September 25: Inter Milan have posted a second consecutive annual profit, with the Serie A champions closing the 2025/26 season €22.7m in the black as the financial turnaround under Oaktree progresses.
At yesterday’s announcement, revenue was 518 million euros, the second highest figure in the club’s history. This is down from the record €567m generated in 2024/25, when Inter reached the Champions League final and took part in the expanded FIFA Club World Cup.
The drop was expected, but Inter still remained profitable without this one-off competition income.
Operating expenses were reduced by around 20 million euros (4%), while commercial income grew by 7%, thanks to the club’s new merchandising model with Fanatics.
Revenue from player trading increased by a further €11 million and player depreciation and impairment costs fell by €8 million.
The profit of 22.7 million euros follows last year’s 35.4 million, which had been Inter’s first positive result in 15 years. No matter how you look at it, the club’s finances are on the mend.
There has also been a great improvement in the balance sheet, where equity went from negative 12 million euros to positive 10.4 million euros. This represents a single-season swing of 22.4 million euros.
Finance costs have almost halved, with a drop of 19 million euros following the refinancing completed last year. Inter replaced its previous secured bonds with a long-term line of €350 million at a lower cost of capital.
Oaktree has owned the club since May 2024 and has emphasized getting Inter on a more sustainable footing, with ongoing developments in the academy and women’s set-ups.
On the pitch, there is little sign that the tighter financial approach is slowing things down.
Inter enter the international break unbeaten in Serie A, with four wins and a draw in their first five matches. They are 13 points adrift of Roma and Lazio, having scored 15 goals, the most in the League. Their last result was a 2-2 draw at Roma, where Lautaro Martínez scored twice to rescue a point from 2-0 down.
There has been one blemish, a 2-1 Champions League defeat at Real Madrid, but domestically Inter have started as a team determined to defend their title.
The draft accounts will now go to shareholders for approval in mid-October.
Contact the writer of this story, Harry Ewing, at (email protected)
