PRESS RELEASE

8 October 2025

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

TRADING UPDATE AND Q3 FUND VALUATIONS

STRONG RENTAL GROWTH DRIVING PROPERTY VALUES

Unite Students, the UK's leading owner, manager and developer of student accommodation, today announces an update on current trading and quarterly property valuations for the Unite UK Student Accommodation Fund ('USAF') and the London Student Accommodation Joint Venture ('LSAV') as at 30 September 2025.

Highlights

·    95.2% of beds sold for the 2025/26 academic year (2024/25: 97.5%)

·    Sales to date deliver 4.0% rental growth for 2025/26 (2024/25 8.2%)

·    Reiteration of FY2025 guidance for adjusted EPS of 47.5-48.25p

·    Rental growth driving modest valuation increases in Q3 (USAF: 0.0%, LSAV 0.4%)

Joe Lister, Unite Students Chief Executive Officer, commented:

"We have sold 95% of beds and delivered rental growth of 4.0%. While this is slightly below our target, we saw a strong clearing period which has contributed to our outperformance of the wider PBSA sector. Looking ahead, the outlook remains robust, underpinned by growing demand from school leavers and stabilising international admissions. Our income is also underpinned by nomination agreements with long-term university partners, which now cover 59% of our beds. Our continued focus on affordability and quality continues to resonate with students and universities. At the same time, our portfolio is increasingly aligned to high-tariff institutions, which continue to attract a growing share of student demand."

Current trading

Higher Education sector update

The latest UCAS data shows 512,000 undergraduate students have accepted places at university for the 2025/26 academic year, a 3% year-on-year increase. High tariff universities have continued to capture a growing share of student demand with acceptances up 8% year-on-year, which compares to growth of +2% and -2% for Medium and Low Tariff universities respectively. Growth in acceptances has been particularly strong for UK 18-year-olds and international applicants from China and the United States.

Home Office data shows 7% growth in applications for study visas in the year to August with applications in the peak summer months in line with 2024 levels. Overall study visa applications remain 11% below 2023 levels, prior to the introduction of restrictions on dependant family members for postgraduate taught students. The outlook for international demand remains encouraging thanks to growing student mobility and the increasing attractiveness of the UK as a study destination as competitor markets introduce more restrictive policies.

2025/26 lettings performance

As we enter the final stages of the sales cycle, 95.2% of rooms are now reserved for the 2025/26 academic year (2024/25: 97.5%). Growth in undergraduate acceptances has translated into strong demand from universities for accommodation, with 59% of beds let under nomination agreements for the 2025/26 academic year (2024/25: 57%). Direct-let sales to international students are in line with 2024/25, with fewer rooms sold to UK students and higher vacancy in a small number of regional cities as they take time to adjust to new supply.

Our sales to date have delivered rental growth of 4.0% for the 2025/26 academic year, with beds sold on nomination agreements outperforming direct-let sales.

We have outperformed the wider PBSA sector, reflecting the benefit of the income underpinning from our nomination agreements with our long-term university partners. We remain confident that our alignment to the strongest universities and high-quality, affordable portfolio position us to best meet university and student demand for accommodation.

Earnings guidance

Our sales performance and trading through the first nine months of the year supports reiterated guidance for adjusted EPS of 47.5-48.25p for FY2025.

Acquisition of Empiric Student Property

In relation to our offer to acquire Empiric Student Property plc ("Empiric"), we were pleased to receive approval from Empiric shareholders for our recommended cash and share offer for the company at the Court and General meetings held on 6 October.

Following initial engagement, the Competition and Markets Authority has started its pre-notification process ahead of commencing its formal Phase 1 investigation of the proposed acquisition. We anticipate that the Scheme will become effective by the second quarter of 2026, subject to the Conditions and certain further terms set out in the Scheme Document.

Quarterly fund valuations

At 30 September 2025, USAF's property portfolio was independently valued at £2,853 million, unchanged on a like-for-like basis during the quarter and a 1.4% increase for the year to date. The valuation increase reflects quarterly rental growth of 1.8%. Property yields remained broadly stable over the quarter at 5.2%. The portfolio comprises 22,361 beds in 56 properties across 17 university towns and cities in the UK.

