The Unite Group (LSE:UTG), the UK's largest student accommodation provider, reported adjusted earnings of £142 million for the six months to 30 June, down 2% from £144.2 million a year earlier.
Adjusted earnings per share fell 8% to 27.1p, from 29.5p in the first half of 2025, reflecting dual-running costs from January's acquisition of Empiric Student Property and its Hello Student brand, alongside an enlarged share count used to part-fund the deal.
The company swung to an IFRS pre-tax loss of £417.1 million, against a £185.9 million profit a year earlier, driven by a 6.4% like-for-like decline in property valuations as yields rose.
EPRA net tangible assets per share dropped 9% to 865p from 955p at the end of 2025, producing a total accounting return of negative 7.5%, compared with positive 4.0% in the same period last year.
"In a less certain operating environment, performance in the first half has been encouraging, with reservations up year-on-year for Unite Students and Hello Student and earnings in line with our expectations," said chief executive Joe Lister.
Unite reiterated full-year adjusted EPS guidance of 41.5p to 43.0p and held its interim dividend unchanged at 12.8p.
The company completed disposals totalling £190 million (£130 million Unite's share) at a 4.8% net operating income yield, part of a plan to sell 15,000 to 20,000 beds and narrow its portfolio to roughly 20 cities.
Net debt to EBITDA rose to a pro forma 7.5x, from 6.0x at the end of 2025, with loan-to-value up to 36% from 27%.
