Gabriel Magalhaes missed the decisive penalty, sending the ball high over the bar, as Mikel Arteta's team saw another major European chance slip away.

The final had dramatic swings across 120 minutes. Kai Havertz struck early for Arsenal, but Ousmane Dembele responded from the spot in the second half. Both teams then missed chances in extra time before penalties decided a Champions League showpiece for the first time since 2016.

The opening goal arrived with the first shot of the game. Havertz ran beyond the PSG back line on the left and smashed a fierce left-footed finish into the roof of the net. The forward became only the second player to start a Champions League final for two different English clubs.

PSG questioned whether the goal should stand, as Leandro Trossard's pass reached Havertz after contact with Trossard's arm while blocking a pass down the flank. Soon after, frustration grew again for Luis Enrique's side when Bukayo Saka was not penalised for an accidental handball inside Arsenal's area.

Despite leading at half-time, Arsenal rarely controlled possession. Arteta's team completed only 69 passes before the break, the lowest figure recorded by any side in a Champions League final. However, PSG created little themselves in that spell, registering only one effort on target before the interval.

Arsenal's defensive structure stayed compact, limiting spaces between the lines and forcing PSG wide. The French champions moved the ball patiently but struggled for penetration. When shooting chances did appear, blocks and clearances from the Arsenal back line, marshalled by Gabriel and William Saliba, kept the advantage intact.

Champions League final: PSG penalty, missed chances and extra-time drama

The match shifted after the hour mark. Khvicha Kvaratskhelia drove into Arsenal's box and drew a clumsy challenge from Cristhian Mosquera. Dembele stepped up and calmly sent David Raya the wrong way, becoming the sixth player to score a penalty in a Champions League final.

Kvaratskhelia almost turned the contest completely in PSG's favour on 77 minutes. After a driving solo run, the Georgian's poked shot beat Raya but clipped the post via a crucial touch from Myles Lewis-Skelly. Substitute Bradley Barcola then wasted two clear breaks, either side of Vitinha curling narrowly over from the edge.

Arsenal still created moments on the counter. Noni Madueke went down in the box under pressure from Nuno Mendes, sparking furious appeals. Referee Daniel Siebert waved play on and VAR did not overturn the decision. By extra-time half-time, PSG had already lost Marquinhos and Vitinha to injury, further reshaping their line-up.

Both teams began to tire in the additional period. Viktor Gyokeres came closest for Arsenal, seeing a low strike deflect just wide of the far post. PSG continued to carry more attacking threat overall, but final passes often lacked accuracy as the game moved steadily towards a penalty shoot-out.

Champions League final: PSG hold nerve in shoot-out vs Arsenal

The shoot-out opened with Sergio Ramos driving PSG's first kick into the corner. Gyokeres replied calmly for Arsenal, matching the composure. Desire Doue converted next for PSG, but Eberechi Eze, after a stuttering run-up, dragged Arsenal's second effort wide of the upright to hand Luis Enrique's side the initiative.

Raya kept Arsenal alive moments later by guessing correctly to push away Mendes' attempt. Declan Rice then drilled in confidently, followed by Achraf Hakimi scoring for PSG. Gabriel Martinelli and Beraldo both finished clinically, leaving Gabriel to take Arsenal's fifth penalty. The defender launched it over the bar, sealing PSG's 4-3 success.

Champions League final: Key records for PSG, Arsenal and Havertz

Across the full campaign, PSG scored 45 Champions League goals, matching Barcelona's 1999-2000 record for a single season. Luis Enrique's attack remained productive even in a tight final, where PSG finished with 21 attempts and 1.77 expected goals, compared with Arsenal's seven shots and 0.44 xG.

Despite defeat, Arsenal's defence again showed strong numbers, conceding only seven goals across the entire Champions League run. Statistical patterns underlined how cagey this showpiece was. It became the first Champions League final decided by penalties since 2016, and the first since 2018 in which both sides scored during normal or extra time.

Havertz's strike carried personal significance as well. The German forward became only the third player to score for two separate clubs in Champions League finals, doing so for Chelsea and Arsenal. Cristiano Ronaldo achieved the feat with Manchester United and Real Madrid, while Mario Mandzukic did so for Juventus and Bayern Munich.

Champions League final: PSG, Arsenal and historical context

This was the 13th European Cup or Champions League final to go to penalties, with English clubs appearing in five of the last six such occasions. Arsenal entered the match as newly crowned Premier League winners after ending a 22-year wait, yet the club's search for a first European crown continues.

For Luis Enrique, the night extended a flawless individual record. The PSG coach has now won all three Champions League finals in which Luis Enrique has been involved. The Spaniard also selected the same 10 outfield players used when PSG heavily beat Inter 364 days earlier in the previous final.

PSG's triumph completed another domestic and European double. They became only the third club to win both their league title and the European Cup or Champions League in two straight seasons, following Real Madrid in 1956-57 and 1957-58, and Ajax in 1971-72 and 1972-73.

The outcome added further disappointment for Arsenal supporters, who watched a disciplined performance eventually undone by the fine margins of a shoot-out. PSG's greater attacking volume, superior xG and deeper experience on this stage proved decisive, while Arteta's side left Budapest with domestic success but continued European frustration.