Football and finance

Juventus, 97.8 million capital increase closed. The share price drops -5%

New shares equal to 9.1 per cent of the share capital were issued. Exor and Tether retain their shares

by Finance Editor

20 November 2025Aggiornato il 21 novembre 2025, ore 09:59

L’«applauso» di Yildiz all’aumento di capitale da 97,8 milioni per la Juventus

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Translated by AI

Versione italiana

Key points

The operation

3' min read

Translated by AI

Versione italiana

Juventus closed the €97.8 million flash capital increase to support the strategic plan. A total of 37,912,181 new shares were issued, representing approximately 9.1% of the share capital. The issue price of the shares, reserved for institutional investors, was set at EUR 2.58 per share. The shareholders Exor and Tether, who hold approximately 65.4% and 11.5% of the share capital of Juventus, respectively (equal to approximately 78.9% and 7% of the voting rights), were allocated new shares pro rata to their respective shareholdings.

The placement will be settled, by delivery of the securities and payment of the consideration, on 25 November. Of the €97,813,426.98 gross total value of the new shares, there are €1,516,487.24 nominal value and €96,296,939.74 share premium, admitted to listing and trading from the date of issue on Euronext Milan. As a result, the company's total share capital amounts to €16,731,359.80, divided into 417,033,996 ordinary shares, with no indication of par value.

The deal was greeted at Piazza Affari by a -5% to EUR 2.57, after a low at EUR 2.44.

The proceeds of the capital increase will be used by the company for the realisation of the2024/2025 - 2026/2027 strategic plan aimed at strengthening the capital structure, supporting the achievement of objectives, including the further strengthening of the brand at an international level and the progressive reduction of debt, and finally the maintenance of maximum sports competitiveness at an Italian and international level. UniCredit Bank, Milan Branch acted as global coordinator and sole bookrunner. Juventus has undertaken a 90-day lock-up commitment to UniCredit in line with market practice in similar transactions.

The Juventus board of directors passed a resolution on Thursday 20 November to execute the mandate conferred by the extraordinary shareholders' meeting, increasing the share capital with shares to be offered for subscription to qualified investors and institutional investors abroad, on a divisible basis and for payment.

The increase follows the updating of the estimates of the 2024/2025 - 2026/2027 Strategic Plan and is mainly aimed at strengthening the capital structure; supporting the achievement of the objectives set forth in the Strategic Plan itself, including the further strengthening of the brand at an international level and the progressive reduction of debt; as well as maintaining the utmost competitiveness in sport at an Italian and international level.

L’operazione

The 37,912,181 shares offered by the company will be offered as part of a placement reserved for Institutional Investors to be carried out through an accelerated bookbuilding procedure. The shareholder Exor (which holds approximately 65.4% of the share capital, equal to 78.9% of the voting rights) has expressed its support for the increase until it is fully covered and, in any case, to an extent that, at the very least, does not result in a dilution of its shareholding. Subsequently, the shareholder Tether, which holds about 11.5% of Juventus' share capital, equal to 7% of voting rights, confirmed its willingness to participate in the placement for an amount corresponding to its shareholding in Juventus' share capital and declared itself available to consider the possible subscription of unallocated portions of the capital increase.

The Company has given specific instructions to the Global Coordinator in relation to the proportional participation of the relevant shareholders that qualify as qualified investors. The bookbuilding will begin immediately and Juventus reserves the right to close the placement early and/or vary its terms at any time.

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