Celtic plc on Friday night published its interim report for the six months to December 31, 2025, showing first-half revenue fell 28.9% to £59.4 million and profit before taxation plummeted to £13.2 million from £43.9 million for the same period of the prior year.
Celtic said the decline in revenue compared to the same period last year was primarily due to Europa League participation as opposed to Champions League participation.
The company reported period end cash of £67.4 million, up from £65.4 million at the same stage of 2024.
Celtic plc chairman Brian Wilson said: “We witnessed a great deal of change and disruption in the six months to 31 December 2025. After winning our 4th successive league title last season and the 13th in 14 seasons, we were looking forward to the next campaign with positivity. We had no prior warning of the resignation of our then first team manager.
“Our exit from the Champions League in August 2025 was a bitter blow. Following the departure of Brendan Rodgers in October 2025, stability was restored by Martin O’Neill and his backroom team before we appointed Wilfried Nancy in early December.
“Appointing a manager in mid-season inevitably comes with challenges and regrettably the implementation of Wilfried’s style and ideas did not achieve our immediate objective of winning games and we took the difficult decision to part company with Wilfried in January 2026.
“We again turned to Martin, Shaun Maloney and Mark Fotheringham and their backroom colleagues to steer the Club through to the coming summer and are pleased to have seen Celtic return to winning football matches in early 2026. We owe them and the players, who have also had to deal with change and uncertainty, a great debt of gratitude.
“Participation in the Champions League carries great financial as well as footballing significance. The results for the six months ended 31 December 2025 show revenues of £59.4m (2024: £83.5m) and a profit from trading, representing the profit excluding player related gains and charges, totalling £4.2m (2024: £26.9m). Operating profit, which includes player transactions, amounted to £11.1m (2024: £42.0m).
“The decline in H1 revenue compared to the same period last year is primarily due to Europa League participation as opposed to Champions League participation, which we had last season. This reflects the lower media rights values associated with the competition along with lower ticket pricing.
“The reduction in profit from trading was driven almost entirely by the reduction in revenue. There was also a lower level of net gains from player trading, with £21.5m in the prior period compared to £14.1m in this one. The latter figure included the disposal of Nicolas Kühn, Gustaf Lagerbielke, Marco Tilio and Adam Idah. The reduction in operating profit also included an increase in amortisation over the previous year from £6.4m to £7.1m reflecting the investment in the first team squad.
“We went into the January 2026 transfer window with the objective of strengthening the squad to give Martin, his backroom team and the players the best possible opportunity of retaining the SPFL title, progressing in the Scottish Cup and making an impact in Europe. Funding was available for new signings and we introduced six players to enhance the quality of the squad. We were pleased to acquire the temporary registrations of Julián Araujo, Tomáš Čvančara, Benjamin Arthur, Joel Mvuka, Junior Adamu and the permanent registration of Alex Oxlade-Chamberlain.
“Some of these players brought in on loan were acquired with the option to acquire them permanently, which is an approach that has served the Club well in previous transfer windows including current first team players Cameron Carter-Vickers and Jota. We also look forward to the return of our long-term injured players to the squad.
“At time of writing, we are in contention in the SPFL with all to play for. We have progressed to the quarter finals of the Scottish Cup and the knockout phase of the Europa League. Having finished 21st of 36 in the league phase, we await a two-leg tie against VfB Stuttgart …
“The second half of the financial year typically sees a reduction in earnings due to the inherent seasonality within the earnings profile. This is largely driven by recognition of revenue associated with European competition. It can also be influenced by player trading which this year to date was more biased towards the summer 2025 transfer window.
“Taking all of this into consideration, we are taking a more cautious view on the outturn for the remainder of the current financial year. We currently expect our revenue and profits for the second half of the year ending 30 June 2026 to be significantly lower than the result posted for the first six months of the financial year, and profits for the year ending 30 June 2026 to be lower than the first half of the financial year …”