3.3a) Net assets and results of the joint ventures The summarised balance sheets and results for the year, and the Group’s share of these joint ventures are as follows: 2025 USAF LSAV Uni – JV Total £m £m £m £m Summarised balance sheet Gross Share Gross Share Gross Share Gross Share Investment and development property 2,826.5 843.4 2,039.0 1,019.5 36.2 18.5 4,901.7 1,881.4 Cash and cash equivalents 239.9 71.6 76.0 38.0 - - 315.9 109.6 Borrowings Non-Current (937.3) (279.7) (722.6) (361.3) - - (1,659.9) (641.0) Borrowings Current - - - - - - - - Swap assets - - - - - - - - Other current assets - - - - 32.7 16.7 32.7 16.7 Other current liabilities (69.4) (20.7) (21.8) (10.9) (35.0) (17.8) (126.2) (49.4) Net assets 2,059.7 614.6 1,370.6 685.3 33.9 17.4 3,464.2 1,317.3 Swap liabilities - - - - - - - - EPRA net assets 2,059.7 614.6 1,370.6 685.3 33.9 17.4 3,464.2 1,317.3 Summarised income statement Rental income 198.7 59.0 120.5 60.2 - - 319.2 119.2 Other income 0.7 0.2 2.1 1.1 - - 2.8 1.3 Total Revenue 199.4 59.2 122.6 61.3 - - 322.0 120.5 Costs of sales (65.9) (19.6) (30.5) (15.2) - - (96.4) (34.8) Operating expenses (2.8) (0.6) (1.5) (0.8) - - (4.3) (1.4) Results from operating activities before (losses)/ gains on property 130.7 39.0 90.6 45.3 - - 221.3 84.3 Loss on disposal of property (5.0) (1.6) - - - - (5.0) (1.6) Net valuation movement 7.0 2.0 6.8 3.4 (0.3) (0.2) 13.5 5.2 Net financing (costs)/gains (45.0) (12.8) (34.4) (17.2) - - (79.4) (30.0) Profit before tax 87.7 26.6 63.0 31.5 (0.3) (0.2) 150.4 57.9 Taxation (0.1) - (0.3) (0.2) - - (0.4) (0.2) Profit for the year after tax 87.6 26.6 62.7 31.3 (0.3) (0.2) 150.0 57.7 Other comprehensive income - - (1.0) (0.5) - - (1.0) (0.5) Total comprehensive (expense)/income 87.6 26.6 61.7 30.8 (0.3) (0.2) 149.0 57.2 Dividends received from the joint ventures during the year - 16.6 - 12.9 - - - 29.5 THE UNITE GROUP PLC Annual Report and Accounts 2025 175