Real Madrid are synonymous with European dominance, yet even the kings of the continent have tasted defeat on the biggest stage. The Spanish giants have contested seventeen finals up to 2024, winning fourteen and losing three.

Their first setback came in 1962 when an Eusebio inspired Benfica triumphed 5 3 in Amsterdam. Two years later Inter Milan’s catenaccio outfoxed Madrid 3 1 in Vienna, denying Alfredo Di Stefano a farewell crown. The third and most recent loss occurred in 1981, when Alan Kennedy’s late strike secured a 1 0 win for Liverpool in Paris.

Since the competition was rebranded the Champions League in 1992 Real Madrid boast a perfect record, winning all nine finals they have reached between 1998 and 2022. That streak includes dramatic extra time victories over Atletico Madrid and a memorable Gareth Bale overhead kick against Liverpool in Kyiv.

Analysts attribute Madrid’s final aura to a blend of institutional memory and clutch performers such as Sergio Ramos, Karim Benzema and Luka Modric. Manager Carlo Ancelotti guided the club to two of those triumphs, cementing his own record for most Champions League titles as a coach.

While history favours Los Blancos, the three defeats serve as a reminder that no dynasty is invincible. Should Madrid reach Munich in 2025, opponents will draw confidence from those earlier upsets even as bookmakers make the fourteen time champions early favourites.