Month: October 2026

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — Aventis Energy Inc. (CSE: AVE | FRA: C0O0 | OTC: VBAMF) (“Aventis” or the “Company”) is pleased to report preliminary results from the fall 2026 surface exploration program (the “Program”) at the Corvo Uranium Project (“Corvo” or the “Project”) in northern Saskatchewan (Please see Figure 1). The Program was funded by Aventis and carried out by Standard Uranium Ltd. (TSX-V: STND) (“Standard Uranium”), the operator of the Project, under the three-year earn-in option agreement between the two companies.

Between October 1 and 9, 2026, crews mapped, prospected and sampled the historical uranium showings and other zones of interest across the 12,363-hectare Project. The work confirmed multiple zones of strong radioactivity at surface and found showings that had not previously been documented on the Project (Please see Figure 2).

Highlights

• Up to 48,000 cps at the Manhattan East showing. Handheld scintillometer readings of 20,000 to 48,000 counts per second (“cps”) in outcrop at the historical Manhattan East showing, where previous work reported readings up to 10,600 cps.¹
• Strong readings beyond Manhattan East. Up to 36,000 cps at a known occurrence on the Brooklyn trend and 30,000 cps at Manhattan NE, approximately 130 m northeast of the Manhattan East showing (Please see Figure 2). In total, fifty-six (56) readings above the 300 cps anomalous* threshold were recorded, eight (8) of them above 10,000 cps.
• New showing on the Brooklyn trend. Prospecting discovered a previously undocumented radioactive occurrence reading up to 13,400 cps in altered pegmatite outcrop along the Brooklyn trend.
• The right host rocks. Mapping along the structural and electromagnetic (“EM”) trends confirmed deformed and hydrothermally altered basement rocks, including metasedimentary, calc-silicate and granitic units, favourable hosts for uranium and rare earth element (“REE”) mineralization.
• Assays pending. Nine (9) outcrop grab samples are at Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon for uranium, REE and whole-rock analysis.
• Next steps. Geophysical surveys are being designed to refine drill targets ahead of a second drill program planned for 2027.

Michael Mulberry, Chief Executive Officer of Aventis, commented: “The team took the Manhattan East showing from a historical 10,600 cps to 48,000 cps, found a new showing on the Brooklyn trend, and tied the surface geology to last winter’s drill holes. All of this data will provide valuable feedback as we build new drill targets.”

Fall 2026 Surface Program

The Program ran from October 1 to 9, 2026, and focused on ground-truthing historical uranium showings and extending them along the Manhattan and Brooklyn trends, with additional coverage of the Dorward, Unnamed, Finger, Hook and Sheppard Lake areas. It followed up on the winter 2026 inaugural drill program, the first drilling on the Project in more than forty (40) years, which returned anomalous uranium in all nine (9) completed holes.

• More than one hundred (100) geological observations, structural measurements and scintillometer readings were recorded from outcrop across the Project.
• A total of fifty-six (56) scintillometer readings above the 300 cps anomalous* threshold were recorded, eight (8) of them above 10,000 cps (Please see Figure 2).
• At the Manhattan East showing (Dorward Lake area), readings of 20,000 cps to 48,000 cps were measured in outcrop. Mineralization occurs as black vitreous minerals in structures with secondary iron oxide alteration (Please see Figure 3). A further reading of 30,000 cps was recorded approximately 130 m to the northeast (Manhattan NE), where mineralization is associated with a fracture system in paragneiss (Please see Figure 5). Samples were collected at both locations.
• Along the Brooklyn trend, a new showing in altered pegmatitic orthogneiss returned readings up to 13,400 cps (Please see Figure 4), and a known occurrence returned readings up to 36,000 cps (Please see Figure 2).
• Nine (9) outcrop grab samples were submitted to SRC (as defined below) for whole-rock, uranium and REE geochemical analysis. Results will be released once received and reviewed.
• Readings were taken with handheld RS-120 Super-Scintillometers and RS-125 Super-Spectrometers manufactured by Radiation Solutions Inc.

Figure 1. Regional location of the Corvo Project at the eastern margin of the Athabasca Basin, Saskatchewan. Corvo lies 60 km due east of Cameco’s McArthur River mine and 45 km northeast of Atha Energy’s Gemini Mineralized Zone (“GMZ”).

Figure 2. Compilation of anomalous* scintillometer readings from the 2025 and 2026 surface programs on the Corvo Project. Inset: Manhattan Zone, showing the 2026 readings of 48,000 cps (Manhattan East) and 30,000 cps (Manhattan NE). Map prepared by Standard Uranium Ltd., operator of the Project.

Figure 3. Manhattan East showing (Dorward Lake area): sample locations A and B with close-up photos of structure-controlled mineralization (black vitreous minerals) and secondary iron oxide alteration at surface, reading above 20,000 cps on the RS-120 Super-Scintillometer.

Figure 4. New showing on the Brooklyn trend: altered pegmatitic orthogneiss reading up to 13,400 cps.

Figure 5. Manhattan NE: 30,000 cps reading approximately 130 m northeast of the Manhattan East showing. Mineralization is associated with a fracture system with secondary iron oxide alteration in paragneiss.

Next Steps

Assay results from the nine (9) grab samples will be released when they are received from SRC and reviewed by the qualified person. Standard Uranium is designing supplementary geophysical programs to refine drill targets, integrating the new surface data with the winter 2026 drilling and geochemical datasets. A second drill program is planned for 2027.

About the Corvo Uranium Project

Corvo lies just outside the eastern margin of the Athabasca Basin near Wollaston Lake, Saskatchewan, 60 km due east of Cameco’s McArthur River mine and 45 km northeast of Atha Energy’s Gemini Mineralized Zone. The Project is comprised of fourteen (14) mineral dispositions totalling 12,363 hectares and covers more than 29 km of structural corridors defined by magnetic lows and EM conductors, with bedrock under minimal glacial till cover and shallow drill targets.

Aventis entered into a three-year earn-in option agreement with Standard Uranium on May 8, 2025, under which Aventis may earn a 75% interest in the Project. Standard Uranium is the operator of the Project.

The Project targets shallow, high-grade** basement-hosted uranium of the type found at the Rabbit Lake deposit and the nearby Gemini and Ackio Mineralized Zones. Surface work has identified several outcrop showings of mineralized veins and fractures, including the Manhattan showing, where 2025 sampling returned up to 8.10% U₃O₈ at surface.² The winter 2026 inaugural drill program, the first drilling on the Project in more than forty years, completed 2,457 metres in ten (10) reconnaissance holes at the Manhattan, Brooklyn and Tribeca target areas. Nine (9) holes were completed and one was abandoned due to ground conditions. All nine (9) completed holes returned anomalous uranium, including 13 metres of highly anomalous uranium (>100 ppm U, partial digestion). Intervals are drilled core lengths and true widths are not known.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Sean Hillacre, P.Geo., President and VP Exploration of Standard Uranium, the operator of the Project, and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples were submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, accredited to ISO/IEC 17025:2017 by the Standards Council of Canada (“SRC”), for preparation and ICP-MS or ICP-OES multi-element analysis by total and partial digestion, with boron by fusion. Blanks, standard reference materials and repeats were inserted into the sample stream at regular intervals under the operator’s quality assurance/quality control (“QA/QC”) protocols. Assay results remain subject to QA/QC review before release.

Scintillometer readings reported in this news release were measured in cps with handheld RS-125 super-spectrometers and RS-120 super-scintillometers supplied by Radiation Solutions Inc. (“RSI”). The units are calibrated by RSI on purpose-built test pads, and the operator checks for instrument drift against three internal test pads of known radioactivity. Scintillometer readings are not uniformly or directly related to the uranium grade of the rock measured and are only a preliminary indication of the presence of radioactive minerals. Pending assays will determine uranium content.

Historical results from previous operators cited in this news release have not been verified by the Company or by a qualified person, and investors should not place undue reliance on them. The Company treats historical results as an exploration guide only. Grab samples are selected samples and may not represent the underlying mineralization.

* Readings above 300 cps on a handheld RS-125 Super-Spectrometer are considered anomalous.

** Uranium mineralization above 1.0 wt% U₃O₈ is considered high-grade.

References

¹ Mineral Assessment Report MAW00047: Eagle Plains Resources Inc., 2011-2012.

² Aventis Energy Confirms High-Grade Uranium Mineralization up to 8.10% U3O8 at Surface on the Corvo Project, news release, October 20, 2025.

About Aventis Energy Inc.

Aventis Energy Inc. (CSE: AVE | FRA: C0O0 | OTC: VBAMF) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Corvo Uranium & Sting Copper Project.

On Behalf of the Board of Directors

Michael Mulberry

Chief Executive Officer and Director

+1 (604) 229-9772 | info@aventisenergy.com

Disclaimer for Forward-Looking Information

This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements or information.

Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Aventis, future growth potential for Aventis and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium, copper, gold and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Aventis’ ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward looking information and include, without limitation, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; the expected benefits of completing the Program; the commencement of additional drilling program(s) on the Project in the future. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of uranium, copper, gold and other metal deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy

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DETROIT, Oct. 29, 2026 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2026 reported net income of $118 million, or $1.16 per diluted share and Operating Earnings of $118 million, or $1.16 per diluted share. Adjusted EBITDA for the quarter was $301 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable January 15, 2027 to stockholders of record at the close of business December 15, 2026.

“We continue to deliver strong performance in 2026,” said David Slater, Chairman and CEO. “We are also advancing our organic growth backlog, with $2.4 billion of projects now committed.”

Slater highlighted the following significant growth projects that reached final investment decision during the quarter:

• The MIST Southbound Phase 1 expansion of Midwestern Gas Transmission, which will add approximately 300 MMcf/d of capacity—a 20% increase in total pipeline capacity
• A new pipeline lateral from Midwestern Gas Transmission to serve a utility-scale power plant in Indiana
• The second phase of the Guardian Pipeline modernization program 

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Based on our strong performance and outlook for the remainder of the year, we are raising our 2026 Adjusted EBITDA guidance to a range of $1,185-$1,225 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 833.461.5787, and the toll number is 585.542.9983; the conference ID is 362887253. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and gains or losses from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream, further adjusted for certain items we consider non-routine and other non-cash items. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.

In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “would,” “could,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” “continue,” “intend,” “goal,” “potential,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits from acquisitions and our ability to manage the risks associated with acquisition activity; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not place undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
	Three Months Ended
	September 30,												June 30,
		2026											2026
	Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings
	(millions)
Adjustments				$	—		$	—								$	—		$	—
Net Income Attributable to DT Midstream	$	118		$	—		$	—		$	118		$	112		$	—		$	—		$	112
	Nine Months Ended
	September 30,												September 30,
		2026											2025
	Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings
	(millions)
Adjustments					—			—									—			—
Net Income Attributable to DT Midstream	$	360		$	—		$	—		$	360		$	330		$	—		$	—		$	330
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited)
		Three Months Ended
		September 30,												June 30,
		2026												2026
		Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings
		(per share)
Adjustments					$	—		$	—								$	—		$	—
Net Income Attributable to DT Midstream		$	1.16		$	—		$	—		$	1.16		$	1.09		$	—		$	—		$	1.09
		Nine Months Ended
		September 30,												September 30,
		2026												2025
		Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings
		(per share)
Adjustments						—			—									—			—
Net Income Attributable to DT Midstream		$	3.51		$	—		$	—		$	3.51		$	3.22		$	—		$	—		$	3.22
(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	118			$	112			$	360			$	330
Plus: Interest expense			40				42				122				120
Plus: Income tax expense			41				53				130				104
Plus: Depreciation and amortization			71				68				208				191
Plus: EBITDA from equity method investees (1)			69				66				213				206
Less: Gain from financing activities			(1	)			(1	)			(2	)			—
Less: Interest income			(2	)			(1	)			(4	)			(2	)
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Adjusted EBITDA		$	301			$	305			$	914			$	845
(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
		(millions)
Earnings from equity method investees		$	34			$	33			$	110			$	101
Plus: Depreciation and amortization attributable to equity method investees			22				20				63				63
Plus: Interest expense attributable to equity method investees			13				13				40				42
EBITDA from equity method investees		$	69			$	66			$	213			$	206

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Pipeline		(millions)
Net Income Attributable to DT Midstream		$	93			$	86			$	287			$	277
Plus: Interest expense			14				14				42				38
Plus: Income tax expense			33				41				104				87
Plus: Depreciation and amortization			29				28				86				83
Plus: EBITDA from equity method investees (1)			69				66				213				206
Less: Gain from financing activities			—				(1	)			(1	)			—
Less: Interest income			(1	)			—				(2	)			(1	)
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Adjusted EBITDA		$	202			$	200			$	616			$	586
(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
		(millions)
Earnings from equity method investees		$	34			$	33			$	110			$	101
Plus: Depreciation and amortization attributable to equity method investees			22				20				63				63
Plus: Interest expense attributable to equity method investees			13				13				40				42
EBITDA from equity method investees		$	69			$	66			$	213			$	206

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)
	Three Months Ended								Nine Months Ended
	September 30,				June 30,				September 30,				September 30,
	2026				2026				2026				2025
Gathering	(millions)
Net Income Attributable to DT Midstream	$	25			$	26			$	73			$	53
Plus: Interest expense		26				28				80				82
Plus: Income tax expense		8				12				26				17
Plus: Depreciation and amortization		42				40				122				108
Less: Gain from financing activities		(1	)			—				(1	)			—
Less: Interest income		(1	)			(1	)			(2	)			(1	)
Adjusted EBITDA	$	99			$	105			$	298			$	259

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	118			$	112			$	360			$	330
Plus: Interest expense			40				42				122				120
Plus: Income tax expense			41				53				130				104
Plus: Depreciation and amortization			71				68				208				191
Less: Gain from financing activities			(1	)			(1	)			(2	)			—
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Plus: Dividends and distributions from equity method investees			64				40				160				139
Less: Cash interest expense			(2	)			(77	)			(79	)			(75	)
Less: Cash taxes			(4	)			(3	)			(9	)			(3	)
Less: Maintenance capital investment (1)			(19	)			(24	)			(54	)			(33	)
Less: Other non-cash adjustments			(3	)			(2	)			(5	)			—
Distributable Cash Flow		$	270			$	174			$	718			$	669
(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

CONTACT: Investor Relations

Todd Lohrmann, DT Midstream, 313.774.2424
investor_relations@dtmidstream.com

• Revenue: $1.1 billion, up 11% year-over-year
• Net Earnings: $115 million, up 60% year-over-year
• Adjusted EBITDA: $149 million, up 27% year-over-year
• Diluted EPS: $0.43, up 65% year-over-year
• Adjusted Diluted EPS: $0.46, up 59% year-over-year
• Bookings: $1.6 billion (book-to-bill ratio of 1.5x)
• Record Funded Backlog: $5.6 billion, up 21% year-over-year
• Raises 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted EPS
• Dividend: Company declares cash dividend of $0.09 per share to be paid on November 25, 2026

ARLINGTON, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) — Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, today reported financial results for the third quarter 2026, which ended September 30, 2026.

CEO Commentary
“Leonardo DRS delivered a strong third quarter, with 11% organic revenue growth and profitability growing even faster. Bookings exceeded $1.6 billion, representing a 1.5x book-to-bill ratio — both our strongest since becoming a public company four years ago. These results reinforce a strategy that is working — investing ahead of demand, in both differentiated capability and capacity, to help our customers maintain overmatch and enable us to scale when the mission requires it. Our record funded backlog, together with improved visibility into the fourth quarter, gives us confidence to raise and narrow our full-year revenue and profitability outlook,” said John Baylouny, President and CEO of Leonardo DRS.

Summary Financial Results

(In millions, except per share amounts)	Three Months Ended,						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$1,066		$960		11%		$2,825		$2,588		9%
Net Earnings	$115		$72		60%		$263		$176		49%
Net Margin	10.8%		7.5%		330 bps		9.3%		6.8%		250 bps
Diluted weighted average number of shares outstanding (WASO)	268.275		268.426				268.617		268.749
Diluted Earnings Per Share (EPS)	$0.43		$0.26		65%		$0.98		$0.65		51%
Non-GAAP Financial Measures (1)
Adjusted EBITDA	$149		$117		27%		$382		$295		29%
Adjusted EBITDA Margin	14.0%		12.2%		180 bps		13.5%		11.4%		210 bps
Adjusted Net Earnings	$124		$78		59%		$287		$195		47%
Adjusted Diluted EPS	$0.46		$0.29		59%		$1.07		$0.73		47%

(1) The company reports its financials in accordance with U.S. generally accepted accounting principles (“GAAP”). Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

The company reported 11% revenue growth in the third quarter 2026. The year-over-year growth was primarily led by programs related to tactical radars, naval power and propulsion programs and progress on our space sensing programs.

Rigorous program execution across the portfolio, favorable mix and operating leverage of greater volume drove meaningful Adjusted EBITDA growth and margin expansion. The strong operational performance, coupled with a lower tax rate, supported year-over-year growth in third quarter net earnings, Adjusted Net Earnings, diluted EPS and Adjusted Diluted EPS.

Cash Flow
Net cash provided by operating activities was $96 million for the third quarter. The company’s free cash flow generation was $61 million in the quarter. Both operating and free cash flow generation were lower than the third quarter 2025 due to higher cash used to fund working capital, partially offset by increased earnings.

Year to date, both operating and free cash flow remain well ahead of the prior-year period, driven by higher profitability and more efficient working capital management.

Dividends and Stock Repurchases
During the third quarter, dividends paid to stockholders totaled approximately $24 million or $0.09 per share of common stock. Today, Leonardo DRS announced that its Board of Directors declared a cash dividend of $0.09 per share of common stock payable on November 25, 2026, to stockholders of record on November 12, 2026.

