Juventus Football Club S p A : The Board of Directors approves the consolidated results for the first half of the 2025/2026 financial year

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SUMMARY OF RESULTS FOR THE FIRST HALF OF THE 2025/2026 FINANCIAL YEAR

For a correct interpretation of the half-yearly 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 2025/2026 financial year closed with a consolidated loss of € 2.5 million, down by € 19.4 million

compared to the profit of € 16.9 million recorded in the first half of the previous year.

Revenue in the first half of the 2025/2026 financial year, compared to the same period of the previous year, are affected by a reduction in revenues from players' registration rights and, to a lesser extent, in revenues from broadcasting revenues and ticketing, partially offset by increases in revenue from sponsorships.

The result benefits from the positive effects of the structural cost rationalisation measures in the last few years, both in the Corporate area and in the Football area, which however have had no effects on the investments planned to achieve the objectives set out in the Strategic Plan both relating to sports competitiveness at Italian and international level and in terms of strengthening of the Juventus brand at global level.

The factors highlighted above are added to non-recurring cost components relating to provisions for expenses related to the dismissal of the men's First Team Head Coach and related staff, which took place in October 2025.

In detail, the difference in the result compared to the first half of the year 2024/2025 is mainly attributable to:

• revenue and income down by a total of € 31.0 million, due to the following main effects:

  • € -25.3 million for revenues from players' registration rights, which had been particularly significant in the first half of the previous year,

  • € -11.9 million for broadcasting revenues. This item decreased mainly due to a timing effect, following a lower number of Serie A Championship home matches played compared to the previous period (8 instead of 10), which therefore affects the pro-rata breakdown of revenues related to the competition's audiovisual rights;

  • total € -8.9 million for matches (mainly due to the effect of lower number of Serie A home matches played as mentioned above);

  • € +15.1 million for sponsorship and advertising, mainly resulting from the full entry into of agreements with

    Stellantis Europe S.p.A. closed in May 2025, The Detroit Metro Convention and Visitors Bureau;

• operating costs decreased by € 18.3 million, due to the following main effects:

  • € -10.7 million relating to costs for registered players and technical staff, following the effects of the Transfer Campaigns, and lower remuneration and variable bonuses paid;

  • € -7.0 million relating to expenses from players' registration rights, mainly related to the lower capital gains realised on definitive disposals;

  • € -0.6 million relating to the balance of costs for services and other personnel, offset overall by a reduction in other operating expenses;

• net depreciation, amortisation and provisions up by a total of € 7.6 million, following the contractual agreements for the termination of the relationship with the Head Coach of the men's First Team and the members of the technical staff occurred in January 2026;

• net financial expenses stable overall;

• slight reduction in taxes (€ 0.4 million), related to the decrease in IRAP resulting from the moderate deterioration in the operating profit (loss).

  Registration rights of football player services amounted to € 315.0 million as at 31 December 2025, a decrease of

  € 8.5 million compared to the year ending as at 30 June 2025, due to net investments of € 51.7 million, more than offset by depreciation, amortisation and impairments of € 60.2 million. It is noted in this regard that, also based on the average market estimates of an external panel of advisors, the potential market value of these rights is significantly higher than their residual carrying amount.

  Land and buildings at 31 December 2025 amounted to € 160.7 million, down by € 1.4 million compared to the financial year as at 30 June 2025, mainly due to depreciation and amortisation for the year. It is hereby noted that, also on the basis of external valuation appraisals, the market value of the main assets included in the item and, in particular, of the Allianz Stadium, is significantly higher than that shown in the financial statements, as well as higher than the overall level of net financial debt.

  Group shareholders' equity at 31 December 2025 amounted to € 77.9 million (€ 13.2 million at 30 June 2025). The change compared to the year as at 30 June 2025 is mainly attributable to: (i) € 67.0 million to the capital increase in November 2025, (ii) € -1.8 million to the result recorded in the period, and (iii) € 0.1 million to the reserve for financial instruments-based compensations to service the Long Term Incentive Plan approved by the Shareholders' Meeting of 7 November 2024.

  Net financial debt as at 31 December 2025 amounted to € 298.8 million, an increase of € 18.6 million compared to 30

  June 2025. This change is mainly attributable to the net effect of:

• € +7.7 million relating to the positive cash flow generated by the period's operating activities;

• € -78.6 million relating to net outflows for transfer campaigns (current and prior years);

• € -9.1 million relating to interest expenses, moderately decreasing compared to the previous year thanks to the progressive lowering of Euribor and improved negotiated conditions;

• € -4.8 million referring to investments in other tangible and intangible assets, mainly relating to improvements to the Premium Seats of the Allianz Stadium, the go-live of the new ERP and to software for digital transformation and cybersecurity.

  In addition to the aforementioned factors of an ordinary nature, there is the non-recurring effect of € +67.0 million relating

  to the capital increase completed in November 2025.

  It should be noted that the cash flow in the first half of the year is physiologically much weaker than in the second half, mainly due to payment flows related to the transfer campaign, which are concentrated in the first half, and the seasonality of ticket and season ticket sales, which mainly occur in late spring.

  The debt structure as at 31 December 2025 has changed compared to that as at 30 June 2025, with a substantially equal split between fixed-rate and variable-rate debt, as a result of the non-convertible bond with a maturity of twelve years, for a total amount of € 150 million, issue in September 2025. The bond issue will also enable a gradual rationalisation of costs, both through the reduction of committed lines (which are structurally more expensive) and through a more efficient use of the credit lines.

  As at 31 December 2025 the Group had bank credit lines for € 523.9 million (excluding the corporate bond loan), of which

  a total of € 316.8 million were not utilised.

