EPRA cost ratio 2025 £m Property operating expenses 99.4 Overheads* 27.7 Development costs and other items (5.0) Unallocated expenses 7.7 129.8 Share of JV property operating expenses 34.8 Share of JV operating expenses 1.4 Share of JV unallocated expenses 0.5 166.5 Less: Joint venture management fees (17.3) Total costs (A) 149.2 Group vacant property costs** (3.0) Share of JV vacant property costs** (1.0) Total costs excluding vacant property costs (B) 145.2 Rental income 307.7 Share of JV rental income 120.5 Total gross rental income (C) 428.2 Total EPRA cost ratio (including vacant property costs) (A)/(C) 34.8% Total EPRA cost ratio (excluding vacant property costs) (B)/(C) 33.9% * Excludes software as a service cost (net of deferred tax). ** Vacant property costs reflect the per bed share of operating expenses allocated to vacant beds. Unite Group’s EBIT margin excludes non-operational expenses which are included within the EPRA cost ratio above. Unite Group capitalises costs in relation to staff costs and professional fees associated with property development activity. 2024 £m 87.2 21.6 3.8 8.8 121.4 34.7 0.9 0.5 157.5 (17.3) 140.2 (0.9) (0.3) 139.0 282.0 116.0 398.0 35.2% 34.9% THE UNITE GROUP PLC Annual Report and Accounts 2025 207