On this page of StockholderLetter.com we present the latest annual shareholder letter from Adtalem Global Education Inc. — ticker symbol ATGE. Reading current and past ATGE letters to shareholders can bring important insights into the investment thesis.

 •  10/2/2025 Letter Continued (Full PDF)
 •  10/6/2023 ATGE Stockholder Letter
 •  10/17/2024 ATGE Stockholder Letter
 •  More "Education & Training Services" Category Stockholder Letters
 •  ATGE Benford's Law Stock Score = 99

ATGE Shareholder/Stockholder Letter Transcript:

OF
2025 NOTICE
ANNUAL MEETING OF
SHAREHOLDERS,
PROXY STATEMENT
& ANNUAL REPORT

About Us
Who We Are
Adtalem Global Education is the largest healthcare educator in the U.S., shaping the future
of healthcare by preparing a practice-ready workforce with high-quality academic programs.
We innovate education pathways, align with industry needs and empower individuals to
reach their full potential. Our commitment to excellence and access is reflected in our
expansive network of institutions, serving over 90,000 students and supported by a strong
community of approximately 365,000 alumni and nearly 10,000 dedicated employees.
Adtalem is the parent organization of American University of the Caribbean School of
Medicine, Chamberlain University, Ross University School of Medicine, Ross University
School of Veterinary Medicine, and Walden University.
STUDENT FOCUSED
MISSION
VISION
PURPOSE
We provide global
access to knowledge
that transforms lives and
enables careers.
To create a dynamic global
community of lifelong learners
who improve the world.
We empower students to
achieve their goals, find
success, and make inspiring
contributions to our global
community.
OVER
90,000
students
WE ARE
NEARLY
5
10,000
institutions
employees
WITH A NETWORK OF
APPROXIMATELY
WITH
365,000 alumni
Helping to alleviate critical healthcare
workforce shortages, particularly in
underserved communities
As of September 23, 2025
27
operating campuses

Message from our Chairman and CEO,
Steve Beard
October 2, 2025
Fellow Shareholders,
Fiscal 2025 stands as both a proof point and an inflection point for Adtalem   validating our thesis while positioning us for our
next phase of growth as a vital component of healthcare infrastructure.
A Proof Point: Operational Excellence Drives Value Creation
This year proved the transformative power of our Growth with Purpose strategy. Our integrated operating model delivered
exceptional results that validated operational excellence as our primary vehicle for sustainable value creation.
The numbers speak for themselves: revenue of $1.79 billion representing 12.9% growth that more than doubled our 2023 investor
day targets. Adjusted earnings per share of $6.67 grew 33.1%. Total enrollment surpassed 91,000 students with over 10% average
quarterly growth. We graduated 29,000 students   90% into healthcare professions   who now serve in underserved rural
communities and urban centers nationwide.
Each institution validated our strategy: Chamberlain University achieved its tenth consecutive quarter of growth, reaching a record
40,000+ students. Walden University delivered eight consecutive quarters of accelerating growth, surpassing 48,000 students and
pre-pandemic levels. Our Medical and Veterinary segment maintained excellence with over 5,000 enrolled students.
This performance proves that accessible, career-focused healthcare education, delivered through modern programs and techenabled learning, creates a virtuous cycle of student success, employer satisfaction and investor returns.
An Inflection Point: Expanding Our Role in Critical Healthcare Infrastructure
Our sustained execution has earned us the right to seek a larger and more visible role in America's critical healthcare
infrastructure. At a time when the U.S. faces acute workforce shortages across all healthcare professions, we aspire to become the
systemically important, highly integrated partner that healthcare employers and policymakers increasingly rely on to build their
talent pipeline.
Our 350,000+ alumni, 91,000+ current students and 10,000+ colleagues represent more than an educational institution; we are
essential infrastructure for healthcare delivery. Our graduates serve in critical roles that keep communities healthy; from nurses
providing essential care in small-town clinics to emergency specialists responding to life-threatening situations in metropolitan
hospitals.
This positioning reflects both our scale and our responsibility. We are not merely participants in healthcare education; we are
positioned to play an increasingly vital role in ensuring America's healthcare system has the skilled professionals it needs to
function effectively.
The Higher Education Context: Leading Innovation When It Matters Most
At a time when higher education faces important questions about accessibility, career relevance and value, our mission of
democratizing education has never been more important. We are proud to complement the broader higher education ecosystem by
innovating the student journey and expanding access to clinical and healthcare careers for learners who might not otherwise have
these opportunities.
Adtalem Global Education Inc.
2025 Proxy Statement
1

