EX-99.1 2 tm2533080d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

CORPORATE RELEASE 11 December 2025

 

Manchester United PLC Reports First Quarter Fiscal 2026 Results

 

Key Points

 

·Achieved total revenues of £140.3 million and adjusted EBITDA of £26.9 million, compared to £143.1 million and £23.7 million respectively in the first quarter of fiscal 2025;
·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;
·The men’s first team is currently positioned 6th in the Premier League; our women’s first team is currently 3rd in the Women’s Super League and successfully qualified for the league phase of the UEFA Women’s Champions League for the first time;
·Partnerships extended with Canon Medical Systems and Concha y Toro, continuing more than a decade of collaboration with both partners;
·For Fiscal 2026, the company reiterates its prior guidance of total revenues of £640 million to £660 million and adjusted EBITDA of £180 million to £200 million

 

MANCHESTER, England – 11 December 2025 – Manchester United (NYSE: MANU; the “Company” and the “Group”) today announced financial results for the 2026 fiscal first quarter ended 30 September 2025.

 

Management Commentary

 

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 organisation 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 reiterates its full year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.

 

1 

 

 

Phasing of Premier League games  Quarter 1   Quarter 2   Quarter 3   Quarter 4   Total 
2025/26 season*   6    13    12    7    38 
2024/25 season   6    13    10    9    38 
2023/24 season   7    13    9    9    38 

 

*As of 11 December 2025; subject to change

 

Key Financials (unaudited)

 

£ million (except earnings/(loss) per share) 

Three months ended

30 September

     
   2025   2024   Change 
Commercial revenue   84.2    85.3    (1.3)%
Broadcasting revenue   29.9    31.3    (4.5)%
Matchday revenue   26.2    26.5    (1.1)%
Total revenue   140.3    143.1    (2.0)%
Adjusted EBITDA(1)   26.9    23.7    13.5%
Operating profit/(loss)   13.0    (6.9)   - 
                
(Loss)/profit for the period (i.e. net (loss)/profit)   (6.6)   1.4    - 
Basic (loss)/earnings per share (pence)   (3.85)   0.78    - 
Adjusted loss for the period (i.e. adjusted net loss)(1)   (2.6)   (0.3)   - 
Adjusted basic loss per share (pence)(1)   (1.48)   (0.21)   - 
                
Non-current borrowings in USD (contractual currency) (2)  $650.0   $650.0    0.0%

 

(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.

 

(2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 30 September 2025 was £265.0 million and total current borrowings including accrued interest payable was £268.0 million.

 

2 

 

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the quarter was £84.2 million, a decrease of £1.1 million, or 1.3%, over the prior year quarter.

 

·Sponsorship revenue was £47.0 million, a decrease of £4.8 million, or 9.3%, over the prior year quarter due to changes in our commercial partner mix.

 

·Retail, Merchandising, Apparel & Product Licensing revenue was £37.2 million, an increase of £3.7 million, or 11.0%, over the prior year quarter, due to the impact of a full three months’ trading under our new e-commerce model, compared to only one month in the prior year quarter.

 

Broadcasting

 

Broadcasting revenue for the quarter was £29.9 million, a decrease of £1.4 million, or 4.5%, over the prior year quarter, primarily due to our 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

 

Matchday revenue for the quarter was £26.2 million, a decrease of £0.3 million, or 1.1%, over the prior year quarter.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the quarter were £172.4 million, a decrease of £13.2 million, or 7.1%, over the prior year quarter. This decrease is explained by category below.

 

Employee benefit expenses

 

Employee benefit expenses for the quarter were £73.6 million, a decrease of £6.6 million, or 8.2%, over the prior year quarter, primarily due to the impact of headcount reduction programs implemented in the prior year.

 

Other operating expenses

 

Other operating expenses for the quarter were £39.8 million, an increase of £0.6 million, or 1.5%, over the prior year quarter.

