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covista.com First Quarter 2027 Earnings October 29, 2026
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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 Covista’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 Covista 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 Covista’s ongoing operations as seen through the eyes of management and are useful for period -over-period comparisons. Covista 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. 2
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America’s largest healthcare educator 5 institutions | 26K healthcare graduates a year | 400K alumni
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Indispensable to healthcare & positioned for long-term demand Durable healthcare shortages creating structural, long-term demand Purpose at Scale unlocks our next growth engine Distinct platform serving students and employers at scale Deep clinical relationships with thousands of organizations Regulatory and accreditation complexity creates a formidable barrier to scale Balance sheet strength and robust cash generation enable multiple pathways for value creation 4
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The next horizon in our journey Strong assets with significant opportunity to integrate Market leading assets Strong academic outcomes Like-kind assets Cost synergy capture Purpose at Scale FY27 -> Focused execution, delivering organic growth Operational excellence Cross-institutional learnings Scaled efficiencies Record enrollment Maintained high persistence Durable operating leverage Growth with Purpose FY24 -> Focus and Clarity Scaled solution addressing healthcare’s most significant challenges Operational excellence Platform extension Employer integration Technology enabled Systemically important to U.S. healthcare 5
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• 13th consecutive quarter of YoY total enrollment growth; highest total enrollment in university history • Broad-based enrollment momentum sustained against strong prior-year comparables Q1 FY27 performance Chamberlain University 40.4k students Walden University 58.9k students Medical & Veterinary 5.5k students $511.5m REVENUE +10.7% vs. prior year • 3rd consecutive quarter of total enrollment growth; maintained near record total enrollment • Opened campuses in Cincinnati and Salt Lake City; 27th campus in Nashville expected to begin classes January 2027 • Growth from both Medical and Veterinary • Disciplined operations continue to turn enrollment growth into healthy revenue and profit Total enrollment growth YoY: +7.6% 25.6% ADJ. EBITDA1 MARGIN 140 bps YoY improvement $2.19 ADJ. EPS1 +25.1% vs. prior year 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 6
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Strong Q1 revenue and adjusted EPS1 ▪ 13th straight quarter of total enrollment growth ▪ Raising full year guidance for revenue and adjusted earnings per share 1 Strong financial flexibility supporting value creation activities ▪ Trailing twelve months free cash flow1 of $355 million, up 11% from the prior year comparable period, inclusive of higher growth-based capital expenditures for new campuses ▪ Returned $84 million in capital to shareholders through share repurchases in Q1, $578 million remaining under $750 million authorization ▪ Net leverage1 of 0.5x as of September 30, 2026 2 Delivering value across our institutions and programs ▪ Walden: New programs launched heading into the 2026 academic year have enrolled more than 2,000 students; four new programs launched during quarter ▪ Chamberlain: Opened new campuses in Cincinnati and Salt Lake City and announced the planned opening of 27th campus in Nashville; Opened second physician assistant program in Phoenix at full capacity ▪ Med & Vet: New analysis shows Ross Med and AUC students passed USMLE Step 1 on the first attempt at rates comparable to or higher than U.S. MD students