CVSA

• Covista's Title IV institutions derive 78% of their revenue from federal aid, so any loss of Title IV eligibility, accreditation, or state authorization could materially harm the business.
• ED can require substantial letters of credit, and Covista's credit agreement caps such postings at $500.0 million, beyond which it may need costly amendments or alternative security.
• Borrower Defense to Repayment claims, substantial misrepresentation findings, and qui tam actions could trigger loan discharges, recoupment liability, and Title IV sanctions.
• Recent federal loan changes effective July 1, 2026, including new borrowing limits and Grad PLUS restrictions, may reduce student financing and enrollment.
• As of June 30, 2026, goodwill of $961.3 million and intangible assets of $754.3 million together equaled 57% of total assets, creating material impairment exposure.
• Newly emphasized risks include AI-related legal and competitive exposure and OECD Pillar Two global minimum tax implementation.

• Covista leases 2,075,000 square feet with remaining terms up to 17 years and owns five facilities totaling 775,000 square feet, none subject to a mortgage.
• Chamberlain operates 24 campuses in 16 states (3 in Covista-owned locations, 21 leased) plus 7 leased facilities under development, totaling 1,366,000 square feet.
• Walden has no campus space and leases 27,000 square feet of office space in Minneapolis, Minnesota.
• AUC owns a nine-acre campus in St. Maarten with 240,000 square feet of academic, student-life, and residence facilities.
• RUSM leases 494,000 square feet in Barbados, including 120,000 square feet of educational space and a residential village with over 400 student units totaling 367,000 square feet.
• RUSVM owns a 50-acre campus in St. Kitts with 253,000 square feet, including animal care facilities such as kennels, an aviary, and livestock barns.
• Covista's home office leases total 299,000 square feet across Chicago, Lisle, Columbia, and Washington, D.C.

For information regarding legal proceedings, see Note 18 “Commitments and Contingencies” to the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data.” ​ ​

• Consolidated revenue increased 9.3% to $1,954.1 million, with Walden up 16.1%, Medical and Veterinary up 8.1%, and Chamberlain up 3.4%.
• Net income rose 6.1% to $251.6 million, helped by revenue growth, lower interest expense, and reduced asset impairments, partially offset by a $15.8 million loss from discontinued operations and higher strategic advisory, labor, and marketing costs.
• Walden's average total student enrollment grew 13.2% for the fiscal year, while Chamberlain's rose 1.1% and the medical and veterinary schools' rose 4.5%.
• Cost of educational services increased 8.1% to $833.7 million, but fell as a percentage of revenue to 42.7% from 43.1% due to revenue growth and cost efficiencies.
• Net cash provided by operating activities rose $137.1 million to $470.8 million, driven by a $173.9 million increase in cash collected from students.
• The company repurchased 2,421,920 shares at an average cost of $98.35 per share and had $661.8 million remaining under its sixteenth share repurchase program as of June 30, 2026.

Covista is not dependent upon the price levels, nor affected by fluctuations in pricing, of any particular commodity or group of commodities. The financial position and results of operations of AUC, RUSM, and RUSVM Caribbean operations are measured using the U.S. dollar as the functional currency. Substantially all of their financial transactions are denominated in the U.S. dollar. The interest rate on Covista’s Term Loan B is based upon the Secured Overnight Financing Rate (“SOFR”). As of June 30, 2026, Covista had $510.0 million in outstanding borrowings under the Term Loan B with an interest rate of 5.98%. 49 Table of Contents Based upon borrowings of $510.0 million, a 100 basis point increase in short-term interest rates would result in $5.1 million of additional annual interest expense.

• PricewaterhouseCoopers LLP issued unqualified opinions on the consolidated financial statements and internal control over financial reporting as of June 30, 2026.
• Revenue rose to $1.954 billion in FY2026 from $1.788 billion in FY2025, driven by growth across all three reportable segments: Chamberlain, Walden, and Medical and Veterinary.
• Net income was $251.6 million in FY2026, up from $237.1 million in FY2025, despite a $15.8 million loss from discontinued operations related to the DeVry University divestiture.
• The critical audit matter focused on impairment testing of the AUC reporting unit goodwill and AUC Title IV intangible asset; no impairment was identified.
• Total assets increased to $3.013 billion from $2.752 billion, with cash and cash equivalents more than doubling to $406.3 million from $199.6 million.
• Long-term debt principal rose to $673.0 million from $558.3 million, reflecting a new $510.0 million Term Loan B and $163.0 million drawn on the Revolver.