Manchester United (NYSE: MANU) boosts 2026 guidance as Q3 revenue and EBITDA jump

Rhea-AI Filing Summary

Manchester United reported a much stronger fiscal Q3 2026, combining better on‑pitch results with improved finances. Quarterly revenue rose to £189.5 million, up 18.1% year on year, helped by a 57.1% increase in broadcasting revenue and 10.3% growth in commercial revenue.

Adjusted EBITDA for the quarter climbed to £84.7 million, up 65.4%, and for the first nine months operating profit reached £37.7 million versus a £3.2 million loss a year earlier, reflecting cost and headcount reductions plus better performance in the Premier League. On an adjusted basis, the quarter moved from a £5.5 million loss to a £5.1 million profit, although statutory net loss was £11.8 million due mainly to exceptional coaching exit costs and higher net finance charges.

The club finished third in the Premier League, securing UEFA Champions League qualification, renewed Head Coach Michael Carrick through 2028, and agreed new contracts with key players. Management raised full‑year 2026 guidance to revenue of £655–£665 million and adjusted EBITDA of £200–£210 million while confirming compliance with Premier League Profit and Sustainability Rules and UEFA Financial Fair Play.

Positive

• Strong profit rebound and guidance upgrade: Nine‑month operating profit improved to £37.7 million from a £3.2 million loss, quarterly adjusted EBITDA rose 65.4% to £84.7 million, and fiscal 2026 revenue and adjusted EBITDA guidance were raised to £655–£665 million and £200–£210 million, respectively.

Negative

• None.

Insights

Football club equity analyst

Results show strong underlying profit rebound and upgraded guidance despite continued net losses.

Manchester United delivered clear operational improvement in fiscal Q3 2026. Revenue grew to £189.5 million, up 18.1%, with broadcasting up 57.1% and commercial up 10.3%. Adjusted EBITDA surged to £84.7 million, a 65.4% increase, as prior cost-reduction programs flowed through.

For the nine months, operating profit swung to £37.7 million from a £3.2 million loss, and adjusted net profit turned positive. However, the company still reported a statutory net loss of £11.8 million in the quarter, driven by £16.7 million of exceptional costs tied to a coaching change and higher net finance costs, including a £10.3 million unrealized FX loss on US dollar borrowings.

Management raised fiscal 2026 guidance to revenue of £655–£665 million and adjusted EBITDA of £200–£210 million, suggesting confidence in both sporting and commercial momentum. At the same time, non-current USD borrowings stayed at $650 million, and current borrowings rose year on year, so leverage remains a factor to track through the 31 March 2026 balance sheet and subsequent periods.

Key Figures

Quarterly revenue: £189.5 million Quarterly adjusted EBITDA: £84.7 million Nine‑month operating profit: £37.7 million +5 more

8 metrics

Quarterly revenue £189.5 million Three months ended 31 March 2026; up 18.1% year on year

Quarterly adjusted EBITDA £84.7 million Three months ended 31 March 2026; up 65.4% year on year

Nine‑month operating profit £37.7 million Nine months ended 31 March 2026; versus £3.2 million loss prior year

Nine‑month adjusted EBITDA £187.5 million Nine months ended 31 March 2026; 29.0% increase year on year

Revenue guidance £655–£665 million Company outlook for fiscal 2026 revenue

Adjusted EBITDA guidance £200–£210 million Company outlook for fiscal 2026 adjusted EBITDA

Non-current borrowings $650.0 million USD non-current borrowings as of 31 March 2026; unchanged year on year

Cash and cash equivalents £60.9 million Cash position as of 31 March 2026

Key Terms

Adjusted EBITDA, Exceptional items, Revolving credit facility, Non-IFRS measures, +2 more

6 terms

Adjusted EBITDA financial

"9 month adjusted EBITDA at £187.5 million, versus £145.3 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Exceptional items financial

"Exceptional items for the quarter were a cost of £16.7 million"

Exceptional items are unusual or one-off gains or losses that a company reports separately from its regular operating results, like a sudden legal settlement, a major asset sale, or costs from reorganizing. They matter to investors because these events can make a single period look much better or worse than normal, so separating them helps people judge the company’s ongoing performance the way you’d ignore a one-time house remodel when estimating your regular monthly budget.

