Juventus forecast another operating loss as Champions League return becomes crucial

Juventus expect to make another operating loss this season, and a return to the Champions League is key to the club’s financial recovery.

According to Calcio e Finanza, the forecasts appear in the information document for the club’s capital increase. The board updated them on 29 September after the first phase of the 2026-27 transfer window and a disappointing previous campaign.

The Bianconeri expect both their operating result and operating cash flow for 2026-27 to be negative, mainly because they are in the Europa League rather than the Champions League. The document doesn’t say how big the loss will be.

Juventus posted a €66m loss in 2025-26, up from €58.1m the year before, and revenue fell to €474.7m.

The club are forecasting gradual improvement in 2027-28 and 2028-29, but that depends heavily on Champions League qualification in both seasons. They admit this is outside their direct control. Spalletti’s side are seventh, six points behind fourth-placed Milan.

Juventus estimate they’ll need around €112.5-125m from the €250m capital increase to cover 2026-27 and, to a lesser extent, 2027-28. In the longer term, they’re aiming for more than €500m in annual revenue, including over €100m from the stadium, and an operating break-even, although the club describe these targets as “aspirational”.