PERFORMANCE REVIEW Financial review continued IFRS net assets decreased by 2% in the year to £4,734 million (31 December 2024: £4,812 million), principally driven by net valuation movements and retained profits. On a per share basis, IFRS NAV decreased by 1% to 968p (31 December 2024: 982p). PROPERTY PORTFOLIO The valuation of our property portfolio at 31 December 2025, including our share of property assets held in USAF, LSAV and the Newcastle University joint venture, was £6,628 million (31 December 2024: £6,375 million). The £253 million increase in portfolio value reflects the valuation movements outlined above, capital expenditure and interest capitalised on developments. SUMMARY BALANCE SHEET 31 December 2025 31 December 2024 £m Wholly- owned £m Share of Fund/JV £m Total £m Wholly- owned £m Share of fund/JV £m Total £m Rental properties 1 4,221 1,890 6,111 4,025 1,827 5,852 Rental properties (leased) 60 - 60 72 - 72 Properties under development 438 19 457 451 - 451 Total property 4,719 1,909 6,628 4,588 1,827 6,375 Net debt (1,221) (532) (1,753) (989) (521) (1,510) Lease liability (74) - (74) (73) - (73) Other assets/(liabilities) (56) (60) (116) 1 (35) (34) EPRA net tangible assets 3,368 1,317 4,685 3,487 1,271 4,758 IFRS NAV 3,417 1,317 4,734 3,547 1,265 4,812 LTV 27% 24% 1. Rental properties (owned) includes assets classified as held for sale in the IFRS balance sheet RETURN ON EQUITY (TOTAL ACCOUNTING RETURN) Dividends paid of 37.7p (2024: 36.0p), together with growth in EPRA NTA, resulted in a total accounting return of 2.1% in the year (2024: 9.6%). Our adjusted EPS yield (measured against opening EPRA NTA) decreased to 4.9% in the year (2024: 5.1%), reflecting NTA growth in the prior year. CASH FLOW AND NET DEBT During the year, net debt increased to £1,753 million (2024: £1,510 million). The key components of the movement in net debt were an inflow from operational cash of £189 million, disposals of £142 million, offset by total capital expenditure of £349 million and dividend payments of £175 million. In 2026, we expect see-through net debt to be broadly stable as planned capital expenditure on investment and development activity will offset anticipated property disposals. THE UNITE GROUP PLC Annual Report and Accounts 2025 38 STRATEGIC REPORT