2.3b) Movement in EPRA NTA during the year Contributions to EPRA NTA by each segment during the year is as follows: 2025 Unite Students USAF LSAV University Total Group on EPRA basis Total Note £m £m £m £m £m £m Operations Operations segment result 2.2a 166.7 21.3 28.1 - 49.4 216.1 Add back amortisation of intangibles 3.3b 4.3 - - - - 4.3 Total Operations 171.0 21.3 28.1 49.4 220.4 Property Rental growth 19.5 21.0 43.4 - 64.4 83.9 Yield movement (89.3) (19.0) (40.0) (59.0) (148.3) Disposal (losses) (1.3) (1.6) - - (1.6) (2.9) Investment property gains (owned) (71.1) 0.4 3.4 - 3.8 (67.3) Investment property loss (leased) 3.1 (12.9) - - - - (12.9) Disposals losses investment property (leased) - - - - - - Investment property gains (under development) 3.1 (2.5) - - (0.2) (0.2) (2.7) Pre-contract/other development costs 2.2a 5.0 - - - - 5.0 Total Property (81.5) 0.4 3.4 (0.2) 3.6 (77.9) Unallocated Investment in / dividends from joint ventures 11.6 (16.6) (12.9) 17.9 (11.6) - Dividends paid (175.3) - - - - (175.3) Swap costs (13.1) - - - - (13.1) Purchase of intangibles (8.6) - - - - (8.6) Share-based payment charge (1.5) - - - - (1.5) Write-off of inventories (12.0) - - - - (12.0) Costs relating to the acquisition of Empiric (4.9) - - - - (4.9) Restructuring and other non-recurring write-offs (5.8) 5.1 0.4 (0.3) 5.2 (0.6) Total Unallocated (209.6) (11.5) (12.5) 17.6 (6.4) (216.0) Total EPRA NTA movement in the year (120.1) 10.2 19.0 17.4 46.6 (73.5) Total EPRA NTA brought forward 3,487.8 604.3 666.3 - 1,270.6 4,758.4 Total EPRA NTA carried forward 3,367.7 614.5 685.3 17.4 1,317.2 4,684.9 The £0.6 million Other balance within the Unallocated segment includes restructuring costs of (£4.8 million), the purchase of own shares of (£0.8 million), contributions to the Unite Foundation and other social causes of (£1.7 million) and tax credits of £3.1 million. NOTES TO THE FINANCIAL STATEMENTS continued Share of joint ventures THE UNITE GROUP PLC Annual Report and Accounts 2025 158 FINANCIAL STATEMENTS