Juventus Football Club (JUVE) H1 2026 earnings summary

Executive summary

• Structural cost rationalisation in recent years improved results, especially in Corporate and Football areas, without impacting planned investments for sports competitiveness and brand strengthening.

• Non-recurring costs included provisions for the dismissal of the men's First Team Head Coach and staff in October 2025.

• Group shareholders' equity rose to €77.9 million at 31 December 2025, mainly due to a €67 million capital increase in November 2025.

• 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

• Revenue and income decreased by €31.0 million year-over-year, mainly due to lower revenues from players' registration rights (€-25.3 million), broadcasting (€-11.9 million), and matchday (€-8.9 million), partially offset by higher sponsorship and advertising (+€15.1 million).

• Operating costs fell by €18.3 million, primarily from lower costs for registered players and technical staff (€-10.7 million) and reduced expenses from players' registration rights (€-7.0 million).

• Net depreciation, amortisation, and provisions increased by €7.6 million due to contractual terminations.

• Operating profit for H1 2025/2026 was €11.1 million, down from €31.4 million in H1 2024/2025; adjusted operating profit was €20.0 million (vs. €34.2 million prior year).

• Net loss for the period was €2.5 million, compared to a profit of €16.9 million in the same period last year.

Outlook and guidance

• Net result and operating cash flow for the full 2025/2026 year are expected to remain negative, with performance highly dependent on sporting results and transfer campaigns.

• Economic performance is typically stronger in the first half of the year, while cash flow improves in the second half due to seasonality.