Alessandro Antonello's comments during the Shareholders' meeting

The aim of this meeting is to approve the financial statements ending 30 June 2024, which are marked by another significant reduction in losses achieved by an increase in revenue.

Thanks to the commitment shown by all areas of the club and with the support of our majority shareholder, we continue to pursue our aim of creating a stable connection between sporting competitiveness at the highest level, which is our core business, and financial sustainability.

Last season was marked by achieving a milestone that will go down in Inter history, the second star, which itself showed the inseparable nature of what happens on and off the pitch, with both areas contributing to the healthy development and growth of our sport.

2023/24 FINANCIAL RESULTS – Performances 2016-24

In the 2023/24 financial year, the group's consolidated revenues were €473.2 million, setting a club record, with losses of €35.7 million, showing a reduction of approximately €50 million from the figure of €85.4 million in 2022/23.

This result was generated:

first, by an increase in revenue of approximately €48 million thanks to the growth of sponsorship and retail revenue and the results of capital gains from player transfers

second, by production costs staying very similar to those in the previous year, making a total of €464.3 million.

A direct consequence of this progress is a net increase in production value of €9 million, compared with a loss of €40 million in the previous financial year.

2023/24 FINANCIAL RESULTS – Partnerships, match-day, digital

Let’s look at some highlights from the club’s corporate activities last season in further detail. As previously mentioned, the financial year was marked by a significant increase in commercial revenue. Sponsorship revenue increased by €25.5 million to reach €79.9 million. The results are particularly linked to the renewal with technical sponsor Nike, which will see the partnership reach its thirtieth anniversary. Furthermore, the agreement with Paramount+ has allowed Inter to partner with a big player in the global entertainment industry, innovatively and uniquely activating iconic assets such as the Nerazzurri jersey and San Siro.

At the end of the season, an important agreement was signed with Betsson Sport, which became Inter’s new Official Main Partner, replacing Paramount+. The sports infotainment brand will be present on the prestigious Nerazzurri jersey for the next four years, which is concrete proof of Inter’s brand strength, expressed through the biggest shirt sponsorship contract in the club’s history.

Qatar Airways, which was already an Inter partner, further strengthened its partnership by becoming the club’s Official Main Training Kit Partner, while remaining the Official Airline Partner, demonstrating the solid foundations underpinning the Nerazzurri project.

Finally, the agreement between BPER and Inter was also renewed and expanded at the end of the season, with BPER becoming the Official Training Centre Naming Rights Partner. The new name of the training centre in Appiano Gentile is now the BPER Training Centre in memory of Angelo Moratti and BPER is also the Official Training Kit Sleeve Partner, with its logo on the sleeve of the men's and women’s first-team training kits, as well as on the sleeve of the pre-match kits for domestic competitions.

During the 2023/24 season, the club generated €24 million in revenue from licensing and retail, doubling the e-commerce turnover from the previous year. This business area was consolidated by increasing the number of new collections available to the public and boosted by the Scudetto triumph and the growth of the e-commerce channel, as well as by the new management of physical stores, with the new Inter Store Castello being added this year.

Matchday revenue also contributed significantly to the increase in turnover last season. The support of our fans once again helped Inter set an attendance record in Italy and rank among the top clubs in Europe, with a further increase in revenue based on the same number of matches. Season tickets once again sold out extremely quickly.

Last season, the celebration of the second star allowed Inter’s colours to shine in iconic locations such as Castello Sforzesco, Piazza del Duomo, and, of course, San Siro, filling the city of Milan with the unforgettable emotions of the Nerazzurri community. Thanks to the club’s digital channels, these memorable images reached millions of fans the world over.

Inter Media House confirmed a record-breaking performance level: the Nerazzurri community grew by an additional 10 million users compared to the previous season, making a total of 73 million Nerazzurri fans worldwide. Last season, approximately 60,000 pieces of content were produced in the new digital ecosystem, generating 7 billion impressions and around 3 billion video views. The total number of fans has now reached around 75 million.

These results confirm the club’s desire to keep developing its own brand through a pathway involving innovation, digitalisation and entertainment. The continuous pursuit of excellence in performance and success on the pitch is supported by the club’s corporate activities, while also serving as a driving force for the international expansion of the Nerazzurri brand.

2024/25 OBJECTIVES

Financial balance

The primary aim of each of the club's corporate activities is to contribute to consolidating Inter’s financial sustainability in order to support the highest level of sporting competitiveness and continue the process of stabilising the club's economic and financial profile, while respecting the objectives of the UEFA Settlement Agreement;

The continuous and tangible nature of the support that the club receives from the majority shareholder, which has worked alongside Inter ever since the critical moments in 2021, has led to significant improvement to the club’s economic-financial balance. In addition, in the first quarter of the 2024/25 financial year, Oaktree was involved in a significant recapitalisation operation worth €47 million.

With regard to the Settlement Agreement with UEFA reached on 23 August 2022, for the financial statements submitted for your approval today all of the parameters set out have been respected and therefore we believe there is no chance of us receiving a sanction.

Increase in operating revenues

As part of the Inter brand’s international positioning, the new Club World Cup in the United States in 2025 represents an exceptional opportunity to increase our brand visibility in a particularly strategic geographical area for the club.In recent years, Inter has strengthened its presence in the American market through the opening of new Academies and by participating in sporting and lifestyle events.

The aforementioned sponsorship agreement with our main partner, Betsson Sport, represents a key step forward in the brand enhancement strategy that we intend to pursue in the coming years, relying on continuous growth on and off the pitch.

Finally, one of the main assets to bridge the revenue gap between us and the top European clubs is a club-owned stadium.

Improving infrastructure

As is common knowledge, Inter is moving forward along two paths:

• The construction of a new stadium in the San Siro area and the simultaneous repurposing of the current Meazza. In this regard, an important meeting took place last week with all the political parties involved and the project received backing from the Ministers of Sport and Culture. It was also clarified that the restriction on the second tier will allow the repurposing of the current stadium, preserving its legacy within a new structure. The clubs and the municipal administration are currently awaiting feedback from the Italian Revenue Agency regarding the valuation of San Siro and its surrounding areas, as well as information on the timeframe for acquiring the land.

• At the same time, the option to build a new venue 100%-owned by Inter in Rozzano remains available, with the club extending its exclusivity contract with the company that owns the land until January 2025.

CONCLUSIONS

To finish off, I would like to thank all of you. We can feel your unrivalled passion every day and in every match. We are working hard on a daily basis for our club’s future, and the support that you provide to Inter and its projects serves as huge motivation for us to turn our ambition into reality.