Inspired Entertainment, Inc.

Previous wording

We make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. For definitions of the term “forward-looking statements”, see the definitions provided in the “Cautionary Note Regarding Forward-Looking Statements” at the forepart of this report.

Current wording

We make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. For definitions of the term Forward-Looking Statements, see the definitions provided in the “Cautionary Note Regarding Forward-Looking Statements” at the front part of this report.

Previous wording

For the three-months ended March 31, 2026, we derived approximately 60% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), 11% from Greece, and the remaining 29% across the rest of the world. For the three-months ended March 31, 2025, we derived approximately 65% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), 10% from Greece, and the remaining 25% across the rest of the world.

Current wording

For the three- and six-month periods ended June 30, 2026, we derived approximately 57% and 59% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), respectively 10% and 9% from USA respectively; 11% and 11% from Greece, respectively; and the remaining 22% and 21% across the rest of the world. During the three- and six-month periods ended June 30, 2025, we derived approximately 72% and 69% from the UK, respectively; 5% (in both periods) from USA; 8% and 9% from Greece respectively; and the remaining 15% and 17% across the rest of the world.

Previous wording

As of March 31, 2026, our non-current assets (excluding goodwill) were attributable as follows: 70% to the UK, 17% to Greece and 13% across the rest of the world. As of March 31, 2025, our non-current assets (excluding goodwill) were attributable as follows: 74% to the UK, 11% to Greece and 15% across the rest of the world.

Current wording

As of June 30, 2026, our non-current assets (excluding goodwill) were attributable as follows: 71% to the UK, 16% to Greece and 13% across the rest of the world. As of June 30, 2025, our non-current assets (excluding goodwill) were attributable as follows: 73% to the UK, 13% to Greece and 14% across the rest of the world.

Previous wording

Our results are affected by changes in foreign currency exchange rates as a result of the translation of foreign functional currencies into our reporting currency and the re-measurement of foreign currency transactions and balances. The impact of foreign currency exchange rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. The geographic region in which the largest portion of our business is operated is the UK and the British pound (“GBP”) is considered to be our functional currency. Our reporting currency is the U.S. dollar (“USD”). Our results are translated from our functional currency of GBP into the reporting currency of USD using average rates for profit and loss transactions and applicable spot rates for period-end balances. The effect of translating our functional currency into our reporting currency, as well as translating the results of foreign subsidiaries that have a different functional currency into our functional currency, is reported separately in Accumulated Other Comprehensive Income.

Current wording

Our results are affected by changes in foreign currency exchange rates as a result of the translation of foreign functional currencies into our reporting currency and the re-measurement of foreign currency transactions and balances. The impact of foreign currency exchange rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. The geographic region in which the largest portion of our business is operated is the UK, and the British pound (“GBP”) is our functional currency. Our reporting currency is the U.S. dollar (“USD”). Our results are translated from our functional currency of GBP into the reporting currency of USD using average rates for profit and loss transactions and applicable spot rates for period-end balances. The effect of translating our functional currency into our reporting currency, as well as translating the results of foreign subsidiaries that have a different functional currency into our functional currency, is reported separately in Accumulated Other Comprehensive Income.

Previous wording

During the three-months ended March 31, 2026, we derived approximately 40% of our revenue from sales to customers outside the UK, compared to 35% during the three months ended March 31, 2025.

Current wording

During the three- and six-month periods ended June 30, 2026, we derived approximately 43% and 41% respectively of our revenue from sales to customers outside the UK (see discussion above), compared to 28% and 31% respectively during the three- and six-month periods ended June 30, 2025.

Previous wording

In the section “Results of Operations” below, currency impacts shown have been calculated as the current-period average GBP:USD rate less the equivalent average rate in the prior period, multiplied by the current period amount in our functional currency (GBP). The remaining difference, referred to as functional currency at constant rate, is calculated as the difference in our functional currency, multiplied by the prior-period average GBP:USD rate. This is not a U.S. GAAP measure but is one which management believes gives a clearer indication of results. In the tables below, variances in particular line items from period to period exclude currency translation movements, and currency translation impacts are shown independently.

