Contrary to the COVID-19 pandemic, which will no longer directly impact Borussia Dortmund’s business activities in financial year 2023/2024, there are no signs of a genuine de-escalation of the war in Ukraine thus of an improvement in the overall economic situation in Germany – where consumers are seeing their purchasing power diminish in the face of persistently high commodity, energy and food prices and consequently higher inflation as a result of the conflict. The threat of recession, which could in particular also have an adverse effect on sponsorship interest and demand for tickets, has not been completely averted, even though fears of a deeper recession are not currently proving to be true and expectations have been lowered. Due to the positive results of operations in the financial years prior to the COVID-19 pandemic, the consolidated net profit of EUR 9,550 thousand generated in financial year 2022/2023, and overall solid equity of EUR 282,705 thousand as at 30 June 2023, corresponding to an equity ratio of approximately 55.2%, the Borussia Dortmund Group considers itself well-prepared for the future. Nevertheless, the management is continuously reassessing the situation as it pertains to the consequences of the war in Ukraine. Any statements regarding the future performance of the Company are subject to a significant degree of uncertainty.