Unite Group: 1H26 Conf. Call: Occupancy improves as portfolio repositioning accelerates

Research evidence excerpt

Unite Group: 1H26 Conf. Call: Occupancy improves as portfolio repositioning accelerates

C A Z E N O V E Europe Equity Research

28 July 2026

Unite Group Overweight

UTG.L, UTG LN

1H26 Conf. Call: Occupancy improves as portfolio Price (27 Jul 26):558p

repositioning accelerates Price Target (Dec-27):690p

We present our key takeaways from today's conference call. A solid presentation, European Property

ACflagging progress in occupancy while also laying out the longer-term view for a Neil Green, CFA

more streamlined portfolio focused on the UK’s best universities. We do not follow (44-20) 7134-4478

why the shares opened down so aggressively, as we saw few surprises in the results neil.d.green@jpmorgan.com

with operational guidance generally reiterated - with an improvement for Hello J.P. Morgan Securities plc

Student portfolio occupancy. And a revaluation of the portfolio that was inline with Krishna Sathwik Beechu

where Unite guided it would be several weeks ago. It is encouraging therefore to (91-22) 6157 5847

krishna.s.beechu@jpmchase.com

see the shares rebound from the open, but still struggle to understand fully why they J.P. Morgan India Private Limited

are down on these results.

• CEO: Unite reiterated its strategy of focusing on the UK's strongest

universities, where student demand materially exceeds available places,

supporting long-term occupancy of 95-97%, CPI-plus rental growth and

margin expansion. Applications to high-tariff universities rose 7%, the fastest

growth in over a decade, while applicants per place exceed 2x.

• Management has accelerated the portfolio repositioning towards stronger

universities, with the disposal programme now expected to deliver £300-

400m of asset sales in 2026 and further disposals in 2027. Unite plans to dispose