Manchester United (MANU) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 revenue was £143.1m, down 8.9% year-over-year, reflecting fewer matches and lower broadcasting income.

• Net profit for the quarter was £1.3m, a significant improvement from a £25.8m loss in Q1 FY2024, mainly due to favorable FX gains.

• Adjusted EBITDA was £23.6m, up 1.7% year-over-year, with cost and headcount reductions on track.

• New global sponsorships signed with Heineken (Tiger Beer), DHL, Hong Kong Jockey Club, and Konami.

• Club continues investment in infrastructure, including Carrington Training Centre renovation and Old Trafford regeneration planning.

Financial highlights

• Commercial revenue: £85.3m (down 5.6% year-over-year), with sponsorship revenue at £51.8m (down 7.8%) and retail/merchandising at £33.5m (down 2.0%).

• Broadcasting revenue: £31.3m (down 20.4%), impacted by Europa League participation versus Champions League last year.

• Matchday revenue: £26.5m (down 3.3%), despite three fewer fixtures, offset by strong hospitality and VIP sales.

• Operating loss was £7.0m, compared to a £1.8m profit in Q1 FY2024.

• Profit on disposal of intangible assets (player sales): £35.6m, up 20.7% year-over-year.

• Exceptional items totaled £8.6m, mainly from restructuring and redundancy costs.

• Net finance income of £8.6m, driven by FX gains on USD borrowings.

Outlook and guidance

• FY2025 revenue guidance reiterated at £650m–£670m; adjusted EBITDA guidance at £145m–£160m.

• Club remains in compliance with Premier League and UEFA financial regulations.