MANU

Download the Complete Report Here Key Takeaways: 2Q26 revenue of $17.7 million, supported by ~$32 million of sponsorship contract value, provided the first commercial validation of ENHA’s integrated sports and performance-medicine model. Revenue reached $17.7 million versus none a year ago, supported by ~$32 million of sponsorship contract value across 10 sponsors. However, the initial revenue base was concentrated and largely non-cash, with roughly $17.5 million tied to two sponsorship arrangements that included Rezolve equity and Rumble advertising inventory. Against Street’s $43.7 million 2026E revenue estimate (source: TIKR), 1H26 revenue represents ~41% of the full-year estimate, leaving ~$26 million to be generated in 2H26. The focus now shifts to sponsor diversification, stronger cash conversion and meaningful scaling of Live Enhanced. The inaugural Enhanced Games established immediate audience and brand scale, creating a commercial benchmark for future sponsorship and media-rights monetization. The Games generated more than 4 million live views excluding Roku, while Roku distribution made it available across ~100 million North American households. Total global reach exceeded 1 billion people, supported by ~4,000 media stories reaching a combined 16.7 billion unique monthly visitors. A one-hour ESPN E:60 documentary provided additional mainstream media validation. Owned audience increased 884%, social engagements rose 419%, and video views increased 227% during the event period. ENHA now enters future commercial discussions with demonstrated viewership rather than a conceptual property, after securing ~$32 million of sponsorship contract value. As of June 30, ~$4.5 million remained allocated to unsatisfied sponsorship performance obligations, providing modest forward revenue visibility as ENHA expands sponsorship, media-rights and other event monetization. The key next step is converting this reach into repeatable, higher-quality monetization across both the sports property and Live Enhanced. Brand research indicates the inaugural Games established meaningful awareness and brand strength, supporting ENHA’s customer-acquisition strategy. A pre-Games Qualtrics survey found 61% awareness and a 67% positive perception among those familiar with the property, while post-event research positioned Enhanced alongside Hyrox and The CrossFit Games despite its limited operating history. Combined with the 884% increase in owned audience and 1 billion+ global reach, these results suggest the Games investment established meaningful brand equity that ENHA can potentially monetize through Live Enhanced rather than relying on each event as a standalone marketing spend. Athlete outcomes and clinical execution strengthen ENHA’s sports property while building the proprietary-data foundation for Live Enhanced. ENHA has produced three world records across its competitions since inception, including one at the inaugural Games, alongside 21 personal bests across 42 athletes. All athletes also completed the interventional phase of its IRB-approved clinical trial safely, with the medical team making 274 protocol adjustments in the two months before the Games and generating data across biomarkers, interventions and individual responses. The broader performance narrative now extends beyond headline records toward transparent protocols, health outcomes and individualized performance improvement, better aligning the sports property with Live Enhanced’s consumer opportunity across recovery, longevity and everyday performance. The successful Games have also strengthened athlete recruiting, with Olympic champions and world-record holders expressing interest in future events, supporting a reinforcing loop in which stronger rosters can deepen both audience engagement and the data feeding Live Enhanced. Live Enhanced is becoming the more important next-stage proof point as commercialization begins to scale. The platform became fully operational in mid-May, leaving only several weeks of contribution in 2Q, while sponsorship remained the dominant source of the $17.7 million of revenue. Live Enhanced now offers 11 Rx products in the U.S. and two proprietary supplement stacks, with supplements available across 34 countries. The largest customer cohort is currently aged approximately 25 to 45, although demand extends across both genders and into older age groups, supporting an addressable consumer base broader than an athlete-centric demographic. Management cited strong weekly and monthly cohort growth and expects momentum to continue through 2H26 as new categories launch. Enhanced OS materially sharpens the consumer strategy by positioning ENHA around personalized performance medicine. Planned for launch later in 2026, Enhanced OS is designed to combine baseline health information, personal goals, therapies and supplements, wearables and ongoing response data to continuously adjust individual performance protocols. ENHA intends to apply the medical learnings generated through 274 athlete protocol adjustments to a broader consumer population, creating a data and intelligence layer around products that may otherwise become commoditized. Personalization could support multiple-product adoption, stronger retention and higher lifetime value while reducing reliance on price as the primary differentiator. It also completes the intended operating flywheel: sports creates attention and trust, athletes generate data and credibility, Enhanced OS converts those learnings into individual consumer protocols, and a growing consumer population creates additional data that can further improve personalization. The Rezolve relationship could also extend beyond sponsorship, with its AI-commerce capabilities potentially supporting Live Enhanced commerce and conversion as Enhanced OS develops. Peptides represent potentially