Exhibit 99.3

Società Sportiva Juve Stabia S.r.l.

Registered office: Via Cosenza – c/o Stadio R. Menti, 80053 Castellammare di Stabia (NA), Italy

Financial Statements as of 31 December 2024 and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023

Statement of Financial Position (Balance Sheet)

The accompanying notes are an integral part of these financial statements.

Statement of Comprehensive Income (Loss)

The accompanying notes are an integral part of these financial statements.

Statement of Changes in Shareholders’ Equity

The accompanying notes are an integral part of these financial statements.

Statement of Cash Flows

The accompanying notes are an integral part of these financial statement.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

1. Corporate Information

Società Sportiva Juve Stabia S.r.l. (“Juve Stabia” or the “Company”) is a limited liability company (società a responsabilità limitata) incorporated and domiciled in Italy, with registered office in Castellammare di Stabia (Naples), Italy. The Company is registered with the Registro delle Imprese di Napoli under registration number 04246411211.

The Company’s principal activity is the management and operation of a professional football club. Juve Stabia participates in national football competitions organized under the authority of the Federazione Italiana Giuoco Calcio (FIGC) and the Lega Italiana Calcio Professionistico (Lega Pro). The Company’s operations include sports-related activities (such as participation in league and cup matches, youth academy development, and player registrations) as well as commercial activities (including sponsorships, advertising, broadcasting rights, ticketing, and merchandising).

The Company’s home matches are played at the Stadio Romeo Menti in Castellammare di Stabia.

2. Basis of preparation and summary of significant accounting policies

2.1 Basis of Preparation and Accounting Policies

These condensed interim financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting, using the same accounting policies and measurement principles as those applied in the audited IFRS financial statements for the year ended 30 June 2024. They do not include all the disclosures required for full annual financial statements and should therefore be read in conjunction with those statements. All amounts are presented in euro (€), which is the Company’s functional and presentation currency, and are rounded to the nearest unit. The accounting policies applied are consistent with those previously adopted, and there have been no new or amended IFRS standards or interpretations during the six-month period that materially affected the Company’s accounting policies, financial position, or disclosures. Estimates and assumptions used in preparing these condensed interim financial statements are consistent with those applied as of 30 June 2024, and continue to reflect management’s best judgment based on the information available. No foreign currency transactions were undertaken during the period, and accordingly, no exchange gains or losses have been recognized.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.2 Significant estimates

The preparation of the financial statements and related Notes in accordance with IFRS requires management to make estimates, assessments, and assumptions that affect the values of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting date. The estimates, assessments, and assumptions used are based on experience and other factors considered relevant. Actual results may differ from these estimates. The estimates, assessments and assumptions used are based on experience and other factors considered relevant. The actual results may differ from these estimates. Estimates, assessments and assumptions are reviewed periodically, and the effects of any changes are immediately reflected in the income statement or shareholders’ equity in the period in which the estimate is revised. The most significant financial statement items affected by these uncertainties are players’ registration rights (see Note 2.9), deferred taxes (see Note 2.22), provisions for risks and charges (see Note 2.17), and variable bonuses for registered personnel (see Note 2.23). The areas involving significant estimates are:

Management does not consider there to be any significant judgments in the preparation of the financial statements. Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.

2.3 Related party disclosure

In accordance with IAS 24, related parties include:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.3 Related party disclosure (continued)

Transactions with related parties are carried out under normal market conditions and reflect ordinary business operations of the Company. The balances of the statement of financial position and income statement arising from transactions with related parties are shown separately in the financial statements, if significant, and commented on the following sections of the financial statements:

Additional Disclosures

2.4 Subsequent events

The Company has obtained from the Italian Football Federation (FIGC) the issuance of the National License for the 2024/2025 sporting season, authorizing participation in the Serie B championship (2^nd Division), a category achieved following the remarkable victory of the Serie C tournament, in which the team remained at the top of the standings from the beginning to the end of the season. This significant sporting achievement is a key component supporting the Company’s business continuity, providing a solid foundation for future operational stability.

Subsequent to 31 December 2024 and up to the date of approval of these financial statements, the shareholder XX Settembre S.r.l. has continued to provide the Company with subordinated and interest-free shareholder loans, amounting to a total of €1.076.000.

Further, as of the date of preparation of these financial statements, in order to cover the Company’s losses, waivers by creditors of shareholder loans and capital contributions to cover losses have been executed through a notarial deed dated May 20, 2025. As part of this transaction, the Company increased its share capital in the amount of €1.197.233.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.4 Subsequent events (continued)

The overall results recorded during the initial months of the current financial year are consistent with the Company’s business plan and forecasts. These results further support the assessment of the going concern assumption. For a detailed explanation of the factors supporting the going concern assumption, please refer to the dedicated paragraph in Note 2.8 (or the relevant section of the financial statements).

In addition, on June 20, 2025, Brera Holdings PLC, an Irish company listed on the American NASDAQ completed the acquisition of a 52% equity interest in the Company, pursuant to a Share Purchase Agreement (“the XX Settembre Agreement”) with XX Settembre Holding S.r.l. (the “Seller”) dated December 31, 2024. Subsequent to 31 December 2024, the Company received cash consideration amounting to €1,500,000 and shares of Brera Holdings Class B Ordinary Shares valued at €1,000,000.

2.5 Commitments, Guarantees and Contingent Liabilities

In accordance with the disclosure requirements of IAS 37 – Provisions, Contingent Liabilities and Contingent Assets and IAS 1.117, the Company reports the existence of commitments, guarantees and contingent liabilities not recognized in the Statement of Financial Position.

As of 31 December 2024, the Company had received surety guarantees from third parties, issued in favor of various counterparties to secure specific regulatory and sporting obligations. In particular:

These instruments represent off-balance-sheet commitments and do not meet the recognition criteria for liabilities under IAS 37.10–14, as no present obligation exists at the reporting date. Consequently, no provision has been recognized. Management continuously monitors these guarantees and considers the probability of any cash outflow to be remote.

2.6 Going Concern

The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The directors consider that this basis of preparation is appropriate, considering the Company’s current financial position and forecasts.

The football club achieved promotion to Serie BKT following the 2023/2024 season and competed professionally in the 2024/2025 season as well as in the current season. This promotion is expected to significantly boost the club’s finances, with Lega B revenues projected to increase by approximately 20% in the second Serie B season due to the application of the Self-Regulation Code, which grants higher fund disbursements. The Company also recorded a substantial €2.5 million gain in July 2025 from the permanent transfer of a player (Andrea Adorante).
 

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.6 Going Concern (continued)

The team’s recent achievement of the promotion play-offs and its current 7th-place standing in the Serie B table are anticipated to further facilitate new sponsorships and an increase in matchday ticket sales. Further, the entry of Brera Holdings PLC, an Irish company listed on the American NASDAQ has significantly strengthened the Company’s assets through capital increases, share premium, and the contribution of NASDAQ-listed securities, ensuring an adequate inflow of fresh capital to cover current needs and progressively reduce debt. Furthermore, the shareholders have committed to providing additional capital contributions, if required, to support the timely payment of multi-year installment plans for tax and social security contributions from prior years, which constitute the Company’s essential total liabilities.

