Interim results for the half-year to 30 June 2025

Joe Lister, Chief Executive of Unite Students, commented:

“We have had a strong first half, delivering 15% growth in adjusted earnings underpinned through high occupancy, rental growth and investment into our portfolio and operating platform.

Universities continue to attract school leavers in record numbers and improving recruitment of international students reflects the UK’s attractiveness as a study destination. Sales for the 2025/26 academic year are building momentum, and we expect strong demand for accommodation in late August and September following A-level results.

Structurally growing demand combined with limited new supply creates a range of attractive investment opportunities and we see significant potential to add to our growing pipeline of on-campus university partnerships. Our alignment to the UK’s strongest universities and investment pipeline position the business to deliver sustainable earnings growth.”

HIGHLIGHTS

Strong operational performance drives earnings growth

• Like-for-like⁵ rental growth of 7% in H1, reflecting strong occupancy and rental growth
• Adjusted EPS up 3% to 29.5p (H1 2024: 28.7p)¹
• IFRS diluted EPS down 41% to 37.9p (H1 2024: 64.4p), reflecting lower revaluation gains
• Reiterating FY2025 Adjusted EPS guidance of 47.5-48.25p range (2024: 46.6p)

Growing student numbers and limited new supply support demand for 2025/26 academic year

• Building sales momentum with portfolio 88% sold for 2025/26 (2024/25: 94%)
• Targeting rental growth of 4-5% and occupancy of at least 97% for 2025/26 (2024/25: 97.5% and 8.2%)
• 2% growth in UK 18-year-olds applying to university for 2025/26 and student visa applications up 19% YoY
• 10% growth in offers to study at the high-quality universities to which Unite is aligned
• New PBSA supply below pre-pandemic levels and increasing HMO regulation

Partner of choice for universities to meet housing needs

• Strong university demand, with 56% of beds nominated for 2025/26 (2024/25: 57%)
• Planning approval secured for 2,000-bed Newcastle University joint venture
• Secured new joint venture with Manchester Metropolitan University to develop 2,300 beds
• Growing interest from universities to explore strategic accommodation partnerships

Increasing alignment to the strongest universities

• Delivering over 1,000 new beds in Bristol and Edinburgh for 2025/26 academic year
• £90m NOI contribution from off-campus and university partnership pipeline over the next five years
• Disposal of 10 properties totalling £214 million (Unite share: £142 million) to improve portfolio quality
• Enhancing portfolio through £33 million of refurbishments and upgrades at 8.1% yield on cost in 2025

Robust balance sheet with growing valuations

• EPRA NTA up 1% to 986p (2024: 972p) and 4.0% Total Accounting Return in H1 (H1 2024: 7.9%)
• £9.3 billion portfolio valuation (Unite share: £6.2 billion), up 1.4% on a like-for-like basis⁵
• Net debt to EBITDA of 5.3x and LTV of 26% (31 December 2024: 5.5x and 24%)

1. Adjusted earnings and Adjusted EPS remove the impact of SaaS implementation costs from EPRA earnings and EPRA EPS. See glossary for definitions and note 7 for calculations and reconciliations
2. The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The Group uses alternative performance measures (APMs), which are not defined or specified under IFRS. These APMs, which are not considered a substitute for IFRS measures, provide additional helpful information and include measures based on the European Public Real Estate Association (EPRA) best practice recommendations. The metrics are also used internally to measure and manage the business. The adjustments to the IFRS results are intended to help users in the comparability of these results across other listed real estate companies in Europe and reflect how the Directors monitor the business. See glossary for definitions
3. Excludes IFRS 16 related balances recognised in respect of leased properties. See glossary for definitions
4. Wholly owned balances plus Unite’s share of balances relating to USAF and LSAV
5. Like-for-like properties owned at both 30 June 2025 and 31 December 2024, includes revaluation gains/(losses), capital expenditure,
   excludes development properties, leased properties and fire safety provision

PRESENTATION

A live webcast of the presentation including Q&A will be held today at 10:00am BST for investors and analysts. The webcast can be accessed via this link and will be available for playback on our website (https://www.unitegroup.com) after the event.

To register for the event or to receive dial-in details, please contact unite@sodali.com.

For further information, please contact:

Unite Students

Joe Lister / Michael Burt / Saxon Ridley                                                      Tel: +44 117 302 7005

Press office                                                                                                        Tel: +44 117 450 6300

Sodali & Co

Justin Griffiths / Victoria Heslop                                                                 Tel: +44 20 7250 1446