Borussia Dortmund GmbH : Q1 statement / Q1 financial report 2025/2026

About this update from Borussia Dortmund Gmbh & Co. Kgaa

KEY FIGURES AT A GLANCE FINANCIAL PERFORMANCE INDICATORS EUR '000 Q1 2025/2026 Q1 2024/2025 Revenue 107,020 107,332 Consolidated total operating proceeds 175,280 141,340 Operating result (EBITDA) 54,349 25,711 Result from operating activities (EBIT) 26,535 1,182 Net profit/net loss for the year 22,943 1,567 Free cash flow 16,588 -24,250 4 BUSINESS DEVELOPMENT 4 LOOKING BACK ON THE FIRST QUARTER OF FINANCIAL YEAR 2025/2026 5 DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT 8 POSITION OF THE COMPANY 8 DEVELOPMENT OF PERFORMANCE INDICATORS 8 RESULTS OF OPERATIONS 9 REVENUE TREND 10 CHANGES IN SIGNIFICANT OPERATING EXPENSES 12 ANALYSIS OF CAPITAL STRUCTURE 12 DEVELOPMENT AND PERFORMANCE OF THE BUSINESS 14 ANALYSIS OF CAPITAL EXPENDITURE 14 ANALYSIS OF LIQUIDITY 15 OPPORTUNITIES AND RISKS 15 REPORT ON EXPECTED DEVELOPMENTS 15 DISCLAIMER 16 EVENTS AFTER THE END OF THE REPORTING PERIOD 17 SELECTED FINANCIAL INDICATORS 17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 18 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 19 CONSOLIDATED STATEMENT OF CASH FLOWS 20 FINANCIAL CALENDAR 20 PUBLICATION DETAILS This document is a quarterly statement in accordance with section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse and does not constitute an interim financial report within the meaning of International Accounting Standard (IAS) 34. This quarterly statement should be read in conjunction with the Annual Report for financial year 2024/2025 and the information contained therein. This is available on our website at https://aktie.bvb.de/en . The accounting policies applied in this quarterly statement are generally the same as those applied in preparing the consolidated financial statements for financial year 2024/2025. All amounts presented in this quarterly statement have been rounded in accordance with standard commercial practice, which may lead to slight deviations in the totals. In the interest of readability, this quarterly statement does not differentiate between genders. References to the male gender also apply to all genders. This quarterly statement was not subjected to a review by an auditor. BUSINESS DEVELOPMENT LOOKING BACK ON THE FIRST QUARTER OF FINANCIAL YEAR 2025/2026 ATHLETIC PERFORMANCE Bundesliga Borussia Dortmund made a successful start to the 2025/2026 Bundesliga season in August 2025, remaining undefeated in second place with 13 points after 5 match days. UEFA Champions League Borussia Dortmund began its UEFA Champions League campaign with a 4-4 away draw at Italian championship record-holders Juventus Turin in the league phase. Borussia Dortmund will go on to face Athletic Club, FC Copenhagen, Manchester City, Villarreal CF, FK Bodø/Glimt, Tottenham Hotspur and Inter Milan. DFB Cup A 1-0 away win against third-division side RW Essen in the first round of the DFB Cup saw head coach Niko Kovač and his team advance to the next round, where they will travel to Bundesliga rivals Eintracht Frankfurt on 28 October 2025. 2025 FIFA Club World Cup Borussia Dortmund chalked up a 2-1 win over Mexican side CF Monterrey in the round of 16 of the 2025 FIFA Club World Cup on 2 July 2025 - the first to be held in the 32-team format - before going on to lose 2-3 against Real Madrid in the quarter-finals on 5 July 2025. DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT SPONSORSHIPS In the 2025/2026 season, Borussia Dortmund entered into a partnership with the Vodafone Group, which includes Vodafone Deutschland GmbH, as its new and exclusive primary kit sponsor for all national and international competitions. The partnership encompasses much more than just kit sponsorship. For example, Borussia Dortmund and Vodafone are launching an innovation and technology offensive to create new digital experiences for BVB fans and Vodafone customers alike. The contract has a minimum term until 30 June 2030. Borussia Dortmund is grateful for the successful partnership with its previous primary kit sponsors Evonik Industries AG and 1&1 Telecommunication SE, whose contracts expired as scheduled at the end of the 2024/2025 season. Evonik Industries AG remains a sponsor of Borussia Dortmund, as a Champion Partner until 30 June 2030. After more than 20 years of collaboration, the partnership is shifting its focus onto sustainability and