Juventus Football Club S p A : Consolidated half-yearly financial report as at 31 December 2024

CONSOLIDATED HALF- YEARLY FINANCIAL REPORT AS AT 31 DECEMBER 2024

Approved by the Board of Directors on 27 February 2025

INTERIM MANAGEMENT REPORT

BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS

Remuneration and Appointments Committee

Laura Cappiello (Chairperson), Fioranna Vittoria Negri and Diego Pistone

Control and Risk Committee

Fioranna Vittoria Negri (Chairperson), Laura Cappiello and Diego Pistone

Related-Party Transactions Committee

Fioranna Vittoria Negri (Chairperson), Laura Cappiello and Diego Pistone

ESG Committee

Diego Pistone (Chairperson), Laura Cappiello and Fioranna Vittoria Negri

1. The term of office of the Board of Directors will expire on the date of the Shareholders' Meeting called to approve the Financial Statements as at 30 June 2025.
2. The term of office of the Board of Statutory Auditors will expire on the date of the Shareholders' Meeting called to approve the Financial Statements as at

1. June 2027.

1. Please note that due to the changes made by the Abodi Decree Law (i.e., Decree Law no. 71 of 31 May 2024) to Law no. 145 of 30 December 2018 and in line with the Company Shareholders' Meeting resolution of 15 October 2020, the statutory audit engagement conferred to Deloitte & Touche S.p.A. has been automatically extended until the end of the legal nine-year term and therefore until the 2029/2030 financial year (i.e., up to the financial year ending 30 June 2030).

EVENTS IN THE FIRST HALF OF THE FINANCIAL YEAR 2024/2025

The Football Season

On 17 December 2024, the Men's First Team qualified for the quarter-finals of the Italian Cup.

On 18 December 2024, the Women's First Team was eliminated in the Group Stage of the UEFA Champions League 2024/2025.

First phase of the 2024/2025 Transfer Campaign

Acquisitions and disposals of players' registration rights

The transactions finalised in the first phase of the 2024/2025 Transfer Campaign involved a total increase in invested capital of € 122.4 million, resulting from acquisitions and increases of € 154.2 million and disposals of € 31.8 million (net book value of disposed rights).

Net expenses coming from temporary transactions amounted to € 10.5 million.

The net capital gains generated from the disposals amounted to € 63.2 million; in this regard, it should be noted that, at the end of the First Phase of the 2024/2025 Transfer Campaign, the Company recorded higher income than that realised in the entire previous season.

The total net financial effect, including auxiliary expenses and financial income and expenses implied on deferred receivables and payables, is negative and equal to € 64.5 million.

For additional details see the Notes to the financial statements.

Season Ticket Campaign

The 2024/2025 Season Ticket Campaign closed with 19,200 season tickets sold (+11.6%), for a net revenue of € 33.2 million, including Premium Seats and additional services. The increase in season ticket revenues, equal to 29% compared to the previous season, is due to the higher number of season tickets and to the inclusion of UEFA Champions League matches in certain standard and premium season tickets.

It should be noted that in the first half of the current season the average occupancy of the Allianz Stadium was over 97%.

Giorgio Chiellini returns to Juventus

On 16 September 2024, Giorgio Chiellini returned to Juventus in the role of Head of Football Institutional Relations, reporting directly to the chief executive officer Maurizio Scanavino, therefore starting a management career that sees him representing the Club in relations with national and international football institutions.

FIFA Club World Cup

On 5 December 2024, the draws were made in Miami for the group stage of the FIFA Club World Cup to be held in the United States from 15 June to 13 July 2025. The Bianconeri have been placed in Group G, together with Manchester City (England), Wydad AC (Morocco) and Al Ain (United Arab Emirates); the group stage will end on 26 June 2025.

Black, White & More: the new ESG strategy

Juventus was one of the first football clubs to recognise the importance of sustainability, setting out on an innovative path years ago.

