Up until the 98th minute of the final game of the league phase of the Champions League, this had not exactly been a good season for Benfica. That was the moment when Ukrainian goalkeeper Anatoliy Trubin powered in a header to score the goal that allowed the Eagles to qualify for the knockout round on goal difference.
They are currently third in the league, behind their eternal rivals Porto and Sporting, while they have already been eliminated in both the Taça de Portugal, losing to Porto in the quarter-finals, and the Taça da Liga, where they were defeated by Braga in the semi-finals.
For the second season in a row there has been a change in head coach, as Bruno Lage was replaced by José Mourinho in September. Many observers though that the “Special One” had lost his aura, but the thrilling victory against Real Madrid proved that there was still some life in the old dog.
League Position
By their own lofty standards, Benfica have struggled recently, only winning the league once in the last six years, while they have twice ended up in third place in this period.
Not bad, you might think, but nowhere near as good as the purple patch that Benfica enjoyed in the six years up to 2018/19, when they won the league title on no fewer than five occasions.
2024/25 Season
President Rui Costa, former Benfica player (and footballing legend), admitted that the league had “slipped away from us” in 2024/25, though he pointed out that the club had won the League Cup and done much better on the international stage.
Indeed, they got to the last 16 of the Champions League, where they were eliminated by Barcelona, and reached the same stage in the FIFA Club World Cup, where they went out to eventual winners Chelsea.
Profit/(Loss) 2024/25
Rui Costa said that the season was “marked by the profit obtained”, as Benfica posted a €37m pre-tax profit, which reflected “a robust economic and financial situation”.
This represented “a complete reversal of the 2023/24 financial year”, when they lost €31m, so their bottom line improved by €68m.
Revenue shot up by €54m (31%) from €177m to a club record €231m, while profit on player sales improved €31m (52%) from €58m to €89m.
This was partially offset by operating expenses increasing €19m (8%) from €250m to €269m, though net interest payable fell €3m (16%) from €16m to €13m.
The net result after tax swung from a €31m loss to a €34m profit.
Note: prior year figures were restated, reducing revenue from €179m to €177m, matched by a decrease in operating expenses from €252m to €250m, so there was no net impact on the reported profit.
Benfica’s revenue growth was largely driven by the performances in the Champions League and FIFA Club World Cup, which led to broadcasting rising by €47m (46%) from €101m to €148m.
Match day was also significantly higher, rising €6.2m (18%) from €35.5m to €41.7m, while commercial slightly increased by €1m (2%) from €40m to €41m.
Benfica’s wages increased by €13m (11%) from €115m to €128m, though player amortisation was flat at €41m, while player impairment reduced from €3.7m to €1.0m.
Other expenses rose €9m (10%) from €81m to €90m, while depreciation increased by €0.7m (8%) from €8.5m to €9.2m.
Benfica’s €37m pre-tax profit was pretty impressive, though it was actually beaten by Porto’s €45m last season. Sporting also generated a very decent €20m profit.
Portugal’s “Big Three” are a fair way ahead of the other clubs in the Primeira Liga, though more than half of the 18 clubs posted a profit (based on latest available accounts).
