The Champions League is now back and after the second matchday of the league phase there are only six teams that won both games so far, including Qarabag, one of the biggest surprises of the 2025-26 season. The Azerbaijani side won their opening away game against Benfica, which also led the Portuguese side to appoint Jose Mourinho as the new manager, before winning their home debut against Copenhagen on Wednesday. Apart of that big surprise, the other five teams that won both matches are kind of expected. Among those, there are the two sides that played the last edition of the Champions League final as both PSG and Inter won the two opening games of the season. Let’s take a look at the five sides and why they can potentially win the tournament:
Paris Saint-Germain
The 2024-25 Champions League winners started off well the league phase of the new season as Les Parisiens won in 4-0 their opening home game against Atalanta before making a huge statement with a 2-1 win at Barcelona, when Luis Enrique met his former club. This is particularly interesting because last season the French giants struggled in the league phase as they only won one of the opening five games, which also led them to play the playoffs against Brest before the knockout stages. After the previous experience, it looks like PSG know they had to approach it differently despite the injuries, as 2025 Ballon d’Or winner Ousmane Dembele is currently injured and also missed the match against Barcelona. If possible to imagine, PSG are even stronger than last season and have the potential to win the tournament again, especially because they showed to have different European experience and self confidence, aiming to build off of last season.
Arsenal
The English side had a strong start to the season in Europe as Mikel Arteta’s team won both games by 2-0 against Athletic Club away and then at the Emirates Stadium against Olympiacos, showing that they are on the right path to try to win the tournament this season. The next fixture, which will be again in London next month against Atletico Madrid, will probably tell us more about their potential, but after the summer transfer business, we should consider them as a candidate for the final win of the Champions League. Compared to the past, Arsenal can count on a much more competitive squad that added players like Viktor Gyokeres and Eberechi Eze in the summer of 2025 that can help Arteta and his rotations, a reason to believe they can be a serious contender in the Champions League as well.
Real Madrid
When it comes to the Champions League, Real Madrid have to be considered as potential winners. The Spanish giants had an incredible start to the new season in all competitions as they were unbeaten until the last weekend when they lost the derby against Atletico Madrid and won all the matches they played so far under Xabi Alonso in the Champions League. Real Madrid won the opening home game against Roberto De Zerbi’s Olympique Marseille and then had to face a 4000-mile trip to face Kairat on Tuesday, a match that Xabi Alonso’s team won 5-0. So far, the Blancos are showing to be one of the best teams around Europe and can really hope to win what would be their 16th Champions League trophy. Their international experience, added to the renovated team under the new coach, makes them one of the strongest candidates for the trophy.
Bayern Munich
The German team are by far the most underrated side of this first phase of the tournament. Vincent Kompany started off the season perfectly with five Bundesliga wins in five matches, and on top of that, they won their away European debut against Pafos but before also won 3-1 vs. Chelsea at the Allianz Arena in Munich. After missing the chance to play last season’s Champions League final in their home stadium, they are now eager to prove themselves as one of the leading contenders for the trophy this year. With new arrivals like Nico Jackson and the international pedigree of players such as English striker Harry Kane, Bayern Munich look like a solid contender, perhaps one that has been underestimated.
Inter
Inter won in 3-0 on Matchday 2 against Slavia Prague, starting off well after winning 2-0 against Ajax in the opening game and especially after the big disappointment of the UEFA Champions League final lost 5-0 to PSG of the past season. Despite facing quite easy opponents, Inter are now on a good run again this season but tougher tests await against Liverpool, Atletico Madrid, and Arsenal. Those matches will be crucial in shaping their European credibility under new coach Cristian Chivu, who replaced Simone Inzaghi ahead of the Club World Cup this summer after the big setback of the Champions League final defeat. Despite the changes, the Nerazzurri have lost two Champions League finals in the last three seasons against Manchester City and PSG, but with much of the squad still intact, they carry a sense of revenge that could drive them to finally succeed this season, even if it’s more difficult.
What about Barcelona, Manchester City and Liverpool?
Barcelona: The team coached by Hansi Flick lost the second game against PSG at their home stadium after winning an exciting away match against Newcastle but don’t seem to be at the level of the competitors so far, especially when it comes to their defensive phase. Last season they showed to be one, if not the most, exciting European teams thanks to the talented attacking players but also struggled a lot when they had to defend, as it happened in the semifinals against Inter when they conceded seven goals in the two legs in Barcelona and Milan. As the matches against Newcastle and PSG showed, they don’t seem to have fixed this issue so far. After all, players are using goals they conceded last season to punish them.
Man City: Pep Guardiola’s side made some drastic changes to their roster this summer but as it naturally happens, they are still fixing their tactical concepts under the Spanish coach. After losing two Premier League matches in six games and the away draw against AS Monaco in the second matchday of the league phase, they are not at the level of the other top teams in this first part of the 2025-26 season. They have the potential and the talent to improve, but it needs more time. Filling in the void left by Kevin de Bruyne is no easy task.