Today is the day of reckoning. The Juventus Board of Directors meets today to approve the financial accounts for the year ending 30 June 2026 and the annual consolidated financial report. It is a date that has long been fixed in the club’s financial calendar — and one of the most institutionally significant meetings of the autumn. For Giovanni Carnevali, it represents a genuine baptism in the Juventus financial world: after an initial presentation on 25 July, this is the first time he must face the numbers in their full official form.
The Expected Loss — €58-63 Million, and Why Champions League Absence Is the Key
The figure under the sharpest scrutiny will be the operating loss. The official number will only be confirmed when the board formally approves the accounts, but current estimates point to a deficit in the range of €58-63 million. This would place the 2025-26 result at a level comparable to the previous year — the accounts to 30 June 2025 had already recorded a consolidated loss of €58.1 million, itself a significant improvement on the €199.2 million loss of 2023-24.
The absence from the Champions League is the single most consequential factor shaping the prospective financial picture. At 31 December 2025, Juventus had recorded a consolidated loss of only €2.5 million — a figure that reflects the first-half revenues of €260.6 million (down from €291.6 million in the same period the previous year) and operating costs that had fallen from €193.4 million to €175.1 million. The cost discipline is visible. The revenue gap — without Champions League prize money and broadcast fees — is the gap that discipline alone cannot close.
The Capital Increase and What Follows
The second and third chapters of the article, paywalled under the headings “Juve, ricapitalizzazioni e Fair Play Finanziario” and “Carnevali e il nuovo Cda della Juve,” address the formal approval of the capital increase — expected to be confirmed at up to €110 million, with €30 million already paid by Exor — and the composition of the new Board that will formally take its seats at the shareholders’ assembly planned for between 2 and 6 November. The board that meets today is approving the accounts of a year that began under entirely different leadership and closes under the direction of the team that is now planning to use those numbers as the foundation for something better. The bill has been presented. The payment plan is the work of the next three years.
