CVSA Q2 2025 Earnings Presentation

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ADTALEM: Second Quarter 2025 Results / 2 Safe Harbor ©2025 Adtalem Global Education Inc. All rights reserved CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology 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 risks 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.

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ADTALEM: Second Quarter 2025 Results / 3 ADTALEM: Second Quarter 2025 Results / 3 A Force for Good Systemically 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 ©2025 Adtalem Global Education Inc. All rights reserved

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ADTALEM: Second Quarter 2025 Results / 4 ADTALEM: Second Quarter 2025 Results / 4 5 like-kind institutions 27 campuses Robust online delivery capabilities All post-secondary higher education >91k students ~150 programs 1 All with a center of gravity in healthcare ~90% of student enrollment is healthcare focused ©2025 Adtalem Global Education Inc. All rights reserved As of December 31, 2024 1) Programs = degree and certificate programs

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ADTALEM: Second Quarter 2025 Results / 5 Growth with Purpose Growth with Purpose strategy Driving organic revenue growth Marketing Enrollment Retention ProgramsPricing Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes ©2025 Adtalem Global Education Inc. All rights reserved

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ADTALEM: Second Quarter 2025 Results / 6 Q2 2025 Performance Total enrollment growth YoY: +11.6% $ 4 4 7. 7 million Revenue +13.9% vs. prior year 2 7. 9 % Adj. EBITDA 1 margin +440 bps vs. prior year $1.81 Adj. EPS 1 +47.2% vs. prior year Growth with Purpose delivering accelerated total enrollment and operational excellence 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix • Chamberlain: 39.7k students o Record total enrollment; leveraging scale & national footprint with a full breadth of nursing programs & modalities • Walden: 46.4k students o Strong momentum in total enrollment growth levels; scaling offerings, leveraging enhanced digital platform through investments in student experience & brand, flexibility designed for working adults through part-time, self-paced, and Tempo Learning ® competency-based programs • Med/Vet: 5.2k students o Vet: Operating at near capacity o Med: Remediation plans remain on track, visibility into returning medical schools back to total enrollment growth ©2025 Adtalem Global Education Inc. All rights reserved

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ADTALEM: Second Quarter 2025 Results / 7 Q2 2025 Highlights ©2025 Adtalem Global Education Inc. All rights reserved Revenue & Adj. EPS 1 ahead of expectations  Sixth straight quarter of total enrollment YoY growth with sequential improvement, third straight quarter of double-digit percentage growth YoY  Operational excellence focus, enhanced academic outcomes, maintained high persistence Growth with Purpose Programs:  Chamberlain: BSN Online Option, offered in 36 states, 44 clinical hub locations in key metropolitan areas, >2,500 students currently enrolled  RUSM: Return Home clinical offering fostering a physician pipeline for partner hospitals, >150 students currently enrolled, ~one year post launch Marketing:  Walden: launched new brand campaign, “Get the W,” resonating with prospective students; efficient Q2 ‘25 demand growth Enrollment & Retention:  Enhancing seamless student experience: website redesign, navigation of application process, mapping out education pathways & course registration  Methodically & swiftly implementing tech., leveraging Walden’s AI learnings; Chamberlain deployed its AI-enabled tutor, “Ally,” across all programs  Innovator with healthcare higher education, Adtalem & Chamberlain leadership key contributor for Hippocratic AI’s recently launched AI agent app store Financial strength  Trailing twelve months free cash flow 1 $232 million  Cash and equivalents $194 million, as of Dec. 31, 2024  Repurchased $38 million of shares in Q2 ‘25  Department of Education letters of credit reduced by net $48 million on Dec. 31, 2024, balance as of Dec. 31, 2024, $179 million 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix

