CHIEF EXECUTIVE’S REVIEW Delivering our plan Demand for UK Higher Education sector remains strong, underpinned by demographic growth, high participation rates and the quality and global reputation of the UK’s universities. Higher-tariff universities continue to capture an increased share of student numbers, driving increased housing need in the strongest cities and locations. This is coming at the expense of lower-tariff universities where housing demand has also been impacted by growing numbers of students choosing to live at home. The majority of our portfolio is delivering strong levels of occupancy and rental growth, but we have experienced challenges from weaker demand and higher supply in some cities. We are responding to this change through a renewed focus on operational excellence and optimal capital allocation. During the year, we increased our alignment to high-tariff universities from 64% to 67% and are targeting 80% as we align our portfolio even more closely with the strongest universities. The acquisition of Empiric’s high-quality 7,700- bed portfolio across 66 properties, which is 81% aligned to high-tariff universities, completed towards the end of January 2026 allows us to better serve the attractive Returner market segment. GROWING EARNINGS AND DIVIDEND Lettings performance for the 2024/25 and 2025/26 academic years supported growth in adjusted earnings to £232.3 million and adjusted EPS of 47.5p, up 9% and 2% respectively year-on-year. The growth in adjusted EPS also reflects the increased share count following our capital raise in July 2024. IFRS profit reduced to £97.6 million and diluted EPS to 19.9p (2024: £441.9 million and 96.1p), reflecting a valuation decrease for our property portfolio compared to the prior year. We have proposed a final dividend of 24.9p which, if approved, takes the total dividends to 37.7p for the year, representing a year-on-year increase of 1%. Total accounting returns for the year were 2.1%, reflecting dividends paid in the year and a 2% reduction in EPRA NTA per share to 955p due to a 0.5% decline in LfL property valuations. Our net debt: EBITDA and LTV ratios increased to 6.1x and 27% respectively, reflecting an increase in net debt during the year. GROWING HIGHER EDUCATION DEMAND IN A MORE COMPETITIVE LEASING MARKET Financial highlights 1 2025 2024 Adjusted earnings £232.3m £213.8m Adjusted EPS 47.5p 46.6p IFRS profit £97.6m £441.9m IFRS diluted EPS 19.9p 96.1p Dividend per share 37.7p 37.3p Total accounting return 2.1% 9.6% EPRA NTA per share 955p 972p IFRS net assets per share 968p 982p Net debt: EBITDA 6.1x 5.5x Loan to value 27% 24% 1. See glossary for definitions and note 7 for alternative performance measure calculations and reconciliations. A reconciliation of profit before tax to EPRA earnings and adjusted earnings is set out in note 7 of the financial statements. THE UNITE GROUP PLC Annual Report and Accounts 2025 16 STRATEGIC REPORT