Our European transfer grades have been going league by league, and that theme continues today. But if you notice there are a couple of very important Serie A teams missing from this group, you’re correct! Italy went a bit nuts this summer, and we felt like there were 7 teams we had to cover. So you’ll get two more in tomorrow’s grab bag finale with teams from 3 different leagues.

Today you’re getting:

If you missed our previous posts, we’ve got La Liga grades here and Bundesliga grades here.

Onto the grades:

Given the doom and gloom concerning Milan’s finances after missing out on Champions League qualification, it was surprising to see them spend big over the summer, headlined by the deal for Gonçalo Ramos. He was one of Europe’s brightest prospects with Benfica and continued to score at a really good rate when given playing time with Paris Saint-Germain. However, that’s an astonishing fee for a striker who ended up only being a rotation option by the end of his time in France. The room for error on this deal is miniscule.

Milan’s spending didn’t stop there, completing two more major transfers for Diego Moreira and Mario Gila. Moreira showed to be a versatile prospect with Strasbourg who could credibly play on either flank as a wingback or winger. The price paid is banking on him becoming a great creative threat. I do like the deal for central defender Mario Gila, who was really good with Lazio and can immediately help Milan’s backline. Omari Hutchinson on loan with an option to buy is fine, although there’s almost no way the option is being triggered. They took a couple of low risk punts on Andrej Kostić and Sankhoun Diawara. —MM

Grade: C-

Rafael Leão’s run with Milan came to a disappointing end following a late move to Galatasaray. While undoubtedly a great player not too long ago, it's fair to wonder if various factors (including injuries) have forever sapped that extra gear he once had. Álex Jiménez’ loan became permanent for Bournemouth, who then loaned him to Fiorentina due to being suspended while an investigation continues into him allegedly sending inappropriate messages to a minor. Álvaro Morata made the permanent switch to Como, before moving to Leganés.

The loan deals completed for the peak age players deserve a mention. For Christopher Nkunku and Samuele Ricci, those include an option to buy. Santiago Giménez’ loan to Porto is a bit different in that it can reportedly turn into an obligation to buy if certain conditions are met. Meanwhile, Youssouf Fofana’s deal is a dry loan to Sevilla before the buzzer after chaos ensued following a collapsed move to Lyon. Milan having to cover nearly all his salary after being deemed surplus to requirements by Ruben Amorim, despite previously being a regular starter the past two years, is a tough look. —MM

Grade: D-

There is a world where the deals for Ramos and Moreira work out and they quickly become top contributors. If so, the retrospective grade for the incoming moves will be a lot more favorable. However, it’s hard to spin the outgoings as anything other than bad. Milan were very active, more than I expected, but inefficient in their dealings as of now. —MM

Overall grade: D

We’ll start with the bad: Morata’s conditional buy obligation was triggered when Como qualified for Champions League, so that’s €15m straight down the drain. Oof.

Chalobah was a very boom-or-bust player for Chelsea, turning in some sensational performances and making some very poor errors. I suspect he’ll thrive in the much slower Serie A and end up looking like a solid purchase for Como.

Liberali was a productive left-footed cut-in dribbler and shooter at Serie B level as a 19-year-old last season, and looks like good value at that price. Milla will have no resale value, but is a reliable veteran in a DM spot where they needed depth, and wasn’t too expensive for that kind of signing.

Kean is as good as the team he’s on. He gets in the box for a high volume of close-range shots if you create them and does almost nothing if you’re bad. with Nico Paz behind him, I suspect Kean will be very productive, despite his wild xG underperformance last season. Kaiki comes from Brazil at a very reasonable price and I suspect they’ll be able to sell him for a profit in a couple years, his playmaking and ball-winning stats are both very solid.

Overall, a decent window, but the Morata deal is so bad it has to drag the grade down. —KM

Grade: C+

Very little of note here; Como are a side that transitioned from Serie B to Champions League very quickly, so they’ve got a lot of guys on the books that simply aren’t good enough for where they are right now. Most of these players were out on loan elsewhere last season anyway. They didn’t make any exceptional sales, but also didn’t lose any stars, and cleaned up the books a bit. It’s fine. —KM

Grade: C+

Given how they’ve built the team up until this point and their qualification for Champions League, I was expecting one or two more really interesting young signings for Como. But they seemed to like what they had for the most part, opted to fill out depth, and were hamstrung by a bad decision they made last January. They managed to hold on to every single one of their young stars, so next summer might be a bloodbath. —KM

Overall grade: C+

Serie A champions Inter also have to be regarded as the winners of the transfer window in Italy. They have added some proven quality to the squad, preserved their salary structure and brought down the average age, all while agreeing all fees at figures around or below market value.

After exercising the conditional obligation to buy for Manuel Akanji, Inter started off by triggering Aleksandar Stanković’s buyback clause. The 20-year-old midfielder had looked quite promising at Club Brugge last season, and although he has a fair bit to improve in possession especially, he already offers something valuable defensively which might even help unlock more out of the older technicians in surrounding positions. As far as the in-possession aspect is concerned, Liverpool academy graduate Curtis Jones is an excellent pickup who offers a solid floor as well as handy versatility.