Current wording

In the section “Results of Operations” below, currency impacts shown have been calculated as the current-period average GBP:USD rate less the equivalent average rate in the prior year period, multiplied by the current period amount in our functional currency (GBP). The remaining difference, referred to as functional currency at constant rate, is calculated as the difference in our functional currency, multiplied by the prior-period average GBP:USD rate. This is not a U.S. GAAP measure, but one which management believes provides a useful indication of results. In the tables below, variances in particular line items from period to period exclude currency translation movements, and currency translation impacts are shown independently.

Previous wording

Our results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming machines can vary quarter on quarter due to both supply and demand factors.

Current wording

Our results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming terminals can vary quarter to quarter due to both supply and demand factors.

Previous wording

Our results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting currency (USD). During the three-month period ended March 31, 2026 and March 31, 2025, the average GBP:USD rates were 1.35 and 1.26, respectively.

Current wording

Our results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting currency (USD). During the three-month periods ended June 30, 2026 and June 30, 2025, the average GBP:USD rates were 1.34 and 1.34, respectively, and rates for the six-month periods ended June 30, 2026 and June 30, 2025 were 1.34 and 1.30, respectively.

Previous wording

In the discussion and analysis below, certain data may vary from the amounts presented in our condensed consolidated financial statements due to rounding.

Current wording

In the discussion and analysis below, certain data may vary from the amounts presented in our consolidated financial statements due to rounding.

Previous wording

For the three-month period ended March 31, 2026, revenue on a functional currency (at constant rate) basis decreased by $6.8 million, or 11% compared to the three-month period ended March 31, 2025.

Current wording

For the three-month period ended June 30, 2026, Total Revenue on a functional currency (at constant rate) basis decreased by $19.8 million or 25% compared to the three-month period ended June 30, 2025 and for the six-month period ended June 30, 2026, total revenue on a functional currency basis decreased by $26.4 million or 19% compared to the six-month period ended June 30, 2025.

Previous wording

For the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, Retail Solutions revenue declined by $9.8 million, predominantly due to a decrease in service revenue of $10.1 million, mainly due to the sale of the UK holiday parks business and certain associated leisure assets, and pub operator model change. This was partially offset by product sales increase of $0.3 million (reflecting the variable nature of terminal sales). Virtual Sports revenue declined by $0.6 million, due to a decrease in online revenue, while Interactive revenue grew by $3.5 million due to growth in the UK, mainland Europe and North American markets.

Current wording

For the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025, Retail Solutions revenue declined by $21.5 million, due to a decrease in service revenue, primarily reflecting the sale of the UK holiday parks business and certain associated leisure assets in November 2025, and the pub operator model change. Virtual Sports revenue declined by $0.4 million, due to a decrease in online revenue, while Interactive revenue grew by $2.0 million, due to growth in the UK, mainland Europe and North American markets. UK growth was partially offset by higher UK remote gaming taxes.

Previous wording

Cost of sales, excluding depreciation and amortization, for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, decreased by $7.2 million, or 40%, predominantly driven by a $6.8 million decrease in cost of service, mainly due to the sale of the UK holiday parks business and certain leisure assets and pub operator business model restructuring, and a $0.4 million decrease in cost of product, attributable to the same restructuring activity.

Current wording

Cost of sales, excluding depreciation and amortization, for the three- and six-month periods ended June 30, 2026, decreased by $12.9 million and $20.0 million, or 51% and 46%, respectively, compared to the three- and six-month periods ended June 30, 2025. The decreases were predominantly driven by a $12.4 million and $19.1 million decrease in cost of service, respectively, primarily due to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model change, as well as a $0.5 million and $0.9 million decrease in cost of product, respectively, attributable to the same restructuring activity.

Previous wording

Non-Staff related selling, general and administrative expenses for the three-month period ended March 31, 2026 decreased by $0.9 million, or 7% compared with the three-month period ended March 31, 2025, mainly driven by lower fleet costs of $0.8 million, facility costs of $0.6 million (both related to the sale of the UK holiday parks business and certain leisure assets and pub operator business model restructuring activity) and storage costs of $0.3 million partially offset by higher professional fees of $0.8 million.

