MANU
Not exactly a clean-sheet quarter
Manchester United just handed in its Q3 numbers, and it’s a classic “good news, bad news” situation. The club posted a net loss of £11.8 million, wider than the £2.7 million loss a year ago, and basic loss per share also worsened. So yes, the red ink is still very much in the water.
The part investors actually liked
But here’s the twist: adjusted EBITDA rose 65.4% to £84.7 million. That’s the kind of line item that makes investors sit up a little straighter, because it suggests the business engine is humming even if the bottom line is still messy.
- Net loss: £11.8 million vs. £2.7 million last year
- Basic loss per share: 6.83 pence vs. 1.57 pence
- Adjusted EBITDA: £84.7 million, up 65.4%
Guidance got the microphone
The bigger signal for the market is that Manchester United increased its FY26 guidance. In plain English: management is sounding more confident about the rest of the year, and that tends to matter more than one ugly quarter if you’re trying to figure out where the stock goes next.
Big picture
Sports teams can be chaos factories, but public markets love one thing above all: a cleaner path to cash generation. If Manchester United can keep the operating momentum going while tightening up the loss picture, investors may be willing to look past the scoreboard and focus on the spreadsheet instead.