with similar MCAT scores in most score bands2 3 Differentiating the learner experience ▪ Advocate Health collaboration began enrolling students in Wisconsin; now expanding to the Chicago metropolitan area4 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Comparison using university and AAMC data. Data is based on students who matriculated between 2021-2023 and sat for the USMLE Step 1 as of August 2026. Not all matriculants sat for the USMLE Step 1 exam. Students must successfully matriculate, complete the Medical Sciences curriculum and pass a school approved Medical Sciences Comprehensive Exam to sit for the USMLE Step 1 exam Business highlights 7
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Total enrollment trends Chamberlain: 3rd straight quarter of positive total enrollment growth; 17th straight quarter of pre-licensure BSN YoY total enrollment growth Walden: 13th straight quarter of YoY total enrollment growth; strength across healthcare and non-healthcare; highest total enrollment in university history Med & Vet: Sustained positive total enrollment strength Q1 ‘27 104.7k +7.6% 1. Represents total students attending sessions during each institution’s most recent enrollment period Q2 ‘26 97.0k +6.3% Q3 ‘26 100.6k +6.8% Q4 ‘26 99.5k +8.4% Year-over-Year % change Total enterprise enrollments1 Year-over-Year % change Q1 ‘27 Q4 ‘26 +14.0%+12.8% 8 +1.6%+1.3% +7.3%+3.5%
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Covista 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 Total Enrollment • Growth driven by all three segments Adj. EBITDA 1 margin • Revenue growth and operational efficiencies Adj. EPS 1 • Average diluted shares outstanding ~2.5m lower YoY $ in Millions, except per share data Q1 ‘27 ∆ vs. Q1 ‘26Q1 ‘26 Revenue $511.5 +10.7%$462.3 Adj. EBITDA 1 $131.2 +17.1%$112.0 % Margin 1 25.6% +140 bps24.2% Adj. EPS 1 $2.19 +25.1%$1.75 Total Enrollment 2 104,713 +7.6%97,359 9
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Total Enrollment • Growth driven by pre-licensure nursing Adj. EBITDA 1 margin • Operational leverage from revenue growth offset by investments focused on marketing and strategic growth initiatives $ in Millions Q1 ‘27 ∆ vs. Q1 ‘26Q1 ‘26 Revenue $192.4 +7.4%$179.2 Adj. EBITDA 1 $37.6 +7.1%$35.1 % Margin 1 19.5% (10 bps)19.6% Total Enrollment 2 40,351 +1.3%39,846 10 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 Chamberlain performance
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Total Enrollment • Strong growth in healthcare and non- healthcare Adj. EBITDA 1 margin • Revenue growth and operational efficiencies generating leverage $ in Millions Q1 ‘27 ∆ vs. Q1 ‘26Q1 ‘26 Revenue $216.7 +14.1%$190.0 Adj. EBITDA 1 $71.9 +16.1%$61.9 % Margin 1 33.2% +60 bps32.6% Total Enrollment 2 58,881 +12.8%52,216 11 Walden performance 1.Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2.Represents total students attending sessions during most recent enrollment period
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$ in Millions Q1 ‘27 ∆ vs. Q1 ‘26Q1 ‘26 Revenue $102.5 +10.0%$93.1 Adj. EBITDA 1 $27.4 +27.9%$21.4 % Margin 1 26.7% +370 bps23.0% Total Enrollment 2 5,481 +3.5%5,297 12 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period Med & Vet performance Total Enrollment • Growth from both Medical and Veterinary Adj. EBITDA 1 margin • Revenue growth and operational efficiencies generating leverage
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Trailing Twelve Months Ended Free Cash Flow1 ($M) $319 $368 $336 $393 $355 Q1 '26 Q2 '26 Q3 '26 Q4 '26 Q1 '27 0.5x Net Leverage1 Ratio Q1 FY ’27 $84m Returned to shareholders through share repurchases in Q1 FY ’27 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Operating cash flow defined as net cash provided by operating activities – continuing operations (GAAP) Operating Cash Flow2 $375 $428 $406 $471 $454 Capital Expenditures ($56) ($60) ($70) ($78) ($99) Free Cash Flow1 $319 $368 $336 $393 $355 Healthy cash generation & disciplined capital allocation 13
