RNS Number : 0217T
Celtic PLC
13 February 2026
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain
Celtic plc (the "Group")
Interim Report for the Six Months to 31 December 2025
Key Operational Items
· 15 home fixtures (H1 2025: 14).
· Participation in the UEFA Europa League Group Stages.
· Post period end qualification for the play-off round of the UEFA Europa League knock-out stage.
· Runners-up of the Premier Sports Cup 2025.
· Currently 3rd in the SPFL Premiership having played one less match.
Key Financial Items
· Revenue reduced by 28.9% to £59.4m (H1 2025: £83.5m).
· Profit from trading before intangible asset transactions was £4.2m (H1 2025: £26.9m).
· Profit from transfer of player registrations (shown as profit on disposal of intangible assets) £14.1m (H1 2025: £21.5m).
· Profit before taxation of £13.2m (H1 2025: £43.9m).
· Acquisition of player registrations of £13.7m (H1 2025: £28.1m).
· Period end cash of £67.4m (H1 2025: £65.4m).
For further information contact:
Celtic PLC Brian Wilson, Celtic plc Iain Jamieson, Celtic plc
0141 551 4600
Canaccord Genuity Limited Simon Bridges, Nominated Adviser Andrew Potts
020 7523 8350
CHAIRMAN'S STATEMENT
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.
Our women's team welcomed the arrival of its new manager Grant Scott, following Elena Sadiku's decision to take up an opportunity to manage in her native Sweden. Elena made an outstanding contribution in her two years at the Club by winning the SWPL title and qualifying for the women's Champions League, both delivered for the first time. We thank Elena and welcome Grant to Celtic whilst looking forward to the title run-in.
In recent months, the Board has acknowledged that mistakes have been made. We are endeavouring to develop, enhance and refresh key areas of governance and strategies. The immediate priorities are to restore stability, achieve unity and deliver football success. These have provided the foundations for the achievements of the past 20 years - a period of outstanding success within the Club's entire history.
Since unexpectedly finding myself in this role as Interim Chairman following Peter Lawwell's decision to step down from the Board on 31 December 2025, I have tried to encourage unity within the stadium and behind the team. This cannot be achieved unilaterally and requires the shared acceptance that we all, passionately, want the very best for Celtic Football Club, as well as an understanding that our highest obligation is to the safety of all supporters and staff.
In October, we released the results from one of football's biggest ever fan surveys, a hugely important piece of work which has identified a number of key areas in which we must aim to progress and develop. These include a structure for fan engagement, improved digital experience and potential further development of safe-standing. Celtic was the first club in the UK to argue for, and successfully deliver, a safe standing area.
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.
I take this opportunity to recognise Peter Lawwell's exceptional service to the Club. Peter had a long and extremely successful period at Celtic as CEO and latterly as Chairman. His commitment to the ethos and values of Celtic Football Club was second to none and future generations will look back on his contribution with the appreciation and respect it is due.
As ever, I thank the staff of Celtic for their diligence and commitment in every aspect of its affairs. While recent months have been challenging, Celtic supporters remain the bedrock of the Club. We all have shared objectives and obligations to help deliver the best possible outcomes for our teams and to uphold the principles on which the Club is founded.
Brian Wilson
Chairman
13 February 2026
INDEPENDENT REVIEW REPORT TO CELTIC PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.
We have been engaged by the Group to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2025 which comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and notes to the financial information.
Basis for conclusion
We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK adopted International Accounting Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern.
Responsibilities of Directors
The Directors are responsible for preparing the half-yearly financial report in accordance with the London Stock Exchange AIM Rules for Companies which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the Group's annual accounts having regard to the accounting standards applicable to such annual accounts.
In preparing the half-yearly financial report, the Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to assist the Group in meeting the requirements of the rules of the London Stock Exchange AIM Rules for Companies for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
Glasgow, UK
13 February 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS TO 31 DECEMBER 2025
6 months to 31 Dec 2025 Unaudited
6 months to 31 Dec 2024 Unaudited
Note
£000
£000
Revenue
2
59,402
83,457
Operating expenses (before intangible asset transactions and exceptional items)
(55,245)
(56,520)
Profit from trading before intangible asset transactions and exceptional items
4,157
26,937
Exceptional operating expense
(18)
-
Amortisation of intangible assets
6
(7,131)
(6,395)
Profit on disposal of intangible assets
14,055
21,504
Operating profit
11,063
42,046
-
Finance income
3
3,013
2,562
Finance expense
3
(867)
(731)
Profit before tax
13,209
43,877
Tax expense
4
(3,341)
(10,979)
-
Profit and total comprehensive income for the period
9,868
32,898
Basic earnings per Ordinary Share
5
10.39p
34.70p
Diluted earnings per Share
5
7.42p
24.25p
The notes on pages 10 to 13 form part of these financial statements.
