Slide 1: Accelerating alignment to the UK's strongest universities
Accelerating alignment to the UK’s strongest universities Interim results Six months ended 30 June 2026 28 July 2026
Slide 2: Contents
Contents 1 CEO review 2 Operations review 3 Finance and property review 4 Outlook 5 Q&A 6 Appendices 2
Slide 3: CEO review
1 CEO review Joe Lister, Chief Executive
Slide 4: The home for students at the UK's strongest universities
CEO REVIEW The home for students at the UK’s strongest universities Strongest Accelerating Disciplined Positive leasing Best-in-class universities alignment to the capital momentum platform continue strongest allocation to excel universities 7% growth in Future portfolio Building 4,300 Unite Student
Slide 5: UK's strongest universities continue to excel
CEO REVIEW UK’s strongest universities continue to excel 2.3 applicants per place at strongest universities • Continuing demand for the strongest universities Change in UCAS acceptances (2016-2025)¹ • 7% growth in applications to High Tariff for 2026/27 30% 26% • Students choosing university on earn
Slide 6: Accelerating alignment to the UK's strongest universities
CEO REVIEW Accelerating alignment to the UK’s strongest universities High Demand Leading High demand Financial strength league table exceeding employment and for the residential and rankings available places earnings outcomes experience resilience 6
Slide 7: Accelerating alignment to the UK's strongest universities
CEO REVIEW Accelerating alignment to the UK’s strongest universities Future portfolio design principles Growing student demand Future Change portfolio Beds 55-60k ↓ 10-15k Constrained housing supply Cities 20 ↓ 9 city exits Occupancy 95-97% ↑ 1-2ppts Strong university relationships Rental growth 2-3
Slide 8: Accelerating our repositioning
CEO REVIEW Accelerating our repositioning Actively marketing over 15,000 beds for disposal this year and delivering 6,000 new beds Completed In progress Future disposals • £130m of disposals in H1 • £500m actively marketed, • Remaining 5,000-10,000 beds including 9,000 lower-growth beds coming to ma
Slide 9: Allocating capital to high-quality accommodation
CEO REVIEW Allocating capital to high-quality accommodation Pipeline in the Partnering with Capital discipline strongest markets leading universities and reinvestment • Hawthorne House, London • University JVs to deliver 4,300 • £165m share buyback in H1 fully let for 2026/27 beds on-campus from 202
Slide 10: Best-in-class platform leading the sector
CEO REVIEW Best-in-class platform leading the sector • Unite Students and Hello Student direct-let reservations ahead of PBSA market with growing rents • Marketing, sales networks, technology upgrades and dedicated teams driving performance • Leading student welfare and customer satisfaction scores
Slide 11: Operations review
2 Operations review Karan Khanna, Chief Operating Officer
Slide 12: Positive leasing momentum
OPERATIONS REVIEW Positive leasing momentum YoY change in reservations 90% 2% 89% • 89% reserved for 2026/27 (2025/26: 87%) 87% 2% • Strongest growth in UCAS applicants since 2016 3% 85% • Successful reselling of nominated beds 80% (5%) • 30% more Returner bookings • Highest demand aligned to strong
Slide 13: Platform delivering stronger sales
OPERATIONS REVIEW Platform delivering stronger sales 2026/27 nominated beds split by tariff group • Nominated beds crucial to universities’ 80% accommodation offer 56% 60% • Guaranteed accommodation for first-year and international students 38% 40% • Strong undergraduate intake supports further dema
Slide 14: Booking cycle milestones
OPERATIONS REVIEW Booking cycle milestones Approaching peak August booking period Undergraduates (~80% of customers) Confirm Confirm acceptance Main UCAS 1st and 2nd or change Rebooking application choice A-Level during launch deadline courses results Clearing Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Slide 15: Platform driving value from Hello Student
OPERATIONS REVIEW Platform driving value from Hello Student Sales platform capabilities • Increasing guidance for 2026/27 Delivered Future • Reservations +9ppts YoY to 77% Agent network • Rental growth in line with Unite Students portfolio 24/7 call centre • Occupancy target of 88-90% (previously at
Slide 16: Extending the customer lifecycle
OPERATIONS REVIEW Extending the customer lifecycle Broadening customer base enables further growth in strong cities • Increased confidence in opportunity to retain students and extend customer through Hello Student • Retention lowers cost of acquisition and secures income early in the sales cycle •
Slide 17: Finance and property review
