Manchester United Football Club reported commercial revenue for the fiscal third quarter ended March 31 was £82.4 million ($111 mm), an increase of 10.3 percent over the prior year quarter. Adidas has been the game kit sponsor for Manchester United since 2015.

Sponsorship revenue was £38.5 million, a decrease of 9.4 percent over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season, partially offset by other changes in our commercial partner mix.

Retail, Merchandising, Apparel and Product Licensing revenue was £43.9 million in the quarter, an increase of 36.3 percent, over the prior-year quarter, due to stronger trading related to improved on-pitch performance, combined with a one-off credit relating to amended terms of its in-house e-commerce business launched in the prior year.

Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1 percent, over the prior year quarter, primarily due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle.

Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2 percent, from the prior year quarter, due to playing three fewer home games, partially offset by improved performance of its Matchday revenue sector on a per-game basis.

Adjusted EBITDA improved 65.4 percent to £84.7 million from £51.2 million in part due to lower expenses due to decreased matchday costs associated with playing three fewer home matches in the quarter. Operating profit totaled £5.1 million, up from £0.7 million a year ago.

The net loss in the period was £11.8 million, compared with £2.7 million a year ago. Exceptional items in the quarter included costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team.

The team raised its sales outlook and adjusted its earnings guidance for the year.

Omar Berrada, chief executive officer, commented, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is a testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen, and we are delighted that he will continue as Head Coach.

“Our women’s team reached the quarter-final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”

Outlook
For fiscal 2026, the company increased its revenue guidance from £655 million to £665 million. The company also raised its Adjusted EBITDA guidance to between £200 million and £210 million. The club remains in compliance with the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.

Image courtesy Manchester United Football Club