Group 1 - The research team is based in Singapore and focuses on exploiting market inefficiencies to identify undervalued investment opportunities for long-term alpha generation [1] - The team emphasizes a disciplined investment approach that combines top-down macro themes with bottom-up fundamental analysis [1] Group 2 - The team is unafraid to disagree with consensus views in order to generate investment theses based on attractive valuations [1]

Financial Performance - Generated operating profit of £32.6 million in the first six months of fiscal 2026, compared to an operating loss of £3.9 million in the same period of fiscal 2025, reflecting the positive impact of cost reduction programs [4] - Adjusted EBITDA for the second quarter was £76.0 million, a 7.8% increase from £70.5 million in the prior year quarter, despite total revenue decrease [4] - Total revenues for the second quarter were £190.3 million, down 4.2% from £198.7 million in the prior year quarter [4] - The company reiterates full year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million for fiscal 2026 [5] - Operating profit for the three months ended December 31, 2025, was £19,552 thousand, compared to an operating profit of £3,046 thousand for the same period in 2024, indicating a significant improvement [35] - Adjusted EBITDA for the three months ended December 31, 2025, was £75,953 thousand, up from £70,460 thousand for the same period in 2024, reflecting a growth of 7.1% [44] - Basic earnings per share for the three months ended December 31, 2025, was 2.43 pence, compared to a loss of 16.35 pence for the same period in 2024 [35] - The company reported a profit of £4,183,000 for the three months ended 31 December 2025, compared to a loss of £27,745,000 in the same period of 2024 [45] - Adjusted profit for the period was £4,119,000 for the three months ended 31 December 2025, a significant improvement from a loss of £6,199,000 in the prior year [45] - Adjusted basic earnings per share increased to 2.39 pence for the three months ended 31 December 2025, compared to a loss of 3.65 pence in the same period of 2024 [45] Revenue Breakdown - Commercial revenue for the quarter was £78.5 million, a decrease of £6.6 million, or 7.8%, compared to the prior year quarter [8] - Broadcasting revenue increased by £0.7 million, or 1.1%, to £62.3 million, attributed to a higher estimated Premier League finishing position [9] - Matchday revenue decreased by £2.5 million, or 4.8%, to £49.5 million, primarily due to three fewer home cup matches [10] - Revenue from contracts with customers for the three months ended December 31, 2025, was £190,307 thousand, a decrease of 4.0% compared to £198,700 thousand for the same period in 2024 [35] Expenses and Costs - Total operating expenses for the quarter were £173.9 million, a decrease of £22.5 million, or 11.5%, compared to the prior year quarter [11] - Net finance costs for the quarter were £13.9 million, significantly lower than £37.6 million in the prior year quarter, due to reduced foreign exchange losses [18] - Finance costs for the three months ended December 31, 2025, were £14,693 thousand, a decrease from £42,480 thousand for the same period in 2024, reflecting reduced borrowing costs [35] - Employee benefit expenses as a percentage of revenue decreased to 39.5% for the three months ended December 31, 2025, from 41.5% for the same period in 2024 [32] Cash Flow and Assets - Cash and cash equivalents at the end of the period on December 31, 2025, were £44,406 thousand, down from £95,542 thousand at the end of the same period in 2024 [41] - Net cash outflow from operating activities for the three months ended December 31, 2025, was £11,428 thousand, compared to an outflow of £63,230 thousand for the same period in 2024, indicating improved cash flow management [41] - Cash generated from operations was £4,316,000 for the six months ended 31 December 2025, contrasting with a cash used of £32,599,000 in the same period of 2024 [46] - Total assets as of December 31, 2025, were £1,670,114 thousand, an increase from £1,600,448 thousand as of December 31, 2024 [39] Depreciation and Amortization - The company experienced a depreciation expense of £4,977,000 for the three months ended 31 December 2025, up from £4,293,000 in the previous year [46] - Amortization costs rose to £54,600,000 for the three months ended 31 December 2025, compared to £49,423,000 in the same period of 2024 [46] Other Financial Metrics - Profit on disposal of intangible assets for the three months ended December 31, 2025, was £3,176 thousand, compared to £839 thousand for the same period in 2024, showing a significant increase [35] - Trade receivables showed a significant change, with a decrease of £35,997,000 for the three months ended December 31, 2025, compared to a decrease of £35,013,000 in the same period of 2024 [46] - The company reported a foreign exchange loss of £740,000 on operating activities for the three months ended December 31, 2025, compared to a gain of £562,000 in the previous year [46] - Contract liabilities related to deferred revenue decreased by £54,806,000 for the three months ended December 31, 2025, compared to a decrease of £62,241,000 in the same period of 2024 [46]

