Development and performance of the business

The Borussia Dortmund Group reported total assets of EUR 615,650 thousand as at 30 June 2025. These were up EUR 25,967 thousand on the figure reported as at 30 June 2024 (EUR 589,684 thousand).

Non-current assets rose by EUR 15,630 thousand to EUR 488,904 thousand. The change was as follows:

Intangible assets increased by EUR 57,104 thousand to EUR 241,172 thousand as at the end of the reporting period. This rise is due primarily to additions amounting to EUR 176,751 thousand (of which EUR 176,722 thousand in player registrations). Due to the additional special transfer window prior to the FIFA Club World Cup, the addition relating to the new player Jobe Bellingham was recognised before the end of the reporting period. The additions were partly offset by a total of EUR 34,105 thousand in disposals and reclassifications of non-current intangible assets to assets held for sale and EUR 85,542 thousand in amortisation and write-downs.

Property, plant and equipment decreased by EUR 812 thousand to EUR 197,457 thousand. The additions of EUR 12,689 thousand were offset by EUR 738 thousand in disposals and EUR 12,763 thousand in depreciation and write-downs. The additions primarily include the expansion of the infrastructure, and the operating and office equipment in and around SIGNAL IDUNA PARK, the training centre in Dortmund-Brackel and the administration building.

The increase in financial assets accounted for using the equity method is attributable mainly to the formation of BVB-Gesundheitswelt GmbH.

As at the end of the reporting period, current and non-current trade receivables and other financial receivables decreased by EUR 51,169 thousand to EUR 126,822 thousand (30 June 2024: EUR 177,991 thousand). The decrease is due primarily to the receipt of transfer receivables.

Inventories increased by EUR 3,556 thousand from EUR 5,291 thousand in the previous year to EUR 8,847 thousand.

Cash and cash equivalents amounted to EUR 20,633 thousand (30 June 2024: EUR 4,360 thousand).

Assets held for sale declined by EUR 10,764 thousand in connection with transfer deals. In addition, as at the end of the reporting period, intangible assets amounting to EUR 18,917 thousand were reclassified as assets held for sale and impairment losses of EUR 7,000 thousand were reported under depreciation, amortisation and write-downs. Accordingly, the carrying amount of assets held for sale amounted to EUR 10,233 thousand as at 30 June 2025 (30 June 2024: EUR 9,080 thousand).

Current and non-current prepaid expenses decreased by EUR 645 thousand to EUR 9,401 thousand (30 June 2024: EUR 10,046 thousand).

As at 30 June 2025, the Borussia Dortmund Group’s equity amounted to EUR 326,327 thousand (30 June 2024: EUR 327,013 thousand). This corresponds to an equity ratio of 53.0% (30 June 2024: 55.5%). As at 30 June 2025, the Group’s share capital remained unchanged at EUR 110,396 thousand as compared to 30 June 2024. The reserves decreased from EUR 216,730 thousand to EUR 216,044 thousand. The decrease is attributable to the dividend distribution, which exceeded the total comprehensive income of EUR 5,922 thousand.

The Borussia Dortmund Group reported total liabilities of EUR 289,324 thousand as at the end of the reporting period. This represented an increase of EUR 26,653 thousand from EUR 262,671 thousand as at 30 June 2024. The change was as follows:

As at the end of the reporting period, loans amounting to EUR 33,599 thousand were drawn down to finance investments in property, plant and equipment. Of this amount, EUR 5,148 thousand was reported under current financial liabilities. Furthermore, a long-term floating-rate loan amounting to EUR 26,000 thousand was entered into that had not yet been disbursed. To hedge future variable interest obligations, Borussia Dortmund entered into a hedge (interest rate swap) that had a negative value of EUR 575 thousand as at the end of the reporting period. As in the previous year, Borussia Dortmund did not draw down the existing overdraft facilities of EUR 75,000 thousand as at the end of the reporting period.

Current and non-current lease liabilities increased from EUR 11,878 thousand to EUR 12,934 thousand in the reporting period. The repayments of lease liabilities of EUR 2,949 thousand were partly offset by new and the extension of existing lease obligations taken up for the vehicle fleet, fan shops and operating and office equipment (EUR 4,005 thousand).

Non-current trade payables increased by EUR 19,397 thousand to EUR 59,223 thousand, due in particular to the higher non-current liabilities from transfer deals. The increase as at the end of the reporting period was due primarily to the recognition of the signing of Jobe Bellingham in the additional special transfer window prior to the FIFA Club World Cup. The decrease in current trade payables by EUR 2,769 thousand to EUR 103,621 thousand is due primarily to the decline in match-day liabilities in connection with the UEFA EURO 2024. This was offset by the increase in liabilities from transfer deals.

Current and non-current other financial liabilities increased by EUR 356 thousand to EUR 49,210 thousand as at the end of the reporting period (30 June 2024: EUR 48,854 thousand). This increase is due in particular to higher personnel-related liabilities. By contrast, liabilities to the general partner decreased.

Due to the positive consolidated net profit for the year, current tax liabilities increased to EUR 8,056 thousand as at the end of the reporting period (30 June 2024: EUR 5,396 thousand) as the previous year’s amounts have not yet been paid.

Non-current deferred income amounted to EUR 20,562 thousand as at the end of the reporting period (30 June 2024: EUR 20,648 thousand). This figure comprises in particular proceeds from season ticket sales for the 2025/2026 season.