  The following table shows the breakdown of the Group's net financial debt.

  amounts in thousands of Euro	31/12/2025			30/06/2025
  	Current	Non- current	Total	Current	Non- current	Total
  Cash and cash equivalents	12,204	-	12,204	36,588	-	36,588
  Financing assets	22,578	6,225	28,803	22,578	-	22,578
  Total financial assets	34,782	6,225	41,007	59,166	-	59,166
  Corporate bond	(1,654)	(147,871)	(149,525)	-	-	-
  Financial liabilities
  	-	-	-	(1,122)	-	(1,122)
  	(53,742)	(37,159)	(90,901)	(41,817)	(42,609)	(84,426)
  	(9,917)	(80,951)	(90,868)	(10,654)	(234,122)	(244,776)
  Total financial liabilities	(65,313)	(265,981)	(331,294)	(53,593)	(276,731)	(330,324)
  Net financial debt - before IFRS 16	(30,531)	(259,756)	(290,287)	5,573	(276,731)	(271,158)
  Liabilities IFRS 16	(3,105)	(5,414)	(8,519)	(2,809)	(6,243)	(9,052)
  Net financial debt - after IFRS 16	(33,636)	(265,170)	(298,806)	2,764	(282,974)	(280,210)
  Other non-current liabilities	-	(101,256)	(101,256)	-	(114,574)	(114,574)
  Net financial debt according to ESMA recommendations*	(33,636)	(366,426)	(400,062)	2,764	(397,548)	(394,784)

  • due to Istituto per il Credito Sportivo

  • due to banks

  • due to factoring companies

  (*) Financial debt according to ESMA recommendations includes, in addition, exclusively trade and other payables due beyond 12 months. In the case of the Company, these items mainly originate from liabilities beyond 12 months related to transfer campaigns and agents' fees; these liabilities, as is standard practice in the industry, are normally settled in several annual tranches. These positions are partly balanced by receivables of the same nature, mainly from football clubs, with similar maturity profiles.

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  This press release does not contain comments on the main individual data of the Company as the effects arising from consolidation of the sole subsidiary B&W Nest S.r.l. are not relevant.

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  SIGNIFICANT EVENTS IN THE FIRST HALF OF THE 2025/2026 FINANCIAL YEAR

  The football season

  Men's First Team

  In terms of national competitions, the First Team is currently in 5th place in the Serie A football championship and was eliminated in the Italian Cup quarter-finals on 5 February 2026.

  In terms of international championships, the Bianconeri have gone through the League Phase of the UEFA 2025/2026 Champions League, finishing 13th and therefore qualifying for the Knockout round play-offs.

  Women's First Team

  In terms of national competitions, on 11 January 2026 the team won the Italian Super Cup, is currently in 3rd place in the Serie A and has qualified for the semi-finals of the Italian Cup.

  In terms of international championships, the team finished 8th in the League Phase of the 2025/2026 UEFA Champions League, and was eliminated in the Knockout round play-offs.

  Technical management

  On 27 October 2025, the Company changed the technical management of the men's First Team, dismissing Igor Tudor and his technical staff, with whom a contract had been signed until 30 June 2027; subsequently, on 8 January 2026, Juventus entered into agreements for the consensual termination of the contracts of the coach and his technical staff.

  Starting from 30 October 2025, the new coach of the men's First Team is Luciano Spalletti, with whom a contract has been signed until 30 June 2026, with the option for the Club to renew for the 2026/2027 sporting season. The Company has also signed contractual arrangements with members of the technical staff.

  First phase of the 2025/2026 Transfer Campaign

  Acquisitions and disposals of players' registration rights

  The transactions finalised in the first phase of the 2025/2026 Transfer Campaign led to a total increase in invested capital of € 51.7 million resulting from acquisitions and increases of € 74.7 million and disposals of € 23.0 million (net book value of disposed rights). It should be noted that the amount of € 74.7 million includes the capitalisation of bonuses linked to sports results paid to the transferring football clubs for players acquired during the previous Transfer Campaigns.

  Net income deriving from temporary transactions amounted to € 0.6 million. The net capital gains generated by the disposals amounted to € 31.0 million.

  The total net financial effect, including ancillary costs as well as financial income and expenses implicit in deferred

  collections and payments, was negative and amounted to € 23.5 million.

  2025/2026 Season Ticket Campaign

  The 2025/2026 Season Ticket Campaign ended with around 19,900 season tickets sold (+3.6% compared to the previous season), for a net revenue of € 36.7 million, including premium seats and additional services. The increase in season ticket revenues, equal to 10.5% compared to the previous season, is substantially due to the higher number of season tickets for premium seats, also due to a marginal increase in the capacity and services of the Allianz Stadium, made possible by improvements made in the 2025 summer break.

  It should be noted that the average Stadium occupancy remained very high in the first half of the 2025/2026 season (approximately 98%).

  Organisational Structure

  During the first half of the 2025/2026 season, the Company completed the definition of its Leadership Team structure through the addition of three new professional figures, reporting directly to the Chief Executive Officer, Damien Comolli:

• Pier Donato Vercellone, with the appointment to Chief Communications Officer, from 1 December 2025;

• Peter Silverstone, with the appointment to Chief Business Officer, from 1 January 2026;

• Marco Ottolini, with the appoint to Sporting Director, from 1 January 2026.

On 26 September 2025, the Company announced the successful completion of a non-convertible corporate bond with a twelve-year maturity, for an amount of € 150 million, named "€ 150,000,000 Senior Secured Fixed-Rate Notes due 26 September 2037" (the "Loan").