Juventus: Financials Show €58M Loss, Capital Boost up to €110M

Juventus has significantly cut its financial losses, dropping from €199 million in the 2023-24 season to €58 million in 2024-25. However, the club`s board has lowered its business plan estimates, projecting only slight improvements in results and cash flow for 2025-26. Break-even is now anticipated for 2026-27, rather than a positive outcome. This indicates a more challenging path to financial recovery. This shift became evident after the club acknowledged a failed previous sporting management, dismissing Thiago Motta in March and then technical director Giuntoli in June. Consequently, a previously planned capital increase will need to be larger than initially hoped. While the range was €15-110 million in March, it`s now estimated at €70-110 million, though the official club statement specifies “up to €110 million.” The final amount of this recapitalization, to be executed in the first quarter of 2026, will be decided by the November board meeting (following the shareholders` assembly on the 7th), with Champions League performance being a key factor. This will be the fourth capital increase in eight years. Between 2019 and 2024, shareholders have already invested €900 million, with Exor contributing €573 million and an additional €30 million as an advance for the upcoming capital increase.

Negative Factors

What led to these developments? The departures of Motta and Giuntoli resulted in a €16 million provision. Furthermore, sporting results that fell below business plan expectations (missing Champions League playoffs, Coppa Italia quarterfinals, and finishing fourth in the league) along with delays in securing shirt sponsorships led to a reduction in revenue of approximately €20 million. Consequently, the financial statement for June 30, 2025, closed with a larger loss than anticipated. Despite this being Juventus`s eighth consecutive year in the red, with €847 million burned over the last five years, the latest season shows a significant positive trend reversal: losses decreased from €227 million (2020-21), €239 million (2021-22), €124 million (2022-23), and €199 million (2023-24) to €58 million (2024-25). Positive influences include the return to the Champions League (€75 million), the Club World Cup (€27 million), and player trading (€110 million in proceeds compared to €34 million the previous year). It`s also worth noting the continuous reduction in the structural cost of the squad: player amortizations and write-downs dropped from €139 million to €125 million, and employee salaries from €239 million to €220 million. Conversely, injuries during the first half of last season forced the club to incur €12 million in loan costs in January.

Outlook for 2025-26

The revised estimates also extend to the current financial year, influenced by the transfer market. A notable example is Dusan Vlahovic; his continued presence incurs costs of €42 million for 2025-26. While Juventus did reduce costs this summer, it was less than anticipated, and some outgoing transfers, like Nico Gonzalez, may materialize later. It`s important to note that specific sporting decisions were made to retain key players, foregoing potential capital gains of €31 million recorded between July and August. Financial sustainability hinges on maintaining a highly competitive team; consistent Champions League qualification remains crucial, especially now that sponsorship revenues have normalized and stadium business has stabilized. As of June 30, 2025, net financial debt increased by €37 million to €280 million, primarily due to the negative factors discussed. Equity injections will help reduce this debt, a medium-to-long-term objective for Juventus. Concurrently, a €150 million bond was issued with a 4.15% interest rate, maturing in 2037, and a private investment-grade rating. This bond, subscribed by funds managed by Pgim (a leading global asset manager), will balance the financial debt structure by extending its duration and lowering its cost.