In addition, the company repurchased 288,633 shares of its common stock for approximately $12 million in the third quarter, pursuant to a previously announced stock repurchase program.

Balance Sheet
At the end of the third quarter, the company held $294 million of cash and had no outstanding borrowings under its credit facility. The company’s strong balance sheet provides flexibility to pursue organic and inorganic growth opportunities to create shareholder value.

Bookings and Funded Backlog

(Dollars in millions)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Bookings	$1,639		$1,307		$3,609		$3,151
Book-to-Bill	1.5x		1.4x		1.3x		1.2x
Funded Backlog	$5,640		$4,678		$5,640		$4,678

New funded bookings totaled $1.6 billion. Customer demand remained robust, led by contributions from naval power and propulsion, tactical radars and force protection programs. Funded backlog at quarter end reached a new record of $5.6 billion, a 21% increase year-over-year.

Segment Results
Advanced Sensing and Computing (ASC) Segment

(Dollars in millions)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$659		$580		14%		$1,805		$1,633		11%
Operating Earnings	$57		$45		27%		$146		$107		36%
Operating Margin	8.6%		7.8%		80 bps		8.1%		6.6%		150 bps
Bookings	$1,017		$757				$2,137		$1,985
Book-to-Bill	1.5x		1.3x				1.2x		1.2x
Non-GAAP Financial Measures (1)
Segment Adjusted EBITDA	$78		$64		22%		$209		$164		27%
Segment Adjusted EBITDA Margin	11.8%		11.0%		80 bps		11.6%		10.0%		160 bps

(1) The company reports its financials in accordance with U.S. GAAP. Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

Healthy demand for naval network computing and tactical radars supported ASC quarterly bookings. The segment’s revenue growth was driven primarily by programs associated with tactical radars and space sensing programs. Adjusted EBITDA and margin rose versus third quarter 2025 on strong operational delivery, favorable mix and volume leveraging.

Integrated Mission Systems (IMS) Segment

(Dollars in millions)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$428		$383		12%		$1,056		$964		10%
Operating Earnings	$64		$48		33%		$154		$115		34%
Operating Margin	15.0%		12.5%		250 bps		14.6%		11.9%		270 bps
Bookings	$622		$550				$1,472		$1,166
Book-to-Bill	1.5x		1.4x				1.4x		1.2x
Non-GAAP Financial Measures (1)
Segment Adjusted EBITDA	$71		$53		34%		$173		$131		32%
Segment Adjusted EBITDA Margin	16.6%		13.8%		280 bps		16.4%		13.6%		280 bps

(1) The company reports its financials in accordance with U.S. GAAP. Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

Quarterly IMS bookings were well balanced across electric power and propulsion and force protection programs, and revenue growth reflected strength across naval power and propulsion programs. Adjusted EBITDA and margin expanded significantly over third quarter 2025, supported by operational leverage from higher volume and strong execution within electric power and propulsion programs, despite increased investment in internal research and development.

2026 Guidance
Leonardo DRS is increasing 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted EPS based on strong year-to-date performance, as specified in the table below:

Measure	Current 2026 Guidance	Prior 2026 Guidance
Revenue	$3,950 million – $3,985 million	$3,900 million – $3,975 million
Adjusted EBITDA	$545 million – $555 million	$525 million – $540 million
Tax Rate	13.0%	16.5%
Diluted WASO	269.0 million	269.0 million
Adjusted Diluted EPS	$1.50 – $1.53	$1.34 – $1.39

The guidance excludes the pending acquisition of Raft LLC (“Raft”).

The company does not provide a reconciliation of forward-looking Adjusted EBITDA and Adjusted Diluted EPS due to the inherent difficulty in forecasting and quantifying the adjustments that are necessary to calculate such non-GAAP measures without unreasonable effort. Material changes to any one of these items could have a significant effect on future GAAP results.

Conference Call
Leonardo DRS management will host a conference call beginning at 10:00 a.m. ET on October 29, 2026 to discuss the financial results for its third quarter 2026.

A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leonardo DRS Investor Relations website (https://investors.leonardodrs.com).

A replay of the conference call will be available on the Leonardo DRS website approximately 2 hours after the conclusion of the conference call.

About Leonardo DRS
Leonardo DRS, Inc. (Nasdaq: DRS) is at the forefront of developing transformative defense technologies using its proven agility and delivering innovative solutions for U.S. national security customers and allies worldwide. We specialize in rapidly providing high-performance, multi-domain capabilities across next-generation advanced sensing, network computing, force protection, and electric power and propulsion. Our reputation as a trusted provider is built on a continuous focus on practical innovation, delivering quality, and meeting our customers’ most demanding mission requirements. For further information on our complete range of capabilities, visit www.LeonardoDRS.com.

Leonardo DRS Contacts

Investors		Media
Camilla Yanushevsky		Charles Jones
Director, Investor Relations		Director, Marketing and Corporate Communications
+1 571 309 8216		+1 571 737 8800
investorrelations@drs.com		charles.jones@drs.com

Forward-Looking Statements
In this press release, when using the terms the “company”, “Leonardo DRS”, “we”, “us” and “our,” unless otherwise indicated or the context otherwise requires, we are referring to Leonardo DRS, Inc. This press release contains forward-looking statements and cautionary statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “strives,” “targets,” “projects,” “guidance,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this press release and include, without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, among other things, financial goals, financial position, results of operations, cash flows, prospects, strategies or expectations, the proposed acquisition of Raft, including the expected timing of completion of the transaction, the satisfaction of closing conditions, the receipt of regulatory approvals, the anticipated benefits of the transaction, the expected impact of the transaction on DRS or Raft’s financial results, including expected accretion and tax benefits, the expected financing of the transaction, plans for the integration of the acquired business, and the impact of prevailing economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if future performance and outcomes are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: disruptions, including from government shutdowns, or deteriorations in our relationship with the relevant agencies of the U.S. government, as well as any failure to pass routine audits or otherwise comply with governmental requirements including those related to security clearance or procurement rules, including the False Claims Act; significant delays, including from government shutdowns, or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly; any failure to comply with the amended and restated proxy agreement with the U.S. Department of War (“DoW”); the effect of inflation and other cost pressures on our supply chain and/or our labor costs; our mix of fixed-price, cost-plus and time-and-materials type contracts and any resulting impact on our cash flows due to cost overruns; failure to properly comply with various covenants of the agreements governing our debt could negatively impact our business; our dependence on U.S. government contracts, which often are only partially funded and are subject to immediate termination, some of which are classified and the concentration of our customer base in the U.S. defense industry; our use of estimates in pricing and accounting for many of our programs that are inherently uncertain and which may not prove to be accurate; our ability to realize the full value of our backlog; our ability to predict future capital needs or to obtain additional financing if needed, on terms acceptable to us, if at all; our ability to respond to the rapid technological changes in the markets in which we compete; the effect of global and regional economic downturns and rising interest rates; our ability to maintain an effective system of internal control over financial reporting; our inability to appropriately manage our inventory; our inability to fully realize the value of our total estimated contract value or bookings; our ability to compete efficiently, including due to U.S. government organizational conflict of interest rules which may limit new contract opportunities or require us to wind down existing contracts; our relationships with other industry participants, including any contractual disputes or the inability of our key suppliers to timely deliver our components, parts or services; preferences or set-asides for small or small disadvantaged businesses could impact our ability to be a prime contractor; any failure to meet our contractual obligations including due to potential impacts to our business from supply chain risks, such as longer lead times and shortages of electronics and other components; any security breach, including any cyber-attack, cyber intrusion, insider threat, or other significant disruption of our IT networks and related systems, as well as any act of terrorism or other threat to our physical security and personnel; our ability to fully exploit or obtain patents or other intellectual property protections necessary to secure our proprietary technology, including our ability to avoid infringing upon the intellectual property of third parties or prevent third parties from infringing upon our own intellectual property; the conduct of our employees, agents, affiliates, subcontractors, suppliers, business partners or joint ventures in which we participate which may impact our reputation and ability to do business; the outcome of litigation, arbitration, investigations, claims, disputes, enforcement actions and other legal proceedings in which we are involved; various geopolitical and economic factors, laws and regulations including the Foreign Corrupt Practices Act, the Arms Export Control Act, the International Traffic in Arms Regulations, the Export Administration Regulations, recent U.S. tariffs imposed or threatened to be imposed on other countries and any related retaliatory actions taken by such countries and those that we are exposed to as a result of our international business; our ability to obtain export licenses necessary to conduct certain operations abroad, including any attempts by Congress to prevent proposed sales to certain foreign governments; our ability to attract and retain technical and other key personnel; the occurrence of prolonged work stoppages; the unavailability or inadequacy of our insurance coverage, customer indemnifications or other liability protections to cover all of our significant risks or to pay for material losses we incur; future changes in U.S. tax laws and regulations or interpretations thereof; future changes in the DoW’s and other governments’ budgets; certain limitations on our ability to use our net operating losses to offset future taxable income; termination of our leases or our inability to renew our leases on acceptable terms; changes in estimates used in accounting for our pension plans, including with respect to the funding status thereof; changes in future business or other market conditions that could cause business investments and/or recorded goodwill or other long-term assets to become impaired; risks related to our proposed acquisition of Raft, including the failure to complete the transaction on the anticipated timeline or at all, the failure to realize the anticipated benefits of the transaction, including expected accretion and tax benefits, integration difficulties, retention of key personnel, transaction and integration costs, and increased indebtedness incurred to fund the transaction; adverse consequences from any acquisitions such as operating difficulties, dilution and other harmful consequences or any modification, delay or prevention of any future acquisition or investment activity by the Committee on Foreign Investment in the United States; natural disasters, severe weather or other significant disruptions; failure to properly contain a global pandemic in a timely manner could materially affect how we and our business partners operate; our compliance with environmental laws and regulations and any environmental liabilities that may affect our reputation or financial position; any conflict of interest that may arise because Leonardo US Holding, LLC, our majority stockholder, or Leonardo S.p.A., our indirect majority stockholder, may have interests that are different from, or conflict with, those of our other stockholders, including as a result of any ongoing business relationships Leonardo S.p.A. may have with us and their significant ownership in us may discourage change of control transactions (our amended and restated certificate of incorporation provides that we waive any interest or expectancy in corporate opportunities presented to Leonardo S.p.A.); or our obligations to provide certain services to Leonardo S.p.A., which may divert human and financial resources from our business.

