Juventus posts 66 million euro loss and seeks 250 million euro recapitalization

Widening deficit and lower revenues

Juventus Football Club approved its financial statements for the fiscal year ending 30 June 2026, recording a consolidated net loss of 66 million euros. The result represents the club's ninth consecutive annual deficit, widening from a loss of 58.1 million euros posted in the 2024–2025 financial year. Total revenues fell to approximately 474.7 million euros, depressed primarily by the team's absence from the UEFA Champions League. Club management stated that the result matched internal projections despite sizable spending in the player transfer market. Juventus anticipates another deficit during the 2026–2027 fiscal year before projecting progressive financial improvement across the subsequent two seasons.

Capital increase plan and Exor commitment

To reinforce its balance sheet, the board of directors decided to propose a cash capital increase of up to 250 million euros, inclusive of share premium. The operation represents the club's fourth recapitalization since 2019, bringing the cumulative equity raised across that period to 1.15 billion euros. Majority shareholder Exor, which holds a 65.4% stake in the Turin-based club, confirmed its long-term backing and pledged to subscribe to its full proportional share of 163.5 million euros. Exor will also disburse 60 million euros immediately as an advance payment toward the future share issue. Club officials stated that the proceeds will support sporting competitiveness, enable potential investments in the Allianz Stadium, enhance brand value, and restore economic sustainability.

Stock market decline and shareholder vote

The combination of widening losses and a fresh equity issue triggered selling on the Milan stock exchange, where Juventus shares dropped 8.85% to close at 1.70 euros on Piazza Affari. Earlier in the session, the stock fell 7.77% to 1.720 euros after failing to set an opening price, extending its year-to-date decline to 40%. Investors will gather at the Allianz Stadium on 3 November 2026 for ordinary and extraordinary shareholder meetings to vote on the board's mandate. If approved, directors may execute the capital increase in one or more tranches before the end of 2026, provided market conditions remain supportive. The new shares will be offered under option rights to all existing shareholders.

Analyst views on Exor holding discount

Financial analysts at Equita and Intermonte evaluated the wider impact of the cash call on Exor, whose net asset value stood at 155 euros per share against a market discount of approximately 54%. Equita analysts noted that recurrent capital requirements at the football club contribute directly to the holding company's valuation penalty.

As we have pointed out multiple times, the repeated capital increases in Juventus are among the reasons for the high discount on NAV for Exor; although taken individually they are worth less than 1% of NAV, if we sum the pro-rata of all those made since 2019 we reach over 2% of the current NAV.

Analysts at Intermonte observed that although Juventus represents less than 2% of Exor's total portfolio value, the club remains an investment that requires ongoing capital to sustain its path toward financial viability. The upcoming shareholder vote on 3 November 2026 will determine whether directors receive the mandate to proceed.