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Match Details:
- Competition: UEFA Champions League Knockout Phase Playoff (First Leg)
- Date: Tuesday, February 18, 2026
- Kick-off: 21:00 CET (20:00 GMT / 15:00 ET)
- Venue: Stadio Georgios Karaiskakis, Piraeus, Greece
- TV Coverage: Paramount+ (USA) / TNT Sports (UK)
Current Champions League Context
This Champions League playoff represents a fascinating rematch between two teams who met just four weeks ago in the league phase's dramatic conclusion. On January 20, 2026, Olympiacos stunned Bayer Leverkusen 2-0 at this very venue, propelling themselves into the playoff positions while dealing Kasper Hjulmand's German side a damaging blow.
The First Meeting - January 20, 2026:
- Olympiacos 2-0 Bayer Leverkusen at Karaiskakis Stadium
- Costinha (2') - Fastest Olympiacos Champions League goal at just 92 seconds
- Mehdi Taremi (45+1') - Sealed victory in stoppage time
- Attendance: 32,400 passionate Greeks
- Leverkusen dominated possession (71.7%) but couldn't break through
That result proved pivotal. Olympiacos went on to secure playoff qualification by defeating Ajax 2-1 on the final matchday, finishing 18th. Leverkusen, despite the defeat, also advanced in 19th position. Now, these teams meet again with far higher stakes - a place in the Round of 16 against either Arsenal, Liverpool, Tottenham, or Man City awaits the winner.
Current Form Analysis
Olympiacos: The Karaiskakis Fortress & Champions League Specialists
Olympiacos currently sit in the Greek Super League playoff positions domestically, but their European campaign has been nothing short of extraordinary. The defending Greek champions have transformed into knockout specialists, proving particularly formidable at their iconic home ground.
Champions League League Phase:
- Final Position: 18th (10 points from 8 matches)
- Home Record: Unbeaten at Karaiskakis (draws vs Tottenham, Man City; wins vs Galatasaray, Leverkusen)
- Key Results:
- 2-0 win vs Bayer Leverkusen (January 20)
- 1-2 win at Ajax (January 28 - secured playoff spot)
- 3-4 defeat vs Real Madrid (January 20 - thrilling encounter)
- 0-6 thrashing by Barcelona (matchday earlier)
Domestic Form - Greek Super League: The Piraeus giants secured their 5th Greek Super Cup by beating OFI 3-0 after extra time in January, achieving their 3rd domestic treble.
However, they were eliminated from the Greek Cup by PAOK (0-2 home defeat), allowing them to focus entirely on Champions League qualification.
The Mendilibar Magic:
José Luis Mendilibar has transformed Olympiacos into a European force since taking charge. The Spaniard led them to UEFA Conference League glory in 2024 and UEFA Youth League triumph, establishing a winning mentality in knockout competitions.
His tactical approach emphasizes:
- Defensive solidity and organization
- Clinical counter-attacking through Taremi and El Kaabi
- Exploiting set-pieces ruthlessly
- Creating hostile atmosphere at Karaiskakis
- Tactical discipline preventing opposition dominance
Comprehensive Injury Crisis:
Manager José Luis Mendilibar faces significant absences:
- Alexandros Paschalakis (calf injury - out) - First-choice goalkeeper sidelined
- Lorenzo Pirola (muscle injury - doubtful) - Defensive depth limited
- Gelson Martins (injury - recently returned) - Match fitness uncertain
- Francisco Ortega (injury - long-term) - Unavailable
- Rodinei (injury concerns) - Fitness monitored
- Chiquinho (injury - recently returned) - Not fully match-fit
- Hezze (injury - recovered) - Back in contention
- Willian (injury - returned) - Veteran experience available
Goalkeeper Konstantinos Tzolakis will start after making impressive stops against Leverkusen in January, keeping clean sheet despite facing 17 shots (6 on target).
Key Performers:
- Mehdi Taremi - 2 Champions League goals, crucial big-game striker
- Costinha - Scored fastest-ever Olympiacos Champions League goal (92 seconds vs Leverkusen)
- Ayoub El Kaabi - Top scorer, physical presence
- Konstantinos Tzolakis - Goalkeeper thrust into spotlight, made 6 saves vs Leverkusen
- Dani García - Midfield anchor providing defensive stability
Bayer Leverkusen: Seeking Revenge After Recent Humiliations
Bayer Leverkusen currently occupy mid-table in the Bundesliga after a disastrous start to 2026. Manager Kasper Hjulmand is under immense pressure following consecutive heavy defeats that have raised serious questions about his tactical approach.
