Preliminary results for the full-year to 31 December 2025

Joe Lister, Chief Executive of Unite Students, commented:

“Unite Students delivered a robust performance in 2025, with strong trading across the majority of our portfolio offset by weaker demand in a small number of cities for the 2025/26 academic year. Growing domestic demand for higher education, improving international mobility and constrained housing supply underpin the long-term prospects for the sector. Students continue to place high value on the residential university experience, supporting sustained demand for the high‑quality accommodation and living experience that we provide.

“We have started to deliver on the strategic plan set out at the end of 2025, focusing on closer alignment to the strongest universities, building on our university partnerships and taking decisive action on costs. We have also demonstrated our disciplined approach to capital, having commenced a £100 million share buyback in January and this morning announcing the sale of St Pancras Way to USAF.

“While there is much to do, we are making early progress and building momentum. Delivering the benefits from our plan, together with the Empiric acquisition, provides a strong platform for 2027 and beyond.”

HIGHLIGHTS

Continued rental growth for 2025/26, demonstrating value of our platform

• 4.0% rental growth and 95.2% occupancy for the 2025/26 academic year (2024/25: 8.2% and 97.5%)
• +2% YoY growth in adjusted EPS to 47.5p (2024: 46.6p)
• IFRS EPS (diluted) reduced to 19.9p (2024: 96.1p)
• 5% LfL valuation decline, reflecting 3.8% rental growth and 11bps yield expansion
• TAR of 2.1%, reflecting 2% reduction in EPRA NTA to 955p (2024: 9.6% and 972p)

Growing HE demand in a more competitive leasing market

• 5% increase in UK 18-year-old applicants for the 2026/27 academic year
• Strongest student demand and housing need at the highest-quality universities
• New PBSA supply 50% below pre-pandemic levels and competing HMO sector in decline
• 68% reserved for 2026/27 (2025/26: 71%), reflecting more cautious booking trends
• Continued demand from strong university partners, with 55% of beds nominated for 2026/27 (2025/26: 59%)

Increasing alignment to the UK’s strongest universities

• 67% aligned to high-tariff universities, growing to 80% through disposals and committed development
• Enhanced offer to returning students through acquisition of high-quality Empiric portfolio in 2026
• Over 1,000 new beds delivered in Bristol and Edinburgh for the 2025/26 academic year
• £27 million NOI upside from off-campus development completions from 2027

Delivering our strategic priorities

• Newcastle and Manchester Metropolitan JVs to deliver 4,300 new beds between 2028-2030
• Completed Empiric acquisition in January 2026 and increased cost synergies to £17 million p.a.

Demonstrating our disciplined approach to capital allocation

• Targeting disposals of £300-400m p.a., £214 million completed in 2025 (Unite share: £142 million)
• Agreed disposal of St Pancras Way, London to USAF for £186 million (Unite share: £126 million)
• Initial £100 million share buyback programme underway and delivering attractive returns

2026 Guidance

• 2026/27 income expected at lower end of range for 2-3% rental growth and 93-96% occupancy
• Empiric’s 2025/26 income below expectations ahead of integration to our platform
• Cost of debt expected to increase to 4.3% in 2026 (2025: 3.9%)
• 2026 adjusted EPS guidance of 41.5-43.0p, reflecting lower Empiric income and occupancy

1. The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). These financial highlights are based on the European Public Real Estate Association (EPRA) best practice recommendations and these performance measures are published as they are intended to help users in the comparability of these results across other listed real estate companies in Europe. The metrics are also used internally to measure and manage the business and to align to the performance related conditions for Directors’ remuneration. See glossary for definitions.
2. Excludes IFRS 16 related balances recognised in respect of leased properties. Wholly owned balances plus Unite’s share of balances relating to USAF, LSAV and University Partnerships. See glossary for definitions.
3. 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.
4. See glossary for definitions

PRESENTATION

A live webcast of the presentation including Q&A will be held today at 08:30am GMT for investors and analysts. The webcast can be accessed via https://brrmedia.news/UTG_FY25 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 / Mike Burt / Saxon Ridley                                               Tel: +44 117 302 7005

Press office                                                                                      Tel: +44 117 450 6300

Sodali & Co

Ben Foster / Sam Austrums / Louisa Henry                                    Tel: +44 20 7250 1446