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Raising FY27 guidance Underlying Themes Walden shift back of one academic week from Q2 into Q3; no net impact on full year 0-50 bps adj. EBITDA 1 margin expansion; operational excellence delivering efficiencies Capital expenditure run rate slightly higher than our annualized Q4 ’26 spend; higher in 1H ’27 vs. 2H ‘27 Continued strong cash flow & disciplined capital deployment 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Covista's results in accordance with GAAP 14 REVENUE $2,060m – $2,095m YoY approx. growth +5.5% +7% $2,050m – $2,090mPRIOR GUIDANCE ADJ. EPS1 $ 9.00 – $9.20 YoY approx. growth +9% +11.5% $8.90 – $9.15PRIOR GUIDANCE
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Appendix
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We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Covista’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 Covista’s net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, debt modification costs, U.S. tax benefit due to an increase in foreign-derived income, and loss (income) from discontinued operations. Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Covista’s diluted earnings per share adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, debt modification costs, U.S. tax benefit due to an increase in foreign-derived income, and loss (income) from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Covista’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 Covista’s net income adjusted for loss (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, strategic advisory costs, and debt modification costs. Provision for income taxes, interest expense, and other income, net are 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 total long-term debt principal 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 and prior real estate consolidations at Covista’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 assets. • 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. • Loss on debt extinguishment related to the amendment of the Revolver. • Debt modification costs related to refinancing our Term Loan B. • U.S. tax benefit due to an increase in foreign-derived income. • Loss (income) from discontinued operations includes activity from ongoing litigation costs and settlements related to prior divestitures. Non-GAAP financial measures and reconciliations 16
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Adjusted operating income disclosure (1/2) (unaudited) (in thousands) 17 % Chamberlain: Operating income $ 26,730 $ 25,608 $ 1,122 4.4 % Adjusted operating income $ 26,730 $ 25,608 $ 1,122 4.4 % Operating margin 13.9 % 14.3 % Adjusted operating margin 13.9 % 14.3 % Walden: Operating income $ 63,649 $ 53,269 $ 10,380 19.5 % Amortization of acquired intangible assets 1,394 2,805 (1,411) Adjusted operating income $ 65,043 $ 56,074 $ 8,969 16.0 % Operating margin 29.4 % 28.0 % Adjusted operating margin 30.0 % 29.5 % Medical and Veterinary: Operating income $ 22,251 $ 16,728 $ 5,523 33.0 % Restructuring expense — 44 (44) Adjusted operating income $ 22,251 $ 16,772 $ 5,479 32.7 % Operating margin 21.7 % 18.0 % Adjusted operating margin 21.7 % 18.0 % Increase/(Decrease) $ T hree Months E nded September 30, 2026 2025
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Adjusted operating income disclosure (2/2) (unaudited) (in thousands) 18 % Covista (1): Operating income (GAAP) $ 98,027 $ 85,477 $ 12,550 14.7 % Restructuring expense 163 310 (147) Amortization of acquired intangible assets 1,394 2,805 (1,411) Strategic advisory costs 6,231 1,684 4,547 Debt modification costs 756 — 756 Adjusted operating income (non-GAAP) $ 106,571 $ 90,276 $ 16,295 18.1 % Operating margin (GAAP) 19.2 % 18.5 % Adjusted operating margin (non-GAAP) 20.8 % 19.5 % Increase/(Decrease) $ T hree Months E nded September 30, 2026 20251. Consolidated results include Home Office activities not allocated to segments.