Our focus on accessible, flexible, career-focused education fills critical gaps in the educational landscape. We serve working
adults, career changers and first-generation college students who need different pathways to meaningful careers. Through
technology-enabled learning and competency-based programs, we are innovating how education is delivered and making quality
healthcare education more accessible to diverse communities.
Our graduates enter essential roles with clear career pathways and immediate impact in their communities. Healthcare employers
increasingly rely on us to meet critical staffing needs across underserved markets. Our regulators and accreditors recognize us as
a partner in ensuring both educational quality and healthcare workforce development.
This positions us as an innovator in educational delivery: we are demonstrating how to democratize access to high-demand
careers while maintaining rigorous standards and outstanding outcomes.
Creating Sustained Value for All Stakeholders
This success creates expanding opportunities. For our investors, we continue deploying capital to high-return growth opportunities
while returning excess capital to shareholders. For our students, we provide accessible pathways to meaningful healthcare
careers. For our colleagues, we offer the opportunity to serve a mission that transforms lives and communities. For healthcare
employers, we deliver the skilled workforce they desperately need. For policymakers and communities, we address critical
infrastructure needs that government alone cannot solve.
Our commitment remains unwavering: delivering outstanding student outcomes at scale while building the healthcare workforce
America needs. We are not just growing a business   we are strengthening the foundation of our nation's healthcare system.
Thank you for your continued confidence in our purpose and our execution.
Sincerely,
Steve Beard
Chairman and Chief Executive Officer
2
2025 Proxy Statement
Adtalem Global Education Inc.

Notice of Annual Meeting of Shareholders
ITEMS OF BUSINESS
DATE AND TIME
Board Voting
Recommendation
Proposal No. 1:
FOR
Page
Reference
November 12, 2025
9:30 a.m.
Central Standard Time
Elect the ten nominees named in the accompanying
Proxy Statement to serve as directors until the 2026
Annual Meeting of Shareholders
Online check-in will be available
beginning at 9:15 a.m. Central
Standard Time. Please allow
ample time for the online checkin process.
Ratify selection of PricewaterhouseCoopers LLP as
independent registered public accounting firm for the
fiscal year ending June 30, 2026
PLACE
Say-on-pay: Advisory vote to approve the
compensation of our named executive officers
(   NEOs   )
The Annual Meeting will be held
entirely online at:
www.virtualshareholdermeeting
.com/ATGE2025.
Shareholders will also consider such other business as may come properly before the
Annual Meeting or any adjournment thereof.
each director
nominee
11
FOR
31
FOR
34
Proposal No. 2:
Proposal No. 3:
To participate in the 2025 Annual Meeting, you will need the 16-digit control number
included on your Notice of Internet Availability, the proxy card or voting instruction
forms that accompanied your proxy materials.
RECORD DATE
This notice and Proxy Statement and Adtalem Global Education Inc.   s 2025 Annual Report
to Shareholders are being first sent or given to shareholders on or about October 2, 2025.
September 23, 2025
Douglas G. Beck
Senior Vice President, General Counsel, Corporate Secretary
and Institutional Support Services
YOU MAY VOTE IN ONE OF FOUR WAYS:
VIA THE INTERNET
BY TELEPHONE
BY MAIL
VIRTUALLY
Visit the website listed on
your Notice of Internet
Availability or proxy card
Call the telephone number
on your Notice of Internet
Availability or proxy card
Complete, sign, date, and
return your proxy card or
voting instructions form in
the enclosed envelope
Attend the Annual Meeting online at
www.virtualshareholdermeeting.com/
ATGE2025.
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on
November 12, 2025. This Notice of Annual Meeting, the accompanying Proxy Statement, the 2025 Adtalem Global
Education Inc. Annual Report to Shareholders (which includes our Form 10-K for the year ended June 30, 2025), and a proxy
card are available online at www.proxyvote.com as well as at our investor relations website, http://investors.adtalem.com.
Adtalem Global Education Inc.
2025 Proxy Statement
3



 10/2/2025 Letter Continued (Full PDF)