3 Finance and property review Mike Burt, Chief Financial Officer
Slide 18: Financial highlights
FINANCE AND PROPERTY REVIEW Financial highlights 1.5% 27.1p 12.8p (8%) YoY unchanged YoY LfL income growth Adjusted EPS Dividend per share 865p (7.5%) 7.5x (9%) in H1 EPRA NTA per share Total Accounting Return¹ Pro forma net debt: EBITDA² 1) (NTA movement + dividends paid) / opening NTA for six mont
Slide 19: Solid operational performance
FINANCE AND PROPERTY REVIEW Solid operational performance • LfL income growth of 1.5% with rental growth offsetting lower occupancy • 5 months of Empiric contribution in line with post-acquisition expectations • Completed 2025 disposals net of new developments weighing on NOI ahead of reinvestment •
Slide 20: Earnings in line with expectations
FINANCE AND PROPERTY REVIEW Earnings in line with expectations • Adjusted earnings down 2% and adjusted EPS down 8% • Empiric acquisition adding £22m to NOI for 5 months in H1 • Underlying costs held broadly flat • Higher finance costs reflecting increased borrowing and cost of debt • 2026 adjusted
Slide 21: Market adjusting to higher return requirements
FINANCE AND PROPERTY REVIEW Market adjusting to higher return requirements • Lower PBSA transaction volumes in H1 • Yield increases reflect higher return requirements for investors • Greatest depth of capital for value-add opportunities £bn UK PBSA investment volumes Portfolio valuation yield moveme
Slide 22: Valuations and return on equity
FINANCE AND PROPERTY REVIEW Valuations and return on equity • 9% reduction in EPRA NTA to 865p, translating to a (7.5%) total accounting return in H1 • 6.4% like-for-like revaluation deficit • Principally driven by 29bps increase in portfolio yield to 5.5%, rental values broadly stable • Development
Slide 23: Delivering against our priorities for capital allocation
FINANCE AND PROPERTY REVIEW Delivering against our priorities for capital allocation Our framework Strong and flexible balance sheet Delivering on university Discipline in off-campus Accelerating capital Focus on risk-adjusted partnerships development recycling returns Progress On-site in Newcastle
Slide 24: Repositioning to the strongest universities
FINANCE AND PROPERTY REVIEW Repositioning to the strongest universities Moving to a higher-quality portfolio with stronger long-term growth prospects Committed Future Today¹ Disposals Change pipeline Portfolio Beds 72k (15-20)k 6k 55-60k ↓ 10-15k Cities 29 (9) 4 20 ↓ 9 city exits Occupancy² 94-96% 8
Slide 25: Future portfolio delivers superior operating performance
FINANCE AND PROPERTY REVIEW Future portfolio delivers superior operating performance • Future portfolio has consistently outperformed • Plan to further improve performance through Hello Student sales enhancements • Expect future portfolio to deliver high occupancy and sustainable rental growth Histo
Slide 26: Growing demand outpacing new supply
FINANCE AND PROPERTY REVIEW Growing demand outpacing new supply Supports improving outlook for rental growth • 5% growth in applicants for 2026 compares with c.2% net growth in PBSA supply • Capital values below replacement cost in most cities • New development limited by higher costs and extended d
Slide 27: Pipeline in the strongest markets
FINANCE AND PROPERTY REVIEW Pipeline in the strongest markets 6,000 beds for delivery by 2030 • Hawthorne House in London fully let for 2026/27 academic year • 50% nominated by UAL, #2 world-ranked university for Art & Design • Academy school let to UK Government for 25-year term • Targeting 6.1% st
Slide 28: Strong and flexible balance sheet
FINANCE AND PROPERTY REVIEW Strong and flexible balance sheet • Leverage to reduce over next 12 months 30 Jun 2026 30 Jun 2026 31 Dec 2025 • Pro forma¹ net debt: EBITDA of 7.5x with full year contribution of Pro forma Hello Student and cost synergies LTV 36% 27% • Return to 6-7x target through plann
Slide 29: 2026 earnings outlook
FINANCE AND PROPERTY REVIEW 2026 earnings outlook Guidance unchanged • H1 performance and progress on 2026/27 sales in line with expectations • Expect flat dividend per share Income Margin Capital Hello Student allocation (11 months) Adjusted 0-2% LfL growth Underlying costs £300-400m 26/27 AY occup
Slide 30: Outlook
4 Outlook Joe Lister, Chief Executive
Slide 31: The home for students at the UK's strongest universities
OUTLOOK The home for students at the UK’s strongest universities Strongest Accelerating Disciplined Positive leasing Best-in-class universities alignment to the capital momentum platform continue strongest allocation to excel universities Growing Portfolio Focus on Reservations Growing student numbe
Slide 32: Q&A
Q&A sere. UNITE unitestudents.com/summer
