Lenny Joseph scored twice in the second half to give the Hungarian champions a memorable victory, extending their perfect record in the league phase to four wins from four matches.
The visitors started brightly and created several opportunities in the opening period, with Joseph repeatedly testing Milan goalkeeper Lorenzo Torriani, who was making his first senior start.
Milan struggled to establish control despite their recent derby victory over Inter. Their best opportunity before the break fell to Alphadjo Cisse, who fired over after a knockdown from Gonçalo Ramos.
The teams went into half-time goalless, but Ferencváros took the lead seven minutes after the restart.
A difficult back pass from Koni De Winter put Torriani under pressure. Kristoffer Zachariassen dispossessed the goalkeeper before setting up Joseph, who finished into the unguarded net in the 52nd minute.
The same combination produced the second goal in the 66th minute. Zachariassen led a swift counter-attack before squaring the ball for Joseph to complete his brace.
Milan attempted to respond, with Omari Hutchinson and Diego Moreira among those pushing for a goal, but Ferencváros goalkeeper Dénes Dibusz helped preserve the visitors' advantage.
Ferencváros were reduced to 10 men in the 77th minute when substitute Bamidele Yusuf received a straight red card for an off-the-ball incident involving Mario Gila.
Despite the numerical disadvantage, the visitors defended resolutely to secure all three points.
Match details
UEFA Europa League – League Phase
Venue: San Siro, Milan
Date: Thursday, 5 November 2026
• AC Milan 0-2 Ferencváros
• Ferencváros: Lenny Joseph 52', 66'
• Red card: Bamidele Yusuf 77' (Ferencváros)
Milan's European campaign in danger
The defeat marked Milan's third loss in four Europa League matches, leaving them with just three points and outside the top 24 in the league-phase standings.
Ferencváros, meanwhile, maintained their perfect start with four consecutive victories and strengthened their position among the leading teams in the competition.
The Hungarian side also extended their unbeaten run to 20 matches across all competitions, making the victory at San Siro another significant milestone under head coach Balázs Borbély.
Milan will need a strong response in their remaining fixtures if they are to keep their hopes of progressing to the knockout stages alive.