Benfica’s CFO Highlights €29 Million Profit and Record Membership Growth in Latest Results.

Roger Hampel

CFO Nuno Catarino | Image: Francisco Paraíso / SL Benfica

Benfica has reported a consolidated profit of €29 million for the first half of the 2025/26 financial year, with the club’s CFO Nuno Catarino highlighting strong recurring performance, record membership income and record merchandising revenue as key drivers of the result.

Speaking in an interview with club media, Catarino framed the numbers as evidence of a healthier and more resilient operating structure, particularly when separating the core club business from the football company’s direct trading activity.

Consolidated Profit of €29 Million Supported by Football Contribution

The headline figure in Benfica’s latest update is a €29 million consolidated profit.

Catarino stressed that this should be understood within the new reporting context the club is introducing, where results are now presented both on an individual basis and on a consolidated basis.

He also pointed to a crucial distinction inside the group structure: the football business generated a net result of €40 million, and Benfica Clube then recognised its share of that result through its ownership position, which contributed to the consolidated bottom line of €29 million.

That makes the reported profit clearly positive, but Benfica’s internal reading of financial performance goes further than the headline number.

Recurring Operational Result Rises to €6.7 Million Benfica

A central point in Catarino’s explanation was Benfica’s recurring operational result, which he described as the best way to assess the club’s financial trajectory without extraordinary items and without depending too heavily on football trading outcomes.

That recurring figure reached €6.7 million, representing a 6% increase year on year.

This metric matters because it gives a clearer picture of how the core club is performing on a more sustainable basis. In other words, Benfica is signalling that even without exceptional effects and without focusing only on the football company’s profits, the club itself is improving operationally.

For a club of Benfica’s scale, that distinction is important. It suggests an attempt to reduce dependence on volatile football income and build stronger recurring lines of business.

Membership Revenue Increases 12% and Reaches New Record

One of the clearest financial highlights in the interview was Benfica’s membership income.

According to Catarino, membership revenue rose 12% semester over semester, reaching a new all-time record. He described the increase as unusually strong and said it had few historical parallels outside major membership campaigns from the past.

He noted that the 2025 club elections helped drive this growth by increasing member engagement and attracting new sign-ups, but also made the point that this momentum has not faded since the elections. That matters because it suggests the spike was not purely event-driven.

Catarino also underlined that Benfica has invested in member recovery and retention, including direct contact with lapsed members and alternative solutions for those facing payment difficulties. Since membership fees are mandatory and not waived, this operational work appears to be a meaningful part of the club’s revenue strategy.

Financially, that gives Benfica a stronger recurring base, which is especially valuable because membership income is more predictable than transfer-related income.

Merchandising Also Delivers Record Semester

Merchandising was another standout category.

Benfica reported a new semester record in merchandising growth, which Catarino linked directly to recent investment. He said the club has been investing in merchandising through store openings, digital growth and broader commercial development, and that those investments are now being reflected in the numbers.

This is important because it shows Benfica is not simply benefiting from sporting relevance or brand scale in the abstract. It is monetising that relevance through retail infrastructure and digital commerce.

In practical terms, record merchandising performance strengthens the club’s non-broadcast, non-transfer revenue base and supports the wider target of growing recurring revenues over time.

Sponsorship Revenue Grows, While Royalties Decline

On sponsorship, Catarino described performance as positive, though more moderate than the growth seen in membership and merchandising.

He said sponsorship income posted a slight increase, while also noting that this business line remains smaller than the club’s biggest revenue categories.

The one major area of decline was brand royalties received from Benfica SAD, which fell because the transfer market from two years earlier had generated more player sales than the most recent one. Since Benfica Clube receives a percentage of transfer activity through this royalty mechanism, lower transfer volume translated into lower royalty income.

That distinction is financially important. It means some revenue linked to football trading softened, but Benfica still managed to grow its total club revenue because the more structural lines — membership, merchandising and sponsorship — were strong enough to offset the drop.

Total Revenue Up 3% Despite Lower Transfer-Linked Royalties

Even with that decline in royalties, Catarino said Benfica’s total club revenue increased 3%, again reaching a historic record level.

That figure may sound modest next to the 12% membership growth, but in context it is significant. It means Benfica was able to grow overall revenue despite a headwind from one of the football-linked income streams.

This strengthens the club’s argument that it is making progress in diversifying revenue sources and building a financial model with less dependence on player trading.