 

Depreciation and amortization

 

Depreciation for the quarter was £4.8 million, an increase of £0.5 million, or 11.6%, over the prior year quarter. Amortization for the quarter was £54.1 million, an increase of £0.8 million, or 1.5%, over the prior year quarter. The unamortized balance of registrations at 30 September 2025 was £624.1 million, compared to £559.3 million at 30 September 2024.

 

Exceptional items

 

Exceptional items for the quarter were £nil. Exceptional items in the prior year quarter were a cost of £8.6 million. This comprised costs incurred in relation to the restructuring of the Group’s operations, including the redundancy scheme implemented in the first quarter of financial year 2025.

 

3 

 

 

Profit on disposal of intangible assets

 

Profit on disposal of intangible assets for the quarter was £45.0 million, an increase of £9.4 million, or 26.4%, from £35.6 million in the prior year quarter.

 

Net finance (costs)/income

 

Net finance costs for the quarter were £21.4 million, compared to net finance income of £8.6 million in the prior year quarter. This is primarily due to an unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings, compared to a favorable swing in the prior year quarter.

 

Income tax

 

The income tax credit for the quarter was £1.8 million, compared to an income tax expense of £0.3 million in the prior year quarter.

 

Cash flows

 

Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £5.6 million in the quarter to 30 September 2025 compared to the cash position at 30 June 2025.

 

Net cash outflow from operating activities for the quarter was £1.3 million, compared to net cash inflow of £13.3 million in the prior year quarter.

 

Net capital expenditure on property, plant and equipment for the quarter was £17.0 million, an increase of £6.7 million over the prior year quarter, primarily due to expenditure relating to the finalisation of the redevelopment of our men’s first team facility at Carrington, which opened in August 2025.

 

Net capital expenditure on intangible assets for the quarter was £99.7 million, a decrease of £20.5 million over the prior year quarter, primarily due to increased proceeds from player sales in the current year quarter.

 

Net cash inflow from financing activities for the quarter was £102.7 million, compared to a net cash inflow of £199.9 million in the prior year quarter. This is due to a drawdown of £105.0 million on our revolving facilities in the current year quarter compared to a drawdown of £200.0 million in the prior year quarter.

 

Balance sheet

 

Our USD non-current borrowings as of 30 September 2025 were $650 million, which was unchanged from 30 September 2024. As a result of the year-on-year change in the USD/GBP exchange rate from 1.3412 at 30 September 2024 to 1.3449 at 30 September 2025, our non-current borrowings when converted to GBP were £481.2 million, compared to £481.7 million at the prior year quarter.

 

In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings, inclusive of accrued interest, at 30 September 2025 were £268.0 million compared to £232.3 million at 30 September 2024.

 

As of 30 September 2025, cash and cash equivalents were £80.5 million compared to £149.6 million at the prior year quarter.

 

4 

 

 

About Manchester United

 

Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 148-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

 

Cautionary Statements

 

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

 

5 

 

 

Non-IFRS Measures: Definitions and Use

 

1.Adjusted EBITDA

 

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, profit on disposal of intangible assets, net finance income/costs, exceptional items and tax.

 

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit/(loss) for the period to adjusted EBITDA is presented in supplemental note 2.

 

2.Adjusted loss for the period (i.e. adjusted net loss)

 

Adjusted loss for the period is calculated, where appropriate, by adjusting for charges related to exceptional items, foreign exchange losses/gains on unhedged US dollar denominated borrowings and fair value movements on embedded foreign exchange derivatives, subtracting/adding the actual tax credit/expense for the period, and adding the adjusted tax credit for the period (based on an normalized tax rate of 25%; 2024: 25)%. The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3.

 

3. Adjusted basic and diluted loss per share

 

Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3.

