September 11 – Portuguese giants Benfica made a net profit of €19.1m for the 2025/26 season, a second consecutive year in the black, although well below the €34.4m the previous year.
The report, according to Glorioso 1904, credits a growth in recurring income, a tighter control of costs and a favorable outcome of the players’ rights, with the strengthening of the patrimony up to 135.5 million euros. The operating result, including player transfers, was 32.4 million euros. Remove this component and operating income was €214.4m, down 7%, largely because one-off income from participation in the Club World Cup was included in the previous season’s financial results.
There were genuine bright spots on the revenue side. Daytime revenue was up 8.5% to €45.2 million and streaming was up 6% to €55.7 million, both strong numbers. Operating costs excluding player rights rose just 1.2% to €229.4m, with higher impairments offset by lower staff costs.
The concern is the balance sheet. Liabilities increased by 8.2% to €513.9 million, reflecting greater commitments to suppliers and creditors, and now stand at 79.1% of total assets, which increased by 10% to €649.4 million due to a higher valuation of the workforce and outstanding receivables. That’s a lot of debt against assets.
Two pressures are located behind the figures. The management continues to fight against the proposed Portuguese league broadcasting reforms, calling the centralized model “anachronistic and inappropriate” for the biggest clubs, and a heavy reliance on player transfers, because so far the domestic and commercial matchday limits have only been extended.
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