Borussia Dortmund GmbH : Q3 statement / Q3 financial report 2025/2026

About this update from Borussia Dortmund Gmbh & Co. Kgaa

KEY FIGURES AT A GLANCE FINANCIAL PERFORMANCE INDICATORS EUR '000 Q1-Q3 2025/2026 Q1-Q3 2024/2025 Q3 2025/2026 Q3 2024/2025 Revenue 371,370 393,349 124,931 148,827 Consolidated total operating proceeds 443,856 453,885 127,332 172,020 Operating result (EBITDA) 94,122 88,299 12,419 29,609 Result from operating activities (EBIT) 9,526 14,879 -14,436 5,752 Net profit/net loss for the year 5,895 12,947 -12,768 5,198 Free cash flow 662 2,507 2,245 40,789 BORUSSIA DORTMUND QUARTERLY STATEMENT from 1 July 2025 to 31 March 2026 4 BUSINESS TREND 4 Q1-Q3 2025/2026 AT A GLANCE 5 DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT 9 POSITION OF THE COMPANY 9 DEVELOPMENT OF PERFORMANCE INDICATORS 10 RESULTS OF OPERATIONS 10 REVENUE TREND 12 CHANGES IN SIGNIFICANT OPERATING EXPENSES 14 ANALYSIS OF CAPITAL STRUCTURE 14 DEVELOPMENT AND PERFORMANCE OF THE BUSINESS 16 ANALYSIS OF CAPITAL EXPENDITURE 16 ANALYSIS OF LIQUIDITY 17 OPPORTUNITIES AND RISKS 17 REPORT ON EXPECTED DEVELOPMENTS 17 DISCLAIMER 18 EVENTS AFTER THE END OF THE REPORTING PERIOD 19 SELECTED FINANCIAL INDICATORS 19 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 20 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 21 CONSOLIDATED STATEMENT OF CASH FLOWS 22 FINANCIAL CALENDAR 22 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 TREND Q1-Q3 2025/2026 AT A GLANCE ATHLETIC PERFORMANCE Bundesliga As at 31 March 2026, Borussia Dortmund had played 27 of 34 Bundesliga matches and its 61 points put it in second place and one of the coveted UEFA Champions League spots for the next season. UEFA Champions League Borussia Dortmund finished the league phase of the UEFA Champions League in 17 th place in the overall table with 11 points and thus advanced to the knockout phase play-offs, Despite winning the first leg 2-0 at home, Borussia Dortmund lost the second leg 1-4 away to Italian side Atalanta Bergamo. 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 on the road on 28 October 2025 they beat Eintracht Frankfurt 5-3 on penalties. On 2 December 2025, Borussia Dortmund lost 0-1 to Bayer 04 Leverkusen in the round of 16 at SIGNAL IDUNA PARK. 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 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. The contracts with Borussia Dortmund's previous primary kit sponsors Evonik Industries AG and 1&1 Telecommunication SE 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. Borussia Dortmund's newest Premium Partner and official AI Innovation Partner since January 2026 is the global technology group Lenovo (until 31 December 2027). TRANSFERS AND PLAYER LOANS The following players left Borussia Dortmund permanently during the 2025 summer transfer window: Jamie Gittens (transfer to Chelsea FC; see ad hoc disclosure dated 3 July 2025), 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. Borussia Dortmund terminated its contract with U23 player Antonio Foti early with effect from 31 December 2025; he joined third-division club SC Verl. During the 2025/2026 winter transfer window, midfielder Pascal Groß left Borussia Dortmund to join English Premier League club Brighton & Hove Albion in the second half of the 2025/2026 season. U23 player Jordi Paulina has also permanently left Borussia Dortmund and transferred to Fortuna Düsseldorf. Offensive talent Cole Campbell moved to TSG 1899 Hoffenheim on loan until the end of the 2025/2026 season. Winger Julien Duranville is also on loan until the end of the 2025/2026 season, moving to the current Swiss champions FC Basel 1893. Centre-back Aarón Anselmino returned to Chelsea FC early after being on loan to Borussia Dortmund in the first half of the 2025/2026. 