Slides
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Delivering our plan Preliminary results Year ended 31 December 2025 24 February 2026
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2 Contents 1. CEO review 2. Operations review 3. Financial review 4. Property review 5. Outlook 6. Q&A 7. Appendices CONTENTS
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3 Joe Lister, Chief Executive 1 CEO review
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4 CEO REVIEW Responding to change Aligned to the strongest universities • Focus on growth cities • High-tariff alignment Unique university relationships • Target 60% nominations • One new university JV a year Best-in-class platform • Win share from competitors • Taking action on costs Positioning for growth • Growing demand at the strongest universities • Slowing supply
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5 New supply slowing 1.5% net supply growth in 2025 HMO in decline, Renters’ Rights Act to come BTR competing in some cities Near-term challenges -2% acceptances at low-tariff providers +1ppt intention to live at home Choosing housing later in the cycle Universities targeting growth Strongest universities taking market share Seeking long-term accommodation partners Waiting for clarity on 2026 demand Leading universities will continue to thrive Increasing student numbers +5% UK 18-year-old applicants Strong international undergrads offsetting weaker postgrads More restrictive US visa policy Sector fundamentals remain strong CEO REVIEW
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6 Delivering on our strategic priorities Our focus Our objectives Our progress Operational excellence Sustainable, high-quality income 68% reservations for 2026/27 55% beds nominated Taking action on costs c.20% reduction in central staff costs Tech upgrade delivering £7m p.a. cost savings Deliver our business plan for Empiric Integration underway Increased cost synergy target to £17m Optimal capital allocation Increase alignment to the strongest universities 67% alignment to high-tariff Increasing through disposals and pipeline Deliver on university partnerships 4,300 beds on-site for delivery 2028-30 Pipeline of active discussions Deploy capital at best risk-adjusted returns Agreed £186m disposal to USAF Launched initial £100m share buyback CEO REVIEW
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7 Empiric acquisition Shared focus on the strongest universities • Acquisition complete, integration underway • Returner focused Hello Student brand • 81% aligned to high-tariff universities • Sales performance below expectations • 89% occupancy and 4.5% rental growth for 2025/26 • Income shortfall to impact earnings in H1 2026 • Prioritising 2026/27 sales • Clear plan to drive performance • Occupancy improvement over next two years • Capturing share from HMO • Recurring synergy target increased to £17m CEO REVIEW
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8 2025 performance CEO REVIEW 1) NTA movement + dividends paid / opening NTA 2025/26 occupancy 95.2% -2ppt YoY Adj. EPRA EPS 47.5p +2% YoY NTA per share 955p -2% 2025/26 rental growth 4.0% Dividend per share 37.7p +1% YoY Total accounting return1 2.1%
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9 Operations review Karan Khanna, Chief Operating Officer 2
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10 2026/27 sales cycle update • Currently 68% reserved (2025/26: 71%), modestly behind prior year • 55% beds nominated, with active pipeline of opportunities • Direct-let sales tracking in line with prior year, continuing later booking trend • 2.4% LfL rental growth on rooms sold to date, driven by income through nominations OPERATIONS REVIEW 4.0% 2.4% 2-3% - 1% 2% 3% 4% 5% 2025/26 2026/27 to date 2026/27 target Rental growth progress 59% 55% 12% 13% 71% 68% - 20% 40% 60% 80% 100% 2025/26 2026/27 Reservations year-on-year Nominations Direct-let
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11 Trends in nomination agreements • 55% of beds nominated for 2026/27 (2025/26: 59%) • 77% renewal rate for single-year agreements • Universities managing financial risk early in cycle • Majority of reduction from low/medium-tariff universities • Growing housing demand at high-tariff for 2026/27 • Strong 18-year-old and international UG demand • 8% increase in mobile students • Expect to add new agreements through the year • Pipeline of active conversations • Opportunity to direct let OPERATIONS REVIEW 37,660 35,260 (450) (850) (1,100) 30,000 32,000 34,000 36,000 38,000 40,000 2025/26 High Medium Low 2026/27 Net change in nomination beds by tariff 6% 1% (1%) 8% (2%) (3%) (6%) (2%) 2% 6% 10% High-tariff Medium-tariff Low-tariff Change in 2026/27 UCAS applications Applicants Intend to live away from home