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Adjusted EBITDA disclosure (1/2) (unaudited) (in thousands) 19 % Chamberlain: Adjusted operating income (GAAP) $ 26,730 $ 25,608 $ 1,122 4.4 % Depreciation 6,094 5,375 719 Amortization of cloud computing implementation assets 2,386 1,527 859 Stock-based compensation 2,372 2,570 (198) Adjusted EBITDA (non-GAAP) $ 37,582 $ 35,080 $ 2,502 7.1 % Adjusted EBITDA margin (non-GAAP) 19.5 % 19.6 % Walden: Adjusted operating income (GAAP) $ 65,043 $ 56,074 $ 8,969 16.0 % Depreciation 1,784 1,940 (156) Amortization of cloud computing implementation assets 2,253 1,204 1,049 Stock-based compensation 2,782 2,653 129 Adjusted EBITDA (non-GAAP) $ 71,862 $ 61,871 $ 9,991 16.1 % Adjusted EBITDA margin (non-GAAP) 33.2 % 32.6 % Medical and Veterinary: Adjusted operating income (GAAP) $ 22,251 $ 16,772 $ 5,479 32.7 % Depreciation 2,823 2,820 3 Amortization of cloud computing implementation assets 931 411 520 Stock-based compensation 1,390 1,410 (20) Adjusted EBITDA (non-GAAP) $ 27,395 $ 21,413 $ 5,982 27.9 % Adjusted EBITDA margin (non-GAAP) 26.7 % 23.0 % Increase/(Decrease) $2026 2025 T hree Months E nded September 30,
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Adjusted EBITDA disclosure (2/2) (unaudited) (in thousands) 20 % Covista (1): Net income (GAAP) $ 67,427 $ 61,832 $ 5,595 9.0 % Loss (income) from discontinued operations 4,055 (770) 4,825 Interest expense 9,944 11,090 (1,146) Other income, net (1,416) (2,486) 1,070 Provision for income taxes 18,017 15,811 2,206 Depreciation and amortization 17,826 16,243 1,583 Stock-based compensation 8,181 8,293 (112) Restructuring expense 163 310 (147) Strategic advisory costs 6,231 1,684 4,547 Debt modification costs 756 — 756 Adjusted EBITDA (non-GAAP) $ 131,184 $ 112,007 $ 19,177 17.1 % Adjusted EBITDA margin (non-GAAP) 25.6 % 24.2 % Increase/(Decrease) $2026 2025 T hree Months E nded September 30, 1. Consolidated results include Home Office activities not allocated to segments.
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Adjusted earnings disclosure (unaudited) (in thousands, except per share data) 1. Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements Note: May not sum due to rounding 21 Net income (GAAP) $ 67,427 $ 61,832 Restructuring expense 163 310 Amortization of acquired intangible assets 1,394 2,805 Strategic advisory costs 6,231 1,684 Loss on debt extinguishment and debt modification costs 756 295 U.S. tax benefit due to an increase in foreign-derived income (2,031) — Income tax impact on non-GAAP adjustments (1) (2,152) (1,224) Loss (income) from discontinued operations 4,055 (770) Adjusted net income (non-GAAP) $ 75,843 $ 64,932 Diluted earnings per share (GAAP) $ 1.95 $ 1.67 Effect on diluted earnings per share: Restructuring expense 0.00 0.01 Amortization of acquired intangible assets 0.04 0.08 Strategic advisory costs 0.18 0.05 Loss on debt extinguishment and debt modification costs 0.02 0.01 U.S. tax benefit due to an increase in foreign-derived income (0.06) - Income tax impact on non-GAAP adjustments (1) (0.06) (0.03) Loss (income) from discontinued operations 0.12 (0.02) Adjusted earnings per share (non-GAAP) $ 2.19 $ 1.75 Diluted shares 34,573 37,057 T hree Months E nded September 30, 2026 2025 September 30, T hree Months E nded 2026 2025
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Free cash flow disclosure (unaudited) (in thousands) 22 Net cash provided by operating activities-continuing operations (GAAP) $ 374,796 $ 427,890 $ 406,335 $ 470,796 $ 454,438 Capital expenditures (55,936) (59,880) (69,872) (77,696) (99,265) Free cash flow (non-GAAP) $ 318,860 $ 368,010 $ 336,463 $ 393,100 $ 355,173 FY26 Q4 T welve Months E nded FY27 Q1Q3Q1 Q2 FY26FY26 FY26
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Net leverage disclosure (unaudited) (in thousands) 23 Covista: Net income (GAAP) $ 257,161 Loss from discontinued operations 20,634 Interest expense 44,289 Other income, net (6,108) Provision for income taxes 79,950 Depreciation and amortization 73,836 Stock-based compensation 41,104 Restructuring expense 6,182 Strategic advisory costs 23,109 Debt modification costs 756 Adjusted EBITDA (non-GAAP) $ 540,913 Total long-term debt principal $ 510,000 Less: Cash and cash equivalents (222,223) Net debt (non-GAAP) $ 287,777 Net leverage (non-GAAP) 0.5x September 30, 2026 September 30, 2026 T welve Months E nded