Preview of Valencia CF official accounts

This Monday, November 17th, Valencia CF have published the club’s annual accounts for the 2024/25 financial year. This documentation is now available to shareholders and will be presented on December 17th at the General Assembly.

Notable aspects of the accounts are as follows:

• A positive result of 2.2 million euros before tax has been obtained in the financial year, consolidating the profits obtained in the previous year.
• The accounts show a positive operating profit of €23.8 million. This figure represents an increase of €7.8 million compared to the previous year's profit of €16 million.
• There has been a slight decrease in revenue (€103.7 million compared to €106.9 million in the previous year). This is mainly due to the reduction in television rights revenue emanating from final LaLiga positions in recent seasons, as well as the distribution from the CVC agreement for 2024/25.
• Ordinary operating expenses, excluding depreciation, amounted to €114.5 million. These expenses increased compared to the previous year, primarily due to the higher cost of the first team squad and staff, influenced by factors such as the dismissal of the previous first team coaching staff and the cost of covering long-term injuries.
• Undoubtedly, the most significant aspect of the year is the resumption of construction of the Nou Mestalla after more than 15 years of inactivity. This is a key economic and social milestone for the club, which, from its inauguration in 2027, will become the new home for Valencia CF fans and a fundamental pillar for generating income, driving growth over the coming decades.
• A restructuring of corporate debt has been carried out during the year, which has consolidated the club's position of economic stability. It has allowed access to additional long-term financing, and it has been possible to address the financing for the construction of the Nou Mestalla in the long term, in accordance with the amortisation periods of said investment.

1. REFINANCING OF CORPORATE DEBT. Execution of a €121.3 million long-term financing agreement and a €65 million bridge loan, which was repaid within the same fiscal year using the financing for the Nou Mestalla stadium. This operation settled all existing corporate financial debts and released all encumbrances on them, including the mortgage on the existing Mestalla stadium. 

This restructuring has also substantially improved the capital structure, providing sufficient liquidity, solvency, and financial strength to fully pursue the entity's strategic plans and improving the interest rates it had been paying.

While the debt restructuring was positive and necessary, and the club were able to achieve it after the efforts undertaken in recent years, it resulted in higher financial expenses this fiscal year due to the costs of cancelling the previous debt and making fair value adjustments: Total financial expenses of €22.4 million, compared to €17.5 million in the previous financial year.

2. FINANCING FOR THE CONSTRUCTION OF NOU MESTALLA. The long-term financing for the construction of the Nou Mestalla stadium has been secured through an asset securitisation transaction. The club will use a portion of the new stadium's future revenue to repay the loan to the securitisation fund established for this purpose, "Nou Mestalla, Securitisation Fund."

The debt service, as it has been structured, is affordable for the club, who could easily cover it with the revenue currently received from Mestalla. This revenue is projected to triple with the inauguration of the Nou Mestalla, as confirmed by the feasibility study conducted by CSL -the consulting arm of Legends, a leading international firm in the sector.

The fund has financed the operation through the issuance of bonds for an amount of 237 million euros over 28 years (three years grace period and at a fixed rate of 5.82%), fulfilling the objective set by the club when they began working on this operation of more than two years, and a credit agreement for 85 million euros over 5 years (variable rate of Euribor +3.5%, although for the first two years, during construction, the rate is fixed at 5.545%).

With the refinancing of corporate debt and the new integrated financing through the Securitisation Fund, the Group's working capital as of June 30, 2025, is positive at €160.2 million, compared to a negative of €94.3 million in the previous year. Excluding the assets and liabilities of the Securitisation Fund, working capital is negative at €19.8 million, representing a substantial improvement of €74.5 million compared to the previous year.