health-related matters and on expanding the partners' international presence. In addition, Borussia Dortmund has taken the early option to renew the contract with its equipment supplier PUMA (PUMA International Sports Marketing B.V.) for an extended term ending 30 June 2034. The original agreement has been in place since the 2012/2013 season. Borussia Dortmund welcomed two new Champion Partners at the beginning of the 2025/2026 season: Swedish performance electric car manufacturer Polestar as its official mobility partner (until the end of June 2028), and food retailer REWE (until 30 June 2030). REWE furthermore features on BVB's training kits. Polestar is also sleeve partner in all competitions in the 2025/2026 season. The contract with Champion Partner Pluto TV Europe GmbH has been extended by one year until 30 June 2026. In the 2025/2026 season, Borussia Dortmund added Konami as a new Premium Partner. The contract runs until 30 June 2028. TRANSFERS AND PLAYER LOANS The following players left Borussia Dortmund permanently during the 2025 summer transfer window: Jamie Gittens (transfer to Chelsea FC), Soumaïla Coulibaly (to Racing Strasbourg), Youssoufa Moukoko (to FC Copenhagen), Giovanni Reyna (to Borussia Mönchengladbach) and Sébastien Haller (to FC Utrecht). The players Diant Ramaj (on loan to 1 FC Heidenheim) and Kjell Wätjen (on loan to VfL Bochum) left Borussia Dortmund on a temporary basis for the 2025/2026 season. Neither of the loans includes a purchase option. CAPITAL EXPENDITURE In summer 2025, Borussia Dortmund signed Portuguese striker Fábio Silva from Wolverhampton Wanderers (contract until 30 June 2030) as well as midfielder Carney Chukwuemeka from Chelsea FC (contract until 30 June 2030), who had already played for Borussia Dortmund on loan in the second half of the 2024/2025 season and during the 2025 FIFA Club World Cup. Borussia Dortmund also signed Patrick Drewes from VfL Bochum (contract until 30 June 2027), adding a further goalkeeper to the squad. In mid-May 2025, Borussia Dortmund signed left-back and Sweden international Daniel Svensson, who had already been on loan at Borussia Dortmund since early February 2025, and with effect as at 1 July 2025 entered into a long-term contract with him until 30 June 2029. TV MARKETING DFL Deutsche Fußball Liga GmbH has informed the clubs of the Bundesliga and Bundesliga 2 about the expected total distribution volume (approximately EUR 1.35 billion) and the corresponding payout dates for the 2025/2026 season (2024/2025: EUR 1.40 billion). The announced disbursements of the TV funds will allow for a good degree of planning for the coming season. The approximately 3.8% decrease in the projected total distribution amount is due primarily to the fact that the 2024/2025 season was the final season covered by the media rights allocated by the German Football League (DFL Deutsche Fußball Liga GmbH) for seasons from 2021/2022 to 2024/2025, under which income averaging EUR 1.1 billion (total of EUR 4.4 billion) was generated for the clubs, with the distributions increasing with each passing season. UEFA also informed the clubs participating in the UEFA Champions League about the expected income distribution from the competition, which will total approximately EUR 2.47 billion in the 2025/2026 season (2024/2025: EUR 2.47 billion). Having qualified for the UEFA Champions League, Borussia Dortmund will receive a portion of the disbursements, which remain lucrative. In terms of the FIFA Club World Cup 2025, Borussia Dortmund received the equivalent of EUR 11.15 million distributed by FIFA for reaching the quarter-finals. MATCH OPERATIONS Borussia Dortmund has already played a total of two home matches (both in the Bundesliga) to sell-out crowds. As well as the public area, tickets for the hospitality areas were also sold out. Borussia Dortmund again sold the most season tickets in the Bundesliga, at 55,000. MISCELLANEOUS Unlike in previous years, Borussia Dortmund opted to stay close to home for its pre-season on account of its participation in the 2025 FIFA Club World Cup in the US in the summer of 2025. As such, it only held a short training camp in Saalfelden, Austria, from 4 August to 9 August 2025. Head coach Niko Kovač extended his contract with Borussia Dortmund early at the end of August 2025; it now runs until 30 June 2027. At the General Assembly of DFL Deutsche Fußball Liga e. V. in Berlin at the beginning of September 