MARKET OVERVIEW Market trends A record number of UK 18-year-olds started university in September 2025, reflecting the continued value young adults place on Higher Education and the life experience and opportunities it offers. 1 Growing demand for Higher Education Demographic growth will increase the number of 18-year-olds and supports continued growth in demand for university places to 2030. The strongest universities continue to grow market share at the expense of the lower ranked. Students are increasingly focused on employment outcomes and earnings potential of their courses, with a growing proportion studying at lower-ranked universities choosing to live at home to reduce the overall cost of university. This has caused a concentration of demand around the strongest universities with reduced demand for accommodation aligned to lower-ranked institutions. Our market size is directly influenced by structural trends within Higher Education and the student accommodation sector. Demand for purpose-built student accommodation (PBSA) is underpinned by a range of structural drivers that determine student numbers for UK Higher Education, as explored in more detail in the following tables. The outlook for our business is influenced by structural trends and cyclical factors. WHAT IT MEANS FOR UNITE STUDENTS • Increased demand for PBSA from students and university partners at the strongest universities. • We will increase the alignment of the portfolio to the strongest universities through an increased disposal programme of £300–400 million p.a. Concurrently, cyclical factors affect prevailing economic conditions, the cost and availability of funding for the business, and the level of investment in student accommodation. These combined structural and cyclical factors shape the outlook for our business, informing our strategy and the Group’s long-term growth prospects. THE UNITE GROUP PLC Annual Report and Accounts 2025 04 STRATEGIC REPORT