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ADTALEM: Second Quarter 2025 Results / 8 Accelerating Total Enrollment Trends Chamberlain: eighth straight quarter of YoY total enrollment growth in pre-licensure & post-licensure programs Walden: sixth straight quarter of YoY total enrollment growth Continue to deliver enhanced student outcomes, maintained high persistence levels Chamberlain: +11.7% +11.5% Walden: +12.2% +13.2% Med/Vet 2 : -0.7% -0.7% Q1 ‘25 | Q2 ‘25 ©2025 Adtalem Global Education Inc. All rights reserved Year-over-Year % change Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 85.8k Total enrollments1 enterprise Year-over-Year % change enterprise 83.3k 90.1k +7.8% +11.2% +10.0% 91.3k +11.6% 1. Represents total students attending sessions during each institution’s most recent enrollment period 2. Medical and Veterinary schools do not have a new enrollment period starting in Q2 FY ’25. Q2 FY ‘25 enrollment period is the same as Q1 FY ‘25 enrollment period and corresponding reported enrollment data.

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ADTALEM: Second Quarter 2025 Results / 9 Enterprise Performance Total Enrollment +11.6% • Improvement of +40 basis points compared to Q1 ‘25 YoY Adj. EBITDA 1 margin +440 bps • Revenue growth and operational efficiencies generating leverage; operating leverage outpaced investments in Growth with Purpose strategic initiatives Adj. EPS 1 +47.2% • Repurchased 471k shares in Q2 ‘25 $ in Millions, except per share data Revenue Adj. EBITDA 1 % Margin 1 Adj. EPS 1 Total Enrollment 2 Q2 ‘25 ∆ vs. Q2 ‘24 $447.7 +13.9% $125.0 +35.1% 27.9% +440 bps $1.81 +47.2% 91,264 +11.6% ©2025 Adtalem Global Education Inc. All rights reserved Q2 ‘24 $393.2 $92.6 23.5% $1.23 81,772 Growth with Purpose strategy improving key areas of value creation Revenue growth and efficiencies generating operational leverage Operational leverage greater than increased level of investments 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period

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ADTALEM: Second Quarter 2025 Results / 10 Chamberlain Performance Growth driven by post-licensure & pre-licensure nursing programs Higher persistence Total Enrollment +11.5% • Growth in post-licensure & pre-licensure nursing programs Adj. EBITDA 1 margin +510 bps • Revenue growth and operational efficiencies generating leverage; operational leverage outpaced investments to support student enrollment growth and enhanced academic outcomes • Marketing investment flat Q2 ‘25 YoY, following higher Q1 ‘25 YoY Q2 ‘25 vs. Q2 ‘24: • Pre-licensure: BSN Online option, offered in 36 states, >2,500 students currently enrolled • Post-licensure: growth in MSN, specifically Psychiatric-Mental Health & Family Nurse Practitioner ©2025 Adtalem Global Education Inc. All rights reserved $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2 Q2 ‘25 ∆ vs. Q2 ‘24 $181.0 +17.9% $52.6 +42.5% 29.1% +510 bps 39,691 +11.5% Q2 ‘24 $153.6 $36.9 24.0% 35,592 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period

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ADTALEM: Second Quarter 2025 Results / 11 Walden Performance Robust total enrollment growth & continued strength in new enrollment demand High persistence Total Enrollment +13.2% • Growth in healthcare & non-healthcare programs Adj. EBITDA 1 margin +680 bps • Revenue growth and operational efficiencies generating leverage; operational leverage outpaced investments to support student enrollment growth and enhanced academic outcomes ©2025 Adtalem Global Education Inc. All rights reserved $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2 Q2 ‘25 $171.3 +16.7% $52.1 +50.2% 30.4% +680 bps 46,399 +13.2% Q2 ‘24 $146.8 $34.6 23.6% 40,971 Q2 ‘25 vs. Q2 ‘24: • Total enrollment growth across programs • Healthcare: led by social behavioral health and nursing programs 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period ∆ vs. Q2 ‘24