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. Borussia Dortmund has signed Brazilian left-back Kauã Prates from Cruzeiro Esporte Clube for the 2026/2027 season. The player's contract runs until 30 June 2031 and enters into force in the 2026/2027 financial year. CONTRACT EXTENSIONS In the 2025/2026 financial year, the club signed early, long-term extensions with several of its professional players and coaches. At the end of August 2025, Borussia Dortmund and head coach Niko Kovač agreed to extend his contract early until 30 June 2027. Backup goalkeeper Alexander Meyer also extended his contract in December 2025 by a further year until 30 June 2027. In March 2026, Borussia Dortmund and Felix Nmecha agreed to extend the Germany international's contract early by a further two years until 30 June 2030. Also in March 2026, Borussia Dortmund signed Italy U19 international Luca Reggiani to a long-term professional contract. Furthermore, in March 2026, team captain Emre Can also extended his contract, which was due to expire at the end of the 2025/2026 season, by a further year until 30 June 2027. 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 1.33 billion as at March 2026) 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 2025/2026 season. The approximately 4.8% 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 national 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 received 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 During the reporting period thus far, Borussia Dortmund has played all of its 20 Bundesliga, UEFA Champions League and DFB Cup home matches to nearly sell-out crowds. As well as the public area, tickets for the hospitality areas were also virtually 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. 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 league president and thus also as Chairperson 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 . As announced, Hans-Joachim Watzke has resigned as Managing Director and Chairperson of the Management and terminated his managing director service agreement. Hans-Joachim Watzke took this step with immediate effect at the Annual General Meeting of Ballspielverein Borussia 09 e.V. Dortmund on 23 November 2025. The Annual General Meeting elected Hans-Joachim Watzke as President of Ballspielverein Borussia 09 e.V. Dortmund. In addition, Daniel Lörcher was elected as Vice President and Silke Seidel as Treasurer. The three henceforth form the new Executive Board of Ballspielverein Borussia 09 e.V. Dortmund. Following Hans-Joachim Watzke's departure from the management of the general partner (Borussia Dortmund Geschäftsführungs-GmbH) of Borussia Dortmund GmbH & Co. KGaA on 23 November 2025 (see corporate news from the same date), the Executive Committee of the Advisory Board of Borussia Dortmund Geschäftsführungs-GmbH resolved the following on 26 November 2025 (see ad hoc disclosure from the same date): Carsten Cramer will now assume the role as Chairperson of the Management (CEO) and, in addition to his "Marketing", "Sales", "Digitalisation" and "Internationalisation" areas of responsibility, will also assume responsibility for "Communications" and "Strategy". Svenja Schlenker joins Carsten Cramer, Thomas Treß and Lars Ricken on the management team and will be responsible for "Human Resources". She will continue to head girls' and women's football throughout the entire Borussia Dortmund organisation. She has resigned as Chairperson of the Works Council. Thomas Treß will continue to be responsible for "Finance", "Organisation", "Legal" and "Investor Relations", while Lars Ricken will remain in charge of "Sports". The installation of the photovoltaic system on the roof of SIGNAL IDUNA PARK - developed as part of Borussia Dortmund's sustainability partnership with RWE - was completed at the end of November 2025. With 11,132 solar modules and an output of over 5 megawatts (MWp), Germany's largest stadium now boasts the world's most powerful PV system ever installed on a stadium roof. Going forward, Borussia Dortmund will be able to cover roughly half of SIGNAL IDUNA PARK's electricity requirements with solar power. This world record has been officially confirmed by the Records Institute of Germany ( Rekord-Institut für Deutschland , "RID"). Compared to the previous source of electricity, the new solar system will save around 1,700 tonnes of CO₂ per year. On 9 