Braga booked a €17.3m profit (its football operation lost money)
SC Braga's listed company closed 2025/26 with a net result of €17.315m and total income above €100m for the first time. Of the €115.682m that came in, €67.339m came from player trading, mostly the sales of Roger Fernandes, Zalazar and Banza.
SC Braga published the best set of accounts in its history on Tuesday, and reading them honestly comes down to one question: where did the money come from.
The listed company closed 2025/26 with a net result of €17.315m, after a loss of roughly €11m the season before. Total income passed €100m for the first time, reaching €115.682m. EBITDA of €39.614m is the highest the company has ever recorded. Equity rose to €86.33m, another record.
The part the headline leaves out
Of that €115.682m, €67.339m came from player trading. That is 58% of the whole, and the company names the source: the sales of Roger Fernandes, Rodrigo Zalazar and Simon Banza.
Operating revenue — everything else, meaning television, matchday, commercial deals and European prize money — came to €47.995m. Costs were €69m. Do the subtraction and the business of putting a team on the pitch cost more than it earned, with the gap closed in the transfer market. This is not a Braga peculiarity. It is the model for essentially every Portuguese club not called Benfica, Porto or Sporting. It is still worth saying out loud, because a €17m profit built this way cannot simply be repeated on request. It repeats when three players appreciate at the same time again.
The assets grew, the cushion did not
A second detail deserves attention. Assets rose from €169.7m to €230.3m, but liabilities grew too, from €100.7m to €144m. The upshot: even with equity at its highest level ever, financial autonomy fell from 41% to 37%. The company frames the increase within a cycle of significant investment in the squad and in infrastructure, which is a fair explanation and is also more debt.
On the shareholder register, SC Braga holds 36.99% of the capital, Qatar Sports Investments has 29.60% and Sundown Investments 17.04%. The remainder is spread among small holders.
The Europa League semi-final that did so much for operating revenue grew out of a run that started much earlier, when Braga drew Austria Wien in the play-off round. The information note for the previous year, with the loss and the 41% autonomy figure, is published by the club.
By Vasco Almada
Chart: Tugadaily · Data: SC Braga SAD
