenses 73.2 91.3 (18.1 ) 120.5 156.9 (36.4 ) Operating income 265.8 243.9 21.9 238.3 181.0 57.3 Interest income 5.4 4.5 0.9 11.6 9.2 2.4 Interest expense (66.0 ) (99.0 ) 33.0 (135.4 ) (201.6 ) 66.2 Loss on debt extinguishment — (6.9 ) 6.9 (7.5 ) (8.4 ) 0.9 Gain on derivatives 111.6 27.0 84.6 92.3 39.1 53.2 Other income, net 2.1 (0.4 ) 2.5 4.5 0.1 4.4 Foreign currency exchange (loss) gain, net (17.9 ) (9.7 ) (8.2 ) (26.6 ) (7.4 ) (19.2 ) Gain (loss) on sales of subsidiaries, net 11.8 (0.2 ) 12.0 309.8 (0.2 ) 310.0 Income from continuing operations before income taxes and equity in net income of affiliates 312.8 159.1 153.7 486.9 11.7 475.2 Income tax expense (88.9 ) (42.0 ) (46.9 ) (91.4 ) (14.9 ) (76.5 ) Equity in net income of affiliates, net of tax — — — — — — Net income (loss) 224.0 117.1 106.9 395.5 (3.3 ) 398.8 Net loss (income) attributable to noncontrolling interests 0.5 (0.7 ) 1.2 (2.2 ) (3.2 ) 1.0 Net income (loss) attributable to Laureate Education, Inc. $ 224.4 $ 116.4 $ 108.0 $ 393.3 $ (6.4 ) $ 399.7 Subtotal: accretion of Series A Preferred Stock, net and other redeemable noncontrolling interests and equity $ 69.8 $ (69.2 ) $ 139.0 $ 12.4 $ (108.1 ) $ 120.5 Net income (loss) available to common stockholders $ 294.2 $ 47.2 $ 247.0 $ 405.7 $ (114.5 ) $ 520.2 Basic and diluted earnings per share: Basic weighted average shares outstanding 214.9 168.6 46.3 201.5 161.6 39.9 Diluted weighted average shares outstanding 224.4 168.7 55.7 224.5 161.6 62.9 Basic earnings (loss) per share $ 1.37 $ 0.28 $ 1.09 $ 2.01 $ (0.71 ) $ 2.72 Diluted earnings (loss) per share $ 1.00 $ 0.28 $ 0.72 $ 1.75 $ (0.71 ) $ 2.46 (1) Financial results for 2018 as compared to 2017 were affected by the sale of business units in Cyprus, Italy, China, Germany and Morocco (EMEAA segment) during 2018.

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components $ Variance Components For the three months ended June 30, 2018 2018 2017 2017 Reported Organic Constant Currency(2) Total Total Organic Constant Currency Organic Constant Currency Other Other Acq/Div. Acq/Div. FX FX Revenues Brazil $ 225.6 $ 260.6 (13)% (4)% $ (35.0 ) $ (9.3 ) $ — $ — $ (25.7 ) Mexico 159.6 160.0 —% 3% (0.4 ) 4.6 — — (5.0 ) Andean & Iberian 486.5 434.4 12% 7% 52.1 30.3 — — 21.8 Central America & U.S. Campuses 78.4 73.1 7% 8% 5.3 5.8 — — (0.5 ) EMEAA 138.4 182.2 (24)% 6% (43.8 ) 8.5 — (50.5 ) (1.8 ) Online & Partnerships 165.0 175.5 (6)% (6)% (10.5 ) (11.4 ) — — 0.9 Corporate & Eliminations (5.6 ) (8.4 ) 33% 33% 2.8 2.8 — — — Total Revenues $ 1,247.9 $ 1,277.4 (2)% 3% $ (29.5 ) $ 31.3 $ — $ (50.5 ) $ (10.3 ) Adjusted EBITDA Brazil $ 77.9 $ 91.3 (15)% (7)% $ (13.4 ) $ (6.0 ) $ 1.5 $ — $ (8.9 ) Mexico 27.8 34.3 (19)% (17)% (6.5 ) (5.9 ) (0.3 ) — (0.3 ) Andean & Iberian 208.9 183.8 14% 9% 25.1 17.1 — — 8.0 Central America & U.S. Campuses 14.6 11.7 25% 26% 2.9 3.0 — — (0.1 ) EMEAA 21.3 38.0 (44)% 34% (16.7 ) 6.5 — (19.0 ) (4.2 ) Online & Partnerships 45.4 48.8 (7)% (7)% (3.4 ) (3.5 ) — — 0.1 Corporate & Eliminations (34.7 ) (65.9 ) 47% 13% 31.2 8.4 22.8 — — Total Adjusted EBITDA $ 361.2 $ 341.8 6% 6% $ 19.4 $ 19.8 $ 24.0 $ (19.0 ) $ (5.4 ) (2) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components $ Variance Components For the six months ended June 30, 2018 2018 2017 2017 Reported Organic Constant