December 2025, Borussia Dortmund celebrated its 25 th anniversary on the stock exchange. The management, members of the Supervisory Board and the Works Council, shareholders, and representatives of Deutsche Börse gathered in Frankfurt for a small ceremony (see detailed corporate news from the same day). In the previous financial year, Borussia Dortmund formed BVB Gesundheitswelt GmbH in cooperation with Essen University Hospital. At the end of December 2025, a further milestone was reached with the purchase of the plot of land, marking the transition from the planning to the realisation phase. The application for the construction permit has already been submitted. On 22 March 2026, Borussia Dortmund and former Sporting Director Sebastian Kehl mutually agreed to end their collaboration with immediate effect. Borussia Dortmund presented Ole Book - formerly Managing Director of Sport at second-division club SV Elversberg - as his successor; Book's contract runs until 30 June 2029. 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. 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 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, cash flows from operating activities and free cash flow - for Q1-Q3 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-Q3 2025/2026 Q1-Q3 2024/2025 Forecast for full financial year 2025/2026 Revenue 371,370 393,349 475,000 Consolidated total operating proceeds 443,856 453,885 555,000 Operating result (EBITDA) 94,122 88,299 105,000 to 115,000 Result from operating activities (EBIT) 9,526 14,879 -5,000 to 5,000 Net profit/net loss for the year 5,895 12,947 -5,000 to 5,000 Free cash flow 662 2,507 7,000 Having failed to secure the anticipated income from the UEFA Champions League after being eliminated in the knockout phase play-offs of the competition on the evening of 25 February 2026, Borussia Dortmund has revised its earnings forecast in the published combined management report dated 30 June 2025 (net profit/loss for the year of between EUR -5,000 thousand and EUR 5,000 thousand) downward to a net loss for the year of between EUR -12,000 thousand and EUR -22,000 thousand (see ad hoc disclosure dated 26 February 2026). However, the elimination from the cup competition also has an adverse effect on the other financial performance indicators. RESULTS OF OPERATIONS During the reporting period, Borussia Dortmund generated revenue of EUR 371,370 thousand (previous year: EUR 393,349 thousand) and consolidated total operating proceeds of EUR 443,856 thousand (previous year: EUR 453,885 thousand). Borussia Dortmund closed out the first three quarters of the 2025/2026 financial year with a consolidated net profit of EUR 5,895 thousand (previous year: consolidated net profit of EUR 12,947 thousand). The operating result (EBITDA) increased by EUR 5,823 thousand to EUR 94,122 thousand (previous year: EUR 88,299 thousand). The result from operating activities (EBIT) amounted to EUR 9,526 thousand (previous year: EUR 14,879 thousand). REVENUE TREND In the first three quarters of financial year 2025/2026, Borussia Dortmund's revenue decreased year on year by EUR 21,979 thousand and amounted to EUR 371,370 thousand in the first nine months of financial year 2025/2026 (previous year: EUR 393,349 thousand). As in the previous year, a total of 20 competitive home matches were played to nearly sell-out crowds at SIGNAL IDUNA PARK in the reporting period. One fewer UEFA Champions League home match and one additional DFB Cup home match were played than in the previous year. Therefore, on a cumulative basis, revenue from national and international match operations and the DFB Cup remained essentially level year on year. Revenue from match operations totalled EUR 44,374 thousand (previous year: EUR 45,725 thousand). The decline by EUR 1,350 thousand is due primarily to the fact that in the previous year this item had included ticket proceeds from the testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski. Despite the fact that the Club did not receive Champions League advertising bonuses for reaching the round of 16 