Juventus Football Club (JUVE) investor relations material

Executive summary

• First half of 2025/2026 closed with a consolidated loss of €2.5 million, a €19.4 million decrease from the €16.9 million profit in the same period last year.

• Revenues fell 10.6% year-over-year to €260.6 million, mainly due to lower player registration rights sales and fewer home matches.

• Operating costs decreased by 9.5% to €175.1 million, reflecting cost rationalisation and lower player/staff expenses.

• Capital increase of €97.8 million completed in November 2025, strengthening equity and supporting the strategic plan.

• Net financial debt increased to €298.8 million, driven by transfer campaign outflows and investments, partially offset by positive operating cash flow and the capital increase.

Financial highlights

• Revenues: €260.6 million (down €31.0 million, -10.6% year-over-year), mainly due to lower player registration rights, broadcasting, and matchday revenues, partially offset by higher sponsorship and advertising.

• Operating costs: €175.1 million (down €18.3 million, -9.5% year-over-year), mainly from lower costs for registered players and technical staff.

• Net financial debt: €298.8 million as of 31 December 2025 (up €18.6 million from June 2025).

• Shareholders’ equity: €77.9 million (up from €13.2 million at June 2025, mainly due to capital increase).

• Adjusted operating profit: €19.4 million (down from €34.2 million year-over-year); operating profit for H1 2025/2026 was €11.1 million.

Outlook and guidance

• Full-year 2025/2026 is expected to close with a loss, with performance influenced by sports results and transfer campaigns.

• Economic performance typically stronger in H1 than H2, while cash flow trends are opposite due to seasonality.