Olympiacos are champions of Europe for the fourth time after a dramatic conclusion to an absorbing Women’s Champions League Final Four in Malta.
The Greek champions defeated FTC-Telekom in a penalty shootout following a remarkable 14-14 draw, while Sant Andreu overcame Spanish rivals Mataro to secure the bronze medal.
From FTC’s continued rise to the success of the combined men’s and women’s event, here are five key takeaways from the tournament.
1. This was not FTC’s year, but their moment is getting closer
FTC will naturally leave Malta wondering how the trophy escaped them.
With 80 seconds remaining in the final, the Hungarian side led Olympiacos 14-12 and had possession. They had recovered from a three-goal deficit, produced six goals during an outstanding third quarter and appeared to have taken control of the biggest match in the club’s history.
Instead, Abby Andrews reduced the deficit before Stefania Santa equalised with 13 seconds remaining. FTC then failed to score any of their three attempts in the shootout.
It was a painful ending, but it should not overshadow how far the team has progressed. Twelve months after losing their first Champions League semifinal, FTC defeated defending champions Sant Andreu to reach their first European final and came within seconds of winning it.
Captain Greta Gurisatti embodied that progress. She scored seven times in the final, including an extraordinary lob from close to the sideline, and almost carried her team to the trophy.
Afterwards, Gurisatti spoke not about failure but about pride in the group, explaining that she would not exchange any of her teammates for an Olympiacos player.
That feels significant. FTC no longer look like newcomers simply pleased to be present at this level. They now possess the quality, depth and belief to compete with Europe’s strongest teams.
Winning the Champions League is never guaranteed, especially in a competition decided by such small margins, but FTC have moved decisively from outsiders to genuine contenders. Their first title may not have arrived in Malta, but it feels closer than ever.
2. Olympiacos’ big-game experience made the difference
Olympiacos did not win the final because they controlled every stage of it. They won because, when the decisive moments arrived, they refused to allow the match to escape.
The Greek side began confidently and led 8-5 early in the third period, only to be overwhelmed by FTC’s response. Even after recovering to level at 12-12, Olympiacos fell two goals behind again with little more than three minutes remaining.
That was when their experience became visible.
Andrews scored her fifth goal with 1:20 left, keeping Olympiacos alive. Santa then found the decisive finish at the post with only one second remaining on the possession clock. It was not a perfectly constructed attack, but it was a brave and instinctive intervention under enormous pressure.
Olympiacos produced similar moments throughout the weekend. A 3-0 run shortly before half-time gave them control of their semifinal against Mataro, while goalkeeper Ioanna Stamatopoulou made an important penalty save during the fourth quarter.
This is a team accustomed to finals, trophies and high-pressure situations. Olympiacos had already completed the Greek league-and-cup double and arrived in Malta having reached the podium in seven of the previous ten Champions League editions.
They were not always the better side in the final. For long periods, FTC created more opportunities and carried the greater attacking threat. But Olympiacos understood that finals are not always won through sustained dominance. Sometimes they are won by surviving difficult periods and producing one more decisive play than the opposition.
That is precisely what they did.
3. Spain remains the benchmark, despite missing the final
For the first time in four years, and only the third time in 13 editions, the Champions League final did not include a Spanish club.
That could suggest a shift in the balance of power. In reality, the performances of Sant Andreu and Mataro demonstrated why the Spanish league remains the strongest and deepest domestic competition in the women’s club game.
Both teams were eliminated by narrow margins. Defending champions Sant Andreu led FTC by three goals entering the closing stages of their semifinal before losing in a shootout. Mataro remained within touching distance of Olympiacos throughout their 14-12 defeat and had opportunities to make the finish even closer.
Their bronze-medal meeting was another intense, high-level contest. Sant Andreu eventually prevailed 11-9, converting eight of their 13 extra-player opportunities and scoring twice in the final 82 seconds.
The result gave Sant Andreu a third consecutive European medal, following bronze in 2024 and the title in 2025. Mataro, meanwhile, may have finished fourth, but arrived in Malta as Spanish champions after defeating Sant Andreu in a fiercely contested domestic final.
Sabadell, the seven-time European champions, did not even qualify for the Final Four after being eliminated by Olympiacos in the quarterfinals.
That perhaps says more about the standard in Spain than the absence of a Spanish finalist. Its leading clubs continuously test one another across the league, cup and European competitions. The champions of Spain finished fourth in Europe, the defending European champions finished third, and one of the continent’s most decorated clubs did not reach Malta.
Olympiacos deservedly took the trophy back to Greece, but Spain remains the gold standard for domestic depth.
4. Combining the men’s and women’s Final Fours was a major step forward
Holding the men’s and women’s Champions League Final Fours together for the first time was one of the most encouraging elements of the week.
It turned the event into a four-day celebration of elite European club water polo rather than two separate tournaments competing for attention at different points in the calendar.
Supporters who travelled primarily to follow a men’s team were exposed to the women’s competition, while the scheduling allowed media, officials and representatives from Europe’s leading clubs to watch both tournaments in the same venue.
The women’s final, played in front of around 1,200 spectators and two vocal groups of supporters, produced exactly the kind of spectacle the format needed: a high-scoring contest, dramatic momentum swings, seven goals from Gurisatti, five from Andrews, a last-gasp equaliser and a goalkeeper introduced specifically to decide a penalty shootout.
It was a compelling demonstration of the speed, technical quality and professionalism within the women’s game.
The format can still be developed. Greater promotion, fuller stands throughout the programme and stronger presentation around every match should remain priorities. Nevertheless, bringing the two competitions together gave the women’s tournament access to a broader audience and placed it at the centre of European water polo’s biggest club week.
The challenge now is to build on that visibility rather than treat Malta as a one-off experiment.
5. Specialist roles and brave coaching decisions can decide titles
The defining tactical decision of the final came after the regular game had ended.
Olympiacos coach Georgios Ntoskas removed Stamatopoulou, who had made a series of important saves across the match, and introduced reserve goalkeeper Britt van den Dobbelsteen solely for the shootout.
Van den Dobbelsteen had not played during either the semifinal or the regulation time of the final. She was nevertheless trusted because of her reputation as a penalty specialist, a role she has also performed with the Netherlands.
The decision could hardly have worked better.
Van den Dobbelsteen saved FTC’s first three penalties, denying Bea Ortiz, Dorottya Szilagyi and Eleftheria Plevritou. Olympiacos did miss one attempt themselves, but their specialist goalkeeper ensured that it did not matter.
It was a reminder that modern elite squads are not built only around a starting seven. Every position and every specific situation matters. The player who spends almost the entire weekend on the bench can still become the central figure in the decisive minute.
FTC had experienced the other side of that reality in the semifinal, when Alexandra Kiss saved Queralt Anton’s fifth penalty before Dora Leimeter converted to eliminate Sant Andreu.
Two of the tournament’s three knockout matches involving FTC were decided in shootouts, with substitute goalkeepers playing central roles in both.
At this level, the difference between champions and runners-up is often not a sweeping tactical advantage. It can be a specialist prepared for one particular moment, a coach willing to make the change and a player capable of delivering under the greatest possible pressure.
In Malta, that combination carried Olympiacos to the European title.
Read more about the Women’s Champions League
Read more about the water polo Champions League
Follow Waterpolo 360 on Facebook, Instagram and X