Revolving credit facility financial

"the Group maintains a revolving credit facility which varies based on seasonal flow of funds"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Non-IFRS measures financial

"Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures"

Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.

Profit and Sustainability Rules regulatory

"The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules"

Profit and sustainability rules are a set of internal guidelines that tell a business how to balance making money with reducing environmental harm and supporting social responsibility. Think of them like a household budget that also sets rules for recycling and energy use: they shape decisions about investments, costs and products so the company can stay profitable without creating long-term risks to reputation, regulation or the planet. Investors watch these rules because they influence future cash flow stability, cost exposure and regulatory or consumer-driven risks.

Financial Fair Play Regulations regulatory

"and UEFA’s Financial Fair Play Regulations"

Financial fair play regulations are rules set by regulators or industry bodies that force companies or organizations to match spending with sustainable income, maintain minimum capital or liquidity, and report finances transparently. Think of it as a household budget law that stops overspending or risky borrowing so the business stays solvent. Investors care because these rules affect profits, dividend capacity, growth plans and the chance of fines or enforced restructuring.

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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026
Commission File Number: 001-35627

MANCHESTER UNITED PLC

(Translation of registrant’s name into English)

Old Trafford

Manchester M16 0RA

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x  Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). ¨

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 27, 2026

	MANCHESTER UNITED PLC
	By:	/s/ Roger Bell
	Name:	Roger Bell
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit  Number		Description
99.1		Press release dated 27 May, 2026

Exhibit 99.1

 

CORPORATE RELEASE   27 May 2026

Manchester United Plc Reports

Third Quarter Fiscal 2026 Results

Key Points

	·	Generated operating profit for the 9 months to 31 March 2026 of £37.7 million, compared to a £3.2 million operating loss in the 9 months to 31 March 2025, as the Club continues to see the benefits of operating cost and headcount reduction programs implemented in the prior year, along with improved performance in the Premier League;
	·	9 month adjusted EBITDA at £187.5 million, versus £145.3 million in the 9 months to 31 March 2025, a 29.0% increase;
	·	The Men’s first team finished the Premier League season in 3rd place, qualifying for the UEFA Champions League for the 2026/27 season;
	·	Announced Michael Carrick will continue as our men's first team Head Coach, having signed a new contract which will run to 2028;
	·	The Women’s team finished the 2025/26 Women’s Super League season in 4th place and reached the Quarter-Finals of the Women’s Champions League for the first time in our history;
	·	The Men’s Under 18 team had a strong year, finishing 2nd in the U18 Premier League and reaching the finals of the FA Youth Cup and U18 Premier League Cup, continuing our proud tradition of developing young talent;
	·	Announced our 2026/27 pre-season preparations with matches taking place in Finland, Norway, the Republic of Ireland and in Sweden where we take on Atletico de Madrid in the Snapdragon Cup;
	·	Agreed new contracts for key first team players Harry Maguire & Kobbie Mainoo;
	·	Work continues behind the scenes on our ambition to build a new 100,000 seater stadium;
	·	For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million; the Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million

MANCHESTER, England – 27 May 2026 – Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) today announced financial results for the 2026 fiscal third quarter ended 31 March 2026.

Management Commentary

Omar Berrada, Chief Executive Officer, commented, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as Head Coach.

Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”

1

Outlook

For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million. The Company also raises its Adjusted EBITDA guidance to between £200 million and £210 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.

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

Key Financials (unaudited)

