3.4 Investments in subsidiaries (Company) Accounting policies In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised in profit or loss and presented in retained earnings in equity. Carrying value of investment in subsidiaries The movements in the Company’s interest in unlisted subsidiaries and joint ventures during the year are as follows: 2025 £m At 1 January 2,651.3 Additions 70.0 Revaluation (334.0) At 31 December 2,387.3 In the year, Unite Group plc subscribed to £70 million of new share capital from its immediate subsidiary undertaking Unite Integrated Solutions plc. The carrying value of investment in subsidiaries has been calculated using the net assets of the underlying subsidiaries adjusted for the fair value of fixed rate loans and excluding the carrying amount of intangible assets. This includes investment property, investment property under development and swaps at a fair value calculated by a third-party expert. All investment properties and investment properties under development are classified as Level 3 in the IFRS 13 fair value hierarchy. They are discussed on page 169 and referenced as a key source of estimation uncertainty on page 153. The fixed rate loans range between Level 1 and Level 2 in the IFRS 13 fair value hierarchy are discussed further on page 181. Significant assumptions underlying the valuation of investment in subsidiaries are valuation of investment property and investment property under development, together with the value of borrowings and inter-company debt. A full list of the Company’s subsidiaries and joint ventures can be found in note 8. 2024 £m 2,450.8 - 200.5 2,651.3 Investment in subsidiaries THE UNITE GROUP PLC Annual Report and Accounts 2025 179