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12 Drivers of nominations demand OPERATIONS REVIEW Universities seeking affordable price points 400 affordable design beds in MMU JV Unite uniquely positioned to meet university need High-quality pastoral support a must 100 Resident Ambassadors and Support to Stay High-tariff targeting long-term partnerships Housing an enabler of growth
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13 OPERATIONS REVIEW Booking cycle milestones Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q4 Postgraduates (18% of customers) Undergraduates (82% of customers) Rebooking launch Confirm acceptance or change during Clearing Main UCAS application deadline Confirm 1st and 2nd choice courses A-Level results Jan starts and late arrivals Visa application 65% of visas applied for in Q3 Select university and courseResearch country and universityRebooking
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14 Driving income for Empiric • High-quality portfolio and service • 81% aligned to high-tariff universities • Sales performance below our expectations • Lower occupancy and shorter tenancies for 2025/26 • 2026/27 reservations in line with Unite direct let • Enhanced sales performance through our platform • Maximise sales through our international channels • Revenue management interventions • Increased retention of Returner students • Commercial and technology integration in H2 2026 • Full benefit from 2027/28 sales cycle OPERATIONS REVIEW Empiric Unite Agent network Small >3x size 24/7 call centre ✘ Local China office ✘ Chinese speakers ✘ Virtual sales team ✘ Summer sales team ✘ International social media ✘ Sales platform capabilities
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15 Best-in-class operating platform OPERATIONS REVIEW 1) GSLI Autumn Survey Great customer service Record university engagement Technology upgrade programme • Highest ever Net Promoter Score1 • GSLI Gold rated • Programme completes in 2026 • £7m p.a. cost savings from 2027 • Highest ever University Trust Score • Operational relationships unlocking partnership opportunities
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16 Financial review Mike Burt, Chief Financial Officer 3
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17 Robust operating performance • LfL rental growth of 4.9% with strong rate growth offsetting lower occupancy • 10% growth in operating costs, primarily driven by Real Living Wage and Employers’ NI • New openings and acquisitions add £15m to NOI net of disposals • EBIT margin reduced to 65.9% due to cost growth outpacing income FINANCIAL REVIEW 276.1 294.0 14.9 15.3 (5.3) (1.3) (5.7) £220m £240m £260m £280m £300m £320m 2024 NOI Like-for-like Income Non-Like-for-like income Staff & central costs Marketing costs Other costs¹ 2025 NOI NOI bridge 1) Other costs includes £1.2m council tax and £0.6m building insurance
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18 Rental income driving earnings growth • Adjusted earnings +9% and adjusted EPS +2% • £18m increase in NOI through like-for-like growth and investment activity • Net overheads held broadly flat, excluding non-recurring Newcastle University JV fee • Increased finance costs reflecting higher borrowings and cost of debt FINANCIAL REVIEW £213.8m 46.6p £232.3m +9% YoY 47.5p +2% YoY2 £6.8m £11.1m (£0.9m) £4.2m (£2.7m) £200m £210m £220m £230m £240m £250m 2024 Adjusted earnings Like-for-like NOI Portfolio activity NOI Net overheads¹ Newcastle University JV fee Finance costs 2025 Adjusted earnings Adjusted earnings bridge 1) Excluding Software as a Service (SaaS) implementation costs 2) Adjusted EPS movement reflects increased share count
