FAQs – Interim Results for the six months ended 30th June 2026

On 28th July, Unite Group shared its Interim results for the past six months, ending 30th June 2026. Alongside the release and investor presentation that was shared, please see responses to frequently asked questions, providing greater detail and insight into our strategy as we accelerate our alignment towards higher-tariff universities.

1. What is Unite Group’s strategy?

• Our strategy is to be the partner of choice for the UK’s strongest universities. This means having the right buildings, in the right cities, offering the high-quality amenities and student experience.
• We are positioning the portfolio to focus on the UK’s strongest universities to create a higher-quality, more resilient business in around 20 cities and c.55,000-60,000 beds aligned to the UK’s strongest universities where student demand is growing fastest.
• We are creating a portfolio with stronger occupancy, rental growth and profitability characteristics over time.

2. What is Unite Group’s current guidance?

• At HY2026, we reiterated our FY2026 adjusted EPS guidance of 41.5-43.0p, supported by H1 performance and reservations progress for the 2026/27 academic year.
• Based on current reservations and booking trends, we remain on track to deliver 94-96% occupancy and 1-2% rental growth for 2026/27.

3. What progress has Unite Group made with the integration of the Hello Student platform since the Empiric acquisition?

• We’re proud of the progress we have made since the acquisition of Empiric completed in January 2026, and we’re confident that the complementary Hello Student platform enhances our ability to support students throughout their academic journey, particularly in the returner and postgraduate segments.
• The cost efficiency of operating Hello Student properties from our platform was key to our business case for the transaction and we’ve demonstrated significant progress by increasing our cost synergy target to £18 million.
• Since the Empiric acquisition in January 2026, we have completed the transfer of Empiric’s city teams onto our platform and closed the head office to capitalise on our significantly larger international agent network and China sales office.
• Across the Hello Student portfolio 77% of beds are now reserved for the 2026/27 academic year and we expect occupancy of 88-90% based on the positive sales outlook.
• We remain confident in delivering £9 million of cost synergies in 2026 and have identified £18 million in annual run rate synergies from 2027 .
• Our focus is now on embedding operational best practice and commercial discipline ahead of full integration later this year.

4. What is occupancy for the upcoming academic year?

• Our most important near-term focus is delivering a successful 2026/27 sales cycle, and we expect to deliver 94-96% occupancy and 1-2% rental growth for the coming academic year.
• Our strong university relationships, including long-term nomination agreements with university partners, continue to support occupancy and pricing, for example at the newly completed Hawthorne House in Stratford, London, which is fully let for 2026/27 and supported by a long-term nomination agreement with University of the Arts London for 51% of beds
• We’re pleased with the success of our marketing campaign Live. Your. Now., and ongoing improvements to our customer website and booking experience have increased our conversion rates by more than 30% since November 2025.
• Using our deep sector insight, we tailor pricing initiatives by city and property to help drive income growth.

5. What is the impact of the Renters’ Rights Act on Unite Group tenancy agreements?

• Due to the Renters’ Rights Act (effective 1 May 2026), students for the 2025/26 academic year were able to serve notice to terminate their tenancy agreements with two months’ notice, which prompted some students to terminate their contracts early. However, all new PBSA tenancies for the 2026/27 academic year will be exempt from the regulations.
• This is a one-off impact for a transitional arrangement which we anticipated and planned for.
• The impact has been reflected in our existing earnings guidance.

6. Why is Unite Group carrying out disposals?

• The disposal programme reflects our view that our capital should be concentrated in the markets and assets with the strongest long-term fundamentals.
• This is about improving the quality, focus and long-term earnings profile of the business, rather than simply reducing scale.
• We have completed £130 million (Unite share) of disposals in the first half and are on track to deliver £300-400 million of disposals in 2026. As part of the wider portfolio review, we have identified 15,000-20,000 beds for sale and expect to bring substantially all of them to market this year to help reshape the portfolio.
• We are recycling capital from lower-growth assets into areas where we see the strongest risk-adjusted returns, currently share buybacks and university partnerships, while delivering our committed development pipeline
• Together with our committed pipeline and future investment activity, this will increase the portfolio’s alignment to the UK’s strongest universities leading to a more focused, higher-quality portfolio with a presence in around 20 cities.

7. How is Unite Group supporting its university partners with their accommodation needs?

• We are the partner of choice for the UK’s strongest universities. Our buildings are in prime locations with best-in-class amenities which offer an unrivalled student experience.
• Our sales platform combines a direct-let channel with nomination agreements which allow our university partners to offer high-quality beds to their students.
• Additionally, our newest JVs with universities offer access to on-campus opportunities where we are partnering with great institutions, providing essential accommodation for their students. This remains a significant growth opportunity for the business in the next 5-10 years and one we would not be able to access without investing alongside universities.

8. What differentiates Unite Group’s platform from peers?

• The strength of our operating platform means we have several value creation levers at our disposal, including our technology platform RESx360 and direct marketing campaigns to students and universities.
• Our complementary portfolio means we can support students throughout their academic journey, from first-year students to postgraduates.
• Our trusted relationships with senior university leaders, including joint ventures with Manchester Metropolitan and Newcastle University, mean we have secured several long-term nominations agreements with university partners, growing our income visibility and support occupancy and pricing.

9. What is the outlook for the PBSA sector?

• The strongest university cities continue to capture an increased share of student numbers, driving increased housing need. At the same time, the availability of new supply is constrained by the increased cost of capital and complex planning and safety requirements for PBSA.
• The UK’s strongest universities continue to excel and they will retain their enduring appeal. The evidence shows that graduate earnings premiums align with university quality and this is demonstrated by the strong growth in both domestic and international demand for the coming academic year.
• Applications are growing for the 2026/27 academic year, with high-tariff universities up 7%, UK 18-year-old applicants up 5% and international undergraduate applicants up 7%.
• Our strategy is to increase our alignment to the UK’s strongest universities to capture this demand and deliver long-term, sustainable income.

10. Who are your competitors?

• Unite Group is the UK’s largest owner, manager and developer of purpose-built student accommodation (PBSA), and the only listed player in the UK market.
• Our competitors include private PBSA providers, university halls, and privately rented shared houses.