Manchester United Plc Reports Second Quarter Fiscal 2026 Results

MANCHESTER, England--( 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.

Phasing of Premier League games

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total

2025/26 season*

2024/25 season

2023/24 season

*As of 25 February 2026; subject to change

Key Financials (unaudited)

£ million (except earnings/(loss) per share)

Three months ended

31 December

Six months ended

31 December

2025

2024

Change

2025

2024

Change

Commercial revenue

78.5

85.1

(7.8%)

162.7

170.4

(4.5%)

Broadcasting revenue

62.3

61.6

1.1%

92.2

92.9

(0.8%)

Matchday revenue

49.5

52.0

(4.8%)

75.7

78.5

(3.6%)

Total revenue

190.3

198.7

(4.2%)

330.7

341.8

(3.2%)

Adjusted EBITDA (1)

76.0

70.5

7.8%

102.9

94.2

9.2%

Operating profit/(loss)

19.6

3.1

532.3%

32.6

(3.9)

Profit/(loss) for the period (i.e. (loss)/income)

4.2

(27.7)

(2.5)

(26.3)

90.3%

Basic earnings/(loss) per share (pence)

2.43

(16.35)

(1.42)

(15.58)

90.9%

Adjusted profit/(loss) for the period (i.e. adjusted net (loss)/income) (1)

4.1

(6.2)

1.6

(6.5)

Adjusted basic income/(loss) per share (pence) (1)

2.39

(3.65)

0.90

(3.86)

Non-current borrowings in USD (contractual currency) (2)

$650.0

0.0%

$650.0

0.0%

(1) Adjusted EBITDA, adjusted profit/(loss) for the period and adjusted basic earnings/(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 December 2025 was £290.0 million and total current borrowings including accrued interest payable was £295.7 million.

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.

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

Three months ended

Six months ended

31 December

2025

2024

2025

2024

Revenue

Commercial % of total revenue

41.3%

42.8%

49.2%

49.8%

Broadcasting % of total revenue

32.7%

31.0%

27.9%

27.2%

Matchday % of total revenue

26.0%

26.2%

22.9%

23.0%

2025/26

Season

2024/25

Season

2025/26

Season

2024/25

Season

Home Matches Played

UEFA competitions

Domestic Cups

Away Matches Played

UEFA competitions

Domestic Cups

Other

Employee benefit expenses % of revenue

39.5%

41.5%

45.0%

47.6%

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(unaudited; in £ thousands, except per share and shares outstanding data)

Three months ended

31 December

Six months ended

31 December

2025

2024

2025

2024

Revenue from contracts with customers

190,307

198,700

330,652

341,765

Operating expenses

(173,931

)

(196,493

)

(346,318

)

(382,078

)

Profit on disposal of intangible assets

3,176

839

48,220

36,391

Operating profit/(loss)

19,552

3,046

32,554

(3,922

)

Finance costs

(14,693

)

(42,480

)

(36,551

)

(31,471

)

Finance income

769

4,917

1,170

2,504

Net finance costs

(13,924

)

(37,563

)

(35,381

)

(28,967

)

Profit/(loss) before income tax

5,628

(34,517

)

(2,827

)

(32,889

)

Income tax (expense)/credit

(1,445

)

6,772

370

6,473

Profit/(loss) for the period

4,183

(27,745

)

(2,457

)

(26,416

)

Basic earnings/(loss) per share:

Basic earnings/(loss) per share (pence)

2.43

(16.35

)

(1.42

)

(15.58

)

Weighted average number of ordinary shares used as the denominator in calculating basic earnings/(loss) per share (thousands)

172,434

169,746

172,432

169,532

Diluted earnings/(loss) per share:

Diluted earnings/(loss) per share (pence) (1)

2.42

(16.35

)

(1.42

)

(15.58

)

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

172,658

169,746

172,432

169,532

(1) For the three months ended 31 December 2024 and the six months ended 31 December 2025 and 31 December 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

As of

31 December

2025

30 June

2025

31 December

2024

ASSETS

Non-current assets

Property, plant and equipment

297,824

292,334

267,060

Right-of-use assets

3,237

7,145

7,650

Investment properties

19,294

19,433

19,573

Intangible assets

1,002,790

966,457

946,014

Deferred tax asset

26,046

24,927

25,779

Trade receivables

62,035

43,419

46,583

Derivative financial instruments

364

1,411,226

1,353,715

1,313,023

Current assets

Inventories

18,766

13,053

13,423

Prepayments

20,147

17,438

27,568

Contract assets – accrued revenue

65,230

19,528

59,847

Trade receivables

108,856

133,728

88,776

Other receivables

1,481

13,694

2,022

Derivative financial instruments

472

247

Cash and cash equivalents

44,406

86,105

95,542

258,888

284,018

287,425

Total assets

1,670,114

1,637,733

1,600,448

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

As of

31 December

2025

30 June

2025

31 December

2024

EQUITY AND LIABILITIES

Equity

Share capital

Share premium

307,345

Treasury shares

(21,305

)

(21,305

)

(21,305

)

Merger reserve

249,030

Hedging reserve

(791

)

223

(3,542

)

Retained deficit

(343,595

)

(341,616

)

(334,870

)

190,740

193,733

196,714

Non-current liabilities

Contract liabilities - deferred revenue

6,144

5,915

4,146

Trade and other payables

184,309

205,359

179,438

Borrowings

481,265

471,855

515,719

Lease liabilities

2,908

7,899

8,018

Derivative financial instruments

620

2,599

3,179

675,246

693,627

710,500

Current liabilities

Contract liabilities - deferred revenue

164,052

205,490

165,724

Trade and other payables

325,057

359,246

297,598

Income tax liabilities

679

566

966

Borrowings

295,745

165,119

215,746

Lease liabilities

477

572

672

Derivative financial instruments

2,232

3,403

4,558

Provisions

15,886

15,977

7,970

804,128

750,373

693,234

Total equity and liabilities

1,670,114

1,637,733

1,600,448

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

Three months ended

31 December

Six months ended

31 December

2025

2024

2025

2024

Cash flows from operating activities

Cash (used in)/generated from operations (see supplemental note 4)