You should read this press release completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this press release are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this press release and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise and changes in future operating results over time or otherwise.

Other risks, uncertainties and factors, including those discussed in our SEC filings under “Risk Factors” of our latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the investor relations section of our website at www.LeonardoDRS.com, could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read the discussion of these factors carefully to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

Consolidated Statements of Earnings (Unaudited)
(Dollars in millions, except per share amounts)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Revenues		1,066				960				2,825				2,588
Cost of revenues		(803	)			(738	)			(2,113	)			(1,988	)
Gross profit		263				222				712				600
General and administrative expenses		(142	)			(123	)			(401	)			(361	)
Amortization of acquired intangible assets		(5	)			(5	)			(16	)			(16	)
Other operating expenses, net		—				(1	)			—				(1	)
Operating earnings		116				93				295				222
Interest income (expense), net		1				(4	)			3				(7	)
Other, net		(1	)			(2	)			(5	)			(3	)
Earnings before taxes		116				87				293				212
Income tax provision		(1	)			(15	)			(30	)			(36	)
Net earnings	$115				$72				$263				$176
Net earnings per share from common stock:
Basic earnings per share	$0.43				$0.27				$0.99				$0.66
Diluted earnings per share	$0.43				$0.26				$0.98				$0.65

Consolidated Balance Sheets (Unaudited)
(Dollars in millions, except per share amounts)	September 30,				December 31,
		2026				2025
ASSETS
Current assets:
Cash and cash equivalents	$294				$647
Accounts receivable, net		358				334
Contract assets		1,083				931
Inventories		374				352
Prepaid expenses		45				26
Other current assets		25				36
Total current assets		2,179				2,326
Noncurrent assets:
Property, plant and equipment, net		572				512
Intangible assets, net		94				112
Goodwill		1,238				1,238
Deferred tax assets		87				88
Other noncurrent assets		204				210
Total noncurrent assets		2,195				2,160
Total assets	$4,374				$4,486
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$10				$26
Accounts payable		257				351
Contract liabilities		594				585
Other current liabilities		296				269
Total current liabilities		1,157				1,231
Noncurrent liabilities:
Long-term debt		165				321
Pension and other postretirement benefit plan liabilities		28				35
Deferred tax liabilities		3				3
Other noncurrent liabilities		131				166
Total noncurrent liabilities	$327				$525
Stockholders’ equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued		$—				$—
Common stock, $0.01 par value: 350,000,000 shares authorized; 266,711,588 and 265,822,404 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		3				3
Additional paid-in capital		4,983				5,083
Accumulated deficit		(2,052	)			(2,315	)
Accumulated other comprehensive loss		(44	)			(41	)
Total stockholders’ equity		2,890				2,730
Total liabilities and stockholders’ equity	$4,374				$4,486

Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)	Nine Months Ended
	September 30,
		2026				2025
Operating activities
Net earnings	$263				$176
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		77				69
Deferred income taxes		(4	)			—
Stock-based compensation expense		17				19
Changes in assets and liabilities:
Accounts receivable		(24	)			(74	)
Contract assets		(153	)			(182	)
Inventories		(22	)			(46	)
Prepaid expenses		(19	)			(5	)
Other current assets		7				19
Other noncurrent assets		14				13
Defined benefit obligations		(7	)			(6	)
Accounts payable		(85	)			(80	)
Contract liabilities		9				41
Other current liabilities		33				9
Other noncurrent liabilities		(41	)			(12	)
Net cash provided by (used in) operating activities		65				(59	)
Investing activities
Capital expenditures		(97	)			(90	)
Proceeds from sales of assets		1				—
Purchases of investments		—				(15	)
Other		1				—
Net cash used in investing activities		(95	)			(105	)
Financing activities
Net decrease in borrowings (maturities of 90 days or less)		(5	)			(1	)
Repayments of borrowings		(191	)			(9	)
Proceeds from stock issuance		8				9
Repurchases of common stock		(28	)			(24	)
Payments of employee taxes withheld from stock-based awards		(25	)			(21	)
Dividends paid		(21	)			(21	)
Dividends paid to related party		(51	)			(51	)
Other		(10	)			(7	)
Net cash used in financing activities		(323	)			(125	)
Effect of exchange rate changes on cash and cash equivalents		—				—
Net decrease in cash and cash equivalents		(353	)			(289	)
Cash and cash equivalents at beginning of year		647				598
Cash and cash equivalents at end of period	$294				$309

Non-GAAP Financial Measures (Unaudited)
In addition to the results reported in accordance with U.S. GAAP included throughout this document, the company has provided information regarding “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Segment Adjusted EBITDA,” “Segment Adjusted EBITDA Margin,” “Adjusted Net Earnings,” “Adjusted Diluted Earnings Per Share” and “Free Cash Flow” (each, a non-GAAP financial measure).

We believe the non-GAAP financial measures presented in this document will help investors understand our financial condition and operating results and assess our future prospects. We believe these non-GAAP financial measures, each of which is discussed in greater detail below, are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business.

We define these non-GAAP financial measures as:

Adjusted EBITDA and Adjusted EBITDA Margin are defined as net earnings before income taxes, net interest expense, amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals, executive transition costs and foreign exchange impacts), then in the case of Adjusted EBITDA Margin dividing Adjusted EBITDA by revenues.

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net earnings	$115				$72				$263				$176
Income tax provision		1				15				30				36
Interest (income) expense, net		(1	)			4				(3	)			7
Amortization of intangibles		5				5				16				16
Depreciation		22				18				61				53
Deal-related transaction costs		4				—				4				—
Restructuring costs		—				1				—				1
Other one-time non-operational events		3				2				11				6
Adjusted EBITDA	$149				$117				$382				$295
Adjusted EBITDA Margin		14.0	%			12.2	%			13.5	%			11.4	%

Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin are defined as operating earnings before amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events, then in the case of Segment Adjusted EBITDA Margin dividing Segment Adjusted EBITDA by revenues.

Advanced Sensing and Computing (ASC) Segment Adjusted EBITDA

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Operating earnings	$57				$45				$146				$107
Amortization of intangibles		5				5				16				16
Depreciation		15				12				42				36
Restructuring costs		—				1				—				1
Other one-time non-operational events		1				1				5				4
Segment Adjusted EBITDA	$78				$64				$209				$164
Segment Adjusted EBITDA Margin		11.8	%			11.0	%			11.6	%			10.0	%

Integrated Mission Systems (IMS) Segment Adjusted EBITDA

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Operating earnings	$64				$48				$154				$115
Depreciation		7				6				19				17
Other one-time non-operational events		—				(1	)			—				(1	)
Segment Adjusted EBITDA	$71				$53				$173				$131
Segment Adjusted EBITDA Margin		16.6	%			13.8	%			16.4	%			13.6	%

Adjusted Net Earnings and Adjusted Diluted EPS are defined as net earnings excluding amortization of acquired intangible assets, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals, executive transition costs and foreign exchange impacts) and the related tax impacts, then in the case of Adjusted Diluted EPS dividing Adjusted Net Earnings by the diluted weighted average number of shares outstanding (WASO).