2025, the 36 clubs of the Bundesliga and Bundesliga 2 decided on the composition of the DFL Executive Committee in the period to 2029. Hans-Joachim Watzke was re-elected as Speaker of the DFL e.V. Executive Committee and thus also as Chairman of the Supervisory Board of DFL GmbH. Thomas Treß was elected as Deputy Chairperson of the DFL e.V. Licensing Committee, which makes the association's final internal decisions in the licensing procedures. At the end of September 2025, Borussia Dortmund became the first German professional football club to publish a sustainability statement in accordance with the Corporate Sustainability Reporting Directive (CSRD) adopted by the European Union (EU). This separate combined non-financial Group report based on the CSRD can be found at https://aktie.bvb.de/en/sustainability/sustainability-reports . POSITION OF THE COMPANY DEVELOPMENT OF PERFORMANCE INDICATORS DEVELOPMENT OF FINANCIAL PERFORMANCE INDICATORS Borussia Dortmund modified its financial performance indicators at the beginning of financial year 2025/2026. Going forward, the performance indicators for liquidity will focus on free cash flow, which is calculated as the total of cash flows from operating activities and cash flows from investing activities. Cash flows from operating activities will no longer be reported as a separate financial performance indicator. This modification is part of a broader approach: cash inflows and outflows from transfer activities are classified as cash flows from investing activities and play a central role in Borussia Dortmund's liquidity management. As such, free cash flow will be used as the sole overarching performance indicator going forward. The table below presents Borussia Dortmund's financial performance indicators - revenue, consolidated total operating proceeds, operating result (EBITDA), result from operating activities (EBIT), net profit/loss for the year and free cash flow - for Q1 2025/2026 and for the previous year as well as the amounts that were forecast for the financial performance indicators for the full 2025/2026 financial year on 30 June 2025: Borussia Dortmund Group (IFRS) EUR '000 Q1 2025/2026 Q1 2024/2025 Forecast for full financial year 2025/2026 Revenue 107,020 107,332 475,000 Consolidated total operating proceeds 175,280 141,340 555,000 Operating result (EBITDA) 54,349 25,711 105,000 to 115,000 Result from operating activities (EBIT) 26,535 1,182 -5,000 to 5,000 Net profit/net loss for the year 22,943 1,567 -5,000 to 5,000 Free cash flow 16,588 -24,250 7,000 RESULTS OF OPERATIONS During the reporting period, Borussia Dortmund generated revenue of EUR 107,020 thousand (previous year: EUR 107,332 thousand) and consolidated total operating proceeds of EUR 175,280 thousand (up EUR 33,940 thousand on the prior-year figure of EUR 141,340 thousand). Borussia Dortmund closed out the first quarter of the 2025/2026 financial year with a consolidated net profit of EUR 22,943 thousand, up EUR 21,376 thousand from EUR 1,567 thousand in the previous year. The operating result (EBITDA) amounted to EUR 54,349 thousand, up EUR 28,638 thousand on the prior-year figure of EUR 25,711 thousand. The result from operating activities (EBIT) increased by EUR 25,353 thousand to EUR 26,535 thousand (previous year: EUR 1,182 thousand). REVENUE TREND In the first quarter of financial year 2025/2026, Borussia Dortmund's revenue remained virtually level year-on-year and amounted to EUR 107,020 thousand in the first three months of financial year 2025/2026 (previous year: EUR 107,332 thousand). The first quarter of 2025/2026 saw two Bundesliga home matches played to sell-out crowds in, one fewer than in the prior-year period. In addition, the prior-year period had seen a testimonial match held at SIGNAL IDUNA PARK on a one-off basis for former players Łukasz Piszczek and Jakub Błaszczykowski. Consequently, income from match operations decreased by a total of EUR 3,168 thousand to EUR 4,932 thousand (previous year: EUR 8,100 thousand). Advertising income increased in the first three months of the current financial year, rising by EUR 657 thousand to EUR 36,560 thousand (previous year: EUR 35,903 thousand) due to the fact that the sponsorship agreements entered into were more lucrative than in the previous year. Income from TV marketing amounted to EUR 47,715 thousand, up by EUR 8,534 thousand from EUR 39,181 thousand in the prior-year period. The