2024 The Company has £135 million (2024: £180.0 million) of variable rate borrowings with a weighted average rate of 4.9% and £1,291.7 million of fixed rate borrowings with a weighted average rate of 4.4% (2024: 4.4%). The maturity of the Company’s borrowings is disclosed in note 4.1. The Group has access to financing facilities as described below, of which £625 million were unused at the reporting date (2024: £610.0 million). The Group expects to meet its other obligations from operating cash flows. 4.5c) Liquidity risk continued 2025 £m Unsecured bank overdraft facility, reviewed annually and payable at call: Amount used - Amount unused 10.0 Unsecured committed bank loan facilities which may be extended by mutual agreement: Amount used 135.0 Amount unused 615.0 750.0 4.5d) Covenant compliance The Group monitors its covenant position and the forecast headroom available on a monthly basis. At 31 December 2025, the Group was in full compliance with all of its borrowing covenants. The Group’s unsecured borrowings carry several covenants. The covenant regime is IFRS-based and gives the Group substantial operational flexibility, allowing property acquisitions, disposals and developments to occur with relative freedom. 2025 Covenant Actual LTV < 60% 26% Gearing <1.50 0.26 Unencumbered assets ratio >1.70 3.84 Secured gearing <0.25 - Development assets ratio <30% 7% Joint venture ratio <55% 22% Interest cover >2.00 32.80 NOTES TO THE FINANCIAL STATEMENTS continued 2024 Covenant Actual - - <1.50 0.21 >1.70 4.48 <0.25 - <30% 8% <55% 22% >2.00 81.56 THE UNITE GROUP PLC Annual Report and Accounts 2025 186 2024 £m - 10.0 150.0 750.0 900.0 FINANCIAL STATEMENTS Weighted average effective interest rate Less than 1 month 1–3 months 3 months – 1 year 1–5 years 5+ years Total Carrying amount % £m £m £m £m £m £m £m Variable interest rate instruments 6.2% 0.8 1.5 6.9 170.8 - 180.0 149.4 Fixed interest rate instruments 4.4% 1.9 3.9 44.0 458.5 783.4 1,291.7 1,124.4 Lease liabilities 4.2% 1.0 2.9 7.9 48.5 48.8 109.1 72.8 Trade and other payables n/a - 177.0 - - - 177.0 177.0 Total 3.7 185.3 58.8 677.8 832.2 1,757.8 1,523.6