THE UNITE GROUP PLC Annual Report and Accounts 2024 18 CHIEF EXECUTIVE’S REVIEW Continuing to grow The business has performed strongly in 2024, delivering continued growth in earnings and dividends. Adjusted earnings £213.8m (2023: £184.3m) Dividend per share 37.3p (2023: 35.4p) Adjusted earnings per share 46.6p (2023: 44.3p) STRATEGIC REPORT This reflects the strength of our best-in-class operating platform, the commitment of our teams and the ongoing appeal of our value-for-money proposition. Our affordable pricing, UK customer focus and strength of relationships with universities are key differentiators, enabling us to significantly outperform the sector in more competitive environment. We operate in a structurally growing sector, bolstered by demographic growth and the attractiveness of the UK’s Higher Education sector to domestic and international students. The shortage of accommodation to meet this demand supports sustainable long-term rental growth and our track record and reputation in the sector create compelling investment opportunities for the business. GROWING EARNINGS AND DIVIDEND A strong lettings performance for the 2023/24 and 2024/25 academic years supported growth in adjusted earnings to £213.8 million and adjusted EPS of 46.6p, up 16% and 5% respectively year-on- year. The growth in adjusted EPS also reflects the increased share count following our capital raise in July 2024. IFRS profit attributable to owners of the Company of £441.9 million and diluted EPS of 96.1p (2023: £102.5 million and 24.6p) also reflects the valuation increase of our property portfolio, driven primarily by rental growth. We have proposed a final dividend of 24.9p which, if approved, totals 37.3p for the full year, representing a payout ratio of 80% of adjusted EPS and a year-on-year increase of 5%. Total accounting returns for the year were 9.6%, reflecting dividends paid in the year and 6% growth in EPRA NTA per share to 972p, our capital raise in the year, our net debt:EBITDA and LTV ratios reduced to 5.5x and 24% respectively, providing the funding capacity to invest for future growth.