Champions League League Phase:
- Final Position: 19th (13 points from 8 matches - 4 wins, 1 draw, 3 losses)
- Key Defeats:
- 0-2 vs Olympiacos (January 20)
- Heavy defeats exposed defensive frailties
- Away Record: Unbeaten until Olympiacos defeat
Domestic Crisis - Bundesliga:
Leverkusen's Bundesliga campaign has imploded spectacularly in January 2026:
Recent Results:
- February 7: Bayer Leverkusen 1-0 Werder Bremen - Narrow victory ended losing streak
- January 25: VfB Stuttgart 4-1 Bayer Leverkusen - HUMILIATION at home
- January 18: TSG Hoffenheim 1-0 Bayer Leverkusen - Defeat compounded crisis
- Previous: Consecutive defeats threatened Hjulmand's position
The 4-1 home humiliation by Stuttgart was particularly damaging. Four first-half goals condemned Die Werkself to their heaviest home defeat in years, exposing catastrophic defensive vulnerabilities and tactical confusion.
Manager Under Pressure:
Kasper Hjulmand arrived in summer 2025 following Denmark's Euro 2024 campaign. His Leverkusen tenure has been turbulent:
- Struggled to impose tactical identity
- Defensive organization questionable
- Failed to replicate Xabi Alonso's success
- Heavy defeats (Stuttgart 4-1, Olympiacos 2-0) raised serious questions
The consecutive defeats to Hoffenheim and Stuttgart prompted crisis meetings with sporting director Simon Rolfes. Only the narrow 1-0 victory over Werder Bremen temporarily eased pressure.
Injury Concerns:
Manager Kasper Hjulmand manages multiple absences:
- Mark Flekken (ligament injury - recently sustained) - First-choice goalkeeper out
- Edmond Tapsoba (muscle injury - returned midweek) - Key defender back
- Eliesse Ben Seghir (ankle injury - unavailable) - Missing attacking threat
- Nathan Tella (foot injury - out) - Winger sidelined
- Axel Tape (muscle injury - unavailable) - Backup goalkeeper out
The return of Tapsoba from muscle injury provides crucial defensive reinforcement after the Stuttgart humiliation.
Key Performers:
- Loic Bade - Defender providing stability
- Jonas Hofmann - Experienced midfielder
- Lucas Vázquez - Recent goalscorer vs Bremen
- Alejandro Grimaldo - Creative left-back
- Jeanuel Belocian - Young defender stepping up
Head-to-Head Record
Most Recent Meeting (January 20, 2026):
- Olympiacos 2-0 Bayer Leverkusen at Karaiskakis Stadium
- Costinha (2') - 92-second thunderbolt header
- Mehdi Taremi (45+1') - Clinical finish before halftime
- Stats: Olympiacos 28.3% possession, Leverkusen 71.7%
- Shots: Olympiacos 6 (2 on target), Leverkusen 17 (6 on target)
- Result: Perfect counter-attacking masterclass from Mendilibar
That comprehensive 2-0 victory demonstrated Olympiacos' tactical superiority. Despite conceding 71.7% possession, they scored with both shots on target while goalkeeper Tzolakis made 6 saves to preserve clean sheet.
The psychological edge firmly favors Olympiacos after that result just four weeks ago.
Tactical Analysis
Olympiacos' Approach
José Luis Mendilibar will replicate the exact tactical approach that succeeded in January:
Expected Formation: 4-2-3-1 or 5-3-2
- Konstantinos Tzolakis in goal
- Back four/five: Rodinei (if fit), Retsos, Carmo, Costinha, Ortega
- Double pivot: Dani García, Hezze
- Attacking midfield: Gelson Martins (if fit), Chiquinho, Maghnes Akliouche
- Striker: Mehdi Taremi/Ayoub El Kaabi
Tactical Priorities:
- Ultra-defensive block absorbing pressure
- Compact shape denying space between lines
- Counter-attacking through Taremi's pace and movement
- Exploit set-pieces (Costinha's 92-second header template)
- Karaiskakis atmosphere intimidating visitors
- Physical battles disrupting Leverkusen's rhythm
- Clinical finishing punishing defensive errors
The first-leg home advantage is crucial. Olympiacos will defend deeply, frustrate Leverkusen, and seek early goal to silence German threat.
