Core Viewpoint - Senior officials from Manchester United are in discussions with a UAE-based consortium interested in purchasing the club [2] Group 1 - The Glazer family, current owners of Manchester United, are reportedly meeting with the interested consortium [2]

Core Viewpoint - The Saudi club Al Hilal attempted to sign Manchester United captain Bruno Fernandes for £100 million during the summer transfer window, which caught Fernandes' attention. However, Manchester United rejected the offer. The Saudi club plans to make another attempt in the winter transfer window with a lucrative contract of £700,000 per week tax-free for Fernandes [1][8]. Group 1: Manchester United's Current Situation - Manchester United has had a poor start to the season, winning only 2 out of 6 matches and accumulating 7 points, placing them near the bottom of the league. This has raised questions about the coaching ability of manager Amoryn [1]. - Fernandes has become a focal point of controversy, as he has been assigned a defensive midfield role in Amoryn's tactical setup, which has limited his effectiveness both defensively and offensively, leading to his frustration [1][3][4]. Group 2: Tactical Issues and Player Performance - Fernandes is best suited for the attacking midfield position, where he can control the game's tempo and organize attacks. Despite Manchester United's overall struggles, Fernandes has been a key offensive player with impressive personal statistics [3]. - Amoryn remains committed to his tactical arrangement and does not plan to change the three-center-back formation, which means Fernandes is unlikely to be repositioned. Even with intervention from Manchester United's higher-ups, Amoryn has stated he will not adjust his tactics [6]. Group 3: Potential Transfer to Saudi League - Given Manchester United's poor performance and Fernandes' struggles, the Saudi league presents a timely opportunity for a transfer. The offer of £700,000 per week is feasible, but it remains uncertain whether they will continue to propose the £100 million transfer fee [8]. - The summer transfer window was seen as the best opportunity to sell Fernandes, and the winter window also represents a significant chance. If both Manchester United and Fernandes are open to this change, it could be beneficial for both parties, allowing Manchester United to adjust their squad and explore new strategies [8].

Group 1 - The article discusses the potential for investing in undervalued stocks that are mispriced by the market as the third quarter comes to an end [1] - It suggests that investors may consider joining a platform that provides insights on these investment opportunities [1] Group 2 - There is a mention of a potential long position in a specific stock, MANU, indicating interest in initiating a beneficial investment within the next 72 hours [2] - The article emphasizes that the opinions expressed are those of the author and not influenced by any compensation from companies mentioned [2]

Group 1 - The article discusses the potential for investing in undervalued stocks that are mispriced by the market as the third quarter comes to an end [1] - It suggests that investors may consider joining a platform called Out Fox The Street for insights on these investment opportunities [1] Group 2 - There is a mention of a potential long position in a company referred to as MANU, indicating interest in purchasing stock or options within the next 72 hours [2] - The article emphasizes that the information provided is for informational purposes only and does not constitute a solicitation to buy or sell securities [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 30 June 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Market Overview - On September 17, 2025, U.S. stock markets exhibited mixed performance, influenced by the Federal Reserve's interest rate decision and significant corporate news [1][11] - The Dow Jones Industrial Average rose by 304.25 points, closing at 46,062.15, a gain of approximately 0.66%, while the S&P 500 fell by 4.86 points to 6,601.90, a decrease of 0.07%, and the Nasdaq Composite dropped by 95.59 points to 22,238.37, down 0.43% [2] Federal Reserve Decision - The Federal Reserve cut interest rates by 25 basis points, marking the first rate cut of the year, amid signs of a weakening labor market [3] - Investors are awaiting the FOMC meeting minutes and updated "dot plot" projections for insights into future rate paths and economic outlook [3] Corporate News - Nvidia (NVDA) shares declined by approximately 1.6% due to reports that China's internet regulator instructed major tech firms to cease purchasing Nvidia's AI chips [5] - Oracle Corporation (ORCL) shares increased by 1.5% as it is part of a consortium to keep TikTok operational in the U.S. [6] - Chipotle Mexican Grill, Inc. (CMG) shares rose by 1.9% after announcing an additional $500 million for share buybacks, raising total authorization to approximately $750 million [6] - ADTRAN Holdings, Inc. (ADTN) stock plummeted by 15.1% following a $150 million convertible senior notes offering [7] - Dave & Buster's Entertainment, Inc. (PLAY) shares fell by 16.7% after reporting second-quarter earnings significantly below estimates [7] - Workday (WDAY) shares surged by 6.9% after Elliott Investment Management disclosed a stake of over $2 billion in the company [8] - StubHub (STUB) debuted on the NYSE at $23.50 per share following its IPO [9] - General Mills, Inc. (GIS) reported a 7% decrease in net sales for Q1 fiscal 2026, but a 108% increase in operating profit due to a yogurt divestiture [10] - Manchester United plc (MANU) reported an increase in commercial revenue for the 2025 fiscal fourth quarter and full year [10]

