AFC AJAX (AJAX) H2 2026 earnings summary

Executive summary

• The 2025/2026 season was disappointing on the field, with the men's team finishing fifth in the Eredivisie and exiting early in both the KNVB Cup and UEFA Champions League. However, financial performance improved significantly, with a net profit of €2.0 million versus a €37.3 million loss the previous year, driven by higher European prize money, transfer income, and cost savings.

• Key investments included the opening of a new building for the men's and women's first teams, supporting long-term infrastructure and talent development. The club also emphasized social responsibility through the Ajax Foundation and various community projects.

Financial highlights

• Net revenue rose 6% to €188.3 million, mainly due to increased UEFA Champions League prize money.

• Net profit was €2.0 million, a turnaround from a €37.3 million loss in 2024/2025.

• Transfer result surged to €65.5 million (from €10.3 million), with major sales including Jorrel Hato, Brian Brobbey, and Kenneth Taylor.

• Operating result improved to €-18.2 million (from €-19.4 million), despite higher costs and one-off charges.

• Free cash flow was negative at €-6.1 million (2024/2025: €12.3 million).

• Share price at June 30, 2026: €8.50 (2024/2025: €9.70).

Outlook and guidance

• Participation in the UEFA Conference League in 2026/2027 is expected to pressure revenue compared to the previous season's Champions League participation.

• The club will continue to focus on cost control, financial discipline, and maintaining flexibility in player contracts and transfer structures.

• Summer 2026 transfers (e.g., Mika Godts, Sean Steur) are expected to positively impact 2026/2027 results, but performance remains dependent on sporting success and further cost measures.