Management prepares an annual budget and longer-term strategic plan, including an assessment of cash flow requirements, and continues to monitor actual performance against budget and plan throughout the reporting period. Based on these factors, including prudent assumptions around the men’s first team’s performance, and with reference to the Company’s balance sheet, existing committed facilities, but also acknowledging the inherent uncertainty of the current economic outlook, Management has concluded that the Company is able to meet its obligations when they fall due for a period of at least 12 months after the date of this report. For this reason, the Company continues to adopt the going concern basis for preparing the annual financial statements.

2.7 Historical Cost

The financial statements have been prepared on a historical cost basis, unless otherwise stated in the notes to the financial statement.

2.8 New and amended standards and interpretations

Accounting standards, amendments, and interpretations published by the IASB, applicable from July 1, 2023:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.8 New and amended standards and interpretations (continued)

Set out below are the recent IAS/IFRS amendments and interpretations, together with newly issued standards and the related European Union endorsement process.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.8 New and amended standards and interpretations (continued)

The following new standards, amendments and interpretations became mandatorily applicable from 1 January 2024. Based on management’s assessment, they did not have any effect on the Company’s financial statements as of 31 December 2024

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.9 Summary of significant accounting policies

Multi-year professional football players’ rights

These consist of intangible assets with a finite useful life equal to the duration of the employment contracts signed with the players. The multi-year rights to players’ services are recognized at cost, including any directly attributable ancillary costs, and, where applicable, adjusted to reflect deferred payments over several years.

With reference to the accounting treatment of fees for services provided to the Company by authorized third parties (FIGC agents), in compliance with sector regulations and within the scope of transactions for the acquisition of multi-year rights to players’ services, it is specified that, in the absence of suspensive conditions (e.g., the player’s continued registration with the Company), such fees are capitalized, as they represent ancillary costs directly attributable to the definitive acquisition of the multi-year right. Conversely, they are recognized in the income statement when they are conditional upon the player’s continued registration with the Company or relate to services provided for the temporary acquisition or disposal (definitive or temporary) of such rights.

Fees for services provided in connection with the renewal of an employment contract are capitalized only when they are not conditional upon the player’s continued registration with the Company. In assessing going concern, the Directors also take into account the possible future financial effects that may arise from the occurrence of conditions linked to such fees.

The multi-year rights to players’ services are amortized on a straight-line basis over the duration of the contracts signed with the individual professional players. The original amortization schedule may be extended in the event of an early renewal of the contract. For players registered as “giovani di serie” (youth players), amortization is carried out over five years on a straight-line basis, while for those registered under an apprenticeship contract, amortization is based on the contractual term itself.

Multi-year rights to players’ services are recognized at the time when control of the right is transferred.

Temporary acquisitions and disposals of players’ rights, where lasting more than 12 months, are accounted for in accordance with IFRS 16. This does not apply in cases where temporary acquisition contracts include clauses providing for a mandatory purchase obligation upon the occurrence of specific events (e.g., the player’s first appearance in a season), which are already considered virtually certain at the transfer date. In such cases, multi-year rights to players’ services are recognized within intangible assets at acquisition cost, including any ancillary charges, and, where applicable, adjusted to reflect deferred payments over several years. Similarly, in cases where temporary disposal contracts include clauses providing for a mandatory transfer obligation upon the occurrence of specific events already deemed virtually certain at the transfer date, the multi-year rights to players’ services are derecognized from non-current assets and, where applicable, the related economic effects are recognized as the difference between the net disposal proceeds and the carrying amount of the asset.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.9 Summary of significant accounting policies (continued)

Where indicators of impairment of multi-year rights to players’ services arise (for example, significant injuries, or market and contractual conditions that effectively prevent the transfer of players no longer aligned with the technical project), the residual carrying amount is written down accordingly.

Impairment of multi-year rights is also recognized when such rights are disposed of after the reporting date but before the approval of the financial statements, at an amount lower than their carrying value, where the terms of such disposals highlight a reduction in the value in use/recoverable amount of the multi-year rights already evident at the reporting date.

2.10 Other Intangible Assets and Leases

Other intangible assets, whether acquired externally or generated internally, are recognized as assets in accordance with IAS 38 (Intangible Assets) when they are controlled by the Company, are expected to generate future economic benefits, and their cost can be measured reliably.

Such assets are measured at acquisition and/or production cost and, if they have a finite useful life, are amortized on a straight-line basis over their estimated useful life, taking into account the expected residual value, and are written down in the presence of impairment losses.

As of 31 December 2024 and 30 June 2024, intangible assets mainly include:

Amortization is recorded over the estimated useful lives of the assets as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.10 Other Intangible Assets and leases (continued)

IFRS 16 Leases establishes the principles for the recognition, measurement, presentation, and disclosure of lease contracts. The standard requires lessees to account for all leases using a single on-balance sheet accounting model, similar to the previous treatment for finance leases under IAS 17. At the commencement date of a lease, the lessee must recognise a lease liability (representing the obligation to make future lease payments) and a Right-of-Use (ROU) asset (representing the right to use the underlying asset over the lease term).

IFRS 16 includes two practical expedients (exemptions) that lessees may elect to apply to avoid the full on-balance sheet model:

The Company has not agreements in place that require the IFRS 16 accounting but only one-off rentals (vehicles for the transportation of the team to matches outside the hometown) or short-term leases with a term of less than 12-months.

2.11 Property, Plant and Equipment

Property, plant and equipment are recognized at acquisition and/or production cost, net of accumulated depreciation and any impairment losses. Cost includes all expenses directly incurred to bring the asset to its intended use. Ordinary maintenance and repair costs are charged directly to the income statement in the period in which they are incurred, whereas costs of an incremental nature are capitalized.

Depreciation is calculated on a straight-line basis from the date the asset is available and ready for use, over the estimated useful life of the asset, according to the following rates:

The residual value and useful life of property, plant and equipment are reviewed annually and updated where necessary at each reporting date. Assets are also periodically tested for impairment. When an impairment loss no longer exists or decreases, the carrying amount of the asset is reinstated to its recoverable amount, but not above the amount that would have been determined had no impairment been recognized. The reversal of an impairment loss is recognized in the income statement when it is considered definitive.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.11 Property, Plant and Equipment (continued)

Gains and losses arising from the disposal of property, plant and equipment are recognized in the income statement and determined as the difference between the net disposal proceeds and the carrying amount of the asset.

Where an impairment loss is identified, irrespective of the amortization already recognized, the asset is written down accordingly. If, in subsequent periods, the reasons for the impairment no longer apply, the asset’s carrying amount is reinstated up to its original value, adjusted only for the depreciation/amortization that would have been recorded.

Ordinary maintenance costs are expensed in the period in which they are incurred, while costs that increase the value or extend the useful life of the asset are capitalized and amortized over the remaining useful life of the related asset.

Composition:

The property, plant, and equipment, net, includes

Depreciation is calculated on a straight-line basis by applying the following annual rates to the cost of the assets:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.12 Financial Assets

Financial assets classified as security deposits are measured at amortized cost in accordance with IFRS 9 – Financial Instruments, as they are held to collect contractual cash flows and the cash flows represent solely payments of principal and interest (SPPI test).

Financial assets classified at fair value through profit and loss include equity investments in other companies. These instruments are managed on a fair value basis and do not meet the criteria for amortized cost, as their cash flows do not represent solely payments of principal and interest (SPPI test), and the Company has not elected to present changes in fair value through other comprehensive income. Accordingly, they are measured at fair value through profit or loss in accordance with IFRS 9.

