THE UNITE GROUP PLC Annual Report and Accounts 2024 35 PERFORMANCE REVIEW Financial review The Group uses alternative performance measures (APMs), which are not defined or specified under IFRS. These APMs, which are not considered to be a substitute for IFRS measures, provide additional helpful information and include, among others, measures based on the European Public Real Estate Association (EPRA) best practice recommendations. The metrics are used internally to measure and manage the business. EARNINGS AND ADJUSTED EARNINGS We delivered a strong operating performance in 2024, with adjusted earnings increasing by 16% to £213.8 million (2023: £184.3 million), reflecting an increase in net operating income and a reduction in finance costs, when compared to the prior year. Adjusted EPS increased by 5% to 46.6p (2023: 44.3p), reflecting the increased share count following the capital raise in July. Adjusted EPS 46.6p (2023: 44.3p) Total Accounting Return 9.6% (2023: 2.9%) Loan-to-value ratio 24% (2023: 28%) MIKE BURT CHIEF FINANCIAL OFFICER Strong, sustainable performance