Unite Group (UTG) Q3 2025 TU earnings summary

Executive summary

• 95.2% of beds sold for the 2025/26 academic year, slightly below the previous year's 97.5%.

• Rental growth of 4.0% achieved for 2025/26, outperforming the wider PBSA sector.

• Nomination agreements with university partners now cover 59% of beds, up from 57%.

• Portfolio increasingly aligned to high-tariff institutions, which are seeing higher student demand.

Financial highlights

• Reiterated FY2025 guidance for adjusted EPS of 47.5-48.25p.

• USAF property portfolio valued at £2,853m, unchanged in Q3, up 1.4% year-to-date.

• LSAV property portfolio valued at £2,108m, up 0.4% in Q3, up 1.9% year-to-date.

• Rental growth in Q3: USAF 1.8%, LSAV 0.8%.

• Property yields stable: USAF at 5.2%, LSAV at 4.5%.

Outlook and guidance

• FY2025 adjusted EPS guidance of 47.5-48.25p reiterated, based on current trading and sales performance.

• Robust outlook supported by growing demand from school leavers and stabilising international admissions.

• Nomination agreements and alignment to high-tariff universities expected to underpin future income.