Since the 2013/2014 season, the Company has published an annual sustainability report to transparently report on its commitment, choosing to publish the Non-Financial Statement prepared in accordance with Legislative Decree 254/2016 (now replaced by Legislative Decree 125/2024) from the 2021/2022 season. Since the 2015/2016 Season, these reports are subject to limited assurance by auditing companies.

In 2024, Juventus launched the Black, White & More ESG strategy and communicated it to its stakeholders. This is based on three areas of action - environment (Environmental), people (Social) and responsibility (Governance) - and six implementation pillars.

• Environment: Juventus considers safeguarding the planet a priority, both as a football club and as a global company. Two of the six strategic pillars, Emissions in the Corner and Assist to Circularity, are

dedicated to this area, demonstrating commitment to reducing the carbon footprint and promoting circular economy initiatives.

• People: Juventus recognises the central role of sport in social integration, promoting mutual respect and fairness. Therefore, three pillars of the strategy are dedicated to this area. The first, People First, addresses an internal dimension, valuing the people in the Club and promoting a culture of daily sustainability. The other two, Sustainable Glocal Club and Fan Centrality, focus on social responsibility, with initiatives that aim to improve the wellbeing of communities locally and globally, collaborating with non-profit organisations and prioritising issues of accessibility and inclusion.
• Responsibility: The Sustainable Leadership strategic pillar aims to ensure full compliance with the ESG regulatory framework and to integrate sustainability principles into the Company's governance and business model.

Allianz Stadium hosts international rugby

On 23 November 2024, Allianz Stadium hosted the Italian national rugby team in a test match against the All Blacks. It was an unprecedented and successful event for our stadium, made possible by an agreement between Juventus and the Italian Rugby Federation.

Update of strategic plan estimates

On 27 September 2024, the Board of Directors examined the updated economic, equity and financial performance estimates for the current year and the next two years of the Strategic Plan 2024/2025- 2026/2027 approved in October 2023 (the "Plan"); this update has not highlighted significant changes compared to the Plan estimates.

Resolutions of the Ordinary and Extraordinary Shareholders' Meeting of 7 November 2024

On 7 November 2024, the Ordinary Shareholders' Meeting approved the separate financial statements for the financial year ended 30 June 2024, which show a loss of € 199.2 million, as well as the full coverage of the losses with the share premium reserve. The consolidated financial statements for the financial year ended 30 June 2024 were also illustrated in the context of the Shareholders' Meeting.

The Shareholders' Meeting also resolved on (i) the renewal of the control body by appointing the Board of Statutory Auditors for the financial years 2024/2025 - 2025/2026 - 2026/2027, (ii) the securities-based compensation plan "Performance Shares Plan 2024/2025-2028/2029" and, to service such plan (iii) the approval of the proposal to authorise the purchase and disposal of treasury shares.

The Shareholders' Meeting approved Section I and expressed a favourable opinion on Section II of the "Report on remuneration policy and compensation paid" prepared pursuant to Art. 123-ter of the Consolidated Law on Finance.

Lastly, the Extraordinary Shareholders' Meeting approved the proposal to amend the By-Laws, following the approval of the so called "Legge Capitali" in March 2024, in order to allow that attendance at the Shareholders' Meeting and exercise of voting rights through the designated representative pursuant to Article 135-undecies of the Consolidated Law on Finance.

Agreement with the Revenue Agency

On 24 September 2024, the Company reached an agreement with the Italian Revenue Agency, Regional Directorate of Piedmont, Large Taxpayers Office with reference to two Reports on Findings (Processi Verbali di Constatazione, "PVC") issued by the Guardia di Finanza (Italian Tax Police) of Turin in the months of March and October 2023. These PVC related to the possible tax implications of alleged critical issues in the accounting of certain operating events related to the results that emerged in the context of the criminal proceedings pending at the public prosecutor's office at the Tribunal of Turin (today, the public prosecutor's office at the Tribunal of Rome).

