The carrying value and fair value of the Group’s and Company’s borrowings is analysed below: 2025 Carring value Fair value Group £m £m Level 1 IFRS fair value hierarchy 975.0 969.5 Other loans and unamortised arrangement fees 273.2 269.9 Total borrowings 1,248.2 1,239.4 2025 Carring value Fair value Company £m £m Level 1 IFRS fair value hierarchy 975.0 969.5 Other loans and unamortised arrangement fees 273.2 269.9 Total borrowings 1,248.2 1,239.4 The fair value of loans classified as Level 1 in the IFRS fair value hierarchy is determined using quoted prices in active markets for identical liabilities. The following table shows the changes in liabilities arising from financing activities: 2025 Group At 1 January Financing cash flows Interest expense Fair value adjustments Other changes At 31 December Borrowings 1,273.8 (15.0) - (1.1) (1.5) 1,256.2 Lease liabilities 72.8 (12.9) 7.6 - 6.8 74.3 Interest rate swaps (53.4) (13.0) - 22.5 (0.1) (44.0) Total liabilities from financing activities 1,293.2 (40.9) 7.6 21.4 5.2 1,286.5 Company Borrowings 1,263.7 (15.0) - 0.2 (0.7) 1,248.2 Interest rate swaps (53.4) (13.0) - 22.5 (0.1) (44.0) Total liabilities from financing activities 1,210.3 (28.0) - 22.7 (0.8) 1,204.2 2024 2024 Carrying value Fair value £m £m 975.0 956.6 288.7 275.4 1,263.7 1,232.0 2024 Carrying value Fair value £m £m 975.0 956.6 288.7 275.4 1,263.7 1,232.0 Group At 1 January Financing cash flows Interest expense Fair value adjustments Other changes At 31 December Borrowings 1,081.6 193.2 - (4.1) 3.1 1,273.8 Lease liabilities 83.8 (19.8) 8.8 - - 72.8 Interest rate swaps (56.0) - - 0.4 2.2 (53.4) Total liabilities from financing activities 1,109.4 173.4 8.8 (3.7) 5.3 1,293.2 Company Borrowings 468.6 800.0 - 0.2 (5.1) 1,263.7 Interest rate swaps (56.0) - - 0.4 2.2 (53.4) Total liabilities from financing activities 412.5 800.0 - 0.6 (2.9) 1,210.3 THE UNITE GROUP PLC Annual Report and Accounts 2025 181