Reconciliation: IFRS profit before tax to EPRA earnings and adjusted earnings Note 2025 £m IFRS profit before tax 97.7 Net valuation (losses/gains) on investment property 2.2b 67.1 Write off of inventories, other fixed assets and property disposal 2.2b 14.9 Net valuation losses on investment property 2.2b 12.9 Amortisation of fair value of debt recognised on acquisition 2.2b (2.3) Changes in valuation of interest rate swaps 2.2b 22.5 Swap cancellation and debt exit fees 2.2b - Non-controlling interest, tax and other items 4.9 EPRA earnings 217.7 Software as a service costs 14.6 Adjusted earnings 232.3 Adjusted EPS yield Adjusted EPS yield 2025 Adjusted earnings per share (A) 47.5p EPRA NTA 1 January (B) 972p Adjusted EPS yield (A/B) 4.9% Total accounting return Total accounting return 2025 Opening EPRA NTA (A) 972p Closing EPRA NTA 955p Movement in EPRA NTA (17)p 2024 final dividend 24.9p 2025 interim dividend 12.8p Total Movement in NTA (B) 20.7p Total Accounting Return - % (B)/(A) 2.1% EPRA performance measures 2025 2025 £m pps EPRA earnings 217.7 44.5 Adjusted earnings 232.3 47.5 EPRA NTA 4,684.9 955 EPRA NRV 4,697.7 957 EPRA NDV 4,741.9 966 EPRA net initial yield 4.8% 4.8% EPRA topped up net initial yield 4.8% 4.8% EPRA like-for-like gross rental income 4.9% 7.5% EPRA vacancy rate 4.6% 2.0% EPRA cost ratio (including vacancy costs) 34.8% 35.2% EPRA cost ratio (excluding vacancy costs) 33.9% 34.9% * Adjusted earnings calculated as EPRA earnings less software as a service costs (net of deferred tax). 2024 £m 444.0 (253.7) 12.2 1.9 (4.1) 0.4 3.1 (1.9) 201.9 11.9 213.8 2024 46.6p 920p 5.1% 2024 920p 972p 52p 23.6p 12.4p 88.0p 9.6% 2024 £m 201.9 213.8 4,758.4 5,236.2 4,853.30 2024 pps 44.0 46.6 972 1,069 994 THE UNITE GROUP PLC Annual Report and Accounts 2025 205