meaningful regulatory upside for Live Enhanced. Following July FDA advisory activity, ENHA intends to launch six peptides receiving favorable advisory-panel support if the regulatory pathway permits, while strengthening U.S. pharmacy and supply-chain partnerships to support personalized compounding, nationwide fulfillment and improved product margins. Regulatory clarity could expand the addressable market beyond consumers already sourcing peptides through gray-market channels to a broader population unwilling to use untested or unregulated supply. ENHA’s differentiation is likely to depend less on access to individual peptides and more on personalization, protocol design and the data layer around them. As regulatory access broadens and the underlying molecules become more commoditized, Enhanced OS, biomarker and lifestyle data, and individualized protocols should become increasingly important sources of competitive differentiation. Management also expects to expand into cognitive enhancement and other lifestyle-oriented performance categories, broadening the product funnel and creating more opportunities to increase products per customer, wallet share and ultimately lifetime value. ENHA is evolving the sports side from a single annual tentpole toward a year-round engagement and customer-acquisition ecosystem. The first Enhanced Breakers event was held in Los Angeles in July and produced a new weightlifting world record while operating at a fraction of the scale and fixed cost of the inaugural Games. Breakers can expand into additional sports, keep athletes competing between flagship events, provide more frequent content, and give sponsors additional activation opportunities throughout the year. ENHA is also evaluating partnerships with participatory communities such as run clubs and local competitions, extending the concept beyond elite athletes toward a broader base of amateur athletes and health-conscious consumers. Together, these formats could create more frequent, lower-cost touchpoints that keep performance medicine visible year-round. If successfully executed, the model could reduce reliance on purchased digital traffic and strengthen sports as a recurring acquisition channel for Live Enhanced. Marketing is increasingly shifting from purchased acquisition toward owned media and community, but the economic advantage still needs to be demonstrated through conversion and retention. ENHA spent approximately $1.6 million on performance marketing in 2Q, while the larger customer-acquisition investment was embedded in the Games, which generated more than 4 million live views, 1 billion+ global reach and an 884% increase in owned audience. Breakers, athlete content and planned participatory events are intended to sustain that attention between flagship Games and reduce reliance on paid traffic over time. The model could support structurally lower CAC if Games- and community-acquired consumers convert at attractive rates and show stronger retention, but conversion, CAC and retention remain undisclosed. The next stage of the thesis therefore requires ENHA to demonstrate that owned attention can translate into superior customer economics. With the inaugural build complete, future Games economics should improve as ENHA monetizes the infrastructure, audience and commercial relationships established through the first event. Games, athlete and event operating costs reached $52.0 million in 2Q26, contributing to total operating expenses of $79.6 million versus $3.1 million a year ago. Operating and net losses were both $61.9 million compared with approximately $3.0 million in 2Q25, while net loss per share widened to $0.53 from $0.03. Adjusted EBITDA was negative $42.7 million versus negative $2.7 million, bringing the 1H26 adjusted EBITDA loss to $56.2 million. These results reflect the deliberate front-loaded investment required to build the venue, broadcast infrastructure and supporting event platform largely from scratch. A meaningful portion of this cost base should not recur at the same level, with the pool and track available for reuse across future Games and Breakers, while the lower-cost Breakers format provides a way to maintain sports engagement without replicating the scale and fixed cost of the flagship event. ENHA is also evaluating future host cities partly on economic-development financing and other incentives, creating another opportunity to reduce net event costs and support operating leverage as the model scales. The revenue opportunity should also broaden as the Games evolve from a proof-of-concept event into a repeatable sports property. The inaugural event was invitation-only and monetized primarily through sponsorship, whereas future Games could add ticket sales alongside sponsorship and media-rights revenue while leveraging infrastructure and commercial relationships already established. ENHA now enters those discussions with a tangible benchmark of more than 4 million live views and ~$32 million of sponsorship contract value, giving the company greater leverage when pricing sponsorships, media rights and venue economics. The inaugural Games therefore established the upfront sports infrastructure and audience proof point; the next phase is converting those assets into a more scalable revenue-to-cost relationship as the property repeats and monetization expands. Underlying corporate costs were materially below reported 2Q levels, supporting a clearer path to operating leverage as revenue scales. SG&A was $16.6 million, including $4.2 million of Rumble advertising expense and $6.9 million of stock-based compensation, leaving approximately $5.5 million of underlying SG&A, including $1.8 million of salaries and wages and $1.6 million of performance marketing. Transaction expenses added another $10.9 million in 2Q and $12.5 million in 1H26 and should largely roll off. Combined