Manchester United plc reported its second‑quarter fiscal 2026 financial results, showing total revenue of £190.3 million, a 4.2 % decline from the £198.7 million recorded in the same quarter a year earlier. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to £76.0 million, up 7.8 % year‑over‑year, while operating profit surged to £19.6 million, a 532 % jump from £3.1 million in the prior year’s quarter. Net cash outflow from operating activities was £11.4 million, a significant improvement from the £63.2 million outflow seen a year earlier.
The revenue decline was driven by a 7.8 % drop in commercial revenue, largely due to the conclusion of the Tezos training‑kit sponsorship, and a 4.8 % fall in match‑day income caused by a reduced number of home cup matches. The club also missed out on UEFA competition revenue for the year, which further weighed on broadcasting income. In comparison, revenue in the immediately preceding quarter (Q1 FY2026) was £140.3 million, indicating a strong quarterly growth that was not sustained into Q2.
Adjusted earnings per share (EPS) of 2.39 pence beat the consensus estimate of 1.02 pence, a 134 % outperformance. The beat was largely a result of aggressive cost control: employee benefit expenses fell 9 %, other operating costs dropped 14.2 %, and the company maintained pricing power in its core commercial segments, allowing margin expansion even as revenue slipped.
Management reiterated its full‑year guidance, maintaining a revenue outlook of £640 million to £660 million and an adjusted EBITDA range of £180 million to £200 million. CEO Omar Berrada highlighted the positive financial impact of the club’s off‑pitch transformation, noting that cost discipline and a focus on football performance are delivering stronger profitability while the club continues to invest in both its men’s and women’s first teams.
Investor sentiment reflected a mixed view: the earnings beat and cost‑control achievements were welcomed, but the revenue miss and the absence of UEFA competition revenue raised concerns about commercial growth. Analysts noted that while profitability is improving, the club must address the headwinds in commercial and match‑day income to sustain long‑term revenue momentum.
Overall, Manchester United’s Q2 results demonstrate robust profitability growth driven by disciplined cost management, even as revenue declines highlight ongoing commercial challenges. The club’s confidence in its full‑year guidance suggests management believes the current trajectory will support the stated targets, provided on‑pitch success continues to underpin commercial performance.
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