and quarter-finals, as it had done in the previous year, advertising income increased by EUR 1,335 thousand to EUR 114,922 thousand in the first nine months of the current financial year (previous year: EUR 113,587 thousand) due to the fact that the sponsorship agreements entered into were more extensive and lucrative than in the previous year. Income from TV marketing amounted to EUR 151,365 thousand, down by EUR 11,320 thousand from EUR 162,685 thousand in the prior-year period. Income from national TV marketing decreased by EUR 4,453 thousand year on year to EUR 66,656 thousand (previous year: EUR 71,108 thousand). This is due primarily to the fact that, despite the same number of matches having been played in the reporting period, the DFL Deutsche Fußball Liga's total distribution payouts decreased by around 4.8% compared to the previous year. Income from international TV marketing includes income from the team's participation in the 2025 FIFA Club World Cup and in the UEFA Champions League. In the first quarter of 2025/2026, Borussia Dortmund had already received the bonus (EUR 11,154 thousand) for reaching the quarter-finals of the 2025 FIFA Club World Cup (previous year: EUR 0 thousand). The decline in income from the Champions League by EUR 18,890 thousand from EUR 90,948 thousand to EUR 72,058 thousand is due primarily to the fact that the team did not reach the round of 16 and that performance-related income fell during the league phase. Borussia Dortmund reached the round of 16 of the DFB Cup this financial year, after being eliminated in the second round in the previous year. This caused income from the national cup competition to increase by EUR 869 thousand to EUR 1,497 thousand (previous year: EUR 628 thousand). Income from merchandising amounted to EUR 28,886 thousand in the reporting period (previous year: EUR 32,878 thousand), down EUR 3,992 thousand year on year. As in the previous season, Borussia Dortmund once again promoted a special-edition kit. While the corresponding income in the previous year was recognised almost entirely in Q3 2024/2025, the income from this year's special-edition kit sales is spread over Q3 and Q4 2025/2026. This difference in timing led to a year-on-year decline in income from merchandising as at the reporting date. Conference, catering and miscellaneous income decreased by EUR 6,650 thousand from EUR 38,474 thousand in the prior-year period to EUR 31,824 thousand in the first three quarters 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. Furthermore, two special matches were held at SIGNAL IDUNA PARK in the prior-year period: the testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski and an international match for the German national team. Release fees for national team players also declined, as income from the release of national team players for the UEFA EURO 24 had been recognised on a pro rata basis in the previous year. By contrast, income from other events at SIGNAL IDUNA PARK increased year on year. NET TRANSFER INCOME Net transfer income rose by EUR 20,294 thousand to EUR 55,076 thousand (previous year: EUR 34,782 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), Youssoufa Moukoko (FC Copenhagen) and Pascal Groß (Brighton & Hove Albion) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred. The prior-year figure of EUR 34,782 thousand had resulted primarily from the departures of the players Donyell Malen (Aston Villa), 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. EUR '000 Q1-Q3 2025/2026 Q1-Q3 2024/2025 Q3 2025/2026 Q3 2024/2025 Gross transfer proceeds 72,486 60,536 2,402 23,193 Transfer costs -7,998 -2,417 -200 0 Net transfer proceeds 64,488 58,119 2,202 23,193 Residual carrying amounts and other derecognised items -9,412 -23,337 -2,011 -10,623 Net transfer income 55,076 34,782 191 12,570 Consolidated total operating proceeds amounted to EUR 443,856 thousand in the reporting period (previous year: EUR 453,885 thousand). OTHER OPERATING INCOME Other operating income declined by EUR 1,869 thousand from EUR 6,442 thousand in the previous year to EUR 