Expected general economic environment
Whereas the expected general economic environment in the previous year was 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 general economic environment for financial year 2024/2025 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 are not currently materialising and this is also not currently expected to occur, this could become reality if the respective wars escalate further. This potentially recessionary trend also poses the risk of having a particularly adverse effect on sponsorship interest, merchandising and demand for tickets. However, the Hamburg Institute of International Economics (HWWI) all the same expects a moderate upswing for the German economy in 2024 and 2025 and for economic growth to be on average between 0.25 and 1.0% (as at 7 June 2024).
On the pitch, Borussia Dortmund finished the 2023/2024 season in fifth place with 63 points, qualifying directly for the lucrative league phase of the UEFA Champions League in the coming season. Borussia Dortmund has thus qualified for an international cup competition for the fifteenth time in a row since the 2010/2011 season. However, the club traditionally pursues a more conservative approach when factoring success on the pitch and any associated earnings contributions into the forecast. Borussia Dortmund expects to reach the round of 16 of the UEFA Champions League in the 2024/2025 season. What is already certain is that Borussia Dortmund will compete at the FIFA Club World Cup. The format of the competition, which will be held in the summer of 2025 in the United States, has been expanded and will include 32 teams for the first time.