3.3b) Movement in carrying value of the Group’s investments in joint ventures The carrying value of the Group’s investment in joint ventures increased by £52.3 million during the year ended 31 December 2025 (2024: £46.0 million increase), resulting in an overall carrying value of £1,317.3 million (2024: £1,265.0 million). The following table shows how the movement has arisen: 2025 £m Recognised in the income statement: Operations segment result 49.4 Non-controlling interest share of Operations segment result - Management fee adjustment relating to trading with joint venture 5.0 Net valuation (losses)/gains on investment property 5.2 Property disposals (1.6) Ineffective swap - Other (0.3) 57.7 Recognised in equity: Movement in effective hedges (0.5) Other adjustments to the carrying value Joint venture with Newcastle University 17.9 Profit adjustment related to trading with joint venture (5.0) Disposal of non-controlling interest - Additional capital invested in USAF 11.7 Distributions received (29.5) Increase/(Decrease) in carrying value 52.3 Carrying value at 1 January 1,265.0 Carrying value at 31 December 1,317.3 2024 £m 47.5 (0.2) 4.8 67.0 (2.4) (0.4) (0.4) 115.9 (2.3) - (4.8) (27.9) (7.4) (27.5) 46.0 1,219.0 1,265.0 THE UNITE GROUP PLC Annual Report and Accounts 2025 177