Current wording

The decrease in the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025, was mainly driven by lower facility costs of $1.0 million, fleet costs of $0.9 million (both related to the sale of the UK holiday parks business and certain leisure assets and the pub operator business model restructuring activity), professional fees of $0.4 million and storage costs of $0.3 million.

Previous wording

During the three-month period ended March 31, 2026, and March 31, 2025, the Company recorded expenses of $1.4 million. All expenses related to outstanding awards.

Current wording

During the three- and six-month periods ended June 30, 2026, the Company recorded expenses of $1.6 million and $3.0 million, respectively, compared to expenses of $1.8 million and $3.2 million for the three- and six-month periods ended June 30, 2025. All expenses related to outstanding awards.

Previous wording

Depreciation and amortization for the three-month period ended March 31, 2026, increased by $1.1 million, mainly driven by increases in Virtual Sports of $0.7 million and Interactive of $0.2 million for increased software development and intangible assets.

Current wording

Depreciation and amortization for the three-month period ended June 30, 2026 decreased by $0.9 million compared to the three-month period ended June 30, 2025, mainly driven by a decrease in Retail Solutions of $1.3 million due to the sale of the UK holiday parks business and certain leisure assets and pub operator business model, partially offset by increases in Virtual Sports of $0.7 million and Interactive of $0.3 million for increased software development and intangible assets.

Previous wording

During the three-month period ended March 31, 2026, net operating income was $9.2 million, an increase of $7.2 million, compared to the three-month period ended March 31, 2025. This was predominantly due to a lower staff related selling, general and administrative expenses (due to sale of the UK holiday parks business and certain leisure assets), and timing of costs relating to the restatement of previously issued financial statements during the three-month period ended March 31, 2025.

Current wording

The increase in the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025, was predominantly due to lower staff and non-staff related selling, general and administrative expenses (due to sale of the UK holiday parks business and certain leisure assets), and costs relating to refinancing during the three-month period ended June 30, 2025.

Previous wording

For the three-month period ended March 31, 2026, net loss was $0.5 million, compared to net loss of $0.1 million in the three-month period ended March 31, 2025. The increase in net loss was primarily driven by a decrease of income tax benefit of $4.3 million (the effective tax rate in any given year is influenced by a variety of factors including the level of pre-tax income or loss, the income mix between jurisdictions, and any discrete items that may occur), and higher interest expense of $2.8 million, partially offset by the increase of net operating income of $7.2 million.

Current wording

For the three-month period ended June 30, 2026, net income was $0.2 million compared to a net loss of $7.8 million, primarily due to a decrease of income tax expense of $8.3 million (the effective rate in any given year is influenced by a variety of factors including the level of pre-tax income or loss, the income mix between jurisdictions, and any discrete items that may occur), and the increase of net operating income of $1.9 million, partially offset by higher interest expense of $2.4 million.

Previous wording

Segment Results (for the Three-Months Ended March 31, 2026, compared to the Three-Months Ended March 31, 2025)

Current wording

Segment Results (for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025)

Previous wording

We generate revenue from our Retail Solutions segment through the delivery of our gaming terminals preloaded with proprietary gaming software, server-based content, as well as services such as terminal repairs, maintenance, software updates and upgrades on a when and if available basis and content development. We receive rental fees for machines, typically in conjunction with long-term contracts, on both a participation and fixed fee basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and any relevant regulatory levies) from gaming terminals placed in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Current wording

We generate revenue from our Retail Solutions segment through delivery of our gaming terminals preloaded with proprietary gaming software, server-based content, as well as services such as terminal repairs, maintenance, software upgrades and upgrades on a when and if available basis and content development. We receive rental fees for machines, typically in conjunction with long-term contracts, on both a participation and fixed fee basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and any relevant regulatory levies) from gaming terminals placed in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Previous wording

“End of Period Installed Base” represent the number of gaming machines installed (excluding Holiday Park machines) that are Category B and Category C only (UK Gambling Act 2005 places machines into categories dependent on maximum stake and prize available), This is equal to the number of deployed Retail Solutions terminals at the end of each period that have been placed on a participation or fixed rental basis. Retail Solutions participation revenue, which comprises the majority of Retail Solutions Service revenue, is directly related to the participation terminal installed base. This is the medium by which our customers generate revenue and distribute a revenue share to the Company. To the extent all other KPIs and certain other factors remain constant, the larger the installed base, the higher the Company’s revenue would be for a given period. Management gives careful consideration to this KPI in terms of driving growth across the segment. This does not include Service Only terminals.

