Juventus Reports First-Half Loss As Revenues Fall And Debt Edges Higher

Juventus has reported a consolidated net loss of €2.5 million for the first half of the 2025/2026 financial year, a sharp reversal from the €16.9 million profit recorded in the same period last season.

The results, approved by the Board of Directors chaired by Gianluca Ferrero, reflect lower revenues from player trading and broadcasting, partially offset by increased sponsorship income and ongoing cost rationalisation measures.

Revenues Down 11% Amid Reduced Player Trading

Total revenues and income for the six months to 31 December 2025 stood at €260.6 million, down €31 million (-11%) compared with €291.6 million in the first half of 2024/2025.

The decline was primarily driven by:

• A €25.3 million drop in revenues from players’ registration rights, following particularly strong capital gains in the prior-year period.
• An €11.9 million reduction in broadcasting revenues, largely due to a lower number of Serie A home matches (eight versus ten), affecting the timing of audiovisual rights recognition.
• An €8.9 million decrease in matchday revenues.

These declines were partly offset by a €15.1 million increase in sponsorship and advertising income, boosted by the full-year impact of new agreements with Stellantis Europe and the Detroit Metro Convention and Visitors Bureau.

Operating profit fell to €11.1 million from €31.4 million, while adjusted operating profit, excluding non-recurring items, declined to €19.4 million from €34.2 million.

Coach Dismissal Impacts Costs

Net depreciation, amortisation and provisions increased by €7.6 million, largely due to provisions related to the dismissal of men’s First Team head coach Igor Tudor and his staff. Tudor was replaced in October 2025 by Luciano Spalletti, who signed a contract until June 2026 with an option for a further season.

While operating costs decreased by €18.3 million, reflecting lower player wages, bonuses and transfer-related expenses, the savings were insufficient to offset weaker revenue streams.

Profit before tax dropped to €1.3 million, compared to €21.1 million a year earlier.

Equity Strengthened by Capital Increase

Despite the first-half loss, shareholders’ equity rose sharply to €77.9 million from €13.2 million at 30 June 2025. The improvement was mainly driven by a €97.8 million capital increase completed in November 2025, which was reserved for institutional investors and aimed at supporting the club’s strategic plan and reducing debt.

Net financial debt after IFRS 16 stood at €298.8 million as of 31 December 2025, up €18.6 million from June. The increase reflects:

• €78.6 million in net outflows related to transfer campaigns.
• €9.1 million in interest expenses.
• €4.8 million in capital investments, including upgrades to premium seating and digital infrastructure at the Allianz Stadium.

These outflows were partially offset by positive operating cash flow and the capital increase.

€150m Bond Issued to Rebalance Debt

In September 2025, Juventus issued €150 million in senior secured fixed-rate notes due in 2037, carrying a 4.15% annual coupon. The bond, fully subscribed by funds managed by PGIM, is intended to rebalance the club’s debt structure by extending maturities and increasing the proportion of fixed-rate financing.

As of 31 December 2025, the club had €523.9 million in available bank credit lines, excluding the bond, of which €316.8 million remained unused.

On the Pitch: Mixed Sporting Results

Sporting performance continues to influence the club’s financial outlook.

The men’s First Team currently sit fifth in Serie A and have progressed to the knockout round play-offs of the 2025/2026 UEFA Champions League after finishing 13th in the league phase. They were eliminated in the Coppa Italia quarter-finals.

The Women’s First Team won the Italian Super Cup in January 2026, are third in Serie A, and reached the semi-finals of the Coppa Italia, while exiting the Women’s Champions League at the play-off stage.

Season ticket sales rose 3.6% year-on-year to around 19,900, generating €36.7 million in net revenue. Average stadium occupancy remained high at approximately 98%.

Regulatory and Legal Matters

The club confirmed it has complied with the Italian FA’s new Labour Cost Indicator at its first reporting date and expects to meet upcoming thresholds. Juventus also anticipates compliance with UEFA’s Squad Cost Ratio for the 2025 calendar year.

Regarding UEFA’s Football Earnings Rule, proceedings are ongoing in relation to the 2022/2023–2024/2025 monitoring period. Any potential financial penalty is expected to be limited, though sporting restrictions remain possible.

Separately, a settlement in criminal proceedings before the Court of Rome became final in October 2025, with the company paying a financial penalty of €157,000 without admission of liability. Juventus has also challenged a €190,000 administrative fine imposed by Consob in connection with alleged market manipulation relating to prior financial disclosures.

Outlook: Further Losses Expected

Looking ahead, Juventus said it expects both net result and operating cash flow for the full 2025/2026 financial year to remain negative, assuming sporting performance aligns with its strategic plan and no significant non-recurring events occur.

The club reiterated that results will continue to be significantly influenced by sporting outcomes and transfer market activity, noting that while profits are typically stronger in the first half of the year, cash flow trends in the opposite direction due to seasonality.

The condensed consolidated half-yearly financial statements will be subject to limited review by Deloitte & Touche and made publicly available in accordance with regulatory requirements.

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