(In millions, except per share amounts)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net earnings	$115				$72				$263				$176
Amortization of intangibles		5				5				16				16
Deal-related transaction costs		4				—				4				—
Restructuring costs		—				1				—				1
Other one-time non-operational events		3				2				11				6
Tax effect of adjustments (1)		(3	)			(2	)			(7	)			(4	)
Adjusted Net Earnings	$124				$78				$287				$195
Per share information
Diluted WASO		268.275				268.426				268.617				268.749
Diluted EPS	$0.43				$0.26				$0.98				$0.65
Adjusted Diluted EPS	$0.46				$0.29				$1.07				$0.73

(1) Calculation uses an estimated statutory tax rate on non-GAAP adjustments.

Free Cash Flow is defined as the sum of the cash flows provided by (used in) operating activities, transaction-related expenditures (net of tax), capital expenditures and proceeds from sale of assets.

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net cash provided by (used in) operating activities	$96				$107				$65				($	59	)
Transaction-related expenditures, net of tax		3				—				3				—
Capital expenditures		(38	)			(30	)			(97	)			(90	)
Proceeds from sales of assets		—				—				1				—
Free Cash Flow	$61				$77				($	28	)		($	149	)

MONTREAL, Oct. 29, 2026 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the results of the diamond drilling campaign conducted this past summer on its Willbob gold project in the Labrador Trough. The Willbob project is wholly owned by Midland and consists of 704 exclusive exploration rights (“EER”) covering an area of 322 square kilometres.

Highlights

• Pump Pad Ridge area:
  • Drill hole WB-26-046 intersected 3.53 g/t Au over 11.30 metres, including 5.90 g/t Au over 6.30 metres, and also intersected 3.32 g/t Au over 2.35 metres;
  • Drill hole WB-26-049 returned 1.94 g/t Au over 3.45 metres;
• Ferricrete area:
  • Drill hole WB-26-039 intersected 3.02 g/t Au over 6.45 metres, including 7.55 g/t Au over 0.40 metres and including 14.4 g/t Au over 0.55 metres, and also intersected 2.44 g/t Au over 1.50 metres;
  • Drill hole WB-26-040 returned 3.93 g/t Au over 2.00 metres, including 7.55 g/t Au over 0.40 metres;
• Ants area:
  • Drill hole WB-26-035 intersected 8.31 g/t Au over 0.50 metres;

• High-resolution magnetic surveys completed in the Ants and Didgeridoo areas.

The 2026 drilling campaign was completed with 19 drill holes totalling 2,994.00 metres and targeted the Ants area with five (5) drill holes, the Ferricrete area with five (5) drill holes, the Pump Pad Ridge area with seven (7) drill holes, and the Canyon area with two (2) drill holes. The Ferricrete and Pump Pad Ridge areas are included in the wider Kan area, which Midland acquired in 2025 (see press release by Midland dated April 22, 2025). Assay results for fifteen (15) diamond drill holes were received in full, whereas only partial results were obtained for four (4) drill holes (WB-26-048 to WB-26-051), with further results still pending. Significant results for the nineteen (19) drill holes received to date are summarized in the table below.

Table 1: Drilling results (> 0.77 g/t Au) on the Willbob project
DDH	Area		From (m)	To (m)	Length (m)	Au (g/t)
WB-26-035	Ants		153.40	153.90	0.50	8.31
WB-26-036	Ants		5.25	6.30	1.05	0.78
			109.90	110.40	0.50	1.76
WB-26-039	Ferricrete		7.50	13.95	6.45	3.02
		including	11.60	12.00	0.40	7.55
		including	12.50	13.05	0.55	14.4
		including	13.40	13.95	0.55	6.56
			24.00	25.50	1.50	2.44
WB-26-040	Ferricrete		11.60	13.60	2.00	3.93
		including	11.60	12.00	0.40	7.55
			131.50	132.00	0.50	0.85
WB-26-041	Ferricrete		82.35	82.95	0.60	1.84
WB-26-042	Ferricrete		58.50	59.50	1.00	1.02
			71.90	76.00	4.10	1.04
WB-26-043	Ferricrete		132.40	136.10	3.70	1.15
			146.00	148.00	2.00	2.28
WB-26-045	Pump Pad Ridge		15.00	16.00	1.00	1.55
WB-26-046	Pump Pad Ridge		68.70	80.00	11.30	3.53
		including	68.70	75.00	6.30	5.90
		including	71.40	75.00	3.60	9.36
		including	71.40	72.00	0.60	7.53
		including	72.60	73.30	0.70	7.80
		including	73.30	73.70	0.40	7.91
		including	73.70	74.40	0.70	11.4
		including	74.40	75.00	0.60	17.7
			87.30	89.65	2.35	3.32
		including	87.30	87.60	0.30	5.56
		including	88.20	88.75	0.55	5.80
WB-26-047	Pump Pad Ridge		24.00	25.00	1.00	1.35
WB-26-048	Pump Pad Ridge		4.00	9.65	5.65	1.55
			11.10	11.80	0.70	3.28
			18.00	20.60	2.60	0.77
WB-26-049	Pump Pad Ridge		10.70	14.15	3.45	1.94
			17.30	18.15	0.85	1.47

The 2026 drilling campaign was designed to follow up on historical gold-bearing drill intervals obtained by Midland and other companies, which yielded significant results on the Willbob project, and to test a new structural interpretation of the gold mineralization. The drilling campaign successfully identified new gold-bearing intervals in the Pump Pad Ridge, Ferricrete, and Ants areas.

In the Pump Pad Ridge area, drill hole WB-26-046 intersected 3.53 g/t Au over 11.30 metres, including 5.90 g/t Au over 6.30 metres, which itself includes 9.36 g/t Au over 3.60 metres and 3.32 g/t Au over 2.35 metres. This mineralized zone contains two samples that yielded grades of 11.4 and 17.7 g/t Au over 0.60- and 0.70-metre intervals, respectively. This drill hole also returned 3.32 g/t Au over 2.35 metres, just 7.00 metres (core length) below the previous mineralized zone. This drill hole targeted a mineralized zone intersected in historic drill hole OSK-KAN-18-016, which yielded a value of 3.05 g/t Au over 11.50 metres, including 6.5 g/t Au over 2.00 metres and 5.8 g/t Au over 3.00 metres (see Technical Report on Willbob referred below). Another new hole drilled in this same area, WB-26-048, graded 1.55 g/t Au over 5.65 metres and 3.28 g/t over 0.70 metre, whereas drill hole WB-26-049 returned 1.94 g/t Au over 3.45 metres.

In the Ferricrete area, drill hole WB-26-039 graded 3.02 g/t Au over 6.45 metres, including 7.55 g/t over 0.40 metre, 14.4 g/t over 0.55 metre, and 6.56 g/t over 0.55 metre. Visible gold was observed in the sample grading 14.4 g/t Au. A second mineralized interval located 10.05 metres (core length) below yielded 2.44 g/t Au over 1.50 metres. Drill hole WB-26-040, drilled from the same location, in the same direction, but below drill hole WB-26-039, returned 3.93 g/t Au over 2.00 metres, including 7.55 g/t Au over 0.40 metre. These two drill holes are located approximately 30 metres from the Ferricrete surface showing, where historical channel samples returned values of 10 g/t over 13.2 metres (see Technical Report on Willbob referred below). Drill holes WB-26-041 and WB-26-042 were collared approximately 290 metres southeast of the previous holes and yielded grades of 1.84 g/t Au over 1.00 metre and 1.04 g/t Au over 4.10 metres, respectively. Drill hole WB-26-043, collared 345 metres southeast of the latter holes, returned values of 1.15 g/t over 3.70 metres and 2.28 g/t over 2.00 metres. The drill holes in this area targeted a fold hinge interpreted from 3D modelling.

Table 2: Coordinates for the nineteen (19) drill holes on the Willbob project
DDH	Area	Azimuth (°)	Dip (°)	Length (m)	UTM – East NAD83 Zone 19	UTM – North NAD83 Zone 19	Elevation (m)
WB-26-034	Ants	206	-60	96.00	472340	6396293	100
WB-26-035	Ants	206	-55	198.00	472320	6396390	128
WB-26-036	Ants	206	-60	210.00	472392	6396365	117
WB-26-037	Ants	206	-60	153.00	472201	6396326	124
WB-26-038	Ants	206	-60	189.00	472275	6396294	110
WB-26-039	Ferricrete	330	-50	129.00	484126	6374663	169
WB-26-040	Ferricrete	330	-80	135.00	484126	6374663	169
WB-26-041	Ferricrete	320	-50	210.00	484317	6374444	125
WB-26-042	Ferricrete	320	-80	219.00	484317	6374444	125
WB-26-043	Ferricrete	320	-50	295.00	484520	6374166	109
WB-26-044	Pump Pad Ridge	305	-55	156.00	486277	6369122	165
WB-26-045	Pump Pad Ridge	305	-50	120.00	485862	6369106	183
WB-26-046	Pump Pad Ridge	200	-50	147.00	486277	6369122	165
WB-26-047	Pump Pad Ridge	120	-50	171.00	486260	6368814	160
WB-26-048	Pump Pad Ridge	120	-50	50.40	486297	6368811	157
WB-26-049	Pump Pad Ridge	160	-50	51.00	486435	6368766	145
WB-26-050	Pump Pad Ridge	230	-50	72.00	486059	6368517	116
WB-26-051	Canyon	230	-50	129.00	494394	6367835	205
WB-26-052	Canyon	230	-50	264.00	494399	6367904	201

Drill holes in the Ants area were designed to test the westward extension of gold mineralization identified in 2019 in drill holes by Midland. The westernmost drill hole from the 2019 campaign was WB-19-033, which yielded 1.81 g/t Au over 12.06 metres from 32.14 to 44.20 metres, including 2.99 g/t Au over 4.56 metres from 32.14 to 36.70 metres (see Technical Report on Willbob referred below). A new drill hole, WB-26-035, graded 8.31 g/t Au over 0.50 metre, whereas drill hole WB-26-036 returned a value of 1.76 g/t Au over 0.50 metre.

