The components of net changes in stockholders’ equity for the nine months ended September 30, 2026 are as follows:


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2025	142,940	$	572	$	1,075,460	$	416,889	$	(304,984)	$	(575)	$	1,187,362


Non-cash share-based compensation	—	—		2,616		—		—		—		2,616
Purchase and retirement of common stock	(3,168)	(13)		(23,835)		(82,307)		—		—		(106,155)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	206	1		(2,364)		—		—		—		(2,363)





Net loss	—	—		—		(21,594)		—		—		(21,594)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		(11,858)		(1)		(11,859)

Minimum pension liability adjustment, net of tax of $0	—	—		—		—		48		—		48
Balance at March 31, 2026	139,978	$	560	$	1,051,877	$	312,988	$	(316,794)	$	(576)	$	1,048,055
Non-cash share-based compensation	—	—		4,123		—		—		—		4,123
Purchase and retirement of common stock	(2,237)	(9)		(16,814)		(59,586)		—		—		(76,409)
Vesting of restricted stock units, net of shares withheld to satisfy tax withholding	8	—		—		—		—		—		—


Reclassification of redeemable equity to non-redeemable equity	—	—		699		—		—		—		699


Net income	—	—		—		137,103		—		—		137,103
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		27,235		1		27,236


Balance at June 30, 2026	137,749	$	551	$	1,039,885	$	390,505	$	(289,559)	$	(575)	$	1,140,807
Non-cash share-based compensation	—	—		3,872		—		—		—		3,872
Purchase and retirement of common stock	(2,009)	(8)		(15,164)		(60,615)		—		—		(75,787)
Vesting of restricted stock units, net of shares withheld to satisfy tax withholding	6	—		—		—		—		—		—

Change in noncontrolling interests	—	—		(1,536)		—		965		571		—

Net income	—	—		—		101,216		—		—		101,216
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		(10,565)		4		(10,561)


Balance at September 30, 2026	135,746	$	543	$	1,027,057	$	431,106	$	(299,159)	$	—	$	1,159,547

The components of net changes in stockholders’ equity for the nine months ended September 30, 2025 are as follows:


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2024	150,794	$	604	$	1,129,511	$	291,644	$	(462,210)	$	(2,404)	$	957,145


Non-cash share-based compensation	—	—		2,463		—		—		—		2,463
Purchase and retirement of common stock	(2,181)	(9)		(16,339)		(25,875)		—		—		(42,223)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	197	1		(1,129)		—		—		—		(1,128)
Equitable adjustments to stock-based awards	—	—		(2)		—		—		—		(2)




Net loss	—	—		—		(19,496)		—		(57)		(19,553)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		9,336		(3)		9,333


Balance at March 31, 2025	148,810	$	596	$	1,114,504	$	246,273	$	(452,874)	$	(2,464)	$	906,035
Non-cash share-based compensation	—	—		3,481		—		—		—		3,481
Purchase and retirement of common stock	(1,489)	(6)		(11,153)		(17,890)		—		—		(29,049)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	42	—		86		—		—		—		86
Equitable adjustments to stock-based awards	—	—		8		—		—		—		8
Net income	—	—		—		95,083		—		2,343		97,426
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		73,364		—		73,364
Balance at June 30, 2025	147,363	$	590	$	1,106,926	$	323,466	$	(379,510)	$	(121)	$	1,051,351
Non-cash share-based compensation	—	—		3,765		—		—		—		3,765

Vesting of restricted stock units, net of shares withheld to satisfy tax withholding	6	—		—		—		—		—		—
Change in noncontrolling interests	—	—		321		—		—		(321)		—
Equitable adjustments to stock-based awards	—	—		1		—		—		—		1


Net income (loss)	—	—		—		34,487		—		(108)		34,379
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		28,620		(1)		28,619


Balance at September 30, 2025	147,369	$	590	$	1,111,013	$	357,953	$	(350,890)	$	(551)	$	1,118,115