LAUREATE EDUCATION, INC.
For the period ended Dec 31, 2025. Filed Apr 9, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2025 · Filed Apr 9, 2026
Contents
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” (“CAP”) and certain financial performance of the Company. CAP is calculated pursuant to SEC rules but does not represent amounts that have been actually earned or realized by our NEOs. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, see “Executive Compensation — Compensation Discussion and Analysis.”
| Year(1) · Summary Compensation Table Total for PEO($)(2) · CompensationActually Paid to PEO($)(3) · Average Summary Compensation Table Total for Non-PEO NEOs($)(2) · AverageCompensationActually Paidto Non-PEONEOs($)(3) · Value of Initial Fixed $100Investment Based On:(4) · Net Income(millions)($)(6) · AdjustedEBITDAMargin(%)(7) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total Shareholder Return($) · Peer Group Total Shareholder Return($)(5) | ||||||||
| 2025 | 10,975,343 | 20,698,619 | 1,665,285 | 4,355,873 | 497.1 | 138.1 | 283.8 | 30.5 |
| 2024 | 4,951,670 | 6,894,529 | 2,775,318 | 3,149,436 | 270.0 | 123.7 | 296.4 | 28.7 |
| 2023 | 4,463,266 | 6,173,336 | 1,583,996 | 1,909,643 | 202.4 | 113.4 | 107.3 | 28.2 |
| 2022 | 4,976,832 | 3,994,970 | 1,703,975 | 1,582,065 | 134.8 | 81.1 | 69.0 | 27.3 |
| 2021 | 7,318,937 | 6,650,959 | 1,793,888 | 1,444,527 | 149.5 | 75.3 | 203.8 | 23.3 |
(1)The Principal Executive Officer (“PEO”) in all years presented was Eilif Serck-Hanssen. The individuals comprising the non-PEO NEOs were as follows: for 2025—Richard Buskirk, Leslie Brush, Marcelo Barbalho Cardoso; for 2024—Richard Buskirk, Leslie Brush, Marcelo Barbalho Cardoso and Richard Sinkfield; for 2023—Richard Buskirk, Marcelo Barbalho Cardoso and Richard Sinkfield; for 2022—Richard Buskirk, Marcelo Barbalho Cardoso, Richard Sinkfield and Timothy Grace; and for 2021—Richard Buskirk, Marcelo Barbalho Cardoso, Timothy Grace, Richard Sinkfield and Jean-Jacques Charhon.
(2)Amounts reported in these columns represent, for the applicable year, (i) the total compensation reported in the Summary Compensation Table for the PEO and (ii) the average of the total compensation reported in the Summary Compensation Table for the non-PEO NEOs.
(3)To calculate the amounts in the CAP to our PEO and non-PEO NEOs in the table above according to SEC reporting rules, the following adjustments were made to the total compensation reported in the 2025 Summary Compensation Table. Our NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Additionally, the value of dividends or other earnings paid on equity awards are not included as such amounts are reflected in the fair value of awards and are only paid upon vesting.
| Year · NEOs · Summary Compensation Table Total($) · Fair Value of Stock Awards as Reported in SCT($) · Year-End Fair Value of Awards Granted in Current Year that Remain Outstanding and Unvested as of Year End($) · Change in Fair Value of Awards Granted in Prior Years that Remain Outstanding and Unvested as of Year End($) · Fair Value of Awards Granted and Vested in the Year($) · Change in Fair Value of Awards Granted in Prior Years that Vested in the Year($) · Fair Value at Year End of Awards Granted in Prior Years that Failed to Meet Vesting Conditions in the Year($) · Compensation Actually Paid($) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | PEO | 10,975,343 | (8,343,934) | 9,437,768 | 2,129,776 | 5,357,804 | 1,141,862 | — | 20,698,619 | ||||||
| Non-PEO NEOs | 1,665,285 | (574,032) | 810,998 | 2,062,381 | 163,500 | 227,741 | — | 4,355,873 | |||||||
(4)Represents the value of a hypothetical $100 investment beginning at market close on December 31, 2021, assuming reinvestment of dividends.
(5)The peer group used for this purpose, as used in our performance graph pursuant to Item 201(e) of Regulation S-K contained in our 2025 Annual Report, consists of Covista Inc. (CVSA) (f/k/a Adtalem Global Education, Inc. (ATGE)), Anima Holdings S.A. (ANIM3), Cogna Educação S.A. (COGN3), Grand Canyon Education, Inc. (LOPE), Strategic Education, Inc. (STRA) and YDUQS Participacoes S.A. (YDUQ3).
(6)Reflects the dollar amount of net income reported in our audited financial statements for the applicable year.
(7)Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA, a non-GAAP financial measure, is defined as 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.
2026 Proxy Statement 35
Below are graphs showing the relationship between CAP to our PEO and the average of the compensation actually paid to non-PEO NEOs in 2021, 2022, 2023, 2024, and 2025 and (1) total shareholder return (“TSR”) of the Company, (2) our net income and (3) our Adjusted EBITDA Margin. In addition, the first graph below compares our TSR and peer group TSR for the indicated years.
36 Laureate Education, Inc.
The following financial and non-financial performance measures represent the most important performance measures used to link CAP to our NEOs for 2025 and company performance. The measures in this list are not ranked.
Adjusted EBITDA Margin
Adjusted Financing EBITDA
Revenue
Unlevered Free Cash Flow
New Enrollment
Total Enrollment
Please see “Executive Compensation – Compensation Discussion and Analysis” for more information on these measures and how they are taken into account in determining compensation for each of our NEOs.
2026 Proxy Statement 37
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.