Manchester United Ltd. (NYSE:MANU) posted second-quarter fiscal 2026 results on Wednesday.
The club posted quarterly net sales of 190.31 million pounds ($253.13 million), down from 198.70 million pounds a year earlier and falling well short of the Street’s $301.52 million estimate.
Overall revenue declined 4.2% year over year, weighed down by a 7.8% drop in commercial revenue and a 4.8% fall in matchday income, partially offset by a modest 1.1% increase in broadcasting revenue.
Profitability Metrics
The company clocked a quarterly operating profit of 19.6 million pounds, up from 3.1 million pounds in the same period last year.
Adjusted EBITDA reached 76.0 million pounds, a 7.8% increase.
The company reported adjusted earnings of 3 cents per share, lagging analysts’ projected 11 cents per share.
Net finance costs fell to 13.9 million pounds from 37.6 million pounds a year earlier, largely due to the absence of significant unrealized foreign exchange losses on unhedged U.S. dollar borrowings, which had weighed heavily on the prior-year quarter.
CEO Omar Berrada said the company is now seeing clear financial benefits from its off-pitch transformation, reflected in lower costs and improved profitability.
He added that the organization continues to prioritize a football-first strategy by investing in both the men’s and women’s first teams.
He noted that the men’s team currently sits fourth in the Premier League. In contrast, the women’s team ranks second in the Women’s Super League and has reached the League Cup Final and the UEFA Women’s Champions League quarterfinals.
Outlook
For fiscal 2026, Manchester United reiterated revenue between 640.00 million pounds and 660.00 million pounds, compared to the analysts’ expectations of 654.67 million pounds.
It also maintained its adjusted EBITDA guidance in the range of 180 million pounds to 200 million pounds.
MANU Price Action: Manchester United shares were down 3.95% at $17.03 at the time of publication on Wednesday, according to Benzinga Pro data.
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