NOTES TO THE FINANCIAL STATEMENTS continued 2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under development), profits/losses from the disposal of properties, swap/debt break costs and other non-underlying items which are included in the profit reported under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the Company as follows: 2025 Note £m Profit attributable to owners of the Parent Company 97.6 Net valuation losses/(gains) on property (owned) 3.1 72.3 (Gains)/losses on property disposals (owned) 1.3 Write-off of inventories and other fixed assets 12.0 Net valuation losses on property (leased) 3.1 12.9 Amortisation of fair value of debt recognised on acquisition (2.3) Share of JV gains on investment property 3.3b (5.2) Share of JV losses on property disposals 3.3b 1.6 Swap cancellation and loan break costs 4.3 - Mark to market changes in interest rate swaps 4.3 22.5 Current tax relating to property disposals - Deferred tax 2.5d (1.2) Cladding compensation (3.5) Costs relating to the acquisition of Empiric 4.9 Restructuring costs 4.8 EPRA earnings 217.7 Software as a service costs 14.6 Adjusted earnings 232.3 2.2c) Earnings per share Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the weighted average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA guidelines in order to allow users to compare the business performance of the Group with other listed real estate companies in a consistent manner and to reflect how the business is managed on a day-to-day basis. The calculations of basic and EPRA EPS and adjusted EPS for the year ended 31 December 2025 and 2024 are as follows: 2025 2025 Note £m pps Basic 97.6 19.9 Diluted 19.9 EPRA 2.2b 217.7 44.5 Diluted EPRA 44.5 Adjusted earnings 2.2b 232.3 47.5 Diluted adjusted earnings 47.5 Weighted average number of shares (thousands) 2025 Basic 489,258 Dilutive potential ordinary shares (share options) 758 Diluted 490,016 Movements in the weighted average number of shares have resulted from the equity raise in July 2024, employee share-based payment schemes and the scrip dividend. In 2025, there were 231,792 options excluded from the potential dilutive shares that did not affect the diluted weighted average number of shares (2024: 37,319). 2024 £m 441.9 (186.7) 9.8 - 1.9 (4.1) (67.0) 2.4 3.1 0.4 0.2 - - - - 201.9 11.9 213.8 2024 £m 441.9 201.9 213.8 2024 pps 96.3 96.1 44.0 43.9 46.6 46.5 2024 458,969 1,087 460,056 THE UNITE GROUP PLC Annual Report and Accounts 2025 156 FINANCIAL STATEMENTS