overall positive change in income from TV marketing was due primarily to the bonus received this quarter for reaching the quarter-finals of the FIFA Club World Cup 2025. In addition to this bonus for the FIFA Club World Cup, income from international TV marketing is generated from participating in the UEFA Champions League. The club managed one draw in the UEFA Champions League this quarter compared with a win in the previous year, and as such performance-related income fell. Income from merchandising amounted to EUR 8,883 thousand (previous year: EUR 10,065 thousand). The decline by EUR 1,182 thousand is due primarily to the fact that extraordinary income was generated from sales of the "Weiße Weise" team jersey in the previous year. This effect no longer applied in the reporting period. Conference, catering and miscellaneous income decreased by EUR 5,153 thousand from EUR 14,083 thousand in the previous year to EUR 8,930 thousand in the first quarter of the 2025/2026 financial year. The reduction is due primarily to the extraordinary effect of the pro rata income received in the previous year from the UEFA EURO 24 matches played at SIGNAL IDUNA PARK. Added to that is the testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski, which was held on a one-off basis at SIGNAL IDUNA PARK in the prior-year period. There was also one less Bundesliga home match played. By contrast, proceeds from player loans, training compensation and the FIFA solidarity mechanism increased slightly. NET TRANSFER INCOME Net transfer income rose by EUR 33,588 thousand to EUR 52,906 thousand (previous year: EUR 19,318 thousand). This includes primarily the transfer proceeds from the departures of the players Jamie Gittens (Chelsea FC), Soumaïla Coulibaly (Racing Strasbourg), Giovanni Reyna (Borussia Mönchengladbach) and Youssoufa Moukoko (FC Copenhagen) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred. EUR '000 Q1 2025/2026 Q1 2024/2025 Gross transfer proceeds 68,260 34,008 Transfer costs -7,817 -1,976 Net transfer proceeds 60,444 32,032 Residual carrying amounts and other derecognised items -7,537 -12,714 Net transfer income 52,906 19,318 The prior-year figure of EUR 19,318 thousand had resulted primarily from the departures of the players Niclas Füllkrug (West Ham United), Tom Rothe (1. FC Union Berlin), Paris Brunner (AS Monaco) and Ole Pohlmann (Rio Ave FC) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred. Consolidated total operating proceeds amounted to EUR 175,280 thousand in the reporting period (previous year: EUR 141,340 thousand). The EUR 33,940 thousand increase is due primarily to the significantly higher gross transfer proceeds. Other operating income amounted to EUR 1,982 thousand (previous year: EUR 2,829 thousand). CHANGES IN SIGNIFICANT OPERATING EXPENSES COST OF MATERIALS Cost of materials decreased by a total of EUR 372 thousand from EUR 6,691 thousand in the previous year to EUR 6,319 thousand in the first quarter of financial year 2025/2026. The cost of materials decreased by EUR 210 thousand for merchandising and by EUR 162 thousand for catering, in line with the lower catering and merchandising income. PERSONNEL EXPENSES Personnel expenses amounted to EUR 66,074 thousand in the first quarter of financial year 2025/2026, up EUR 7,134 thousand on the prior-year level of EUR 58,940 thousand. The increase is attributable mainly to match operations and is due to transfer-related special payments and bonuses in connection with the 2025 FIFA Club World Cup. While personnel expenses for youth and amateur football were down, personnel expenses for retail and administration increased. DEPRECIATION, AMORTISATION AND WRITE-DOWNS As expected, depreciation, amortisation and write-downs rose by EUR 3,284 thousand to EUR 27,813 thousand (previous year: EUR 24,530 thousand). Of this amount, EUR 24,547 thousand (previous year: EUR 21,276 thousand) was attributable to intangible assets, which mainly comprise player registrations. A further EUR 3,237 thousand (previous year: EUR 3,254 thousand) was attributable to property, plant and equipment and EUR 29 thousand (previous year: EUR 0 thousand) to financial assets. OTHER OPERATING EXPENSES Other operating expenses decreased by EUR 2,969 thousand from EUR 38,137 thousand to EUR 35,168 thousand in the reporting period. The largest decline, at EUR 2,754 thousand, was recorded in expenses for match operations due to the fact that