Slide 1: Delivering our plan
Delivering our plan Preliminary results Year ended 31 December 2025 24 February 2026
Slide 2: Contents
CONTENTS Contents 1. CEO review 2. Operations review 3. Financial review 4. Property review 5. Outlook 6. Q&A 7. Appendices 2
Slide 3: CEO review
1 CEO review Joe Lister, Chief Executive 3
Slide 4: Responding to change
CEO REVIEW Responding to change Aligned to the Unique university strongest universities relationships • Focus on growth cities • Target 60% nominations • High-tariff alignment • One new university JV a year Best-in-class platform Positioning for growth • Win share from competitors • Growing demand a
Slide 5: Sector fundamentals remain strong
CEO REVIEW Sector fundamentals remain strong Increasing Universities Near-term New supply student numbers targeting growth challenges slowing +5% UK 18-year-old Strongest universities -2% acceptances at 1.5% net supply applicants taking market share low-tariff providers growth in 2025 Strong interna
Slide 6: Delivering on our strategic priorities
CEO REVIEW Delivering on our strategic priorities Our focus Our objectives Our progress 68% reservations for 2026/27 Sustainable, high-quality income 55% beds nominated Operational c.20% reduction in central staff costs Taking action on costs excellence Tech upgrade delivering £7m p.a. cost savings
Slide 7: Empiric acquisition
CEO REVIEW 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 s
Slide 8: 2025 performance
CEO REVIEW 2025 performance 2025/26 Adj. NTA occupancy EPRA EPS per share 95.2% 47.5p 955p -2ppt YoY +2% YoY -2% 2025/26 Dividend Total accounting rental growth per share return1 4.0% 37.7p 2.1% +1% YoY 1) NTA movement + dividends paid / opening NTA 8
Slide 9: Operations review
2 Operations review Karan Khanna, Chief Operating Officer 9
Slide 10: 2026/27 sales cycle update
OPERATIONS REVIEW 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 d
Slide 11: Trends in nomination agreements
OPERATIONS REVIEW Trends in nomination agreements Net change in nomination beds by tariff 40,000 • 55% of beds nominated for 2026/27 (2025/26: 59%) 38,000 • 77% renewal rate for single-year agreements (450) 36,000 (850) • Universities managing financial risk early in cycle (1,100) 34,000 37,660 • Ma
Slide 12: Drivers of nominations demand
OPERATIONS REVIEW Drivers of nominations demand Universities seeking High-quality pastoral High-tariff targeting affordable price points support a must long-term partnerships 400 affordable design beds 100 Resident Ambassadors Housing an enabler of growth in MMU JV and Support to Stay Unite uniquely
Slide 13: Booking cycle milestones
OPERATIONS REVIEW Booking cycle milestones Undergraduates (82% 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 Sep Q4 Rebooking Research country and u
Slide 14: Driving income for Empiric
OPERATIONS REVIEW Driving income for Empiric Sales platform capabilities • High-quality portfolio and service Empiric Unite • 81% aligned to high-tariff universities Agent network Small >3x size • Sales performance below our expectations • Lower occupancy and shorter tenancies for 2025/26 24/7 call
Slide 15: Best-in-class operating platform
OPERATIONS REVIEW Best-in-class operating platform • Highest ever Net Promoter Score1 Great customer service • GSLI Gold rated • Highest ever University Trust Score Record university • Operational relationships unlocking engagement partnership opportunities Technology upgrade • Programme completes i
Slide 16: Financial review
3 Financial review Mike Burt, Chief Financial Officer 16
Slide 17: Robust operating performance
FINANCIAL REVIEW 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
Slide 18: Rental income driving earnings growth
FINANCIAL REVIEW 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
Slide 19: NAV and return on equity
FINANCIAL REVIEW NAV and return on equity • 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
Slide 20: Income guidance (excluding Empiric)
FINANCIAL REVIEW Income guidance (excluding Empiric) 2026/27 academic year • 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 RevPOR Occupanc
Slide 21: Taking action on costs
FINANCIAL REVIEW Taking action on costs 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
Slide 22: Maintaining a robust balance sheet
FINANCIAL REVIEW Maintaining a robust balance sheet Target leverage reflective of operational intensity • Built-out leverage within target ranges Pro forma1 31 Dec 2025 31 Dec 2024 • Pro forma¹ net debt:EBITDA of 6.7x LTV 28% 27% 24% • Net debt:EBITDA target of 6-7x Net debt:EBITDA ratio 6.7x 6.0x 5
Slide 23: 2026 earnings guidance
FINANCIAL REVIEW 2026 earnings guidance • 41.5 - 43.0p adjusted EPS, reflecting lower occupancy and impact of Empiric • Reduction weighted to H1 • Expect flat dividend per share LfL rental Costs Capital Empiric growth allocation (11 months) 2025/26 AY Opex & £200m Lower than Adjusted earn-in overhea
Slide 24: Property review
4 Property review Mike Burt, Chief Financial Officer 24
Slide 25: Our capital allocation framework
PROPERTY REVIEW Our capital allocation framework Delivering against our priorities Delivering Discipline Accelerating Focus on on university in off-campus capital risk-adjusted partnerships development recycling returns JVs formed with £214m of 1,000 new beds in 2025 Newcastle and MMU 2025 disposals
Slide 26: Increasing alignment to the strongest universities
PROPERTY REVIEW Increasing alignment to the strongest universities Investment enhancing portfolio quality • £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 p