2.13 Trade and other receivables

Trade and other receivables are classified and measured in accordance with IFRS 9 – Financial Instruments. They are initially recognized at fair value and subsequently measured at amortized cost, less an allowance for expected credit losses (ECL).

The Company applies the simplified approach permitted by IFRS 9 for measuring ECL, which requires recognition of lifetime expected losses on all trade receivables. Impairment losses are recognized in profit or loss and presented as a deduction from trade receivables.

Regular assessments are carried out to verify whether there is objective evidence that financial assets, either individually or within a group of assets, may have suffered an impairment loss. Where such evidence exists, the impairment loss is recognized as an expense in the income statement for the period. Unless otherwise indicated, the carrying amount approximates fair value.

Expected Credit Loss (ECL) Assessment

As of year-end, management has assessed the recoverability of trade receivables in accordance with IFRS 9 – Financial Instruments. Under IFRS 9, paragraphs 5.5.15–5.5.20, entities are required to apply the Expected Credit Loss (ECL) model for trade receivables. For receivables without a significant financing component, the simplified approach is applied, requiring recognition of lifetime expected credit losses.

In line with IFRS 9.B5.5.35, entities may apply a provision matrix or other practical expedients to estimate ECL. While the Company does not operate a provision matrix based on 30/60/90 day ageing, management has exercised judgment as allowed by IFRS 9.B5.5.17, which requires consideration of forward-looking information and historical loss experience. Based on this assessment, trade receivables outstanding for more than 12 months have been considered unlikely to be recovered and were therefore written off against the allowance for expected credit losses as of 31 December 2024 and 30 June 2024 or allocated against the First time adoption reserve as of July 1, 2022 should be related to prior periods.

Other receivables, though not settled as of the reporting date, are still considered collectible, and thus no additional impairment adjustment has been made. In line with IFRS 9.3.3.1, a financial asset is derecognized when the contractual rights to the cash flows expire or when the asset is no longer enforceable.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.14 Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits, and other short-term, highly liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, in accordance with IAS 7 – Statement of Cash Flows. As of 31 December 2024 and 30 June 2024, cash and cash equivalents consist mainly of balances held in current bank accounts.

Restricted cash:

Restricted cash consists of amounts that are not available for general use by the Company due to legal or contractual restrictions. These funds are typically held in escrow and is presented separately from cash and cash equivalents on the statement of financial position when material. The changes in restricted cash are included in the reconciliation of total liquid assets in the statement of cash flows.

Negative balances:

Certain bank current accounts were in overdraft (negative balances) as of 31 December 2024 and 30 June 2024. In accordance with IAS 32 and IAS 7, these negative balances do not meet the definition of cash and cash equivalents and have therefore been reclassified to current liabilities under “Short-term borrowings”. Only positive balances are presented as cash and cash equivalents in the statement of financial position.

2.15 Deferred assets

Deferred assets include deposits, advance payments, and other expenditures that provide future economic benefits extending beyond the current reporting period. These are recognized at cost and represent amounts paid in advance for goods and services to be received in future periods, or refundable security deposits.

2.16 Loans and Other Financial Liabilities, Trade Payables and Other Payables

Loans and other financial liabilities, bank overdrafts, trade payables and other payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. Unless otherwise indicated, the carrying amount approximates fair value.

Liabilities are measured at amortized cost, considering the time factor. Where the contractual interest rate of a transaction is not significantly different from the market rate, the liability is initially recognized at its nominal value, net of directly attributable transaction costs, premiums, discounts and allowances arising from the transaction. Such transaction costs – including ancillary charges for obtaining financing, any fees and commissions, and any difference between the initial and nominal value at maturity – are allocated over the life of the liability using the effective interest method.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.16 Loans and Other Financial Liabilities, Trade Payables and Other Payables (continued)

Where the contractual interest rate of a transaction is significantly different from the market rate, the liability (and the corresponding cost in the case of commercial transactions) is initially recognized at the present value of future cash flows, taking into account directly attributable transaction costs. The discount rate applied to future cash flows is the market rate at the date of initial recognition.

They are initially recognized at fair value and subsequently measured at amortized cost in accordance with IFRS 9 – Financial Instruments, unless another specific IFRS applies. They are presented in accordance with IAS 1 – Presentation of Financial Statements based on their nature and expected timing of settlement.

The carrying amount of liabilities is subsequently reduced by amounts paid, whether principal or interest. The Company considers the effects arising from the application of amortized cost and discounting as immaterial where the maturity of the liabilities is within 12 months, taking into account all contractual and substantive considerations existing at the time of initial recognition, and where the transaction costs and any difference between the initial and nominal value at maturity are not material. In such cases, discounting is omitted, and interest is recognized at nominal value, while transaction costs are capitalized under other intangible assets and amortized on a straight-line basis over the term of the liability as an adjustment to nominal interest expense.

2.17 Provisions

Provisions are recognized only when a present obligation (legal or implicit) exists as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions represent the most reliable discounted estimate of the amount required to settle the obligation. The discount rate used to determine the present value of liability reflects current market rates and assessment of the risk specific to each liability.

Contingent liabilities, where the occurrence of an outflow is only possible, are disclosed in the notes without recognizing a provision. Provisions are generally charged to the income statement under the relevant cost categories. Where such direct correlation is not feasible, provisions for risks and charges are recorded in the appropriate income statement captions.

2.18 Revenues and other incomes

Revenue is recognized in accordance with IFRS 15 – Revenue from Contracts with Customers, which requires revenue to be recognized when (or as) the Company satisfies a performance obligation by transferring a promised good or service to a customer. Revenues are measured at the transaction price, which is the amount of consideration the Company expects to be entitled to in exchange for transferring the promised goods or services, excluding VAT and similar indirect taxes. Revenues are presented net of discounts, bonuses, and returns.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.18 Revenues and other incomes (continued)

The Company has identified the following main categories of revenue typical of football sector activities:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.18 Revenues and other incomes (continued)

All revenue streams are classified as operating revenues in the statement of profit or loss.

2.19 Costs

Costs are recognized on an accrual basis and recorded net of returns, discounts, allowances and rebates.

2.20 Salaries and Variable Bonuses for Players

Salaries payable to registered personnel are recognized based on the services rendered. Variable remuneration linked to the achievement of team sporting results (such as qualification for European competitions) and/or individual performance (such as number of appearances, goals scored, assists, squad retention (“loyalty bonus”), etc.) is recognized in the income statement when there is a legal or constructive obligation, based on the probable fulfilment of the contractually defined conditions. The Company generally identifies this point in time with the occurrence of the contingent event.

2.21 Finance Income and Expenses

Finance income and expenses are recognized in the income statement on an accrual basis. In particular, interest income and expenses are recognized using the effective interest method, which allocates interest over the relevant period by applying the effective interest rate to the outstanding carrying amount of the financial asset or liability. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments over the expected life of the financial instrument to the carrying amount of the financial asset or liability.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

2. Basis of preparation and summary of significant accounting policies (continued)

2.22 Income Taxes

Income taxes for the year comprise current and deferred taxes.

