The UNICEF report Are Children Really Learning? Exploring foundational skills in the midst of a learning crisis offers unique insight into the extent of the learning crisis. It provides an in-depth picture of which children are most at risk of not acquiring foundational learning skills. The analysis of 32 low- and middle-income countries and territories used newly released data to examine the equity perspective of the crisis, exploring learning outcomes among different subgroups of children, with a focus on the most vulnerable. Simulations were also carried out to preview the extent to which learning loss has occurred as a result of the pandemic, and determine the impact of different strategies to overcome these losses.