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A D T A L E M : T h i r d Q u a r t e r 2 0 2 5 R e s u l t s / 1 First Quarter 2026 Earnings October 30, 2025
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 2 Safe Harbor 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,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “potential,” “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. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. “Risk Factors,” of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors may not contain all of the factors that are important to you. We cannot assure you that we will realize the results, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law. NON-GAAP FINANCIAL MEASURES This presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. Adtalem uses these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. For how we define the non-GAAP financial measures, and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the reconciliation at the end of this presentation. Safe Harbor
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 3 Purpose driven organization committed to student & societal outcomes Creating shareholder value Growth with Purpose strategy, delivering long-term growth Systemically important component of the U.S. healthcare system, training care providers
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 4 5 like-kind institutions 28 campuses Robust online delivery capabilities All post-secondary higher education >97k students ~150 programs 1 All with a center of gravity in healthcare ~90% of student enrollment healthcare focused ©2025 Adtalem Global Education Inc. All rights reserved As of September 30, 2025 1. Programs = degree and certificate programs
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 5 Growth with Purpose Strategy Driving Organic Revenue Growth Marketing Enrollment Retention ProgramsPricing Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes Growth with Purpose
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 6 Total enrollment growth YoY: +8.0% Growth with Purpose generating significant returns through operational excellence Revenue +10.8% vs. prior year $462.3 million Adj. EBITDA 1 margin +100 bps vs. prior year 24.2% Adj. EPS 1 +35.7% vs. prior year $1.75 Chamberlain 39.8k students Maintained near record total enrollment; leveraging scale & national footprint with a full breadth of nursing programs & modalities Walden 52.2k students Record total enrollment; 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 Medical & Veterinary 5.3k students Vet: Operating at near capacity; offering one-of-a-kind experiential learning Med: Growth in new and total enrollment; consistent strategic progress Q1 FY26 Performance 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 7 Growth with Purpose Programs: ▪ Adtalem: Strategically partnered with Google Cloud to prepare healthcare workers for an AI-enabled future; co-develop customized AI credentials, inclusive of foundational AI fluency courses tailored to career pathways in nursing, counseling, physician assistants, and other healthcare disciplines ▪ Chamberlain: Partnered with the American Association of Post-Acute Care Nursing to expand Practice Ready. Specialty Focused.® (PRSF) offering ▪ Walden: Enhanced its professional doctoral program by streamlining student experience; a single tuition price point, integration of the Believe & Achieve Scholarship®, and a newly designed capstone process Enrollment & Retention: ▪ Medical: Expanding access to medical education through new partnerships: AUC’s University of Lancashire campus direct admittance with University of Wolverhampton; Ross Med pathway for prospective students from India enrolled in the Advanced Medical Preparation (AMP) program; AUC & Ross Med collaboration with ScribeAmerica, creating the MedPath program, designed specifically for existing frontline healthcare workers to advance into medical school Financial strength ▪ Trailing twelve months free cash flow1 $319 million ▪ Cash and equivalents $265 million, as of Sept. 30, 2025 ▪ Increased revolving credit facility by $100 million to $500 million, extended maturity to August 2030 ▪ Repaid $50 million of outstanding Term Loan B balance on October 29, 2025 Revenue & Adj. EPS 1 , strong results in-line with expectations ▪ Ninth straight quarter of total enrollment YoY growth ▪ Operational excellence focus, quality academic outcomes, maintained high persistence Highlights 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 8 Chamberlain: eleventh straight quarter of YoY total enrollment growth Walden: ninth straight quarter of YoY total enrollment growth Med/Vet: third straight enrollment cycle of YoY total enrollment growth Continue to deliver quality student outcomes, maintained high persistence levels Chamberlain: +5.8% +2.2% Walden: +15.0% +13.6% Med/Vet: +1.0% +2.4% Q4 ‘25 | Q1 ‘26 Year-over-Year % change Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 91.3k Total enrollments1 enterprise Year-over-Year % change enterprise 94.2k 91.8k +11.6% +10.2%+9.8% 97.4k +8.0% Total Enrollment Trends 1. Represents total students attending sessions during each institution’s most recent enrollment period
