2Q26 Interim Report

(Translation of registrant's name into English)

(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.

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

By: /s/ Roger Bell Name: Roger Bell

Title: Chief Financial Officer

99.1

Manchester United plc

Interim report (unaudited) for the three and six months ended 31 December 2025

‌Contents

Management's discussion and analy 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 equity 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

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).

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.

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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.

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  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)%

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  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.

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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.

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.

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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.

The following table summarizes our cash flows for the six months ended 31 December 2025 and 2024:

(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.

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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.

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.

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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:

Greater than 3.5 1.75

Greater than 2.0 but less than or equal to 3.5 1.50

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.

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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:

Greater than 3.5 1.75

Greater than 2.0 but less than or equal to 3.5 1.50

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.

We do not currently have any research and development policies in place.

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.

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(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.

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12

13

14

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(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

1. ‌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.

2. 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.

3. 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)
4. 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.

5. 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

1. Seasonality of revenue (continued)

   1. 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.

   2. 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).

   3. 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)
2. Revenue from contracts with customers
   1. 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.

3. 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)
4. Exceptional items

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.

(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

1. 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)

   1. 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.

   2. 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)
2. 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

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1)

(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.

1. Dividends

No dividends were paid in the six months ended 31 December 2025 (six months ended 31 December 2024: nil).

24

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.