Manchester United plc delivered a solid top-line performance in QQ4 2025, with revenue of GBP 164.185 million, up 15.5% year over year and 2.3% quarter over quarter. The gross margin remained robust at 74.8%, underscoring the value of the brand licensing, merchandising, and media revenue streams. However, the quarter recorded an operating loss of GBP 15.214 million and a net loss of GBP 3.898 million, highlighting the ongoing investment phase and the drag of depreciation and amortization on reported profitability. EBITDA stood at GBP 40.855 million (margin ~24.9%), illustrating the business’s ability to generate cash-like earnings even as reported net income remains negative.