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
31 Dec 2025 Unaudited
31 Dec 2024 Unaudited
Notes
£000
£000
NON-CURRENT ASSETS
Property, plant and equipment
72,719
68,608
Intangible assets
6
42,074
46,539
Trade and other receivables
7
29,971
20,279
144,764
135,426
CURRENT ASSETS
Inventories
3,590
3,202
Trade and other receivables
7
39,717
37,992
Cash and cash equivalents
67,402
65,431
110,709
106,625
TOTAL ASSETS
255,473
242,051
EQUITY
Issued share capital
8
27,246
27,203
Share premium
15,105
15,065
Other reserve
21,222
21,222
Accumulated profits
101,996
91,092
TOTAL EQUITY
165,569
154,582
NON-CURRENT LIABILITIES
Debt element of Convertible Cumulative Preference Shares
4,097
4,139
Trade and other payables
11,096
11,034
Lease Liabilities
653
325
Deferred tax
5,706
4,420
Provisions
155
80
21,707
19,998
CURRENT LIABILITIES
Trade and other payables
36,034
36,821
Borrowings
96
96
Lease Liabilities
426
499
Provisions
5,639
6,315
Deferred income
26,002
23,740
68,197
67,471
TOTAL LIABILITIES
89,904
87,469
TOTAL EQUITY AND LIABILITIES
255,473
242,051
Approved by the Board on 13 February 2026.
The notes on pages 10 to 13 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 31 DECEMBER 2025
Share capital
Share premium
Other reserve
Accumulated Profits
Total
£000
£000
£000
£000
£000
EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2024 (Audited)
27,197
15,028
21,222
58,194
121,641
Share capital issued
6
37
-
-
43
Profit and total comprehensive income for the period
-
-
-
32,898
32,898
EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2024 (Unaudited)
27,203
15,065
21,222
91,092
154,582
EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2025 (Audited)
27,214
15,065
21,222
92,128
155,629
Share capital issued
32
40
-
-
72
Profit and total comprehensive income for the period
-
-
-
9,868
9,868
EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2025 (Unaudited)
27,246
15,105
21,222
101,996
165,569
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 31 DECEMBER 2025
6 months to 31 Dec 2025 Unaudited
6 months to 31 Dec 2024 Unaudited
£000
£000
Cash flows from operating activities
Profit for the period after tax
9,868
32,898
Taxation charge
3,341
10,979
Depreciation
1,688
1,306
Amortisation of intangible assets
7,131
6,395
Profit on disposal of intangible assets
(14,055)
(21,504)
Finance costs
867
731
Finance income
(3,013)
(2,562)
5,827
28,243
Increase in inventories
(122)
(331)
Decrease in receivables
6,016
4,253
Decrease in payables and deferred income
(19,469)
(19,777)
Cash (used in)/generated from operations
(7,748)
12,388
Tax paid
-
(3,688)
Interest received
1,439
1,649
Net cash (outflow)/inflow from operating activities
(6,309)
10,349
Cash flows from investing activities
Purchase of property, plant and equipment
(3,437)
(8,411)
Purchase of intangible assets
(15,220)
(30,547)
Proceeds from sale of intangible assets
15,856
17,403
Net cash used in investing activities
(2,801)
(21,555)
Cash flows from financing activities
Payments on leasing activities
(316)
(111)
Dividend on Convertible Cumulative Preference Shares
(482)
(480)
Net cash used in financing activities
(798)
(591)
Net decrease in cash and cash equivalents
(9,908)
(11,797)
Cash and cash equivalents at 1 July
77,310
77,228
Cash and cash equivalents at 31 December
67,402
65,431
The notes on pages 10 to 13 form part of these financial statements.
NOTES TO THE FINANCIAL INFORMATION
1. BASIS OF PREPARATION
The financial information in this interim report comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and accompanying notes. The financial information in this interim report has been prepared under the recognition and measurement requirements in accordance with UK adopted International Accounting Standards, but does not include all of the disclosures that would be required under those accounting standards. The accounting policies adopted in the financial statements for the year ended 30 June 2026 will be in accordance with UK adopted International Accounting Standards.
The financial information in this interim report for the six months to 31 December 2025 and to 31 December 2024 has not been audited, but it has been reviewed by the Group's auditor, whose report is set out on pages 4 and 5.
Adoption of standards effective for periods beginning 1 July 2025
The following amended standards have been adopted as of 1 July 2025
· Amendments to IAS 21, IFRS 7, IFRS 9 and IFRS 18.
