PERFORMANCE REVIEW Financial review NOI growth more than offset higher overhead and finance costs when compared to the prior year. Adjusted EPS grew 2% to 47.5p (2024: 46.6p), reflecting the growth in adjusted earnings and increased share count following our July 2024 equity raise. IFRS profit attributable to owners of the parent company reduced to £97.6 million in the year (2024: £441.9 million), reflecting the increase in adjusted earnings of £18.5 million, a revaluation loss of £73.7 million (2024: £239.6 million gain) and a £22.5 million loss for the valudation of interest rate swaps and cancellation costs (2024: £3.5 million loss). Note: The 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 include, among others, measures based on the European Public Real Estate Association (EPRA) best practice recommendations.The metrics are used internally to measure and manage the business. We delivered a robust operating performance in 2025, with adjusted earnings increasing by 9% to £232.3 million (2024: £213.8 million), driven by growth in like-for-like rental income and investment activity. MIKE BURT CHIEF FINANCIAL OFFICER Adjusted EPS 47.5p (2024: 46.6p) Total Accounting Return 2.1% (2024: 9.6%) Loan-to-value ratio 27% (2024: 24%) Robust operating performance THE UNITE GROUP PLC Annual Report and Accounts 2025 35