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19 • 2% reduction in EPRA NTA to 955p, translating to a 2.1% total accounting return • 0.5% like-for-like revaluation deficit • 11bps increase in portfolio yield to 5.2%, offset by rental growth of 3.3% • 4p development deficit includes 2p write-off of planning costs from TP Paddington NAV and return on equity FINANCIAL REVIEW 3.3% (2.5%) (1.3%) (0.5%) (4%) (3%) (2%) (1%) - 1% 2% 3% 4% Valuation change (Like-for-like, Unite share) Rental growth Yield mov Capex 972p 955p 24p (30p) (4p) (3p) (4p) 900p 920p 940p 960p 980p 1,000p 1,020p 31 Dec 24 Net rental growth Yield movement Development portfolio Fire safety capex net of claims Other¹ 31 Dec 25 2025 NTA movement 1) Includes restructuring costs, Empiric acquisition costs to date, impact of SaaS implementation cost and retained earnings etc
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20 Income guidance (excluding Empiric) 2026/27 academic year Beds Occupancy 2025/26 Occupancy 2026/27 RevPOR growth 2026/27 LfL income growth Nomination agreements ~35,000 100% Fewer beds 3-4% Direct-let High occupancy markets (>95%) ~17,000 95% +/-1ppt 2-3% Lower occupancy markets (<95%) ~12,000 78% +/-5ppt 0-1% Unite (excluding Empiric) ~64,000 95% 93-96% 2-3% 0-2% Investor event Nov 2025 93-96% 2-3% 0-4% FINANCIAL REVIEW • Expect to deliver income towards the lower end of our previous guidance range • Reducing our occupancy expectation due to currently more cautious university behaviour • 2.4% rental increases on sales to date Lower end of
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21 Key drivers of cost and operating margins • Guidance for costs to be held flat in 2026 versus 2025 • Central cost reductions in H2 2025 to mitigate inflationary increases • Increased and accelerated Empiric cost synergy target of £17m, with £9m to be delivered in 2026 Taking action on costs FINANCIAL REVIEW 41 24 (9) (8) - £10m £20m £30m £40m £50m Empiric base¹ 2026e synergies 2027e synergies Empiric pro forma Delivery trajectory of Empiric cost synergies £17m total target synergies 1) FY24 56 63 54 57 7 831 316 7 154 166 - £25m £50m £75m £100m £125m £150m £175m 2024 2025 Unite cost breakdown (opex and overheads) Staff costs Overheads and other Marketing Utilities Depreciation
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22 Maintaining a robust balance sheet Target leverage reflective of operational intensity • Built-out leverage within target ranges • Pro forma¹ net debt:EBITDA of 6.7x • Net debt:EBITDA target of 6-7x • Funding strategy driven by cashflow metrics • Target interest cover of 3.5-4.0x • Built-out LTV of 30-35% • Gradually increasing cost of debt • Marginal cost of 5.25-5.75% • Exploring opportunities for further third-party capital • Disposal of St Pancras Way to USAF for £186m FINANCIAL REVIEW 3.9% 4.3% 4.5% 4.7% - 2% 4% 6% 2025 2026F 2027F 2028F Unite weighted average cost of debt Pro forma1 31 Dec 2025 31 Dec 2024 LTV 28% 27% 24% Net debt:EBITDA ratio 6.7x 6.0x 5.5x Interest cover ratio 4.6x 6.0x 6.2x Average cost of debt 4.1% 3.9% 3.6% % debt fixed or capped 100% 100% 100% 1) Pro forma for Empiric acquisition and sale of St Pancras Way to USAF
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23 • 41.5 - 43.0p adjusted EPS, reflecting lower occupancy and impact of Empiric • Reduction weighted to H1 • Expect flat dividend per share 1) Excluding Empiric FINANCIAL REVIEW LfL rental growth 2025/26 AY earn-in + 2026/27 AY 0-2% Empiric (11 months) Lower than expected income £9m cost synergies in-year Adjusted EPS 41.5 – 43.0p Capital allocation £200m development completion £300-400m disposals £100m share buyback Costs Opex & overheads flat vs 2025¹ Lower JV fees Cost of debt ~4.3% +40bps YoY ~(0.5p) vs initial guidance ~(1.0p)-(1.5p) 2026 earnings guidance
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24 Property review Mike Burt, Chief Financial Officer 4
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25 Our capital allocation framework Delivering against our priorities Attractive total accounting returns Accretive to earnings growth Maintain robust balance sheet Accelerating capital recycling Focus on risk-adjusted returns Discipline in off-campus development Delivering on university partnerships Recent progress JVs formed with Newcastle and MMU 4,300 beds on-site for 2028-2030 1,000 new beds in 2025 Exited TP Paddington, deferred Freestone Island £214m of 2025 disposals Agreed £186m sale to USAF Initial £100m share buyback in progress Outlook Targeting one new partnership per year £27m additional NOI from 2027 Target disposals of £300-400m p.a. Targeting £100-200m p.a. of surplus capital PROPERTY REVIEW
