Manchester United : 2Q26 Interim Report

About this update from Manchester

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February, 2026 Commission File Number: 001-35627 MANCHESTER UNITED PLC (Translation of registrant's name into English) Old Trafford Manchester M16 0RA United Kingdom (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). ☐ THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF THE REGISTRANT: THE REGISTRATION STATEMENT ON FORM F-3 ( NO. 333-282120 ) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ON SEPTEMBER 13, 2024, AS AMENDED, AND THE REGISTRATION STATEMENT ON FORM S-8 ( NO. 333-183277 ) ORIGINALLY FILED WITH THE SEC ON AUGUST 13, 2012, AS AMENDED. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 26, 2026 MANCHESTER UNITED PLC By: /s/ Roger Bell Name: Roger Bell Title: Chief Financial Officer EXHIBIT INDEX Exhibit Number Description 99.1 Manchester United plc Interim report (unaudited) for the three and six months ended 31 December 2025 ‌Contents Management's discussion and ana ly sis of financial condition and results of operations 2 Interim consolidated statement of profit or (loss) for the three and six months ended 31 December 2025 and 2024 11 Interim consolidated statement of comprehensive income/(loss) for the three and six months ended 31 December 2025 and 2024 12 Interim consolidated balance sheet as of 31 December 2025, 30 June 2025 and 31 December 2024 13 Interim consolidated statement of changes in equi ty for the six months ended 31 December 2025, the six months ended 30 June 2025 and the six months ended 31 December 2024 15 Interim consolidated statement of cash flows for the three and six months ended 31 December 2025 and 2024 16 Notes to the interim consolidated financial statements 17 1 ‌Manchester United plc Management's discussion and analysis of financial condition and results of operations GENERAL INFORMATION AND FORWARD-LOOKING STATEMENTS The following Management's discussion and analysis of financial condition and results of operations should be read in conjunction with the interim consolidated financial statements and notes thereto included as part of this report. This report contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to Manchester United plc's ("the Company") operations and business environment, all of which are difficult to predict and many are beyond the Company's control. Forward-looking statements include information concerning the Company's possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible" or similar expressions. The forward-looking statements contained in this interim report are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 20-F for the year ended 30 June 2025, as filed with the Securities and Exchange Commission on 18 September 2025 (File No. 001-35627). GENERAL Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 148-year heritage we have won 69 trophies, including a record 20 English league titles, enabling us to develop what we believe is one of the world's leading sports brands and a global community of fans and followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and Matchday. We attract leading global companies such as adidas and Qualcomm that want access and exposure to our community of followers and association with our brand. 2 RESULTS OF OPERATIONS Three months ended 31 December 2025 as compared to the three months ended 31 December 2024 Three months ended 31 December (in £ millions) % Change 2025 2024 2025 over 2024 Revenue 190.3 198.7 (4.2)% Commercial revenue 78.5 85.1 (7.8)% Broadcasting revenue Matchday revenue 62.3 49.5 61.6 52.0 1.1 % (4.8)% Total operating expenses (173.9) (196.4) 11.5 % Employee benefit expenses (75.1) (82.5) 9.0 % Other operating expenses (39.2) (45.7) 14.2 % Depreciation (5.0) (4.3) (16.3)% Amortization Exceptional items (54.6) - (49.4) (14.5) (10.5)% - Profit on disposal of intangible assets 3.2 0.8 300.0 % Net finance costs (13.9) (37.6) 63.0 % Income tax (expense)/credit (1.5) 6.8 - Profit/(loss) after tax 4.2 (27.7) - Revenue Total revenue for the three months ended 31 December 2025 was £190.3 million, a decrease of £8.4 million, or 4.2%, over the three months ended 31 December 2024, as a result of a decrease in revenue in our Commercial and Matchday revenue sectors, partially offset by an increase in revenue in our Broadcasting sector, as described below. Commercial revenue Commercial revenue for the three months ended 31 December 2025 was £78.5 million, a decrease of £6.6 million, or 7.8%, over the three months ended 31 December 2024. Sponsorship revenue for the three months ended 31 December 2025 was £37.2 million, a decrease of £5.8 million, or 13.5%, over the three months ended 31 December 2024, primarily due to the Club's training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season. Retail, Merchandising, Apparel & Product Licensing revenue for the three months ended 31 December 2025 was £41.3 million, a decrease of £0.8 million, or 1.9%, over the three months ended 31 December 2024. Broadcasting revenue Broadcasting revenue for the three months ended 31 December 2025 was £62.3 million, an increase of £0.7 million, or 1.1%, over the three months ended 31 December 2024, due to the men's first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League's latest international broadcasting rights cycle. These increases are mostly offset by the men's first team not participating in UEFA competitions in the current year, compared to the UEFA Europa League in the prior year. Matchday revenue Matchday revenue for the three months ended 31 December 2025 was £49.5 million, a decrease of £2.5 million, or 4.8%, over the three months ended 31 December 2024, primarily due to playing three fewer home cup matches in the current quarter, compared to the prior year quarter, partially offset by improved performance of our matchday revenue function over the seven league home matches played. Total operating expenses Total operating expenses (defined as employee benefit expenses, other operating expenses, depreciation, amortization and exceptional items) for the three months ended 31 December 2025 were £173.9 million, a decrease of £22.5 million, or 11.5%, over the three months ended 31 December 2024. Employee benefit expenses Employee benefit expenses for the three months ended 31 December 2025 were £75.1 million, a decrease of £7.4 million, or 9.0%, over the three months ended 31 December 2024 due to the impact of headcount reduction programs implemented during the prior year. 3 Other operating expenses Other operating expenses for the three months ended 31 December 2025 were £39.2 million, a decrease of £6.5 million, or 14.2%, over the three months ended 31 December 2024, primarily due to the impact of the club's cost reduction programs and reduced matchday costs as a result of playing three fewer home matches in the current year quarter, compared to the prior year quarter. Depreciation Depreciation for the three months ended 31 December 2025 was £5.0 million, compared to £4.3 million for the three months ended 31 December 2024. Amortization Amortization, primarily of players' registrations, for the three months ended 31 December 2025 was £54.6 million, an increase of £5.2 million, or 10.5%, over the three months ended 31 December 2024, due to investment in the first team playing squad. The unamortized balance of registrations as of 31 December 2025 was £572.1 million. Exceptional items Exceptional items for the three months ended 31 December 2025 were £nil. Exceptional items for the three months ended 31 December 2024 were a cost of £14.5 million. This related to costs associated with the departure of former men's first team manager Erik ten Hag and various members of football staff. We expect to recognize additional exceptional items in the three months ending 31 March 2026 in relation to Ruben Amorim leaving his role as Head Coach of our Men's first team. Profit on disposal of intangible assets Profit on disposal of intangible assets for the three months ended 31 December 2025 was £3.2 million, compared to a profit of £0.8 million for the three months ended 31 December 2024. Net finance costs Net