		Three months ended 31 March												Nine months ended 31 March
£ million (except loss per share)		2026				2025				Change				2026				2025				Change
Commercial revenue			82.4				74.7				10.3	%			245.1				245.1				-
Broadcasting revenue			64.9				41.3				57.1	%			157.1				134.2				17.1	%
Matchday revenue			42.2				44.5				(5.2	)%			117.9				123.0				(4.1	)%
Total revenue			189.5				160.5				18.1	%			520.1				502.3				3.5	%
Adjusted EBITDA(1)			84.7				51.2				65.4	%			187.5				145.3				29.0	%
Operating profit/(loss)			5.1				0.7				628.6	%			37.7				(3.2	)			-
Loss for the period (i.e. net loss)			(11.8	)			(2.7	)			(337.0	)%			(14.3	)			(29.1	)			50.9	%
Basic loss per share (pence)			(6.83	)			(1.57	)			(335.0	)%			(8.25	)			(17.09	)			51.7	%
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))(1)			5.1				(5.5	)			-				6.6				(12.1	)			-
Adjusted basic earnings/(loss) per share (pence)(1)			2.95				(3.19	)			-				3.85				(7.07	)			-
Non-current borrowings in USD (contractual currency)(2)		$	650.0			$	650.0				0.0	%		$	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 31 March 2026 was £260.0 million and total current borrowings including accrued interest payable was £262.5 million.

2

Revenue Analysis

Commercial

Commercial revenue for the quarter was £82.4 million, an increase of £7.7 million, or 10.3%, over the prior year quarter.

	·	Sponsorship revenue was £38.5 million, a decrease of £4.0 million, or 9.4%, over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season, partially offset by other changes in our commercial partner mix.
	·	Retail, Merchandising, Apparel & Product Licensing revenue was £43.9 million, an increase of £11.7 million, or 36.3%, over the prior year quarter, due to stronger trading related to improved on pitch performance, combined with a one-off credit relating to amended terms of our in-house e-commerce business launched in the prior year.

Broadcasting

Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1%, over the prior year quarter, primarily due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle.

Matchday

Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2%, over the prior year quarter, due to playing 3 fewer home matches compared to the prior year quarter, partially offset by improved performance of our Matchday revenue sector on a per game basis.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £179.1 million, an increase of £17.0 million, or 10.5%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £70.8 million, a decrease of £0.4 million, or 0.6%, over the prior year quarter. The club continues to see the financial benefits of headcount reduction programs implemented during the prior year.

Other operating expenses

Other operating expenses for the quarter were £34.0 million, a decrease of £4.1 million, or 10.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 3 fewer home matches in the quarter.

3

Depreciation and amortization

Depreciation for the quarter was £5.3 million, compared to £4.2 million in the prior year quarter. Amortization for the quarter was £52.4 million, an increase of £6.5 million, or 14.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2026 was £520.8 million.

Exceptional items

Exceptional items for the quarter were a cost of £16.7 million, primarily as a result of costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team. Exceptional items for the prior year quarter were a cost of £2.7 million, as result of compensation for loss of office costs incurred in relation to the restructuring of the club’s operations.

(Loss)/profit on disposal of intangible assets

Loss on disposal of intangible assets for the quarter was £5.2 million, primarily due to the write off of costs capitalised in respect of Ruben Amorim and certain members of his coaching team, compared to a profit of £2.3 million for the prior year quarter.

Net finance costs

Net finance costs for the quarter were £20.3 million, compared to £3.8 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter resulting in a £10.3 million unrealized foreign exchange loss on unhedged USD borrowings. This compares to a favourable swing in foreign exchange rates resulting in a £7.3 million unrealized foreign exchange gain on unhedged USD borrowings in the prior year quarter.

Income tax

The income tax credit for the quarter was £3.4 million, compared to a credit of £0.4 million in the prior year quarter.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £16.5 million in the quarter to 31 March 2026, compared to a decrease of £22.5 million in the prior year quarter.

Net cash inflow from operating activities for the quarter was £27.3 million, compared to a net cash inflow in the prior year quarter of £22.3 million.

Net capital expenditure on property, plant and equipment for the quarter was £0.7 million, a decrease of £16.2 million over the prior year quarter, due to the significant improvements to our Carrington training facility that took place in the prior year.

Net cash inflow in relation to intangible assets for the quarter was £21.4 million, compared to net capital expenditure of £31.3 million in the prior year quarter. The current year quarter includes the impact of proceeds raised from the sale of future dated transfer fee receivables due from other football clubs.

Net cash outflow from financing activities for the quarter was £30.5 million, compared to a net cash outflow of £0.1 million in the prior year quarter. The current year quarter movement is mostly driven by a £30.0 million net repayment on our revolving credit facility.