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ADTALEM: Second Quarter 2025 Results / 12 Medical & Veterinary Performance Vet maintaining leading position Med operational remediation plans on-track, visibility to return to total enrollment growth Total Enrollment (0.7)% • Q2 ‘25 doesn’t include a new enrollment period; total enrollment and YoY growth is same as Q1 ‘25 reported results Adj. EBITDA 1 margin (40) bps • Revenue growth offset by student support investments Medical schools’ operational remediation plans on-track: • Anticipate Q3 ‘25 enrollment period demand up YoY ©2025 Adtalem Global Education Inc. All rights reserved $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2,3 Q2 ‘25 $95.4 +2.8% $26.7 +1.3% 28.0% (40) bps 5,174 (0.7)% Q2 ‘24 $92.9 $26.4 28.4% 5,209 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period 3. Medical and Veterinary schools do not have a new enrollment period starting in Q2 FY ’25. Q2 FY ’25 enrollment period is the same as Q1 FY ’25 enrollment period and corresponding reported enrollment data. ∆ vs. Q2 ‘24

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ADTALEM: Second Quarter 2025 Results / 13 Cash Flow Continued healthy cash generation and disciplined capital allocation Trailing Twelve Months Operating Cash Flow1 Capital Expenditure Free Cash Flow2 1. Operating cash flow defined as net cash provided by operating activities – continuing operations (GAAP) 2. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix $ in Millions Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 $228 ($39) $189 $277 ($44) $233 $288 ($49) $239 $292 ($49) $243 $239 $243 ©2025 Adtalem Global Education Inc. All rights reserved Q2 ‘25 $282 ($50) $232 $189 $233 $232

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ADTALEM: Second Quarter 2025 Results / 14 FY 2025 Guidance Greater than +100 bps adj. EBITDA margin expansion Operational leverage greater than investments in organic growth Continued strong cash flow & capital deployment Underlying Themes Revenue Adj. EPS 1 $1,730m - $1,760m $6.10 - $6.30 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix. Raising Revenue and Adj. EPS Outlook ©2025 Adtalem Global Education Inc. All rights reserved Revenue growth higher in 1H ‘25 vs. 2H ‘25 Dept. of Ed. Letters of Credit: reduced by net $48m on Dec. 31, 2024, balance as of Dec. 31, 2024, $179m

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ADTALEM: Second Quarter 2025 Results / 15 Transformed Portfolio, Positioned Well as a Leading Healthcare Educator In a growing, structurally attractive industry with durable demand trends 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 A systemically important component of the U.S. healthcare system, with a clear growth roadmap and meaningful shareholder value creation opportunities ©2025 Adtalem Global Education Inc. All rights reserved

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ADTALEM: Second Quarter 2025 Results / 16 Disciplined Capital Allocation Philosophy Student Growth Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Return Excess Cash $140 million remaining on our Board-authorized $300 million share repurchase program through January 2027 1 Financial Strength Thoughtfully reduce long-term financial obligations to maximize flexibility and balance sheet strength Repaid $100 million of outstanding Term Loan B balance on January 17, 2025 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 ©2025 Adtalem Global Education Inc. All rights reserved 1. Timing and amount of any repurchase will be determined based on evaluation of market conditions and other factors

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ADTALEM: Second Quarter 2025 Results / 18 Non-GAAP financial measures and reconciliations ©2025 Adtalem Global Education Inc. All rights reserved 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 restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, debt modification costs, loss on assets held for sale, and income from discontinued operations. Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, debt modification costs, loss on assets held for sale, and income from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, debt modification costs, and loss on assets held for sale. 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) – Measure of Adtalem’s net income adjusted for income from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, business integration expense, litigation reserve, loss on assets held for sale, and debt modification costs. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Provision for income taxes, interest expense, and other income, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income. 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: • Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense. • Business 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 integration expense. • Amortization of acquired intangible assets. • Amortization of cloud computing implementation assets. • Reserves related to significant litigation, debt modification costs related to refinancing our Term Loan B loan, and loss on assets held for sales related to a fair value write-down on assets. • Income from discontinued operations includes expense from ongoing litigation costs and settlements related to the DeVry University divestiture and the earn-outs we receive.