Current taxes include all taxes calculated on the Company’s taxable income for the year and are determined on the basis of a reasonable estimate of the tax charges to be paid, in accordance with applicable tax legislation.

Deferred taxes are recognized on temporary differences between the carrying amount of assets and liabilities in the financial statements and their corresponding tax bases, using the tax rates that are expected to apply when the temporary differences reverse. Deferred tax liabilities are generally recognized for all taxable temporary differences, while deferred tax assets are recognized to the extent that it is probable that taxable profits will be available in the future against which deductible temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the assets to be recovered. Deferred taxes are recognized in the income statement, except for those relating to items recognized directly in equity, in which case the related deferred taxes are also recognized in equity.

2.23 Uncertain tax position

As of 31 December 2024, the ordinary statute of limitations for the assessment of IRES (Imposta sul Reddito delle Società – the Italian corporate income tax) and IRAP (Imposta Regionale sulle Attività Produttive – the regional tax on productive activities) has expired for all fiscal years up to and including June 30, 2018. Furthermore, the Company confirms that, as of the date of these financial statements, there are no ongoing tax audits or investigations by any tax authority. Consistent with this position and the effective application of tax law to date, the Company has determined that there are no material uncertain tax positions requiring recognition or disclosure under the mandates of IAS 1 Presentation of Financial Statements and IAS 12 Income Taxes, as guided by the application requirements of IFRIC 23 Uncertainty over Income Tax Treatments.

2.24 Information relating to operating performance by business segment and geographical area (“Segment Information”)

Pursuant to IFRS 8, it should be noted that the Company’s primary business segment is participation in national and international soccer competitions; consequently, the economic and financial components of the financial statements are essentially attributable to this type of activity. Furthermore, all the Company’s activities are carried out at the national level.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

3. Risks Related to Our Business

The Company’s economic, financial and equity situation is influenced by the overall state of the economy. Should the current weakness and uncertainty of the Italian economy persist and/or deteriorate further, the Company’s activities and prospects could be adversely affected, especially with respect to sponsorships, stadium revenues, and other commercial activities aimed at supporters.

Periods of economic weakness and uncertainty may adversely affect the sponsorship market and advertising activities in general, with potential negative impacts on the Company’s economic, financial and equity position.

The Company’s financial position depends on several factors, including both sporting and economic performance as well as general economic conditions in the industry. In line with its risk management policy, the Company maintains a low level of bank credit lines to avoid or mitigate financial stress. At present, however, the Company relies significantly on funding from its majority shareholder, although in the medium term it aims to reduce such dependence.

The achievement of sporting and financial results also depends on the Company’s ability to attract and/or retain high-quality managers, players, and technical staff, which requires salaries in line with the main competitors in the sector. The inability to retain key professionals could negatively impact the Company’s growth prospects.

3.1 Process Risks

Economic revenues are significantly affected by the level of competition in which the Company participates; promotion to a higher division or relegation to a lower one has materially positive or negative consequences on the Company’s economic and financial performance.

The Company’s economic and financial results are also influenced by transactions carried out during the transfer market period. Any difficulties in executing transactions in line with the sporting strategy may negatively affect the Company’s financial position. Like other football clubs, failure to optimize the roster—including the presence of players unwilling to transfer despite not fitting into the technical or strategic plans—can lead to unexpected or excessive costs, amortization, and salaries.

The Company’s main productive factor is represented by the players’ performances. As such, sporting activity is subject to risks related to players’ physical condition; injuries or accidents may significantly impact the Company’s economic and financial performance at any stage of the season.

Despite careful management of relations with the media, the uncontrolled spread of information via digital platforms may adversely affect the image of the Company, its directors, managers, and registered members, with possible negative consequences on its economic and financial situation.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

3. Risks Related to Our Business (continued)

3.1 Process Risks (continued)

The Company plays its home matches in a stadium owned by the Municipal Administration, under an operational agreement for the 2024/2025 sports season. The Company is exposed to risks linked to the stadium structure and surrounding public areas (including parking areas), which may result in unforeseen costs in case of damage or vandalism beyond the Company’s control.

Under the principle of “objective liability” in sports regulations, the Company may incur sanctions (sporting and/or financial) for actions committed by its members or supporters. While appropriate procedures have been implemented, external factors may still lead to sanctions (e.g., stadium bans, sector closures) resulting in reduced revenues and extraordinary costs.

In line with the principle of objective liability, the Company cannot exclude future sanctions from sports authorities for unlawful conduct by its members beyond the Company’s control, despite measures already implemented to prevent such events.

3.2 Compliance Risks

Football clubs are required to meet economic, financial, and equity parameters to access and remain in national competitions. In Italy, these are governed by the Licenze Nazionali system and, since the 2015/2016 season, by the Financial Fair Play regulations. Compliance with these parameters is necessary to participate in professional championships. Although the Company obtained the Licenza Nazionale for the 2023/2024 season, it cannot be excluded that new or additional requirements may arise in the future, which could require further shareholder support to maintain compliance.

The Company, with the assistance of its legal advisors, constantly manages and monitors all ongoing disputes, and based on the expected outcome recognizes provisions for risks where necessary.

Given the specific nature of the sector, differing interpretations of certain transactions (including those related to the transfer market) could give rise to future challenges by the Tax Authorities, with potential negative effects on the Company’s economic and financial position.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

3. Risks Related to Our Business (continued)

3.3 Financial Risks (continued)

The main financial risks associated with the ordinary course of Juve Stabia’s operating activities can be summarized as follows:

The company has appropriate procedures to minimize this risk exposure. Specifically, money owed by Italian football clubs is guaranteed via the Serie B clearing house mechanism; money owed by foreign football clubs is, in some cases, secured by bank guarantees or other assurances from the counterparty; and money from audiovisual rights contracts is indirectly supported by guarantees given to the Serie B League by the rights’ winners. Unsecured trade receivables are monitored constantly, and the Company manages and assesses collection risks, partly by booking an adequate bad debt provision.

The components of financial debt that contribute to determining the financial position as of each fiscal period presented, stem from the balances of short-term borrowing, tax and social contributions long term payback plans (“rateizzi”), medium-term loan subscribed with certain banking institutions. Although all terms (including interest rates) are set forth in the contracts or in the regulation (with regards to the (“rateizzi”), Management constantly monitors the effects that an unexpected and unfavorable change in interest rates could generate on the income statement and on equity.

Represents the risk that available financial resources may be insufficient to cover maturing obligations. The Company manages liquidity risk by maintaining the overall amount of credit facilities granted by primary banking institutions at a level considered suitable to avoid situations of financial strain and sufficient to meet the needs of operating and investing activities. For further information on credit facilities, please refer to Note 4.5.

4 Comments on the main components of the Statement of the Financial Position

4.1 Non-current assets

As of 31 December 2024 and 30 June 2024, non-current assets amounted to €1.470.705 and €39.580, respectively. Details are as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.1.1 Intangible Assets

The composition of the intangible assets are as follows:

As of 31 December 2024 and 30 June 2024, intangible assets amounted to €431.755 and €5.396, respectively. The balance is mainly represented by capitalized software and multi-years players rights.

Capitalized software continues to be amortized on a straight-line basis, with a residual carrying amount of €11.824 and €3.263 as of 31 December 2024 and 30 June 2024, respectively. During the year, new multi-year professional football player’s contracts were also recognized. These are recorded at cost and are amortized over the duration of the respective agreements.

