Ajax ended the 2025/2026 financial year with a net profit of €2.0 million despite a disappointing season on the pitch, according to the annual figures the Amsterdam club are publishing on Friday. It marks an improvement of no fewer than €39.3 million compared with a year earlier, when Ajax still posted a net loss of €37.3 million.
Ajax's net revenue rose by €10.2 million to €188.3 million, an increase of six per cent. The club say that growth mainly came from higher European prize money through participation in the Champions League, after Ajax had played in the Europa League the previous season.
Costs, though, also kept rising. Operating expenses increased by €9 million to €206.5 million, partly because of higher wage costs in professional football linked to Champions League participation and a number of one-off financial setbacks.
General manager Menno Geelen also turned down a bonus of his own accord. According to the annual report, the supervisory board awarded him a significant portion of the maximum possible bonus of €125,000, but Geelen decided not to take it.
"The agreed personal and organisational targets were achieved," Geelen said. "But I felt that for last season this did not outweigh the highly disappointing sporting results and the managerial changes that took place under my final responsibility."
Ajax also point to the compensation for supporters after the abandoned match against FC Groningen and the dismissal of the head coach during the season. That left the operating result at a negative €18.2 million, compared with a negative €19.4 million in the 2024/2025 financial year.
What finally pushed Ajax back into the black was their work in the transfer market. The sales of, among others, Jorrel Hato to Chelsea, Brian Brobbey to Sunderland and Kenneth Taylor to Lazio generated a result from player sales of €65.5 million.
After deducting €38.8 million in amortisation of transfer fees, a positive transfer balance of €26.7 million remained. A year earlier that balance had still been a negative €31.0 million, meaning Ajax improved by €57.7 million in this area.
Things looked far less impressive on the pitch. Ajax finished 32nd in the League Phase of the Champions League, went out before the knockout phase and finished fifth in the Eredivisie, before securing a place in the second qualifying round of the Conference League via the play-offs.
For the 2026/2027 financial year, Ajax expect participation in the Conference League instead of the Champions League to put revenue under pressure, which is why the club will continue to focus on cost control and financial discipline.
Transfers completed after 1 July, including Sean Steur to Newcastle United and Mika Godts to Paris Saint-Germain, will, however, give the next set of results a huge boost.