4,573 thousand due primarily to a decrease in liabilities to be derecognised through profit or loss and lower gains on insurance claims. CHANGES IN SIGNIFICANT OPERATING EXPENSES COST OF MATERIALS Cost of materials decreased by EUR 378 thousand and amounted to EUR 23,014 thousand in the first nine months of financial year 2025/2026 (previous year: EUR 23,392 thousand). The cost of materials for merchandising and catering declined slightly, in line with the decrease in income in both areas. PERSONNEL EXPENSES Personnel expenses amounted to EUR 197,630 thousand in the first three quarters of financial year 2025/2026 (previous year: EUR 199,134 thousand), down EUR 1,505 thousand from the previous year. The decrease was attributable primarily to match operations. The absence of the non-recurring effects reported in the previous year more than offset the increase in base salaries. The higher Bundesliga points total led to higher performance-based bonuses for national competitions. However, this was offset by reduced bonuses for the team's performance in international competitions (the team had reached the quarter-finals of the Champions League in the previous year). DEPRECIATION, AMORTISATION AND WRITE-DOWNS Depreciation, amortisation and write-downs increased by in total EUR 11,177 thousand to EUR 84,596 thousand (previous year: EUR 73,420 thousand). Of this amount, EUR 74,587 thousand (previous year: EUR 63,794 thousand) was attributable to intangible assets, which mainly comprise player registrations. This includes EUR 1,288 thousand in transfer-related write-downs of intangible assets to their fair values (previous year: EUR 0 thousand). A further EUR 9,941 thousand (previous year: EUR 9,592 thousand) was attributable to property, plant and equipment and EUR 69 thousand (previous year: EUR 34 thousand) to financial assets. OTHER OPERATING EXPENSES Other operating expenses decreased by EUR 7,495 thousand from EUR 123,748 thousand to EUR 116,253 thousand in the reporting period. The sharpest decline was recorded for expenses for match operations, which decreased by EUR 3,798 thousand, due mainly to three special matches at SIGNAL IDUNA PARK in the previous year (UEFA EURO 24 semi-final, testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski, and an international match for the German national team). Transfer expenses also declined, falling by EUR 1,597 thousand, due primarily to lower expenses for players on loan. Administrative expenses also decreased, sliding by EUR 1,518 thousand, due to the fact that extraordinary IT project costs were incurred in the previous year, among other things. By contrast, advertising expenses rose by EUR 1,949 thousand, due primarily to the increase in externally purchased media services. FINANCIAL RESULT The financial result amounted to EUR -495 thousand in the first three quarters of the 2025/2026 financial year (previous year: EUR -331 thousand) and includes primarily non-cash measurements of non-current receivables and liabilities in accordance with IFRS 9 and financing charges. TAX EXPENSE A net tax expense of EUR 3,135 thousand was generated in the reporting period (previous year: expense of EUR 1,601 thousand). The tax expense is due to the positive earnings before taxes in the first three quarters of 2025/2026 and to other prior-year effects. ANALYSIS OF CAPITAL STRUCTURE DEVELOPMENT AND PERFORMANCE OF THE BUSINESS CONSOLIDATED STATEMENT OF FINANCIAL POSITION Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund ASSETS 31/03/2026 30/06/2025 EUR '000 in % EUR '000 in % Non-current assets Intangible assets 234,470 38.1 241,172 39.2 Property, plant and equipment 200,127 32.5 197,457 32.1 Investments accounted for using the equity method 822 0.1 884 0.1 Financial assets 148 0.0 202 0.0 Trade and other financial receivables 48,504 7.9 47,467 7.7 Prepaid expenses 821 0.2 1,722 0.3 484,892 78.8 488,904 79.4 Current assets Inventories 10,554 1.7 8,847 1.4 Trade and other financial receivables 99,997 16.2 79,355 12.9 Cash and cash equivalents 9,247 1.5 20,633 3.4 Prepaid expenses 10,444 1.7 7,679 1.2 Assets