4

Balance sheet

Our USD non-current borrowings as of 31 March 2026 were $650 million, which was unchanged from 31 March 2025. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2913 at 31 March 2025 to 1.3216 at 31 March 2026, our non-current borrowings when converted to GBP were £490.1 million, compared to £500.9 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 at 31 March 2026 were £262.5 million compared to £212.3 million at 31 March 2025.

As of 31 March 2026, cash and cash equivalents were £60.9 million compared to £73.2 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release.

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 loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs 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 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 loss for the period to adjusted EBITDA is presented in supplemental note 2.

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

Adjusted profit/(loss) for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 25)%. The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings/(loss) per share

Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(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 earnings/(loss) per share are presented in supplemental note 3.

6

Key Performance Indicators

		Three months ended								Nine months ended
		31 March								31 March
		2026				2025				2026				2025
Revenue
Commercial % of total revenue			43.4	%			46.6	%			47.1	%			48.8	%
Broadcasting % of total revenue			34.3	%			25.7	%			30.2	%			26.7	%
Matchday % of total revenue			22.3	%			27.7	%			22.7	%			24.5	%

		2025/26 Season				2024/25 Season				2025/26 Season				2024/25 Season
Home Matches Played
PL			5				5				15				15
UEFA competitions			-				2				-				5
Domestic Cups			1				2				1				4
Away Matches Played
PL			7				5				16				14
UEFA competitions			-				2				-				5
Domestic Cups			-				1				1				2
Other
Employee benefit expenses % of revenue			37.4	%			44.4	%			42.2	%			46.6	%

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 31 March								Nine months ended 31 March
		2026				2025				2026				2025
Revenue from contracts with customers			189,497				160,564				520,149				502,329
Operating expenses			(179,190	)			(162,128	)			(525,508	)			(544,206	)
(Loss)/profit on disposal of intangible assets			(5,201	)			2,271				43,019				38,662
Operating profit/(loss)			5,106				707				37,660				(3,215	)
Finance costs			(26,758	)			(13,783	)			(63,309	)			(44,749	)
Finance income			6,439				10,019				7,609				12,018
Net finance costs			(20,319	)			(3,764	)			(55,700	)			(32,731	)
Loss before income tax			(15,213	)			(3,057	)			(18,040	)			(35,946	)
Income tax credit			3,436				347				3,806				6,820
Loss for the period			(11,777	)			(2,710	)			(14,234	)			(29,126	)
Basic loss per share:
Basic loss per share (pence)			(6.83	)			(1.57	)			(8.25	)			(17.09	)
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share (thousands)			172,434				172,353				172,433				170,459
Diluted loss per share:
Diluted loss per share (pence) (1)			(6.83	)			(1.57	)			(8.25	)			(17.09	)
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (thousands) (1)			172,434				172,353				172,433				170,459

⁽¹⁾ For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 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.

8

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

		As of
		31 March 2026				30 June 2025				31 March 2025
ASSETS
Non-current assets
Property, plant and equipment			296,289				292,334				280,008
Right-of-use assets			3,043				7,145				7,394
Investment properties			19,224				19,433				19,503
Intangible assets			949,358				966,457				942,507
Deferred tax assets			29,472				24,927				25,336
Trade receivables			20,476				43,419				47,679
Derivative financial instruments			57				-				191
			1,317,919				1,353,715				1,322,618
Current assets
Inventories			13,687				13,053				12,003
Prepayments			18,401				17,438				19,460
Contract assets – accrued revenue			77,431				19,528				40,882
Trade receivables			100,666				133,728				123,122
Other receivables			1,309				13,694				1,696
Derivative financial instruments			110				472				21
Cash and cash equivalents			60,935				86,105				73,211
			272,539				284,018				270,395
Total assets			1,590,458				1,637,733				1,593,013

