2.2a) EPRA earnings Unite Students USAF LSAV Total Group on EPRA Basis Total £m £m £m £m £m Rental income 307.7 59.2 61.3 120.5 428.2 Property operating expenses (99.4) (19.6) (15.2) (34.8) (134.2) Net operating income 208.3 39.6 46.1 85.7 294.0 Management fees 22.2 (4.9) - (4.9) 17.3 Overheads (47.1) (0.6) (0.8) (1.4) (48.5) Interest on lease liabilities (7.6) - - - (7.6) Net financing costs (9.1) (12.8) (17.2) (30.0) (39.1) Operations segment result 166.7 21.3 28.1 49.4 216.1 Property segment result 5.0 - - - 5.0 Unallocated to segments (2.9) (0.2) (0.3) (0.5) (3.4) EPRA earnings 168.8 21.1 27.8 48.9 217.7 Software as a service costs 14.6 - - - 14.6 Adjusted earnings 183.4 21.1 27.8 48.9 232.3 Included in the above is rental income of £20.7 million and property operating expenses of £11.6 million relating to sale and leaseback properties. Included in the above is also rental income of £4.1 million and property operating expenses of £1.2 million, relating to a build-to rent property. Unallocated to segments includes the fair value of share-based payments of (£1.5 million), contributions to the Unite Foundation and social causes of (£1.0 million), a deferred tax credit of £3.3 million and current tax charge of (£3.1 million). Depreciation and amortisation totalling (£6.9 million) is included within overheads. The software as a service costs are presented net of deferred tax of £4.8 million. Included in the above is rental income of £20.3 million and property operating expenses of £11.5 million relating to sale and leaseback properties. Included in the above is also rental income of £4.0 million and property operating expenses of £1.2 million, relating to a build-to- rent property. Unallocated to segments includes the fair value of share-based payments of (£2.3 million), contributions to the Unite Foundation and social causes of (£0.6 million), a deferred tax credit of £2.6 million and current tax charge of (£5.1 million). Depreciation and amortisation totalling (£5.7 million) is included within overheads. The software as a service costs are presented net of deferred tax of £4.0 million. 2024 Share of joint ventures Group on EPRA basis Unite Students USAF LSAV Total Total £m £m £m £m £m Rental income 282.0 59.0 57.0 116.0 398.0 Property operating expenses (87.2) (20.7) (14.0) (34.7) (121.9) Net operating income 194.8 38.3 43.0 81.3 276.1 Management fees 21.9 (4.6) - (4.6) 17.3 Overheads (37.5) (0.5) (0.4) (0.9) (38.4) Interest on lease liabilities (8.8) - - - (8.8) Net financing costs (6.9) (11.5) (16.8) (28.3) (35.2) Operations segment result 163.5 21.7 25.8 47.5 211.0 Property segment result (3.8) - - - (3.8) Unallocated to segments (4.8) (0.2) (0.3) (0.5) (5.3) EPRA earnings 154.9 21.5 25.5 47.0 201.9 Software as a service costs 11.9 - - - 11.9 Adjusted earnings 166.8 21.5 25.5 47.0 213.8 Share of joint ventures 2025 THE UNITE GROUP PLC Annual Report and Accounts 2025 155