held for sale 260 0.1 10,233 1.7 130,501 21.2 126,747 20.6 615,393 100.0 615,650 100.0 Borussia Dortmund reported total assets of EUR 615,393 thousand as at 31 March 2026. These were down EUR 258 thousand on the figure reported as at 30 June 2025. As at the end of the reporting period, fixed assets declined by EUR 4,148 thousand. This is due primarily to additions amounting to EUR 83,430 thousand, of which EUR 70,660 thousand was attributable to player registrations and EUR 12,615 thousand to long-term infrastructure investments (which includes in particular the newly installed photovoltaic system on the roof of SIGNAL IDUNA PARK). This was offset by EUR 712 thousand in disposals, a total of EUR 2,270 thousand in reclassifications to assets held for sale and EUR 84,596 thousand in depreciation. Current and non-current trade receivables and other financial receivables increased by EUR 21,679 thousand to EUR 148,501 thousand. The increase was due primarily to substantial new transfer receivables with a lower offsetting effect from incoming payments for existing transfer receivables than in the previous year. Cash and cash equivalents decreased by EUR 11,386 thousand to EUR 9,247 thousand in the period under review (30 June 2025: EUR 20,633 thousand). Current and non-current prepaid expenses increased by EUR 1,864 thousand to EUR 11,265 thousand (30 June 2025: EUR 9,401 thousand), due mainly to deferred personnel services. Assets held for sale declined by EUR 9,973 thousand to EUR 260 thousand due to the completed transfers. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EQUITY AND LIABILITIES 31/03/2026 30/06/2025 EUR '000 in % EUR '000 in % Equity Subscribed capital 110,396 17.9 110,396 17.9 Reserves 215,670 35.1 216,044 35.1 Treasury shares -113 0.0 -113 0.0 Equity attributable to the owners of the parent company 325,953 53.0 326,327 53.0 Non-current liabilities Provisions 1,545 0.3 1,545 0.3 Financial liabilities 25,464 4.1 29,025 4.7 Lease liabilities 9,174 1.5 10,238 1.7 Trade payables 48,219 7.8 59,223 9.6 Other financial liabilities 357 0.1 594 0.1 Deferred income 23,563 3.8 0 0.0 108,321 17.6 100,625 16.3 Current liabilities Financial liabilities 5,251 0.9 5,148 0.8 Lease liabilities 2,416 0.4 2,696 0.4 Trade payables 89,125 14.5 103,621 16.8 Other financial liabilities 45,773 7.4 48,616 7.9 Tax liabilities 9,432 1.5 8,056 1.3 Deferred income 29,120 4.7 20,562 3.3 181,118 29.4 188,699 30.7 615,393 100.0 615,650 100.0 As at 31 March 2026, the Borussia Dortmund's subscribed capital remained unchanged at EUR 110,396 thousand as compared to 30 June 2025. Factoring in the net profit/net loss for the reporting period and the dividend distribution, the Group's equity amounted to EUR 325,953 thousand as at the end of the reporting period. This corresponds to an equity ratio of 53.0% (30 June 2025: 53.0%). Current and non-current financial liabilities declined by EUR 3,458 thousand to EUR 30,715 thousand as compared to 30 June 2025. The decrease is due primarily to the scheduled repayment of long-term capex loans. As at the end of the reporting period, current and non-current lease liabilities declined by EUR 1,344 thousand from EUR 12,934 thousand to EUR 11,590 thousand. The decrease is due primarily to the scheduled repayment of liabilities. Current and non-current trade payables and other financial liabilities decreased by EUR 28,579 thousand from EUR 212,054 thousand to EUR 183,475 thousand as at the end of the reporting period. The decline in liabilities from transfer deals included in this item amounts to EUR 33,771 thousand and is due primarily to the scheduled payment of contractual liabilities, with a lower offsetting effect from new liabilities. By contrast, other non-current and current trade payables and other financial liabilities increased by a total of EUR 5,192 thousand. Tax liabilities increased by EUR 1,376 thousand to EUR 9,432 thousand as at 31 March 2026 (30 June 2025: EUR 8,056 thousand) due mainly to the net profit for the reporting period. Current and non-current deferred income amounted to EUR 52,682 