The 2025-26 EuroLeague Final Four field is set after the playoff round. Real Madrid, Olympiacos, Panathinaikos, and Fenerbahce will travel to Berlin in May for European basketball's premier event. Three Greek-Turkish derbies in the bracket and the strongest Real Madrid roster of the last several years make this a particularly compelling field.
The bracket
The semifinals pit Real Madrid against Olympiacos, with Panathinaikos facing Fenerbahce. The Greek-Turkish semi-final is the heavyweight clash on paper. The other side has the experience pedigree, with Real Madrid and Olympiacos combining for nearly a dozen recent Final Four appearances between them.
Real Madrid: the title favorite
Madrid have been the most complete team in Europe this season. Their depth is real, their coaching staff (now in its third year together) has the rotations dialed in, and the playoff version of Facundo Campazzo has been special. They handled their first-round series with more authority than the score suggested.
The case against Madrid is single-game variance. Final Four basketball is one-and-done, and even great teams can have an off shooting night. But across a body of work this season, no other club has matched their level.
Olympiacos: the playoff specialists
Olympiacos under Georgios Bartzokas have been the second-most consistent team in Europe. Their identity is defensive: physical, organized, smart in late-game situations. They will not blow Real Madrid out, but they can absolutely keep games within reach and make the closing minutes a coin flip.
The Sasha Vezenkov-Kostas Sloukas axis remains one of the best veteran combinations in the league. If either gets hot in Berlin, the path to a final opens up.
Panathinaikos: the defending champions
Panathinaikos defended last year's title through the regular season and won their playoff series in five games. They are not the team they were last May (some roster turnover, some injuries to core pieces), but championship pedigree matters in single-elimination basketball. Coach Ergin Ataman has been here many times and has the players to navigate it.
Fenerbahce: the dark horse
Fenerbahce had a less consistent regular season than the other three but peaked at the right time. Their playoff series demonstrated their ceiling: when their guards are clicking, they can score with anyone. They are also the team most likely to be underestimated in the bracket.
Berlin and the Mercedes-Benz Arena
The venue itself is part of the story. Mercedes-Benz Arena in Berlin is a strong neutral host, and the European basketball atmosphere at Final Four events has been consistently excellent over the past decade. Expect both Greek and Turkish supporter groups to make significant trips.