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ADTALEM: Second Quarter 2025 Results / 19 Non-GAAP Adjusted Operating by Segment Disclosure (1/2) ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Chamberlain: Operating income (GAAP) $ 42,226 $ 29,640 $ 12,586 42.5 % $ 68,200 $ 53,964 $ 14,236 26.4 % Restructuring expense 77 — 77 1,935 — 1,935 Adjusted operating income (non-GAAP) $ 42,303 $ 29,640 $ 12,663 42.7 % $ 70,135 $ 53,964 $ 16,171 30.0 % Operating margin (GAAP) 23.3 % 19.3 % 19.5 % 18.2 % Operating margin (non-GAAP) 23.4 % 19.3 % 20.1 % 18.2 % Walden: Operating income (GAAP) $ 48,898 $ 21,598 $ 27,300 126.4 % $ 88,735 $ 23,536 $ 65,199 277.0 % Restructuring expense — (776) 776 — (776) 776 Amortization of acquired intangible assets 2,805 9,333 (6,528) 5,610 20,010 (14,400) Litigation reserve (5,550) — (5,550) (5,550) 18,500 (24,050) Adjusted operating income (non-GAAP) $ 46,153 $ 30,155 $ 15,998 53.1 % $ 88,795 $ 61,270 $ 27,525 44.9 % Operating margin (GAAP) 28.5 % 14.7 % 26.7 % 8.2 % Operating margin (non-GAAP) 26.9 % 20.5 % 26.7 % 21.2 % Medical and Veterinary: Operating income (GAAP) $ 21,463 $ 22,020 $ (557) (2.5) % $ 36,134 $ 36,383 $ (249) (0.7) % Restructuring expense 56 71 (15) 115 185 (70) Adjusted operating income (non-GAAP) $ 21,519 $ 22,091 $ (572) (2.6) % $ 36,249 $ 36,568 $ (319) (0.9) % Operating margin (GAAP) 22.5 % 23.7 % 19.7 % 20.5 % Operating margin (non-GAAP) 22.5 % 23.8 % 19.8 % 20.6 %

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ADTALEM: Second Quarter 2025 Results / 20 Non-GAAP Adjusted Operating by Segment Disclosure (2/2) ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Home Office: Operating loss (GAAP) $ (8,717) $ (14,646) $ 5,929 40.5 % $ (18,961) $ (27,077) $ 8,116 30.0 % Restructuring expense 189 773 (584) 366 1,335 (969) Business integration expense — 6,909 (6,909) — 12,171 (12,171) Loss on assets held for sale — 647 (647) — 647 (647) Debt modification costs — — — 712 — 712 Adjusted operating loss (non-GAAP) $ (8,528) $ (6,317) $ (2,211) (35.0) % $ (17,883) $ (12,924) $ (4,959) (38.4) % Adtalem Global Education: Operating income (GAAP) $ 103,870 $ 58,612 $ 45,258 77.2 % $ 174,108 $ 86,806 $ 87,302 100.6 % Restructuring expense 322 68 254 2,416 744 1,672 Business integration expense — 6,909 (6,909) — 12,171 (12,171) Amortization of acquired intangible assets 2,805 9,333 (6,528) 5,610 20,010 (14,400) Litigation reserve (5,550) — (5,550) (5,550) 18,500 (24,050) Loss on assets held for sale — 647 (647) — 647 (647) Debt modification costs — — — 712 — 712 Adjusted operating income (non-GAAP) $ 101,447 $ 75,569 $ 25,878 34.2 % $ 177,296 $ 138,878 $ 38,418 27.7 % Operating margin (GAAP) 23.2 % 14.9 % 20.1 % 11.4 % Operating margin (non-GAAP) 22.7 % 19.2 % 20.5 % 18.2 %

