Empiric Student Property (ESP) Trading Update summary

Trading performance and occupancy

• Achieved 89% occupancy for academic year 2025/26, with January sales expected to boost this further.

• Like-for-like rental growth for 2025/26 stands at 4.5%, matching prior guidance.

• Increased reservations from UK students offset a reduction in Chinese student bookings, influenced by geopolitical factors.

• Localized supply-demand imbalances in Nottingham, Sheffield, and Glasgow contributed to lower occupancy.

• UK students now represent 43% of reservations, with Chinese and other international students making up the rest.

Portfolio management and capital deployment

• Three postgraduate refurbishments completed in Bath, Sheffield, and Southampton; Bristol site to open early 2026.

• Sale of Pavilion Court, Canterbury generated £7.5 million, exiting a non-core city.

• Refurbishment program targets 300 more beds by September 2026, with all refurbished buildings now carbon-free onsite.

• Smart heating systems installed in 55% of the portfolio, reducing energy consumption.

Financial position and dividends

• Property LTV at 27.3% as of 30 September 2025, with a weighted average debt cost of 4.4% and 3.9 years to maturity.

• Cash and available facilities total £101.8 million.

• Dividend target of 3.7p per share for 2025 reconfirmed; Q3 dividend of 0.925p per share declared.