LSAV's property portfolio was independently valued at £2,108 million, a 0.4% increase on a like-for-like basis during the quarter and 1.9% for the year to date. The valuation increase in LSAV is driven by quarterly rental growth of 0.8%. Property yields were broadly unchanged over the quarter at 4.5%. LSAV's portfolio comprises 9,710 beds across 14 properties in London and Aston Student Village in Birmingham.

* Capital growth presented net of capital expenditure for property maintenance and improvement, but excludes fire safety spend

The Royal Institution of Chartered Surveyors (RICS) has introduced new independence rules for valuation firms. Under the new rules, the majority of USAF's portfolio was valued by a new firm from 30 September 2025. LSAV will rotate valuers for its 31 December 2025 valuations.

Investor and Analyst event

The company will host an event for institutional investors and analysts on the afternoon of 27 November at Deutsche Numis' office, including updates on the higher education sector, the outlook for the 2026/27 sales cycle and the acquisition of Empiric. Further details will be provided in due course.

ENDS

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

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

About Unite Students

Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector. We provide homes to 68,000 students across 152 properties in 23 leading university towns and cities. We currently partner with over 60 universities across the UK.

Our people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite Students' accommodation is safe and secure, high quality and affordable. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi.

We are committed to raising standards in the student accommodation sector for our customers, investors and employees. Our Sustainability Strategy includes a commitment to become net zero carbon across our operations and developments by 2030.

Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange. For more information, visit Unite Group's corporate website www.unitegroup.com or the Unite Students' site www.unitestudents.com.

Unite FY2025 Profit Forecast

Unite released its 2024 financial results preliminary statement on 25 February 2025, which included the following statement: "guidance for adjusted EPS of 47.5 - 48.25p in 2025" ("Unite FY2025 Profit Forecast"). The Unite FY2025 Profit Forecast is referred to in this announcement.

The Panel on Takeovers and Mergers has confirmed that the Unite FY2025 Profit Forecast constitutes a profit forecast made before the commencement of an offer period, to which the requirements of Rule 28.1(c) (i) of the Code apply.

Basis of preparation

The Unite FY2025 Profit Forecast is based on the Group's current internal unaudited management accounts for the eight-month period ended 31 August 2025 and the Group's current internal unaudited forecasts for the remainder of the financial year ending 31 December 2025.

The Unite FY2025 Profit Forecast has been compiled on the basis of the assumptions set out below. The basis of the accounting policies used in the Unite FY2025 Profit Forecast is consistent with the existing accounting policies of the Group, which uses 'Alternative Performance Measures' or other non-International Financial Reporting Standards measures.

Directors' confirmation

The Unite Directors have considered the Unite FY2025 Profit Forecast and confirm that, as at the date of this announcement, the Unite FY2025 Profit Forecast remains valid, has been properly compiled on the basis of the assumptions set out below and the basis of accounting used is consistent with the Unite Group's existing accounting policies.

Assumptions

The Unite FY2025 Profit Forecast has been prepared on the basis referred to above and subject to the principal assumptions set out below. The Unite FY2025 Profit Forecast is inherently uncertain and there can be no guarantee that any of the assumptions listed below will occur and/or if they do, their effect on the Group's results of operations, financial condition or financial performance may be material. The Unite FY2025 Profit Forecast should be read in this context and construed accordingly.

The directors of Unite have made the following assumptions in respect of the financial year ending 31 December 2025:

Assumptions within Unite's control or influence:

(a) no material change to the existing strategy or operation of the Group's business;

(b) no material adverse change to the Group's ability to meet customer, supplier and partner needs and expectations based on current practice;

(c) no material unplanned asset acquisitions or disposals, merger and acquisition activity conducted by or affecting the Group;

(d) no material change to the present management of the Unite Group; and

(e) no material change in capital allocation policies of the Group.

Assumptions outside of Unite's control or influence

(a) no material effect from changes to existing prevailing macroeconomic, fiscal, monetary and inflationary conditions in the United Kingdom;

(b) no material adverse change to the Group's market environment, including in relation to customer demand or competitive environment;

(c) no material adverse events that have a significant impact on the Group's major partners or suppliers;

(d) no material disruption or changes to student demand for accommodation in the cities in which the Group operates;

(e) no material adverse events that would have a significant impact on the Group including information technology/cyber infrastructure disruption or significantly adverse weather events;

(f) no material new litigation, and no material unexpected developments in any existing litigation, each in relation to any of the Group's activities; and

(g) no material change in legislation, taxation or regulatory requirements impacting the Group's operations, expenditure or its accounting policies.