AFC AJAX (AJAX) Q4 2025 earnings summary

Executive summary

• After two challenging years, operational performance improved, but the net loss increased due to lower transfer results; revenue rose 17% year-over-year to €178.1 million, but net loss widened to €37.3 million from €9.8 million last year.

• Men's team finished second in the Eredivisie, securing direct Champions League qualification; women's team placed third in the Eredivisie and did not reach the Champions League group stage.

• Cost structure was made more flexible, including player salaries, and further cost-saving measures were implemented.

• The club celebrated its 125th anniversary with various activities and returned to the classic logo.

Financial highlights

• Revenue increased by €26.1 million (+17%) to €178.1 million, driven by higher European competition income, ticket sales, and commercial growth.

• Net loss was €37.3 million, compared to €9.8 million loss last year, mainly due to a €71.2 million drop in transfer results.

• Operating loss improved to €19.4 million from €39.3 million last year.

• Transfer result was €10.3 million, down from €81.5 million last year.

• Equity after loss: €189.1 million.

• Cash position at year-end: €40.3 million, up €5.7 million.

Outlook and guidance

• Participation in the 2025/2026 Champions League, realized transfer results, and cost reductions provide a solid foundation for the future.

• Player salaries are now partly linked to sporting performance, increasing cost flexibility.

• Summer 2025 transfers yielded €46.7 million positive result; incoming transfers reduced salary costs for next season.