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26 • £1.3bn investment, increasing alignment to the strongest universities • Sold 3,700 beds in regional cities, including lowest occupancy markets • Targeting 80% high-tariff portfolio following planned repositioning Increasing alignment to the strongest universities Investment enhancing portfolio quality PROPERTY REVIEW 18-20 cities 80% high tariff Future activity Target portfolio Investment activity (past 12m) University partnerships Committed development Planned disposals High-tariff alignment 68k 23 cities 72k 29 cities (3.7k) 1.0k 7.7k 64% 52% 94% 81% 67% - 25 50 75 100 2024 Disposals New openings Empiric Pro forma Beds (000's)
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27 Delivering on university partnerships Construction started at both joint ventures • JVs now formed in Newcastle and Manchester • 4,300 beds on-site for delivery 2028-2030 • Debt funded with Rothesay and PIMCO • Targeting one new JV partnership per year • Half-dozen live opportunities, including stock transfer • All Russell Group universities • Targeting low- to mid-teen IRR • Income underpinned by university alignment Newcastle University Manchester Metropolitan University Delivery 2028 & 2029 2029 & 2030 Beds 2,000 2,300 Unite stake 51% 69% Capex (share) £136m £253m Yield on cost 7.2% 7.5% PROPERTY REVIEW
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28 Discipline in off-campus development Reducing capex, optionality over future commitments • £27m NOI upside from completions from 2027 • Stabilisation of 2025 deliveries (65% occupied) • £100m cost to complete on-site schemes • Hawthorne House, Stratford opening in 2026 • 51% pre-let through nominations and academy space • First delivery subject to BSR approvals • Decisions taken to reduce capex • TP Paddington exit and deferral of Freestone Island • Discipline over new development starts • Hurdle rates increased for new investment • Nomination underpin required Committed Uncommitted Beds 1,650 2,400 Delivery 2026-2027 TBC Total cost £0.3bn £0.6bn Cost to go £0.1bn £0.4bn Committed costs £0.1bn £0.0bn Yield on cost 6.6% 6.7% Strategy Deliver Optimise / Exit PROPERTY REVIEW
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29 0% 10% 20% 30% 40% Distribution of Unite beds by weekly price RoUK London PROPERTY REVIEW New supply slowing Viability challenges to constrain new development starts • Viable development now requires minimum rents of £230 per week • Building Safety Act gateways adding 6-12 months to development programmes • 2025 saw the lowest number of PBSA planning submissions in the past five years Development not viable in 80% of cities (20) (10) - 10 20 30 40 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Net supply change of PBSA beds New beds Beds removed from sale Net supply 000s Source: CBRE, Cushman & Wakefield, Knight Frank, Unite
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30 Accelerating capital recycling Targeting disposals of £300-400m p.a. • >£4bn investment activity in 2025, shift from development funding to standing assets • Future disposals to be H2 weighted • 2026/27 income key to investor underwriting • Significant due diligence linked to Building Safety Act NOI yield Considerations Lower growth assets 6.0-7.5% • Portfolio sale planned in 2026 Stabilised assets in core markets 4.5-5.5% • Agreed sale of St Pancras Way to USAF • Exploring further opportunities Low-yielding assets 1.5-2.0% • Preparing to market selected assets Total 5.5-6.5% • c.5.5% marginal cost of debt - 2 4 6 8 10 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 £bn UK PBSA investment volumes Source: CBRE, Unite Liberty Living iQ Student Roost Empiric PROPERTY REVIEW
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31 Optimal capital allocation Focus on driving earnings growth and enhancing portfolio quality c.£175m p.a. c.(£150m) p.a.(400) (200) - 200 400 2022-25 2026-28F Annual capital investment net of disposals Development Asset management Acquisitions Disposals Net investor Net seller • Transition to net seller as disposals accelerate and development becomes more selective • Capital allocation based on strongest risk-adjusted returns • £100m share buyback underway (£28m to date), funded through deferred development PROPERTY REVIEW University partnerships + Share buybacks Surplus capital of £100-200m p.a.