finance costs for the three months ended 31 December 2025 were £13.9 million, compared to net finance costs of £37.6 million for the three months ended 31 December 2024, primarily due to a large unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings in the prior year quarter, compared to minimal movement in the current year quarter. Income tax The income tax expense for the three months ended 31 December 2025 was £1.5 million, compared to an income tax credit of £6.8 million for the three months ended 31 December 2024, due to the company making a profit before tax in the current year quarter compared to a loss before tax in the prior year quarter. Six months ended 31 December 2025 as compared to the six months ended 31 December 2024 Six months ended 31 December (in £ millions) % Change 2025 2024 2025 over 2024 Revenue 330.7 341.8 (3.2)% Commercial revenue 162.7 170.4 (4.5)% Broadcasting revenue Matchday revenue 92.3 75.7 92.9 78.5 (0.6)% (3.6)% Total operating expenses (346.3) (382.0) 9.3 % Employee benefit expenses (148.7) (162.7) 8.6 % Other operating expenses (79.0) (84.9) 6.9 % Depreciation Amortization (9.8) (108.8) (8.6) (102.7) 14.0 % 5.9 % Exceptional items - (23.1) - Profit on disposal of intangible assets 48.2 36.4 32.4 % Net finance costs (35.4) (29.0) (22.1)% Income tax credit 0.3 6.5 (95.4)% Loss after tax (2.5) (26.3) (90.5)% 4 Revenue Total revenue for the six months ended 31 December 2025 was £330.7 million, a decrease of £11.1 million, or 3.2%, over the six months ended 31 December 2024, as a result of decreases in revenue in our Commercial, Broadcasting and Matchday sectors, as described below. Commercial revenue Commercial revenue for the six months ended 31 December 2025 was £162.7 million, a decrease of £7.7 million, or 4.5%, over the six months ended 31 December 2024. Sponsorship revenue for the six months ended 31 December 2025 was £84.2 million, a decrease of £10.6 million, or 11.2%, over the six months ended 31 December 2024, primarily due to the Club's training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season. Retail, Merchandising, Apparel & Product Licensing revenue for the six months ended 31 December 2025 was £78.5 million, an increase of £2.9 million, or 3.8%, over the six months ended 31 December 2024, mostly due to the impact of a full six months of trading under our new e-commerce model, compared to only four months in the six months ended 31 December 2024. Broadcasting revenue Broadcasting revenue for the six months ended 31 December 2025 was £92.3 million, a decrease of £0.6 million, or 0.6%, over the six months ended 31 December 2024, due to the men's first team not participating in UEFA competitions in the current year, compared to the UEFA Europa League in the prior year. These decreases are mostly offset by the men's first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League's latest international broadcasting rights cycle. Matchday revenue Matchday revenue for the six months ended 31 December 2025 was £75.7 million, a decrease of £2.8 million, or 3.6%, over the six months ended 31 December 2024, primarily due to playing five fewer home cup matches in the current year, compared to the prior year, partially offset by improved performance of our matchday revenue function over the ten league home matches played. Total operating expenses Total operating expenses (defined as employee benefit expenses, other operating expenses, depreciation, amortization and exceptional items) for the six months ended 31 December 2025 were £346.3 million, a decrease of £35.7 million, or 9.3%, over the six months ended 31 December 2024. Employee benefit expenses Employee benefit expenses for the six months ended 31 December 2025 were £148.7 million, a decrease of £14.0 million, or 8.6%, over the six months ended 31 December 2024, due to the impact of headcount reduction programs implemented during the prior year. Other operating expenses Other operating expenses for the six months ended 31 December 2025 were £79.0 million, a decrease of £5.9 million, or 6.9%, over the six months ended 31 December 2024, primarily due to reduced costs as a result of playing five fewer home matches in the six months ended 31 December 2025, compared to the six months ended 31 December 2024. Depreciation Depreciation for the six months ended 31 December 2025 was £9.8 million, an increase of £1.2 million, or 14.0%, over the six months ended 31 December 2024. Amortization Amortization, primarily of players' registrations, for the six months ended 31 December 2025 was £108.8 million, an increase of £6.1 million, or 5.9%, over the six months ended 31 December 2024, due to investment in the first team playing squad. The unamortized balance of registrations as of 31 December 2025 was £572.1 million. 5 Exceptional items Exceptional items for the six months ended 31 December 2025 were £nil. Exceptional items for the six months ended 31 December 2024 were a cost of £23.1 million. This comprised costs incurred in relation to the restructuring of the Group's operations and the exit of former members of football staff, including former men's first team manager, Erik ten Hag. We expect to recognize additional exceptional items in the three months ending 31 March 2026 in relation to Ruben Amorim leaving his role as Head Coach of our Men's first team. Profit on disposal of intangible assets Profit on disposal of intangible assets for the six months ended 31 December 2025 was £48.2 million, compared to a profit of £36.4 million for the six months ended 31 December 2024. Net finance costs Net finance costs for the six months ended 31 December 2025 were £35.4 million, compared to £29.0 million for the six months ended 31 December 2024, primarily due to an unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings in the six months ended 31 December 2025, compared to small favorable swing in the six months ended 31 December 2024. Income tax The income tax credit for the six months ended 31 December 2025 was £0.3 million, compared to £6.5 million for the six months ended 31 December 2024, due to the Group making a smaller loss before tax in the six months ended 31 December 2025, compared to the six months ended 31 December 2024. LIQUIDITY AND CAPITAL RESOURCES Our primary cash requirements stem from the payment of transfer fees for the acquisition of players' registrations, capital expenditures for the improvement of facilities at Old Trafford and the Carrington training ground ("Carrington"), payment of interest on our borrowings, employee benefit expenses, other operating expenses and, for certain periods, dividends on our Class A ordinary shares and Class B ordinary shares. Historically, we have met these cash requirements through a combination of operating cash flow, proceeds from the transfer fees from the sale of players' registrations and drawdowns on our revolving facilities. Our existing borrowings primarily consist of our secured term loan facility, our senior secured notes and outstanding drawdowns under our revolving facilities. We have US dollar borrowings that we use to hedge our US dollar commercial revenue exposure. We continue to evaluate our financing options and may, from time to time, take advantage of opportunities to repurchase or refinance all or a portion of our existing indebtedness to the extent such opportunities arise. As of 31 December 2025, we had cash resources of £44.4 million, with all funds are held as cash and cash equivalents and therefore available on demand. As of 31 December 2025, we also had access to an undrawn revolving facility of £60.0 million. However, we cannot assure you that our cash generated from operations, cash and cash equivalents or cash available under our revolving facilities will be sufficient to meet our long-term future needs. We cannot assure you that we could obtain additional financing on favorable terms or at all, including as a result of changes or volatility in the credit or capital markets, which affect our ability to borrow money or raise capital. Our business ordinarily generates a significant amount of cash from our Matchday revenues and commercial contractual arrangements at or