AC MILAN: STRONG FOUNDATIONS POWER THE NEXT PHASE OF GROWTH

The Board of Directors of AC Milan has approved the draft financial statements for the fiscal year ended 30 June 2026, which will be submitted to the Shareholders' Meeting for approval.

AC Milan generated €464.6 million in revenue during the 2025/26 fiscal year, maintaining performance close to the record levels achieved in each of the previous two seasons. Revenue increased by 1.7% compared with 2023/24 and was only 6% below 2024/25, due to the absence of European competition.

The Club's core revenue streams continued to perform strongly. Commercial revenue continued to grow, driven by partnerships, with sponsorship revenue surpassing €100 million for the first time in AC Milan's history. Matchday performance also remained robust, with AC Milan recording the highest average attendance in Serie A for the second consecutive season, welcoming more than 72,000 fans per match. The Club's ongoing focus on operational excellence, financial discipline and efficiency initiatives also continued to support cost control.

AC Milan's brand continued its upward trajectory during the year. According to Brand Finance, the Club reached a record brand value of €514 million in 2026, representing 28% year-on-year growth and confirming AC Milan as the fastest-growing football brand in the world since 2021.

The Club recorded a net loss of approximately €24 million, reflecting the temporary impact of not participating in European competitions while demonstrating the resilience and diversification of AC Milan's business model.

At year-end, net financial debt stood at €145.3 million, compared with approximately €92 million in the previous fiscal year, while shareholders' equity totaled €176.4 million. The increase in debt primarily reflects the strategic use of credit facilities to support the Club's investment program, growth initiatives and long-term development projects.

With a strong financial foundation in place, AC Milan is now entering its next phase of growth, leveraging RedBird's owner-operator model, which combines long-term capital with deep operational expertise. During the fiscal year, Massimo Calvelli was appointed Chief Executive Officer of AC Milan, while continuing to serve as an Operating Partner at RedBird.

The Club's sporting ambition remains at the center of its strategy and continues to be supported by substantial investment. At the same time, the new stadium project remains AC Milan's most significant long-term transformational initiative. A major milestone was achieved during the financial year through the acquisition on 5 November 2025 of the San Siro Great Urban Function, including the Stadio Meazza and surrounding areas.

The project is expected to enhance the Club’s long-term economic profile, unlock new growth opportunities and further strengthen AC Milan's ability to invest sustainably in sporting success and global competitiveness.