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©2025 Adtalem Global Education Inc. All rights reserved ©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 9 Total Enrollment +8.0% • All segments contributing Adj. EBITDA 1 margin +100 bps • Revenue growth and operational efficiencies generating leverage; operating leverage outpaced investments in strategic growth initiatives Adj. EPS 1 +35.7% • Dilutive shares outstanding 2.1m lower YoY; repurchased 57k shares in Q1 ‘26 • Interest expense lower YoY; reduction of Term Loan B & letter of credit balances $ in Millions, except per share data Revenue Adj. EBITDA 1 % Margin 1 Adj. EPS 1 Total Enrollment 2 Q1 ‘26 ∆ vs. Q1 ‘25 $462.3 +10.8% $112.0 +15.8% 24.2% +100 bps $1.75 +35.7% 97,359 +8.0% Q1 ‘25 $417.4 $96.7 23.2% $1.29 90,140 Growth with Purpose strategy delivering significant value 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 Enterprise Performance
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©2025 Adtalem Global Education Inc. All rights reserved ©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 10 Total Enrollment +2.2% • Growth in pre-licensure nursing programs; partially offset by post-licensure nursing programs Adj. EBITDA 1 margin (240) bps • Revenue growth and operational efficiencies generating leverage; offset by investments to support academic outcomes, strategic growth initiatives, and other expenses $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2 Q1 ‘26 ∆ vs. Q1 ‘25 $179.2 +6.7% $35.1 (5.1) % 19.6% (240) bps 39,846 +2.2% Q1 ‘25 $167.9 $37.0 22.0% 38,987 Growth driven by pre-licensure nursing programs High persistence Q1 ‘26 vs. Q1 ‘25: • Pre-licensure up: growth in BSN Online, program offered in 36 states & D.C., >4,000 students enrolled • Post-licensure lower: RN to BSN partially offset by growth in MSN, specifically Psych-Mental Health Chamberlain Performance 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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©2025 Adtalem Global Education Inc. All rights reserved ©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 11 Total Enrollment +13.6% • Growth in healthcare & non-healthcare programs Adj. EBITDA 1 margin +300 bps • Revenue growth and operational efficiencies generating leverage; operational leverage outpaced investments to support student enrollment, academic outcomes, and other expenses $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2 Q1 ‘26 ∆ vs. Q1 ‘25 $190.0 +17.6% $61.9 +29.5% 32.6% +300 bps 52,216 +13.6% Q1 ‘25 $161.5 $47.8 29.6% 45,979 Growth driven by healthcare & non-healthcare programs High persistence Q1 ‘26 vs. Q1 ‘25: • Total enrollment growth across programs & degree levels • Healthcare: led by social behavioral health and nursing programs Walden Performance 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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©2025 Adtalem Global Education Inc. All rights reserved ©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 12 Total Enrollment +2.4% • Growth in Med & Vet • New enrollment up YoY Adj. EBITDA 1 margin +120 bps • Revenue growth; partially offset by investments focused on student enrollment and academic outcomes $ in Millions Revenue Adj. EBITDA 1 % Margin 1 Total Enrollment 2 Q1 ‘26 ∆ vs. Q1 ‘25 $93.1 +5.9% $21.4 +11.6% 23.0% +120 bps 5,297 +2.4% Q1 ‘25 $88.0 $19.2 21.8% 5,174 Vet maintaining leading position Med strengthening foundation, leading indicators for sustainable growth Medical Schools’: • Strategic initiatives; growth in new enrollments Q1 ‘26 • New partnerships focusing on expanding access and long-term growth Medical & Veterinary Performance 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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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 13 Trailing Twelve Months Operating Cash Flow1 Capital Expenditures 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 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 $292 ($49) $243 $282 ($50) $232 $335 ($48) $287 $333 ($50) $283 Q1 ‘26 $375 ($56) $319 $283$287 $232$243 $319 Continued healthy cash generation and disciplined capital allocation Cash Flow