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Core Viewpoint - Manchester United captain Bruno Fernandes's social media account was hacked, leading to a post critical of the club's co-owners, specifically targeting INEOS, owned by Sir Jim Ratcliffe, a minority owner of the club [1][2]. Group 1: Incident Details - The hacked post on Fernandes's account, which has over 4.5 million followers, stated: "let's get rid of INEOS" and was viewed more than 84,000 times before being removed [1][2]. - The club confirmed the hacking incident and advised supporters not to engage with any posts or direct messages from the compromised account [2]. Group 2: Context of the Hacking - The hacking occurred shortly after Manchester United's elimination from the FA Cup, following a defeat to Brighton, extending their winless streak to four matches across all competitions [3]. - The match saw Brighton win 2-1, with goals from Brajan Gruda and Danny Welbeck, while Benjamin Sesko scored for United before an 18-year-old academy graduate was sent off [3][4]. Group 3: Management Situation - Following the sacking of manager Ruben Amorim, Darren Fletcher, the current under-18s head coach, took charge of the first team [4][5]. - The defeat to Brighton may lead to Fletcher's final match in charge, with Ole Gunnar Solskjaer and Michael Carrick being considered frontrunners for the managerial position [6].

Group 1: Lindsell Train's Investment Activity - Lindsell Train sold 780,000 shares of Manchester United, representing 18% of its stake, during the fourth quarter of 2025 [1] - The firm's ownership of Class A shares decreased to 6.4% from 7.8% as of September 30 [1] - Lindsell Train's peak investment in Manchester United was 11.6 million shares in 2021, making it the largest institutional shareholder at that time [4] Group 2: Recent Performance and Management Changes - Manchester United currently ranks sixth in the English Premier League (EPL) standings, following a disappointing 15th-place finish last year [3] - The club recently fired manager Ruben Amorim, shortly after he urged management to take action during the January transfer window [2] - The club's shares closed at $16, down 5% over the past 12 months, contrasting with a 16% gain for the S&P 500 [4] Group 3: Changes in Institutional Shareholding - Lindsell Train has consistently reduced its stake in Manchester United, including a 20% reduction in October 2024 and a 9.3% reduction at the end of 2024 [5] - Ariel Investments has become the largest institutional shareholder, holding 8.9 million shares as of September 30, after adding 3 million shares in 2024 [5]

Group 1 - The club is seeking its seventh full-time manager since the retirement of legendary manager Alex Ferguson in 2013 [1]

Group 1 - Manchester United has parted ways with head coach Ruben Amorim amid questions regarding his role and tensions with the club hierarchy [1] - The club aims to improve its Premier League standing, stating that the coaching change will provide the best opportunity for a higher finish [2] - Amorim was appointed after billionaire Jim Ratcliffe acquired a minority stake in the club, which has led to significant structural changes within the organization [3] Group 2 - Prior to his departure, Amorim expressed frustrations about his role, emphasizing that he wanted to be the manager rather than just a coach [4] - Manchester United is currently positioned 6th in the Premier League [4] - Former player Darren Fletcher will take over as interim manager for the upcoming match against Burnley [5]

Core Viewpoint - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors, while also occasionally analyzing large-cap companies to provide a broader perspective on equity markets [1]. Group 1 - The research emphasizes the importance of small- to mid-cap companies in investment analysis due to their potential for growth and the lack of attention they receive from larger investors [1].

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]