with lower future event costs, this points to a materially leaner expense base entering 2H26 and strengthens the potential for operating leverage as revenue scales. Liquidity reflects the early-stage investment cycle following the inaugural Games, with post-quarter financing activity and liability management helping to support the near-term position. ENHA ended 2Q26 with $19.6 million of cash after using $44.0 million of operating cash and $7.4 million of investing cash during 1H26, while accounts payable and accrued expenses increased to $40.1 million. Following quarter-end, management repaid approximately $10 million of payables, reducing accounts payable to roughly $16 million while maintaining cash near $20 million as of the filing date. ENHA also holds approximately $10 million of Rezolve shares that remain locked through December, while the unrecognized $10 million Zoop title sponsorship provides additional potential value if collectability requirements are satisfied. Despite these sources, additional financing will be required to fund planned operations over the next twelve months. Street estimates sourced from TIKR show EBITDA improving from negative $64.7 million in 2026E to negative $7.5 million in 2027E before turning positive at $51.8 million in 2028E, making the pace of cash-burn normalization a key determinant of future financing needs and dilution. The forward setup now depends on a meaningful 2H operating improvement as ENHA transitions from front-loaded platform investment toward revenue scaling and a more normalized cost base. Current Street estimates sourced from TIKR indicate 2026E revenue of $43.7 million, followed by $131.7 million in 2027E and $256.6 million in 2028E. EBITDA is expected to improve from negative $64.7 million in 2026E to negative $7.5 million in 2027E before turning positive at $51.8 million in 2028E, with margins improving to +20.2% by 2028. With approximately $17.7 million of revenue and negative $56.2 million of adjusted EBITDA through 1H26, estimates imply approximately $26.0 million of 2H26 revenue and an ~$8.5 million EBITDA loss in 2H26, representing a substantial sequential improvement. The absence of another inaugural-scale Games build should materially reduce the expense base, while sponsorship recognition, Live Enhanced commercialization and broader product expansion provide the principal revenue levers into year-end. Delivery against current estimates would provide early evidence that the front-loaded investment made in 1H26 can translate into a significantly more scalable cost structure and eventual operating leverage. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. Valuation has compressed materially from the SPAC transaction, creating a meaningful disconnect between current enterprise value and ENHA’s longer-term earnings potential. At a share price of $1.96 and approximately 129 million Class A shares outstanding, ENHA’s implied market capitalization is approximately $252.8 million. Using approximately $20 million of pro forma cash and no financial debt, we calculate enterprise value of approximately $232.8 million. Current enterprise value is therefore more than 80% below the ~$1.2 billion SPAC transaction valuation, reflecting substantial investor skepticism around execution, financing requirements and the timing of profitability. Forward valuation becomes increasingly compelling if ENHA delivers against current 2027-2028 scaling assumptions. Based on current estimates, ENHA trades at approximately 5.3x 2026E revenue, 1.8x 2027E revenue and 0.9x 2028E revenue. EBITDA is expected to remain negative through 2027E before inflecting to positive $51.8 million in 2028E, implying approximately 4.5x 2028E EV/EBITDA and a 20.2% margin. The current valuation therefore embeds a meaningful discount for execution risk, particularly given the substantial revenue growth and margin improvement required over the next two years. Relative valuation remains highly discounted if Live Enhanced develops into the primary earnings engine rather than ENHA being valued principally as an emerging sports property. ENHA trades at approximately 1.8x 2027E revenue and 0.9x 2028E revenue versus subscription-health peer averages of 3.2x and 2.7x, respectively. By 2028E, ENHA’s 4.5x EV/EBITDA also compares with a 14.3x subscription-health peer average. The discount is notable given estimates implying a 142.3% revenue CAGR for ENHA from 2026-2028 versus approximately 17.3% for the subscription-health group. Sports peers trade at substantially higher revenue multiples, averaging 6.4x 2027E and 6.1x 2028E revenue, although their slower growth and different economics make that comparison less directly relevant. The valuation gap remains understandable given ENHA’s limited operating history, near-term financing needs and delayed EBITDA breakeven, but measurable consumer conversion, improving retention and CAC, Enhanced OS adoption and lower recurring event costs could increasingly support a rerating toward the subscription-health framework. Rerating drivers are becoming increasingly measurable as the investment case shifts from proving ENHA can create attention and commercial demand toward demonstrating that those assets can compound through recurring consumer monetization. The inaugural Games generated 1 billion+ global reach, more than 4 million live views excluding Roku and approximately $32 million of sponsorship contract value, while 21 personal bests and 274 athlete protocol adjustments strengthened the data and credibility supporting Live Enhanced. The next phase is translating that foundation into recurring consumer revenue, stronger customer economics and a materially lower recurring event cost base. Delivery against estimates of $131.7 million of revenue in 2027E and $256.6 million in 2028E, alongside EBITDA improving from negative $7.5 million to positive $51.8 million, would materially de-risk the current valuation. The next several quarters should therefore be judged less by incremental media reach and more by Live Enhanced conversion, retention and acquisition efficiency, cash-burn normalization, and ENHA’s ability to sustain the sports flywheel through lower-cost formats such as Breakers and community participation. Read Exec Edge’s Initiation on Enhanced Group, Inc. Here Enhanced CEO Maximilian Martin & CFO Sid Banthiya, Live at NYSE Enhanced CEO Maximilian Martin on Enhanced Games: ICR Conference 2026 Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Enhanced Games Reinforce Audience & Sponsorship, Focus Shifts to Live Enhanced Conversion – Quarterly Update Report appeared first on ExecEdge.