Manchester United Posts $7.80m Net Loss in Q2-2025
Manchester United (MANU) posted $7.80 million as net loss in the second quarter amidst pressure on revenue. Its revenues took a hit from the club taking part in the less lucrative Europa League competition.
The Men’s first team reached the round of 16 of both the UEFA Europa League and the FA Cup while the Women’s team reached the Quarter-Finals of the Women’s FA Cup
Total revenues declined 12% in the quarter primarily driven by lower Broadcasting revenues, which declined 42.1% to £61.6 million, related to participation in the UEFA Europa League versus record Broadcast revenues and participation in the UEFA Champions League last year
However, commercial revenue grew by 18.5% during the quarter to £85.1 million, driven by the front-of-shirt partnership with Snapdragon and a full quarter of e-commerce platform conversion. Strong ticket demand, hospitality, and record memberships drove match day revenue for the quarter to £52.0 million, 9.2% higher than last year.
In the period, the company recorded an operating profit of £3.1 million as against £27.5 million in Q2-2024. Its adjusted EBITDA settled at £70.5 million in Q2-2025, down 22.9% from £91.4 million in Q2-2024.
Net finance costs for the quarter were £37.6 million, compared to net finance costs of £0.3 million in the prior year quarter, primarily due to an unfavourable swing in foreign exchange rates resulting in unrealised foreign exchange losses on unhedged USD borrowings in the current year quarter, compared to a favourable swing in the prior year quarter.
According to the results, MANU’s current borrowings at 31 December 2024 declined to £215.7 million compared to £266.8 million at 31 December 2023. As of 31 December 2024, cash and cash equivalents were £95.5 million compared to £62.8 million at the prior year quarter, the company said.
Hence, total operating expenses for the quarter printed at £196.4 million, a decrease of £2.3 million, or 1.2%, over the prior year quarter.
For Fiscal 2025, the company reiterates its prior guidance of total revenues of £650 million to £670 million and now expects adjusted EBITDA guidance to be at the high end of its previously issued range of £145 million to £160 million.
Commenting on the result, Omar Berrada, Chief Executive Officer, said, “We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that.
“At the same time, we are pleased to have progressed to the knock-out phase of the UEFA Europa League and the 5th Round of the FA Cup. Meanwhile, our women’s team is currently placed second in the Women’s Super League, and has reached the Quarter Finals of the FA Cup.”
“Our redevelopment of the Carrington Training Complex remains on track. We continue to work towards a decision on the future of Old Trafford as part of a wider regeneration programme, which has now attracted UK Government support.
“This follows the work of the Old Trafford Regeneration Task Force in demonstrating the significant economic potential of a revitalised area around a future stadium project.”
For 2025, the company reiterates its previous revenue guidance of £650 million to £670 million and now expects adjusted EBITDA guidance to be at the high end of its previously issued range of £145 million to £160 million. BEDC Builds New 33kv Feeder Line to Improve Power Supply in Edo