9

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

		As of
		31 March 2026				30 June 2025				31 March 2025
EQUITY AND LIABILITIES
Equity
Share capital			56				56				56
Share premium			307,345				307,345				307,345
Treasury shares			(21,305	)			(21,305	)			(21,305	)
Merger reserve			249,030				249,030				249,030
Hedging reserve			(628	)			223				(550	)
Accumulated losses			(355,093	)			(341,616	)			(337,161	)
			179,405				193,733				197,415
Non-current liabilities
Contract liabilities - deferred revenue			12,566				5,915				6,234
Trade and other payables			171,140				205,359				181,866
Borrowings			490,140				471,855				500,883
Lease liabilities			2,859				7,899				7,752
Derivative financial instruments			660				2,599				3,272
			677,365				693,627				700,007
Current liabilities
Contract liabilities - deferred revenue			142,586				205,490				171,472
Trade and other payables			310,983				359,246				298,435
Income tax liabilities			651				566				1,022
Borrowings			262,458				165,119				212,318
Lease liabilities			485				572				836
Derivative financial instruments			2,476				3,403				4,333
Provisions			14,049				15,977				7,175
			733,688				750,373				695,591
Total equity and liabilities			1,590,458				1,637,733				1,593,013

10

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

		Three months ended 31 March								Nine months ended 31 March
		2026				2025				2026				2025
Cash flows from operating activities
Cash generated from operations (see supplemental Note 4)			38,403				34,767				42,719				2,168
Interest paid			(11,375	)			(12,952	)			(29,201	)			(31,723	)
Interest received			413				667				1,490				2,423
Tax paid			(72	)			(165	)			(370	)			(464	)
Net cash inflow/(outflow) from operating activities			27,369				22,317				14,638				(27,596	)
Cash flows from investing activities
Payments for property, plant and equipment			(808	)			(16,856	)			(19,538	)			(34,091	)
Payments for intangible assets			(41,672	)			(36,063	)			(257,870	)			(239,720	)
Proceeds from sale of intangible assets			63,176				4,803				143,642				44,141
Net cash inflow/(outflow) from investing activities			20,696				(48,116	)			(133,766	)			(229,670	)
Cash flows from financing activities
Proceeds from issue of shares			-				-				-				79,985
Proceeds from borrowings			60,000				30,000				225,000				230,000
Repayment of borrowings			(90,000	)			(30,000	)			(125,000	)			(50,000	)
Debt finance costs paid			(353	)			-				(2,455	)			-
Principal elements of lease payments			(81	)			(102	)			(1,609	)			(293	)
Net cash (outflow)/inflow from financing activities			(30,434	)			(102	)			95,936				259,692
Effects of exchange rate movements on cash and cash equivalents			(1,102	)			3,570				(1,978	)			(2,764	)
Net increase/(decrease) in cash and cash equivalents			16,529				(22,331	)			(25,170	)			(338	)
Cash and cash equivalents at beginning of period			44,406				95,542				86,105				73,549
Cash and cash equivalents at end of period			60,935				73,211				60,935				73,211

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.

2 Reconciliation of loss for the period to adjusted EBITDA

		Three months ended 31 March								Nine months ended 31 March
		2026 £’000				2025 £’000				2026 £’000				2025 £’000
Loss for the period			(11,777	)			(2,710	)			(14,234	)			(29,126	)
Adjustments:
Income tax credit			(3,436	)			(347	)			(3,806	)			(6,820	)
Net finance costs			20,319				3,764				55,700				32,731
Loss/(profit) on disposal of intangible assets			5,201				(2,271	)			(43,019	)			(38,662	)
Exceptional items			16,686				2,658				16,686				25,833
Amortization			52,352				45,867				161,104				148,560
Depreciation			5,309				4,254				15,115				12,803
Adjusted EBITDA			84,654				51,215				187,546				145,319

12

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

		Three months ended 31 March								Nine months ended 31 March
		2026 £’000				2025 £’000				2026 £’000				2025 £’000
Loss for the period			(11,777	)			(2,710	)			(14,234	)			(29,126	)
Adjustments:
Exceptional items			16,686				2,658				16,686				25,833
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings			5,343				(7,285	)			10,258				(8,033	)
Fair value movement on embedded foreign exchange derivatives			(43	)			348				(51	)			2,079
Income tax credit			(3,436	)			(347	)			(3,806	)			(6,820	)
Adjusted profit/(loss) before income tax			6,773				(7,336	)			8,853				(16,067	)
Adjusted income tax credit (using a normalized tax rate of 25)%			(1,693	)			1,834				(2,213	)			4,017
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))			5,080				(5,502	)			6,640				(12,050	)
Adjusted basic earnings/(loss) per share:
Adjusted earnings/(loss) per share (pence)			2.95				(3.19	)			3.85				(7.07	)
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)			172,434				172,353				172,433				170,459
Adjusted diluted earnings/(loss) per share:
Adjusted diluted earnings/(loss) per share (pence) (1)			2.94				(3.19	)			3.85				(7.07	)
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted earnings/(loss) per share (thousands) (1)			172,658				172,353				172,658				170,459