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Manchester United (MANU) released third quarter and nine month results to March 31, 2026, with higher sales alongside a wider quarterly net loss and a smaller loss for the year to date. See our latest analysis for Manchester United. The earnings release appears to have supported strong momentum, with a 1 month share price return of 13.32% and a year to date share price return of 33.14%, alongside a 1 year total shareholder return of 49.01%. If this kind of move has your attention, it could be a good moment to see how other opportunities stack up using our screener of 20 top founder-led companies So with revenue at £684.3m, a reported net loss of £18.1m and the stock up 49.01% over 1 year, is Manchester United still trading below its underlying worth, or is the market already pricing in future growth? On a P/S basis, Manchester United looks expensive, with the stock trading on 3.9x sales versus a peer average of 2.6x and a US Entertainment industry average of 1.3x. The P/S ratio compares the company’s market value to its annual revenue, which can be useful when earnings are negative or volatile. For Manchester United, this means investors are currently paying $3.90 for every $1 of revenue, a much higher level than many peers. Analysts also estimate that a fair P/S ratio for the stock could be closer to 2.1x, which is well below the current 3.9x level. That gap suggests the market is assigning a premium to Manchester United relative to both its industry and this fair ratio estimate, and it is a premium that could narrow if expectations and reality move closer together. Explore the SWS fair ratio for Manchester United Result: Price-to-sales of 3.9x (OVERVALUED) However, the wider quarterly net loss of £18.1m and a P/S premium to peers could quickly challenge the current mood if sentiment around the stock cools. Find out about the key risks to this Manchester United narrative. While the 3.9x P/S ratio makes Manchester United look expensive, the SWS DCF model suggests the stock could be undervalued. With the share price at $21.01 versus an estimated future cash flow value of $34.92, the model implies a 39.8% discount, so which signal do you trust more? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Manchester United for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 46 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With mixed signals on valuation and sentiment, it makes sense to review the underlying risks and potential rewards yourself. You can start with 3 key rewards and 1 important warning sign. If you are serious about putting this kind of analysis to work, do not stop at one stock. Instead, widen your search and compare multiple ideas side by side. Target potential value opportunities by scanning our universe for 46 high quality undervalued stocks that combine quality fundamentals with prices that may not fully reflect their metrics. Prioritise resilience by focusing on 64 resilient stocks with low risk scores that score well on balance sheet strength and business stability. Hunt for future leaders early by checking the screener containing 22 high quality undiscovered gems that meet strict fundamental criteria before they appear on most radars. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MANU. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Key Points Generated operating profit for the 9 months to 31 March 2026 of £37.7 million, compared to a £3.2 million operating loss in the 9 months to 31 March 2025, as the Club continues to see the benefits of operating cost and headcount reduction programs implemented in the prior year, along with improved performance in the Premier League; 9 month adjusted EBITDA at £187.5 million, versus £145.3 million in the 9 months to 31 March 2025, a 29.0% increase; The Men’s first team finished the Premier League season in 3rd place, qualifying for the UEFA Champions League for the 2026/27 season; Announced Michael Carrick will continue as our men's first team Head Coach, having signed a new contract which will run to 2028; The Women’s team finished the 2025/26 Women’s Super League season in 4th place and reached the Quarter-Finals of the Women’s Champions League for the first time in our history; The Men’s Under 18 team had a strong year, finishing 2nd in the U18 Premier League and reaching the finals of the FA Youth Cup and U18 Premier League Cup, continuing our proud tradition of developing young talent; Announced our 2026/27 pre-season preparations with matches taking place in Finland, Norway, the Republic of Ireland and in Sweden where we take on Atletico de Madrid in the Snapdragon Cup; Agreed new contracts for key first team players Harry Maguire & Kobbie Mainoo; Work continues behind the scenes on our ambition to build a new 100,000 seater stadium; For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million; the Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million MANCHESTER, England, May 27, 2026--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the "Company," the "Group" and the "Club") today announced financial results for the 2026 fiscal third quarter ended 31 March 2026. Management Commentary Omar Berrada, Chief Executive Officer, commented, "We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as Head Coach. Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development." Outlook For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million. The Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations. Key Financials (unaudited) (1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See "Non-IFRS Measures: Definitions and Use" on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations. (2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2026 was £260.0 million and total current borrowings including accrued interest payable was £262.5 million. Revenue Analysis Commercial Commercial revenue for the quarter was £82.4 million, an increase of £7.7 million, or 10.3%, over the prior year quarter. Sponsorship revenue was £38.5 million, a decrease of £4.0 million, or 9.4%, over the prior year quarter, 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, partially offset by other changes in our commercial partner mix. Retail, Merchandising, Apparel & Product Licensing revenue was £43.9 million, an increase of £11.7 million, or 36.3%, over the prior year quarter, due to stronger trading related to improved on pitch performance, combined with a one-off credit relating to amended terms of our in-house e-commerce business launched in the prior year. Broadcasting Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1%, over the prior year quarter, primarily 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. Matchday Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2%, over the prior year quarter, due to playing 3 fewer home matches compared to the prior year quarter, partially offset by improved performance of our Matchday revenue sector on a per game basis. Other Financial Information Operating expenses Total operating expenses for the quarter were £179.1 million, an increase of £17.0 million, or 10.5%, over the prior year quarter. Employee benefit expenses Employee benefit expenses for the quarter were £70.8 million, a decrease of £0.4 million, or 0.6%, over the prior year quarter. The club continues to see the financial benefits of headcount reduction programs implemented during the prior year. Other operating expenses Other operating expenses for the quarter were £34.0 million, a decrease of £4.1 million, or 10.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 3 fewer home matches in the quarter. Depreciation and amortization Depreciation for the quarter was £5.3 million, compared to £4.2 million in the prior year quarter. Amortization for the quarter was £52.4 million, an increase of £6.5 million, or 14.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2026 was £520.8 million. Exceptional items Exceptional items for the quarter were a cost of £16.7 million, primarily as a result of costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team. Exceptional items for the prior year quarter were a cost of £2.7 million, as result of compensation for loss of office costs incurred in relation to the restructuring of the club’s operations. (Loss)/profit on disposal of intangible assets Loss on disposal of intangible assets for the quarter was £5.2 million, primarily due to the write off of costs capitalised in respect of Ruben Amorim and certain members of his coaching team, compared to a profit of £2.3 million for the prior year quarter. Net finance costs Net finance costs for the quarter were £20.3 million, compared to £3.8 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter resulting in a £10.3 million unrealized foreign exchange loss on unhedged USD borrowings. This compares to a favourable swing in foreign exchange rates resulting in a £7.3 million unrealized foreign exchange gain on unhedged USD borrowings in the prior year quarter. Income tax The income tax credit for the quarter was £3.4 million, compared to a credit of £0.4 million in the prior year quarter. Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £16.5 million in the quarter to 31 March 2026, compared to a decrease of £22.5 million in the prior year quarter. Net cash inflow from operating activities for the quarter was £27.3 million, compared to a net cash inflow in the prior year quarter of £22.3 million. Net capital expenditure on property, plant and equipment for the quarter was £0.7 million, a decrease of £16.2 million over the prior year quarter, due to the significant improvements to our Carrington training facility that took place in the prior year. Net cash inflow in relation to intangible assets for the quarter was £21.4 million, compared to net capital expenditure of £31.3 million in the prior year quarter. The current year quarter includes the impact of proceeds raised from the sale of future dated transfer fee receivables due from other football clubs. Net cash outflow from financing activities for the quarter was £30.5 million, compared to a net cash outflow of £0.1 million in the prior year quarter. The current year quarter movement is mostly driven by a £30.0 million net repayment on our revolving credit facility. Balance sheet Our USD non-current borrowings as of 31 March 2026 were $650 million, which was unchanged from 31 March 2025. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2913 at 31 March 2025 to 1.3216 at 31 March 2026, our non-current borrowings when converted to GBP were £490.1 million, compared to £500.9 million at the prior year quarter. In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2026 were £262.5 million compared to £212.3 million at 31 March 2025. As of 31 March 2026, cash and cash equivalents were £60.9 million compared to £73.2 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release. About Manchester United 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 football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club. Cautionary Statements This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. 