Osasuna Closes Accounts as of December 31, 2025

Osasuna reported a profit of €581,746 after taxes for the first half of the 2025-26 season, as of Dec. 31, 2025. This contrasts with a pre-tax loss of € 3.3 million and is largely explained by the tax treatment applied to player transfer operations during the period.

The club generated significant capital gains,mainly from player sales, and applied the tax regime under Navarrese regulations that allows those gains to be reinvested in new assets. In practical terms, Osasuna can allocate part of the profit from player transfers to investments such as the planned expansion of Tajonar training facilities. A similar approach was previously used for El Sadar, although the impact of the recent transfers of David García and Jesús Areso is greater, resulting in a wider gap than usual between pre- and post-tax results.

As of Dec. 31, only 50% of the income from Areso’s transfer is reflected in the accounts, with the remaining portion to be recognized in the second half of the season.

Financial performance through Dec. 31 is broadly in line with projections. Matchday revenue is lower than expected, as fixtures played between July and December generated significantly less income than those scheduled for the second half of the campaign. The club expects revenue from January to June to triple the amount recorded in the first half of the season, bringing this line in line with projections. Broadcasting and sponsorship income are tracking as expected.

Expenses, however, are higher than initially forecast, particularly in amortization, operating costs — mainly linked to winter transfer activity before Dec. 31 — and financial expenses. While improved performance in the second half of the year had been expected to offset these costs, winter market activity means that outcome is no longer anticipated.

Net financial debt stood at €65.8 million as of Dec. 31, up €5 million from June. Of that total, €44 million corresponds to the LaLiga (CVC) loan, placing debt excluding the Impulso Plan at around €22million. Bank debt increased due to the use of credit lines and because financial institutions advanced income linked to player sales. In such cases, while buying clubs pay transfer fees in installments, Osasuna may advance those receivables through banks, which are then repaid as the purchasing clubs meet their payment schedules.

The interim financial report was prepared by a new auditing firm appointed by the board. PKF Attest conducted the review as of Dec. 31, 2025, replacing the previous auditor. During its work, the firm identified material errors in the accounting of several items, requiring the restatement of figures for the previous financial year.

The corrections affect last season’s result, which would in fact show a loss of €2 million after taxes, pending final tax adjustments. The discrepancies are mainly due to unrecorded financial expenses and other operating costs that were incorrectly accounted for. Additionally, a salary item related to David García should have been recorded as an expense following his transfer, but was not properly recognized.

There was also an accounting entry with no impact on the income statement but affecting the balance sheet, as a television advance received before June 30 was not recorded as a liability and was instead booked as a reduction in receivables. Cash was also reported at €5.6 million as of June 30, when the correct figure was €7.1 million.

The financial statements, prepared by the club’s finance director, were audited without qualifications, then signed by the board. The oversight committee subsequently issued its report based on the information available at the time, and the accounts were presented to the general assembly.

The board’s later decision to appoint a new auditing firm enabled the identification of errors that had not previously been detected, and they were corrected immediately. Responsibilities within the finance department have also been reviewed. Iñaki Larrañeta will join the department; he previously conducted a forensic audit of the club for the Government of Navarre about a decade ago.

The club will now detail the balance sheet items affected by the restatement.

These corrections, as with the financial statements, have been presented to the club’s economic control commission for review.

Report as December 31, 2025