Manchester United Football Club reported commercial revenue for the fiscal first quarter ended September 30 was £84.2 million ($113 mm), a decline of 1.3 percent over the prior-year quarter.
Adidas has been the kit sponsor for Manchester United since 2015, when it replaced Nike.
Sponsorship revenue was £47.0 million, a 9.3 percent decrease from the prior-year quarter, driven by changes in the commercial partner mix.
Retail, Merchandising Apparel & Product Licensing revenue was £37.2 million, an increase of 11.0 percent over the prior-year quarter, due to the impact of a full three months’ trading under a new e-commerce model, compared to only one month in the prior year quarter.
Broadcasting revenue for the quarter was £29.9 million, a decrease of 4.5 percent over the prior-year quarter, primarily due to the men’s first team participating in the UEFA Europa League in the prior-year quarter, with no UEFA competition in the current year quarter.
Matchday revenue for the quarter was £26.2 million, a decline of 1.1 percent over the prior-year quarter.
Operating profit for the quarter was £13.0 million, compared with an operating loss of £7.0 million in the first quarter of fiscal 2025, as the club continues to see the impact of operating cost and headcount reduction programs implemented during the previous year. EBITDA was £26.9 million, up from £23.7 million in the first quarter of fiscal 2025.
The net loss was £6.6 million against earnings of £1.4 million. On an adjusted basis, the net loss was £2.6 million against a loss of £0.3 million.
Manchester United’s men’s first team is currently sixth in the Premier League; its women’s first team is third in the Women’s Super League and has qualified for the league phase of the UEFA Women’s Champions League for the first time.
Omar Berrada, chief executive officer, commented, “These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organization equipped to drive the club towards improved sporting and commercial performance over the long-term. That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively.”
Outlook
For fiscal 2026, the company reiterated its full-year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million. The club noted in a media release that it “remains in compliance with the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.”
Image courtesy Manchester United