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 press release 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 Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission. Non-IFRS Measures: Definitions and Use 1. Adjusted EBITDA Adjusted EBITDA is defined as loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs and tax. Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss for the period to adjusted EBITDA is presented in supplemental note 2. 2. Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss)) Adjusted profit/(loss) for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 25%). The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted profit/(loss) for the period is presented in supplemental note 3. 3. Adjusted basic and diluted earnings/(loss) per share Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted 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. There is 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 year. Adjusted basic and diluted earnings/(loss) per share are presented in supplemental note 3. Key Performance Indicators SUPPLEMENTAL NOTES 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. 2 Reconciliation of loss for the period to adjusted EBITDA 3 Reconciliation of loss for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share 4 Cash generated from operations View source version on businesswire.com: https://www.businesswire.com/news/home/20260527159674/en/ Contacts Investors: Roger BellChief Financial [email protected] Media: Toby CraigChief Communications [email protected]

Key Points Generated operating profit in first 6 months of fiscal 2026 of £32.6 million, compared to £3.9 million operating loss in first 6 months of fiscal 2025, as the Club continues to see the positive impact of operating cost and headcount reduction programs implemented in the prior year; 6 month adjusted EBITDA at £102.9 million, versus £94.2 million in 6 months to 31 December 2024 representing a 9.2% increase, despite total revenue decrease with men’s first team not participating in UEFA competition in fiscal 2026; Achieved total revenues of £190.3 million and adjusted EBITDA of £76.0 million, compared to £198.7 million and £70.5 million respectively in the second quarter of fiscal 2025; Operating profit for the quarter was £19.6 million, compared to £3.1 million in the second quarter of fiscal 2025; The men’s first team is currently positioned 4th in the Premier League; our women’s first team is currently 2nd in the Women’s Super League. The men’s first team appointed Michael Carrick as Head Coach until the end of the 2025/26 season; Supported the launch of the Old Trafford Regeneration Mayoral Development Corporation (OTR MDC), a major milestone in the journey towards a new world-class home for the Club; For Fiscal 2026, the company reiterates its prior guidance of total revenues of £640 million to £660 million and adjusted EBITDA of £180 million to £200 million MANCHESTER, England, February 25, 2026--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the "Company," the "Group" and the "Club") today announced financial results for the 2026 fiscal second quarter ended 31 December 2025. Management Commentary Omar Berrada, Chief Executive Officer, commented, "We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability. We continue to take a football first approach and invest in both our men’s and women’s first teams. On the pitch our men’s team sits 4th in the Premier League and our women’s team are 2nd in the Women’s Super League, as well as reaching the League Cup Final and the quarter final of the UEFA Women’s Champions League. Today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our Men’s and Women’s teams." Outlook For fiscal 2026, the Company reiterates its full year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations. Key Financials (unaudited) Revenue Analysis Commercial Commercial revenue for the quarter was £78.5 million, a decrease of £6.6 million, or 7.8%, over the prior year quarter. Sponsorship revenue was £37.2 million, a decrease of £5.8 million, or 13.5%, over the prior year quarter, 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 was £41.3 million, a decrease of £0.8 million, or 1.9%, over the prior year quarter. Broadcasting Broadcasting revenue for the quarter was £62.3 million, an increase of £0.7 million, or 1.1%, over the prior year quarter, 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 Matchday revenue for the quarter was £49.5 million, a decrease of £2.5 million, or 4.8%, over the prior year quarter, 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. Other Financial Information Operating expenses Total operating expenses for the quarter were £173.9 million, a decrease of £22.5 million, or 11.5%, over the prior year quarter. Employee benefit expenses Employee benefit expenses for the quarter were £75.1 million, a decrease of £7.4 million, or 9.0%, over the prior year quarter, due to the impact of headcount reduction programs implemented during the prior year. Other operating expenses Other operating expenses for the quarter were £39.2 million, a decrease of £6.5 million, or 14.2%, over the prior year quarter, 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 and amortization Depreciation for the quarter was £5.0 million, compared to £4.3 million in the prior year quarter. Amortization for the quarter was £54.6 million, an increase of £5.2 million, or 10.5%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations at 31 December 2025 was £572.1 million. Exceptional items Exceptional items for the quarter were £nil. Exceptional items for the prior year quarter were a cost of £14.5 million. This comprised costs associated with the departure of former men’s first team manager Erik ten Hag and various members of football staff. Profit on disposal of intangible assets Profit on disposal of intangible assets for the quarter was £3.2 million, compared to a profit of £0.8 million for the prior year quarter. Net finance costs Net finance costs for the quarter were £13.9 million, compared to net finance costs of £37.6 million in the prior year quarter, 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 quarter was £1.5 million, compared to an income tax credit of £6.8 million in the prior year quarter, due to the Group making a taxable profit in the current year quarter, compared to a taxable loss in the prior year quarter. Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £36.1 million in the quarter to 31 December 2025, compared to a decrease of £54.0 million in the prior year quarter. Net cash outflow from operating activities for the quarter was £11.4 million, compared to £63.2 million in the prior year quarter. Net capital expenditure on property, plant and equipment for the quarter was £1.8 million, a decrease of £5.1 million over the prior year quarter. Net capital expenditure on intangible assets for the quarter was £36.0 million, a decrease of £8.1 million over the prior year quarter. Net cash inflow from financing activities for the quarter was £23.7 million, compared to £59.9 million in the prior year quarter. This is primarily due to a net drawdown of £25.0 million on our revolving facilities in the quarter. Balance sheet Our USD denominated non-current borrowings as of 31 December 2025 were $650 million, which was unchanged from 31 December 2024. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2540 at 31 December 2024 to 1.3456 at 31 December 2025, our non-current borrowings when converted to GBP were £481.3 million, compared to £515.7 million at the prior year quarter. In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 December 2025 were £295.7 million compared to £215.7 million at 31 December 2024. As of 31 December 2025, cash and cash equivalents were £44.4 million compared to £95.5 million at the prior year quarter. About Manchester United 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 football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club. Cautionary Statements This press release contains forward‑looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. 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 press release 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 Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission. Non-IFRS Measures: Definitions and Use Key Performance Indicators SUPPLEMENTAL NOTES 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. 2 Reconciliation of profit/(loss) for the period to adjusted EBITDA 3 Reconciliation of profit/(loss) for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share 4 Cash (used in)/generated from operations View source version on businesswire.com: https://www.businesswire.com/news/home/20260225005759/en/ Contacts Investors: Roger Bell Chief Financial Officer [email protected] Media: Toby Craig Chief Communications Officer [email protected]

Key Points Achieved total revenues of £140.3 million and adjusted EBITDA of £26.9 million, compared to £143.1 million and £23.7 million respectively in the first quarter of fiscal 2025; Operating profit for the quarter was £13.0 million, compared with an operating loss of £7.0 million in the first quarter of fiscal 2025, as the Club continues to see the impact of operating cost and headcount reduction programs implemented during the previous year; The men’s first team is currently positioned 6th in the Premier League; our women’s first team is currently 3rd in the Women’s Super League and successfully qualified for the league phase of the UEFA Women’s Champions League for the first time; Partnerships extended with Canon Medical Systems and Concha y Toro, continuing more than a decade of collaboration with both partners; For Fiscal 2026, the company reiterates its prior guidance of total revenues of £640 million to £660 million and adjusted EBITDA of £180 million to £200 million MANCHESTER, England, December 11, 2025--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the "Company" and the "Group") today announced financial results for the 2026 fiscal first quarter ended 30 September 2025. Management Commentary Omar Berrada, Chief Executive Officer, commented, "These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term. That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively." Outlook For fiscal 2026, the Company reiterates its full year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations. Key Financials (unaudited) Revenue Analysis Commercial Commercial revenue for the quarter was £84.2 million, a decrease of £1.1 million, or 1.3%, over the prior year quarter. Sponsorship revenue was £47.0 million, a decrease of £4.8 million, or 9.3%, over the prior year quarter due to changes in our commercial partner mix. Retail, Merchandising, Apparel & Product Licensing revenue was £37.2 million, an increase of £3.7 million, or 11.0%, over the prior year quarter, due to the impact of a full three months’ trading under our new e-commerce model, compared to only one month in the prior year quarter. Broadcasting Broadcasting revenue for the quarter was £29.9 million, a decrease of £1.4 million, or 4.5%, over the prior year quarter, primarily due to our men’s first team participating in the UEFA Europa League in the prior year quarter, with no UEFA competition in the current year quarter. Matchday Matchday revenue for the quarter was £26.2 million, a decrease of £0.3 million, or 1.1%, over the prior year quarter. Other Financial Information Operating expenses Total operating expenses for the quarter were £172.4 million, a