thousand, representing an increase of EUR 32,121 thousand as compared to 30 June 2025 (EUR 20,562 thousand). The increase was due mainly to advance payments made for sponsorships in the course of the reporting period and those scheduled in future financial years. By contrast, the season ticket prepayments deferred as at 30 June 2025 decreased due to the home matches played at SIGNAL IDUNA PARK. ANALYSIS OF CAPITAL EXPENDITURE In the first three quarters of the current financial year, Borussia Dortmund invested EUR 114,939 thousand (previous year: EUR 131,901 thousand) in fixed assets. Of this amount, EUR 106,300 thousand (previous year: EUR 126,265 thousand) was invested in intangible assets, which related almost entirely to the player base. During the same period, EUR 8,617 thousand (previous year EUR 5,540 thousand) was invested in property, plant and equipment, and EUR 22 thousand (previous year EUR 96 thousand) paid for financial assets. ANALYSIS OF LIQUIDITY As at 31 March 2026, Borussia Dortmund held unrestricted cash funds of EUR 9,247 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 59,732 thousand in the first three quarters of financial year 2025/2026 (previous year: EUR 55,359 thousand), and cash flows from investing activities amounted to EUR -59,070 thousand (previous year: EUR -52,852 thousand). Consequently, free cash flow amounted to EUR 662 thousand (previous year: EUR 2,507 thousand). Cash flows from financing activities amounted to EUR -12,048 thousand (previous year: EUR -3,746 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 Q3 2025/2026 quarterly report. As at 31 March 2026, 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. Having failed to secure the anticipated income from the UEFA Champions League after being eliminated in the knockout phase play-offs of the competition on the evening of 25 February 2026, Borussia Dortmund has revised its earnings forecast in the published combined management report dated 30 June 2025 (consolidated net profit/loss for the year of between EUR -5,000 thousand and EUR 5,000 thousand) downward to a consolidated net loss for the year of between EUR -12,000 thousand and EUR -22,000 thousand (see ad hoc disclosure dated 26 February 2026). However, the elimination from the cup competition also has an adverse effect on the other financial performance indicators. This new guidance is subject to any adjusting events that may occur in the period until the consolidated/annual financial statements are finalised and any information that may arise after the reporting period during the audit of the consolidated financial statements for the 2025/2026 financial year. 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 match day 33, Borussia Dortmund sit in second place in the Bundesliga with 70 points, clinching the runners-up spot for the season. Borussia Dortmund thus secured its eleventh consecutive appearance in the UEFA Champions League in the coming season . Contract extensions Borussia Dortmund extended its contract with Germany international Nico Schlotterbeck early until 30 June 2031. Other In April 2026, Borussia Dortmund and the leading German online gambling platform StarGames extended their premium partnership early until 30 June 2029. In early May 2026, OBO Bettermann - an international specialist in installation systems for electrotechnical equipment - deepened its longstanding partnership with Borussia Dortmund to become a Premium Partner and at the same time extended its sponsorship contract early by a further four years until 30 June 2030. SELECTED FINANCIAL INDICATORS CONSOLIDATED STATEMENT OF FINANCIAL POSITION Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 31/03/2026 30/06/2025 ASSETS Non-current assets Intangible assets 234,470 241,172 Property, plant and equipment 200,127 197,457 Investments accounted for using the equity method 822 884 Financial assets 148 202 Trade and other financial receivables 48,504 47,467 Prepaid expenses 821 1,722 484,892 488,904 Current assets Inventories 10,554 8,847 Trade and other financial receivables 99,997 79,355 Cash and cash