Laureate Education operates a portfolio of five private degree-granting universities across Mexico and Peru, enrolling roughly 497,700 students across more than 50 campuses. In Mexico, Laureate operates UVM (premium) and UNITEC (value), and in Peru, it operates UPC (premium), UPN (value), and CIBERTEC (technical-vocational). Laureate serves two student profiles: traditional 18-24 year old undergraduates pursuing campus-based degrees in health sciences, engineering, IT, and business, and working adult students pursuing degrees through fully online or hybrid programs. Online enrollment now exceeds 100,000 students and is growing at roughly 3-4x the rate of face-to-face programs. Laureate's revenue is driven by total enrollment and average revenue per student. The cost structure is largely fixed — campus infrastructure, faculty, and technology — creating operating leverage as enrollment grows. Students pay tuition out of pocket, with no meaningful government loan programs in either market. Growth is pursued through three channels: expanding the face-to-face campus network (two new campuses opened in 2025, two more under development), scaling online programs, and deepening the health sciences portfolio. New campuses take 18-24 months to build and five to six years to reach maturity. Laureate targets roughly 5% of revenue in CapEx and returns the majority of excess cash to shareholders via share repurchases, having returned over $3B since 2019.