Manchester United plc (MANU) Earnings
MANU has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise -35.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 27, 2026 | $-0.06 | $0.04 | +172.5% | $251M | +13.4% |
| Feb 25, 2026 | $0.16 | $0.03 | -80.2% | $256M | +16.8% |
| Dec 11, 2025 | $-0.02 | $-0.02 | -0.6% | $189M | +0.1% |
| Sep 10, 2025 | $-0.06 | $-0.20 | -233.3% | $224M | -0.9% |
| Jun 6, 2025 | $-0.25 | $-0.04 | +83.8% | $207M | +2.1% |
| Feb 19, 2025 | $-0.07 | $-0.05 | +28.6% | $249M | +23.6% |
| Oct 23, 2024 | $-0.17 | $-0.00 | +98.3% | $188M | -0.8% |
| Sep 11, 2024 | $-0.27 | $-0.20 | +25.9% | $180M | -20.4% |
| Oct 26, 2023 | $-6.07 | $-0.08 | +98.7% | $191M | -21.7% |
| Dec 8, 2022 | $-0.12 | $-0.07 | +41.7% | $159M | +9.3% |
| Nov 17, 2021 | $-0.25 | $-0.11 | +56.0% | $171M | +64.3% |
| Feb 25, 2020 | $0.19 | $0.20 | +5.3% | $216M | +11.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2022 · September 22, 2022
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- On-pitch: Made changes like new men's team leadership under Erik ten Hag, strengthened men's and women's squads, youth pipeline strong with Academy trophy wins. - Fan engagement: Launched fans Advisory Board, increased fan initiatives, paid membership program at record levels, ticket demand for women's matches up 55%. - Digital: Record e-commerce revenues, 2.8 billion digital interactions, 8.5 billion video views, app at number one in sports category globally. - Partnerships: Launched record principal partnerships, renewed 8 global partnerships, in-person events resumed. - Financials: Total revenues £583.2M, adjusted EBITDA £81.1M, cash balances up, net debt increased due to foreign exchange.
Guidance
- Expected full year fiscal '23 revenues £580 million to £600 million, impacted by new Premier League rights cycle, European League vs Champions League, and normalized summer tour revenue. - Fiscal 2023 adjusted EBITDA between £100 million to £110 million, reflecting wage savings from UCL clauses, elevated utility costs, £180 million amortization, and £120 million committed net player CapEx.
Segment performance
Total revenues for the period were £583.2 million, £89.1 million higher than the prior year due to the return of fans, offset by a reduction in broadcasting revenues. Commercial revenues were £257.8 million, with sponsorship at £147.9 million (£7.7 million higher) and merchandising/licensing at £109.9 million (£17.9 million higher). Broadcasting revenues were £214.9 million (down £39.9 million). Matchday revenues were £110.5 million (up £103.4 million). Adjusted EBITDA was £81.1 million, down £14 million from the prior year.
Risks & headwinds
- Macro-economic pressures and inflation affecting operational costs. - Foreign exchange impact on U.S. dollar debt affecting net finance costs and debt calculations. - Competition in football and compliance with financial regulations like FFP.
Analyst Q&A
Q: Randy Konik asked about monetizing content and stadium revenue growth while keeping ticket prices flat.
A: Philip Lynch mentioned personalization, blockchain, and MUTV integration; Richard Arnold talked about ticket price balance, executive box sales, and fan Advisory Board impact on ticket sales structure.
Q: Xian Siew asked about EBITDA guidance and path back to pre-COVID levels.
A: Richard Arnold said EBITDA is linked to Champions League participation, wage normalization, and revenue growth, with focus on returning to Champions League and managing costs in line with FFP regulations