PRESS RELEASE

27 November 2025

THE UNITE GROUP PLC

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

INVESTOR EVENT TODAY

Unite Students, the UK's leading owner, manager and developer of student accommodation, will today host an investor event in London where it will focus on current market dynamics, strategic priorities for the business, capital allocation and financial guidance for 2026.

Highlights

Financial guidance and outlook

Joe Lister, Unite Students Chief Executive Officer, commented:

"The fundamentals of the Higher Education sector remain strong, underpinned by growing domestic demand and increasing mobility of international students. The vast majority of our portfolio is delivering strong levels of occupancy and rental growth but we have experienced challenges from weaker demand and higher supply in some cities. We are responding through a focus on operational excellence from our best-in-class platform to deliver sustainable rental growth, cost discipline and execution of our business plan for the acquisition of Empiric.

We will increase the alignment of our portfolio towards the strongest universities by accelerating disposals, delivering university partnerships and growing our addressable market through a dedicated offer to returning students. We will be disciplined and flexible in our use of capital with investment focused on delivering the best risk-adjusted returns for shareholders, including share buybacks where we consider appropriate. We remain confident in the prospects for the business and see a pathway to growth from 2027."

Webcast details

Anyone who wishes to attend the event may do so via webcast available here, starting at 2:30pm: https://brrmedia.news/UTG_InvestorEvent. A recording will be made available on the Company's website following the event. Please contact Sodali & Co for further details.

Portfolio strategy and capital allocation

Since the acquisition of Liberty Living in 2019, we have actively managed our portfolio to increase alignment to the strongest universities and best locations. During this period, we have disposed of around 15,000 beds and reduced our number of cities from 27 to 22. Together with deliveries in our development pipeline, this has seen the portfolio's alignment to Russell Group cities rise from 87% to 93% and the share of income from high-tariff universities increase from 52% to 64% since 2019.

We expect the UK's strongest universities to outperform and capture a growing share of student numbers in the next 5-10 years. Our committed and future investment activity aims to increase the portfolio's weighting to high-tariff universities from 64% currently to 80% over the medium-term leading to a more focused, higher-quality portfolio with a presence in 18-20 cities.

Our revised capital allocation framework aims to deliver this change while driving earnings growth and attractive total accounting returns and maintaining a robust balance sheet:

Trading update

Review of 2025/26

The Group delivered occupancy of 95.2% for the 2025/26 academic year and rental growth of 4.0% (2024/25: 97.5% and 8.2%). The following trends shaped our performance during the sales cycle:

2026/27 academic year guidance

Having launched our sales cycle in late October, 62% of rooms are now reserved for 2026/27 (2025/26: 62%). This comprises 57% of beds let to universities under nomination agreements and 5% through direct-let sales.

We are targeting occupancy of 93-96% and rental growth of 2-3% for the 2026/27 academic year. This results in like-for-like growth in rental income of 0-4% for the 2026/27 academic year.

Our occupancy target assumes broadly stable student demand for housing. This reflects a larger UK 18-year-old cohort and our expectation for a further increase in students choosing to live at home at mid and low-tariff universities.

Our rental growth guidance reflects increases of 3-4% for nomination agreements (59% of beds for 2025/26), for which the majority benefit from annual inflation-linked uplifts. For direct-let beds, we expect to deliver 2-3% rental growth in those markets operating above 95% occupancy, while markets with higher vacancy are expected to see rents grow by a more modest 0-1% as we seek to drive overall income through improved occupancy.

1) Operational portfolio including opening of Hawthorne House, Stratford. Excludes Empiric acquisition and future disposals

Financial guidance

2025 earnings outlook

We are reiterating our guidance for adjusted EPS of 47.5-48.25p for 2025. This reflects stronger than anticipated trading in the year to date, as well as the expected recognition of a fee on formation of our joint venture with Newcastle University. Together, these factors offset the impact of lower than expected occupancy for term 1 of the 2025/26 academic year.

2026 earnings

The Board expects adjusted EPS to reduce by 7-10% in 2026 based on the mid-point of earnings guidance for 2025, which reflects a combination of weaker income, property activity and rising finance costs:

The Board expects dividends per share to remain unchanged for FY2026.

Medium-term outlook

The Board sees a pathway for Unite to return to earnings growth from 2027 through above-inflation rental growth in our core markets, cost efficiencies from technology investment, realising cost synergies from the acquisition of Empiric and accretive capital recycling.

This supports total accounting returns of 8-10% p.a. (excluding yield movements), underpinned by recurring income and rental growth.

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

 Ben Foster / Sam Austrums / 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 64,000 students across 143 properties in 22 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 and FY2026 Profit Forecasts

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 (the "Panel") 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.

This announcement also contains the following statement: "The Board expects adjusted EPS to reduce by 7-10% in 2026 based on the mid-point of earnings guidance for 2025" (the "FY2026 Profit Forecast").

The Panel has granted a dispensation from the requirements of Rule 28 in relation to the Unite FY2026 Profit Forecast, subject to the requirements of Rule 28.1(c) (i) of the Code.

Basis of preparation

The Unite FY2025 Profit Forecast is based on the Group's current internal unaudited management accounts for the ten-month period ended 31 October 2025 and the Group's current internal unaudited forecasts for the remainder of the financial year ending 31 December 2025. The Unite FY2026 Profit Forecast is based on the Group's current internal unaudited forecasts for the financial year ending 31 December 2026 prior to the impact of the acquisition of Empiric.

The Unite FY2025 and FY2026 Profit Forecasts have been compiled on the basis of the assumptions set out below. The basis of the accounting policies used in the Unite FY2025 and FY2026 Profit Forecasts 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.

The Unite Directors have also considered the Unite FY2026 Profit Forecast and confirm that, as at the date of this announcement, the Unite FY2026 Profit Forecast is 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 and FY2026 Profit Forecasts have been prepared on the basis referred to above and subject to the principal assumptions set out below. The Unite FY2025 and FY2026 Profit Forecasts are 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 and FY2026 Profit Forecasts 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 and 31 December 2026:

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.