near the beginning of our fiscal year, with a steady flow of other cash received throughout the fiscal year. In addition, we ordinarily generate a significant amount of our cash through advance receipts, including season tickets (which include general admission season tickets and seasonal hospitality tickets), most of which are received prior to the end of June for the following season. Our Broadcasting revenue from the Premier League and, for certain periods, UEFA, are paid periodically throughout the season, with primary payments made in late summer, December, January and the end of the football season. Our sponsorship and other commercial revenue tends to be paid either quarterly or annually in advance. However, while we typically have a high cash balance at the beginning of each fiscal year, this is largely attributable to deferred revenue, the majority of which falls under current liabilities in the consolidated balance sheet, and this deferred revenue is unwound through the statement of profit or loss over the course of the fiscal year. Over the course of a year, we use our cash on hand to pay employee benefit expenses, other operating expenses, interest payments and other liabilities as they become due. This typically results in negative working capital movement at certain times during the year. In the event it ever became necessary to access additional operating cash, we also have access to cash through our revolving facilities. As of 31 December 2025, we had £290 million of outstanding loans under our revolving facilities and access to undrawn revolving facilities of £60 million. We also maintain a mixture of long-term debt and capacity under our revolving facilities in order to ensure that we have sufficient funds available for short-term working capital requirements and for investment in the playing squad and other capital projects. 6 Our cost base is more evenly spread throughout the fiscal year than our cash inflows. Employee benefit expenses and fixed costs constitute the majority of our cash outflows and are generally paid throughout the 12 months of the fiscal year. In addition, transfer windows for acquiring and disposing of registrations occur in January and the summer. During these periods, we may require additional cash to meet our acquisition needs for new players and we may generate additional cash through the sale of existing registrations. Depending on the terms of the agreement, transfer fees may be paid or received by us in multiple installments, resulting in deferred cash paid or received. Although we have not historically drawn on our revolving facilities during the summer transfer window, if we seek to acquire players with values substantially in excess of the values of players we seek to sell, we may be required to utilize cash available from our revolving facilities to meet our cash needs. Acquisition and disposal of registrations also affects our trade receivables and payables, which affects our overall working capital. Our trade receivables include transfer fees receivable from other football clubs, whereas our trade payables include transfer fees and other associated costs payable to other football clubs in relation to the acquisition of registrations. Cash Flow The following table summarizes our cash flows for the six months ended 31 December 2025 and 2024: Six months ended 31 December (in £ millions) 2025 2024 Cash flow from operating activities Cash generated from/(used in) operations 4.3 (32.6) Net interest paid (16.7) (17.0) Tax paid (0.3) (0.3) Net cash outflow from operating activities (12.7) (49.9) Cash flow from investing activities Payments for property, plant and equipment (18.8) (17.2) Payments for intangible assets (216.2) (203.7) Proceeds from sale of intangible assets 80.5 39.4 Net cash outflow from investing activities (154.5) (181.5) Cash flow from financing activities Proceeds from borrowings 165.0 200.0 Repayment of borrowings (35.0) (20.0) Proceeds from issue of shares - 80.0 Debt issue costs paid (2.1) - Principal elements of lease payments (1.5) (0.2) Net cash inflow from financing activities 126.4 259.8 Net (decrease)/increase in cash and cash equivalents (1) (40.8) 28.4 (1) Excludes the effect of exchange rate changes on cash and cash equivalents. Net cash outflow from operating activities Cash used in operations represents our operating results and net movements in our working capital. Our working capital is generally impacted by the timing of cash received from the sale of tickets and hospitality and other Matchday revenues, broadcasting revenues from the Premier League and UEFA and sponsorship and other commercial revenues. Cash generated from operations for the six months ended 31 December 2025 was £4.3 million compared to cash used in operations of £32.6 million for the six months ended 31 December 2024. Additional changes in net cash outflow from operating activities generally reflect our finance costs. We currently pay fixed rates of interest on our senior secured notes and variable rates of interest on our secured term loan facility and revolving facilities. Net cash outflow from operating activities for the six months ended 31 December 2025 was £12.7 million compared to net cash outflow of £49.9 million for the six months ended 31 December 2024. 7 Net cash outflow from investing activities Capital expenditure for the acquisition of intangible assets as well as for improvements to property, principally at Old Trafford and Carrington, is funded through cash flow generated from operations, proceeds from the sale of intangible assets and, if necessary, from our revolving facilities. Capital expenditure on the acquisition, disposal and trading of intangible assets tends to vary significantly from year to year depending on the requirements of our men's first team, overall availability of players, our assessment of their relative value and competitive demand for players from other clubs. By contrast, capital expenditure on the purchase of property, plant and equipment tends to remain relatively stable, with the exception of irregular one-off projects, as we continue to make improvements at Old Trafford and Carrington. Net cash outflow from investing activities for the six months ended 31 December 2025 was £154.5 million, a decrease of £27.0 million from £181.5 million for the six months ended 31 December 2024. For the six months ended 31 December 2025, net capital expenditure on property, plant and equipment was £18.8 million, an increase of £1.6 million from £17.2 million for the six months ended 31 December 2024. For the six months ended 31 December 2025, net capital expenditure on intangible assets was £135.7 million, a decrease of £28.6 million from £164.3 million for the six months ended 31 December 2024. Net cash inflow from financing activities Net cash inflow from financing activities for the six months ended 31 December 2025 was £126.4 million, compared to net cash inflow of £259.8 million for the six months ended 31 December 2024. This is primarily due to a net drawdown of £130.0 million on our revolving facilities, compared a net drawdown of £180.0 million on our revolving facilities and £80.0 million of proceeds from the issue of shares to INEOS Limited in the prior year. Indebtedness Our primary sources of indebtedness consist of our senior secured notes, our secured term loan facility and our revolving facilities. As part of the security for our senior secured notes, our secured term loan facility and our revolving facilities, substantially all of our assets are subject to liens and mortgages. Description of principal indebtedness Senior secured notes Our wholly owned subsidiary, Manchester United Football Club Limited, issued $425 million in aggregate principal amount of 3.79% senior secured notes. As of 31 December 2025 the sterling equivalent of £315.1 million (net of unamortized issue costs of £0.8 million) was outstanding. The outstanding principal amount was $425.0 million. The senior secured notes mature on 25 June 2027. The senior secured notes are guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited and MU Finance Limited and secured against substantially all of the assets of those entities and Manchester United Football Club Limited. These entities are wholly owned subsidiaries of Manchester United plc. The note purchase agreement governing the senior secured notes contains a financial maintenance covenant requiring us to maintain consolidated profit for the period before depreciation, amortization of, and profit/(loss) on disposal of, intangible assets, exceptional items, net finance costs, and tax ("EBITDA") of not less than £65 million for each 12 month testing period. We are able to claim certain dispensations from complying with the consolidated EBITDA floor up to twice (in non-consecutive financial years) during the life of the senior secured notes if we fail to qualify for the first round group stages (or its equivalent from time to time) of the UEFA Champions League. The impact of IFRS 16 is excluded for the purpose of covenant compliance testing. The covenant is tested on a quarterly basis and we were in compliance as of 31 December 2025. 