The Office for Students (OfS) has published an updated financial sustainability report showing that 124 institutions, representing 45% of those analysed, face deficits in 2025-26 without mitigating actions. This represents an increase from 34% in provider forecasts published in May 2025. The report incorporates early student recruitment data showing UK undergraduate acceptances through UCAS grew by 3.1% in 2025, below the sector's forecast growth of 4.1%, while international student recruitment returned to year-on-year growth with a 6.4% increase in Confirmation of Acceptance for Studies issued before the September intake. The OfS modelling projects nearly one in six institutions will have less than 30 days' liquidity. The regulator noted significant variation across the sector, with growth concentrated in larger research-intensive and medium-sized institutions, while many individual providers did not meet recruitment expectations.