Annual Report 2022/2023

Investor Relations

The aim of our Company’s Investor Relations organisation is to obtain an appropriate valuation of BVB shares on the capital market. This is achieved by pursuing ongoing and open communication with all market participants. Investor Relations forms an ideal interface between institutional investors, financial analysts and private investors. The Company seeks to justify the confidence placed in it by investors and the public through immediate and transparent communication of its financial results, business transactions, strategy, and risks and opportunities. We are committed to communications principles such as openness, continuity, equal treatment and credibility, which make it possible to develop a long-term rapport based on trust with market participants and to ensure a true and fair view of the Company.

We therefore use online communication as our main form of communications, as this offers the best basis for providing all interested parties with equal access to up-to-date information. Because this information is highly pertinent, Borussia Dortmund maintains an investor relations webpage, “BVB Share” which is available online at and All annual and interim financial reports are available for download at this site. Mandatory disclosures and announcements under capital market law, such as ad hoc disclosures, corporate news, and manager transactions (formerly directors’ dealings) are published here in a timely manner. At the same time, our service provider, EQS Group AG (DGAP), Munich, ensures that these notices are distributed throughout Europe. Further detailed information, such as investor presentations and in-depth information on implementing the recommendations of the German Corporate Governance Code, is provided on our website. The information is available in German and, for the most part, in English as well.

Another objective of ours in financial year 2022/2023 was to continue to foster communication with the capital markets. The Annual Press Conference on the preliminary figures of the 2021/2022 financial year was held in Dortmund on 19 August 2022. The Company also held an analyst conference on the same day in Frankfurt am Main. Both of these were held as “hybrid” events. During the reporting period, the Company also took part in roadshows with capital market representatives on 20 September 2022 as part of the “Berenberg and Goldman Sachs Eleventh German Corporate Conference” and on 14 March 2023 and 20 June 2023 in virtual format with Edison, as well as group or one-on-one virtual meetings and conference calls.

The Company is also pleased to be included in the research coverage of the following firms:

  • Frankfurt Main Research AG, Frankfurt am Main
    Most recent research update: 7 June 2023, Recommendation: “Buy” (previously: “Buy”)
    Target price: EUR 5.00 (previously: EUR 5.00);
  • Hauck & Aufhäuser Privatbankiers AG, Hamburg
    Most recent research update: 8 June 2023, Recommendation: “Buy” (previously: “Buy”)
    Target price: EUR 5.50 (previously: EUR 5.20);
  • Joh. Berenberg, Gossler & Co. KG (“Berenberg”), Hamburg
    Most recent research update: 7 June 2023, Recommendation: “Buy” (previously: “Buy”)
    Target price: EUR 6.00 (previously: EUR 6.00);
  • GSC Research GmbH, Düsseldorf
    Most recent research update: 30 May 2023, Recommendation: “Buy” (previously: “Buy”)
    Target price: EUR 5.50 (previously: EUR 5.50);
  • Edison Research Investment Ltd., London, UK
    Most recent research update: 17 May 2023, Recommendation: “n/a”

Individual studies and research updates that our Company is entitled to publish are available online at and under “BVB Share”, sub-heading “Capital Market View”.

Stifel Europe Bank AG was our Company’s designated sponsor during the reporting period.

29th match day / 22.04.2023

BVB - Eintracht Frankfurt 4:0

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