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 14 Maintaining strong momentum FY 2026 Guidance Underlying Themes Revenue Adj. EPS 1 $1,900m – $1,940m $7.60 – $7.90 YoY approx. growth 6.0% 8.5% YoY approx. growth 14.0% 18.5% Revenue growth higher in 1H ‘26 vs. 2H ’26 100 bps adj. EBITDA 1 margin expansion Operational leverage greater than investments in organic and new capacity growth Continued strong cash flow & capital deployment 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 15 A systemically important component of the U.S. healthcare system, with a clear growth roadmap and meaningful shareholder value creation opportunities Transformed Portfolio, Positioned Well as the Largest 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
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 16 1. Timing and amount of any repurchase will be determined based on evaluation of market conditions and other factors Student Growth Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Investing to expand access to in-demand healthcare education Return Excess Cash Repurchased $8 million of shares in the first quarter; $142 million remaining under $150 million Board-authorized share repurchase program through May 20281 Financial Strength Thoughtfully reduce long-term financial obligations to maximize flexibility and balance sheet strength Increased Revolving Credit Facility by $100 million to $500 million; extended maturity to August 2030 Repaid $50 million of outstanding Term Loan B balance on October 29, 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 Disciplined Capital Allocation Philosophy
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Appendix
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 18 Non-GAAP financial measures and reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non- GAAP reconciliation tables: Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, write-off of debt issuance costs, debt modification costs, and (income) loss 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, amortization of acquired intangible assets, strategic advisory costs, write-off of debt issuance costs, debt modification costs, and (income) loss from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, and debt modification costs. Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for (income) loss 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, strategic advisory costs, and debt modification costs. 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 adjusted 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. • Amortization of acquired intangible assets. • Amortization of cloud computing implementation costs. • Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs. • Write-off of debt issuance costs related to the amendment of the revolving loan facility. • Debt modification costs related to refinancing our Term Loan B loan. • (Income) loss from discontinued operations includes expenses from ongoing litigation costs and settlements related to divestitures.
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 19 Adjusted Operating Income Disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Chamberlain: Operating income $ 25,608 $ 25,974 $ (366) (1.4) % Restructuring expense — 1,858 (1,858) Adjusted operating income $ 25,608 $ 27,832 $ (2,224) (8.0) % Operating margin 14.3 % 15.5 % Adjusted operating margin 14.3 % 16.6 % Walden: Operating income $ 53,269 $ 39,837 $ 13,432 33.7 % Amortization of acquired intangible assets 2,805 2,805 — Adjusted operating income $ 56,074 $ 42,642 $ 13,432 31.5 % Operating margin 28.0 % 24.7 % Adjusted operating margin 29.5 % 26.4 % Medical and Veterinary: Operating income $ 16,728 $ 14,671 $ 2,057 14.0 % Restructuring expense 44 59 (15) Adjusted operating income $ 16,772 $ 14,730 $ 2,042 13.9 % Operating margin 18.0 % 16.7 % Adjusted operating margin 18.0 % 16.7 %
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 20 Adjusted Operating Income Disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Home Office: Operating loss $ (10,128) $ (10,244) $ 116 1.1 % Restructuring expense 266 177 89 Strategic advisory costs 1,684 — 1,684 Debt modification costs — 712 (712) Adjusted operating loss $ (8,178) $ (9,355) $ 1,177 12.6 % Adtalem Global Education: Operating income (GAAP) $ 85,477 $ 70,238 $ 15,239 21.7 % Restructuring expense 310 2,094 (1,784) Amortization of acquired intangible assets 2,805 2,805 — Strategic advisory costs 1,684 — 1,684 Debt modification costs — 712 (712) Adjusted operating income (non-GAAP) $ 90,276 $ 75,849 $ 14,427 19.0 % Operating margin (GAAP) 18.5 % 16.8 % Adjusted operating margin (non-GAAP) 19.5 % 18.2 %