Djed Spence is another great signing from the Premier League who could have a high ceiling if he can channel the attacking wing-back role he played in the Championship for Nottingham Forest, but should be another dependable addition in any case. Taking a swing on John Stones with a short-term contract is a low-risk move that could yield great rewards if he can remain fit and showcase his elite ball-playing ability. Backup goalkeeper Ivan Provedel is the only other senior signing, though the Nerazzurri have also added a few members to their under-23 squad. —NS

Grade: A

While Inter did an excellent job with the fees they paid, they should feel that they could have earned a bit more as well. Their hands were tied with regard to Denzel Dumfries due to a release clause in his contract, though they may now feel that amount was a tad low (especially after looking at what Real Madrid were willing to spend on other targets). The option-to-buy fees for Davide Frattesi and Kristjan Asllani are on the lower side as well, especially for the UAE-bound latter.

The other headline in terms of departures is the loss of a few elder statesmen at the end of their contracts, namely Francesco Acerbi, Matteo Darmian, Yann Sommer and Stefan de Vrij. The quartet’s average age is over 36 years, so there can be no complaints about these decisions. —NS

Grade: B

Inter’s old squad has been a sticking point among analysts for a while, but one must concede the merits of their approach. They have remained on the Serie A podium for the last seven years and thrice claimed top spot simply by retaining the core of their squad year after year. Rather than dramatically shaking up an ageing spine in one window, they prefer to gradually phase players out. They also continue to find great value in players around the age of 30, taking advantage of the relatively slow pace and lower intensity of Serie A.

The Nerazzurri have done a particularly excellent job of executing their transfer philosophy this year, though there are a couple of details I could nitpick. Besides the sums recouped in sales, they have arguably failed to replace the box-defending quality of their departing centre-backs. Apart from that, though, their squad remains well-balanced profile-wise and sufficiently deep in all respects. —NS

Overall grade: A-

Napoli’s big moves this summer came from previous loan deals turning permanent for Rasmus Højlund, Alisson Santos, and Vanja Milinković-Savić in goal.

Højlund’s output was solid with 17 goal contributions in 33 Serie A starts. He’s not shown to be a striker capable of generating a ton of shots, only once averaging above 2.5 per 90 minutes in 2022-23 (the other three were around two or far below). Getting shots off was not a problem for Santos (over three per 90), combining prodigious dribbling and ball carrying after coming to Naples in the winter. His underlyings ranked below par due to many inefficient shots from the left side of the box, but the tools are interesting. Vanja Milinković-Savić’s unique deal (heavy loan fee & much smaller obligation to buy) became official, and we’ll see if he can return to the shot-stopping levels seen in 2024-25. —MM

Grade: C-

Miguel Gutiérrez was heavily sought after in the summer of 2025 following his three seasons with Girona. Injuries played a part in 2025-26 being a tough one, but Napoli at least made a profit in the sale. Giovanni Simeone’s loan to Torino became permanent last February after leaving for consistent playing time. Romelu Lukaku left on a modest fee for a big payday with Fenerbahçe. While things deteriorated in the end, his legacy also includes being a crucial contributor to their Scudetto win in 2025. —MM

Grade: C+

This was an unsexy summer for Napoli, trying to trim the wage bill after going all-in under Antonio Conte. It has left them with an awkward squad for Massimiliano Allegri to work with, and he himself has been scrutinized for his game model in recent years. In particular, the fee for Højlund is noticeably higher than I’d feel comfortable paying and drags the grade down. I’d be nervous with where the club is heading if I were a Napoli fan. —MM

Overall grade: C

There have been some mixed reactions to Roma’s window. I am broadly pleased with their business, certainly in terms of how they have built the squad ahead of a Champions League campaign. Two of the better deals – Donyell Malen and Daniele Ghilardi – were completed as a result of pre-existing obligations to buy, but there is some other shrewd business in there as well.

Rodrigo Mora is the standout signing for me. The teenage super talent laid his potential bare as a 17-year-old in 2024/25, but couldn’t quite continue the momentum last season since he had no natural spot in Francesco Farioli’s 4-3-3. He is perfectly suited to the inside forward role in Gian Piero Gasperini’s 3-4-2-1, though, and will be expected to play a part in succeeding Lorenzo Pellegrini. Better yet, his right-footedness means he will be comfortable playing alongside either of the Argentine creators, namely Paulo Dybala and Matías Soulé. In typical Italian fashion, the deal itself has a rather complicated structure. From what I’ve gathered, Roma are basically paying €25m up front and have an option between leaving Porto’s 50% sell-on clause or buying it out for another €25m next year.

As for the others, Konstantinos Koulierakis is a smart pickup from a relegated club, while Leonardo Balerdi adds further depth and quality at centre-back. Marten De Roon on a two-year contract is fine from the perspective of keeping Gasperini happy and getting more off-field value. Nahuel Molina’s wages are just a touch higher for my liking, but the bigger issue is the Santiago Castro signing. I’m fine with him as a player, but he is the wrong profile because you’d ideally want a big box presence as an alternative to Malen. —NS

Grade: B

Broadly speaking, Roma didn’t maximise their income with most of their sales. Things will look somewhat better if some of the trademark Italian loans with options/conditional obligations to buy get converted, but for the time being, Buba Sangaré at under €5m is the biggest sale. I would definitely have liked to get a bit more out of Neil El Aynaoui and Saud Abdulhamid. One positive is that the departures of the likes of Stephan El Shaarawy, Artem Dovbyk, Angeliño and Zeki Çelik freed up a good chunk of wages. —NS

Grade: C+

Besides the limited diversity in striker options and at left wing-back, Roma have built a largely robust and well-rounded squad for what is set to be a demanding season. They have managed to shed some wages all the same, and have added one standout prospect for the future who will also make some immediate contributions: Rodrigo Mora. The sales could definitely have been better, but this window took them broadly in the right direction. —NS

Overall grade: B-

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