(28) Interest rate risk

As in the previous year, Borussia Dortmund’s portfolio only included non-derivative financial instruments bearing fixed interest as at 30 June 2025. Furthermore, a floating-rate loan was entered into that had not yet been disbursed. To hedge future variable interest obligations, an interest rate swap was entered into and designated as a hedge within the meaning of IFRS 9. Since it is highly probable that the floating-rate hedged item will be drawn down, changes in the value of the interest rate swap (EUR 575 thousand as at 30 June 2025) are recognised in other comprehensive income. The interest rate swap fully hedges the hedged item. Financial instruments measured at fair value through profit or loss or at fair value through other comprehensive income are subject to interest rate risk. Please refer to the disclosures in Note 31 on receivables intended for factoring and measured at fair value through profit or loss.