F.C. Internazionale Milano S.P.A. board approves financial results for 2022/23

MILAN, 26 September 2023 – The F.C. Internazionale Milano S.p.A. Board of Directors approved the draft financial statement for the 2022/23 financial year at the end of the meeting held today at the club's headquarters. The financial statement will be submitted for approval at the F.C. Internazionale S.p.A. Shareholders' Meeting, which will be held at the end of October. As part of the Board of Directors' work and the ongoing focus on compliance, the club has been actively working to update its organisational, management and control model, pursuant to Legislative Decree No. 231/2001, and its code of ethics, in view of regulatory developments and operational activities.

FRESH FUNDS AND RECAPITALISATION BY MAJORITY SHAREHOLDER

During the 2023 solar year, the majority shareholder provided new shareholder loans for a value of €51 million and recapitalised the club with €86m, with the owners’ continued support driving Inter to even higher performance levels and absorbing the impact of losses. Besides strengthening the first team, the majority shareholder has continued to invest in infrastructure and in developing the club on an organisational level.

REDUCTION OF LOSSES AND INCREASE IN COMMERCIAL REVENUE EXCLUDING PLAYER TRADING

The club recorded a significant reduction in losses when compared to the 2021/22 financial year, from €140 million to €85 million, marking a decrease of €55 million. This development is the result of a dual positive impact:

1. A reduction in operating costs, which fell from €528 million to €465.5 million. Meanwhile actions taken in the transfer window in the summer of 2022 cut the club's wage bill.

2. An increase in revenue of around €60 million net of player trading, with total revenues amounting to €425 million.

Matchday revenue was a contributor to this rise, as the season was the first since 2020 to be played with the stadium gates fully open and saw the team reach the UEFA Champions League final. Thanks to the support of the fans, who once again helped Inter achieve Italy's highest attendance figure and feature among the top clubs in Europe, stadium revenue exceeded the €80 million mark, the highest in the club's history. There was a further increase in revenues from audiovisual rights due to last season's extraordinary run in the Champions League.

TERMS OF SETTLEMENT AGREEMENT RESPECTED

The club's 2022/23 financial results will be assessed by the relevant UEFA committee. The club takes the view that it has complied with the terms of the Settlement Agreement and excludes the possibility of financial or sporting sanctions in relation to last season.

OVERVIEW OF THE 2022/23 SEASON

The highlight of the 2022/23 season was the team's extraordinary European campaign, which culminated in a historic Champions League final, the sixth in the club's history. In January and May, Inter added two pieces of silverware to the club trophy cabinet: the ninth Coppa Italia and the seventh Italian Super Cup.

PROSPECTS FOR THE CURRENT SEASON

The club took a highly balanced approach to the summer transfer window ahead of the new season, with excellent additions to the team alongside ongoing efforts to optimise the cost of the squad, ensuring tangible progress towards the target of combining financial sustainability and highly competitive performances on the pitch.

To support the club's sporting growth and consolidate the international appeal of the Inter brand, a renewal has been signed with technical sponsor Nike, a partner of the club since 1998, which will bring the partnership to its 30th anniversary in 2028. The partnership with global entertainment giant Paramount+, which appears on the front of the Nerazzurri jersey, has also been confirmed, while U-Power has been added as Back-of-Shirt Partner.

This summer all 40,000 season tickets made available by the club sold out within a matter of weeks.