Juventus have approved their consolidated half-year financial report as at 31 December 2025, closing the first semester of the 2025/26 financial year with a loss of €2.5 million. The Board of Directors, re-elected in November, met on Monday 23 February to examine and approve the figures, which confirm both a modest downturn compared to last year’s profit and a continued effort to stabilise the club’s finances.
A Narrow Loss After Last Year’s Profit
The first half of the 2025/26 financial year ended with a consolidated loss of €2.5 million, a €19.4 million swing from the €16.9 million profit recorded in the same period of the previous year. This reversal is not the result of a collapse in the club’s underlying business, but rather of specific factors that had boosted last year’s numbers and are not repeated to the same extent.
According to the club, the result still benefits from the structural cost-rationalisation measures implemented in recent years, both in the corporate area and the football area. These interventions have been designed not to undermine planned investments aimed at achieving the objectives laid out in the Strategic Plan, particularly those linked to sporting competitiveness in Italy and Europe and to the global strengthening of the Juventus brand.
However, the accounts also include non-recurring costs tied to provisions for the dismissal of the head coach of the men’s first team and his staff, following the change made in October 2025.
Comparison with the First Half of 2024/25
The financial note highlights several key movements compared with the first half of the 2024/25 financial year:
– Revenues and income decreased by a total of €31.0 million.
– Operating costs fell by €18.3 million.
– Net amortisation and provisions increased by €7.6 million.
Net financial debt as at 31 December 2025 stood at €298.8 million, up €18.6 million compared to 30 June 2025, though the club stresses that the overall financial structure remains balanced.
Revenue: Fewer One-Offs, More Structural Strength
In the first semester, total revenues amounted to €260.7 million, down €31.0 million from the €291.6 million recorded in the first half of 2024/25. The decline is mainly driven by:
– A reduction in capital gains from player trading, with plusvalenze down by €25.3 million compared to a particularly strong previous year.
– A lower number of home matches played (8 versus 10), which weighed on both matchday and broadcasting revenues, for a combined impact of €20.8 million.
Despite this, Juventus report an improvement in recurring and structural revenues, especially on the commercial front. Sponsorships and advertising rose by €15.1 million, largely thanks to the full effect of agreements signed in May 2025 with Stellantis Europe S.p.A. and The Detroit Metro Convention and Visitors Bureau. This shift towards more stable income streams is a central pillar in the club’s push for long-term sustainability.
Cost Base Under Control
Total costs in the first half came to €248.8 million, down €10.6 million from €259.4 million in the same period of 2024/25. Operating costs alone decreased by €18.3 million, while some non-operating components, such as amortisation and provisions, increased.
The reduction in operating costs is mainly due to:
– Lower personnel costs for registered players (–€10.7 million).
– Reduced expenses related to player registration rights (–€7.0 million).
– Lower costs for services and other staff (–€0.6 million).
This confirms the club’s ongoing effort to streamline its cost structure without compromising sporting ambitions or key strategic investments.
Overall Assessment of the First Half of 2025/26
From the figures at 31 December 2025, several main conclusions emerge:
– There is a clear improvement in the **quality** of revenues, with recurring and structural income on the rise, a factor that strengthens the sustainability of the business model.
– The worsening of the bottom line is primarily linked to the extraordinary capital gains recorded in the previous season and to the higher number of home games played in that period (10 versus 8), which boosted both matchday and broadcasting revenues a year ago.
– Progress continues in reducing the impact of operating costs on the overall accounts.
– The financial structure remains stable and balanced. Following the bond issue, net financial debt is better structured, the level of debt is under control and significantly lower than the value of the club’s real estate assets.
– The main proceedings involving the club (including Consob and criminal matters) are essentially concluded, with relatively modest financial penalties.