After submitting its observations and pleadings to the Office, albeit convinced of the correctness of its actions and, therefore, of the non-existence of the findings formulated - the Company decided to settle the entire tax dispute, in order to avoid a dispute on issues that are inherently subjective in valuation terms and whose interpretation is neither unequivocal nor established. The total expense incurred, including penalties and interest and relating to the four tax periods covered by the PVC (2018, 2019, 2020 and 2021), is equal to € 1.4 million; this expense, partly allocated to the provision for risks starting from the half-yearly financial

report as of 31 December 2022 (and related adjustments in the subsequent half-years), was paid in full on 24 September 2024.

Criminal proceedings pending before the Rome Judicial Authority

On 22 December 2023, the Company received notification of the conclusion of the preliminary investigations from the Public Prosecutor's Office of Rome (the "Rome Notice"). The Rome Notice alleges offences under Article 2622 of the Italian Civil Code, Article 185 of the Consolidated Law on Finance, Article 2 of Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil Code against some individuals (i.e., certain former directors and managers and one current manager), while the Company is under investigation for the offences referred to in Articles 5, 25-ter, 25-sexies and 25-quinquesdecies of Italian Legislative Decree 231/2001.

On 17 July 2024, the Rome Public Prosecutors signed the request for committal for trial for nine defendants, including the Company. The file was then sent to the Office of the Preliminary Investigations Judge in Rome and assigned to the Preliminary Hearing Judge. By order notified on 14 October 2024, the Preliminary Investigations Judge set a preliminary hearing for 5 December 2024.

The hearing of 5 December 2024 was devoted to the filing of the documents related to joining the criminal proceedings as a civil party seeking damages by the persons allegedly harmed by the offences in question. In total, there were 214 individuals who filed civil claims. At the subsequent hearing on 27 January 2025, an additional 9 individuals joined the proceedings as a civil party seeking damages.

At the hearing of 10 February 2025, the Preliminary Hearings Judge of Rome ruled on the admissibility of the above-mentioned civil parties, completely excluding 2 intervening parties and limiting the admissibility of the claims for compensation made by the other 221 civil parties (including 218 shareholders) to only some of the offences contested in the request for committal for trial. The Preliminary Hearing Judge also issued, at the request of some civil parties, orders to summon Juventus as liable party for the civil claims. The next preliminary hearing is scheduled for 4 March 2025.

Following the in-depth analyses carried out on the basis of the information available at the date of this report and taking into account the current stage of the criminal proceedings and their complexity, the defence's arguments and the numerous elements of uncertainty both of a technical nature and in relation to the outcome of the proceedings - the Company believes, also with the support of its consultants, that the conditions under the applicable accounting standards for the recognition of a provision in the half-yearly consolidated financial report as of 31 December 2024 are not met.

For more information on the analyses and assessments carried out by the Company with the support of its legal and accounting consultants, as well as information of quali-quantitative nature on the pending criminal proceeding, please refer to the Notes 55 and 56. In particular, in Note 55, prepared with a view to maximum transparency and breadth of disclosure and also at the request of Consob pursuant to Art. 114, paragraph 5, Consolidated Law on Finance, Juventus provides - as also done in Note 55 to the consolidated half-yearly financial report at 31 December 2023 - the pro-forma consolidated balance sheet and income statement for the six-month period ended 31 December 2024 to represent the effects of the accounting of capital gains deriving from the disposal of football players through so-called 'cross transactions' finalized in previous financial years in accordance with Consob Resolution no. 22858/2023.

Consob notice pursuant to art. 187-septies of Legislative Decree 58/98 and art. 15 of Regulation 596/2014

On 5 August 2024, Consob notified to Juventus, and to certain former directors and managers and one current manager (collectively the "Officers") of a notice pursuant to art. 187-septies of Legislative Decree 58/1998 due to the alleged violation of art. 15 of Regulation (EU) 596/2014 and the alleged carrying out of market manipulation offences with regard to the public disclosures provided through the press release of 28 March 2020, the annual consolidated financial report at 30 June 2020 and 2021 and the half-yearly consolidated financial report as of 31 December 2021 (the "Notice").

