Unite Group PLC

Latest Results (15.05.2026):

Unite Group PLC — full‑year results for the year ended 31 December 2025 (FY2025). The group reported adjusted earnings of £232.3m (up 9%) and adjusted EPS of 47.5p (up 2%), while IFRS profit attributable to owners fell to £97.6m (from £441.9m) with diluted IFRS EPS at 19.9p. EPRA NTA per share was 955p (‑2%) and total accounting return (TAR) was 2.1%. Management completed strategic moves including the Empiric acquisition (January 2026), began a £100m share buyback and agreed the sale of St Pancras Way; guidance for 2026 indicates slightly weaker near‑term income and adjusted EPS of 41.5–43.0p.

Financial headline

Adjusted earnings: £232.3m (+9%); adjusted EPS: 47.5p (+2%). IFRS profit attributable to owners: £97.6m (‑78% vs 2024); IFRS diluted EPS: 19.9p (‑79%). Dividend per share: 37.7p (+1%). EPRA NTA: 955p (‑2%); TAR: 2.1% (2024: 9.6%). LfL valuation down 5% reflecting 3.8% rental growth and 11bps yield expansion.

Operational performance

For the 2025/26 academic year Unite achieved 4.0% rental growth and 95.2% occupancy (2024/25: 8.2% and 97.5%). Reservation levels for 2026/27 stood at 68% (2025/26: 71%) with 55% of beds nominated by university partners. New supply remains constrained and demand is strongest at high‑quality universities.

Portfolio & strategy

67% of beds aligned to high‑tariff universities (targeted to rise to ~80% via disposals and committed development). Over 1,000 new beds delivered in Bristol and Edinburgh for 2025/26; JV projects in Newcastle and Manchester expected to deliver 4,300 beds (2028–2030). Empiric acquisition completed in January 2026, with increased cost synergies targeted at £17m p.a.

Capital allocation & balance sheet

Net debt:EBITDA moved to 6.0x (from 5.5x) and loan‑to‑value increased to 27% (from 24%). Management executed £214m of disposals in 2025 (Unite share £142m) and agreed sale of St Pancras Way for £186m (Unite share £126m). A £100m share buyback programme has commenced. Cost of debt expected to rise to ~4.3% in 2026 (2025: 3.9%).

2026 guidance

Unite expects 2026/27 income at the lower end of the range for 2–3% rental growth and 93–96% occupancy. Empiric’s 2025/26 income is anticipated to be below expectations pre‑integration. Group guidance for 2026 adjusted EPS is 41.5–43.0p, reflecting lower near‑term Empiric income and occupancy headwinds.