| Finals
| | Game | date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | Final | 21.03 | 19:30 | Tenerife Marichal | ESP | 3-2 | Pallavolo Sirio Perugia | ITA | 106- 97 | 20-25 | 25-21 | 25-19 | 21:25 | 15- 7 | | 3-4 | 21.03 | 16:00 | RC Cannes | FRA | 3-1 | Azerrail Baku | AZE | 102- 93 | 24-26 | 25-23 | 28-26 | 25-18 | | | 1/2 | 20.03 | 16:00 | Tenerife Marichal | ESP | 3-0 | Azerrail Baku | AZE | 76 - 60 | 25-16 | 26-24 | 25-20 | | | 1/2 | 20.03 | 13:00 | Pallavolo Sirio Perugia | ITA | 3-0 | RC Cannes | FRA | 78 - 63 | 28-26 | 25-17 | 25-20 | |
| 1 3 Finals |
| | 24.02 20:30 | Pallavolo Sirio Perugia | ITA | 3-0 | 3-1 | Asystel Volley Novara | ITA | | 03.03 20:30 | 172-160 (25-22 26-24 29-27 ; 17-25 25-21 25-21 25-20) | | 25.02 18:00 | Azerrail Baku | AZE | 3-1 | 3-1 | Eczacibasi Istanbul | TUR | | 03.03 16:00 | 195-180 (25-19 25-20 21-25 25-23 ; 23-25 26-24 25-21 25-23) | | 25.02 20:00 | RC Cannes | FRA | 3-0 | 3-1 | Uralochka Ntmk Ekaterinburg | RUS | | 03.03 18:00 | 167-147 (25-18 25-21 25-21 ; 25-21 25-18 17-25 25-23) | | | | | | | | |
| Group A | w | l | gf | ga | ratio | As | Cr | Ze | | 1. Asystel Volley Novara | ITA | 4 | 0 | 12: | 0 | 1.364 | --- | 3:0 | 3:0 | | 2. Crvena Zvezda Beograd | SCG | 2 | 2 | 6: | 9 | 0.854 | 0:3 | --- | 3:1 | | 3. Zeiler KÖniz | SUI | 0 | 4 | 3: | 12 | 0.912 | 0:3 | 2:3 | --- |
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| date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | 21.01.04 | 19:30 | Zeiler KÖniz | SUI | 2-3 | Crvena Zvezda Beograd | SCG | 109- 99 | 25-20 | 25-14 | 23-25 | 23-25 | 13-15 | | 22.01.04 | 19:30 | Zeiler KÖniz | SUI | 0-3 | Asystel Volley Novara | ESP | 66 - 75 | 23-25 | 20-25 | 23-25 | | | 27.01.04 | 18:00 | Crvena Zvezda Beograd | SCG | 0-3 | Asystel Volley Novara | ESP | 48 - 75 | 16-25 | 14-25 | 18-25 | | | 28.01.04 | 18:00 | Crvena Zvezda Beograd | SCG | 3-1 | Zeiler KÖniz | SUI | 92 - 83 | 25-23 | 17-25 | 25-16 | 25-19 | | | 03.02.04 | 20:30 | Asystel Volley Novara | ITA | 3-0 | Zeiler KÖniz | SUI | 75 - 53 | 25-19 | 25-18 | 25-16 | | | 04.02.04 | 20:30 | Asystel Volley Novara | ITA | 3-0 | Crvena Zvezda Beograd | SCG | 75 - 53 | 25-9 | 25-23 | 25-21 | |
| Group B | w | l | gf | ga | ratio | Az | Ho | No | | 1. Azerrail Baku | AZE | 4 | 0 | 12: | 0 | 1.316 | --- | 3:0 | 3:0 | | 2. Hotel Cantur Las Palmas | ESP | 2 | 2 | 6: | 7 | 1.055 | 0:3 | --- | 3:1 | | 3. Nova KBM Branik Maribor | SLO | 0 | 4 | 1: | 12 | 0.717 | 0:3 | 0:3 | --- |
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| date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | 20.01.04 | 20:00 | Nova KBM Branik Maribor | SLO | 0-3 | Hotel Cantur Las Palmas | ESP | 50-75 | 17-25 | 15-25 | 18-25 | | | 21.01.04 | 20:00 | Nova KBM Branik Maribor | SLO | 0-3 | Azerrail Baku | AZE | 56-75 | 21-25 | 18-25 | 17-25 | | | 27.01.04 | 20:30 | Hotel Cantur Las Palmas | ESP | 0-3 | Azerrail Baku | AZE | 64-81 | 29-31 | 15-25 | 20-25 | | | 28.01.04 | 20:30 | Hotel Cantur Las Palmas | ESP | 3-1 | Nova KBM Branik Maribor | SLO | 96-77 | 25-20 | 21-25 | 25-12 | 25-20 | | | 03.02.04 | 18:00 | Azerrail Baku | AZE | 3-0 | Nova KBM Branik Maribor | SLO | 75-47 | 25-13 | 25-16 | 25-18 | | | 04.02.04 | 18:00 | Azerrail Baku | AZE | 3-0 | Hotel Cantur Las Palmas | ESP | 81-70 | 31-29 | 25-23 | 25-18 | |