Currency(2) Total Total Organic Constant Currency Organic Constant Currency Other Other Acq/Div. Acq/Div. FX FX Revenues Brazil $ 348.4 $ 377.5 (8)% 1% $ (29.1 ) $ 2.1 $ — $ — $ (31.2 ) Mexico 315.5 310.8 2% —% 4.7 (1.3 ) — — 6.0 Andean & Iberian 702.7 615.5 14% 8% 87.2 46.8 — — 40.4 Central America & U.S. Campuses 157.4 149.5 5% 6% 7.9 8.9 — — (1.0 ) EMEAA 285.5 342.0 (17)% 7% (56.5 ) 19.5 — (79.7 ) 3.7 Online & Partnerships 333.0 352.6 (6)% (6)% (19.6 ) (21.9 ) — — 2.3 Corporate & Eliminations (9.3 ) (14.5 ) 36% 36% 5.2 5.2 — — — Total Revenues $ 2,133.2 $ 2,133.4 —% 3% $ (0.2 ) $ 59.3 $ — $ (79.7 ) $ 20.2 Adjusted EBITDA Brazil $ 51.9 $ 52.2 (1)% 11% $ (0.3 ) $ 6.0 $ 3.7 $ — $ (10.0 ) Mexico 58.3 72.1 (19)% (20)% (13.8 ) (14.7 ) (0.4 ) — 1.3 Andean & Iberian 202.0 165.3 22% 16% 36.7 27.0 — — 9.7 Central America & U.S. Campuses 32.2 28.7 12% 13% 3.5 3.8 — — (0.3 ) EMEAA 44.5 67.8 (34)% 30% (23.3 ) 11.3 — (29.5 ) (5.1 ) Online & Partnerships 90.4 102.9 (12)% (12)% (12.5 ) (12.5 ) — — — Corporate & Eliminations (70.6 ) (98.6 ) 28% 5% 28.0 5.2 22.8 — — Total Adjusted EBITDA $ 408.7 $ 390.4 5% 7% $ 18.3 $ 26.1 $ 26.1 $ (29.5 ) $ (4.4 ) (2) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, as well as the impact of a $22.8 million expense recorded in 2017 related to the portion of the April 2017 refinancing transactions that was deemed to be a debt modification. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Balance Sheets IN MILLIONS June 30, 2018 June 30, 2018 December 31, 2017 December 31, 2017 Change Change Assets Cash and cash equivalents $ 402.4 $ 468.7 $ (66.3 ) Receivables (current), net 449.9 357.9 92.0 Other current assets 383.4 359.7 23.7 Current assets held for sale 36.0 102.6 (66.6 ) Property and equipment, net 1,793.9 1,934.9 (141.0 ) Goodwill and other intangible assets 3,091.0 3,286.2 (195.2 ) Other long-term assets 496.9 489.3 7.6 Long-term assets held for sale 276.9 392.4 (115.5 ) Total assets $ 6,930.5 $ 7,391.7 $ (461.2 ) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 550.3 $ 618.4 $ (68.1 ) Deferred revenue and student deposits 352.0 312.4 39.6 Total long-term debt, including current portion 2,914.0 3,361.3 (447.3 ) Total due to shareholders of acquired companies, including current portion 59.9 79.6 (19.7 ) Other liabilities 761.2 747.6 13.6 Current and long-term liabilities held for sale 165.0 271.1 (106.1 ) Total liabilities 4,802.4 5,390.4 (588.0 ) Convertible redeemable preferred stock — 400.3 (400.3 ) Redeemable noncontrolling interests and equity 13.0 13.7 (0.7 ) Total stockholders' equity 2,115.1 1,587.3 527.8 Total liabilities and stockholders' equity $ 6,930.5 $ 7,391.7 $ (461.2 )

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Statements of Cash Flows For the six months ended June 30, For the six months ended June 30, IN MILLIONS 2018 2018 2017 2017 Change Change Cash flows from operating activities Net income (loss) $ 395.5 $ (3.3 ) $ 398.8 Depreciation and amortization 130.2 131.5 (1.3 ) (Gain) loss on sales of subsidiaries and disposal of property and equipment, net (309.9 ) 1.9 (311.8 ) Gain on derivative instruments (92.7 ) (39.4 ) (53.3 ) Loss on debt extinguishment 7.5 8.4 (0.9 ) Unrealized foreign currency exchange loss 18.7 11.8 6.9 Income tax receivable/payable, net 12.0 (21.9 ) 33.9 Working