The facts covered by the Notice are the same as those that had already been the subject of Consob resolutions no. 22482/2022 and no. 22858/2023 (currently being challenged before the Lazio Regional Administrative Court) and concern (i) 16 so-called "cross transactions", (ii) the so-called "salary manoeuvres" carried out during the 2019/2020 and 2020/2021 seasons and (iii) 5 so-called "repurchase agreements" allegedly entered into with other football clubs. The disclosure provided by the Company in relation to the above facts would have been suitable to provide, and allegedly did provide, false and misleading information

on the offer and price of Juventus shares, and would have been suitable to fix, and allegedly did fix, the Company's share price at an abnormal and artificial level at least in the period from 28 March 2020 to 22 November 2022.

Although reference is made in the Notice to so-called "cross transactions", "salary manoeuvres" and "repurchase agreements", the Managers are exclusively accused of disseminating allegedly false information relating to "salary manoeuvres". The allegations against Juventus, on the other hand, are formulated for its Officers having allegedly committed the above-mentioned offences.

Receipt of the Notice resulted in the opening of administrative proceedings ("Proceeding"), the end of which is currently estimated by the Proceeding Authority to be until 29 May 2025. The Company exercised its right of defence by filing written briefs on 22 January 2025 and by requesting a hearing.

To date, the Company has not been subject to administrative sanctions; any sanctions may only be imposed upon conclusion of the Proceeding, without prejudice to the Company's right to file an appeal. Instead, with reference to the Allegations against Officers only, note that in the event of sanctions being imposed by Consob, Juventus would be jointly liable with the Officers for the payment of any financial penalty.

Juventus believes that it has always acted in compliance with applicable legal and regulatory provisions, also with regard to the market disclosures, as well as in line with international practice in the football industry.

Following the in-depth analyses carried out on the basis of the information available at the date of this report and taking into account the current stage of the Proceedings and their complexity, the Company's arguments and the numerous elements of uncertainty both of a technical-procedural nature and in relation to the outcome of the Proceedings - the Company believes, also with the support of its consultants, that the conditions under the applicable accounting standards for the recognition of a provision in the half-yearly consolidated financial report as of 31 December 2024 are not met.

Independent Auditors

Please note that due to the changes made by the Abodi Decree Law (i.e., Decree Law no. 71 of 31 May 2024) to Law no. 145 of 30 December 2018 and in line with the Company Shareholders' Meeting resolution of 15 October 2020, the statutory audit engagement conferred to Deloitte & Touche S.p.A. has been automatically extended until the end of the legal nine-year term and therefore until the 2029/2030 financial year (i.e., up to the financial year ending 30 June 2030).

Shareholding structure and share performance

Based on the information available at the date of this report, the share capital of Juventus is 65.4% owned by the parent EXOR N.V., 8.7% by Lindsell Train Ltd., 8.2% by Tether Investments and the remaining 17.7% is a free float on the Stock Exchange.

REVIEW OF THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF THE 2024/2025 FINANCIAL YEAR

Main consolidated income statement and statement of financial position figures as at 31 December 2024

1. Following the participation of the J Women in the UEFA Champions League 2023/2024.

For a correct interpretation of the half-year figures, it should be noted that the financial year of Juventus does not coincide with the calendar year, but it runs from 1 July to 30 June, which corresponds to the football season. The economic trend of the Group is characterised by a highly seasonal nature, typical of the sector, basically determined by the participation in football competitions, the calendar of sporting events and by the players' Transfer Campaign.

The first half of the 2024/2025 financial year ended with a profit of € 16.9 million, improving by € 112.0 million compared to the loss of € 95.1 million recorded in the first half of the previous financial year, influenced by the effects of the men's First Team's non-participation in UEFA competitions.

The significant improvement in the net result compared to the same period of the previous year is attributable both to higher revenues and income amounting to € 101.0 million, and to the effects of progressive operating cost rationalisation actions, in reduction to a total of € 12.1 million.