Operating Costs Rise Only 2%, Below Inflation

On the cost side, Benfica reported a 2% increase in operating costs.

Catarino explicitly framed that as being below inflation, while revenue grew above inflation and above the rate of cost growth. That spread between revenue growth and cost growth is one of the most important finance signals in the interview.

Elections Cost €3.2 Million, Far Above Original Budget

Catarino also disclosed the cost of the club’s November 2025 elections: €3.2 million.

That is a very material number, especially given that Benfica had originally budgeted only €550,000 for the process. The difference was largely explained by two factors.

First, the club had budgeted on the assumption that an electronic voting solution might be possible. Once that option fell away, the club had to expand voting infrastructure significantly, including for international voting operations.

Second, the original budget did not include a second round, while the actual electoral process required one, pushing costs much higher.

At one stage, Catarino said internal cost estimates had reached €4 million to €5 million, although Benfica ultimately managed to negotiate the final outlay down to €3.2 million.

From a finance perspective, the election cost is a non-recurring item, which is why Benfica excludes it from the recurring operational reading. But it still affects the annual financial result and illustrates how governance processes can create meaningful one-off cost pressures.

Bond Financing Strategy Shifts Toward Longer Maturities

Another major financial topic in the interview was Benfica SAD’s bond issuance strategy.

Benfica recently launched a €40 million bond loan, and Catarino explained that this should be seen as part of a broader refinancing and maturity-extension strategy rather than something tied directly to short-term transfer market activity.

Historically, Benfica SAD had issued recurring three-year bonds, with overlapping maturities requiring frequent market visits. The club changed that approach in 2025 with a four-year bond, and in 2026 it has moved to a five-year bond.

The logic is straightforward:

• reduce issuance frequency

• spread transaction costs over longer periods

• improve predictability for investors

• create a more stable financing structure

Catarino also stressed that bond financing is a normal instrument for a company with a balance sheet of Benfica’s size, and that Benfica’s investor base is relatively stable and comfortable with the perceived risk profile of the club.

Debt Position Described as Stable Over Last 18 Months

On debt, Catarino said Benfica’s net debt has remained relatively stable over the last 18 months.

He made a point of focusing on net debt rather than gross debt, noting that gross debt can move temporarily during refinancing windows, while the more relevant measure is debt relative to available cash.

The message here is clear: Benfica does not want the market to interpret bond activity as a sign of financial deterioration. Instead, it wants that activity to be seen as part of normal balance-sheet management.

Long-Term Revenue Goal of €500 Million

Perhaps the most important strategic number in the interview came when Catarino referred to Benfica’s long-term growth plan.

He said the club wants to grow total revenue to €500 million, with much of that expected to come from recurring revenue growth. The purpose of that strategy is equally important: to reduce the relative weight and necessity of player sales in the financial model.

That is one of the clearest strategic finance messages in the entire interview.

Benfica is effectively saying that its medium-term model is not based on endlessly depending on transfers to balance the books. Instead, it wants stronger membership, merchandising, sponsorship, media and project-related income to carry more of the financial structure.

Benfica District Remains in Licensing Phase

Catarino also addressed Benfica District, the club’s wider development project around the stadium.

Financially, the key point is that the project is not yet in major construction phase. The club remains in licensing discussions and is still shaping aspects of the final model, including potential operators for various spaces and the future project finance structure.

He suggested that a clearer financing and execution framework could emerge in roughly nine months, but made it clear that heavy construction is not imminent.

That matters because large infrastructure projects often create uncertainty around cash needs and disruption. Benfica’s message here is that the project is moving forward, but still in a preparatory and structuring phase.

Benfica’s Position on TV Rights Centralisation

Although the interview was heavy on finance, one of its most striking strategic points concerned media rights.

Nuno Catarino said very directly that Benfica does not need centralisation to increase the value of the product it sells. He argued that Benfica had already gone to market in difficult conditions — notably with only a two-year sales horizon, which he described as highly unusual for sports rights — and still achieved a better result than many expected.

His broader point was that the existing centralisation model was designed in a market context that no longer exists. Consumption habits have changed, the industry has evolved, and he suggested that the current framework may leave many stakeholders dissatisfied by 2028 if it is not reworked.

From a business standpoint, Benfica is defending the value of its own commercial capability while also acknowledging that some smaller clubs may benefit from scale through collective selling.