capital, excluding tax accounts (220.9 ) (338.5 ) 117.6 Other non-cash adjustments 61.6 108.7 (47.1 ) Net cash provided by (used in) operating activities 1.8 (140.8 ) 142.6 Cash flows from investing activities Purchase of property and equipment (93.7 ) (86.8 ) (6.9 ) Expenditures for deferred costs (7.7 ) (8.2 ) 0.5 Receipts from sales of subsidiaries and property and equipment, net of cash sold 374.7 0.5 374.2 Settlement of derivatives related to sale of subsidiaries (10.0 ) — (10.0 ) Investing other, net 1.0 (0.9 ) 1.9 Net cash provided by (used in) investing activities 264.3 (95.5 ) 359.8 Cash flows from financing activities Decrease in long-term debt, net (373.0 ) (304.6 ) (68.4 ) Payments of deferred purchase price for acquisitions (5.9 ) (6.3 ) 0.4 Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs — 55.3 (55.3 ) Payment of dividends on Series A Preferred Stock (11.1 ) — (11.1 ) Proceeds from initial public offering, net of issuance costs — 456.6 (456.6 ) Payments of debt issuance costs and redemption and call premiums for debt modification (0.3 ) (76.5 ) 76.2 Financing other, net (2.8 ) (1.2 ) (1.6 ) Net cash (used in) provided by financing activities (393.1 ) 123.2 (516.3 ) Effects of exchange rate changes on cash and cash equivalents and restricted cash and investments (12.7 ) 19.3 (32.0 ) Change in cash included in current assets held for sale 31.3 — 31.3 Net change in cash and cash equivalents and restricted cash and investments (108.4 ) (93.8 ) (14.6 ) Cash and cash equivalents and restricted cash and investments at beginning of period 693.7 654.3 39.4 Cash and cash equivalents and restricted cash and investments at end of period $ 585.3 $ 560.5 $ 24.8

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Non-GAAP Reconciliation For the three months ended June 30, For the three months ended June 30, For the six months ended June 30, For the six months ended June 30, IN MILLIONS 2018 2018 2017 2017 Change Change 2018 2018 2017 2017 Change Change Net income (loss) $ 224.0 $ 117.1 $ 106.9 $ 395.5 $ (3.3 ) $ 398.8 Plus: Income tax expense 88.9 42.0 46.9 91.4 14.9 76.5 Income from continuing operations before income taxes 312.8 159.1 153.7 486.9 11.7 475.2 Plus: (Gain) loss on sale of subsidiaries, net (11.8 ) 0.2 (12.0 ) (309.8 ) 0.2 (310.0 ) Foreign currency exchange loss, net 17.9 9.7 8.2 26.6 7.4 19.2 Other (income) expense, net (2.1 ) 0.4 (2.5 ) (4.5 ) (0.1 ) (4.4 ) Gain on derivatives (111.6 ) (27.0 ) (84.6 ) (92.3 ) (39.1 ) (53.2 ) Loss on debt extinguishment — 6.9 (6.9 ) 7.5 8.4 (0.9 ) Interest expense 66.0 99.0 (33.0 ) 135.4 201.6 (66.2 ) Interest income (5.4 ) (4.5 ) (0.9 ) (11.6 ) (9.2 ) (2.4 ) Operating income 265.8 243.9 21.9 238.3 181.0 57.3 Plus: Depreciation and amortization 62.4 67.0 (4.6 ) 130.2 131.5 (1.3 ) EBITDA 328.2 310.9 17.3 368.5 312.5 56.0 Plus: Share-based compensation expense (3) 7.7 12.9 (5.2 ) 3.9 35.3 (31.4 ) Loss on impairment of assets — — — — — — EiP implementation expenses (4) 25.3 18.1 7.2 36.3 42.6 (6.3 ) Adjusted EBITDA $ 361.2 $ 341.8 $ 19.4 $ 408.7 $ 390.4 $ 18.3 (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (4) EiP implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with the planned dispositions and the completed dispositions during 2018.

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