Bayer Leverkusen's Strategy
Kasper Hjulmand must find tactical solutions after January's defeat:
Expected Formation: 4-3-3 or 3-4-3
- Backup goalkeeper (Flekken injured)
- Back four: Grimaldo, Tapsoba (returned), Bade, Belocian
- Midfield: Hofmann, central midfielder, Vázquez
- Attack: Wide forwards, central striker
Key Tactical Elements:
- Dominate possession (70%+ expected)
- High pressing preventing Olympiacos counter-attacks
- Width exploitation creating crossing opportunities
- Patience required against deep defensive block
- Avoid defensive errors that proved costly in January
- Set-piece defending must improve
Hjulmand faces enormous pressure. Another defeat would likely cost him his job and eliminate Leverkusen from Champions League.
Key Battles
Mehdi Taremi vs Leverkusen's Defense The Iranian striker scored against Leverkusen in January and has either scored or assisted in his last 3 Champions League appearances. Can Tapsoba and Bade contain his movement?
Konstantinos Tzolakis vs Leverkusen's Attack The young goalkeeper made 6 saves against Leverkusen in January. Another stellar performance could prove decisive.
Costinha vs Leverkusen's Aerial Defense Costinha's 92-second header stunned Leverkusen in January. Can he repeat his set-piece heroics?
Karaiskakis Atmosphere vs Leverkusen's Mentality 32,400 passionate Greeks created hostile environment in January. Can Leverkusen handle the psychological pressure after recent humiliations?
Betting Predictions & Analysis
Based on comprehensive analysis:
Match Result Prediction: Olympiacos Win (Narrow)
Confidence Level: Moderate-High (65%)
Olympiacos' home advantage, psychological edge from January victory, and Leverkusen's crisis form suggest home victory. The Greeks proved they can beat Leverkusen just four weeks ago.
Predicted Score: Olympiacos 1-0 Bayer Leverkusen
Alternative Betting Markets:
Olympiacos to Win: Strong Value
- Odds around +130/+145
- Home advantage at fortress Karaiskakis
- Beat Leverkusen 2-0 just four weeks ago
- Leverkusen's crisis form evident
Under 2.5 Goals: YES (High Confidence - 75%)
- Previous meeting: 2-0 (Under 2.5)
- Olympiacos defensive masterclass expected
- Low-scoring playoff encounter likely
- Tactical caution from both sides
Both Teams to Score: NO (Moderate Confidence - 60%)
- Olympiacos kept clean sheet vs Leverkusen in January
- Defensive solidity prioritized in playoff
- Leverkusen struggling for goals
Olympiacos to Win to Nil: Excellent Value
- Replicate January's clean sheet
- Tzolakis made 6 saves last time
- Odds around +250/+270
Final Verdict
This Champions League playoff first leg represents revenge opportunity for Leverkusen but psychological nightmare given January's comprehensive defeat at this exact venue. The contrasts are stark.
Olympiacos hold significant advantages: unbeaten home record in Champions League, psychological edge from 2-0 victory four weeks ago, hostile Karaiskakis atmosphere (32,400 capacity), and tactical blueprint that already succeeded against these opponents.
Bayer Leverkusen carry catastrophic burdens: crisis form (4-1 home humiliation by Stuttgart), manager under immense pressure, defensive vulnerabilities exposed, and psychological scars from January defeat.
The most probable scenario sees Olympiacos replicating their January masterclass - defend deeply, absorb pressure, and strike clinically on counter-attacks. Taremi will lead the line brilliantly, Tzolakis will make crucial saves, and the crowd will create intimidating atmosphere.
A narrow 1-0 home victory feels appropriate, giving Olympiacos crucial first-leg advantage before the BayArena return. Leverkusen face enormous challenge overturning deficit in Germany.
Our Prediction: Olympiacos 1-0 Bayer Leverkusen
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