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ADTALEM: Second Quarter 2025 Results / 21 Non-GAAP Adjusted EBITDA by Segment Disclosure (1/2) ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Chamberlain: Operating income (GAAP) $ 42,226 $ 29,640 $ 12,586 42.5 % $ 68,200 $ 53,964 $ 14,236 26.4 % Restructuring expense 77 — 77 1,935 — 1,935 Depreciation 5,466 4,786 680 10,834 8,902 1,932 Amortization of cloud computing implementation assets 815 376 439 1,467 576 891 Stock-based compensation 3,993 2,089 1,904 7,112 4,996 2,116 Adjusted EBITDA (non-GAAP) $ 52,577 $ 36,891 $ 15,686 42.5 % $ 89,548 $ 68,438 $ 21,110 30.8 % Adjusted EBITDA margin (non-GAAP) 29.1 % 24.0 % 25.7 % 23.1 % Walden: Operating income (GAAP) $ 48,898 $ 21,598 $ 27,300 126.4 % $ 88,735 $ 23,536 $ 65,199 277.0 % Restructuring expense — (776) 776 — (776) 776 Amortization of acquired intangible assets 2,805 9,333 (6,528) 5,610 20,010 (14,400) Litigation reserve (5,550) — (5,550) (5,550) 18,500 (24,050) Depreciation 1,795 1,926 (131) 3,477 3,900 (423) Amortization of cloud computing implementation assets 778 379 399 1,479 567 912 Stock-based compensation 3,326 2,188 1,138 6,066 4,052 2,014 Adjusted EBITDA (non-GAAP) $ 52,052 $ 34,648 $ 17,404 50.2 % $ 99,817 $ 69,789 $ 30,028 43.0 % Adjusted EBITDA margin (non-GAAP) 30.4 % 23.6 % 30.0 % 24.2 % Medical and Veterinary: Operating income (GAAP) $ 21,463 $ 22,020 $ (557) (2.5) % $ 36,134 $ 36,383 $ (249) (0.7) % Restructuring expense 56 71 (15) 115 185 (70) Depreciation 2,744 2,972 (228) 5,313 5,864 (551) Amortization of cloud computing implementation assets 315 138 177 598 190 408 Stock-based compensation 2,158 1,196 962 3,765 2,836 929 Adjusted EBITDA (non-GAAP) $ 26,736 $ 26,397 $ 339 1.3 % $ 45,925 $ 45,458 $ 467 1.0 % Adjusted EBITDA margin (non-GAAP) 28.0 % 28.4 % 25.0 % 25.6 %

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ADTALEM: Second Quarter 2025 Results Non-GAAP Adjusted ©2025 Adtalem Global (unaudited) (in thousands) Three Months Ended December 31, December 31, Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Home Office: Operating loss (GAAP) Restructuring expense Business integration expense Loss on assets held for sale Debt modification costs Depreciation 185 Stock-based compensation Adjusted EBITDA (non-GAAP) Adtalem Global Education: Net income (GAAP) Income from discontinued operations Interest expense Other income, net Provision for income taxes Operating income (GAAP) Depreciation and amortization Stock-based compensation Restructuring expense Business integration expense Litigation reserve Loss on assets held for sale Debt modification costs Adjusted EBITDA (non-GAAP) Adjusted EBITDA margin (non-GAAP) / 22 EBITDA by Segment Disclosure (2/2) Education Inc. All rights reserved Six Months Ended Increase/(Decrease) $ (8,717) $ (14,646) $ 5,929 40.5 % $ (18,961) $ (27,077) $ 8,116 30.0 % 189 773 (584) 366 1,335 (969) — 6,909 (6,909) — 12,171 (12,171) — 647 (647) — 647 (647) — — — 712 — 712 359 (174) 369 715 (346) 1,990 577 1,413 3,975 1,621 2,354 $ (6,353) $ (5,381) $ (972) (18.1) % $ (13,539) $ (10,588) $ (2,951) (27.9) % $ 75,856 $ 39,891 $ 35,965 90.2 % $ 122,021 $ 50,537 $ 71,484 141.4 % (4,680) (2,178) (2,502) (4,600) (865) (3,735) 13,909 16,693 (2,784) 28,391 32,350 (3,959) (2,235) (3,563) 1,328 (4,881) (5,777) 896 21,020 7,769 13,251 33,177 10,561 22,616 103,870 58,612 45,258 174,108 86,806 87,302 14,903 20,269 (5,366) 29,147 40,724 (11,577) 11,467 6,050 5,417 20,918 13,505 7,413 322 68 254 2,416 744 1,672 — 6,909 (6,909) — 12,171 (12,171) (5,550) — (5,550) (5,550) 18,500 (24,050) — 647 (647) — 647 (647) — — — 712 — 712 $ 125,012 $ 92,555 $ 32,457 35.1 % $ 221,751 $ 173,097 $ 48,654 28.1 % 27.9 % 23.5 % 25.6 % 22.7 %

