HSV Reports Record €182.1m Revenue and Fifth Consecutive Profit.

Roger Hampel

Image: Unsplash / Mario Klassen

Hamburger SV generated a club-record €182.1 million in revenue in 2025/26, up 43.9% from €126.5 million, as the club converted its return to the Bundesliga into higher income across five of its six revenue categories.

HSV also posted an €8.1 million net profit, compared with €4.4 million a year earlier, marking its fifth consecutive profitable financial year. EBITDA increased by 60.6% from €15.9 million to €25.6 million.

The €182.1 million total surpassed HSV’s previous revenue record of €161.2 million, set in 2008/09 when the club reached the semi-finals of both the UEFA Cup and DFB-Pokal.

The comparison with 2024/25 also reflects a change in the reporting perimeter: HSV’s women’s first team and its associated sporting and commercial activities were transferred into HSV Fußball AG & Co. KGaA from July 1, 2025, adding revenue and costs to the company’s accounts.

Bundesliga Return Drives Revenue Growth HSV

The biggest change came from the economics of playing in Germany’s top division.

Media-rights revenue more than doubled from €18.5 million to €37.5 million, primarily as a result of Bundesliga participation and the competition’s distribution system. HSV’s run to the DFB-Pokal round of 16 and the inclusion of the women’s team also contributed.

Partnership revenue increased by approximately 79% from €17.5 million to €31.4 million, with HSV citing the greater visibility and reach associated with the promotion of its men’s and women’s teams.

Match operations remained HSV’s largest individual revenue category, rising from €44.4 million to €56.3 million.

Transfer revenue increased from €3.8 million to €9.7 million, with Ludovit Reis’ move to Club Brugge the largest transfer transaction during the financial year.

Across the business, the revenue breakdown was:

• Match operations: €56.3m

• Media rights: €37.5m

• Partnerships: €31.4m

• Merchandising & catering: €28.6m

• Other revenue: €18.6m

• Transfers: €9.7m

  
  

Together, those categories produced the €182.1 million total.

Image: HSV

Nearly Three-Quarters of Revenue Generated Outside Media Rights and Transfers

HSV separately reported €134.9 million in commercial earning power, defined by the club as revenue excluding media rights and transfer income.

That means close to three-quarters of its revenue was generated outside those two areas.

The distinction is particularly relevant following promotion. Bundesliga status substantially increased HSV’s broadcasting income, but matchday, sponsorship, merchandising and other commercial activities continue to represent the majority of the business.

HSV itself identifies league status as the central financial risk to the company because relegation would affect virtually all major revenue streams, including broadcasting, sponsorship, hospitality, ticketing and merchandising.

99.7% Stadium Utilisation Supports Matchday Business

HSV averaged 56,852 spectators for men's Bundesliga home matches, producing a 99.7% utilisation rate at the Volksparkstadion.

The club said Bundesliga promotion increased demand for hospitality, while its DFB-Pokal round-of-16 home match against Holstein Kiel provided additional matchday revenue. The women's team's home fixtures also contributed after being incorporated into the company.

HSV Women attracted 90,138 spectators across their Bundesliga home fixtures, averaging 6,934 per game — the second-highest average in the Frauen-Bundesliga.

The wider supporter base also continued to expand, with HSV passing 150,000 members in May 2026.

Merchandising and Shirt Sales Reach New High

Merchandising and catering revenue increased from €23.8 million to a record €28.6 million.

HSV identified increased shirt sales following the Bundesliga return and demand for its own collections as major merchandising drivers. Catering benefited from the high utilisation of the Volksparkstadion and the additional women's home matches.

The club's separate public announcement puts merchandising revenue alone at €25.3 million, excluding the catering component included in the statutory reporting category.

The commercial expansion came alongside substantially higher personnel spending. Personnel expenses increased from €46.8 million to €68.4 million, reflecting Bundesliga-related first-team contracts, squad investment and the inclusion of HSV Women.

However, personnel expenses represented 36.9% of total income, compared with 45.5% in 2017/18, the season in which HSV were relegated from the Bundesliga for the first time.

Profit Rises to €8.1m as EBITDA Reaches €25.6m

Despite the higher cost base, operating expenses increased at a slower rate than revenue.

HSV consequently increased EBITDA from €15.9 million to €25.6 million, a rise of 60.6%.

Net profit reached €8.1 million, up from €4.4 million and extending HSV’s profitable run to five consecutive financial years.

The figures also exceeded the club's own expectations. HSV had forecast revenue above €160 million for 2025/26 and EBITDA in the low double-digit millions.

Cash Reaches €50.5m as Financial Liabilities Decline

The change in HSV’s balance sheet is another significant part of the 2025/26 results.

Cash and bank balances increased from €36.0 million to €50.5 million, while financial liabilities declined from €22.0 million to €16.8 million.

That left HSV with €33.7 million in net financial assets, compared with €14.0 million a year earlier.

Operating cash flow more than doubled from €17.6 million to €36.9 million. Investment cash flow was negative €16.1 million, primarily reflecting investment in the playing squad and fixed assets.

The position represents a significant shift from HSV’s last relegation season. According to the club, in 2017/18 it carried €62.1 million in financial liabilities against just €2.3 million in cash and cash equivalents.

Equity Rises to €87.5m

Shareholders’ equity increased from €49.4 million to €87.5 million, taking the equity ratio from 29.9% to 45.5%.

Importantly, that increase was not generated by profit alone.

A major factor was the full conversion of a €30 million convertible bond into equity, alongside the €8.1 million annual profit.

HSV also repaid its 2019 bond as scheduled in March 2026, contributing to the reduction in financial liabilities.

The combination of higher equity, lower financial debt and increased cash gives HSV significantly greater financial flexibility.

HSV Forecasts Around €180m Revenue for 2026/27

HSV expects revenue to remain close to its new record level in 2026/27.

The club is forecasting approximately €180 million in revenue, with its financial plan assuming that both the men's and women's teams remain in their respective Bundesligas. Partnerships and marketing are expected to continue growing, while media-rights income is also forecast to increase. HSV is targeting further growth in merchandising and catering.

At the same time, personnel expenses are expected to rise as the club continues developing its men's and women's squads. Other revenue is expected to decline as some transactions and one-off effects included in 2025/26 fall away, while depreciation and amortisation are also forecast to increase following investment in the playing squad.