Financial reports

Letter to shareholders from the chairman of the management board and the main shareholder:

Dear all,

As every year, in the last week of December we will meet at the General Meeting of TS Wisła Kraków SA, which will be held on December 29, 2025 - as usual, it will be broadcast online to thousands of shareholders.

Following the publication of our financial documents, I would like to briefly summarize the three full financial years since taking over the club following its relegation to the First Division – what we have achieved together and what still lies ahead, as of June 30, 2025. The conclusion is clear: we are growing.

The greatest success of this period is the fact that for three years we consistently avoided incurring external debt. Wisła's operation in the First League was financed over 90% by shareholders, which is still exceptional in Polish football, considering the dysfunctional and non-market mechanisms for supporting clubs from local and state budgets. At the same time, we are observing an increase in revenue in almost every segment of our operations, confirming that the club's recovery is being achieved not only through cost control but also through systematic business development.

In numbers, this means, among others:

the lowest financial loss in three years, decreasing year on year (even excluding debt write-offs in TS):
- 06.2023 – 14.67 million,
- 06.2024 – 8.02 million,
- 06.2025 – 1.35 million,

the highest revenues in the three-year period analyzed and one of the highest in the club's history:
- 06.2023 – 29.27 million,
- 06.2024 – 43.44 million,
- 06.2025 – 51.75 million

First league Wisła Kraków 🔵⚪️🔴 is today the 7th club in Poland in terms of revenues from core operations, taking into account also the Ekstraklasa 🔥, being at the second level of the competition.

• revenue growth dynamics clearly exceeding the cost growth rate: revenue growth between June 2023 and June 2025 by 76.8%, with costs increasing by 44.9%

• the best stadium attendance in this period and even higher in the current round,

• low administrative costs, significantly below the levels recorded in comparable clubs according to the Grant Thornton report,

• the second best ratio of remuneration to total revenue in the league in the 2024/2025 season, proving the healthy condition of the organization,

• a stable sports team, based on homegrown players and retaining key first-team players,

• and the fact that almost all of the debt generated during the period of playing in the first league was taken over exclusively by me and the co-owners, without transferring the risk to external entities.

At the same time, we made a conscious and consistent decision to fight for every team, every structure, and every organization within the club – from the first team, through the reserves, the Academy, to the operational, investment, and social infrastructure. We haven't chosen a path of selective development or short-term savings at the expense of the future. We are developing Wisła holistically, maintaining the standards of a top-flight club despite operating within the realities of the first league. This approach comes at a price – not only financial, but also organizational and emotional. This process is nerve-wracking, requires resilience, long-term thinking, and many difficult decisions, but we believe that only this path builds lasting value and the true strength of the club.

At the same time, we clearly identify an area we need to continue to work on intensively: financial liquidity. After years of streamlining the club's structure, historical liabilities continue to surface, such as the multi-million złoty debt from 23 years ago, recently repaid. Today, however, the organization is much better prepared for such situations. We thank all of you for your understanding in this regard.

Our most important sporting goal remains unchanged: a return to the Ekstraklasa. We haven't achieved this goal yet, but we are currently pursuing it responsibly – without building promotion on a short-term strategy and without risking the club's future. We have consciously decided to remain a club of Ekstraklasa standards within the realities of the second tier, even if it means a longer journey.

We have three intense years behind us: winning the Polish Cup, playing in the European Cup qualifiers, maintaining a competitive first team, launching a second team, continuing training at the Academy and implementing numerous investment and social projects.

This is where the foundations start to work.
And the best is still ahead of us – including our desired goal.

Jarosław the Royal
CEO Wisla Kraków

Financial report for the period from July 1, 2024 to June 30, 2025 (pdf)

The amount of liabilities paid to football players’ agents in the reporting period amounted to PLN 2,297 thousand.

Financial report for the period from July 1, 2023 to June 30, 2024 (pdf)

The amount of liabilities paid to football players' agents in the reporting period amounted to PLN 1,734 thousand.

Financial report for the period from July 1, 2022 to June 30, 2023 (pdf)

The amount of liabilities paid to football players’ agents in the reporting period amounted to PLN 1,509 thousand.

Financial report for the period from January 1, 2021 to June 30, 2022 (pdf)

The amount of liabilities paid to player agents in the period from 1 January 2021 to 30 June 2022 amounted to PLN 2,530,000.
The amount of liabilities paid to football players’ agents in the period from 1 July 2022 to 31 December 2022 amounted to PLN 820,000.

Financial report 2021 (pdf)

Manager commission costs increased slightly in 2021, by approximately PLN 400,000 compared to 2020. This increase is also due to the acquisition of "free" players, for whom managers receive higher commissions than for paid transfers. In 2021, the Club also repaid manager commissions from previous years, hence the amount paid to player agents in 2021 was higher, amounting to PLN 2,096,000.

Financial report 2020 (pdf)

The amount paid to agents/intermediaries in the reporting period amounted to PLN 1,082 thousand.

Financial report 2019 (pdf)

The amount paid to agents/intermediaries during the reporting period amounted to PLN 1,828 thousand, of which PLN 835 thousand relates to liabilities arising in 2019 and PLN 993 thousand relates to liabilities arising in earlier periods. The total amount of liabilities incurred to agents/intermediaries during 2019 was PLN 1,005 thousand.

Financial report 2018 (pdf)

The amount paid to agents/intermediaries in 2018 was PLN 342,000, of which PLN 32,000 relates to liabilities incurred in 2018 and PLN 310,000 relates to liabilities incurred in prior periods. The total amount of liabilities incurred to agents/intermediaries during 2018 was PLN 772,000.