Manchester United plc delivered QQ1 2025 results that underscore a brand-driven, asset-light monetization strategy within a technology-enabled sports entertainment framework. Revenue stood at GBP 143.1m, down 8.93% year-over-year, reflecting a softer top line amid a challenging external environment. EBITDA was GBP 72.8m, representing an EBITDA margin of approximately 50.9%, while operating income was negative GBP 6.97m due to a higher operating expense base that outweighed EBITDA on an accounting basis. Net income registered GBP 1.33m, aided by other income of GBP 8.60m, translating to a modest positive bottom line despite a negative operating result. Earnings per share (diluted) stood at GBP 0.0078, with weighted-average shares around 169.3m.