MANU · Manchester United plc

Manchester United's third quarter fiscal 2026 results reflect a significant turnaround in operating performance, driven by cost reduction programs and improved on-pitch results. Total revenue for the quarter increased 18.1% to £189.5 million, with broadcasting revenue surging 57.1% to £64.9 million due to a higher estimated Premier League finishing position and increased international broadcasting rights. Commercial revenue rose 10.3% to £82.4 million, led by a 36.3% increase in retail, merchandising, apparel & product licensing revenue, partially offset by a decline in sponsorship revenue following the end of the Tezos training kit agreement. Matchday revenue fell 5.2% to £42.2 million due to three fewer home matches. Operating profit improved to £5.1 million from £0.7 million in the prior year quarter, while Adjusted EBITDA rose 65.4% to £84.7 million. For the nine-month period, operating profit was £37.7 million versus a £3.2 million loss a year ago, and Adjusted EBITDA increased 29.0% to £187.5 million. The company raised its fiscal 2026 revenue guidance to £655 million to £665 million and Adjusted EBITDA guidance to £200 million to £210 million. Management commentary highlighted the positive impact of business transformation initiatives, improved form on the pitch, and the signing of a new contract for Head Coach Michael Carrick. Exceptional items of £16.7 million in the quarter were primarily related to the exit of former head coach Ruben Amorim and his coaching team. Net finance costs increased to £20.3 million from £3.8 million, driven by unfavorable foreign exchange movements on unhedged USD borrowings.