Operating Profit Surges 532% to £19.6m as Q2 EBITDA Rises 7.8%
Manchester United reported Q2 revenues of £190.3m, down 4.2%, while operating profit soared to £19.6m from £3.1m a year ago, driving adjusted EBITDA up 7.8% to £76.0m. Six-month adjusted EBITDA rose 9.2% to £102.9m and operating profit swung to £32.6m, with full-year revenue guidance of £640m-£660m maintained.
1. Q2 Financial Highlights
In the quarter ended December 31, Manchester United posted total revenue of £190.3m, a 4.2% decline year-over-year, while operating profit jumped 532% to £19.6m. Adjusted EBITDA climbed 7.8% to £76.0m and basic earnings per share turned positive at 2.43 pence from a 16.35 pence loss.
2. Six-Month Performance and Profitability
For the six months to December 31, total revenue fell 3.2% to £330.7m, yet adjusted EBITDA rose 9.2% to £102.9m, swinging operating profit to £32.6m from a £3.9m loss. Adjusted net income improved to £1.6m against a £6.5m loss in the prior period.
3. Segment Revenue Trends
Commercial revenue for the half declined 4.5% to £162.7m, hurt by the end of the Tezos training kit sponsorship, while broadcasting revenue held steady and matchday revenue fell 4.8% to £49.5m in Q2. Sponsorship revenue specifically dropped 13.5% year-over-year.
4. Outlook and Strategic Developments
The Club reiterated full-year revenue guidance of £640m-£660m and an adjusted EBITDA target of £180m-£200m, driven by cost and headcount reductions. It also advanced the Old Trafford regeneration project and appointed Michael Carrick as men’s head coach through the 2025/26 season.