8 The note purchase agreement governing the senior secured notes contains events of default typical for securities of this type, as well as customary covenants and restrictions on the activities of Red Football Limited and each of Red Football Limited's subsidiaries, including, but not limited to, the incurrence of additional indebtedness; dividends or distributions in respect of capital stock or certain other restricted payments or investments; entering into agreements that restrict distributions from restricted subsidiaries; the sale or disposal of assets, including capital stock of restricted subsidiaries; transactions with affiliates; the incurrence of liens; and mergers, consolidations or the sale of substantially all of Red Football Limited's assets. The covenants in the note purchase agreement governing the senior secured notes are subject to certain thresholds and exceptions described in the note purchase agreement governing the senior secured notes. The senior secured notes may be redeemed in part, in an amount not less than 5% of the aggregate principal amount of the senior secured notes then outstanding, or in full, at any time at 100% of the principal amount plus a "make-whole" premium of an amount equal to the discounted value (based on the US Treasury rate) of the remaining interest payments due on the senior secured notes up to 25 June 2027. Secured term loan facility Our wholly owned subsidiary, Manchester United Football Club Limited, has a secured term loan facility with Bank of America Merrill Lynch International Designated Activity Company as lender. As of 31 December 2025, the sterling equivalent of £166.2 million (net of unamortized issue costs of £1.0 million) was outstanding. The outstanding principal amount was $225.0 million. The remaining balance of the secured term loan facility is repayable on 6 August 2029, although the Group has the option to repay the secured term loan facility at any time before then. Loans under the secured term loan facility bear interest at a rate per annum equal to the Secured Overnight Financing Rate (SOFR) plus the applicable margin. The applicable margin, if no event of default has occurred and is continuing, means the following: Margin % Greater than 3.5 1.75 Total net leverage ratio (as defined in the secured term loan facility agreement) (per annum) Greater than 2.0 but less than or equal to 3.5 1.50 Less than or equal to 2.0 1.25 While any event of default is continuing, the applicable margin shall be the highest level set forth above. Our secured term loan facility is guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited, MU Finance Limited and Manchester United Football Club Limited and secured against substantially all of the assets of those entities. These entities are wholly owned subsidiaries of Manchester United plc. The secured term loan facility contains a financial maintenance covenant requiring us to maintain consolidated profit for the period before depreciation, amortization of, and profit/(loss) on disposal of, intangible assets, exceptional items, net finance costs, and tax ("EBITDA") of not less than £65 million for each 12 month testing period. We are able to claim certain dispensations from complying with the consolidated EBITDA floor up to twice (in non-consecutive financial years) during the life of the secured term loan facility if we fail to qualify for the first round group stages (or its equivalent from time to time) of the UEFA Champions League. The impact of IFRS 16 is excluded for the purpose of covenant compliance testing. The covenant is tested on a quarterly basis and we were in compliance as of 31 December 2025. The secured term loan facility contains events of default typical in facilities of this type, as well as typical covenants including restrictions on incurring additional indebtedness, paying dividends or making other distributions or repurchasing or redeeming our stock, selling assets, including capital stock of restricted subsidiaries, entering into agreements restricting our subsidiaries' ability to pay dividends, consolidating, merging, selling or otherwise disposing of all or substantially all of our assets, entering into sale and leaseback transactions, entering into transactions with our affiliates and incurring liens. Certain events of default and covenants in the secured term loan facility are subject to certain thresholds and exceptions described in the agreement governing the secured term loan facility. Revolving facilities Our revolving facilities agreement originally dated 22 May 2015 (as amended on 7 October 2015, amended and restated on 4 April 2019, 4 March 2021, 10 December 2021 and 10 July 2025 and amended on 4 November 2022 and 28 June 2024) allows Manchester United Football Club Limited (or any direct or indirect subsidiary of Red Football Limited that becomes a borrower thereunder) to borrow up to £350 million from a syndicate of lenders with Bank of America Europe Designated Activity Company as agent and security trustee. As of 31 December 2025, we had £290 million in outstanding loans and £60 million in borrowing capacity under our revolving facilities agreement. 9 Loans under the revolving facilities agreement bear interest at a rate per annum equal to the Secured Overnight Financing Rate (SOFR) plus the applicable margin. The applicable margin, if no event of default has occurred and is continuing, means the following: Margin % Greater than 3.5 1.75 Total net leverage ratio (as defined in the secured term loan facility agreement) (per annum) Greater than 2.0 but less than or equal to 3.5 1.50 Less than or equal to 2.0 1.25 While any event of default is continuing, the applicable margin shall be the highest level set forth above. The revolving facilities agreement contains a financial maintenance covenant consistent with the note purchase agreement and secured term loan facility and is scheduled to expire on 31 December 2029. Any amount still outstanding at that time will be due in full immediately on the applicable expiry date. Our revolving facility is guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited, MU Finance Limited and Manchester United Football Club Limited and secured against substantially all of the assets of those entities. These entities are wholly-owned subsidiaries of Manchester United plc. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. We do not currently have any research and development policies in place. OFF BALANCE SHEET ARRANGEMENTS Transfer fees payable Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts would be payable by us if certain specific performance conditions are met. We estimate the fair value of any contingent consideration at the date of acquisition based on the probability of conditions being met and monitor this on an ongoing basis. The maximum additional amount that could be payable as of 31 December 2025 is £147.8 million (30 June 2025: £135.8 million; 31 December 2024: £136.4 million). Transfer fees receivable Similarly, under the terms of contracts with other football clubs for player transfers, additional amounts would be payable to us if certain specific performance conditions are met. In accordance with the recognition criteria for contingent assets, such amounts are only disclosed by the Company when probable and recognized when virtually certain. As of 31 December 2025, we believe receipt of £nil to be probable (30 June 2025: £nil; 30 December 2024: £nil). Other commitments In the ordinary course of business, we enter into capital commitments. These transactions are recognized in the consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), and are more fully disclosed therein. As of 31 December 2025, we had not entered into any other off-balance sheet transactions. 