All assays and drilling results from the campaign will be reviewed and modelled to help improve our geological and structural understanding of the various areas and to generate new drilling targets. The new high-resolution magnetic surveys completed in the Ants and Didgeridoo areas will also contribute to refining the structural setting and generating drilling targets. Channel samples collected in the Didgeridoo area in 2018 graded 2.30 g/t Au over 8.95 metres and 4.65 g/t Au over 2.95 metres (see Technical Report on Willbob referred below).

About the Willbob Project

The Willbob project is located approximately 70 kilometres west and southwest of Kuujjuaq. In 2025, Midland acquired 100% interest in the Kan gold project from Ressources Tectonic (private company) and integrated it to its Willbob project (see press release by Midland dated April 22, 2025). The Willbob project currently covers approximately 322 square kilometres of favourable stratigraphy and structures for gold mineralization in the Trans-Hudson Orogen. Prior to the acquisition of the Kan project, several exploration programs conducted by Midland since 2015 on the Willbob project led to the identification of several gold occurrences associated with altered diorites, two of which were drill-tested in 2019 (see press release by Midland dated October 23, 2019). In the Kan area, gold occurrences are hosted in a sedimentary sequence including a carbonate- or silicate-facies iron formation. These sedimentary rocks are folded, and gold mineralization appears to be concentrated in the fold hinges of a specific generation of folds.

Cautionary Statement

The true thickness of reported channel or drilling intervals cannot be determined with the information currently available; intervals are thus reported in channel and/or core length.

Quality Control

Exploration programs are designed, and results are interpreted by Qualified Persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards, blanks, and duplicates. During the last drilling and prospecting program, assay samples (grabs) were taken and sent to a certified commercial laboratory (Actlab). A strict QA/QC program was applied to all samples which includes insertion of mineralized standards and blank samples for each batch of 20 samples. Gold analyses were completed by fire assay with atomic absorption finish on 50 grams of materials. Metallic screen analyses were conducted on 1-kg fractions for samples where visible gold was observed as well as samples on either side. The samples were also analyzed using a multi-element (60) geochemical group by 4-acid digestion followed by ICP-OES (Inductively Coupled Plasma Optical Emission Spectroscopy) finish.

About Midland

Midland targets the mineral potential of Quebec to make the discovery of new deposits of gold and critical metals. Midland is proud to count on reputable partners such as Rio Tinto Exploration Canada Inc., Centerra Gold Inc., Barrick Mining Corporation, Agnico Eagle Mines Limited, Wallbridge Mining Company Ltd, Fresnillo plc, Electric Elements Mining Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund, and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up Midland’s portfolio and generate shareholder value.

Qualified Person and Exploration Director Richard D. St-Cyr, P.Geo., reviewed and approved this press release and verified the project data as Midland’s Qualified Person (QP) within the meaning of National Instrument 43-101. 

A Technical Report is being voluntarily made available to consolidate and provide the public with comprehensive scientific and technical information, up to April 20, 2026, on the Willbob project located in the Nunavik region, Province of Quebec. The mineral project covered by the Technical Report does not relate to a property considered “material” to the Corporation within the meaning of Regulation 43-101 as at the date hereof and the filing of such report on SEDAR+ is therefore made on a voluntary basis and is not the result of a requirement under Regulation 43-101. The Technical Report can be accessed on the Corporation’s SEDAR+ profile and website (https://midlandexploration.com/wp-content/uploads/2026/10/Willbob_43_101-Report.pdf).

For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Email: info@midlandexploration.com
Website: www.midlandexploration.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements include statements relating to the Corporation’s expectations regarding the conclusion of additional agreements in regard to newly acquired properties, and other estimates and statements that describe Midland’s future plans, objectives or goals, including words to the effect that Midland or management expects a stated condition or result to occur. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, without limitation, changes in general economic conditions and conditions in the financial markets, changes in demand and prices for minerals, failure to obtain the requisite permits and approvals from government bodies and third parties, regulatory and governmental policy changes (laws and policies) and those risks set out in Midland’s public documents, including in each management discussion and analysis, filed on SEDAR+ at www.sedarplus.com. Although Midland believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Midland disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/47c9d56f-ae8c-4f4b-871f-1c16b45a0f66
https://www.globenewswire.com/NewsRoom/AttachmentNg/becdffca-900c-4807-a6cf-1e31676b57e1
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2bcec95-7568-42c6-be83-52e75285f327
https://www.globenewswire.com/NewsRoom/AttachmentNg/92258be6-d9d0-4a97-a56f-60d38d1e4c80
https://www.globenewswire.com/NewsRoom/AttachmentNg/5fbff957-88af-4101-89c6-e7ca5364fd97
https://www.globenewswire.com/NewsRoom/AttachmentNg/985295c8-02b8-412b-9342-677c59dcc903
https://www.globenewswire.com/NewsRoom/AttachmentNg/b1512177-620d-485d-ae12-c03110ea3564

Company Reaffirms Full-Year 2026 Guidance
Announces $150 Million Increase in Share Repurchase Authorization

MIAMI, Oct. 29, 2026 (GLOBE NEWSWIRE) — Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the third quarter and nine months ended September 30, 2026.

Third Quarter 2026 Highlights (compared to third quarter 2025):

• On a reported basis, revenue increased 21% to $485.1 million. On a constant currency basis¹, revenue increased 14% and was favorably affected by approximately $29 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025.
• Operating income for the third quarter of 2026 was $119.1 million, compared to operating income of $71.5 million for the third quarter of 2025.
• Net income for the third quarter of 2026 was $101.2 million, compared to net income of $34.4 million for the third quarter of 2025. The increase in net income compared to 2025 was mainly driven by higher operating income as well as a discrete tax benefit of $25.4 million that was recorded during the third quarter of 2026.
• Adjusted EBITDA for the third quarter of 2026 was $146.8 million, compared to Adjusted EBITDA of $94.8 million for the third quarter of 2025. Adjusted EBITDA in the third quarter of 2026 was favorably affected by approximately $26 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025.

Nine Months Ended September 30, 2026 Highlights (compared to nine months ended September 30, 2025):

• New enrollments increased 9%.
• Total enrollments increased 6%.
• On a reported basis, revenue increased 18% to $1,373.6 million. On a constant currency basis¹, revenue increased 8% and was favorably affected by approximately $20 million of intra-year academic calendar timing attributable to semester start dates in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.
• Operating income for the nine months ended September 30, 2026 was $315.0 million, compared to operating income of $251.6 million for the nine months ended September 30, 2025.
• Net income for the nine months ended September 30, 2026 was $216.7 million, compared to net income of $112.3 million for the nine months ended September 30, 2025. The increase in net income was mainly driven by higher operating income as well as the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2025 period, in addition to a discrete tax benefit of $25.4 million that was recorded during the nine months ended September 30, 2026.
• Adjusted EBITDA for the nine months ended September 30, 2026 was $395.1 million, compared to Adjusted EBITDA of $314.7 million for the nine months ended September 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2026 was favorably affected by approximately $17 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025.
• Laureate expects that the intra-year academic calendar timing impacts on revenue and Adjusted EBITDA will be offset in the fourth quarter of 2026.

¹ Constant currency results exclude the period-over-period impact from currency fluctuations.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “We are pleased to report strong new enrollment intakes in both of our markets. The primary intake in Mexico included a very successful launch of our new campus in Puebla, as well as further growth in existing campuses. During the secondary intake in Peru, we continued to leverage our fully online capabilities to meet growing demand for working adults as that market scales.”

Mr. Serck-Hanssen added, “Today we are announcing an additional $150 million increase to our share repurchase program, reflecting continued favorable operating momentum in the business, our strong balance sheet and commitment to returning capital to shareholders.”