The Company applies impairment testing in accordance with IAS 36. During the six months ended 31 December 2024 and 2023, there is no impairment recognized on multi-year professional football players’ contracts.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.1.1 Intangible Assets (continued)

4.1.2 Property, Plant and Equipment (PPE)

As of 31 December 2024 and 30 June 2024, the net book value of property, plant and equipment amounted to €31.722 and €26.955. The balance mainly relates to generic plants, furniture, electronic office machines and miscellaneous equipment. During the six months ended 31 December 2024, the Company capitalized headquarters improvements, electronic office machines, and miscellaneous equipment totaling €8.685. Depreciation has been recognized in line with IAS 16 based on the assets’ useful lives. Vehicles are fully depreciated at the reporting date.

The rollforward analysis of PPE as of 31 December 2024 is as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.1.2 Property, Plant and Equipment (PPE) (continued)

The rollforward analysis of PPE as of 30 June 2024 is as follows:

4.1.3 Financial Assets

Financial assets amounted to €1.007.228 and €7.228 as of 31 December 2024 and 30 June 2024, respectively and consist entirely of:

Security deposits on lease contracts includes deposits paid to landlords for the lease of facilities used by the Company.

Pursuant to a Share Purchase Agreement (“the XX Settembre Agreement”) with XX Settembre Holding S.r.l. (the “Seller”), Brera Holdings PLC agreed to acquire a majority ownership interest in Italian Serie B football club Juve Stabia through the Company through share capital and reserve increases in the Company occurring between December 2024 and June 2025. The consideration consists of both payments of cash and issuances of Brera Holdings PLC’s Nasdaq-listed shares in a multi-step process. Financial asset at fair value through profit and loss pertains to the non-cash consideration received from Brera Holdings PLC pursuant to the Share Purchase Agreement dated December 31, 2024. (see Note 4.3.4)

These amounts are classified as non-current assets as they are expected to be recovered after more than twelve months from the reporting date.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.2 Current Assets

As of 31 December 2024 and 30 June 2024, current assets amounted to €3.590.198 and €511.185, respectively, and are composed as follows:

4.2.1 Trade and Other Receivables

As of 31 December 2024 and 30 June 2024, trade and other receivables mainly include trade balances from customers, invoices to be issued (including toward football clubs), advances, amounts due from football institutions (Lega/Sky rights, Lega Pro current account), ticketing channels, INPS reimbursements, and a tax credit (art. 1 DL 66/2014). Balances are measured at amortized cost and presented net of the allowance for expected credit losses.

As of reporting date, management has assessed the recoverability of trade receivables in accordance with IFRS 9 – Financial Instruments. Based on this assessment, trade receivables outstanding for more than 12 months, have been considered prudentially unlikely to be recovered and were therefore written off against the allowance for expected credit losses. Other receivables, though not settled as of the reporting date, are still considered collectible, and thus no additional impairment adjustment has been made. During the six months ended 31 December 2024, the Company recorded an additional allowance for expected credit losses amounting to €12.201 and is recognized in profit and loss. Furthermore, the Company written off allowance for credit losses amounting to €102.473 during the six months ended 31 December 2024. No receivables have been pledged as security for liabilities. 

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.2.1 Trade and Other Receivables (continued)

4.2.2 Cash and Cash Equivalents

As of 31 December 2024 and 30 June 2024, cash and cash equivalents amount to €550.946 and €49.496 respectively. Such balances include cash held at the Company’s premises and available balances with credit institutions. All balances are readily available for use and are not subject to restrictions at the reporting date. Cash and cash equivalents are measured at nominal value, which approximates fair value due to their short-term nature.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.2.2 Cash and Cash Equivalents (continued)

4.2.3 Restricted Cash

As of 31 December 2024 the Company held €152.899 in restricted cash related to an escrow agreement entered into on 9 August 2024. These funds are held by a third-party escrow agent and are restricted for use pursuant to the escrow agreement in Note 2.5.

4.2.4 Tax Assets

As of 31 December 2024 and 30 June 2024, Tax assets amounted to €4.138 and €6.934, respectively. These balances represent amounts recoverable from the tax authorities and mainly consist of withholding tax credits, tax refunds, and receivables recognized under specific law provisions.

4.2.5 Deferred Assets

This account includes advances paid to suppliers for services not yet rendered as of the reporting date. As of 31 December 2024, deferred assets amounted to 216.529, while no such balance was recorded as of 30 June 2024.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.3 Equity

Equity represents the residual interest in the assets of the Company after deducting all liabilities, in accordance with IAS 32.11. Share capital is recognized at the nominal value of shares issued and fully paid.

4.3.1 Share capital

The Company’s share capital amounts to €23,000 and is fully subscribed and paid in. Changes in share capital during the six months ended 31 December 2024 includes reduction of share capital used to cover losses amounting to €600,000 and contributions from owners of €3,000 presented in the statement of changes in shareholders’ equity.

There were no changes in the share capital during the six months ended 31 December 2023.

4.3.2 IFRS first-time adoption reserve

This reserve of (€258.237) originates from the transition from Italian accounting standards (OIC) to IFRS as of 1 July 2022, in accordance with IFRS 1 – First-time Adoption of IFRS.

It mainly reflects the derecognition of assets previously recognized under OIC but not eligible under IFRS, including:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.3.2 IFRS first-time adoption reserve (continued)

For the full disclosure of the effects stemming from the adoption of the International Financial Reporting Standards (IFRS 1 – First-time Adoption of IFRS) please refer to the paragraph “12. Transition to IFRS”.

4.3.3 Other reserves

As of 31 December 2024 and 2023, other reserves amounted to €1.497.000 and nil, respectively. This includes cash and non-cash considerations received from Brera Holdings PLC related to the acquisition amounting to €1.500.000 during the six months ended 31 December 2024. These reserves may be utilized to offset future accumulated losses.

During the six months ended 31 December 2024, a portion amounting to €3.000 was reclassified to share capital. The remaining balance continues to be retained to cover potential future losses.

4.3.4 Profits (Losses) carried forward

The amount of (€5.438.300) as of 31 December 2024 represents the accumulated losses from prior periods, carried forward from the previous financial statements prepared under IFRS as of 30 June 2024, net of share capital reduction to cover losses during the period. The amount of (€4.206.702) as of 30 June 2024 represents the accumulated losses from prior years, carried forward from the previous financial statements prepared under IFRS as of 30 June 2023. These include the cumulative effect of prior year results and adjustments made during the transition to IFRS.

4.3.5 Profit (Loss) for the year

The net loss for the six months ended 31 December 2024 and for the year ended 30 June 2024 amounted to (€2.248.267) and (€1.986.746), respectively, as reported in the statement of profit or loss and statement of changes in shareholders’ equity. This amount will be reclassified to “losses carried forward” at the start of the following financial year.

As of the date of preparation of these financial statements, in order to cover the Company’s losses, waivers by creditors of shareholder loans and capital contributions to cover losses have been executed through a notarial deed dated May 20, 2025.

Following the 2023/2024 season, the football team was promoted to Serie BKT, where the Club competed professionally in the 2024/2025 season.

Lega B revenues are set to increase by approximately 20% due to the application of the Serie B Self-Regulation Code, which grants a higher disbursement of funds to clubs in their second season of the Serie B championship.

