Manchester United plc Q2 FY2021 earnings call

• Pandemic impact: A challenging year due to pandemic, but club provided over £5 million in charitable support. Focus on preparing to return fans to Old Trafford with vaccine rollout and lockdown easing optimism. • Community support: Club and foundation provided over £5 million in charitable support, and Old Trafford was used by NHS for vaccination training. • Digital and media operations: Prioritized digital initiatives, strengthened leadership in digital marketing/CRM, launched club presence on new social media platforms, women's team has over 1M Instagram followers, mobile app enhancements increased usage, e-commerce merchandise sales strong with record sales. • China initiatives: Engaging on multiple monetization routes including sponsorship, integrated partnership with Alibaba, and in-market experiential centers with Harves, with first experience center opening in Beijing spring 2021.

Total revenues for the quarter were £172.8 million. Commercial revenues were £62.6 million, sponsorship revenues were £37.8 million, merchandising and licensing revenues were £24.8 million, broadcasting revenues were £108.7 million, and matchday revenues were £1.5 million. Broadcasting revenues contributed the most at approximately 63% of total revenues, followed by commercial at ~36%, merchandising at ~14%, sponsorship at ~22%, and matchday at ~0.8%.

• No forward revenue or adjusted EBITDA guidance provided today. • Expect to lap early stages of pandemic and play an additional five Premier League matches in the current quarter versus prior year.

Q: On retail side, how big e-commerce is and decline in Megastore?

A: There's a difference in gross vs net reporting. E-commerce offset reduction from Megastore closure with license profit and wholesale.

Q: Thoughts on broadcasting revenue growth profile, domestic vs international?

A: NFL is example of premium sports league. Growth expected to be lower than recent U.K. cycles but offset by international growth, with positivity in deals during COVID.

Q: Monetizing China region, update on partnerships and monetization routes?

A: Three monetization routes: sponsorship from fan engagement, integrated partnership with Alibaba driving e-commerce, and in-market experiential centers with Harves, with first center opening spring 2021 and expansion planned.