PERFORMANCE REVIEW Operations review Strong demand Annual rents increased by 8.2% on a like-for-like basis for 2024/25 academic year (2023/24: 7.4%), which was above our initial expectations. We saw strong growth across both our direct-let and nominated beds. This reflected our success in agreeing increased rental levels on renewals of single year and new multi- year nomination agreements where our university partners recognise the value our accommodation provides at a time of increasing costs. Continued enhancements to our service and product offering drove strong demand and supported the increase in our check-in NPS score to +50 (2023: +42). We achieved occupancy of 97.5% across our total portfolio for the 2024/25 academic year (2023/24: 99.8%) as the market returned to more normal levels of occupancy after two years of exceptional demand resulting from the surge in student numbers during and immediately following the pandemic. The strength of our relationships with universities, the quality and location of our portfolio and focus on UK customers at affordable price- points saw lettings outperform the wider PBSA sector where occupancy averaged around 94%. Occupancy 97.5% Rental growth 8.2% (2023: 7.4%) Portfolio aligned to Russell Group 93% (2023: 93%) STRATEGIC REPORT THE UNITE GROUP PLC Annual Report and Accounts 2024 24