The UEFA Champions League has returned, and following the second matchday of the group stage, only six teams maintain a perfect record, having won both their initial games. Notably, Qarabag stands out as one of the significant surprises of the 2025-26 season. The Azerbaijani team secured an impressive away victory against Benfica, a result that prompted the Portuguese club to appoint Jose Mourinho as their new manager. They then followed this up with a home win against Copenhagen. Beyond this unexpected success, the other five teams with two wins are largely anticipated contenders. This group includes both Paris Saint-Germain and Inter Milan, the finalists from the previous Champions League campaign, who have also started their season with two victories. Let`s delve into these five teams and analyze their potential to lift the coveted trophy this year.
Paris Saint-Germain
As the reigning 2024-25 Champions League titleholders, Paris Saint-Germain have commenced their new season`s group stage with strong performances. Les Parisiens began with a dominant 4-0 home victory over Atalanta, followed by a significant 2-1 away triumph against Barcelona, a match where Luis Enrique faced his former club. This start is particularly noteworthy given their struggles in the previous season`s group phase, where they secured only one win from their first five games, leading them to a playoff against Brest before the knockout rounds. Learning from that experience, it appears PSG has adopted a more focused approach this season, even amidst injuries to key players like 2025 Ballon d`Or winner Ousmane Dembele, who missed the Barcelona fixture. Arguably even stronger than last season, PSG possesses the pedigree and self-belief to defend their title, demonstrating a refined European experience and a clear intent to build on their previous success.
Arsenal
Arsenal has enjoyed a robust start to their European campaign under Mikel Arteta, securing consecutive 2-0 victories against Athletic Club away and Olympiacos at the Emirates Stadium. These results indicate they are firmly on track to contend for this season`s tournament. Their upcoming London clash against Atletico Madrid next month will offer further insight into their true potential. However, considering their astute summer transfer dealings, which brought in talents like Viktor Gyokeres and Eberechi Eze in 2025, Arsenal now boasts a significantly more competitive squad. This depth provides Arteta with crucial rotation options, strengthening their claim as a serious contender for the Champions League title.
Real Madrid
Real Madrid, synonymous with the Champions League, are invariably among the top contenders. The Spanish behemoths commenced the new season sensationally across all competitions, maintaining an unbeaten run until their recent derby loss against Atletico Madrid. Under manager Xabi Alonso, they have a flawless record in the Champions League so far, winning their opening home fixture against Roberto De Zerbi`s Olympique Marseille. They then undertook an arduous 4000-mile journey to face Kairat, emerging with a commanding 5-0 victory. Currently, the Blancos are demonstrating they are one of Europe`s elite teams, with genuine aspirations of securing a remarkable 16th Champions League trophy. Their unparalleled European experience, combined with a revitalized squad under their new coach, firmly establishes them as a primary candidate for the title.
Bayern Munich
Bayern Munich is arguably the most underrated team in the initial stages of this tournament. Manager Vincent Kompany has orchestrated a perfect start to their domestic season with five consecutive Bundesliga victories. In Europe, they recorded a strong 3-1 home win against Chelsea at the Allianz Arena before securing an away debut victory against Pafos. Having narrowly missed the opportunity to play in last season`s Champions League final on home soil, Bayern is now fiercely motivated to establish themselves as a leading contender this year. Bolstered by new signings like Nico Jackson and the established international class of players such as England striker Harry Kane, Bayern Munich presents a formidable, yet possibly underestimated, challenge for the trophy.
Inter Milan
Inter Milan commenced their campaign effectively, securing a 2-0 victory against Ajax in their opening match, followed by a 3-0 win over Slavia Prague on Matchday 2. This strong start comes after the profound disappointment of losing last season`s UEFA Champions League final 5-0 to PSG. Although their initial opponents were relatively straightforward, Inter is currently in fine form. However, more challenging fixtures lie ahead against Liverpool, Atletico Madrid, and Arsenal. These matches will be pivotal in evaluating their true European credentials under new coach Cristian Chivu, who took over from Simone Inzaghi following the Club World Cup this summer and the previous Champions League final setback. Despite recent managerial changes, the Nerazzurri, having lost two Champions League finals in the past three seasons (against Manchester City and PSG), retain a largely intact squad. This collective memory of past defeats fuels a strong desire for redemption, potentially driving them to ultimate success this season, despite the inherent difficulties.
What about Barcelona, Manchester City and Liverpool?
Barcelona
Barcelona: Under Hansi Flick, Barcelona suffered a home defeat to PSG in their second group game, despite an exhilarating away win against Newcastle. So far, they do not appear to be on par with the top contenders, particularly regarding their defensive solidity. Last season, while showcasing one of Europe`s most thrilling attacks with talented players, they frequently faltered defensively. This vulnerability was evident in their Champions League semi-final against Inter, where they conceded seven goals across two legs. Their recent matches against Newcastle and PSG suggest these defensive issues persist, implying opponents are capitalizing on their past defensive weaknesses.
Manchester City
Manchester City: Pep Guardiola`s squad underwent significant roster changes this summer. As is often the case with such overhauls, they are still refining their tactical approach under the Spanish manager. Having already lost two Premier League matches in six games and secured only an away draw against AS Monaco in the second Champions League group stage fixture, they haven`t yet reached the customary high standards of Europe`s elite teams in the early part of the 2025-26 season. While their potential and talent are undeniable, it will require more time for them to fully gel, especially as replacing a player of Kevin De Bruyne`s caliber is a formidable challenge.
Liverpool
Liverpool: Following their dominant 2024-25 Premier League season, expectations were high for Arne Slot`s Liverpool in European competition. However, their initial two Champions League matches have been underwhelming. After a last-minute winning goal from Virgil van Dijk against Atletico Madrid, they suffered a defeat to Galatasaray. Pundits like Jamie Carragher expressed sharp criticism after the Champions League loss, stating, “I don`t feel like I`m watching a top team. Liverpool aren`t playing football at the moment, they`re playing basketball. It`s end to end, and I don`t think top teams play like that.” This highlights concerns about their current tactical approach and defensive balance.
