Share price performance
During the reporting period for the 2023/2024 financial year (1 July 2023 to 30 June 2024), despite consistently positive financial news, the performance of BVB shares was influenced primarily by mixed sport-related announcements. (Unless indicated otherwise, the following data is based on the closing price of shares in XETRA trading in BVB shares; where necessary, figures have been rounded up to the nearest hundredth.)
Share price performance (in EUR)
The shares in Borussia Dortmund GmbH & Co. KGaA kicked off the new 2023/2024 financial year at EUR 4.29 (previous year: EUR 3.56) on 3 July 2023 and traded at EUR 4.34 on 4 July 2023, where they remained until the end of the month. BVB shares traded at EUR 4.35 on 31 July 2023. The shares rallied over several weeks at the start of the season in August. On 11 August 2023, BVB shares were listed at EUR 4.39 and on 16 August 2023 at EUR 4.44. Despite winning its opening match of the Bundesliga season and positive financial news, the share price suffered a setback. On 21 August 2023, the Company announced the preliminary figures for the 2022/2023 financial year (see ad hoc disclosure from the same date), with consolidated total operating proceeds up EUR 58.5 million, or 12.8%, to EUR 515.4 million and consolidated revenue up EUR 66.6 million, or 18.9%, to EUR 418.2 million. In financial year 2022/2023, consolidated net profit/loss improved by EUR 41.5 million to EUR 9.6 million. On that date, BVB shares closed at EUR 4.30. On the heels of the positive financial news, the share price then initially surged in August despite two draws. The BVB shares traded at EUR 4.37 on 23 August 2023, EUR 4.40 on 24 August 2023, EUR 4.56 on 25 August 2023 and EUR 4.63 on 31 August 2023, which also marked the high for the reporting period. Without any exceptional sports-related or financial announcements to buoy the shares, the share price slipped during the international break. BVB shares traded at EUR 4.59 on 01 September 2023, EUR 4.32 on 04 September 2023, EUR 4.18 on 12 September 2023 and EUR 4.07 on 18 September 2023.
This downward trend continued until the end of the calendar year, with the share price falling by a further EUR 0.40 in total, despite the fact that Borussia Dortmund put up positive performances in the UEFA Champions League, which saw the team survive the “Group of Death” and advance to the round of 16. However, this achievement was dampened by the mixed results in the Bundesliga and the team’s elimination from the DFB Cup. BVB shares traded at EUR 4.02 on 20 September 2023, EUR 3.86 on 27 September 2023, EUR 3.79 on 9 October 2023 and EUR 3.55 on 20 October 2023. On 3 November 2023, Borussia Dortmund GmbH & Co. KGaA released the preliminary figures for Q1 2023/2024 (see ad hoc disclosure from the same date), reporting, among other things, that its consolidated earnings before taxes (EBT) had increased by EUR 15.1 million year on year to EUR 58.9 million. On this date, BVB shares closed the trading day at EUR 3.85. A resounding defeat to FC Bayern Munich and the elimination from the DFB Cup heralded in a downward trend that was then cemented by two unnecessary draws in late December 2023. BVB shares traded at EUR 3.78 on 6 November 2023, EUR 3.66 on 27 November 2023 (the date of the Annual General Meeting), EUR 3.60 on 7 December 2023, EUR 3.56 on 13 December 2023, EUR 3.66 on 20 December 2023 and EUR 3.61 on 22 December 2023. The 2023 calendar year ended with BVB shares trading at EUR 3.60 on 29 December 2023 (previous year: EUR 3.70).
Revenue (shares)
BVB shares kicked off the new calendar year trading at EUR 3.65 on 2 January 2024, launching an initial upswing following three consecutive Bundesliga wins. Shares traded at EUR 3.67 on 9 January 2024, EUR 3.77 on 22 January 2024 and EUR 3.82 on 30 January 2024. In February 2024, the team unfortunately failed to follow up on its sporting successes of the prior month in the Bundesliga. On 2 February 2024, BVB shares traded at EUR 3.79. On 9 February 2024 they were trading at EUR 3.63, and rose to EUR 3.63 on 22 February 2024 and EUR 3.62 on 23 February 2024, the publication day for the preliminary semi-annual figures (see ad hoc disclosure from the same date). Although all of the news was positive – consolidated total operating proceeds up 19.3%, consolidated revenue up 15.7% and consolidated net profit up 71.4% year on year – the share price fell to EUR 3.37 on 26 February 2024 without any apparent connection to economic or sporting news and did not rise again until after the team qualified for the quarter-finals of the UEFA Champions League on 13 March 2024. On 14 March 2024, Borussia Dortmund increased the earnings forecast it had published with the combined management report as at 30 June 2023 (see ad hoc disclosure from the same date). On that date, BVB shares closed the trading day at EUR 3.60. BVB shares closed the month of March 2024 at EUR 3.35.
However, the unexpected sporting successes in the UEFA Champions League led to a stronger share price rally from mid-April 2024. After reaching the semi-finals of the UEFA Champions League on 16 April 2024, the share price rose to EUR 3.58 on the following day, 17 April 2024; on the same day, Borussia Dortmund published a further increase in its earnings forecast due to the positive economic effect of advancing in the aforementioned competition (see ad hoc disclosure from the same date). After Borussia Dortmund won both semi-final matches against Paris Saint-Germain to book its ticket to the UEFA Champions League final, the share price continued to rise. After the first leg of the semi-final, the share price traded at EUR 3.89 on 2 May 2024 and EUR 3.83 on 3 May 2024; on the latter date, the preliminary figures for the third quarter of the financial year were announced (see ad hoc disclosure from the same date). This announcement was well received, with BVB shares closing the next trading day at EUR 3.92. Following the team’s win in the return match on the following day, 8 May 2024, the share price rose further to EUR 4.17; on the same day, Borussia Dortmund again published an increased earnings forecast (see ad hoc disclosure from the same date). BVB shares remained at this level until the end of May 2024. On 28 May 2024, BVB shares traded at EUR 4.19 and on 31 May 2024 – one day before the UEFA Champions League final – at EUR 4.14. As Borussia Dortmund unfortunately lost the final against Real Madrid on 1 June 2024, BVB’s share price fell to EUR 3.84 on the next trading day, 3 June 2024, and would continue to decline thereafter. BVB shares traded at EUR 3.71 on 4 June 2024, EUR 3.58 on 7 June 2024 and EUR 3.51 on 12 June 2024. The news on 13 and 14 June 2024 regarding the reorganization of the coaching staff – from Edin Terzić to Nuri Şahin – did not have a significant impact on the further share price performance in June 2024. Nor did the capital market react to the positive development that Borussia Dortmund’s successful performance in the UEFA Champions League and the resulting improvement in its position in the UEFA rankings meant that, although Borussia Dortmund finished the Bundesliga season in fifth place, it still qualified for the UEFA Champions League in the 2024/2025 season. The reporting period ended with the BVB shares trading at EUR 3.53 on 28 June 2024 (previous year: EUR 4.37).