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32 Outlook Joe Lister, Chief Executive 5
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33 Delivering our strategy in 2026 Our focus Our objectives Our focus for 2026 Operational excellence Sustainable, high-quality income Grow nominated beds Increase share of returning students Taking action on costs Delivering £7m recurring of technology savings Deliver our business plan for Empiric Improve occupancy Fully integrated with £17m synergies Optimal capital allocation Increase alignment to the strongest universities Disposals of £300-400m p.a. Deliver on university partnerships 4,300 beds on-site for delivery 2028-30 Secure one new JV Deploy capital at best risk-adjusted returns Optimise off-campus pipeline Deliver share buyback programme OUTLOOK
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34 The leader in student housing OUTLOOK Sector fundamentals remain strong Best-in-class platform and unrivalled university relationships Building momentum in delivery of our plan Strong platform for 2027 and beyond
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35 Q&A 6
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36 Appendices 7
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37 Portfolio overview Geographical breakdown of portfolio Rank City Unite beds Empiric beds Pro forma beds 2024/25 full-time student numbers 1 London 12,578 - 12,578 410,265 2 Manchester 5,639 789 6,428 114,880 3 Liverpool 5,340 452 5,792 67,065 4 Birmingham 4,986 430 5,416 90,520 5 Bristol 4,488 461 4,949 59,810 6 Leeds 4,421 323 4,744 67,890 7 Newcastle 3,762 152 3,914 52,060 8 Cardiff 3,224 519 3,743 53,660 9 Edinburgh 2,636 313 2,949 69,240 10 Portsmouth 2,706 242 2,948 22,002 Top 10 49,780 3,681 53,461 Total 64,182 7,695 71,877 Source: Unite, HESA APPENDICES Existing Unite cities New cities post-Empiric Aberdeen EdinburghGlasgow Newcastle Durham Manchester Leeds Sheffield Liverpool Birmingham Coventry Nottingham Loughborough Leicester Oxford London Medway Cardiff Bristol Bath Bournemouth Southampton Portsmouth St Andrews York Lancaster Huddersfield Exeter Falmouth
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38 Portfolio and customer breakdown APPENDICES 2025/26 2024/25 2023/24 UK 72% 72% 72% Non-EU 26% 26% 26% Other EU 2% 2% 2% Customers by domicile 1st year undergrad. 63% Returning undergrad. 21% Post graduate 16% Customers by year of study - 10% 20% 30% Distribution of beds by weekly price RoUK London Direct-let 41% Nominations - 3rd party 20% Nominations - referral 39% Bookings by type En-suite 85% Studio 11% Non en-suite 4% Room types Nominations - referral: Agreements where the university refers students to Unite, who then pay Unite directly. Nominations – 3rd party: Agreements where the university pays Unite directly
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39 High income visibility through nomination agreements Significant recurring income delivering contractual rental growth • Multi-year deals support 3-4% rental growth from nomination agreements • 6.1-year average unexpired lease term on agreements • Nomination rents c.10% below comparable direct-let rooms £171 £292 £186 £328 - £100 £200 £300 £400 Regions London Average Unite ensuite weekly rent (2025/26) Nominations Direct-let 12% 10% 8% 4% 25% - 5% 10% 15% 20% 25% 30% 2026 2027 2028 2029 2030+ % of beds Nomination expiry profile (2025/26) APPENDICES