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 21 Adjusted EBITDA Disclosure (1/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Chamberlain: Adjusted operating income (GAAP) $ 25,608 $ 27,832 $ (2,224) (8.0) % Depreciation 5,375 5,368 7 Amortization of cloud computing implementation assets 1,527 652 875 Stock-based compensation 2,570 3,119 (549) Adjusted EBITDA (non-GAAP) $ 35,080 $ 36,971 $ (1,891) (5.1) % Adjusted EBITDA margin (non-GAAP) 19.6 % 22.0 % Walden: Adjusted operating income (GAAP) $ 56,074 $ 42,642 $ 13,432 31.5 % Depreciation 1,940 1,682 258 Amortization of cloud computing implementation assets 1,204 701 503 Stock-based compensation 2,653 2,740 (87) Adjusted EBITDA (non-GAAP) $ 61,871 $ 47,765 $ 14,106 29.5 % Adjusted EBITDA margin (non-GAAP) 32.6 % 29.6 % Medical and Veterinary: Adjusted operating income (GAAP) $ 16,772 $ 14,730 $ 2,042 13.9 % Depreciation 2,820 2,569 251 Amortization of cloud computing implementation assets 411 283 128 Stock-based compensation 1,410 1,607 (197) Adjusted EBITDA (non-GAAP) $ 21,413 $ 19,189 $ 2,224 11.6 % Adjusted EBITDA margin (non-GAAP) 23.0 % 21.8 %
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 22 Adjusted EBITDA Disclosure (2/2) (unaudited) (in thousands) Three Months Ended September 30, Increase/(Decrease) 2025 2024 $ % Home Office: Adjusted operating loss $ (8,178) $ (9,355) $ 1,177 12.6 % Depreciation 161 184 (23) Stock-based compensation 1,660 1,985 (325) Adjusted EBITDA $ (6,357) $ (7,186) $ 829 11.5 % Adtalem Global Education: Net income (GAAP) $ 61,832 $ 46,165 $ 15,667 33.9 % (Income) loss from discontinued operations (770) 80 (850) Interest expense 11,090 14,482 (3,392) Other income, net (2,486) (2,646) 160 Provision for income taxes 15,811 12,157 3,654 Depreciation and amortization 16,243 14,244 1,999 Stock-based compensation 8,293 9,451 (1,158) Restructuring expense 310 2,094 (1,784) Strategic advisory costs 1,684 — 1,684 Debt modification costs — 712 (712) Adjusted EBITDA (non-GAAP) $ 112,007 $ 96,739 $ 15,268 15.8 % Adjusted EBITDA margin (non-GAAP) 24.2 % 23.2 %
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 23 Adjusted Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended September 30, 2025 2024 Net income (GAAP) $ 61,832 $ 46,165 Restructuring expense 310 2,094 Amortization of acquired intangible assets 2,805 2,805 Strategic advisory costs 1,684 — Write-off of debt issuance costs and debt modification costs 295 712 Income tax impact on non-GAAP adjustments (1) (1,224) (1,332) (Income) loss from discontinued operations (770) 80 Adjusted net income (non-GAAP) $ 64,932 $ 50,524 (1) Represents the income tax impact of non -GAAP continuing operations adjustments that is recognized in our GAAP financial statements. Three Months Ended September 30, 2025 2024 Diluted earnings per share (GAAP) $ 1.67 $ 1.18 Effect on diluted earnings per share: Restructuring expense 0.01 0.05 Amortization of acquired intangible assets 0.08 0.07 Strategic advisory costs 0.05 - Write-off of debt issuance costs and debt modification costs 0.01 0.02 Income tax impact on non-GAAP adjustments (1) (0.03) (0.03) (Income) loss from discontinued operations (0.02) 0.00 Adjusted earnings per share (non-GAAP) $ 1.75 $ 1.29 Diluted shares 37,057 39,109 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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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 24 Free Cash Flow Disclosure (unaudited) (in thousands) Twelve Months Ended FY25 FY25 FY25 FY25 FY26 Q1 Q2 Q3 Q4 Q1 Net cash provided by operating activities- continuing operations (GAAP) $ 291,820 $ 281,971 $ 335,069 $ 333,734 $ 374,796 Capital expenditures (48,873) (50,375) (47,914) (50,327) (55,936) Free cash flow (non-GAAP) $ 242,947 $ 231,596 $ 287,155 $ 283,407 $ 318,860
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©2025 Adtalem Global Education Inc. All rights reserved ADTALEM: First Quarter 2026 Results / 25 Net Leverage Disclosure (unaudited) (in thousands) Twelve Months Ended September 30, 2025 Adtalem Global Education: Net income (GAAP) $ 252,732 Income from discontinued operations (5,238) Interest expense 48,926 Other income, net (9,130) Provision for income taxes 69,491 Depreciation and amortization 61,164 Stock-based compensation 40,432 Restructuring expense 1,530 Litigation reserve (5,550) Asset impairments 6,442 Strategic advisory costs 13,684 Loss on assets held for sale 490 Adjusted EBITDA (non-GAAP) $ 474,973 September 30, 2025 Long-term debt $ 558,283 Less: Cash and cash equivalents (264,691) Net debt (non-GAAP) $ 293,592 Net leverage (non-GAAP) 0.6 x