Total Pipeline 5,964 beds Total pipeline development cost £710 million (2024: £1.5bn) New beds delivered for 2025/26 1,000 The see-through net initial yield of the portfolio was 5.2% at 31 December 2025 (31 December 2024: 5.1%), which reflects like-for-like yield expansion of 11 basis points in the year. Investment activity in the UK student accommodation sector remains strong, with around £4 billion traded in 2025. Private equity and institutional investors have remained active in the sector, attracted by a positive outlook for rental growth, which reflects strong demand and constrained supply in many cities. Investor demand is greatest for newly-built assets and older assets, with value-add opportunities in strong markets. Our property portfolio saw a 0.1% decrease in valuations on a like- for-like basis during the year (Unite share: 0.5% decrease), as increases in property yields and capital expenditure offset rental growth. PERFORMANCE REVIEW Property review Increasing alignment to the strongest universities TOM BREWERTON GROUP DEVELOPMENT DIRECTOR THE UNITE GROUP PLC Annual Report and Accounts 2025 29