⁽¹⁾ For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

13

4 Cash generated from operations

		Three months ended 31 March								Nine months ended 31 March
		2026 £’000				2025 £’000				2026 £’000				2025 £’000
Loss for the period			(11,777	)			(2,710	)			(14,234	)			(29,126	)
Income tax credit			(3,436	)			(347	)			(3,806	)			(6,820	)
Loss before income tax			(15,213	)			(3,057	)			(18,040	)			(35,946	)
Adjustments for:
Depreciation			5,309				4,254				15,115				12,803
Amortization			52,352				45,867				161,104				148,560
Loss/(profit) on disposal of intangible assets			5,201				(2,271	)			(43,019	)			(38,662	)
Net finance costs			20,319				3,764				55,700				32,731
Non-cash employee benefit expense – equity-settled share-based payments			279				419				757				1,216
Foreign exchange losses on operating activities			471				2,883				3,385				2,731
Reclassified from hedging reserve			150				(1,067	)			1,968				1,876
Changes in working capital:
Inventories			5,079				1,420				(634	)			(8,460	)
Prepayments			1,833				7,806				724				(1,607	)
Contract assets – accrued revenue			(12,201	)			18,965				(57,903	)			(1,104	)
Trade receivables			(6,863	)			(38,112	)			6,119				(87,355	)
Other receivables			172				326				12,385				1,039
Contract liabilities – deferred revenue			(15,044	)			7,836				(56,253	)			(26,269	)
Trade and other payables			(1,633	)			(13,876	)			(36,881	)			1,044
Provisions			(1,808	)			(390	)			(1,808	)			(429	)
Cash generated from operations			38,403				34,767				42,719				2,168

14

FAQ

How did Manchester United (MANU) perform financially in fiscal Q3 2026?

Manchester United grew revenue to £189.5 million in fiscal Q3 2026, up 18.1% year on year. Adjusted EBITDA rose to £84.7 million, a 65.4% increase, reflecting higher broadcasting and commercial income plus benefits from prior cost-reduction programs.

Did Manchester United (MANU) report a profit or loss for the period?

Manchester United recorded a net loss of £11.8 million for fiscal Q3 2026. However, operating profit was positive at £5.1 million, and on an adjusted basis the club reported a £5.1 million profit, excluding exceptional items, foreign exchange effects and other adjustments.

What guidance did Manchester United (MANU) provide for fiscal 2026?

For fiscal 2026, Manchester United raised its revenue guidance to £655–£665 million. The club also increased its adjusted EBITDA guidance to between £200 million and £210 million, indicating management’s confidence in both sporting performance and ongoing business transformation initiatives.

How did broadcasting and matchday revenues trend for Manchester United (MANU)?

In fiscal Q3 2026, broadcasting revenue rose to £64.9 million, up 57.1% year on year, helped by a better estimated Premier League finish and higher international rights. Matchday revenue declined 5.2% to £42.2 million, mainly because the club played three fewer home matches.

What is Manchester United’s (MANU) current debt and cash position?

As of 31 March 2026, Manchester United had $650 million of non-current US dollar borrowings, equivalent to £490.1 million. Current borrowings were £262.5 million, while cash and cash equivalents stood at £60.9 million, providing liquidity but leaving leverage as a key consideration.

How did cost-control measures affect Manchester United’s (MANU) results?

Cost-control actions helped lower employee benefit expenses slightly to £70.8 million, down 0.6% year on year. Total operating expenses still rose 10.5% to £179.1 million, but the combination of revenue growth and efficiencies contributed to a swing to positive operating profit and stronger adjusted EBITDA.

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