Benfica has reported a consolidated profit of €29 million for the first half of the 2025/26 financial year, driven by strong membership income, record merchandising performance, and steady operational growth.
The figures were outlined by CFO Nuno Catarino, who described the results as evidence of a more resilient and structurally balanced financial model, less dependent on volatile transfer-related income.
At the core of the update is a €29 million consolidated profit, alongside a €40 million contribution from the club’s football operations. Catarino emphasised that Benfica’s reporting now distinguishes more clearly between club-level performance and football trading results.
A key highlight was the club’s recurring operational result, which rose 6% year-on-year to €6.7 million. This metric is considered a cleaner indicator of long-term financial health, excluding one-off items and transfer market volatility.
Membership income was one of the strongest drivers of growth, increasing 12% to reach a new record level. The club attributed the rise partly to heightened engagement during the recent elections, as well as ongoing efforts to re-engage lapsed members and improve retention.
Merchandising also delivered record results for the semester, supported by expanded retail operations, new store openings, and improved digital sales channels.
Sponsorship revenue saw a modest increase, while brand royalties from Benfica SAD declined due to lower transfer activity compared to previous cycles.
Despite this, total club revenue still grew 3%, marking another record level, while operating costs increased only 2%, remaining below inflation.
The club also disclosed €3.2 million in election-related costs, significantly above the original €550,000 budget, due to changes in voting systems and the need for a second electoral round.
On financing, Benfica continues to extend bond maturities, shifting from shorter three-year issuances to longer five-year structures, aimed at improving stability and reducing refinancing frequency. Net debt was described as stable over the last 18 months.
Looking ahead, Benfica reiterated a long-term ambition to reach €500 million in annual revenue, with a stronger emphasis on recurring income streams such as membership, merchandising, sponsorship, and media rights.
The club’s broader infrastructure project, Benfica District, remains in the licensing phase, with major construction not expected in the immediate term.
On media rights, Catarino also signalled Benfica’s scepticism toward full centralisation models, arguing that the club’s commercial strength already demonstrates strong independent market value.