Current wording

“End of Period Installed Base” represent the number of gaming machines installed (excluding Holiday Park machines) that are Category B and Category C only (UK Gambling Act 2005 places machines into categories dependent on maximum stake and prize available), This is equal to the number of deployed Retail Solutions terminals at the end of each period that have been placed on a participation or fixed rental basis. Retail Solutions participation revenue, which comprises the majority of Retail Solutions service revenue, is directly related to the participation terminal installed base. This is the medium by which our customers generate revenue and pay a revenue share to the Company. To the extent all other KPIs and certain other factors remain constant, the larger the installed base, the higher the Company’s revenue would be for a given period. Management gives careful consideration to this KPI in terms of driving growth across the segment. This does not include Service Only terminals.

Previous wording

“Customer Gross Win per unit per day” is a KPI used by our management to (i) assess impact on the Company’s revenue, (ii) determine changes in the performance of the overall market and (iii) evaluate the impact of regulatory change and our new content releases on our customers. Customer Gross Win per unit per day is the average per unit cash generated across all Retail Solutions terminals in which the Company takes a participation revenue share across all territories in the period, defined as the difference between the amounts staked less winnings to players divided by the Average Installed Base in the period, then divided by the number of days in the period.

Current wording

“Customer Gross Win per unit per day” is a KPI used by our management to (i) assess impact on the Company’s revenue, (ii) determine changes in the performance of the overall market and (iii) evaluate the impact of regulatory change and our new content releases on our customers. Customer Gross Win per unit per day is the average per unit cash generated across all Gaming terminals in which the Company takes a participation revenue share across all territories in the period, defined as the difference between the amounts staked less winnings to players divided by the Average Installed Base in the period, then divided by the number of days in the period.

Previous wording

“Inspired Fixed Rental Revenue per Retail Solutions Machine per week” is the Company’s average fixed rental amount across all fixed rental terminals where revenue is generated on a fixed fee basis, per unit per week.

Current wording

“Inspired Fixed Rental Revenue per Gaming Machine per week” is the Company’s average fixed rental amount across all fixed rental terminals where revenue is generated on a fixed fee basis, per unit per week.

Previous wording

“Total Retail Solutions Recurring Revenue” is equal to Retail Solutions Participation Revenue plus Retail Solutions Other Fixed Fee Recurring Revenue.

Current wording

“Total Retail Solutions Recurring Revenue” is equal to Gaming Participation Revenue plus Gaming Other Fixed Fee Recurring Revenue.

Previous wording

All variances discussed in the Retail Solutions results below are on a functional currency (at a constant rate) basis, which excludes the impact of any changes in foreign currency exchange rates.

Current wording

All variances discussed in the Retail Solutions results below are on a functional currency (at constant rate) basis, which excludes the impact of any changes in foreign currency exchange rates.

Previous wording

Net income for the three-month period ended March 31, 2026, increased by $2.5 million compared to the three-month period ended March 31, 2025. The increase was primarily due to a reduction in staff-related selling, general and administrative expenses of $3.4 million and non-staff related selling, general and administrative expenses of $2.2 million, partially offset by the reduction in Service sales Gross Margin, driven by the sales of the UK holiday parks business and certain associated leisure assets, and pub operator business model restructuring.

Current wording

Net income for the three-month period ended June 30, 2026, decreased by $1.1 million, compared to the three-month period ended June 30, 2025, and net income for the six-month period ended June 30, 2026, increased by $1.6 million, compared to the six-month period ended June 30, 2025, primarily driven by the sales of the UK holiday parks business and certain associated leisure assets, and the pub operator model restructuring.