10 ‌Manchester United plc Interim consolidated statement of profit or (loss) - unaudited Three months ended Six months ended 31 December 31 December Note 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Revenue from contracts with customers 6 190,307 198,700 330,652 341,765 Operating expenses 7 (173,931) (196,493) (346,318) (382,078) Profit on disposal of intangible assets 9 3,176 839 48,220 36,391 Operating profit/(loss) 19,552 3,046 32,554 (3,922) Finance costs (14,693) (42,480) (36,551) (31,471) Finance income 769 4,917 1,170 2,504 Net finance costs 10 (13,924) (37,563) (35,381) (28,967) Profit/(loss) before income tax 5,628 (34,517) (2,827) (32,889) Income tax (expense)/credit 11 (1,445) 6,772 370 6,473 Profit/(loss) for the period 4,183 (27,745) (2,457) (26,416) Earnings/(loss) per share during the period: Basic earnings/(loss) per share (pence) 12 2.43 (16.35) (1.42) (15.58) Diluted earnings/(loss) per share (pence) (1) 12 2.42 (16.35) (1.42) (15.58) (1) For the six months ended 31 December 2025 and the three and six months ended 31 December 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. See accompanying notes to the interim consolidated financial statements. 11 ‌Manchester United plc Interim consolidated statement of comprehensive income/(loss) - unaudited Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Profit/(loss) for the period 4,183 (27,745) (2,457) (26,416) Other comprehensive (loss)/income: Items that may be reclassified to profit or loss Movement on hedges (93) (5,514) (1,352) (3,403) Income tax credit relating to movements on hedges 23 1,389 338 861 Other comprehensive (loss)/income for the period, net of income tax (70) (4,125) (1,014) (2,542) Total comprehensive income/(loss) for the period 4,113 (31,870) (3,471) (28,958) See accompanying notes to the interim consolidated financial statements. 12 ‌Manchester United plc Interim consolidated balance sheet - unaudited As of 31 December 2025 30 June 2025 31 December 2024 Note £'000 £'000 £'000 ASSETS Non-current assets Property, plant and equipment 14 297,824 292,334 267,060 Right-of-use assets 15 3,237 7,145 7,650 Investment properties 16 19,294 19,433 19,573 Intangible assets 17 1,002,790 966,457 946,014 Deferred tax assets 18 26,046 24,927 25,779 Trade receivables 20 62,035 43,419 46,583 Derivative financial instruments 21 - - 364 1,411,226 1,353,715 1,313,023 Current assets Inventories 19 18,766 13,053 13,423 Prepayments 20,147 17,438 27,568 Contract assets - accrued revenue 6.2 65,230 19,528 59,847 Trade receivables 20 108,856 133,728 88,776 Other receivables 1,481 13,694 2,022 Derivative financial instruments 21 2 472 247 Cash and cash equivalents 22 44,406 86,105 95,542 258,888 284,018 287,425 Total assets 1,670,114 1,637,733 1,600,448 See accompanying notes to the interim consolidated financial statements. 13 Manchester United plc Interim consolidated balance sheet - unaudited (continued) As of Note 31 December 2025 £'000 30 June 2025 £'000 31 December 2024 £'000 EQUITY AND LIABILITIES Equity Share capital 23 56 56 56 Share premium 307,345 307,345 307,345 Treasury shares 24 (21,305) (21,305) (21,305) Merger reserve 249,030 249,030 249,030 Hedging reserve (791) 223 (3,542) Retained deficit (343,595) (341,616) (334,870) Total equity 190,740 193,733 196,714 Non-current liabilities Contract liabilities - deferred revenue 6.2 6,144 5,915 4,146 Trade and other payables 25 184,309 205,359 179,438 Borrowings 26 481,265 471,855 515,719 Lease liabilities 15 2,908 7,899 8,018 Derivative financial instruments 21 620 2,599 3,179 675,246 693,627 710,500 Current liabilities Contract liabilities - deferred revenue 6.2 164,052 205,490 165,724 Trade and other payables 25 325,057 359,246 297,598 Income tax liabilities 679 566 966 Borrowings 26 295,745 165,119 215,746 Lease liabilities 15 477 572 672 Derivative financial instruments 21 2,232 3,403 4,558 Provisions 27 15,886 15,977 7,970 804,128 750,373 693,234 Total equity and liabilities 1,670,114 1,637,733 1,600,448 See accompanying notes to the interim consolidated financial statements. 14 ‌Manchester United plc Interim consolidated statement of changes in equity - unaudited Share Share Treasury Merger Hedging Retained Total capital premium shares reserve reserve earnings equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 30 June 2024 55 227,361 (21,305) 249,030 (1,000) (309,251) 144,890 Loss for the period - - - - - (26,416) (26,416) Cash flow hedges - - - - (3,403) - (3,403) Tax credit relating to movement on hedges - - - - 861 - 861 Total comprehensive income for the period - - - - (2,542) (26,416) (28,958) Proceeds from issue of shares 1 79,984 - - - - 79,985 Equity-settled share-based payments - - - - - 797 797 Balance at 31 December 2024 56 307,345 (21,305) 249,030 (3,542) (334,870) 196,714 Loss for the period - - - - - (6,607) (6,607) Cash flow hedges - - - - 5,034 - 5,034 Tax credit relating to movement on hedges - - - - (1,269) - (1,269) Total comprehensive loss for the period - - - - 3,765 (6,607) (2,842) Equity-settled share-based payments - - - - - (139) (139) Balance at 30 June 2025 56 307,345 (21,305) 249,030 223 (341,616) 193,733 Loss for the period - - - - - (2,457) (2,457) Cash flow hedges - - - - (1,352) - (1,352) Tax credit relating to movement on hedges - - - - 338 - 338 Total comprehensive loss for the period - - - - (1,014) (2,457) (3,471) Equity-settled share-based payments - - - - - 478 478 Balance at 31 December 2025 56 307,345 (21,305) 249,030 (791) (343,595) 190,740 See accompanying notes to the interim consolidated financial statements. 15 ‌Manchester United plc Interim consolidated statement of cash flows - unaudited Three months ended Six months ended 31 December 31 December Note 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Cash flow from operating activities Cash (used in)/generated from operations 28 (4,101) (55,807) 4,316 (32,599) Interest paid (7,507) (7,401) (17,826) (18,771) Interest received 464 696 1,077 1,756 Tax paid (284) (718) (298) (299) Net cash outflow from operating activities (11,428) (63,230) (12,731) (49,913) Cash flow from investing activities Payments for property, plant and equipment (1,750) (6,936) (18,730) (17,235) Payments for intangible assets (1) (53,627) (49,917) (216,198) (203,657) Proceeds from sale of intangible assets (1) 17,605 5,770 80,466 39,338 Net cash outflow from investing activities (37,772) (51,083) (154,462) (181,554) Cash flow from financing activities Proceeds from issue of shares - 79,985 - 79,985 Proceeds from borrowings 60,000 - 165,000 200,000 Repayment of borrowings (35,000) (20,000) (35,000) (20,000) Debt issue costs paid - - (2,102) - Principal elements of lease payments (1,324) (63) (1,528) (191) Net cash inflow from financing activities 23,676 59,922 126,370 259,794 Effect of exchange rate changes on cash and cash equivalents (10,528) 375 (876) (6,334) Net (decrease)/increase in cash and cash equivalents (36,052) (54,016) (41,699) 21,993 Cash and cash equivalents at beginning of period 80,458 149,558 86,105 73,549 Cash and cash equivalents at end of period 22 44,406 95,542 44,406 95,542 (1) Payments and proceeds for intangible assets primarily relate to player and key football management staff registrations. When acquiring or selling players' and key football management staff registrations it is normal industry practice for payment terms to spread over more than one year and consideration may also include non-cash items. Details of registrations additions and disposals are provided in Note 17. Trade payables in relation to the acquisition of registrations at the reporting date are provided in Note 25. Trade receivables in relation to the disposal of registrations at the reporting date are provided in Note 20. See accompanying notes to the interim consolidated financial statements. 