the increased alignment of our portfolio with the strongest universities. With this focus on capital allocation and risk-adjusted returns, the Board has overseen progress on our university partnerships. This led to the signing of our first university joint venture in December 2025, with construction now underway at Castle Leazes in Newcastle and the first phase on track for delivery in 2028, and the signing of our second joint venture in January 2026 with Manchester Metropolitan University. Through 2025, the Board also progressed our plans to expand into the returner student segment with the acquisition of Empiric Student Property plc (Empiric) which successfully completed at the end of January 2026. We are now working on integration and delivering on our business plan for Empiric, as part of our wider focus on operational excellence and our return to growth. The Board continues its focus on cost, margin and improving operational efficiency, leading to a restructuring at the end of 2025, which is expected to deliver a c.20% saving in our head office staff costs and further opportunities for cost savings through 2026 with efficiencies from technology investment and the realisation of cost synergies from the Empiric acquisition. The Board’s oversight of capital allocation and careful balance of risk-adjusted returns led to a revised capital allocation framework towards the end of 2025, with surplus capital to be deployed at the strongest risk-adjusted returns into university partnerships and share buybacks. This led to the Board approving the launch of a share buyback programme in early January 2026 funded through surplus capital from deferred development activity. Through 2026, the Board will continue to oversee our ongoing disposals and development programme, and the generation of further surplus capital alongside maintaining our high-quality balance sheet, and how this should be deployed for the strongest risk-adjusted returns. The Board continues to see demand for student accommodation, notwithstanding a slower start to the 2026/2027 sales cycle, with supply constrained due to slowing and more costly development and increasing regulation in the HMO sector. Affordability and safety continue to be key for students, parents and universities and the Board continues to oversee how we deliver safe, high-quality, value-for-money homes for our customers and our university partners. The following pages explain how our governance has supported us through 2025 and how it will continue to support us in the longer-term. R ichard Huntingford Chair 24 February 2026 Board focus in 2025 Great Place to Live affordability; safety and wellbeing; fire safety and cladding remediation Great Place to Work performance management and reward; learning and development; diversity and inclusivity Great Place to Invest financial performance; capital allocation and risk-adjusted returns; University partnerships efficiencies, ensuring the ongoing delivery of high- quality and affordable homes for our customers. Delivering a Great Place to Live for our customers, requires the ongoing dedication of our teams working closely and collaboratively with our university partners. The Board oversees how we make Unite Students a Great Place to Work, with investment in our people through increased learning and development by the Unite Academy and our ongoing commitment to the Real Living Wage. During 2025, Angela Jain, our Designated Non-Executive Director for Workforce Engagement, attended meetings of Culture Matters, our employee forum, helping shape people policies and hearing directly from our employees. Through the Board’s engagement, we ensure performance is appropriately recognised and incentivised with a more diverse workforce that is increasingly representative of our customers. Along with ensuring delivery of a Great Place to Live and Work, the Board oversees how we deliver a Great Place to Invest and returns for our shareholders. Through 2025, the Board has focused on optimising our capital allocation while ensuring the ongoing delivery of operational excellence and the quality, location and scale of our portfolio. Through the year, the Board has considered our capital allocation and risk-adjusted returns, carefully balancing progressing new developments, deferring or not proceeding with them, alongside driving disposals to ensure THE UNITE GROUP PLC Annual Report and Accounts 2025 75