2025 PERFORMANCE AND REWARD Unite Group’s solid performance in 2025 reflects the continued effort and commitment of our people and the strength of our operating platform. Our strategy remains focused on being a Great Place to Live, Work and Invest, with progress made against each of these objectives during the year. Unite Group’s emphasis on affordability, wellbeing and service quality for our customers was evidenced by further improvements in our Net Promoter Scores during the year, as well as best-in-market occupancy performance. Our employee engagement score also saw further improvement, recognising the roll-out of our new values and ongoing focus on improving career development opportunities and colleague wellbeing. For our final objective, Great Place to Invest, we outlined how we are responding to evolving market conditions. Our focus remains on strengthening alignment with leading universities, securing high-quality income through nomination agreements, and maintaining a disciplined approach to capital allocation. Lower occupancy for the 2025/26 academic year meant that some financial measures did not perform as expected in 2025. This has been reflected in our assessment of incentive outcomes for the year, as set out in more detail below. SALARIES The CEO’s salary was increased by 2.5% with effect from 1 January 2025. The CFO’s salary was increased by 7.9%, to reflect his strong start in role and consistent with the Committee’s previously communicated intention of bringing him closer to market levels over the short to medium term. The average salary increase across the Group was 3.9%, which included increases set by the Living Wage Foundation for the year. ANNUAL BONUS The annual bonus scheme was operated in line with the newly approved policy for Executive Directors in 2025, with maximum opportunities of 150% of salary. A formulaic assessment of performance against the targets set at the start of the financial year implied an overall outcome for the Executive Directors of 44.3% of maximum (66.4% of salary). However, having reflected on this outcome in the context of both underlying business performance and the experience of key stakeholders during the year, the Executive Directors recommended to the Committee that the formulaic outcome be reduced. Taking into account a range of relevant factors, the Committee resolved to apply its discretion to reduce the bonus outcome to 34.3% of maximum (51.5% of salary) for both the CEO and CFO. The Committee is satisfied that this reduction is appropriate and commends the Executive Directors for their strong demonstration of leadership in making this recommendation. For consistency, and for similar reasons, an equivalent reduction will also be applied to the bonus scheme that applies to colleagues in our support functions. Under our Remuneration Policy agreed by shareholders in 2025, up to 50% of any bonus earned will be deferred in shares for two years, unless a Director has met their in-post shareholding guideline, in which case the full bonus earned will be paid in cash. With the CEO significantly exceeding his guideline, his 2025 bonus will be paid fully in cash. 50% deferral has been applied to the CFO’s bonus and he is making good progress towards the guideline. Further details on the bonus for Executive Directors, including targets and outcomes, are included on page 122. LONG-TERM INCENTIVES Following the publication of TAR results for comparators with March 2025 year-ends, the Committee confirmed the final vesting of the 2022 LTIP awards as 64.0%, consistent with the estimated outcome presented in last year’s report. LTIP awards made in April 2023 reached the end of their performance period as at 31 December 2025. These awards were based on a combination of absolute EPS, relative TSR, relative TAR and two ESG metrics – operational energy intensity and EPC ratings. Based on performance recorded over the period, overall estimated vesting of the 2023 LTIP is 45.4%. Vesting of the relative TAR element will be finalised following the publication of comparator results over the coming months. Further details are included on page 123. In April 2025, Executive Directors were each granted an award under the PSP which will vest based on performance over the three financial years to 31 December 2027. A decision was taken not to utilise the Employee Share Ownership Plan (ESOS) for the 2025 grant, in line with continuing efforts to simplify our incentive structures. Stretching targets for the EPS, relative TAR, relative TSR and operational energy intensity elements were disclosed prospectively in last year’s report. Further details on this award are included on page 124. OVERALL PAY OUTCOMES FOR 2025 Taken as a whole, the Committee is satisfied that overall pay outcomes in respect of the year ended 31 December 2025 – once the discretionary 10% point reduction in the 2025 bonus is taken into account – are appropriate and accordingly we have not applied any further discretion to this year’s incentive outcomes. REMUNERATION COMMITTEE continued THE UNITE GROUP PLC Annual Report and Accounts 2025 114 GOVERNANCE