STRATEGIC REPORT 2 Who we are 4 Market overview 8 Business model and stakeholder value 12 Investment case 14 Key performance indicators 16 Chief Executive’s review 23 Performance review 52 Risk management CORPORATE GOVERNANCE 74 Chair’s introduction to governance 76 Board of Directors 80 Board statements 83 Board leadership and purpose 88 Division of responsibilities 90 Section 172 93 Board activities 100 Nomination Committee 103 Audit & Risk Committee 108 Sustainability Committee 110 Health & Safety Committee 113 Remuneration Committee 132 Directors’ report 135 Statement of Directors' responsibilities FINANCIAL STATEMENTS 138 Independent auditor’s report 147 Consolidated income statement 147 Consolidated statement of comprehensive income 148 Consolidated balance sheet 149 Company balance sheet 150 Consolidated statement of changes in shareholders’ equity 151 Company statement of changes in shareholders’ equity 151 Consolidated statement of cash flows 152 Notes to the financial statements 205 Financial record OTHER UNAUDITED INFORMATION 204 Alternative performance measures 209 Financial record 210 Glossary Cover Company information Financial highlights Operational highlights EPRA NTA per share 955p (2024: 972p) Adjusted earnings per share 47.5p (2024: 46.6p) IFRS diluted earnings per share 19.9p (2024: 96.1p) Total accounting return 2.1% (2024: 9.6%) Dividend per share 37.7p (2024: 37.3p) IFRS NAV per share 968p (2024: 982p) 46k students using our sector-leading app each month Finalised joint venture with Newcastle University Customer satisfaction score of +49 Record Higher Education trust score of +40 Offered to acquire Empiric Student Property plc (completed January 2026) Opened Avon Point in Bristol and Burnet Point in Edinburgh