(4,101

)

(55,807

)

4,316

(32,599

)

Interest paid

(7,507

)

(7,401

)

(17,826

)

(18,771

)

Interest received

464

696

1,077

1,756

Tax paid

(284

)

(718

)

(298

)

(299

)

Net cash outflow from operating activities

(11,428

)

(63,230

)

(12,731

)

(49,913

)

Cash flows from investing activities

Payments for property, plant and equipment

(1,750

)

(6,936

)

(18,730

)

(17,235

)

Payments for intangible assets

(53,627

)

(49,917

)

(216,198

)

(203,657

)

Proceeds from sale of intangible assets

17,605

5,770

80,466

39,338

Net cash outflow from investing activities

(37,772

)

(51,083

)

(154,462

)

(181,554

)

Cash flows from financing activities

Proceeds from issue of shares

79,985

Proceeds from borrowings

60,000

165,000

200,000

Repayment of borrowings

(35,000

)

(20,000

)

(35,000

)

(20,000

)

Principal elements of lease payments

(1,324

)

(63

)

(1,528

)

(191

)

Net cash inflow from financing activities

23,676

59,922

126,370

259,794

Effects of exchange rate changes on cash and cash equivalents

(10,528

)

375

(876

)

(6,334

)

Net decrease in cash and cash equivalents

(36,052

)

(54,016

)

(41,699

)

21,993

Cash and cash equivalents at beginning of period

80,458

149,558

86,105

73,549

Cash and cash equivalents at end of period

44,406

95,542

44,406

95,542

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

Three months ended

31 December

Six months ended

31 December

2025

£’000

2024

£’000

2025

£’000

2024

£’000

Profit/(loss) for the period

4,183

(27,745

)

(2,457

)

(26,416

)

Adjustments:

Income tax expense/(credit)

1,445

(6,772

)

(370

)

(6,473

)

Net finance costs

13,924

37,563

35,381

28,967

Profit on disposal of intangible assets

(3,176

)

(839

)

(48,220

)

(36,391

)

Exceptional items

14,537

23,175

Amortization

54,600

49,423

108,752

102,693

Depreciation

4,977

4,293

9,806

8,549

Adjusted EBITDA

75,953

70,460

102,892

94,104

3 Reconciliation of profit/(loss) for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

Three months

ended 31 December

Six months

ended 31 December

2025

£’000

2024

£’000

2025

£’000

2024

£’000

Profit/(loss) for the period

4,183

(27,745

)

(2,457

)

(26,416

)

Exceptional items

14,537

23,175

Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings

(177

)

15,936

4,915

(748

)

Fair value loss/(gain) on embedded foreign exchange derivatives

(4,221

)

1,731

Income tax expense/(credit)

1,445

(6,772

)

(370

)

(6,473

)

Adjusted profit/(loss) before income tax

5,492

(8,265

)

2,080

(8,731

)

Adjusted income tax (expense)/credit (using a normalized tax rate of 25%

(1,373

)

2,066

(520

)

2,183

Adjusted profit/(loss) for the period (i.e. adjusted net income/(loss)

4,119

(6,199

)

1,560

(6,548

)

Adjusted basic earnings/(loss) per share:

Adjusted basic earnings/(loss) per share (pence)

2.39

(3.65

)

0.90

(3.86

)

Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)

172,434

169,746

172,432

169,532

Adjusted diluted earnings/loss) per share:

Adjusted diluted earnings/(loss) per share (pence) (1)

2.39

(3.65

)

0.90

(3.86

)

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

172,658

169,746

172,658

169,532

(1) For the three and six months ended 31 December 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

4 Cash (used in)/generated from operations

Three months

ended 31 December

Six months

ended 31 December

2025

£’000

2024

£’000

2025

£’000

2024

£’000

Profit/(loss) for the period

4,183

(27,745

)

(2,457

)

(26,416

)

Income tax expense/(credit)

1,445

(6,772

)

(370

)

(6,473

)

Profit/(loss) before income tax

5,628

(34,517

)

(2,827

)

(32,889

)

Adjustments for:

Depreciation

4,977

4,293

9,806

8,549

Amortization

54,600

49,423

108,752

102,693

(Profit)/loss on disposal of intangible assets

(3,176

)

(839

)

(48,220

)

(36,391

)

Net finance costs

13,924

37,563

35,381

28,967

Non-cash employee benefit expense – equity-settled share-based payments

288

421

478

797

Foreign exchange losses/(gains) on operating activities

740

562

2,914

(152

)

Reclassified from hedging reserve

158

184

1,818

2,943

Changes in working capital:

Inventories

(574

)

(982

)

(5,713

)

(9,880

)

Prepayments

5,319

8,685

(1,109

)

(9,413

)

Contract assets – accrued revenue

(15,176

)

(14,088

)

(45,702

)

(20,069

)

Trade receivables

(35,997

)

(35,013

)

12,982

(49,243

)

Other receivables

3,675

140

12,213

713

Contract liabilities – deferred revenue

(54,806

)

(62,241

)

(41,209

)

(34,105

)

Trade and other payables

16,319

(9,386

)

(35,248

)

14,920

Provisions

(12

)

(39

)

Cash (used in)/generated from operations

(4,101

)

(55,807

)

4,316

(32,599

)