decrease of £13.2 million, or 7.1%, over the prior year quarter. This decrease is explained by category below. Employee benefit expenses Employee benefit expenses for the quarter were £73.6 million, a decrease of £6.6 million, or 8.2%, over the prior year quarter, primarily due to the impact of headcount reduction programs implemented in the prior year. Other operating expenses Other operating expenses for the quarter were £39.8 million, an increase of £0.6 million, or 1.5%, over the prior year quarter. Depreciation and amortization Depreciation for the quarter was £4.8 million, an increase of £0.5 million, or 11.6%, over the prior year quarter. Amortization for the quarter was £54.1 million, an increase of £0.8 million, or 1.5%, over the prior year quarter. The unamortized balance of registrations at 30 September 2025 was £624.1 million, compared to £559.3 million at 30 September 2024. Exceptional items Exceptional items for the quarter were £nil. Exceptional items in the prior year quarter were a cost of £8.6 million. This comprised costs incurred in relation to the restructuring of the Group’s operations, including the redundancy scheme implemented in the first quarter of financial year 2025. Profit on disposal of intangible assets Profit on disposal of intangible assets for the quarter was £45.0 million, an increase of £9.4 million, or 26.4%, from £35.6 million in the prior year quarter. Net finance (costs)/income Net finance costs for the quarter were £21.4 million, compared to net finance income of £8.6 million in the prior year quarter. This is primarily due to an unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings, compared to a favorable swing in the prior year quarter. Income tax The income tax credit for the quarter was £1.8 million, compared to an income tax expense of £0.3 million in the prior year quarter. Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £5.6 million in the quarter to 30 September 2025 compared to the cash position at 30 June 2025. Net cash outflow from operating activities for the quarter was £1.3 million, compared to net cash inflow of £13.3 million in the prior year quarter. Net capital expenditure on property, plant and equipment for the quarter was £17.0 million, an increase of £6.7 million over the prior year quarter, primarily due to expenditure relating to the finalisation of the redevelopment of our men’s first team facility at Carrington, which opened in August 2025. Net capital expenditure on intangible assets for the quarter was £99.7 million, a decrease of £20.5 million over the prior year quarter, primarily due to increased proceeds from player sales in the current year quarter. Net cash inflow from financing activities for the quarter was £102.7 million, compared to a net cash inflow of £199.9 million in the prior year quarter. This is due to a drawdown of £105.0 million on our revolving facilities in the current year quarter compared to a drawdown of £200.0 million in the prior year quarter. Balance sheet Our USD non-current borrowings as of 30 September 2025 were $650 million, which was unchanged from 30 September 2024. As a result of the year-on-year change in the USD/GBP exchange rate from 1.3412 at 30 September 2024 to 1.3449 at 30 September 2025, our non-current borrowings when converted to GBP were £481.2 million, compared to £481.7 million at the prior year quarter. In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings, inclusive of accrued interest, at 30 September 2025 were £268.0 million compared to £232.3 million at 30 September 2024. As of 30 September 2025, cash and cash equivalents were £80.5 million compared to £149.6 million at the prior year quarter. About Manchester United 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 football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club. Cautionary Statements This press release contains forward‑looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. 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 press release 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 Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission. Non-IFRS Measures: Definitions and Use 1. Adjusted EBITDA Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, profit on disposal of intangible assets, net finance income/costs, exceptional items and tax. Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit/(loss) for the period to adjusted EBITDA is presented in supplemental note 2. 2. Adjusted loss for the period (i.e. adjusted net loss) Adjusted loss for the period is calculated, where appropriate, by adjusting for charges related to exceptional items, foreign exchange losses/gains on unhedged US dollar denominated borrowings and fair value movements on embedded foreign exchange derivatives, subtracting/adding the actual tax credit/expense for the period, and adding the adjusted tax credit for the period (based on an normalized tax rate of 25%; 2024: 25%). The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3. 3. Adjusted basic and diluted loss per share Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted 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. There is 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 year. Adjusted basic and diluted loss per share are presented in supplemental note 3. Key Performance Indicators SUPPLEMENTAL NOTES 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. 2 Reconciliation of (loss)/profit for the period to adjusted EBITDA 3 Reconciliation of (loss)/profit for the period to adjusted loss for the period and adjusted basic and diluted loss per share 4 Cash generated from operations View source version on businesswire.com: https://www.businesswire.com/news/home/20251211068624/en/ Contacts Investors: Roger Bell Chief Financial Officer [email protected] Media: Toby Craig Chief Communications Officer [email protected]