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Dec 31, 2024
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Manchester United Q2 2025 Earnings Report
Manchester United reported a decline in revenue and profitability, mainly due to lower broadcasting income from UEFA Europa League participation instead of the UEFA Champions League.
Key Takeaways
Manchester United's Q2 FY25 revenue fell 12.0% YoY to £198.7 million, primarily due to a 42.1% drop in broadcasting revenue. The club posted an operating profit of £3.1 million (-88.7% YoY) and a net loss of £27.7 million. However, commercial revenue grew 18.5% due to the Snapdragon sponsorship and e-commerce expansion.
Total revenue declined by 12.0% YoY, mainly due to a 42.1% drop in broadcasting revenue.
Commercial revenue grew 18.5% YoY, supported by the Snapdragon sponsorship and e-commerce growth.
Net loss of £27.7 million, compared to a profit of £20.4 million in Q2 FY24.
Matchday revenue increased 9.2% YoY, reaching £52.0 million.
Manchester United
Manchester United
Manchester United Revenue by Segment
Revenue by Segment
Commercial Revenue
CapyFin.comBroadcasting Revenue
CapyFin.comMatchday Revenue
CapyFin.com Forward Guidance
Manchester United reaffirmed its revenue guidance for FY25 at £650M-£670M and expects adjusted EBITDA to be at the high end of its prior guidance range.
Positive Outlook
- Revenue guidance remains at £650M-£670M.
- Adjusted EBITDA is expected at the higher end of the £145M-£160M range.
- Commercial revenue growth driven by Snapdragon sponsorship and e-commerce.
- Matchday revenue remains strong due to high demand for tickets and hospitality.
- Club remains compliant with Premier League and UEFA financial regulations.
Challenges Ahead
- Broadcasting revenue is expected to remain lower due to UEFA Europa League participation.
- Operating income has declined significantly YoY.
- Net loss is substantially higher than the previous year’s net profit.
- Increased costs related to exceptional items, including managerial changes.
- Cash flow from operations has worsened, with a net cash outflow of £63.2M in Q2.
Revenue & Expenses
Visualization of income flow from segment revenue to net income