Manchester United plc reported first‑quarter fiscal 2026 revenue of £140.3 million, a 2.0 % year‑over‑year decline from £143.1 million in the same quarter of fiscal 2025. The drop reflects a 4.5 % fall in broadcasting revenue, a 1.3 % decline in commercial revenue, and a 1.1 % decrease in matchday income, all of which were impacted by the club’s absence from UEFA competition and a modest contraction in commercial partner mix.
Adjusted EBITDA for the quarter was £26.9 million, an increase of £3.2 million (13.5 %) over the £23.7 million reported in Q1 FY2025. The positive figure demonstrates that, despite revenue pressure, the club’s cost‑control program and headcount reductions have improved operating leverage, allowing the club to generate a stronger earnings figure than the prior year.
Operating expenses fell by £13.2 million to £172.4 million, driven largely by an £6.6 million reduction in employee benefits linked to a headcount reduction program. The cost‑cutting initiative has helped offset revenue declines and contributed to the improved EBITDA margin.
Management reiterated its full‑year guidance, maintaining a revenue range of £640 million to £660 million and an adjusted EBITDA range of £180 million to £200 million for fiscal 2026. CEO Omar Berrada said the club’s “transformational plan” has created a sustainably lower cost base and a more streamlined organization, positioning Manchester United to drive long‑term sporting and commercial performance.
Investors reacted cautiously to the results, with market sentiment tempered by the revenue miss across all three operating segments and the net loss for the quarter, despite the positive adjusted EBITDA and the company’s confidence in its guidance.
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