First-half figures show another positive result for FC Schalke 04

“The result is absolutely in line with our expectations,” said Christina Rühl-Hamers, board member for finance. “As the comparison with 2023 shows, 2025 was a normal year again in the events business. It is encouraging that the turnaround we announced in sponsorship is now reflected in the figures. The changes we have initiated are also having a positive effect on merchandising.” Revenue increased in both sponsorship (€20.4 million; same period last year: €18.2 million) and merchandising (€11.2 million; same period last year: €9.4 million). Even in their third year in the 2. Bundesliga, Schalke 04 are still posting figures significantly above the league average in many areas.

S04 continue their successful financial stabilisation

If the club remain in the second tier, the forecast for the 2025/26 financial year ranges from a balanced consolidated result to a consolidated profit in the low single-digit millions. In the event of promotion to the Bundesliga, S04 are forecasting a consolidated loss in the low single-digit millions through to a balanced result, primarily due to promotion-related costs.

“We were able to continue our financial stabilisation consistently throughout the reporting period,” said Rühl-Hamers. “In the first half of the season, we very successfully issued our new 2025/2030 bond and fully refinanced the maturing legacy bonds ahead of schedule. We also repaid in full two state-guaranteed loans with an outstanding balance of more than €25.4 million. All of that represents a very important part of our financial realignment.”

Sporting strength and financial stability

S04 terminated both the syndicated loan taken out in 2018 for infrastructure measures at Berger Feld and the Covid loan taken out in 2020 ahead of schedule, repaying both in full as of 31st December 2025. The reduction in liabilities was made possible by the successful placement of the new 2025/2030 corporate bond, with a volume of €90 million. “Relieving FC Schalke 04 of these state-guaranteed loans gives the club significantly greater certainty for planning,” explained Rühl-Hamers. “We are now in a situation that would have been hard to imagine nine months ago. We will use the coming months to develop a new medium-term financial strategy on that basis.” She added that the top priority remains providing a competitive budget for the team. With the current league table in mind, the club is naturally planning for both possible scenarios next season.

Thanks to the consolidated half-year profit, the deficit not covered by equity capital has fallen from €99.1 million (as of 30th June 2025) to €96.6 million. Net financial liabilities rose from €110.8 million to €116.4 million in the first half of the 2025/26 financial year due to the reporting date. S04 expect that figure to remain broadly unchanged by the end of the 2025/26 financial year.

DFL net equity capital rule met

The club is on the right track, according to Rühl-Hamers, who pointed to one important example: “Thanks to our efforts across the club as a whole, we will also meet the DFL’s equity capital rule for 2025 – that gives us security for next season.”

This is based on the adjustment to the licensing regulations approved by the DFL general assembly in December 2025, which includes a three-year assessment in addition to an annual one – in this case covering 2023 to 2025. The equity capital rule is also deemed to have been met if the negative net equity capital position improves over a period of three years to the required extent and does not worsen in any of those three years compared to the previous year.

Shares in stadium company sold to Cooperative

A positive signal for 2026 is the recent sale of shares in the stadium company worth €7.5 million to the supporters’ Cooperative Auf Schalke eG. “The transaction strengthens the club’s equity base and at the same time gave us the opportunity to buy back shares in the stadium company from the municipal utilities that the club sold many years ago. That means we retain control and can also benefit from additional distributions if the stadium holding company makes a profit,” explained Rühl-Hamers. The call option will take effect at the end of the current year.

Rühl-Hamers also encouraged further take-up of shares in the Cooperative: “Jürgen Gerdes summed it up well in his new role as chair of the eG board: the more members join Auf Schalke eG, the stronger the club becomes – and that will be felt as early as this summer.”