Furthermore, as of July 2025, the Company recorded a €2.5 million gain from the permanent transfer of a player (Andrea Adorante). The team’s achievement of the promotion play-offs last season, combined with its current 7th-place standing in the Serie B table, is expected to facilitate new sponsorships and an increase in matchday ticket sales as well.

In terms of ownership, BRERA HOLDINGS PLC, an Irish company listed on the American NASDAQ, joined the shareholder structure. This began with a minority share acquisition in December 2024, culminating in a 52% majority stake in the common capital as of 20 June 2025. This entry strengthened the Company’s assets through capital increases, share premium, and the contribution of NASDAQ-listed securities, ensuring an adequate inflow of fresh capital to cover current needs and progressively reduce debt.

The shareholders are also committed to providing further capital contributions, if necessary, to support the timely payment of multi-year installment plans related to prior years’ tax and social security contributions, which constitute the Company’s essential total liabilities.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.4 Non-current Liabilities

Non-current liabilities represent obligations of the Company that are not expected to be settled within twelve months from the reporting date. As of 31 December 2024 and 30 June 2024, the balance mainly comprises the long-term portion of the payback plans related to the income taxes, withholding taxes and social contributions as allowed by the Italian regulation.

4.4.1 Employee benefit obligations (TFR)

This amount of €32.046 and €28.391 as of 31 December 2024 and 30 June 2024, respectively, represents the Trattamento di Fine Rapporto (TFR), which is a statutory severance benefit payable to employees on termination of employment, as required under Italian labour law.

4.4.2 Social security and other taxes payable

This balance of €3.082.986 and €1.618.364 as of 31 December 2024 and 30 June 2024, respectively, includes mainly debts towards social security institutions (National Social Security Institute, INPS, and National Institute for Insurance - INAIL) and revenue agency (Agenzia delle Entrate – ADE), which are subject to payment plans extending beyond 12 months.

Although such liabilities are generally current, they are classified as non-current because of their long-term settlement schedule.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.4.2 Social security and other taxes payable (continued)

4.4.3 Loans and advances (Bank loan)

As of 31 December 2024 and 30 June 2024, the Company’s financial liabilities include a bank loan obtained under a medium-term financing agreement entered on 23 July 2020 for a total amount of €200.000.

The loan bears interest at a floating rate, determined as 6-month Euribor (360-day basis) plus a spread of 5.5%, with semi-annual repricing and instalment payments over a total term of 72 months. The final maturity date of the loan is 31 July 2026.

As of 31 December 2024 and 30 June 2024, non-current loans amount to €27.462 and €49.948, respectively. These balances relate exclusively to the non-current portion of a mortgage loan with BCC Bank. The Bank loan is a term loan with an interest rate of 5.5% (spread) plus variable interest during the year.

The decrease in the non-current portion compared with the prior year reflects the progressive repayment of the loan according to the contractual amortization schedule.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.4.4 Tax liabilities

The balance of €326.351 and €840.618 comprises debts towards tax authorities, including IRPEF withholdings on salaries and professionals, VAT (IVA) payables, and other direct and indirect taxes.

Although these are typically classified as current, they are presented as non-current because they are covered by long-term payment agreements with the tax authorities.

4.4.5 Financial liabilities – (Loans from shareholders – related party)

Financial liabilities as of 31 December 2024 and 30 June 2024 amounting to €1.014.852 and €340.000, respectively. Represents debt towards shareholders (Soci c/finanziamenti postergati ed infruttiferi). These debts do not have established due date, are interest-free, subordinated to bank borrowings and will become payable only subsequent the full payment of all the other creditors.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.4.6 Non-current trade and other payables

As of 31 December 2024 and 30 June 2024, non-current trade and other payables amount to €249.797 and €225.121, respectively. This account mainly includes amounts payable to public bodies such as the Comune (Municipality) for the use of the stadium and to the Lega (League). These balances are long overdue and are being settled on multi-year payment plans, hence classified as non-current in accordance with IAS 1.74.

4.4.7 Provision for risks and legal disputes

As of 31 December 2024 and 30 June 2024, the Company has recognized a provision for risks and legal disputes of €200.000 mainly related to alleged commissions claimed by certain agents..

4.5 Current Liabilities

Current liabilities represent obligations expected to be settled within twelve months from the reporting date.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.5.1 Trade and other payables

As of 31 December 2024 and 30 June 2024, the current portion of trade and other payables amounted to €3.957.391 and €1.863.460, respectively. This account includes trade payables to suppliers for goods and services received during the period, as well as amounts due to other third parties such as collaborators, multi-year professional football players, and service providers.

As of 31 December 2024 and 30 June 2024, the amount totaling €755.618 and €640.013, respectively, relates specifically to payables to suppliers.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.5.2 Social security and other taxes payable

As of 31 December 2024 and 30 June 2024, the social security and other taxes payable amounted to nil and €861.863, respectively. The account includes amounts payable to INPS, INAIL and other social security institutions, as well as other minor taxes and contributions, which are expected to be settled within the next 12 months.

4.5.3 Deferred liabilities

The amount of €1.770.521 and €90.000 as of 31 December 2024 and 30 June, 3024, respectively, includes accruals and other liabilities for services already received but not yet invoiced as of the reporting date. They are recognized on an accrual basis in line with IAS 1.55 and IAS 37.11.

4.5.4 Loans and advances

As of 31 December 2024 and 30 June 2024, current loans and borrowings amounted to €127.965 and €42.224, respectively. These balances include the current portion of the BCC mortgage, repayable within the next twelve months, and the advances received for web tickets and subscriptions. Details are as follows:

The loan is recognized at amortized cost, and the carrying amount approximates its fair value. The Group has been meeting all repayment obligations in accordance with the agreed schedule.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.5.5 Tax liabilities

As of 31 December 2024 and 30 June 2024, Tax liabilities within current liabilities mainly include amounts payable to the tax authorities in relation to income taxes (IRAP), withholding taxes on employees and professionals, and value-added tax (VAT). These balances also include various tax installments and settlements arising from past periods, as well as irregularity notices received from the tax authority.

The main items are:

These liabilities are classified as current since they are expected to be settled within 12 months after the reporting date and are recognized at nominal value, which approximates their fair value.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

4 Comments on the main components of the Statement of the Financial Position (continued)

4.5.6 Short-term borrowings

As of 31 December 2024 and 30 June 2024, the Group reported negative bank balances totaling €651 and €78.275. These balances primarily relate to current account overdrafts with Cooperative Credit Bank and Banca Popolare di Bari. Overdrafts are repayable on demand and are classified within current liabilities.

5. Revenues

All revenue streams are classified as operating revenues in the statement of profit or loss.

5.1 Sponsorships

Sponsorship income amounted to €1.574.607 and €1.148.060 for the six months ended 31 December 2024 and 2023, respectively. Balances relate to commercial agreements with third-party sponsors for brand visibility (clothing, equipment, or other) in exchange for visibility and marketing and communication rights or promotional activities during the football season.

Revenue is recognized over time during the contractual period, in line with the provision of the promotional services, in accordance with IFRS 15.35(b).