Core Viewpoint - Manchester United plc reported a fourth-quarter net loss, but revenue increased significantly, indicating mixed financial performance [1] Financial Performance - The company reported a fourth-quarter net loss of 3.9 million pounds, or 2.26 pence per share, compared to a loss of 36.3 million pounds, or 21.44 pence per share, in the previous year [1] - Revenue rose by 15.4 percent to 164.1 million pounds, driven by strong growth in commercial, broadcasting, and matchday revenue [1] Stock Performance - The stock price fell by 7.58 percent to $15.16, down $1.24, after the earnings report [1] - The stock opened at $15.65 and traded within a range of $14.59 to $15.80, compared to a prior close of $16.41 on the New York Stock Exchange [1] - Trading volume reached 1.0 million shares, significantly above the average of 289,193 shares [2] - The stock is currently trading within a 52-week range of $12.05 to $19.65 [2]

Market Overview - The S&P 500 Index is down -0.17%, while the Dow Jones Industrials Index is up +0.77%, and the Nasdaq 100 Index is down -0.80% [1] - Weakness in chipmakers, particularly Nvidia, which is down more than -2%, is impacting the broader market due to regulatory actions from China's Cyberspace Administration [2][11] - The overall market is negatively affected by the decline in major technology stocks, with Amazon, Tesla, and Meta Platforms all down more than -1% [12] Economic Indicators - US housing news showed weaker-than-expected results, with August housing starts falling -8.5% month-over-month to 1.307 million, below expectations of 1.365 million [3] - Building permits also fell unexpectedly by -3.7% month-over-month to a 5.25-year low of 1.312 million, against expectations of an increase [3] - MBA mortgage applications rose +29.7% in the week ended September 12, with refinancing applications up +57.7% [4] Federal Reserve Actions - The Federal Reserve approved a quarter-percentage-point rate cut and indicated two additional cuts are expected before the end of the year due to concerns over the labor market [1][5] - The market anticipates a total of about 70 basis points in rate cuts by year-end, with a focus on the Fed's new economic forecasts [5] Company-Specific Developments - Uber Technologies is down more than -4% following insider selling by CEO Khosrowshahi, who sold $28.6 million in shares [13] - Manchester United reported a Q4 loss and cut its 2026 revenue outlook, leading to a decline of more than -6% in its stock [12] - Roivant Sciences is up more than +12% after its drug met primary endpoints in a Phase 3 trial [14] - Workday is up more than +8% after an upgrade from Guggenheim Securities [14] - Walmart is up more than +2% following a price target increase from Bank of America [15]

Core Viewpoint - Manchester United's fourth-quarter results fell short of market expectations, leading to a decline in share prices despite an increase in net sales compared to the previous year [1] Financial Performance - Quarterly net sales reached 164.1 million pounds ($219.04 million), up from 142.2 million pounds a year earlier, but below the expected $225.80 million [1] - Total revenue increased by 15.4%, driven by stronger commercial and matchday income, although broadcasting revenue saw a decline [1][3] - Commercial revenue grew by 10% year-on-year, while matchday revenue surged by 16.9%, attributed to five additional home matches and high demand for hospitality services [2] - Broadcasting revenue fell by 22%, as the men's first team participated in the UEFA Europa League instead of the more lucrative UEFA Champions League [3] - Operating loss narrowed to 15.2 million pounds from 32.4 million pounds in the same period last year, with adjusted EBITDA nearly doubling to 37.5 million pounds, a 94.3% increase [4] - The company reported a quarterly net loss of 4 cents per share, which was narrower than the projected loss of 6 cents [4] Strategic Initiatives - The CEO indicated that the club has strengthened both the men's and women's first-team squads over the summer for long-term development [4] - Significant investments were made in infrastructure, including the completion of a 50 million pounds redevelopment of the men's first-team building at Carrington [4] - Ongoing planning aims to develop a new stadium at Old Trafford [4] Future Outlook - For fiscal 2026, Manchester United forecasts revenue between 640 million pounds and 660 million pounds, which is below analysts' expectations of 681.9 million pounds [6] - Adjusted EBITDA is projected to be in the range of 180 million pounds to 200 million pounds [6]

Core Insights - Manchester United reported a quarterly loss of $0.04 per share, outperforming the Zacks Consensus Estimate of a loss of $0.09, and showing improvement from a loss of $0.20 per share a year ago [1] - The company achieved an earnings surprise of +55.56% and had previously been expected to post a loss of $0.33 per share, resulting in a surprise of +87.88% [1][2] - Revenue for the quarter was $219.2 million, missing the Zacks Consensus Estimate by 2.92%, but up from $179.43 million year-over-year [2] Financial Performance - Over the last four quarters, Manchester United has exceeded consensus EPS estimates four times [2] - The company has only surpassed consensus revenue estimates once in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is breakeven on revenues of $214.99 million, and -$0.17 on revenues of $992.45 million for the current fiscal year [7] Market Position - Manchester United shares have declined approximately 5.4% year-to-date, contrasting with the S&P 500's gain of 12.3% [3] - The stock currently holds a Zacks Rank of 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Leisure and Recreation Services industry, to which Manchester United belongs, is ranked in the top 42% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]