Below are the words of Alessandro AntonelloCEO of Inter, during today’s shareholders’ meeting, the day on which the budget of the Nerazzurri club was approved: “This appointment has the aim of approving the budget closing on 30 June 2024, which is characterized by a new significant reduction in loss, achieved thanks to an increase in revenues.
Thanks to the commitment of all company components and with the support of the majority shareholder, we continue in our objective of creating a virtuous circle between sporting competitiveness at the highest levels, an expression of our core business, with economic and financial sustainability.
Last season, characterized by the achievement of a milestone that will remain forever in the history of Inter, namely the Second Star, highlighted how these two aspects, what happens on and off the pitch, are inseparable, and how both contribute to the development and healthy growth of our sport.
THE RESULTS OF THE 2023/24 FINANCIAL YEAR – 2016-24 performance
In the 2023/24 financial year, the Group achieved consolidated revenues of 473.2 million Euros, a historical record for the Club, and a loss of 35.7 million Euros, with a reduction of approximately 50 million Euros compared to to 85.4 in the 2022/23 season.
This result is generated:
on the one hand by an increase in revenues of approximately 48 million euros, due to a growth in turnover from sponsorships and revenues from retail, as well as the results of capital gains on the sale of players;
at the same time, production costs remain almost stable compared to the previous year, for a total of 464.3 million euros.
The direct consequence of these trends is a net increase in the value of production of 9 million euros, compared to a loss of 40 million euros in the last financial year.
THE RESULTS OF THE 2023/24 FINANCIAL YEAR – Partnership, match-day, digital
Let’s go into detail with some highlights of last season’s corporate activities. As anticipated, the year is characterized by a significant increase in commercial turnover. Sponsorship revenues increased by 25.5 million euros to reach 79.9 million euros. In particular, the results are due to the renewal with the technical sponsor Nike, which will bring the partnership to reach its 30th anniversary. Furthermore, the agreement with Paramount+ has allowed Inter to partner with a big player in global entertainment and to activate its iconic assets such as the Nerazzurri shirt and the San Siro stadium in an innovative and unique way.
At the end of the season, an important agreement was signed with Betsson Sport, which became the new Official Main Partner of Inter, replacing Paramount+. For the next four years the sports infotainment brand will be present on the prestigious Nerazzurri shirt, concrete proof of the strength of the Inter brand, expressed by the largest shirt sponsorship contract in the history of the Club.
Qatar Airways, already a partner of Inter, has decided to further strengthen its partnership by becoming Official Main Training Kit Partner of the Club, as well as remaining Official Airline Partner, demonstrating the solidity of the Nerazzurri project.
Finally, the agreement between BPER and Inter also saw a renewal and expansion of the partnership at the end of the season, becoming the Official Training Center Naming Rights Partner, giving a new name to the Appiano Gentile sports centre, BPER Training Center in memory of Angelo Moratti, and Official Training Kit Sleeve Partner with his logo on the sleeve of the training kit of both the Men’s and Women’s First Team, and on the sleeve of the pre-match kits for home competitions.
During the 23/24 season the Club achieved 24 million euros in revenues from licensing & retail, doubling the turnover compared to the previous year in the e-commerce area. The consolidation of this business area is due to the increase in the number of new collections offered to the public, the boost received from the Scudetto and also the growth of the e-commerce channel, combined with the new management of the sales points, which this year was added the new Inter Store Castello.
Match day revenues also contributed significantly to the increase in turnover last season. Thanks to the support of our fans, who have once again led Inter to the attendance record in Italy and among the top clubs in Europe, resulting in further growth in revenues for the same number of matches. Subscriptions sold out again very quickly.
Last season, the celebration of the Second Star made it possible to bring the colors of Inter to iconic places, such as the Sforzesco Castle, the Piazza del Duomo and obviously San Siro, enveloping the city of Milan with the unforgettable emotions of the Nerazzurri people. Thanks to the Club’s digital channels, these memorable images have reached millions of fans around the world.
Inter Media House confirmed a record performance: the Nerazzurri community grew further by 10 million users compared to the previous season, for a total of 73 million Nerazzurri fans worldwide. Last season, around 60,000 pieces of content were produced in the new digital ecosystem, generating 7 billion impressions and around 3 billion video views. Currently the total number of fans has reached around 75 million.
These results confirm the Club’s desire to continue developing its brand through a path of innovation, digitalisation and entertainment. The continuous pursuit of performance excellence and victory on the pitch receives support from the Club’s corporate activity and at the same time acts as a driving force for the international expansion of the Nerazzurri brand.
OBJECTIVES 2024/25
Economic – Financial Balance
Each of the Club’s corporate activities has the primary objective of contributing to the consolidation of Inter’s financial sustainability, in order to support the maintenance of the highest level of sporting competitiveness and to continue along the path of stabilization of the Club’s economic-financial profile, respecting the objectives of the UEFA Settlement Agreement.
The continuity and solidity of the support that the Company receives from the Majority Shareholder, who has worked alongside Inter since the very critical moments of 2021, have already made it possible to bring significant improvements to the economic-financial balance of the Club. Furthermore, Oaktree carried out an important recapitalization operation for a total of 47 million euros during the first quarter of the 2024/25 financial year.
With regards to the Settlement Agreement signed with UEFA on 23 August 2022, for the financial statements subject to your approval today the Club appears to have respected each of the established parameters and therefore we do not foresee the possibility of receiving any sanctions.
Increase in operating revenues
As part of our international positioning process, the arrival of the new Club World Cup in the United States in 2025 represents an exceptional opportunity to broaden the visibility of the Nerazzurri brand in a geographical area that is particularly strategic for the Club. In fact, in recent years Inter has strengthened its presence on American territory thanks to the opening of new Academies and participation in sporting and lifestyle events.
The sponsorship agreement mentioned above with our main partner Betsson Sport represents an important step in the strategy to enhance our brand, which we intend to pursue in the coming years, counting on Inter’s continued growth on and off the pitch.
Finally, one of the main assets to bridge the gap in terms of revenues that separates us from the most important European clubs is the owned stadium.
Strengthening of infrastructure
As is known today, Inter is moving along two lines:
The construction of a new stadium in the San Siro area and the simultaneous redevelopment of the current Meazza. In this direction, an important meeting took place last week with all the political parties involved and the project obtained approval from the Ministers of Sport and Culture. Furthermore, it was clarified that the restriction on the Second Ring will allow the refunctionalization of the current system while maintaining its remains within a new structure. At the moment, the clubs and the municipal administration are waiting to receive indications regarding the development of San Siro and the surrounding areas from the Revenue Agency, as well as feedback regarding the timing for the acquisition of the area.
At the same time, the option of building a new facility in Rozzano 100% owned by Inter remains active, for which the Club has extended the exclusive contract with the company that owns the land until January 2025.
CONCLUSIONS
In closing I would like to thank you all, we feel your great passion every day and again at every match. Our daily work is for the future of our Inter and the support you provide to our Club and its projects is of great motivation for us to continue our ambition.”