S.S. Lazio (SSL) H1 2026 earnings summary

Executive summary

• Net loss of €20.37 million for the semester ended 31 December 2025, mainly due to lower revenues from non-participation in European competitions and a blocked summer transfer campaign.

• Consolidated turnover was €51.83 million, down €25.32 million year-over-year, primarily from the absence of European competition income.

• Operating costs increased by €3.95 million, mainly due to higher personnel expenses and amortization of sports rights.

Financial highlights

• Revenue for the semester: €51.97 million, down from €78.33 million year-over-year.

• Operating costs: €90.96 million, up from €87.01 million year-over-year.

• EBITDA: -€17.51 million (vs. €8.64 million prior year).

• Net financial position: negative €111.31 million, increased by €45.01 million from June 2025.

• Equity: €103.21 million, up €120.04 million due to a €140.41 million revaluation reserve from the adoption of the Revaluation Model for land and buildings.

• Cash flow from operations: -€13.99 million.

Outlook and guidance

• Winter transfer session and squad restructuring expected to support financial commitments over the next 12 months.

• Cash flows from operations and asset valorization are expected to maintain economic-financial equilibrium.