| Group C | w | l | gf | ga | ratio | Te | Ur | Ti | | 1. Tenerife Marichal | ESP | 3 | 1 | 11: | 3 | 1.282 | --- | 3:0 | 3:0 | | 2. Uralochka Ntmk Ekaterinburg | RUS | 3 | 1 | 9: | 6 | 1.080 | 3:2 | --- | 3:0 | | 3. Titasz-Nrk-Nyiregyhaza | HUN | 0 | 4 | 1: | 12 | 0.709 | 0:3 | 1:3 | --- |
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| date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | 21.01.04 | 17:30 | Titasz-Nrk-Nyiregyhaza | HUN | 1-3 | Uralochka Ntmk Ekaterinburg | RUS | 75 - 98 | 25-23 | 21-25 | 11-25 | 18-25 | | | 22.01.04 | 18:00 | Titasz-Nrk-Nyiregyhaza | HUN | 0-3 | Tenerife Marichal | ESP | 56 - 75 | 18-25 | 23-25 | 15-25 | | | 27.01.04 | 18:00 | Uralochka Ntmk Ekaterinburg | RUS | 3-2 | Tenerife Marichal | ESP | 108- 93 | 20-25 | 25-17 | 23-25 | 25-16 | 15-10 | | 28.01.04 | 18:00 | Uralochka Ntmk Ekaterinburg | RUS | 3-0 | Titasz-Nrk-Nyiregyhaza | HUN | 75 - 56 | 25-19 | 25-23 | 25-14 | | | 03.02.04 | 20:00 | Tenerife Marichal | ESP | 3-0 | Titasz-Nrk-Nyiregyhaza | HUN | 75 - 42 | 25-13 | 25-12 | 25-17 | | | 04.02.04 | 20:00 | Tenerife Marichal | ESP | 3-0 | Uralochka Ntmk Ekaterinburg | RUS | 75 - 42 | 25-14 | 25-12 | 25-16 | |
| Group D | w | l | gf | ga | ratio | Pa | Ec | Ml | | 1. Pallavolo Sirio Perugia | ITA | 4 | 0 | 12: | 3 | 1.170 | --- | 3:1 | 3:0 | | 2. Eczacibasi Istanbul | TUR | 2 | 2 | 9: | 6 | 1.121 | 2:3 | --- | 3:0 | | 3. Mladost Zagreb | CRO | 0 | 4 | 0: | 12 | 0.707 | 0:3 | 0:3 | --- |
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| date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | 21.01.04 | 18:00 | Mladost Zagreb | CRO | 0-3 | Pallavolo Sirio Perugia | ITA | 55 - 75 | 16-25 | 18-25 | 21-25 | | | 22.01.04 | 16:00 | Mladost Zagreb | CRO | 0-3 | Eczacibasi Istanbul | TUR | 60 - 75 | 19-25 | 20-25 | 21-25 | | | 28.01.04 | 20:30 | Pallavolo Sirio Perugia | ITA | 3-1 | Eczacibasi Istanbul | TUR | 89 - 84 | 25-20 | 14-25 | 25-23 | 25-16 | | | 29.01.04 | 20:30 | Pallavolo Sirio Perugia | ITA | 3-0 | Mladost Zagreb | CRO | 75 - 52 | 25-20 | 25-14 | 25-18 | | | 03.02.04 | 15:30 | Eczacibasi Istanbul | TUR | 3-0 | Mladost Zagreb | CRO | 75 - 45 | 25-13 | 25-19 | 25-13 | | | 04.02.04 | 15:30 | Eczacibasi Istanbul | TUR | 2-3 | Pallavolo Sirio Perugia | ITA | 109-112 | 25-22 | 25-22 | 25-27 | 20-25 | 14-16 |
| Group E | w | l | gf | ga | ratio | RC | St | Je | | 1. RC Cannes | FRA | 4 | 0 | 12: | 2 | 1.251 | --- | 3:1 | 3:0 | | 2. Stal Bielsko-Biala | POL | 2 | 2 | 8: | 7 | 1.057 | 1:3 | --- | 3:0 | | 3. Jedinstvo Uzice | SCG | 0 | 4 | 1: | 12 | 0.727 | 0:3 | 1:3 | --- |
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| date | time | team 1 | score | team 2 | pts | g1 | g2 | g3 | g4 | g5 | | 21.01.04 | 18:00 | Jedinstvo Uzice | SCG | 1-3 | Stal Bielsko-Biala | POL | 78-90 | 17-25 | 25-15 | 19-25 | 17-25 | | | 22.01.04 | 18:00 | Jedinstvo Uzice | SCG | 0-3 | RC Cannes | FRA | 51-75 | 19-25 | 17-25 | 15-25 | | | 28.01.04 | 18:00 | Stal Bielsko-Biala | POL | 1-3 | RC Cannes | FRA | 80-93 | 25-18 | 19-25 | 23-25 | 13-25 | | | 29.01.04 | 18:15 | Stal Bielsko-Biala | POL | 3-0 | Jedinstvo Uzice | SCG | 75-49 | 25-17 | 25-17 | 25-15 | | | 03.02.04 | 19:00 | RC Cannes | FRA | 3-0 | Jedinstvo Uzice | SCG | 75-51 | 25-22 | 25-16 | 25-13 | | | 04.02.04 | 19:00 | RC Cannes | FRA | 3-1 | Stal Bielsko-Biala | POL | 96-89 | 25-20 | 25-22 | 21-25 | 25-22 | |
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