Overall assessment of expected performance

Whereas the statements on the expected performance in the previous financial year were primarily shaped by the war in Ukraine and its effects on the overall economic situation in Germany – where consumers are seeing their purchasing power diminish in the face of rising commodity, energy and food prices and consequently higher inflation as a result of the conflict –, the impact on the expected performance in this year is no longer as pronounced because inflation and commodity, energy and food prices have largely stabilised once again. However, we are deeply dismayed that the conflict in the Middle East has escalated into another war, even if these hostilities currently do not have any material economic impact on Borussia Dortmund. While fears of a deeper and long-lasting recession, which could in particular adversely affect sponsorship interest and demand for tickets, are not currently materialising, this could become reality if the respective wars escalate further. Due to the positive results of operations in the financial years prior to the COVID-19 pandemic, the fact that net income was once again generated in financial year 2023/2024 (EUR 44,307 thousand) that also significantly exceeded the prior-year figure (EUR 9,550 thousand), and overall solid equity of EUR 327,013 thousand as at 30 June 2024, corresponding to an equity ratio of approximately 55.5%, 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 wars in Ukraine and Gaza. Any statements regarding the future performance of the Company are subject to a significant degree of uncertainty.