AFC AJAX (AJAX) H2 2026 earnings summary

Executive summary

• Achieved net profit of €2.0 million for 2025/2026, reversing a €37.3 million loss from the prior year, driven by improved transfer results and operational performance despite financial setbacks.

• Men's team finished 32nd in UEFA Champions League League Phase and 5th in Eredivisie, qualifying for UEFA Conference League play-offs.

• Women's team secured 2nd place in Eredivisie and qualified for UEFA Women's Champions League qualifiers.

Financial highlights

• Net revenue increased by €10.2 million (+6%) to €188.3 million, mainly due to higher European competition premiums.

• Operating expenses rose by €9.0 million (+5%) to €206.5 million, attributed to higher football salaries and one-off costs such as compensation for a suspended match and coach dismissal.

• Operating result improved by €1.2 million to €18.2 million negative year-over-year.

• Transfer result was €65.5 million, with a net positive transfer result of €26.7 million after amortization, a €57.7 million improvement year-over-year.

• Earnings per share improved to €0.11 from a loss of €2.04 per share.

Outlook and guidance

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

• Positive transfer results from recent player sales are anticipated to contribute to 2026/2027 results, but outcomes remain dependent on sporting performance, transfer activity, and ongoing cost control.