Previous wording

We generate revenue from our Virtual Sports segment through our on-premise licensing solution and hosting of our products. We primarily receive fees on a participation basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Virtual Sports content placed on our customers’ websites or in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Current wording

We generate revenue from our Virtual Sports segment through the provision of our products to customers for deployment both on-premise in licensed gaming venues and online through customers’ websites and mobile applications across multiple regulated jurisdiction. We primarily receive fees on a participation basis. Our participation contracts are typically structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant applicable gaming taxes) from Virtual Sports content placed on our customers’ websites or in our customers’ facilities. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Previous wording

Revenue growth for our Virtual Sports segment is principally driven by the number of customers we have, the net win performance of the games and the net win percentage that we receive pursuant to our contracts with our customers.

Current wording

Revenue growth for our Virtual Sports segment is principally driven by the number of customers we have, the number of jurisdictions across which they operate, the net win performance of the games and the net win percentage that we receive pursuant to our contracts with our customers.

Previous wording

During the three-month period ended March 31, 2026, revenue decreased by $0.6 million, or 7% compared to the three-month period ended March 31, 2025, primarily driven by lower revenue from a key customer.

Current wording

During the three- and six-month periods ended June 30, 2026, revenue decreased by $0.4 million and $1.0 million, or 4% and 6%, respectively compared to the three- and six-month periods ended June 30, 2025 primarily driven by lower revenue from a key customer, partially offset by increased revenue from other customers.

Previous wording

During the three-month period ended March 31, 2026, net operating income decreased by $1.3 million compared to the three-month period March 31, 2025. This decline was primarily due to the decrease in gross margin of $0.5 million, and an increase in depreciation and amortization of $0.7 million for increased software development and intangible assets.

Current wording

During the three-month period ended June 30, 2026, operating income decreased by $0.7 million compared to the three-month period ended June 30, 2025, primarily due to an increase in depreciation and amortization of $0.7 million and a decrease in gross margin of $0.2 million, partially offset by a reduction in non-staff related selling, general and administrative expenses of $0.4 million.

Previous wording

We generate revenue from our Interactive segment through various gaming content made available via third-party aggregation platforms integrated with our remote gaming server or directly on the Company’s remote gaming server platform, and services such as customer support, platform maintenance, updates and upgrades. Typically, we receive fees on a participation basis. Our participation contracts are usually structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Interactive content placed on our customers’ websites. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Current wording

We generate revenue from our Interactive segment through the Remote Gaming Server (“RGS”) enabling bespoke or general game content either via third party aggregation platforms, or directly on the customers gaming platform. Typically, we receive fees on a participation basis. Our participation contracts are usually structured to pay us a percentage of net win (defined as net revenue to our operator customers, after deducting player winnings, free bets or plays and other promotional costs and any relevant regulatory levies) from Interactive content placed on our customers’ websites. Typically, we recognize revenue from these arrangements on a daily basis over the term of the contract.

Previous wording

“No. of Games available at the end of the period” and “Average No. of Games available” represents the number of games that are available for operators to deploy at the end of the period (including inactive legacy games still available and new games that are available but have not yet gone live with any operators) and the average number of games that are available for operators to deploy during the period, respectively. This incorporates live games and inactive games.

Current wording

“No. of Games available at the end of the period” and “Average No. of Games available” represents the number of games that are available for operators to deploy at the end of the period (including inactive legacy games still available and inactive new games that are available but have not yet gone live with any operators) and the average number of games that are available for operators to deploy during the period, respectively. This incorporates both live games and inactive games.

Previous wording

During the three-month period ended March 31, 2026, revenue increased by $3.5 million, or 29% compared to the three-month period ended March 31, 2025, driven by recurring revenue growth in the UK, mainland Europe and North America.

Current wording

During three- and six-month periods ended June 30, 2026, revenue increased by $2.0 million and $5.5 million, or 15% and 21%, respectively, compared to the three- and six-month periods ended June 30, 2025 mainly driven by recurring revenue growth in the UK, mainland Europe and North America. UK revenue growth was partially offset by higher UK remote gaming taxes.

