FINANCIAL REPORT 2022/23: REVENUE PUSHES THE CLUB INTO PROFIT AFTER 17 YEARS

The AC Milan Shareholders' Meeting today approved the results for the financial year ending 30 June 2023, presented by the Board of Directors on 27 September 2023.

This annual report marks an important step on the Club's path towards growth and development, with the accounts showing a profit for the first time since 2006, highlighted by a positive consolidated result of €6.1 million (+€72.6 million compared to the financial year 2021/22) achieved without the contribution of capital gains from player trading and driven by revenues of €404.5 million (+€106.9 million in an increase of 36% compared to the 2021/22 financial year), a new record in AC Milan's history.

In particular, the positive acceleration of the Club's economic performance was primarily supported by the growth in commercial revenues and sponsorships of €44.4 million, from the increase generated by media and TV rights of €41.8 million – mainly due to the excellent European campaign, with the Rossoneri reaching the UEFA Champions League semifinals – and finally, an increase in matchday and season ticket revenue, which saw a growth of €40.3 million, thanks to the constant support and passion of the Rossoneri fans.

The Financial Statement for the year ended 30 June shows that cash generation from operating activities was positive at €78 million (compared to €47 million the previous year), demonstrating the company's quality management, while capital expenditure amounted to €79 million (compared to a positive balance of €21 million the previous year), a testament to the commitment of the owners and management to investment with a primary focus on strengthening the squad and ensuring a more competitive and winning team.

A further distinctive element in this direction is represented by an increase of €50.5 million in player performance rights, which will be further reinforced by the value of the recently concluded transfer campaign.

The analysis of the financial year under consideration also highlights the significant financial support from the controlling shareholder RedBird Capital, through an investment of €40 million, aimed at resolutely advancing the project for a New Stadium.

Paolo Scaroni, Chairman of AC Milan, commented: "Combining sporting performance, global competitiveness and financial sustainability in football, when on a virtuous path, is possible: the financial statement that has just been approved is a testament to that. This marks an important step in our Club's history with a return to net profit after 17 years. We are heading towards a new important chapter of evolution in the development of our Club, supported and made possible by Gerry Cardinale's strategic vision, the expertise of RedBird, the competence and determination of the entire management team led by our CEO Giorgio Furlani, and the talent of our teams, who will continue to thrill and excite our fans."