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

5. Revenues (continued)

5.2 Sponsorships – Related party

This account pertains to revenues from sponsorship agreements with affiliates of Brera Holdings PLC and are disclosed in accordance with IAS 24 – Related Party Disclosures. These contracts were executed under arm’s length conditions and contributed to the overall sponsorship income. There were no revenue recognized from sponsorship agreements with related parties for the six months ended 31 December 2024 and 2023.

5.3 Ticketing

Ticketing revenues represent income from:

Revenue from single-match tickets is recognized at the time the match is played, as this is when the performance obligation is satisfied. Season ticket revenue is recognized on a straight-line basis over the relevant season in accordance with IFRS 15.35(a).

Ticketing revenue, amounting to €569.584 and €382.442 for the six months ended 31 December 2024 and 2023, respectively, reflects income from both season ticket subscriptions and single-match ticket sales during the reporting period.

5.4 Gain on Player Transfer Rights

Revenues were recognized from the transfer of players’ registration rights to other clubs during the reporting year. The gain was recognized at the point when control over the registration rights passed to the acquiring clubs, in line with IFRS 15 – Revenue from Contracts with Customers. No gain has been recognized for the six months ended 31 December 2024 and 2023.

5.5 Revenue from Television Rights

Finance costs are recognized in accordance with IFRS 9 – Financial Instruments and IAS 23 – Borrowing Costs. They include interest and similar charges incurred in connection with bank loans, shareholder loans, credit facilities, and other financial liabilities.

Finance costs are recognized on an accrual basis using the effective interest method and are presented separately from operating expenses. Borrowing costs directly attributable to qualifying assets are capitalized; all others are expensed as incurred.

Television rights revenues amounted to €451.000 and nil for the six months ended 31 December 2024 and 2023 and represent the Group’s share of broadcasting income distributed by the league.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

5. Revenues (continued)

5.6 Revenue from Contributions

This item mainly includes public contributions and institutional funding received to support the activities of the Club, such as:

These amounts are recognized as other operating income when there is reasonable assurance that the conditions attached to the contributions are met, in accordance with IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance. They are presented as revenue in the income statement as they relate to the ordinary activities of the Club.

Contributions received from football institutions and governing bodies totaled €1.604.638 and €180.084 for the six months ended 31 December 2024 and 2023, including solidarity funds and other institutional support mechanisms.

5.7 Revenue from Store

This item includes sales of official merchandise and other products through the Club’s physical and online stores.

Revenue is recognized at the point in time the goods are delivered to the customer, in line with IFRS 15.38, when control of the goods passes to the buyer.

Merchandise sales from the official store and online channels generated revenues of €43.362 and €24.947 for the six months ended 31 December 2024 and 2023, respectively.

5.8 Other Incomes

This item includes various other operating revenues not classified in the categories above, such as:

Development bonuses are recognized in accordance with IFRS 15.56–58 when the underlying conditions are satisfied (i.e. when the player has been used and the agreed performance conditions have been met), and when it is highly probable that the amount will not be reversed.

Other revenues amounted to €199.500 and €69.310 for the six months ended 31 December 2024 and 2023 and mainly include ancillary income such as conditional enhancement bonus recovery of expenses, minor services provided, and miscellaneous receipts.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues

Cost of revenues includes all direct costs incurred in generating the Company’s revenues, including costs for sporting activities, players, match operations, and other directly attributable items.

For the six months ended 31 December 2024 and 2023, the cost of revenues amounted to €5.584.258 and €1.467.451, respectively. Details are as follows:

6.1 Ticketing

Ticketing includes direct costs related to the organization and management of home matches, such as ticket printing, ticketing platform fees, and stewarding staff directly related to ticketed events. Recognized in the period in which the match takes place. These total costs relating to ticketing amount to €7.972 and €47.018 for the six months ended 31 December 2024 and 2023. Decrease mainly stems from the fact that during the six months ended 31 December 2023, and during season 2023/2024 the team played the most critical matches at home and was eventually promoted to Serie B at the end of the season, which increased the sales of tickets. Details are as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.2 Sports Equipment

Comprises purchases of technical apparel, training gear, match kits, and other materials used by the first team and youth teams. The total costs related to sports equipment amounted to €254.175 for the six months ended 31 December 2024 compared to €342.537 for the six months ended December 31, 2023. The variance mainly reflects the conclusion of prior-year supply contracts and cost efficiencies achieved in the 2023/2024 sporting season.

6.3 Salaries and social security contributions

These costs primarily include remuneration, bonuses, and contractual obligations owed to registered players and technical staff of the first team, together with the related social security and welfare contributions required under applicable employment and sports regulations.

Expenses are recognized on an accrual basis, in accordance with IAS 19 – Employee Benefits and IFRS 15, reflecting the period during which the players and staff provide their services to the Club.

Salaries and social security contributions amounted to €4.823.284 for the six months ended 31 December 2024 compared to €832.300 for the six months ended 31 December, 2023.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.4 Accommodation and Transportation

The total costs for the Accommodation and Transportation amounted to €126.214 and €21.298 for the six months ended 31 December 2024 and 2023, respectively.

Details of transportation costs are as follows:

These costs mainly include travel and transfer expenses incurred by the first team and staff for away matches, training camps, and other sporting activities, together with related logistical and communication costs such as transportation, tolls, parking, and mobile communication expenses.

The increase compared to the prior year is primarily attributable to the higher number of away matches played during the 2023/2024 football season, as well as expanded youth sector activities and related travel.

Details of accommodation costs are as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.4 Accommodation and Transportation (continued)

These costs mainly include hotel, restaurant, and board expenses incurred for the first team, technical staff, and youth sector in connection with away matches, training camps, and other sporting events. They also cover meal and lodging expenses for managers and employees involved in sporting activities or team travel. The total costs for the Accommodation amounted to €61.671, for the year ended 31 December 2024, and €2.000 for the year ended and 31 December , 2023.

6.5 Insurance

These insurance costs cover insurance premiums related to player injury protection and general team coverage. The increase is reflected in updated coverage terms and higher insured player values. The total costs for the Insurance amounted to €6.346 and €7.728 for the six months ended 31 December 2024 and 2023, respectively. Details are as follows:

6.6 Loan of Players

The loan of players refers to amounts paid for temporary player loan agreements and associated fees during the reporting period. No costs were incurred during the six months ended 31 December 2024 and 2023.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.7 Other Costs of Revenues

This line includes additional match-related expenses such as medical purchases, consumables, pre-season training camp costs, and other direct costs incurred in connection with football operations. Details are as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.8 Amortization of Multi-year Football Players’ Rights

Represents the systematic amortization of capitalized player registration rights over the contractual period of the players, in accordance with IAS 38 – Intangible Assets. This cost reflects the consumption of the economic benefits embodied in player contracts during the season. The amortization costs related to the Multi-year Professional Football Players’ Registration Rights amounted to €184.954 and €82.917 for the six months ended 31 December 2024 and 2023, respectively. The increase is primarily due to the capitalization of new player registration rights acquired during the 2023/2024 football season, which led to a higher amortization expense during the six months ended 31 December 2024. Details are as follows:

6.9 Advertising

This line includes purchases of advertising and promotional materials used for marketing initiatives, sponsorship visibility, and merchandising campaigns carried out during the football season.