Third Quarter 2026 Results

For the third quarter of 2026, revenue on a reported basis was $485.1 million, an increase of $84.9 million, or 21%, compared to the third quarter of 2025. On a constant currency basis, revenue increased 14% and was favorably affected by approximately $29 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025. Operating income for the third quarter of 2026 was $119.1 million, compared to $71.5 million for the third quarter of 2025, an increase of $47.6 million. Net income for the third quarter of 2026 was $101.2 million, compared to net income of $34.4 million for the third quarter of 2025. The increase in net income compared to 2025 was mainly driven by higher operating income as well as a discrete tax benefit of $25.4 million that was recorded during the third quarter of 2026. Basic and diluted earnings per share for the third quarter of 2026 were $0.74 and $0.73, respectively.

Adjusted EBITDA for the third quarter of 2026 was $146.8 million, compared to Adjusted EBITDA of $94.8 million for the third quarter of 2025. Adjusted EBITDA in the third quarter of 2026 was favorably affected by approximately $26 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025.

Nine Months Ended September 30, 2026 Results

New enrollments for the nine months ended September 30, 2026 increased 9%, compared to new enrollment activity for the nine months ended September 30, 2025, and total enrollments were up 6% compared to the prior-year period. New and total enrollments in Peru increased 10% and 5%, respectively, compared to the prior-year period. New and total enrollments in Mexico were up 8% and 6%, respectively, compared to the prior-year period.

For the nine months ended September 30, 2026, revenue on a reported basis was $1,373.6 million, an increase of $213.1 million, or 18%, compared to the nine months ended September 30, 2025. On a constant currency basis, revenue increased 8%. Revenue for the nine months ended September 30, 2026 was favorably affected by approximately $20 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025. Operating income for the nine months ended September 30, 2026 was $315.0 million, compared to $251.6 million for the nine months ended September 30, 2025, an increase of $63.4 million. Net income for the nine months ended September 30, 2026 was $216.7 million, compared to net income of $112.3 million for the nine months ended September 30, 2025. The increase in net income was mainly driven by higher operating income as well as the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2025 period, in addition to a discrete tax benefit of $25.4 million that was recorded during the nine months ended September 30, 2026. Basic and diluted earnings per share for the nine months ended September 30, 2026 were $1.55 and $1.54, respectively.

Adjusted EBITDA for the nine months ended September 30, 2026 was $395.1 million, compared to Adjusted EBITDA of $314.7 million for the nine months ended September 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2026 was favorably affected by approximately $17 million of intra-year academic calendar timing attributable to semester start dates in the 2026 period as compared to the 2025 period.

Balance Sheet and Capital Structure

As of September 30, 2026, Laureate had $189.9 million of cash and cash equivalents and gross debt of $204.2 million. Accordingly, net debt was $14.3 million as of September 30, 2026.

Laureate repurchased approximately $256 million of its common stock during the nine months ended September 30, 2026. As of September 30, 2026, Laureate had approximately $75.2 million of stock repurchase authorization remaining under its existing stock repurchase program. On October 29, 2026, the Company announced that its board of directors had approved a $150 million increase to its existing stock repurchase program to acquire shares of the Company’s common stock. After giving effect to this new authorization and taking into account the cumulative repurchases through September 30, 2026, the Company may repurchase up to approximately $225.2 million of its common stock under its stock repurchase program, which has no fixed expiration date.

As of September 30, 2026, Laureate had 135.7 million total shares outstanding.

Outlook for Fiscal 2026

Laureate is reaffirming its 2026 outlook.

Based on assumed foreign exchange rates², Laureate expects its full-year 2026 results to be as follows:

• Total enrollments are expected to be in the range of 518,000 to 523,000 students, reflecting growth of 4%-5% versus 2025;
• Revenues are expected to be in the range of $1,920 million to $1,930 million, reflecting growth of 13% on an as-reported basis and growth of 6%-7% on a constant currency basis versus 2025;
• Adjusted EBITDA is expected to be in the range of $593 million to $599 million, reflecting growth of 14%-15% on an as-reported basis and 8%-9% on a constant currency basis versus 2025; and
• Adjusted EPS is expected to be in the range of $2.04 – $2.10 per share³, reflecting growth of 19%-22% on an as-reported basis versus 2025.

Reconciliations of forward-looking non-GAAP measures, specifically the outlook for 2026 Adjusted EBITDA and Adjusted EPS, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, Laureate cannot reconcile projected Adjusted EBITDA and projected Adjusted EPS to projected net income and projected earnings per share, respectively, without unreasonable effort. Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

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 registering at https://bit.ly/LAURQ32026 to receive dial-in information. 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 website at www.laureate.net.

² Based on actual FX rates for January-October 2026, and assumed FX rates (local currency per U.S. Dollar) of MXN 18.60 and PEN 3.45 for November 2026 – December 2026. FX impact may change based on fluctuations in currency rates in future periods.

³ Assumes diluted weighted average shares outstanding of approximately 139 million.

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. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA and Adjusted EPS), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction 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, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, 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 February 19, 2026, our subsequent 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 provides the non-GAAP measurements of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt because they are key measures 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. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into Laureate’s underlying earnings as they exclude items that may not be indicative of our core operating results.

Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense, and loss on impairment of assets. 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 and board of directors.

We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate’s earnings from core operations.

Total debt, net of cash and cash equivalents, (or net debt) consists of total gross debt less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity.

Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debt.

Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.

Laureate’s calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under “Non-GAAP Reconciliations.”

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe that providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency amounts 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.

About Laureate Education, Inc.

Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 500,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.

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 3Q 2026		YTD 3Q 2025		Change			As of 09/30/2026		As of 09/30/2025		Change
Mexico	171,000		158,000		8	%		292,500		277,000		6	%
Peru	110,800		100,800		10	%		247,100		234,400		5	%
Laureate	281,800		258,800		9	%		539,600		511,400		6	%

Consolidated Statements of Operations

	For the three months ended September 30,												For the nine months ended September 30,
IN MILLIONS (except per share amounts)		2026				2025			Change					2026				2025			Change
Revenues	$	485.1			$	400.2			$	84.9			$	1,373.6			$	1,160.5			$	213.1
Costs and expenses:
Direct costs		353.4				316.5				36.9				1,020.6				872.3				148.3
General and administrative expenses		12.6				12.2				0.4				37.9				36.7				1.2
Operating income		119.1				71.5				47.6				315.0				251.6				63.4
Interest income		2.3				2.1				0.2				5.7				5.0				0.7
Interest expense		(4.8	)			(2.6	)			(2.2	)			(12.1	)			(8.1	)			(4.0	)
Other income, net		(0.1	)			0.2				(0.3	)			0.4				1.0				(0.6	)
Foreign currency exchange loss, net		4.7				(2.3	)			7.0				3.7				(31.1	)			34.8
Income from continuing operations before income taxes		121.2				68.8				52.4				312.7				218.4				94.3
Income tax expense		(20.0	)			(34.5	)			14.5				(96.0	)			(106.3	)			10.3
Income from continuing operations		101.2				34.4				66.8				216.7				112.0				104.7
Income from discontinued operations, net of tax		—				—				—				—				0.2				(0.2	)
Net income		101.2				34.4				66.8				216.7				112.3				104.4
Net income attributable to noncontrolling interests		—				0.1				(0.1	)			—				(2.2	)			2.2
Net income attributable to Laureate Education, Inc.	$	101.2			$	34.5			$	66.7			$	216.7			$	110.1			$	106.6

Basic and diluted earnings per share:
Basic weighted average shares outstanding		137.2			147.4			(10.2	)			139.5			148.5			(9.0	)
Diluted weighted average shares outstanding		138.0			148.2			(10.2	)			140.4			149.2			(8.8	)
Basic earnings per share	$	0.74		$	0.23		$	0.51			$	1.55		$	0.74		$	0.81
Diluted earnings per share	$	0.73		$	0.23		$	0.50			$	1.54		$	0.74		$	0.80

Revenue and Adjusted EBITDA by segment

IN MILLIONS

									% Change						$ Variance Components
For the three months ended September 30,		2026				2025			Reported			Constant Currency(1)			Total				Constant Currency				FX
Revenues
Mexico	$	256.5			$	194.8			32	%		22	%		$	61.7			$	42.4			$	19.3
Peru		228.6				205.3			11	%		7	%			23.3				13.4				9.9
Corporate & Eliminations		—				—			nm			nm				—				—				—
Total Revenues	$	485.1			$	400.2			21	%		14	%		$	84.9			$	55.9			$	29.2
Adjusted EBITDA
Mexico	$	62.1			$	25.7			142	%		123	%		$	36.4			$	31.7			$	4.7
Peru		94.0				78.1			20	%		15	%			15.9				11.8				4.1
Corporate & Eliminations		(9.2	)			(8.9	)		(3	)%		(3	)%			(0.3	)			(0.3	)			—
Total Adjusted EBITDA	$	146.8			$	94.8			55	%		46	%		$	52.0			$	43.2			$	8.8

									% Change						$ Variance Components
For the nine months ended September 30,		2026				2025			Reported			Constant Currency(1)			Total				Constant Currency				FX
Revenues
Mexico	$	736.1			$	601.5			22	%		9	%		$	134.6			$	55.8			$	78.8
Peru		637.4				558.9			14	%		8	%			78.5				42.2				36.3
Corporate & Eliminations		—				0.1			(100	)%		(100	)%			(0.1	)			(0.1	)			—
Total Revenues	$	1,373.6			$	1,160.5			18	%		8	%		$	213.1			$	98.0			$	115.1
Adjusted EBITDA
Mexico	$	174.1			$	136.1			28	%		14	%		$	38.0			$	19.1			$	18.9
Peru		249.8				206.5			21	%		15	%			43.3				30.7				12.6
Corporate & Eliminations		(28.9	)			(27.9	)		(4	)%		(4	)%			(1.0	)			(1.0	)			—
Total Adjusted EBITDA	$	395.1			$	314.7			26	%		16	%		$	80.4			$	48.8			$	31.5
nm – percentage changes not meaningful (1) Constant Currency results exclude the period-over-period impact from currency fluctuations. 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 “Constant Currency” percentage changes are calculated by dividing the Constant Currency amounts by the 2025 Revenues and Adjusted EBITDA amounts.