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40 A responsible and resilient business • Ongoing investment in energy efficiency • Over 99% of portfolio EPC A-C rated (2024: 99%) • 99.9% of electricity purchased from renewable sources • Energy intensity per m2 reduced 12% from 2019 baseline • Making a positive impact • £3m invested in supporting young people in 2025 • 70 new Unite Foundation accommodation scholarships • First PBSA signatory of the Care Leavers Covenant • Maintained Real Living Wage commitment • Continued progress decarbonising development • Significant savings from more efficient design, low-carbon concrete and façade APPENDICES 1,200 801 671 701 717 625 - 400 800 1,200 1,600 RIBA Baseline 2023 2024 2025 2026 RIBA 2030 challenge kgCO2e/m2 Embodied carbon on development1 1) RIBA modules A1-C4 C, 8% B, 87% A, 4% 81% 57% 44% 0% 25% 50% 75% 100% Unite University owned PBSA HMO All private rental EPC ratings A-C Source: Unite, English Housing Survey 2021/22 and HESA 99%
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41 Fire safety • All properties safe to operate with risk-based approach to cladding remediation works • Expect further provisions in 2026 • Expect to recover 50-75% of total costs through claims from contractors • Financial impact expected to lessen significantly over time APPENDICES (0.3%) (0.3%) (0.5%) p.a. -% p.a. (1.0%) (0.5%) - 0.5% 1.0% 2024 2025 2026-28F 2029-31F Net fire safety as % NTA¹ 1) Assumes mid-point of expected 50-75% recovery rate
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42 Universities adapting to financial pressures Increased efficiency around costs and capital • Universities are well-established, long-term organisations • Strong balance sheets and limited external borrowing • Universities are managing their cost base and rationalising courses where needed • Expect further mergers of lowest-ranked institutions Course fees 55% Funding body grants 10% Research grants 13% Other income 18% Investment income 2% Donations 2% University income mix (2023/24) Source: OfS, Unite 37% 6% 1% (4%)(10%) - 10% 20% 30% 40% 1 2 3 4 Quartile Surplus as % of income¹ Source: HESA, Unite, 2023/24, 1) Surplus excluding pension adjustment as % income 0.0x 0.2x 0.4x 7.7x - 2 4 6 8 10 1 2 3 4 Quartile Non-current creditors to non-current assets² Source: HESA, Unite, 2) 2023/24 APPENDICES
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43 Outlook for international demand • Rising global living standards support increasing demand for Higher Education • 6% p.a. growth in international students since 2000 • Outlook for nine million international students by 2030 • UK offers world-class education and cultural experience • 17 UK universities in QS Global Top 100 • UK government supportive of international students • Focused on attracting brightest and best • £2,500 per student subsidy for UK students • Tighter policy in US / Canada / Australia, making the UK more attractive - 10 20 30 USA UK Australia Hong Kong China Germany QS Global Top 100 universities by country Source: 2026 QS World Rankings - 100 200 300 400 500 600 2020 2021 2022 2023 2024 2025F 000's New international student visas granted Canada Australia USA UK Source: ApplyBoard APPENDICES
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44 31 December 2025 Wholly owned USAF LSAV Lease Total Unite share London Value (£m) 1,326 449 1,804 - 3,579 2,362 Beds 4,072 1,863 6,643 - 12,578 38% Properties 12 6 14 - 32 Prime regional Value (£m) 1,514 927 - 20 2,461 1,811 Beds 9,321 5,529 - 618 15,468 29% Properties 19 19 - 2 40 Major regional Value (£m) 1,229 1,215 278 26 2,748 1,756 Beds 13,814 12,148 3,067 753 29,782 28% Properties 27 25 1 2 55 Provincial Value (£m) 96 253 - 21 370 192 Beds 2,474 2,821 - 1,059 6,354 3% Properties 5 6 - 3 14 Total PBSA Value (£m) 4,165 2,844 2,082 67 9,158 6,121 Beds 29,681 22,361 9,710 2,430 64,182 99% Properties 63 56 15 7 141 Build to Rent Value (£m) 69 - - - 69 69 Units 178 - - - 178 1% Properties 1 - - - 1 Total Value (£m) 4,233 2,844 2,082 67 9,227 6,190 Properties 64 56 15 7 142 100% Unite share 100% 30% 50% 100% Value (£m) 4,233 849 1,041 67 6,190 Rental portfolio analysis - Unite APPENDICES