 

6 

 

 

Key Performance Indicators

 

  

Three months ended

30 September

 
   2025   2024 
Revenue          
Commercial % of total revenue   60.0%   59.6%
Broadcasting % of total revenue   21.3%   21.9%
Matchday % of total revenue   18.7%   18.5%
           
    

2025/26

Season

    

2024/25

Season

 
Home Matches Played          
PL   3    3 
UEFA competitions   -    1 
Domestic Cups   -    1 
Away Matches Played          
PL   3    3 
UEFA competitions   -    - 
Domestic Cups   1    - 
           
Other          
Employee benefit expenses % of revenue   52.5%   56.0%

 

Contacts

 

  

Investors:

Roger Bell

Chief Financial Officer

Roger.Bell@manutd.co.uk

Media:

Toby Craig

Chief Communications Officer

Toby.Craig@manutd.co.uk

 

7 

 

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(unaudited; in £ thousands, except per share and shares outstanding data)

 

  

Three months ended

30 September

 
   2025   2024 
Revenue from contracts with customers   140,345    143,065 
Operating expenses   (172,387)   (185,585)
Profit on disposal of intangible assets   45,044    35,552 
Operating profit/(loss)   13,002    (6,968)
Finance costs   (22,663)   (19,776)
Finance income   1,206    28,372 
Net finance (costs)/income   (21,457)   8,596 
(Loss)/profit before income tax   (8,455)   1,628 
Income tax credit/(expense)   1,815    (299)
(Loss)/profit for the period   (6,640)   1,329 
           
Basic and diluted (loss)/earnings per share:          
Basic and diluted (loss)/earnings per share (pence) (1) (2)   (3.85)   0.78 
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted (loss)/earnings per share (thousands) (1) (2)   172,434    169,318 

 

(1) For the three months ended 30 September 2025, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

 

(2) For the three months ended 30 September 2024, potential ordinary shares are dilutive as their inclusion reduces the earnings per share, however this dilution does not have an impact upon rounding the earnings per share to two decimal places.

 

8 

 

 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

   As of 
  

30 September

2025

   30 June
2025		   30 September
2024		 
ASSETS               
Non-current assets               
Property, plant and equipment   299,286    292,334    265,432 
Right-of-use assets   6,883    7,145    7,912 
Investment properties   19,364    19,433    19,643 
Intangible assets   1,052,673    966,457    987,674 
Deferred tax asset   27,151    24,927    16,848 
Trade receivables   65,978    43,419    59,512 
Derivative financial instruments   -    -    101 
    1,471,335    1,353,715    1,357,122 
Current assets               
Inventories   18,192    13,053    12,441 
Prepayments   25,717    17,438    36,555 
Contract assets – accrued revenue   50,054    19,528    45,759 
Trade receivables   76,681    133,728    39,355 
Other receivables   5,156    13,694    2,162 
Derivative financial instruments   4    472    11 
Cash and cash equivalents   80,458    86,105    149,558 
    256,262    284,018    285,841 
Total assets   1,727,597    1,637,733    1,642,963 

 

9 

 

 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

   As of 
  

30 September

2025

   30 June
2024		   30 September
2024		 
EQUITY AND LIABILITIES               
Equity               
Share capital   56    56    55 
Share premium   307,345    307,345    227,361 
Treasury shares   (21,305)   (21,305)   (21,305)
Merger reserve   249,030    249,030    249,030 
Hedging reserve   (721)   223    583 
Retained deficit   (348,066)   (341,616)   (307,545)
    186,339    193,733    148,179 
Non-current liabilities               
Contract liabilities - deferred revenue   6,326    5,915    7,269 
Trade and other payables   216,289    205,359    210,555 
Borrowings   481,218    471,855    481,714 
Lease liabilities   7,659    7,899    8,227 
Derivative financial instruments   476    2,599    3,192 
    711,968    693,627    710,957 
Current liabilities               
Contract liabilities - deferred revenue   218,676    205,490    224,842 
Trade and other payables   323,394    359,246    309,542 
Income tax liabilities   646    566    914 
Borrowings   267,950    165,119    232,317 
Lease liabilities   850    572    446 
Derivative financial instruments   1,680    3,403    7,890 
Provisions   16,094    15,977    7,876 
    829,290    750,373    783,827 
Total equity and liabilities   1,727,597    1,637,733    1,642,963 

