Benfica reported €23.9 million consolidated profit

Benfica won 4-1 away to Omonia Nicosia on 22 October, a result that put their sporting ambitions in sharp view. Four goals on the road showed what the team can deliver, while the accounts due before members on 31 October will show the financial picture behind the club’s plans. The match is over; the members’ verdict on the accounts is still to come.

Benfica’s €23.9 million consolidated profit can sit alongside substantial squad investment because transfer spending is not all charged in one year: the club records player rights as assets and amortises their cost over time. The year also included a €47.2 million result associated with player rights, while Benfica says recurring-revenue growth and cost control helped support the outcome. That is the financial logic behind the headline, not proof that spending carries no risk. As the club begins a new cycle after a men’s season Rui Costa said fell short of expectations, members must judge whether this model can support stronger results.

The €164 million figure is not an estimate of what Benfica could receive by selling their players. It is the squad’s book value: the accounts record player rights at acquisition cost, then reduce that amount through amortisation and any impairment. Benfica says academy-developed players do not appear at materially significant values, even when their market valuations are high.

By 30 June 2026, that book value had risen by €32.8 million to €164 million, according to Record. The accounts attribute the movement to rights acquired during the year, less amortisation, disposals, write-offs and impairment. It is therefore a net change in the accounting value of the squad, not simply the sum spent on new arrivals.

The accounts list five investments in sporting rights: €27.4 million for Richard Ríos, €27 million for Georgiy Sudakov, €22.8 million for Franjo Ivanovic, €20 million for Dodi Lukebakio and €15 million for Enzo Barrenechea. The spread shows how the club’s investment is carried across several players rather than resting on one signing.

Two of those five were later sent out on loan. Ríos joined Al Ittihad and Ivanovic moved to Lens after both arrived in summer 2025, according to the accounts reported by Record. Their loans changed where they played, but the reported squad-value figure still reflects the accounting treatment of their rights.

Benfica’s operating income excluding player rights was €274.8 million, below the €282.5 million spent on operating costs, according to O Jogo. The club also recorded a €47.2 million result associated with player rights, 2.2 per cent higher than in the comparable period. Together, those figures help explain how the group reported an operating result of €39.4 million. The player-rights result rose mainly because Benfica spent less on transactions and intermediary services, the club said. A Benfica representative told A Bola that the club still needs player sales to support its finances, even as it invested in the squad and sold less than in previous seasons.

That transfer-related contribution sits alongside income from supporters and broadcasters. Matchday revenue reached €68.5 million, up 9 per cent on the comparable period, while television brought in €55.8 million, according to O Jogo. The figures show two different sources of support: match attendance grew, while television remained a substantial stream of income.

Membership also brought a record return. More than 30,000 people joined during the financial year, Benfica said, taking the club close to issuing its 450,000th membership card. Income from membership fees reached its highest annual level to date, according to A Bola and Maisfutebol. It is a recurring source of revenue, unlike the result from player rights, which depends on transfers and the costs attached to them.

The €23.9 million surplus is the Benfica group’s second consecutive year in profit, but it is not the same figure as Benfica SAD’s result. The club company recorded a separate €19.1 million profit for 2025/26, O Jogo reports; the consolidated accounts also include results from companies in which it holds stakes.

The group’s balance sheet grew alongside the squad’s accounting value. Consolidated assets rose by €52.8 million to €623.9 million, with the increase linked in the accounts to the higher squad value, according to O Jogo and Record. Liabilities also increased, rising 5.4 per cent to €564.3 million.

Two other measures moved in a more favourable direction. Net debt fell to €184.8 million, while equity—the value left after liabilities are set against assets—rose 66.8 per cent to €59.6 million, the accounts show. That equity figure is close to the scale of the group’s annual profit, but it remains distinct from the cash available to fund football operations.

Rui Costa has also acknowledged the gap between the accounts and the team’s performance. Changes, including a new coaching team led by Marco Silva, should help the club reach its targets, Benfica’s president said. Winning the league is the priority, alongside other domestic competitions and a strong Europa League campaign, Benfica says.

The recent turnaround also has a history of dependence on trading players. Benfica SAD moved from a €31.4 million loss in 2023/24 to a €34.4 million profit in 2024/25; the latter included €46.7 million from player rights. Independent researcher João Duarte linked earlier losses to weaker operating performance, rising costs and lower net income from player trading. He also says the accounts do not disclose commissions in enough detail to assess them clearly, a concern that makes repeatability harder to judge.

Benfica’s longer-term plan is to grow income beyond the transfer market. Rui Costa has kept a target of €500 million in annual consolidated revenue, describing it as a major strategic objective in a statement. The Benfica District project, approved by members on 3 January, is part of that plan: Costa says it can create recurring income, raise the value of the club’s property and strengthen long-term financial sustainability.

The ambition to reach €500 million in annual consolidated revenue remains one of Benfica’s major strategic objectives.

The wider game shows why clubs seek more dependable sources. Portuguese top-flight clubs made about £1.9 billion in profit from player transfers between 2014 and 2023, according to a study discussed by Observador. UEFA says European top-flight clubs returned to operating profitability in 2024, helped by revenue recovery and record transfer-related profits, but still made total pre-tax losses of €1.1 billion. It has also warned that high prices, deferred payments and transfer debt can leave clubs relying on future sales and continued demand in the market.

The Nicosia win brought Benfica’s sporting promise into view; now the accounts go before members at the Luz pavilion.

Two things will shape the meeting:

• The 31 October vote on Benfica’s consolidated 2025/26 accounts.
• Benfica’s explanation of Benfica FM’s financial performance at the assembly.