Consolidated Balance Sheets

IN MILLIONS	September 30, 2026			December 31, 2025			Change
Assets
Cash and cash equivalents	$	189.9		$	146.7		$	43.2
Receivables (current), net		117.7			134.7			(17.0	)
Other current assets		39.9			36.9			3.0
Property and equipment, net		658.0			628.6			29.4
Operating lease right-of-use assets, net		532.8			335.6			197.2
Goodwill and other intangible assets		808.2			803.5			4.7
Deferred income taxes		79.1			72.2			6.9
Other long-term assets		51.3			46.4			4.9
Current and long-term assets held for sale		0.8			1.7			(0.9	)
Total assets	$	2,477.6		$	2,206.4		$	271.2
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	258.2		$	242.4		$	15.8
Deferred revenue and student deposits		110.2			80.2			30.0
Total operating leases, including current portion		579.9			387.8			192.1
Total long-term debt, including current portion		202.7			127.7			75.0
Other liabilities		166.4			179.6			(13.2	)
Total liabilities		1,317.4			1,017.6			299.8
Redeemable equity		0.7			1.4			(0.7	)
Total stockholders’ equity		1,159.5			1,187.4			(27.9	)
Total liabilities and stockholders’ equity	$	2,477.6		$	2,206.4		$	271.2

Consolidated Statements of Cash Flows

	For the nine months ended September 30,
IN MILLIONS		2026				2025			Change
Cash flows from operating activities
Net income	$	216.7			$	112.3			$	104.4
Depreciation and amortization		69.4				53.3				16.1
Gain on lease terminations and disposals of subsidiaries and property and equipment, net		(1.2	)			(0.3	)			(0.9	)
Deferred income taxes		(6.3	)			—				(6.3	)
Unrealized foreign currency exchange loss		(3.9	)			30.9				(34.8	)
Income tax receivable/payable, net		(26.4	)			5.2				(31.6	)
Working capital, excluding tax accounts		(1.5	)			(0.6	)			(0.9	)
Other non-cash adjustments		77.8				72.0				5.8
Net cash provided by operating activities		324.6				272.8				51.8
Cash flows from investing activities
Purchase of property and equipment		(63.4	)			(36.1	)			(27.3	)
Receipts from sales of property and equipment		2.4				0.2				2.2
Net receipts from sales of discontinued operations		—				0.1				(0.1	)
Net cash used in investing activities		(61.0	)			(35.7	)			(25.3	)
Cash flows from financing activities
Increase in long-term debt, net		42.6				(22.6	)			65.2
Payments to repurchase common stock and excise tax payments		(258.9	)			(71.6	)			(187.3	)
Financing other, net		(5.2	)			(2.7	)			(2.5	)
Net cash used in financing activities		(221.5	)			(96.9	)			(124.6	)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash		(0.1	)			8.1				(8.2	)
Change in cash included in current assets held for sale		—				0.3				(0.3	)
Net change in Cash and cash equivalents and Restricted cash		42.0				148.6				(106.6	)
Cash and cash equivalents and Restricted cash at beginning of period		152.1				97.9				54.2
Cash and cash equivalents and Restricted cash at end of period	$	194.0			$	246.4			$	(52.4	)

Non-GAAP Reconciliation (1 of 3)

The following table reconciles Net income to Adjusted EBITDA:

	For the three months ended September 30,												For the nine months ended September 30,
IN MILLIONS		2026				2025			Change					2026				2025			Change
Net income	$	101.2			$	34.4			$	66.8			$	216.7			$	112.3			$	104.4
Plus:
Loss from discontinued operations, net of tax		—				—				—				—				(0.2	)			0.2
Income from continuing operations		101.2				34.4				66.8				216.7				112.0				104.7
Plus:
Income tax expense		20.0				34.5				(14.5	)			96.0				106.3				(10.3	)
Income from continuing operations before income taxes		121.2				68.8				52.4				312.7				218.4				94.3
Plus:
Foreign currency exchange (gain) loss, net		(4.7	)			2.3				(7.0	)			(3.7	)			31.1				(34.8	)
Other expense (income), net		0.1				(0.2	)			0.3				(0.4	)			(1.0	)			0.6
Interest expense		4.8				2.6				2.2				12.1				8.1				4.0
Interest income		(2.3	)			(2.1	)			(0.2	)			(5.7	)			(5.0	)			(0.7	)
Operating income		119.1				71.5				47.6				315.0				251.6				63.4
Plus:
Depreciation and amortization		23.8				19.6				4.2				69.4				53.3				16.1
EBITDA		142.9				91.1				51.8				384.4				304.9				79.5
Plus:
Share-based compensation expense(1)		3.9				3.8				0.1				10.6				9.7				0.9
Adjusted EBITDA	$	146.8			$	94.8			$	52.0			$	395.1			$	314.7			$	80.4
(1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, “Stock Compensation.”

Non-GAAP Reconciliations (2 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:

	For the three months ended September 30,
		2026								2025
IN MILLIONS, except per share amounts					(per share)(1)							(per share)(1)
Net income	$	101.2			$	0.73			$	34.4		$	0.23
Plus:
Income from discontinued operations, net of tax		—				—				—			—
Income from continuing operations		101.2				0.73				34.4			0.23
Plus:
Discrete tax items(2)		(24.8	)			(0.18	)			1.8			0.01
Loss on debt extinguishment		—				—				—			—
Loss on disposal of subsidiaries, net		—				—				—			—
Foreign currency exchange loss, net		(4.7	)			(0.03	)			2.3			0.02
Loss on impairment of assets		—				—				—			—
Adjusted net income	$	71.7			$	0.52			$	38.5		$	0.26
Diluted weighted average shares outstanding						138.0							148.2
(1)   Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests. (2) Discrete tax items for 2026 represent a non-recurring, non-cash income tax benefit of approximately $25.4 million that was recorded upon resolution of a legacy tax contingency, partially offset by $0.6 million of interest expense related to legacy tax liabilities. Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled $0.6 million and $1.8 million for the three months ended September 30, 2026 and 2025, respectively, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate’s earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $1.8 million to adjust for the interest related to these legacy tax liabilities that was recorded during the three months ended September 30, 2025.

Non-GAAP Reconciliations (3 of 3)

The following table reconciles Net income to Adjusted net income and Adjusted EPS:

	For the nine months ended September 30,
		2026								2025
IN MILLIONS, except per share amounts					(per share)(1)								(per share)(1)
Net income	$	216.7			$	1.54			$	112.3			$	0.74
Plus:
Loss from discontinued operations, net of tax		—				—				(0.2	)			—
Income from continuing operations		216.7				1.54				112.0				0.74
Plus:
Discrete tax items(2)		(25.4	)			(0.18	)			0.8				0.01
Loss on debt extinguishment		—				—				—				—
Loss on disposal of subsidiaries, net		—				—				—				—
Foreign currency exchange loss, net		(3.7	)			(0.03	)			31.1				0.21
Loss on impairment of assets		—				—				—				—
Adjusted net income	$	187.6			$	1.33			$	143.9			$	0.96
Diluted weighted average shares outstanding						140.4								149.2
(1)   Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests. (2)   Discrete tax items for 2026 include a non-recurring, non-cash income tax benefit of approximately $25.4 million that was recorded upon resolution of a legacy tax contingency. Discrete tax items for 2025 include $5.5 million of interest expense related to legacy tax liabilities, partially offset by a non-recurring, non-cash income tax benefit of approximately $4.7 million that was recorded upon resolution of a tax contingency related to a dormant subsidiary. Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate’s earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by $5.5 million to adjust for the interest related to these legacy tax liabilities that was recorded during the nine months ended September 30, 2025.

Investor Relations Contact:

ir@laureate.net

Media Contacts:

Laureate Education
Adam Smith
adam.smith@laureate.net
U.S.: +1 (443) 255 0724
Source: Laureate Education, Inc.