Responding to change Market share gains from returner market One million students live in houses of multiple occupancy, providing a significant opportunity to attract new customers as the availability of HMOs reduces. Increasing our alignment to the strongest universities We are targetting 60% of beds to be let through nomination agreements over the medium- term, rising from around 53% allowing for Empiric’s lower proportion of nominated beds. Nominations with high-quality universities strengthen our relationships and provide high- quality recurring income, with good visibility and built-in price increases in multi-year agreements. New university partnerships Opportunities for new developments on-campus as well as partnerships for the transfer of universities’ existing accommodation stock continue to offer attractive risk-adjusted returns and we are targeting one new joint venture each year. Best-in-class operating platform Resilient and sustainable business Net zero carbon Becoming a net zero carbon business for both our operations and developments by 2030, based on Science Based Targets intiative (SBTi)-validated targets. Resilient and flexible balance sheet We maintain a strong balance sheet with robust credit metrics. We nurture strong relationships with our shareholders, co-investment partners and debt providers to ensure continued access to capital. Unite Foundation Through our financial commitment, the charity we founded provides scholarships for estranged and care-experienced students throughout the course of their studies by addressing housing fragility. Over 60 university partnerships We are the partner of choice for a large number of the UK’s leading universities, reflecting our track record, focus on student support and our high- quality, affordable offering. 3 4 Returning to growth Occupancy recovery and rental growth Returning to historic occupancy levels and maintaining rental growth in the portfolio are key enablers of a return to growth in 2027 and we are focused on delivering our operational targets for the 2026/27 sales cycle. Stable dividends and EPS As a real estate investment trust (REIT), we target sustainable dividends for our investors. We will distribute 79% of our recurring earnings per share for 2025 and expect to hold this amount flat in 2026 by increasing the payout ratio. We expect adjusted earnings of 41.5-43.0p in 2026. Attractive total returns of 8–10% p.a. before yield movement Achieved through recurring earnings, rental growth and development profits. 5 6 Passionate frontline teams Service excellence is delivered by our passionate city teams of 1,266 employees. This brings together our experience of 35 years of operating in the student accommodation sector. Sector-leading operating margins We drive cost efficiencies through our operational scale at a UK and city level, which enables us to in-source key activities as well as enhancing processes through the roll-out of new technology platforms. Management fees from joint ventures and funds also cover around two-thirds of our annual overheads. THE UNITE GROUP PLC Annual Report and Accounts 2025 13