The total revenue and income for the first half of 2024/2025, amounting to € 291.6 million, increased by

53.0% compared to the figure of € 190.6 million in the first half of 2023/2024; the breakdown is as follows:

Revenues and income for the first half of 2024/2025, at € 291.6 million, increased by 53.0% compared to the figure of € 190.6 million for the first half of 2023/2024. The increase in this item is affected by the participation, in the current season, in the UEFA Champions League 2024/2025, which generates an increase in revenues from audiovisual rights and media revenues for € 60.1 million (of which € 64.1 million related to participation in the UEFA Champions League 2024/2025), as well as ticket sales for € 12.5 million (of which

• 5.2 million for UEFA matches); the latter also increased due to the growth in revenues from season tickets and ticket sales for Serie A home matches.

Revenues from players' registration rights recorded a considerable increase compared to the previous year, amounting to € 67.4 million.

The positive effects mentioned above were partially offset by lower revenues from sponsorship and advertising (down € 18.2 million compared to the previous year, mainly as a result of the failed signing of a front jersey sponsor). Revenues from sales of products and licences decreased by 64.5% solely due to the accounting effects of the agreement signed on 21 June 2024 with Fanatics Italy s.r.l. ("Fanatics"), regarding the management of e-commerce, retail sales and merchandise production, which also entailed a significant decrease in the costs previously related to these revenues; as a result of this agreement and the change in the merchandising business model, the Company also benefited from a moderate increase in net margins.

As a result of the cost rationalisation measures implemented in recent years, operating costs and expenses for the first half of 2024/2025, at € 193.4 million, decreased by 5.9% compared to the figure of € 205.5 million in the first half of the previous year; the breakdown of the item is as follows:

The decrease in the item is significantly influenced by the management of Registered technical staff, including Expenses from players' registration rights, which showed a net decrease of € 10.1 million, as well as the decrease in purchases of products for sale, down by € 5.7 million, due to the agreement signed with Fanatics.

The item External Services mainly reflects higher organisational costs related to the return to participation in the UEFA Champions League 2024/2025, as well as higher legal and advisory costs.

Amortisation and write-downs of players' registration rights amounted to € 60.3 million, substantially in line with the amount recorded in the first half of the 2023/2024 financial year.

Players' registration rights amounted to € 336.7 million; the increase of € 62.1 million compared to the balance of € 274.6 million at 30 June 2024 stems from the net investments (€ 122.4 million) made in the first phase of the 2024/2025 Transfer Campaign, only partially offset by the amortisation and write-downs for the period (€ 60.3 million). The potential market value of these rights is estimated to be significantly higher than the net book value shown in the financial statements.

Land and buildings amounted to € 164.6 million, down € 2.8 million compared to the balance at 30 June 2024. Also in relation to this figure, it should be noted that the potential market value of the main assets included in this item (first and foremost, the Allianz Stadium) is estimated to be significantly higher than the net book value shown in the financial statements.

Group Shareholders' Equity as of 31 December 2024 amounted to € 57.1 million, increasing by € 16.9 million compared to the balance of € 40.2 million as at 30 June 2024, due to the profit of the first half of the 2024/2025 financial year (€ 16.9 million).

Net financial debt at 31 December 2024 amounted to € 302.3 million; the increase of € 59.5 million, compared to € 242.8 million at 30 June 2024, is almost entirely due to cash absorbed for investments in the transfer campaigns and is partly related to seasonality (proceeds from UEFA partly after 31 December 2024). As a matter of fact, the cash flow generated by the management of operating activities improved significantly compared to the figure recorded in the corresponding period of the previous year, thanks to the income from participation in the UEFA Champions League 2024/2025 and the effects of cost rationalisation actions.

It should be noted that, in December 2024, in the face of favourable market conditions, a transaction was finalised for the assignment without recourse of medium - and long-term receivables (for a nominal value of

• 27.8 million) from foreign football clubs. The positive cash flow effect of € 25.4 million in the half-year is almost entirely offset by the negative effect of € 24.2 million of lower proceeds in the half-year due to assignments without recourse occurred in previous financials years.

The following table shows the breakdown of net financial debt.