Manchester United Ltd. shares are trading slightly lower today.

The company reported second-quarter net sales of 198.70 million British Pounds, lower than 225.76 million British Pounds a year ago. In United States Dollars, quarterly sales of $254.695 million outpaced the street view of $201.220 million.

Total revenues declined 12% in the quarter, primarily driven by lower Broadcasting revenues related to participation in the UEFA Europa League versus solid Broadcast revenues and participation in the UEFA Champions League last year.

Broadcasting revenue plummeted 42.1%, Commercial revenue jumped 18.5%, and Matchday revenue rose 9.2%.

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Strong ticket demand, hospitality, and record Memberships drove Matchday revenue for the quarter.

Operating profit in the quarter was 3.05 million pounds, compared to 27.5 million pounds in the year-ago period.

Second quarter adjusted EBITDA was 70.5 million pounds, down 22.9% from 91.4 million pounds a year ago.

For fiscal 2025, the company has reaffirmed its revenue guidance, projecting total revenues between 650 million pounds and 670 million pounds.

Additionally, it now expects adjusted EBITDA to be at the high end of its previously issued range, between 145 million pounds and 160 million pounds.

Price Action: MANU shares are trading lower by 1.19% to $15.34 at last check Wednesday.

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