three fewer matches were played at SIGNAL IDUNA PARK than in the prior-year period (semi-final of UEFA EURO 24, testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski and one additional Bundesliga home match). Advertising expenses also increased in line with the rise in advertising income, while administrative expenses rose due primarily to higher performance-based remuneration for the general partner in relation to the reporting date. The transfer expenses declined slightly. FINANCIAL RESULT The financial result amounted to EUR -944 thousand in the first quarter of the 2025/2026 financial year (previous year: EUR 526 thousand) and includes primarily measurements of non-current receivables and liabilities in accordance with IFRS 9. TAX EXPENSE A net tax expense of EUR 2,648 thousand was generated in the reporting period (previous year: EUR 141 thousand). The tax expense is due mainly to the fact that earnings before taxes rose by EUR 23,884 thousand year-on-year in the first quarter of 2025/2026. ANALYSIS OF CAPITAL STRUCTURE DEVELOPMENT AND PERFORMANCE OF THE BUSINESS CONSOLIDATED STATEMENT OF FINANCIAL POSITION 272,421 39.5 241,172 39.2 198,970 28.9 197,457 32.1 884 0.1 884 0.1 173 0.0 202 0.0 72,075 10.5 47,467 7.7 2,179 0.3 1,722 0.3 546,701 79.3 488,904 79.4 9,710 1.4 8,847 1.4 81,429 11.8 79,355 12.9 35,840 5.2 20,633 3.4 15,843 2.3 7,679 1.2 0 0.0 10,233 1.7 142,823 20.7 126,747 20.6 Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund 30/09/2025 30/06/2025 ASSETS EUR '000 in % EUR '000 in % Non-current assets Intangible assets Property, plant and equipment Investments accounted for using the equity method Financial assets Trade and other financial receivables Prepaid expenses Current assets Inventories Trade and other financial receivables Cash and cash equivalents Prepaid expenses Assets held for sale 689,524 100.0 615,650 100.0 Borussia Dortmund reported total assets of EUR 689,524 thousand as at 30 September 2025. These were up EUR 73,874 thousand on the figure reported as at 30 June 2025. As at the end of the reporting period, fixed assets rose by EUR 32,733 thousand. This is due primarily to additions amounting to EUR 61,086 thousand (of which EUR 56,235 thousand in player registrations). That was offset by EUR 540 thousand in disposals and EUR 27,813 thousand in depreciation. Trade receivables and other financial receivables increased by EUR 26,682 thousand to EUR 153,504 thousand. The increase was due primarily to substantial new transfer receivables with a lower offsetting effect from incoming payments. Cash and cash equivalents increased by EUR 15,207 thousand to EUR 35,840 thousand as at 30 September 2025 (30 June 2025: EUR 20,633 thousand). Prepaid expenses increased by EUR 8,621 thousand to EUR 18,022 thousand (30 June 2025: EUR 9,401 thousand), due mainly to deferred personnel expenses. Assets held for sale declined by EUR 10,233 thousand to EUR 0 thousand due to the completed transfers. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund 30/09/2025 30/06/2025 EQUITY AND LIABILITIES EUR '000 in % EUR '000 in % Equity Subscribed capital 110,396 16.0 110,396 17.9 Reserves 239,122 34.7 216,044 35.1 Treasury shares -113 0.0 -113 0.0 Equity attributable to the owners of the parent company 349,405 50.7 326,327 53.0 Non-current liabilities Provisions 1,545 0.2 1,545 0.3 Financial liabilities 28,221 4.1 29,025 4.7 Lease liabilities 9,818 1.4 10,238 1.7 Trade payables 70,789 10.3 59,223 9.6 Other financial liabilities 2,431 0.4 594 0.1 Deferred income 25,188 3.7 0 0.0 137,991 20.0 100,625 16.3 Current liabilities Financial liabilities 5,264 0.8 5,148 0.8 Lease liabilities 2,589 0.4 2,696 0.4 Trade payables 59,624 8.6 103,621 16.8 Other financial liabilities 42,967 6.2 48,616 7.9 Tax liabilities 10,559 1.5 8,056 1.3 Deferred income 81,124 11.8 20,562 3.3 202,128 29.3 188,699 30.7 689,524 100.0 615,650 100.0 As at 30 September 2025, the Group's share capital remained unchanged at EUR 110,396 thousand as compared to 30 June 2025. In total, equity amounted to EUR 349,405 thousand as at the end of the reporting period, corresponding to an equity ratio of 50.7% (30 June 2025: 53.0%). Borussia Dortmund reported total liabilities of EUR 340,119 thousand as at the end of the reporting period. These were up EUR 50,796 thousand on the figure reported as at 30 June 2025. The change was as follows: Financial liabilities declined by EUR 689 thousand to EUR 33,484 