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45 Unite Empiric¹,² Total Unite share London Value (£m) 3,579 - 3,579 2,362 Beds 12,578 - 12,578 32% Properties 32 - 32 Prime regional Value (£m) 2,461 478 2,939 2,289 Beds 15,468 2,236 17,704 31% Properties 40 16 56 Major regional Value (£m) 2,748 568 3,316 2,324 Beds 29,782 4,219 34,001 32% Properties 55 40 95 Provincial Value (£m) 370 106 476 298 Beds 6,354 1,240 7,594 4% Properties 14 10 24 Total PBSA Value (£m) 9,158 1,152 10,310 7,273 Beds 64,182 7,695 71,877 99% Properties 141 66 207 Build to Rent Value (£m) 69 - 69 69 Units 178 - 178 1% Properties 1 - 1 Total Value (£m) 9,227 1,152 10,379 7,342 Properties 142 66 208 100% Rental portfolio analysis – pro forma for Empiric APPENDICES 1) Market classifications include the following new cities within Prime regional: York, Major regional: Exeter, St Andrews, and Provincial: Aberdeen, Falmouth, Huddersfield, Lancaster 2) 30 June 2025 valuations per Cushman & Wakefield
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46 AY2025/26 AY2026/27 FY2026 Comment Operating performance Unite rental growth 4.0% 2-3% One term of 2026/27 income in FY2026 Unite occupancy 95.2% 93-96% Sales trajectory trending to lower end of guidance EBIT margin ~65% Reflects lower income and Empiric margin Empiric cost synergies £9m Fully delivered in H2, annual £17m run-rate from FY2027 Property activity (Unite share) Development capex £180m Build costs on committed pipeline Development completion (2026/27) £196m TDC @6.1% stabilised yield on cost AMI capex £10-15m c.8% yield on cost, one academic term benefit in FY2026 Fire safety capex (net of claims) ~0.5% NTA Disposals c.£300-400m Weighted to H2, 5.5-6.5% NOI yield Financing Cost of debt 4.3% +40bps YoY, impact of refinancing and new debt Capitalised interest ~15m Reduced development activity Key performance indicators Adjusted EPS 41.5-43.0p EPRA EPS 39.5-41.0p Net of c.2p non-recurring IT replatforming costs 2026 financial outlook APPENDICES 1) Based on annual revenue per occupied room (RevPOR) measure
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47 Rental income outlook Wholly owned £m Share of JVs £m Unite share £m 2025 rental income 308 120 428 Completed disposals (7) (3) (10) 2025 development completions 5 - 5 2025 rental income (pro forma)1 306 117 423 2025/26 rental growth (term 2 & 3) Like-for-like properties ~10 2026/27 rental growth (term 1) ~0 Empiric acquisition (11 months) 2026 property activity 65-70 Development/AMI completions ~5 Agreed USAF disposal ~(5) Target disposals ~(20)-(15) 2026 rental income (outlook) ~475-485 APPENDICES 1) Reflects annualised impact of property activity during 2025 Assumes lower end of 93-96% occupancy and 2-3% rental growth guidance
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48 £m Wholly owned USAF (Unite share) LSAV (Unite share) Unite Group 2025 Unite Group 2024 Rental income 307.7 59.2 61.3 428.2 398.0 Property operating expenses (99.4) (19.6) (15.2) (134.2) (121.9) Net operating income (NOI) 208.3 39.6 46.1 294.0 276.1 NOI margin 68% 67% 75% 69% 69% Management fees 22.2 (4.9) - 17.3 17.3 Overheads (47.1) (0.6) (0.8) (48.5) (38.4) Finance costs (16.7) (12.8) (17.2) (46.7) (44.0) Development and other costs 2.1 (0.2) (0.3) 1.6 (9.1) EPRA earnings 168.8 21.1 27.8 217.7 201.9 SaaS implementation costs 14.6 - - 14.6 11.9 Adjusted earnings 183.4 21.1 27.8 232.3 213.8 Adjusted EPS 47.5p 46.6p EPRA EPS 44.5p 44.0p EBIT margin 65.9% 68.1% EPRA earnings statement APPENDICES
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49 £m Wholly owned³ USAF (Unite share) LSAV (Unite share) Unite Group 31 Dec 2025 Unite Group 31 Dec 2024 Balance sheet Rental properties1 4,221 843 1,020 6,084 5,852 Leased properties 60 - - 60 72 Properties under development 457 - - 457 451 Total property portfolio/GAV 4,738 843 1,020 6,601 6,375 Net debt (1,212) (208) (324) (1,744) (1,510) Lease liability (74) - - (74) (73) Other assets/(liabilities) (66) (21) (11) (98) (34) EPRA NTA 3,386 614 685 4,685 4,758 EPRA NTA per share 955p 972p LTV2 26% 25% 32% 27% 24% EPRA balance sheet APPENDICES 1) Includes fire safety commitments 2) Excludes leased asset and corresponding lease liability recognised in respect of leased properties under IFRS 16 3) Includes balances in relation to Newcastle University JV
