The 2025/26 Men’s Champions League reaches its climax in Malta this week, with four of Europe’s biggest clubs still standing.
Defending champions FTC Telekom Waterpolo, record 11-time winners Pro Recco, two-time European champions Olympiacos, and Spanish powerhouse Zodiac CNAB will battle for the most prestigious prize in club water polo.
With three former champions, two clubs chasing history, and all four teams packed with international stars, this year’s Final Four has all the ingredients for a classic.
FTC chasing immortality
FTC arrive in Malta with history within reach.
The Hungarian giants have won the last two Champions League titles and are now two victories away from becoming only the third team ever to win three consecutive crowns, after Mladost Zagreb and Pro Recco.
Balazs Nyeki’s side have once again dominated domestically, sweeping Honved in the Hungarian final and extending their extraordinary run of trophies. Across the past three seasons, Fradi have turned winning into a habit.
Their European campaign has not been flawless, though. Defeats to Brescia and Pro Recco showed they are not untouchable, while injuries to key players such as Dusan Mandic, Edoardo Di Somma, Stylianos Argyropoulos and Akos Nagy have tested the depth of the squad.
Yet that depth remains frightening. Gergo Fekete, Szilard Jansik, Vendel Vigvari, Dusan Mandic, Stylianos Argyropoulos and Miguel de Toro give FTC world-class quality in almost every area.
Their semi-final against CNAB is loaded with intrigue. A Spanish side full of world champions will try to stop a Hungarian machine that has made winning Europe’s biggest games look almost routine.
CNAB ready to end semi-final curse
Barceloneta know all about reaching the final stages of the Champions League.
Since winning the title in 2014, the Spanish giants have regularly been among Europe’s elite, but they have repeatedly fallen short in the semi-finals. Bronze medals have followed, but another final has remained frustratingly out of reach.
This season, however, feels like another major opportunity.
Despite losing Felipe Perrone and Alvaro Granados, new head coach Fran Fernandez has guided CNAB into Malta on a remarkable winning run. After early defeats to Marseille in Europe and Sabadell domestically, Barceloneta responded with 32 consecutive victories across all competitions.
Their quarter-final stage was flawless. Six wins from six, including home-and-away victories over Novi Beograd and Olympiacos, confirmed their status as one of the most dangerous teams in the competition.
Unai Aguirre remains one of the best goalkeepers in the world, while Alberto Munarriz, Bernat Sanahuja, Roger Tahull, Unai Biel, Alejandro Bustos and Biel Gomila provide the core of Spain’s world champion team.
The major blow is the absence of Vince Vigvari, who suffered a broken finger during the Spanish final against Sabadell. Without him, CNAB lose one of their most dangerous attacking weapons.
Even so, Barceloneta arrive in Malta with momentum, confidence and a clear chance to finally return to the Champions League final.
Pro Recco back where they belong
After a year away from the Champions League, Pro Recco are back in familiar territory.
The 11-time champions were forced to compete in the Euro Cup last season, a competition they went on to win, but their return to Europe’s top table has been emphatic.
Recco have lost only twice all season, both against FTC, and arrive in Malta with a 40-2 record across all competitions. They also produced one of the statement results of the campaign, beating Fradi 13-9 in Budapest during the quarter-final stage.
Sandro Sukno’s squad has been rebuilt significantly, but the foundations remain strong. Francesco Di Fulvio, Giacomo Cannella and Andrea Fondelli provide continuity, while Alvaro Granados and Max Irving have added even more attacking firepower.
As ever, Recco’s identity is built on defence. They rarely give opponents easy goals, force difficult shots, and remain one of the hardest teams in Europe to break down.
Their semi-final against Olympiacos carries plenty of history. The Greek side famously beat Recco in the 2018 final in Genova, and also defeated them in the 2019 semi-final.
Recco will be desperate to avoid another Greek upset and move one step closer to a record-extending 12th European title.
Olympiacos chasing another famous upset
Olympiacos may not arrive with the same perfect record as CNAB or the same recent dominance as FTC and Recco, but nobody will underestimate them.
The Greek champions have already achieved their main domestic goals this season, winning the Greek Cup and National League under Elvis Fatovic. Now, they return to the Final Four looking for a first Champions League title since 2018.
Their European journey has been uneven. They topped a difficult group featuring Mladost, Radnicki and Vasas, but the quarter-final stage brought pressure, including defeats to Novi Beograd and CNAB.
When it mattered most, though, Olympiacos responded. Victories over Novi Beograd and Brescia kept their campaign alive and secured their place in Malta.
Their squad has enormous quality. Konstantinos Genidounias and Ioannis Fountoulis remain links to the 2018 title-winning side, while Konstantinos Kakaris, Dimitrios Nikolaidis, Daniel Angyal and Gergo Zalanki give Olympiacos size, experience and world-class attacking options.
Their semi-final against Pro Recco will be one of the highlights of the tournament. Elvis Fatovic and Sandro Sukno know each other well, and both coaches understand how small the margins can be at this level.
Olympiacos may have taken the hardest road to Malta, but in a one-off semi-final, they are dangerous enough to beat anyone.
Semi-finals set for Malta
The Men’s Champions League Final Four begins on Thursday, with CNAB facing FTC Telekom Waterpolo before Pro Recco meet Olympiacos.
It is a line-up worthy of the competition’s history: the defending champions, the record champions, Spain’s great modern force, and Greece’s most decorated club.
FTC are chasing a dynasty. Recco want their crown back. CNAB are trying to break through again. Olympiacos are hunting another famous European night.
By the end of the week, one of them will be crowned champion of Europe.
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