Previous wording

Operating income for the three-month period ended March 31, 2026 increased by $3.0 million compared to the three-month period ended March 31, 2025. This increase was driven by the increase in revenue, partially offset by increases in cost of sales of $0.2 million, depreciation and amortization of $0.2 million and non-staff related selling, general and administrative expenses of $0.1 million.

Current wording

Operating income for the three-month period ended June 30, 2026 increased by $0.9 million, compared to the three-month period ended June 30, 2025. This increase was driven by the increase in revenue, partially offset by increases in staff and non-staff related selling, general and administrative expenses of $0.7 million and depreciation and amortization of $0.3 million.

Previous wording

Reconciliations from net loss, as shown in our Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA are shown below.

Current wording

Reconciliations from net loss, as shown in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA are shown below:

Previous wording

Reconciliation to Adjusted EBITDA by Segment for the Three Months Ended March 31, 2026

Current wording

Reconciliation to Adjusted EBITDA by segment for the Three and Six Months ended June 30, 2026

Previous wording

Note: Certain unallocated corporate function costs have not been allocated to the Company’s reportable operating segments because these costs are not allocable and to do so would not be practical; these are shown in the Corporate category.

Current wording

Note: Certain corporate function costs have not been allocated to the Company’s reportable operating segments because to do so would not be practical; these are shown in the Corporate category.

Previous wording

Reconciliation to Adjusted EBITDA by Segment for the Three Months Ended March 31, 2025

Current wording

Reconciliation to Adjusted EBITDA by segment for the Three and Six Months ended June 30, 2025

Previous wording

Note: Certain unallocated corporate function costs have not been allocated to the Company’s reportable operating segments because these costs are not allocable and to do so would not be practical; these are shown in the Corporate category.

Current wording

Note: Certain corporate function costs have not been allocated to the Company’s reportable operating segments because to do so would not be practical; these are shown in the Corporate category.

Previous wording

For the three-month period ended March 31, 2026, net cash inflow provided by operating activities was $26.7 million, compared to a $25.5 million inflow for the three-month period ended March 31, 2025, representing a $1.2 million increase in cash generation. The increase was driven primarily by higher depreciation and amortization and lower deferred income tax charges. This was partially offset by lower working capital generation, as the prior year benefitted from the collection of receivables related to machine hardware sales made at the end of 2024.

Current wording

For the six months ended June 30, 2026, net cash provided by operating activities was a $29.5 million inflow, compared to a $40.7 million inflow for the six months ended June 30, 2025, representing an $11.2 million decrease in cash generation from operating activities. This decrease was driven primarily through the collection of receipts in the prior year relating to machine sales made at the end of 2024 and unfavorable timing on supplier payments.

Previous wording

Other net cash generated by operating activities decreased by $2.2 million to an inflow of $12.0 million. The relative movements between the three-month period ended March 31, 2026 and the three-month period ended March 31, 2025 resulted in unfavorable movements of $14.4 million in accounts receivable and $12.1 million in accounts payable and accrued expenses. The adverse movements in accounts receivable were largely due to the collection of receipts in the prior year from hardware sales made at the end of 2024 and the unfavorable movements in accounts payable and accrued expenses were largely due to timing of higher procurement activity in the previous year and timing on supplier payments in the current year. These unfavorable movements were partly offset by favorable movements in prepayments and accrued income of $11.2 million, inventory of $4.4 million and corporate tax and other current taxes of $7.4 million.

Current wording

Other net cash (utilized)/generated by operating activities decreased by $20.0 million, to a $3.3 million outflow. The relative movements between the six months ended June 30, 2026 and the six months ended June 30, 2025 resulted in adverse movements in accounts receivable of $15.9 million, in accounts payable and other creditors of $20.7 million and in inventory of $4.9 million. The adverse movement in accounts receivable was due to collection of receipts in the first half of 2025 from several significant machine hardware sales made at the end of 2024. The adverse movements in accounts payable were due to timing of supplier payments and the relative activity levels seen. These were partly offset by favorable movements in prepaid expenses and other assets of $21.5 million.