16 Manchester United plc Notes to the interim consolidated financial statements - unaudited ‌General information Manchester United plc (the "Company") and its subsidiaries (together the "Group") is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands. The Company's shares are listed on the New York Stock Exchange under the symbol "MANU". These financial statements are presented in pounds sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated. These interim consolidated financial statements were approved for issue by the Audit Committee on 26 February 2026. Basis of preparation The interim consolidated financial statements of Manchester United plc have been prepared on a going concern basis and in accordance with International Accounting Standard 34 "Interim Financial Reporting". The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended 30 June 2025, as filed with the Securities and Exchange Commission on 18 September 2025, contained within the Company's Annual Report on Form 20-F, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The report of the auditors on those financial statements was unqualified and did not contain an emphasis of matter paragraph. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. Going concern The Group has cash resources as of 31 December 2025 of £44.4 million, with all funds held as cash and cash equivalents and therefore available on demand. As of 31 December 2025, the Group also has access to undrawn revolving facilities of £60 million. The Group's debt facilities include the $425 million senior secured notes and the $225 million secured term loan facility, the majority of which attract fixed interest rates. As of 31 December 2025, the Group also has £290 million of outstanding loans under our revolving facilities. The Group's secured notes, revolving facilities and term loan mature in 2027, 2029 and 2029 respectively. As of 31 December 2025, the Group was in compliance with all debt covenants. As a result of a detailed assessment, including prudent assumptions around the men's first team's performance, and with reference to the Group's balance sheet, existing committed facilities, but also acknowledging the inherent uncertainty of the current economic outlook, Management has concluded that the Group is able to meet its obligations when they fall due for a period of at least 12 months after the date of this report. For this reason, the Group continues to adopt the going concern basis for preparing the unaudited interim consolidated financial statements. Accounting policies The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 30 June 2025, except as described below. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. New and amended standards and interpretations adopted by the Group The following amendments to standards have been adopted by the Group for the first time for the year ended 30 June 2025: Lack of Exchangeability (Amendments to IAS 21) The adoption of this amendment has not had a material effect on the Group's financial statements. New and amended standards and interpretations issued but not yet adopted The following amendments to IFRS that have been issued by the IASB will become effective in a subsequent accounting period: Presentation and Disclosure in Financial Statements (IFRS 18) Classification and Measurement of Financial Instruments (Amendment to IFRS 9 and IFRS 7) These changes are not expected to have a material effect on the Group's results however the disclosure changes will impact key statements including the Consolidated Statement of Profit or Loss and the Consolidated Statement of Cash Flows as defined in IFRS 18, and the inclusion of management's Adjusted EBITDA measure. 17 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Critical estimates and judgments The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the interim consolidated financial statements are considered to be: Estimate of minimum guarantee revenue recognition - see Note 5 Estimate of fair value of registrations - see Note 17 Recognition of deferred tax assets - see Note 18 Recognition of tax related provisions - see Note 27 Management does not consider there to be any significant judgements in the preparation of the financial statements. In preparing these interim consolidated financial statements, the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 June 2025. Seasonality of revenue We experience seasonality in our revenue and cash flow, limiting the overall comparability of interim financial periods. In any given interim period, our total revenue can vary based on the number of games played in that period, which affects the amount of Matchday and Broadcasting revenue recognized. Similarly, certain of our costs are derived from hosting games at Old Trafford, and these costs will also vary based on the number of games played in the period. We historically recognize the most revenue in our second and third fiscal quarters due to the scheduling of matches. However, a strong performance by our first team in European competitions and domestic cups could result in significant additional Matchday and Broadcasting revenue, and consequently we may also recognize the most revenue in our fourth fiscal quarter in those years. i) Commercial Commercial revenue (whether settled in cash or value in kind) comprises revenue receivable from the exploitation of the Manchester United brand through sponsorship and other commercial agreements, including minimum guaranteed revenue, revenue receivable from retailing Manchester United branded merchandise in the UK and licensing the manufacture, distribution and sale of such goods globally, and fees for the Manchester United men's first team undertaking tours. Revenue is recognized over the term of the sponsorship agreement in line with the performance obligations included within the contract and based on the sponsorship rights enjoyed by the individual sponsor. In instances where the sponsorship rights remain the same over the duration of the contract, revenue is recognized as performance obligations are satisfied evenly over time (i.e. on a straight-line basis). Retail revenue is recognized when control of the products has transferred, being at the point of sale to the customer. License revenue in respect of right to access licences is recognized in line with the performance obligations included within the contract, in instances where these remain the same over the duration of the contract, revenue is recognized evenly on a time elapsed (i.e. straight-line) basis. Sales-based royalty revenue is recognized only when the subsequent sale is made. Significant estimates A number of sponsorship contracts contain significant estimates in relation to the allocation and recognition of revenue in line with performance obligations. Minimum guaranteed revenue is recognized over the term of the sponsorship agreement in line with the performance obligations included within the contract and based on the sponsorship benefits enjoyed by the individual sponsor. In instances where the sponsorship rights remain the same over the duration of the contract, revenue is recognized as performance obligations are satisfied evenly over time (i.e. on a straight-line basis). 