Morningstar DBRS confirms FC Barcelona’s ‘BBB’ rating with a positive trend

The Morningstar DBRS rating agency has confirmed the issuer rating of FC Barcelona and its senior guaranteed bonds at ‘BBB’, also maintaining the trend at “positive”, as reported in a statement this Thursday.

The agency justifies this decision in the club’s “solid financial performance over the last three years”, driven by a more resilient revenue base and efficient cost management, in its words.

Likewise, the club’s “strong commercial expansion” stands out, supported by the performance of ‘Barça Licensing & Merchandising’ (BLM) and its positive impact on geographical diversification.

DELAY IN RETURN TO THE STADIUM

Morningstar DBRS notes that the return to Spotify Camp Nou, with an initial capacity of 62,000 seats, has been postponed until March 2026 (compared to the previous forecast of August 2025).

Although this delay will reduce the expected revenue for fiscal year 2026, the agency considers that the impact will be offset by a “higher than expected” monetization of the stadium due to hospitality, season tickets and general admission.

Under the new calendar, the agency places the return to the stadium’s full capacity (105,000 spectators) in fiscal year 2027, with the 2027/2028 season being the first complete one in the remodeled venue.

Despite this deferral and the risks inherent to construction, DBRS maintains the positive trend, considering that the club retains “sufficient flexibility” to manage the challenges without compromising its solvency.

INCOME FORECAST

Regarding financial projections, the firm foresees that FC Barcelona’s income will reach 1,000 million euros in the 2025/2026 season, thanks to ticket sales and commercial income.

For the 2027/2028 financial year, with the stadium at full capacity, it is estimated that the turnover will climb to 1,200 million euros.

On the other hand, the agency projects that the staff cost ratio will remain controlled at an average of 51% until 2029, following the financial sustainability guidelines of the Union of European Football Associations (UEFA).

The gross operating result (Ebitda), excluding transfers, would be close to 100 million euros in 2027 and would reach 150 million in the medium term.

REDUCTION OF LEVERAGE

Finally, the analysis foresees an improvement in the club’s financial leverage, driven by the increase in Ebitda and the amortization of debt not related to the stadiums.

Specifically, the debt/Ebitda ratio is projected to average around 5.0x over the next two seasons, then begin a steady decline thanks to earnings growth and scheduled bond amortization.