Manchester United (MANU) investor relations material

Executive summary

• Achieved operating profit of £32.6 million in the first six months of fiscal 2026, reversing a £3.9 million loss from the prior year period.

• Adjusted EBITDA for the six months rose 9.2% year-over-year to £102.9 million, despite lower total revenue due to absence from UEFA competitions.

• Second quarter total revenue was £190.3 million, down 4.2% year-over-year, while adjusted EBITDA increased to £76.0 million.

• Operating profit for the quarter was £19.6 million, up from £3.1 million in the prior year quarter.

• Men's team is 4th in the Premier League; women's team is 2nd in the Women's Super League.

Financial highlights

• Commercial revenue for the quarter fell 7.8% year-over-year to £78.5 million, mainly due to the end of a major sponsorship.

• Broadcasting revenue increased 1.1% to £62.3 million, driven by higher estimated league finish and improved broadcasting rights.

• Matchday revenue declined 4.8% to £49.5 million, reflecting fewer home cup matches.

• Total operating expenses dropped 11.5% to £173.9 million, with employee benefit expenses down 9.0% due to headcount reductions.

• Net finance costs for the quarter were £13.9 million, significantly lower than £37.6 million in the prior year quarter.

Outlook and guidance

• Reiterated full-year revenue guidance of £640–660 million and adjusted EBITDA of £180–200 million for fiscal 2026.

• Remains compliant with Premier League and UEFA financial regulations.