18 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Seasonality of revenue (continued) Commercial (continued) In July 2023, the Group signed a 10-year extension to its agreement with adidas which began on 1 August 2015 and now terminates on 30 June 2035. The minimum guarantee payable over the term of this extended agreement is £750 million per the original term and an additional £900 million due under the extension, resulting in a total of £1,650 million, subject to certain adjustments. Payments due in a particular year may increase if the club's men's or women's first teams win the Premier League or Women's Super League respectively, FA Cup or continental competitions with the maximum possible increase being £4.4 million per annum. Under the extended term, a £10 million deduction will be applied for each year of non-participation in the UEFA Champions League, commencing from the 2025/26 season and a critical accounting estimate exists in estimating the value of any such deductions over the life of the contract. The total revenue of this contract including the estimated deduction in respect of the Champions League clause is recognized evenly over the life of contract and the impact of changing the estimated deduction by one year on revenue recognized in any one financial year is £0.8 million. In line with IFRS 15, management re-assess this estimate at the end of each reporting period and will make adjustments to revenue recognition as appropriate. Broadcasting Broadcasting revenue represents revenue receivable from all UK and overseas broadcasting contracts, including contracts negotiated centrally by the Premier League and UEFA. Distributions from the Premier League comprise a fixed element (which is recognized evenly as each performance obligation is satisfied i.e. as each Premier League match is played), facility fees for live coverage and highlights of domestic home and away matches (which are recognized when the respective performance obligation is satisfied i.e. the respective match is played), and merit awards (which, being variable consideration, are recognized when each performance obligation is satisfied i.e. as each Premier League match is played, based on management's estimate of where the men's first team will finish at the end of the football season i.e. the most likely outcome and to the extent that it is deemed highly probably that no revenue recognized will be reversed). Distributions from UEFA relating to participation in European competitions comprise market pool payments (which are recognized over the matches played in the competition, a portion of which reflects Manchester United's performance relative to the other Premier League clubs in the competition), fixed amounts for participation in individual matches (which are recognized when the matches are played) and an individual club coefficient share (which is recognized over the group stage matches). Matchday Matchday revenue is recognized based on matches played throughout the year with revenue from each match (including season ticket allocated amounts) only being recognized when the performance obligation is satisfied i.e. the match has been played. Revenue from related activities such as Conference and Events or the Museum is recognized as the event or service is provided or the facility is used. Matchday revenue includes revenue receivable from all domestic and European match day activities from Manchester United games at Old Trafford, together with the Group's share of gate receipts from domestic cup matches not played at Old Trafford, and fees for arranging other events at the Old Trafford stadium. As the Group acts as the principal in the sale of match tickets, the share of gate receipts payable to the other participating club and competition organizer for domestic cup matches played at Old Trafford is treated as an operating expense. 19 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Revenue from contracts with customers Disaggregation of revenue from contracts with customers The principal activity of the Group is the operation of men's and women's professional football clubs. All of the activities of the Group support the operation of the football clubs and the success of the men's first team in particular is critical to the on-going development of the Group. Consequently, the chief operating decision maker (being the Board and executive officers of Manchester United plc) regards the Group as operating in one material segment, being the operation of professional football clubs. All non-current assets, other than US deferred tax assets, are held within the United Kingdom. All revenue derives from the Group's principal activity in the United Kingdom. Revenue can be analysed into its three main components as follows: Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Sponsorship 37,169 42,949 84,145 94,709 Retail, merchandising, apparel & product licensing 41,310 42,129 78,533 75,647 Commercial 78,479 85,078 162,678 170,356 Domestic competitions 59,890 49,700 87,931 76,780 European competitions 1,035 10,802 1,259 12,773 Other 1,381 1,160 3,086 3,369 Broadcasting 62,306 61,662 92,276 92,922 Matchday 49,522 51,960 75,698 78,487 190,307 198,700 330,652 341,765 6.2 Assets and liabilities related to contracts with customers Details of movements on assets related to contracts with customers are as follows: Current contract assets - accrued revenue £'000 At 1 July 2024 39,778 Recognized in revenue during the period 94,657 Cash received/amounts invoiced during the period (74,588) At 31 December 2024 59,847 Recognized in revenue during the period 16,393 Cash received/amounts invoiced during the period (56,712) At 30 June 2025 19,528 Recognized in revenue during the period 58,030 Cash received/amounts invoiced during the period (12,328) At 31 December 2025 65,230 A contract asset (accrued revenue) is recognized if commercial, broadcasting or Matchday revenue performance obligations are satisfied prior to unconditional consideration being due under the contract. 20 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) 6 Revenue from contracts with customers (continued) 6.2 Assets and liabilities related to contracts with customers (continued) Details of movements on liabilities related to contracts with customers are as follows: Current contract Non-current contract Total contract liabilities -deferred revenue £'000 liabilities -deferred revenue £'000 liabilities -deferred revenue £'000 At 1 July 2024 (198,628) (5,347) (203,975) Recognized in revenue during the period 146,080 - 146,080 Cash received/amounts invoiced during the period (111,975) - (111,975) Reclassified to current during the period (1,201) 1,201 - At 31 December 2024 (165,724) (4,146) (169,870) Recognized in revenue during the period 174,498 - 174,498 Cash received/amounts invoiced during the period (216,033) - (216,033) Reclassified to non-current during the period 1,769 (1,769) - At 30 June 2025 (205,490) (5,915) (211,405) Recognized in revenue during the period 154,287 - 154,287 Cash received/amounts invoiced during the period (113,078) - (113,078) Reclassified to non-current during the period 229 (229) - At 31 December 2025 (164,052) (6,144) (170,196) Commercial, broadcasting and Matchday consideration which is received in advance of the performance obligation being satisfied is treated as a contract liability (deferred revenue). The deferred revenue is then recognized as revenue when the performance obligation is satisfied. The Group receives substantial amounts of deferred revenue prior to the previous financial year end which is then recognized as revenue throughout the current year and, where applicable, future financial years. Operating expenses Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Employee benefit expenses (75,128) (82,491) (148,727) (162,732) Depreciation - property, plant and equipment (Note 14) (4,695) (3,960) (9,193) (7,868) Depreciation - right-of-use assets (Note 15) (212) (263) (474) (541) Depreciation - investment property (Note 16) (70) (70) (139) (140) Amortization (Note 17) (54,600) (49,423) (108,752) (102,693) Retail, merchandising and e-commerce costs (12,829) (14,649) (23,221) (21,277) External Matchday costs (7,060) (9,494) (11,801) (17,416) Property costs (4,171) (4,383) (8,922) (8,533) Other operating expenses (15,166) (17,223) (35,089) (37,703) Exceptional items (Note 8) - (14,537) - (23,175) (173,931) (196,493) (346,318) (382,078) 21 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Exceptional items Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Club restructuring and redundancy costs - (38) - (8,676) Costs associated with loss of office - (14,499) - (14,499) - (14,537) - (23,175) Exceptional items for the three and six months ended 31 December 2025 were £nil. Exceptional items for the three and six months ended 31 December 2024 include costs related to the restructuring of the club's operations and a redundancy scheme implemented in the first half of fiscal year 2025, as well as costs associated with the departure of former men's first team manager Erik ten Hag and various members of football staff. 