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ADTALEM: Second Quarter 2025 Results / 23 Non-GAAP Earnings Disclosure ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Net income (GAAP) $ 75,856 $ 39,891 $ 122,021 $ 50,537 Restructuring expense 322 68 2,416 744 Business integration expense — 6,909 — 12,171 Amortization of acquired intangible assets 2,805 9,333 5,610 20,010 Litigation reserve, debt modification costs, and loss on assets held for sale (5,550) 647 (4,838) 19,147 Income tax impact on non-GAAP adjustments (1) 645 (4,402) (687) (12,095) Income from discontinued operations (4,680) (2,178) (4,600) (865) Adjusted net income (non-GAAP) $ 69,398 $ 50,268 $ 119,922 $ 89,649 (1) Represents the income tax impact of non -GAAP continuing operations adjustments that is recognized in our GAAP financial statements. Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Diluted earnings per share (GAAP) $ 1.98 $ 0.98 $ 3.15 $ 1.22 Effect on diluted earnings per share: Restructuring expense 0.01 0.00 0.06 0.02 Business integration expense - 0.17 - 0.29 Amortization of acquired intangible assets 0.07 0.23 0.14 0.48 Litigation reserve, debt modification costs, and loss on assets held for sale (0.14) 0.02 (0.12) 0.46 Income tax impact on non-GAAP adjustments (1) 0.02 (0.11) (0.02) (0.29) Income from discontinued operations (0.12) (0.05) (0.12) (0.02) Adjusted earnings per share (non-GAAP) $ 1.81 $ 1.23 $ 3.09 $ 2.16 Diluted shares used in non-GAAP EPS calculation 38,401 40,787 38,755 41,486 Note: May not sum due to rounding. (1) Represents the income tax impact of non -GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

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ADTALEM: Second Quarter 2025 Results / 24 Non-GAAP Free Cash Flow Disclosure ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands) Twelve Months Ended FY24 FY24 FY24 FY25 FY25 Q2 Q3 Q4 Q1 Q2 Net cash provided by (used in) operating activities-continuing operations (GAAP) $ 227,600 $ 276,843 $ 288,367 $ 291,820 $ 281,971 Capital expenditures (38,713) (44,137) (48,893) (48,873) (50,375) Free cash flow (non-GAAP) $ 188,887 $ 232,706 $ 239,474 $ 242,947 $ 231,596

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ADTALEM: Second Quarter 2025 Results / 25 Twelve Months Ended December 31, 2024 Adtalem Global Education: Net income (GAAP) $ 208,261 Income from discontinued operations (2,799) Interest expense 59,700 Other income, net (9,646) Provision for income taxes 48,840 Depreciation and amortization 66,875 Stock-based compensation 33,360 Restructuring expense 3,542 Business integration expense 22,044 Litigation reserve (5,550) Debt modification costs 1,560 Adjusted EBITDA (non-GAAP) $ 426,187 December 31, 2024 Long-term debt $ 658,283 Less: Cash and cash equivalents (193,958) Net debt (non-GAAP) $ 464,325 Net leverage (non-GAAP) 1.1 x Non-GAAP Net Leverage Disclosure ©2025 Adtalem Global Education Inc. All rights reserved (unaudited) (in thousands)

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