Slide 27: Delivering on university partnerships
PROPERTY REVIEW 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
Slide 28: Discipline in off-campus development
PROPERTY REVIEW Discipline in off-campus development Reducing capex, optionality over future commitments • £27m NOI upside from completions from 2027 Committed Uncommitted • Stabilisation of 2025 deliveries (65% occupied) • £100m cost to complete on-site schemes Beds 1,650 2,400 • Hawthorne House, S
Slide 29: New supply slowing
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 pa
Slide 30: Accelerating capital recycling
PROPERTY REVIEW 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 Buildin
Slide 31: Optimal capital allocation
PROPERTY REVIEW Optimal capital allocation Focus on driving earnings growth and enhancing portfolio quality • 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
Slide 32: Outlook
5 Outlook Joe Lister, Chief Executive 32
Slide 33: Delivering our strategy in 2026
OUTLOOK Delivering our strategy in 2026 Our focus Our objectives Our focus for 2026 Grow nominated beds Sustainable, high-quality income Increase share of returning students Operational Taking action on costs Delivering £7m recurring of technology savings excellence Improve occupancy Deliver our bus
Slide 34: The leader in student housing
OUTLOOK The leader in student housing 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 34
Slide 35: Q&A
6 Q&A 35
Slide 36: Appendices
7 Appendices 36
Slide 37: Portfolio overview
APPENDICES Portfolio overview Geographical breakdown of portfolio Rank City Unite Empiric Pro forma 2024/25 beds beds beds full-time student numbers Aberdeen 1 London 12,578 - 12,578 410,265 St Andrews 2 Manchester 5,639 789 6,428 114,880 Glasgow Edinburgh 3 Liverpool 5,340 452 5,792 67,065 Newcastl
Slide 38: Portfolio and customer breakdown
APPENDICES Portfolio and customer breakdown Customers by domicile Distribution of beds by weekly price 2025/26 2024/25 2023/24 30% 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 Post graduate Non en-suite 4% 16% Studio
Slide 39: High income visibility through nomination agreements
APPENDICES 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 d
Slide 40: A responsible and resilient business
APPENDICES A responsible and resilient business EPC ratings A-C 99% 100% A, 4% • Ongoing investment in energy efficiency 81% 75% • Over 99% of portfolio EPC A-C rated (2024: 99%) 57% 50% B, 87% 44% • 99.9% of electricity purchased from renewable sources • Energy intensity per m2 reduced 12% from 201
Slide 41: Fire safety
APPENDICES 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 Net fire safety a
Slide 42: Universities adapting to financial pressures
APPENDICES Universities adapting to financial pressures Increased efficiency around costs and capital University income mix (2023/24) Investment income Donations 2% 2% • Universities are well-established, long-term organisations Other income • Strong balance sheets and limited external borrowing 18%
Slide 43: Outlook for international demand
APPENDICES Outlook for international demand QS Global Top 100 universities by country 30 • Rising global living standards support increasing demand for Higher Education 20 • 6% p.a. growth in international students since 2000 10 • Outlook for nine million international students by 2030 - • UK offers
Slide 44: Rental portfolio analysis - Unite December 2025
APPENDICES Rental portfolio analysis - Unite 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
Slide 45: Rental portfolio analysis – pro forma for Empiric
APPENDICES Rental portfolio analysis – pro forma for Empiric 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)
Slide 46: 2026 financial outlook
APPENDICES 2026 financial outlook 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 Empi
Slide 47: 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 Assumes lower 2025/26 rental growth (term 2 & 3) ~10 end of 93-96% Like-for-l
Slide 48: EPRA earnings statement
APPENDICES EPRA earnings statement USAF LSAV Unite Group Unite Group £m Wholly owned (Unite share) (Unite share) 2025 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%
Slide 49: EPRA balance sheet
APPENDICES EPRA balance sheet USAF LSAV Unite Group Unite Group £m Wholly owned³ (Unite share) (Unite share) 31 Dec 2025 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
Slide 50: Debt information
APPENDICES Debt information Unite 31 Dec 2025 31 Dec 2024 Debt maturity profile¹,² Net debt £1,744m £1,510m Empiric headroom £1.4bn Group headroom LTV 27% 24% £1.2bn Empiric 6.0x 5.5x £1.0bn Group Net debt: EBITDA ratio £0.8bn Funds headroom Interest cover ratio 6.0x 6.2x Funds £0.6bn Average debt m
Slide 51: 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 year remaining remaining yield on cost units value costs (Unite share) no £m £m £m £m £m % Off-campus pipeline Hawthorne House, Stratf
Slide 52: Committed development capex
APPENDICES Committed development capex Fully-funded committed pipeline of 6,000-bed / 4 projects Phasing of committed development cost to go¹ £300m £200m c.£180m c.£150m c.£90m £100m c.£50m c.£10m - 2026 2027 2028 2029 2030 On-campus Off-campus £480m¹ development cost to go 4,300 beds on-campus 1,65
Slide 53: Future pipeline
APPENDICES Future pipeline 2,900 beds / 5 projects land owned or under option agreement • Land owned for 2,400-bed pipeline City Beds Planning status • Three consented schemes • 68% weighting to London by value Land owned • Two schemes with BSA Gateway 2 approval Meridian Square London 952 Consent g