Link to remuneration Bonus and LTIP. Measure Total accounting return measures the net tangible asset (NTA) in EPRA NTA per share plus dividends paid as a percentage of opening EPRA NTA per share. 2025 performance Dividends paid in the year partially offset a 2% reduction in NTA which drove our TAR performance. Future priorities Deliver attractive total accounting returns over the medium term through dividends and NTA growth. KEY PERFORMANCE INDICATORS Financial KPIs 47.5 46.6 44.3 37.7 37.3 35.4 Adjusted earnings per share 1 (p) 47.5p IFRS diluted earnings per share 19.9p Total accounting return 1 2.1% Dividend per share 37.7p Link to remuneration Bonus and long-term incentive plan (LTIP). Measure Adjusted earnings per share measures the recurring profit delivered by operating activities on a per share basis. 2025 performance Adjusted EPS grew 2% to 47.5p year-on-year. Lettings performance for the 2024/25 and 2025/26 academic years supported growth in adjusted EPS, more than offsetting increases in operating and finance costs. Future priorities After declining in 2026, we are focused on returning to adjusted EPS growth, supported by growing income and tight cost discipline. Link to remuneration Bonus and LTIP (indirectly). Measure IFRS diluted earnings per share measures IFRS earnings on a per share basis taking account of dilutive potential ordinary shares – share options. 2025 performance The reduction in EPS reflects a decrease in the value of the Unite Group’s property portfolio, losses from our development pipeline, fire safety costs and earnings from the operational portfolio. Future priorities Grow EPS through rental growth, asset management and development profits, while continuing to maintain the portfolio and remedy fire safety defects. Link to remuneration Bonus and LTIP. Measure The amount of annual earnings distributed to shareholders. 2025 performance The total dividend for 2025 is proposed to be 37.7p, representing 79% of the final adjusted EPS. Future priorities We expect to hold the dividend flat in 2026, increasing the payout ratio to offset lower adjusted earnings. 1. The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The Unite 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 are based on European Public Real Estate Association (EPRA) best practice recommendations. The metrics are also used internally to measure and manage the business and to align to the performance-related conditions for Directors’ remuneration. See the glossary for definitions and note 8 for calculations and reconciliations. 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 2.1 9.6 2.9 19.9 96.1 24.6 THE UNITE GROUP PLC Annual Report and Accounts 2025 14 STRATEGIC REPORT