Manchester United (MANU) Q3 2024 earnings summary

Executive summary

• Men's team won the FA Cup and qualified for the UEFA Europa League for 2024/25; finished 8th in Premier League.

• Women's team won the FA Cup and finished 5th in Women's Super League.

• Record-breaking attendance, matchday revenues, and global memberships; 433K memberships sold.

• Announced a proposed redundancy program, potentially reducing headcount by 250 jobs.

• Dan Ashworth appointed Sporting Director; Erik ten Hag's contract extended to June 2026.

Financial highlights

• Q3 total revenue £136.7m, down 19.6% year-over-year; nine-month revenue £519.5m, up 8.0%.

• Q3 adjusted EBITDA £13.7m, down 65.5% year-over-year; nine-month adjusted EBITDA £128.3m, up 14.9%.

• Q3 operating loss £66.2m vs. £4.7m loss prior year; nine-month operating loss £36.9m vs. £10.9m loss.

• Q3 net loss £71.5m vs. £5.6m prior year; nine-month net loss £76.9m vs. £25.8m.

• Exceptional items of £30.3m in Q3 related to sale of 27.7% voting rights to Trawlers Limited.

Outlook and guidance

• Fiscal 2024 revenue expected at record £660m, in line with previous guidance (£635m–£665m).

• Adjusted EBITDA for fiscal 2024 expected at approximately £140m, within prior guidance (£125m–£150m).