The Milano Cortina 2026 Foundation, responsible for organizing the upcoming Olympic and Paralympic Winter Games, has reported an accumulated deficit of more than 150 million euros, according to financial statements approved at the end of June. Despite the challenging outlook, CEO Andrea Varnier and his team are confident that projected revenues for 2025 and 2026 will allow the Olympic cycle to close without permanent losses. The organization states it is taking the necessary steps to reverse the situation in the short term.

The financial balance for the past year reveals some encouraging signs. Although a loss of 30.5 million euros was recorded, this represents a 9.5% improvement compared to the previous fiscal year. Additionally, revenue saw a notable increase of 184%, reaching 76.1 million euros. However, expenses also rose, especially in the personnel category, which increased by 55.8% due to a rise in staffing, going from 281 to 394 employees.

Financial details and focus on the PISA project

Beyond the deficit, the financial statements reveal details that reflect the scale and complexity of the event. Among them is the unveiling of the Olympic and Paralympic torch, called Essential, designed by Studio Carlo Ratti Associati and manufactured by Cavagna Group. Its minimalist style aims to convey the values of the event, with a total cost of 644,217 euros. But one of the most significant elements is the PISA (Particularized Services Agreement) project, currently under investigation by the Milan Prosecutor’s Office due to its large scale and contractual implications.

PISA is part of a broader digital initiative valued at around one billion dollars, of which 162 million are linked to the foundation. The project includes cybersecurity, technological integration, and application services, with the involvement of a U.S. company and support from Deloitte, a key player in the digital area of the International Olympic Committee. The foundation’s financial obligations to Deloitte are partially offset through the TOP Programme agreement, under which the IOC channels global sponsorship contracts. As the Winter Games approach, the organization will face increased scrutiny over its fiscal management, operational efficiency, and its ability to meet demanding Olympic standards.