9 Profit on disposal of intangible assets Three months ended 31 December Six months ended 31 December 2025 £'000 2024 £'000 2025 2024 £'000 £'000 Profit on disposal of registrations 3,176 839 48,220 36,391 10 Net finance costs Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Interest payable on bank loans and overdrafts - (296) (199) (834) Interest payable on secured term loan facility, senior secured notes and revolving facilities (9,550) (10,420) (18,625) (18,355) Interest payable on lease liabilities (Note 15) (104) (109) (248) (279) Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities (468) (505) (905) (990) Foreign exchange losses on retranslation of unhedged US dollar borrowings (1) - (15,936) (4,915) - Unwinding of discount relating to registrations (4,530) (4,132) (9,450) (8,777) Interest on provisions - (106) - (214) Hedge ineffectiveness on cash flow hedges - (10,976) (2,209) (291) Fair value movement on derivative financial instruments: Embedded foreign exchange derivatives (41) - - (1,731) Total finance costs (14,693) (42,480) (36,551) (31,471) Interest receivable on short-term bank deposits 302 696 1,076 1,756 Foreign exchange gains on retranslation of unhedged US dollar borrowings (2) 177 - - 748 Interest on provisions 195 - 86 - Hedge ineffectiveness on cash flow hedges 95 - - - Fair value movement on derivative financial instruments: Embedded foreign exchange derivatives - 4,221 8 - Total finance income 769 4,917 1,170 2,504 Net finance costs (13,924) (37,563) (35,381) (28,967) (1) Unrealized foreign exchange losses on unhedged USD borrowings due to an unfavourable swing in foreign exchange rates. (2) Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates. 22 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Income tax (expense)/credit Three months ended Six months ended 31 December 31 December 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Current tax Current tax on loss for the period (77) (38) (135) (105) Foreign tax (270) (732) (276) (733) Total current tax expense (347) (770) (411) (838) Deferred tax Origination and reversal of temporary differences (1,098) 7,542 781 7,311 Total deferred tax (expense)/credit (1,098) 7,542 781 7,311 Total income (expense)/credit (1,445) 6,772 370 6,473 Tax is recognized based on management's estimate of the weighted average annual tax rate expected for the full financial year. Based on current forecasts, the estimated weighted average annual tax rate used for the year to 30 June 2026 is 22.85% (30 June 2025: 19.76%). The current year estimated weighted average annual tax rate of 22.85% is driven by UK deferred tax movements, recognized at the UK Corporation tax rate of 25%. In addition to the amounts recognized in the statement of profit or loss, the following amounts relating to tax have been recognized in other comprehensive income: Three months ended 31 December 2025 2024 £'000 £'000 Six months ended 31 December 2025 2024 £'000 £'000 Deferred tax (Note 18) 23 1,389 338 861 Total income tax credit recognized in other comprehensive income 23 1,389 338 861 12 Earnings/(loss) per share Three months ended 31 December Six months ended 31 December 2025 2024 2025 2024 Profit/(loss) for the period (£'000) 4,183 (27,745) (2,457) (26,416) Basic earnings/(loss) per share (pence) 2.43 (16.35) (1.42) (15.58) Diluted earnings/(loss) per share (pence) (1) 2.42 (16.35) (1.42) (15.58) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing the profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Diluted earnings/(loss) per share Diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the "Equity Plan"). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial period, or, if later, the date of issue of the potential ordinary shares. 23 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) Earnings/(loss) per share (continued) (iii) Weighted average number of shares used as the denominator Three months ended Six months ended 31 December 31 December 2025 2024 2025 2024 Number Number Number Number '000 '000 '000 '000 Weighted average number of ordinary shares used as the denominator in calculating basic loss per share 172,434 169,746 172,432 169,532 Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares (1) 224 - - - Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1) 172,658 169,746 172,432 169,532 (1) For the six months ended 31 December 2025 and three and six months ended 31 December 2024 potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. Dividends No dividends were paid in the six months ended 31 December 2025 (six months ended 31 December 2024: nil). 14 Property, plant and equipment Freehold property Plant and machinery Fixtures and fittings Assets under construction Total £'000 £'000 £'000 £'000 £'000 At 1 July 2025 Cost 289,943 43,560 84,079 42,007 459,589 Accumulated depreciation (73,389) (34,924) (58,942) - (167,255) Net book amount 216,554 8,636 25,137 42,007 292,334 Six months ended 31 December 2025 Opening net book amount 216,554 8,636 25,137 42,007 292,334 Additions - 3,878 502 10,303 14,683 Transfers 36,168 4,931 11,211 (52,310) - Depreciation charge (2,337) (3,129) (3,727) - (9,193) Closing net book amount 250,385 14,316 33,123 - 297,824 At 31 December 2025 Cost 326,111 52,369 95,792 - 474,272 Accumulated depreciation (75,726) (38,053) (62,669) - (176,448) Net book amount 250,385 14,316 33,123 - 297,824 At 1 July 2024 Cost 289,943 45,809 78,889 - 414,641 Accumulated depreciation (69,910) (34,395) (54,218) - (158,523) Net book amount 220,033 11,414 24,671 - 256,118 Six months ended 31 December 2024 Opening net book amount 220,033 11,414 24,671 - 256,118 Additions 3 2,397 6,350 10,060 18,810 Depreciation charge (1,740) (2,688) (3,440) - (7,868) Closing net book amount 218,296 11,123 27,581 10,060 267,060 At 31 December 2024 Cost 289,946 48,206 85,239 10,060 433,451 Accumulated depreciation (71,650) (37,083) (57,658) - (166,391) Net book amount 218,296 11,123 27,581 10,060 267,060 24 Manchester United plc Notes to the interim consolidated financial statements - unaudited (continued) 15 Leases (i) Amounts recognized in the consolidated balance sheet The balance sheet shows the following amounts relating to leases: Right-of-use assets: 31 December 30 June 31 December 2025 £'000 2025 £'000 2024 £'000 Property 3,105 6,879 7,267 Plant and machinery 132 266 383 Total 3,237 7,145 7,650 Additions to right-of-use assets for the six months ended 31 December 2025 amounted to £792,000 (2024: £81,000) and for the year ended 30 June 2025 amounted to £81,000. Disposals of right-of-use assets in the six months ended 31 December 2025 were £4,226,000 (30 June 2025: £nil and 31 December 2024: £nil). There was no material profit or loss impact of this disposal, with an offsetting balance reducing lease liabilities per the below reconciliation. Lease liabilities: 31 December 2025 £'000 30 June 2025 £'000 31 December 2024 £'000 Current 477 572 672 Non-current 2,908 7,899 8,018 Total lease liabilities 3,385 8,471 8,690 The following table provides an analysis of the movements in lease liabilities: £'000 At 1 July 2024 8,641 Cash flows (311) Additions 81 Accretion expense 279 At 31 December 2024 8,690 Cash flows (578) Additions - Accretion expense 359 At 30 June 2025 8,471 Cash flows (1,806) Additions 792 Disposals (4,320) Accretion expense 248 At 31 December 2025 3,385 (ii) Amounts recognized in the consolidated statement of profit or loss: Three months ended 31 December Six months ended 31 December 2025 2024 2025 2024 £'000 £'000 £'000 £'000 Depreciation charge of right-of-use assets Property (146) (189) (340) (388) Plant and machinery (66) (74) (134) (153) (212) (263) (474) (541) Interest expense (included in finance costs) (104) (109) (248) (279) Expense relating to short-term leases (included in operating expenses) (47) (62) (108) (123) 25

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