THE UNITE GROUP PLC Annual Report and Accounts 2024 129 INCENTIVE OUTCOMES FOR THE YEAR ENDED 31 DECEMBER 2024 (AUDITED) Annual bonus in respect of 2024 performance The maximum annual bonus opportunity for each Executive Director in 2024 was 140% of base salary, with Threshold and On-Target performance paying 30% and 50% of maximum respectively under each performance measure. The 2024 annual bonus was based on an additive combination of financial (weighted 70%) and non-financial (30%) metrics. Further details, including the targets set and performance against each of the metrics, are provided in the tables below: Measure Weight Threshold 30% max. On-Target 50% max. Maximum 100% max. Actual Outcome % max. Financial 70% Adjusted EPS 25.0% 44.75p 46.25p 47.75p 46.6p 61.7% TAR 25.0% 6.9% 8.9% 10.9% 9.6% 67.5% Net debt to EBITDA 20.0% 7.5 7.1 6.6 5.5 100.0% Non-financial 30% Customer NPS 7.5% 11 13 17 23 100.0% Higher Education trust 7.5% 79 80 81 80 50.0% GRESB score 7.5% 86 87 88 85 0.0% Employee engagement 7.5% 70 75 77 74 46.0% Maximum bonus % salary Bonus outcome % max. Bonus outcome % salary Salary £ Bonus outcome £ J Lister 140.0% x 67.1% = 93.8% x £606,900 = £569,272 M Burt 140.0% x 67.1% = 93.8% x £393,750 = £369,338 As in previous years, prior to finalising the annual bonus outcome, the Committee received a detailed report from Professor Sir Steve Smith, Chair of the Health and Safety Committee, which reviewed the Group’s operational incidents and fire safety performance during 2024. Following a discussion of the key themes, the Committee concluded that the executive team had continued to promote a culture of openness and transparency, and had worked proactively to address the challenges faced to ensure that students and staff live and work in safe environment, and that health and safety remains Unite Group’s number one priority. Having taken the above into account, as well as the Group’s broader underlying performance, the Committee is satisfied that the overall formulaic bonus outcome of 93.8% of salary (cf. a maximum of 140% of salary) in respect of 2024 is appropriate. In line with the current Remuneration Policy, 50% of the 2024 annual bonuses earned by Executive Directors will be satisfied in Unite shares, deferred for two years. Confirmation of 2021 LTIP vesting Last year, the Committee provided an estimate for the vesting of the 2021 LTIP awards based on relative TAR after two years of the performance period. Following the publication of TAR results by comparators with March 2024 year-ends, the Committee was able to assess this element of the LTIP, with Unite Group’s TAR of +22.2% exceeding upper quartile (+14.8%) over the full three-year performance period. The resulting vesting outcome was 100.0% of maximum for the relative TAR element which, when combined with the outcomes for the relative TSR (100.0% of maximum) and EPS (28.0% of maximum) elements, resulted in an overall vesting outcome for the 2021 LTIP of 76.0% of maximum – in line with the estimate set out in last year’s report. The Committee was satisfied that this vesting result was supported by broader underlying Group performance, and accordingly applied no discretion in respect of the outcome. The 2023 values included in the single figure of remuneration table for Joe Lister have been updated to reflect the confirmed number of shares vesting, as well as the actual share price on 12 April 2024 of 939.0p. Plan Interests held Confirmed vesting Interests vesting Date vesting J Lister PSP 70,850 76.0% 53,846 12 April 2024 ESOS 479 364 Total 71,329 54,210