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50 Unite 31 Dec 2025 31 Dec 2024 Net debt £1,744m £1,510m LTV 27% 24% Net debt: EBITDA ratio 6.0x 5.5x Interest cover ratio 6.0x 6.2x Average debt maturity 4.0 years 3.8 years Average cost of debt 3.9% 3.6% % investment debt fixed or capped 100% 100% Debt information APPENDICES - £0.2bn £0.4bn £0.6bn £0.8bn £1.0bn £1.2bn £1.4bn 2026 2027 2028 2029 2030 2031 2032 2033 Debt maturity profile¹,² Empiric headroom Group headroom Empiric Group Funds headroom Funds Maturity profile² £m 2026 2027 2028 2029 2030 2031 2032 2033 Total drawn Total facility On-balance sheet - - 275 300 - 150 400 - 1,125 1,875 USAF - - - 150 400 - - 400 950 950 LSAV - 540 - 185 - - - - 725 725 Newcastle University JV - - - - - - - - - 150 Empiric - - 221 - 31 137 - - 389 409 Total - 540 496 635 431 287 400 400 3,189 4,109 % of drawn debt -% 17% 16% 20% 14% 9% 13% 13% 100% 1) Unite share 2) Pro forma for Empiric
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51 Committed development and partnerships pipeline Type1 Target delivery Secured beds/ units Total completed value Total development costs Capex in period Capex remaining Forecast NTA remaining (Unite share) Forecast yield on cost no £m £m £m £m £m % Off-campus pipeline Hawthorne House, Stratford2 Noms/DL 2026 719 248 196 53 21 30 6.1% Central Quay, Glasgow Noms/DL 2027 934 161 125 88 88 30 7.4% Total off-campus pipeline 1,653 409 321 71 109 60 6.6% University JV Castle Leazes, Newcastle3 JV 2028/29 2,009 317 267 27 240 33 7.2% Cambridge Halls, Manchester,4 JV 2029/30 2,302 465 367 10 357 72 7.5% Total on-campus pipeline 4,311 782 634 37 597 105 7.4% Total committed pipeline 5,964 1,191 955 108 706 165 7.1% Total committed pipeline (Unite share) 891 710 91 478 127 7.0% APPENDICES 1) Direct-let (DL), Nominated (Noms) and Joint Venture (JV) 2) Yield on cost assumes sale of academic space for c.£45m 3) Unite share 51%. Yield on cost includes management fees in NOI and deducts development management fee from costs 4) Unite share 69%. Yield on cost includes management fees in NOI and deducts development management fee from costs
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52 Committed development capex APPENDICES c.£180m c.£150m c.£90m c.£50m c.£10m - £100m £200m £300m 2026 2027 2028 2029 2030 Phasing of committed development cost to go¹ On-campus Off-campus Fully-funded committed pipeline of 6,000-bed / 4 projects £480m¹ development cost to go 4,300 beds on-campus Newcastle and Manchester Metropolitan University JVs Phased delivery across 2028-30 1,650 beds off-campus Two schemes, in London and Glasgow Delivery in 2026 and 2027 1) Unite share of Castle Leazes (Newcastle) and Cambridge Halls (Manchester) development costs
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53 Future pipeline 2,900 beds / 5 projects land owned or under option agreement • Land owned for 2,400-bed pipeline • Three consented schemes • 68% weighting to London by value • Two schemes with BSA Gateway 2 approval • Flexibility over commitments to land options • Decision to exit TP Paddington in late 2025 • Kennington Lane resolution to grant received during the year, full planning to follow APPENDICES City Beds Planning status Land owned Meridian Square London 952 Consent granted King’s Place London 444 Consent granted Freestone Island Bristol 500 Consent granted Waverley House Bristol 503 Resolution to grant Total land owned 2,399 Option agreement Kennington Lane London 511 Resolution to grant Total option agreement 511 Total future pipeline 2,910