The Juventus Board of Directors has today officially approved the accounts for the financial year ending 30 June 2026 — and the headline figure is a consolidated loss of €66 million. It is the ninth consecutive year of losses for the club, a figure that is larger than the €58.1 million deficit recorded in 2024-25 but entirely in line with what the management had projected and communicated publicly in the months preceding the board meeting. The accounts were approved in Venice, where John Elkann noted a personal coincidence: he was first elected to the board on 29 September 2006, exactly twenty years ago.
The Full Financial Picture — Revenue Stable, Costs Down, Debt Up
The operating revenues were substantially stable at €416.9 million. The operating result was negative at €39.4 million — deteriorating from a €29.9 million operating loss the previous year. The net loss of €66 million deepens from €58.1 million. The net financial debt has risen to €331.1 million from €280.2 million at 30 June 2025, an increase of €50.9 million driven primarily by net transfer expenditure of €102.4 million and capital investments — including the acquisition of the J|Hotel property — partially offset by operating cash flow and the previous capital increase.
The positive dimensions of the picture: operating costs fell by €42 million without cutting investments in sporting competitiveness; sponsorship revenues remained stable above €120 million; and the debt structure has been improved through a €150 million 12-year bond issued during the year.
The Capital Increase — Up to €250 Million, With Exor Advancing €60 Million Immediately
The most consequential decision from today’s board meeting is the proposal to shareholders of a capital increase of up to €250 million — a significantly larger figure than the €110 million approved for the previous year. The operation, to be put to the shareholders’ assembly on 3 November, will be executed in one or more tranches before the end of 2026, in the presence of favourable market conditions.
Exor — which holds 65.4% of Juventus — has confirmed its full support for the operation and will subscribe to its proportional share, guarantee any unsubscribed portion, and has additionally confirmed an immediate advance payment of €60 million as a versamento in conto futuro aumento di capitale — a down payment that will strengthen the balance sheet immediately while the formal capital increase process proceeds. The current estimates indicate the practical financial requirement falls between 45% and 50% of the total delegation — in other words, between €112.5 million and €125 million is the actual cash that the club needs.
The Forward Outlook — Another Loss Projected for 2026-27
The most sobering element of today’s board communication is the updated business plan, which projects a further negative result for the 2026-27 financial year — a direct consequence of the mancata partecipazione alla Champions League in the current season, which weighs heavily on revenues. The plan projects a progressive improvement across the two subsequent financial years, with the path to break-even extending beyond the 2028 target that had previously been stated.
From the statement: “Conti sotto controllo e una gestione più efficiente: il risultato 2025/26 della Juventus è in linea con le previsioni. The management has been renewed and the main pending issues of the past are closed — UEFA, the Rome proceedings, and IMG — with a collection of €22 million.” And from Elkann on the venue of the meeting: “I wanted to organise these two days in Venice to close a circle of exactly twenty years, since I was elected for the first time on 29 September 2006 — a quite incredible coincidence.”
The club also noted that the Allianz Stadium will host the 2028 Conference League final, is a candidate to host Euro 2032, and since 2026 also hosts major concerts — evidence of the commercial diversification of an asset the club owns outright, alongside the J|Hotel and all its other strategic properties. “A solid club, with assets worth more than their book value: Juventus owns all its strategic properties — a rare case in Europe.”