thousand as compared to 30 June 2025. The decrease is due primarily to the scheduled repayment of long-term capex loans. Lease liabilities decreased by EUR 527 thousand to EUR 12,407 thousand. This change is due primarily to the scheduled repayment of lease obligations and a lower offsetting effect from additions to lease obligations. Trade payables and other financial liabilities decreased by EUR 36,242 thousand to EUR 175,812 thousand. The decline in liabilities from transfer deals included in this item amounts to EUR 32,424 thousand and is due primarily to the scheduled payment of contractual liabilities, with a lower offsetting effect from new liabilities. Tax liabilities increased by EUR 2,503 thousand to EUR 10,559 thousand (30 June 2025: EUR 8,056 thousand) due to the net profit for the quarter. Deferred income amounted to EUR 106,312 thousand, representing an increase of EUR 85,750 thousand as compared to 30 June 2025. This increase is attributable mainly to advance payments to be made for sponsorships during the year and in future financial years, and advance payments from international TV marketing. ANALYSIS OF CAPITAL EXPENDITURE In the first quarter of the current financial year, Borussia Dortmund invested EUR 95,428 thousand in fixed assets. Of this amount, EUR 90,506 thousand was invested in intangible assets, which related almost entirely to the player base. During the same period, EUR 4,918 thousand was invested in property, plant and equipment, and EUR 4 thousand paid for financial assets. ANALYSIS OF LIQUIDITY As at 30 September 2025, Borussia Dortmund held unrestricted cash funds of EUR 35,840 thousand. Borussia Dortmund also has access to an additional EUR 75,000 thousand in overdraft facilities which had not been drawn down as at 30 June 2025 or as at the end of the reporting period. Cash flows from operating activities amounted to EUR 71,459 thousand in the first quarter of financial year 2025/2026 (previous year: EUR 41,447 thousand), and cash flows from investing activities amounted to EUR -54,871 thousand (previous year: EUR -65,697 thousand). Consequently, free cash flow amounted to EUR 16,588 thousand (previous year: EUR -24,250 thousand). Cash flows from financing activities amounted to EUR -1,381 thousand (previous year: EUR 24,340 thousand). OPPORTUNITIES AND RISKS The entrepreneurial actions of Borussia Dortmund invariably expose it to risks which have the ability to exert a positive or a negative influence on its business activities. The Company's risk management system is designed to identify, assess and manage such risks. This ensures the Company's ability to continue as a going concern and detects any developments jeopardising its existence early on so that appropriate countermeasures can be taken to remedy the situation. Management monitors the risk management system and reports regularly to the Supervisory Board and the Audit Committee. For additional details, please refer to the section on opportunities and risks in the combined management report for the 2024/2025 financial year. There were no material changes in this regard for the Q1 2025/2026 quarterly report. As at 30 September 2025, there were no risks that jeopardise Borussia Dortmund's ability to continue as a going concern. REPORT ON EXPECTED DEVELOPMENTS Please see the combined management report dated 30 June 2025 for a summary of the expected general economic environment and the expected development of the Company. With regard to the resulting expected development of the financial performance indicators, there are no changes to the forecast as compared to the combined management report dated 30 June 2025. DISCLAIMER This quarterly statement contains forward-looking statements. Such statements are based on current estimates and are therefore subject to risks and uncertainties. Actual results may differ from the statements made in this report. EVENTS AFTER THE END OF THE REPORTING PERIOD Match operations After ten match days, Borussia Dortmund is in third place in the Bundesliga with 21 points, which would qualify the team directly for the UEFA Champions League in the next season. After four league phase matches in the UEFA Champions League, Borussia Dortmund is in 14th place in the overall table. In the second round of the DFB Cup, Borussia Dortmund beat Eintracht Frankfurt 5-3 on the road on penalties. Borussia Dortmund will face Bayer 04 Leverkusen in the round of 16 at