Hertha BSC Reports Positive Half-Year Result Since Financial Restructuring Began.

Roger Hampel

Image: Olympiastadion Berlin

Hertha BSC has reported a positive half-year result for the period ending December 31, 2025, marking a first small net profit after several loss-making cycles.

The Berlin-based club posted an EBITDA of €4.1 million for the first half of the 2025/26 season. After depreciation of €1.3 million, net interest expenses of €2.4 million and minor tax charges, the club recorded a net profit of €385,000.

Nordic Bond Buyback and Debt Structure Hertha BSC

In December 2025, Hertha BSC repurchased €21.2 million of its Nordic Bond from bondholders. Following the partial buyback, the club’s remaining interest-bearing liabilities consist of:

• €18.8 million in outstanding bond debt

• €17.4 million owed to other external lenders

These liabilities are offset by receivables and other assets totaling €16.4 million. The club’s equity deficit, however, remains significant at €38.0 million. The bond reduction represents a structural step in Hertha’s multi-year financial stabilization strategy.

Cost Discipline and Expense Reduction

The club confirmed that the cost-control program introduced three years ago remains in place. Total operating expenses have been sustainably reduced, with management stating that previously implemented efficiency measures are now producing a measurable financial impact.

Operating in the 2. Bundesliga continues to impose structural revenue constraints, making expense discipline a central pillar of the club’s financial recovery.

Player Asset Valuation

Hertha’s player assets are currently recorded on the balance sheet at €1.6 million. However, external market estimates place the squad value at over €59 million, suggesting the presence of significant unrealized value potential.

Executive Comments

Managing Director Ralf Huschen said:

“The past half-year marks an important interim step on our path of economic consolidation. For the first time in a long period, we are able to report a slightly positive result. This shows that our consistent course is taking effect and delivering impact. At the same time, we are aware that there is still a long road ahead of us. The key will be to confirm this development and stabilize it sustainably. That will require continued discipline, patience and endurance. Our special thanks go to our loyal partners and stakeholders who are supporting us reliably along this journey.”

Managing Director Dr. Peter Görlich added:

“A positive half-year result is not an objective in itself, but an indicator that structures are functioning. What matters less is the snapshot and more the direction in which the club is developing. Under the framework conditions of the second division, economic stability is not automatic, but the result of strategy and consistent decision-making. We will continue on this path with prudence and responsibility.”