 

10 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

  

Three months ended

30 September

 
   2025   2024 
Cash flow from operating activities          
Cash generated from operations (see supplemental note 4)   8,417    23,208 
Interest paid   (10,863)   (11,370)
Interest received   1,157    1,060 
Tax (paid)/refunded   (14)   419 
Net cash (outflow/)inflow from operating activities   (1,303)   13,317 
Cash flow from investing activities          
Payments for property, plant and equipment   (16,980)   (10,299)
Payments for intangible assets   (162,571)   (153,740)
Proceeds from sale of intangible assets   62,861    33,568 
Net cash outflow from investing activities   (116,690)   (130,471)
Cash flow from financing activities          
Proceeds from borrowings   105,000    200,000 
Principal elements of lease payments   (204)   (128)
Debt issue costs paid   (2,102)   - 
Net cash inflow from financing activities   102,694    199,872 
Effect of exchange rate changes on cash and cash equivalents   9,652    (6,709)
Net (decrease)/increase in cash and cash equivalents   (5,647)   76,009 
Cash and cash equivalents at beginning of period   86,105    73,549 
Cash and cash equivalents at end of period   80,458    149,558 

 

11 

 

 

SUPPLEMENTAL NOTES

 

1          General information

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

 

2Reconciliation of (loss)/profit for the period to adjusted EBITDA

 

  

Three months ended

30 September

 
  

2025

£’000

   2024
£’000		 
(Loss)/profit for the period   (6,640)   1,329 
Adjustments:          
Income tax (credit)/expense   (1,815)   299 
Net finance costs/(income)   21,457    (8,596)
Profit on disposal of intangible assets   (45,044)   (35,552)
Amortization   54,152    53,270 
Depreciation   4,829    4,256 
Exceptional items   -    8,638 
Adjusted EBITDA   26,939    23,644 

 

12 

 

 

3Reconciliation of (loss)/profit for the period to adjusted loss for the period and adjusted basic and diluted loss per share

 

  

Three months ended

30 September

 
  

2025

£’000

   2024
£’000		 
(Loss)/profit for the period   (6,640)   1,329 
Exceptional items   -    8,638 
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings   5,092    (16,684)
Fair value movement on embedded foreign exchange derivatives   (49)   5,952 
Income tax (credit)/expense   (1,815)   299 
Adjusted loss before income tax   (3,412)   (466)
Adjusted income tax credit (using a normalized tax rate of 25% (2024: 25%))   853    117 
Adjusted loss for the period (i.e. adjusted net loss)   (2,559)   (349)
           
Adjusted basic and diluted loss per share:          
Adjusted basic and diluted loss per share (pence)(1)   (1.48)   (0.21)
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1)   172,430    169,318 

 

(1) For the three months ended 30 September 2025 and the three months ended 30 September 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

 

13 

 

 

4Cash generated from operations

 

  

Three months ended

30 September

 
  

2025

£’000

   2024
£’000		 
(Loss)/profit for the period   (6,640)   1,329 
Income tax (credit)/expense   (1,815)   299 
(Loss)/profit before income tax   (8,455)   1,628 
Adjustments for:          
Depreciation   4,829    4,256 
Amortization   54,152    53,270 
Profit on disposal of intangible assets   (45,044)   (35,552)
Net finance costs/(income)   21,457    (8,596)
Non-cash employee benefit expense - equity-settled share-based payments   190    376 
Foreign exchange losses/(gains) on operating activities   2,174    (714)
Reclassified from hedging reserve   1,660    2,759 
Changes in working capital:          
Inventories   (5,139)   (8,898)
Prepayments   (6,428)   (18,098)
Contract assets – accrued revenue   (30,526)   (5,981)
Trade receivables   48,979    (14,230)
Other receivables   8,538    573 
Contract liabilities – deferred revenue   13,597    28,136 
Trade and other payables   (51,567)   24,306 
Provisions   -    (27)
Cash generated from operations   8,417    23,208 

 

14