equivalents 9,247 20,633 Prepaid expenses 10,444 7,679 Assets held for sale 260 10,233 130,501 126,747 615,393 615,650 EQUITY AND LIABILITIES Equity Subscribed capital 110,396 110,396 Reserves 215,670 216,044 Treasury shares -113 -113 Equity attributable to the owners of the parent company 325,953 326,327 Non-current liabilities Provisions 1,545 1,545 Financial liabilities 25,464 29,025 Lease liabilities 9,174 10,238 Trade payables 48,219 59,223 Other financial liabilities 357 594 Deferred income 23,563 0 108,321 100,625 Current liabilities Financial liabilities 5,251 5,148 Lease liabilities 2,416 2,696 Trade payables 89,125 103,621 Other financial liabilities 45,773 48,616 Tax liabilities 9,432 8,056 Deferred income 29,120 20,562 181,118 188,699 615,393 615,650 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 Q1-Q3 2025/2026 Q1-Q3 2024/2025 Q3 2025/2026 Q3 2024/2025 Consolidated revenue 371,370 393,349 124,931 148,827 Net transfer income 55,076 34,782 191 12,570 Other operating income 4,573 6,442 642 487 Cost of materials -23,014 -23,392 -7,636 -8,064 Personnel expenses -197,630 -199,134 -68,298 -81,025 Depreciation, amortisation and write-downs -84,596 -73,420 -26,855 -23,857 Other operating expenses -116,253 -123,748 -37,411 -43,186 Result from operating activities 9,526 14,879 -14,436 5,752 Net income/loss from investments in associates -62 28 -62 28 Finance income 4,726 5,657 1,222 900 Finance costs -5,159 -6,015 -938 -931 Financial result -495 -331 222 -3 Profit before income taxes 9,031 14,548 -14,214 5,749 Income taxes -3,135 -1,601 1,447 -551 Consolidated net profit/loss for the year 5,895 12,947 -12,768 5,198 Other gains/losses incurred during the period, after taxes 354 0 1 0 Of which items that can subsequently be reclassified to profit or loss if certain conditions are met 354 0 1 0 Total comprehensive income 6,249 12,947 -12,767 5,198 Consolidated net profit/loss for the year attributable to: - Owners of the parent: 5,895 12,947 -12,768 5,198 Total comprehensive income attributable to: - Owners of the parent: 6,249 12,947 -12,767 5,198 Earnings per share (in EUR) (basic/diluted) 0.05 0.12 -0.12 0.05 CONSOLIDATED STATEMENT OF CASH FLOWS Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund EUR '000 Q1-Q3 2025/2026 Q1-Q3 2024/2025 Profit before income taxes 9,032 14,548 Depreciation, amortisation and write-downs of non-current assets 84,596 73,420 Gain/loss on disposals of non-current assets -59,629 -34,540 Other non-cash expenses/income 395 1,827 Transfer costs 7,998 2,417 Interest income -4,726 -5,657 Interest expense 5,159 6,015 Net income/loss from investments in associates -62 28 Changes in other assets not classified as from investing or financing activities -14,720 -26,074 Changes in other liabilities not classified as from investing or financing activities 34,301 25,588 Interest received 389 3 Interest paid -1,154 -2,216 Income taxes paid -1,847 0 Cash flows from operating activities 59,732 55,359 Payments for investments in intangible assets -106,300 -126,265 Net proceeds from transfers 55,862 79,006 Payments for investments in property, plant and equipment -8,617 -5,540 Proceeds from disposals of property plant and equipment 0 3 Proceeds from financial assets 7 40 Payments for investments in financial assets -22 -96 Cash flows from investing activities -59,070 -52,852 Proceeds from finance raised 0 7,080 Repayments of financial liabilities -3,205 -1,993 Dividend payment -6,623 -6,623 Repayment of lease liabilities -2,220 -2,210 Cash flows from financing activities -12,048 -3,746 Change in cash and cash equivalents -11,386 -1,239 Cash and cash equivalents at the beginning of the period 20,633 4,360 Cash and cash equivalents at the end of the period 9,247 3,121 Definition of cash and cash equivalents 9,247 3,121 Bank balances and cash-in-hand Cash and cash equivalents at the end of the period 9,247 3,121 FINANCIAL CALENDAR 15/05/2026 Publication of the quarterly statement - Q3 2025/2026 financial year 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 2026

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