Exor: Juventus seeks up to €250m, twice the top of its quantified needs, and Exor's share could reach €163.5m

On 3 November, Juventus will ask its shareholders for a capital increase mandate of up to €250m, when it gives an indicative estimate of its equity needs for this financial year and the next of €125m at most (Opulion calculation). Exor's share could reach €163.5m, 29.4% of the value of its stake at 30 June. The club ties the whole mandate to a necessary strengthening and a preventive safeguard, without quantifying the use of the remainder, and Exor would pay at least 65.4% of it in the announced rights offering.

Why it matters for Exor shareholders: Exor holds 65.4% of Juventus's share capital and 78.3% of its voting rights. The stake was worth €557m at 30 June 2026, after €789m at 31 December 2025 (half-year report, listed companies table), 1.6% of gross assets of €35,768m. Exor has undertaken to subscribe its share: €163.5m if the €250m is raised (Opulion calculation: 65.4% × €250m), including an advance of €60m confirmed in the release of 29 September. This €163.5m would be 0.51% of net asset value of €32,009m at 30 June (Opulion calculation). Opulion view: the amount weighs little for Exor, the gesture counts for more, fresh money into a stake that lost €232m of value in six months (Opulion calculation: 789 − 557).

Juventus's release of 29 September gives an indicative estimate of its equity-strengthening needs at 45% to 50% of the mandate, for the current financial year and, to a lesser extent, the next, or €112.5m to €125m (Opulion calculation: 45% and 50% of €250m). This estimate assumes, over the three seasons 2026/2027 to 2028/2029, sporting results in line with those before 2025/2026. The release assigns no amount to the rest of the mandate. It presents the whole mandate as serving the necessary strengthening of its capital structure. It also places it within measures forming a preventive safeguard against the potential risks of a business significantly influenced by sporting results and transfers, and cites UEFA and Italian federation rules, sporting competitiveness, the stadium and the brand. With €125m raised, Exor's share would be €81.8m (Opulion calculation: 65.4% × €125m). At the ceiling, it would be double that, €163.5m. The ceiling remains a ceiling: the mandate can be exercised in whole or in part.

The capital increase of November 2025 added €67.0m to equity in the 2025/2026 financial year, and the €66.0m loss absorbed almost all of it. Equity ended at €11.5m, after a €2.8m fall in the fair value reserve. At 30 June the club had €5.5m of cash and cash equivalents, net financial debt of €331.1m and €298.6m of undrawn bank lines. Opulion view: the quantified need concerns equity, with the €60m advance also aimed at the financial structure. The club expects another loss and negative cash flow in 2026/2027, with the Europa League instead of the Champions League, followed by a marked improvement from 2027/2028 if its sporting results return to the average before 2025/2026, Champions League included.

Exor also says it is willing to underwrite the shares other shareholders do not subscribe, on terms to be defined. If it took up all of them, its cheque would reach €250m, 11.5% of its cash of €2,179m at 30 June, as a scale reference (Opulion calculation). At the same time, Exor is buying back its own shares: after the first tranche of €125m completed on 23 October, 255,020 shares from 26 to 30 October, for €17.8m (Opulion calculation, sum of the four platforms in the report of 2 November), or €3.6m per session over five sessions, below the €5m to €6m pace mentioned in our brief of 27 October and above the €2.6m that would suffice up to the end of December.

For Exor shareholders, four tests will come in order. On 3 November at 10 am, the Juventus meeting will vote on the mandate. If it is approved, the board will then set the price, the ratio and the amount, expected by the end of 2026 if market conditions allow. Exor's cash at 31 December, published in March 2027, will show what Juventus and the buybacks will have cost by that date, alongside the €1,057m calculated for Iveco, the offer having been settled on 30 October according to the bidder, which does not name Exor. Juventus's 2027/2028 accounts will then show whether Exor's money has gone beyond the quantified needs.