Juve: reconstruction review, a loss of 66 million and a further capital increase

To further strengthen the capital structure, the Board of Directors will propose to shareholders an authorisation for a capital increase of up to 250 million euros. The majority shareholder, Exor N.V., which holds 65.4 per cent of the share capital, has confirmed its support by undertaking to subscribe to its allocated portion, to guarantee any unsubscribed shares and to pay €60 million immediately towards a future capital increase.

According to the club, the deal will not only serve to bolster sporting competitiveness, but also to fund potential investments in strategic property assets, brand development and the achievement of a more stable economic and financial position.

Juventus is still forecasting a loss in 2026/27, largely due to its absence from the Champions League. However, the multi-year plan forecasts a gradual improvement over the following two financial years and a significant step forward from 2027/28, assuming a return to sporting results in line with the club’s historical average.

This outlook is further bolstered by the resolution of the main outstanding issues carried over from the past, including the proceedings with IMG – which resulted in a cash inflow of 22 million euros – the settlement of the proceedings before the Court of Rome, and the conclusion of the UEFA proceedings, which led to the relevant settlement agreement.

In terms of assets, the club boasts a feature that is rare on the European scene: direct ownership of all its key strategic assets. In addition to the Allianz Stadium, Juventus owns its headquarters, the Continassa training centre and, from May 2026, the J|hotel as well. According to the valuations cited in the financial statements, the market value of these properties, as well as that of the squad, is significantly higher than the values recorded in the accounts. Furthermore, more than half of the club’s financial debt, amounting to €190 million, is directly linked to these property assets.

Finally, the debt structure has been made more balanced thanks to the issue in September 2025 of a €150 million fixed-rate bond with a 12-year maturity, a move which has extended the average maturity of the debt and improved the club’s financial sustainability in the medium to long term.

In summary, the 2025/26 financial statements confirm that Juventus is still in the process of economic restructuring, but with costs under control, growing commercial revenue, valuable assets and the full support of Exor to tackle the next phase of development.