Going concern
The Group performs regular re-forecasts and these projections, which include profit/loss and cash flow forecasts, are distributed to the Board. These forecasts show that, based on reasonable trading assumptions and potential downsides thereon, the Group has adequate financial resources available to it, including undrawn bank facilities, to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these interim financial statements.
In consideration of the above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial information in this interim report and have not identified a material uncertainty in this regard.
2. REVENUE
6 months to 31 Dec 2025
6 months to 31 Dec 2024
Unaudited £000
Unaudited £000
Football and stadium operations
28,792
31,628
Multimedia, merchandising and other commercial activities
30,610
51,829
59,402
83,457
Number of home games
15
14
3. FINANCE INCOME AND EXPENSE
6 months to 31 Dec 2025
6 months to 31 Dec 2024
Unaudited £000
Unaudited £000
Finance income:
Interest receivable on bank deposits
1,401
1,652
Notional interest receivable on deferred consideration
1,612
910
3,013
2,562
6 months to 31 Dec 2025
6 months to 31 Dec 2024
Unaudited £000
Unaudited £000
Finance expense:
Notional interest payable on deferred consideration
(588)
(449)
Dividend on Convertible Cumulative Preference Shares
(279)
(282)
(867)
(731)
4. TAXATION
The corporation tax rate of 25% (H1 2025: 25%) has been applied to the taxable profits for the six months ended 31 December 2025. After accounting for deferred tax, this has resulted in a tax charge in the statement of comprehensive income of £3.3m (H1 2025: £11.0m).
5. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the profit for the period of £9.9m (H1 2025: £32.9m) by the weighted average number of Ordinary Shares in issue of 94,959,769 (H1 2025: 94,818,303). Diluted earnings per share has been calculated by dividing the profit for the period by the weighted average number of Ordinary Share, Convertible Cumulative Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the Balance Sheet date if dilutive.
6. INTANGIBLE ASSETS
31 Dec 2025
31 Dec 2024
Unaudited
Unaudited
Cost
£000
£000
At 1 July
71,733
47,323
Additions
13,661
28,077
Disposals
(16,796)
(6,664)
At period end
68,598
68,736
Amortisation
At 1 July
26,242
19,409
Charge for the period
7,131
6,395
Disposals
(6,849)
(3,607)
At period end
26,524
22,197
Net Book Value at period end
42,074
46,539
7. TRADE AND OTHER RECEIVABLES
31 Dec 2025 Unaudited
31 Dec 2024 Unaudited
£000
£000
Trade receivables
56,755
42,296
Prepayments and accrued income
7,346
9,735
Other receivables
5,587
6,240
69,688
58,271
Amounts falling due after more than one year included above are:
31 Dec 2025 Unaudited
31 Dec 2024 Unaudited
£000
£000
Trade receivables
29,971
20,279
8. SHARE CAPITAL
Authorised
Allotted, called up and fully paid
31 December
31 December
2025
2024
2025
2025
2024
2024
Unaudited
Unaudited
Unaudited
No 000
No 000
No 000
£000
No 000
£000
Equity
Ordinary Shares of 1p each
224,226
223,977
95,067
951
94,838
948
Deferred Shares of 1p each
703,541
691,764
703,541
7,035
691,764
6,918
Convertible Preferred Ordinary Shares of £1 each
14,619
14,642
12,632
12,632
12,655
12,655
Non-equity
Convertible Cumulative Preference Shares of 60p each
17,966
18,167
15,506
9,304
15,667
9,400
Less reallocated to debt: Initial debt
-
-
-
(2,676)
-
(2,718)
960,352
948,550
826,746
27,246
814,924
27,203
9. POST BALANCE SHEET EVENTS
Since the Balance Sheet date, we have acquired the temporary registrations of Julián Araujo, Tomáš Čvančara, Junior Adamu, Joel Mvuka and Benjamin Arthur and the permanent registration of Alex Oxlade-Chamberlain.
We have temporarily transferred the registrations of Shin Yamada, Johnny Kenny, Stephen Welsh and Hayato Inamura and disposed of the temporary registration of Jahmai Simpson-Pusey.
The employment contract of the men's first team manager, Wilfried Nancy, was terminated on 5th January 2026.
Directors
Peter T Lawwell (Chairman - resigned 31st December 2025)
Brian D H Wilson (Interim Chairman - appointed 1st January 2026)
Michael Nicholson (Chief Executive Officer)
Christopher McKay (Chief Financial Officer)
Thomas E Allison
Dermot F Desmond
Sharon Brown
Brian Rose
Company Secretary
Joanne McNairn
Registered Office
Celtic Park
Glasgow
G40 3RE
Registered Number
SC003487
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR SFSFWDEMSESE