The advertising costs amount to €6.188 and nil for the six months ended 31 December 2024 and 2023, respectively.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

6. Cost of Revenues (continued)

6.10 Operating and administrative expenses

This category includes general administrative charges such as stamp duties, legal expenses, and settlement costs arising from disputes and other operating matters. The operating and administrative expenses amount to €2.002 and nil for the six months ended 31 December 2024 and 2023, respectively.

7. General and Administrative Expenses

General and administrative expenses represent indirect operating costs incurred in the ordinary course of business to support the overall management and administration of the Company.

All amounts are presented net of VAT and similar indirect taxes.

For the six months ended 31 December 2024 and 2023, general and administrative expenses amounted to €1.888.033 and €495.708, respectively, broken down as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

7. General and Administrative Expenses (continued)

7.1 Salaries and social security contributions

Salaries and social security contributions, amounting to €301.878 and €172.419 for the six months ended 31 December 2024 and 2023, respectively, represent the remuneration of administrative personnel, managers and other non-sporting staff, together with the related social security charges (INPS, INAIL and other applicable contributions). These costs are recognized on an accrual basis over the period of service in accordance with IAS 19 – Employee Benefits. Details are as follows:

7.2 Rental expenses

Rental expenses amounted to €169.389 and €33.781 for the six months ended 31 December 2024 and 2023, respectively. This account relates to the costs for leasing office premises, storage spaces and other facilities used for administrative and organizational purposes. These costs are recognized as operating lease expenses in accordance with IFRS 16, as they relate to short-term or low-value leases that are expensed on a straight-line basis over the lease term.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

7. General and Administrative Expenses (continued)

7.3 Impairment of receivables

The Company recognized impairment losses on receivables for €12.201 and €10.309 for the six months ended 31 December 2024 and 2023, respectively, which reflect the estimated uncollectible portion of trade and other receivables not directly related to revenue-generating activities. The estimate was made in accordance with IFRS 9 – Financial Instruments, applying the expected credit loss (ECL) model and considering the historical experience of recoverability, the age of the receivables, and other forward-looking information.

7.4 Penalties and fines

Penalties and fines amounted to €438 and nil for the six months ended 31 December 2024 and 2023, respectively, refer mainly to administrative and tax-related penalties imposed by regulatory bodies and tax authorities. These amounts are recognized as expenses in the period in which the obligation arises, in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

7. General and Administrative Expenses (continued)

7.5 Operating and administrative expenses

Operating and administrative expenses amounted to €1.404.127 and €279.198 for the six months ended 31 December 2024 and 2023, respectively. Details are as follows:

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

7. General and Administrative Expenses (continued)

7.5 Operating and administrative expenses (continued)

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

7. General and Administrative Expenses (continued)

7.5 Operating and administrative expenses (continued)

This category includes general operating, administrative, and service-related expenses incurred in the ordinary course of business to support football and corporate activities.

The main components relate to:

The significant increase in 2024 compared to 2023 is mainly attributable to:

Operating and administrative expenses are recognized on an accrual basis, in accordance with IAS 1 – Presentation of Financial Statements and IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, reflecting the period in which the underlying services and obligations arise.

8. Depreciation and Amortization

Depreciation and amortization expenses presented in the general and administrative expenses for the six months ended 31 December 2024 amounted to €6.017 of which €4.558 relates to depreciation of property, plant and equipment and €1.459 relates to the amortization of intangible assets.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

8. Depreciation and Amortization (continued)

Depreciation and amortization expenses presented in the general and administrative expenses for the six months ended 31 December 2023 amounted to €5.726 of which €3.489 relates to depreciation of property, plant and equipment and €2.237 relates to the amortization of intangible assets

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets in accordance with IAS 16 – Property, Plant and Equipment. The main asset categories subject to depreciation include office equipment, furniture, and vehicles used by the Company for its operations. The depreciable amount is determined in net of residual value, and the depreciation rates are reviewed annually to ensure consistency with the remaining useful lives of the assets. For the six months ended 30 December 2024 and 2023, the total depreciation expense amounted to €190.971 and €88.643, respectively. Depreciation expense recorded as cost of revenues in the statement of comprehensive income (loss) for the six months ended 30 December 31, 2024 and 2023 amounted to €184.954 and €82.917, respectively. (see Note 6.8)

9. Finance Costs

Finance costs for the six months ended 31 December 2024 and 2023 amounted to €43.562 and €33.950, respectively. The account refers mainly to interest expenses on loans, bank borrowings, and tax payment plans, as well as late payment interest arising from outstanding fiscal obligations and financial liabilities. Details are as follows:

These amounts are recognized as expenses in the period in which they are incurred, in accordance with IFRS 9 – Financial Instruments and IAS 23 – Borrowing Costs, except for any borrowing costs directly attributable to qualifying assets, which are capitalized.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

10. Other Incomes

Other income amounted to €830.912 and €230.933 for the six months ended 31 December 2024 and 2023, respectively. This caption includes miscellaneous operating income that does not derive from the Company’s primary revenue-generating activities, such as recoveries, reimbursements, waivers of emoluments, miscellaneous operating income, and minor non-recurring income items recognized during the year.

11. Provision for Income Taxes

For the six months ended 31 December 2024 and 2023, the Company recognized a provision for income taxes amounting to nil and €13.355, respectively.

This balance represents the estimated current income tax liability for the fiscal year, calculated on the basis of taxable income in accordance with prevailing tax regulations. The provision reflects management’s best estimate of the tax obligation as of the reporting date and will be settled in the following financial year.

Under Italian GAAP (OIC), the Company recognized income taxes in accordance with the domestic tax legislation, including IRES (Imposta sul Reddito delle Società) at 24% and IRAP (Imposta Regionale sulle Attività Produttive) at 4.97%.

For the six months ended 31 December 2024, the Company reported a fiscal loss, and consequently, no current IRES or IRAP charge was recognized in the OIC financial statements. Accordingly, no tax provision was required under IFRS for the same period.

In accordance with IAS 12 – Income Taxes, the Company reviewed the tax treatment upon transition to IFRS.

The income tax provision of €13.355 recognized during the six months ended December 31, 2023 represents a current income tax payable and has therefore been reclassified under “Provision for Income Taxes” in the IFRS financial statements.

Furthermore, no deferred tax assets or liabilities have been recognized as of 31 December 2024, as there are no temporary differences between the carrying amounts of assets and liabilities in the IFRS financial statements and their corresponding tax bases.

No uncertain tax positions were identified in accordance with IFRIC 23 – Uncertainty over Income Tax Treatments.

Accordingly, the adjustment under IFRS consists solely in the reclassification of the 2023 income tax provision (€13.355) from OIC income taxes to “Provision for Income Taxes” under IFRS presentation, with no impact on equity or profit (loss) for the year.

Notes to the Financial Statements
As of 31 December 2024 (Unaudited) and 30 June 2024
and For the Six Months Ended 31 December 2024 and 2023 (Unaudited)

12. Management Responsibility Statement

The Board of Directors hereby declares that, to the best of its knowledge, the Financial Statements as of 31 December 2024, consisting of the Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and the accompanying Notes, have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and give a true and fair view of the financial position, financial performance, and cash flows of the Company.

The Board of Directors further confirms that the Management Report (where applicable) provides a fair review of the development and performance of the Company’s business and of its position, together with a description of the principal risks and uncertainties to which they are exposed.

The Directors also acknowledge their responsibility for:

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