Manchester United Ltd released its first quarter results for fiscal 2026 on Thursday. Revenue fell modestly but the club moved back into operating profit.
Quarterly net sales were £140.3 million, down from £143.1 million a year earlier and below the Street estimate of $214.99 million. Total revenue declined by 2 percent.
Commercial income was down 1.3 percent, which the club linked to changes in its partner mix. Matchday revenue fell by 1.1 percent. Broadcasting revenue dropped 4.5 percent because the men’s first team played in the UEFA Europa League in the prior year quarter while there was no UEFA competition in the current quarter.
The club reported an operating profit of £13.0 million, compared with a loss of £6.9 million a year earlier. Adjusted EBITDA rose to £26.9 million, up 13.5 percent.
On an adjusted basis the company posted a net loss of 2 cents per share for the quarter, narrower than analysts’ expected loss of 9 cents.
Net finance costs moved to a charge of £21.4 million from income of £8.6 million in the prior year. The swing was driven by adverse foreign exchange movements that caused unrealised losses on unhedged US dollar borrowings.
CEO Omar Berrada said the tough choices made over the past year have cut the club’s cost base and created a leaner organisation. He said this gives the club room to invest in both the men’s and women’s teams, which sit sixth and third in the Premier League and Women’s Super League respectively.
For the full year Manchester United kept its revenue outlook at between £640.0 million and £660.0 million. The club also reaffirmed its adjusted EBITDA guidance of £180.0 million to £200.0 million.
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