CA Osasuna Reports €2 Million Profit for 2024/25 and Cuts Net Debt to €60 Million.

Roger Hampel

Image: CA Osasuna

CA Osasuna ended the 2024/25 financial year with a net profit of €2.06 million, marking the club’s second consecutive positive result following a €2.8 million profit in 2023/24. The Basque club’s improved balance sheet comes alongside a reduction in net debt to €60.4 million, representing an 11% decrease compared to December 2024 and 3.3% less than in June 2024.

Financial Results

According to the club’s audited financial statements, the €2 million surplus was primarily driven by stronger-than-expected revenue across several categories. Despite a slight decline in television income — partly due to the withdrawal of a Chinese LaLiga sponsor — Osasuna offset the shortfall through a 30% increase in commercial and advertising revenue, which reached nearly €10 million, and higher-than-expected gains from player transfers and other operating income.

The financial report highlights additional transfer-related income, including variables from Kike García, Nacho Vidal, and Iker Benito, on top of previously recorded figures for David García’s transfer and Mikel Merino’s training rights.

Expenditure Overview

Operating expenses rose slightly above projections, mainly due to player contract improvements, individual performance bonuses, and severance payments. Personnel costs exceeded the initial budget by €3.3 million, while amortization (+€0.4 million) and financial expenses (+€0.3 million) also increased. However, these were partially offset by a €1.5 million reduction in operating costs, allowing the club to close the year with a positive bottom line.

The club’s auditor attributed the result to “profits from the sale of intangible assets (players), complemented by efficient cost management.”

Debt Reduction and Stability

As of June 30, 2025, Osasuna’s net debt stood at €60.4 million, down from €62.4 million the previous year. The club’s bank debt was reduced to €2.8 million, compared with €6.1 million a year earlier, with the majority of its outstanding obligations linked to LaLiga’s Plan Impulso (CVC).

Only three small legacy loans remain from previous boards, totaling €2.7 million, alongside minor amounts for leasing and Rights & Media. The latter, a pandemic-era loan of €12 million, has now been fully repaid.

The auditor noted that by the end of 2025/26, the club’s only remaining bank loan will be the one contracted in 2003, with a repayment rate of approximately €500,000 per year until 2030 — meaning Osasuna will have reduced its financial debt by 54% over the last two seasons.

Plan Impulso and Club Assets

From the €52 million allocated to Osasuna under LaLiga’s CVC Plan Impulso, €6.5 million remained available at the close of the 2024/25 audit. Of this amount, €2 million was used in July to acquire additional land at the club’s Tajonar training facilities, with the remaining €4.5 million earmarked for expansion works.

The report clarifies that if the CVC loan is excluded from calculations, Osasuna’s net debt would stand at €16.4 million. The auditor emphasized that under current financial conditions, the club could fully cover its debt in 1.5 years excluding CVC financing, or in 5.8 years when including it — underscoring a stable financial position.

The club’s assets also improved, with €10.5 million in fully owned property, free of mortgages, reflecting recent investments in training and infrastructure.

Financial Outlook for 2025/26

Osasuna presented a record budget of €86.5 million for the 2025/26 season — the highest in the club’s history. The plan projects revenues of €86.5 million and expenses of €84.4 million, targeting a pre-tax profit of €2.1 million.

The upcoming accounts already include the €12 million transfer of Jesús Areso to Athletic Club, contributing to a projected turnover of €71.1 million. The club expects operational costs to rise moderately due to increased television income and related contributions to LaLiga, RFEF, CSD, and AFE.