Slide 33: Appendices
6 Appendices D YOUR YNITE dR STUDENTS Student accommodation
Slide 34: Portfolio overview
APPENDICES Portfolio overview Geographical breakdown of portfolio Rank City Beds 2024/25 full-time student numbers 1 London 12,578 410,265 Aberdeen 2 Manchester 6,428 114,880 St Andrews Edinburgh 3 Liverpool 5,792 67,065 Glasgow 4 Birmingham 5,416 90,520 Newcastle 5 Bristol 4,949 59,810 Durham York
Slide 35: Portfolio and customer breakdown
APPENDICES Portfolio and customer breakdown Customers by domicile Distribution of beds by weekly price 30% 2025/26 2024/25 2023/24 RoUK London 20% UK 72% 72% 72% 10% Non-EU 26% 26% 26% - Other EU 2% 2% 2% Customers by year of study Bookings by type Room types Non en-suite Post graduate Studio 4% 16%
Slide 36: A responsible and resilient business
APPENDICES A responsible and resilient business EPC ratings A-C 99% • Ongoing investment in energy efficiency 100% A, 4% 81% • Over 99% of portfolio EPC A-C rated (2025: 99%) 75% 57% • 99.9% of electricity purchased from renewable sources 50% B, 87% 44% • Energy intensity per m2 reduced 12% from 201
Slide 37: Fire safety
APPENDICES Fire safety • All properties safe to operate with risk-based approach to cladding remediation works • Expect to recognise new costs in H2 2026 as we finalise projects for future delivery • Recovery of £50m of remediation costs from contractors year to date (Unite share: £27m) • Expect to
Slide 38: 2026 financial outlook
APPENDICES 2026 financial outlook AY2025/26 AY2026/27 FY2026 Comment Operating performance Rental growth¹ 4.0% 1-2% One term of 2026/27 income in FY2026 Unite Students occupancy 95.2% 94-96% Hello Student occupancy 89% 88-90% EBIT margin ~65% Reflects reduced income and lower Hello Student margin He
Slide 39: Rental income outlook
APPENDICES Rental income outlook Wholly owned Share of JVs Unite share £m £m £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 0-2% like-for-like 2025/26 rental growth (term 2 & 3) ~10 rental growth Like-
Slide 40: EPRA earnings statement
APPENDICES EPRA earnings statement USAF LSAV Unite Group Unite Group £m Wholly owned (Unite share) (Unite share) H1 2026 H1 2025 Rental income 195.9 33.3 33.1 262.3 236.6 Property operating expenses (59.2) (9.7) (10.5) (79.4) (64.7) Net operating income (NOI) 136.7 23.6 22.6 182.9 171.9 NOI margin 6
Slide 41: EPRA balance sheet
APPENDICES EPRA balance sheet USAF LSAV University JVs³ Unite Group Unite Group £m Wholly owned (Unite share) (Unite share) (Unite share) 30 Jun 2026 31 Dec 2025 Balance sheet Rental properties1 4,776.3 934.7 963.7 - 6,674.7 6,083.3 Leased properties1 57.9 - - - 57.9 60.3 Properties under developmen
Slide 42: Rental portfolio analysis
APPENDICES Rental portfolio analysis 30 June 2026¹ Wholly owned USAF LSAV Lease Total Unite share London Value (£m) 1,055 631 1,689 - 3,375 2,102 Beds 3,501 2,434 6,643 - 12,578 31% Properties 11 7 14 - 32 Prime regional Value (£m) 1,884 886 - 19 2,789 2,187 Beds 11,557 5,529 - 618 17,704 32% Proper
Slide 43: Debt information
APPENDICES Debt information 30 Jun 2026 30 Jun 2026 31 Dec 2025 Target debt metrics Pro forma² £2,552m £1,744m Net debt c.30-40% LTV 36% 27% Target LTV Net debt: EBITDA ratio¹ 7.5x 8.6x 6.0x Interest cover ratio¹ 4.3x 4.8x 6.0x 6-7x Target net debt: EBITDA range Average debt maturity 3.6 years 4.0 y
Slide 44: Debt facilities
APPENDICES Debt facilities Fund Facility Drawn Maturity Fund Facility Drawn Maturity £m £m £m £m RCF (HSBC / NatWest / Barclays) Group 900 562 2028 Term loan (L&G) USAF 150 150 2029 Unsecured bond (Unite) Group 275 275 2028 Term loan (L&G) USAF 400 400 2030 Unsecured bond (LL 2029) Group 300 300 202
Slide 45: Committed development and partnerships pipeline
APPENDICES Committed development and partnerships pipeline Type1 Target Secured Total Total Capex Capex Forecast NTA Forecast delivery beds/ completed development in period remaining remaining yield on cost units value costs (Unite share) year no £m £m £m £m £m % Off-campus pipeline Hawthorne House,
Slide 46: Committed development and partnerships capex
APPENDICES Committed development and partnerships capex Fully-funded committed pipeline of 6,000 beds / four projects Phasing of committed development cost to go1 £300m £200m c.£140m c.£90m £100m c.£60m c.£60m c.£20m - H2 2026 2027 2028 2029 2030 On-campus Off-campus £370m¹ development cost to go 4,
Slide 47: Future development pipeline
APPENDICES Future development pipeline Uncommitted pipeline of 2,400 beds / four projects • Land owned for 2,400-bed pipeline City Beds Status • Four consented schemes • 70% weighting to London by value Meridian Square London 952 BSA Gateway 2 approved • Three schemes with BSA Gateway 2 approval Kin