SIGNAL IDUNA PARK on 2 December 2025. SELECTED FINANCIAL INDICATORS CONSOLIDATED STATEMENT OF FINANCIAL POSITION Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 30/09/2025 30/06/2025 ASSETS Non-current assets Intangible assets 272,421 241,172 Property, plant and equipment 198,970 197,457 Investments accounted for using the equity method 884 884 Financial assets 173 202 Trade and other financial receivables 72,075 47,467 Prepaid expenses 2,179 1,722 546,701 488,904 Current assets Inventories 9,710 8,847 Trade and other financial receivables 81,429 79,355 Cash and cash equivalents 35,840 20,633 Prepaid expenses 15,843 7,679 Assets held for sale 0 10,233 142,823 126,747 689,524 615,650 EQUITY AND LIABILITIES Equity Subscribed capital 110,396 110,396 Reserves 239,122 216,044 Treasury shares -113 -113 Equity attributable to the owners of the parent company 349,405 326,327 Non-current liabilities Provisions 1,545 1,545 Financial liabilities 28,221 29,025 Lease liabilities 9,818 10,238 Trade payables 70,789 59,223 Other financial liabilities 2,431 594 Deferred income 25,188 0 137,991 100,625 Current liabilities Financial liabilities 5,264 5,148 Lease liabilities 2,589 2,696 Trade payables 59,624 103,621 Other financial liabilities 42,967 48,616 Tax liabilities 10,559 8,056 Deferred income 81,124 20,562 202,128 188,699 689,524 615,650 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 Q1 2025/2026 Q1 2024/2025 Revenue 107,020 107,332 Net transfer income 52,906 19,318 Other operating income 1,982 2,829 Cost of materials -6,319 -6,691 Personnel expenses -66,074 -58,940 Depreciation, amortisation and write-downs -27,813 -24,530 Other operating expenses -35,168 -38,137 Result from operating activities 26,535 1,182 Finance income 2,366 3,887 Finance costs -3,309 -3,361 Financial result -944 526 Profit before income taxes 25,591 1,708 Income taxes -2,648 -141 Consolidated net profit for the year 22,943 1,567 Other gains/losses incurred during the period, after taxes 135 0 Of which items that can subsequently be reclassified to profit or loss if certain conditions are met 135 0 Total comprehensive income 23,078 1,567 Consolidated net profit for the year attributable to: - Owners of the parent: 22,943 1,567 Total comprehensive income attributable to: - Owners of the parent: 23,078 1,567 Earnings per share (in EUR) (basic/diluted) 0.21 0.01 CONSOLIDATED STATEMENT OF CASH FLOWS Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 Q1 2025/2026 Q1 2024/2025 Profit before income taxes 25,591 1,708 Depreciation, amortisation and write-downs of non-current assets 27,813 24,530 Gain/loss on disposals of non-current assets -57,492 -20,492 Other non-cash expenses/income -764 1,161 Transfer costs 7,817 1,976 Interest income -2,366 -3,887 Interest expense 3,309 3,361 Changes in other assets not classified as from investing or financing activities -13,674 -22,273 Changes in other liabilities not classified as from investing or financing activities 81,404 55,998 Interest received 219 1 Interest paid -398 -636 Cash flows from operating activities 71,459 41,447 Payments for investments in intangible assets -90,506 -111,360 Net proceeds from transfers 40,553 47,736 Payments for investments in property, plant and equipment -4,918 -2,046 Proceeds from financial assets 4 4 Payments for investments in financial assets -4 -32 Cash flows from investing activities -54,871 -65,697 Proceeds from finance raised 0 25,844 Repayments of financial liabilities -644 -733 Repayments of lease liabilities -737 -771 Cash flows from financing activities -1,381 24,340 Change in cash and cash equivalents 15,207 90 Cash and cash equivalents at the beginning of the period 20,633 4,360 Cash and cash equivalents at the end of the period 35,840 4,450 Definition of cash and cash equivalents 35,840 4,450 Bank balances and cash-in-hand Cash and cash equivalents at the end of the period 35,840 4,450 FINANCIAL CALENDAR 14/11/2025 Publication of the quarterly statement - Q1 2025/2026 financial year 24/11/2025 2025 Annual General Meeting For further information, visit: https://aktie.bvb.de/en/ PUBLICATION DETAILS Published by: Borussia Dortmund GmbH & Co. KGaA Rheinlanddamm 207-209 44137 Dortmund, Germany E-mail: [email protected] Website: https://aktie.bvb.de/en Responsible: Mark Stahlschmidt Cover photo: Alexandre Simoes from 1 July to 30 September 20

View stock analysis, news, and events for Borussia Dortmund Gmbh & Co. Kgaa