Overall assessment of expected performance

As in the previous years, geopolitical conflicts shape the expected general economic environment. While the war in Ukraine continues to have an impact on the overall economic situation in Germany – where consumers saw their purchasing power diminish in the face of rising commodity, energy and food prices and consequently higher inflation as a result of the conflict –, those effects are no longer being felt as acutely as they were at the beginning of the conflict, despite the fact that there is no end in sight to the bloodshed. We are also deeply dismayed that the fighting in the Middle East is no longer contained to just the Gaza Strip and has now spilled over into Iran, even if these hostilities currently do not have any material economic impact on Borussia Dortmund. In addition to the ongoing physical conflicts and wars, the protectionist and unpredictable tariff policy being pursued by the United States under President Donald Trump also threatens to trigger global trade wars that could paralyse the global, European and/or German economies. While fears of a deeper and long-lasting recession are not currently materialising, this would 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. Due to the positive results of operations in the financial years prior to the COVID-19 pandemic, the fact that the club generated a consolidated net profit (EUR 6,497 thousand) for the third consecutive financial year in financial year 2024/2025 (previous year: EUR 44,307 thousand), and overall solid equity of EUR 326,327 thousand as at 30 June 2025, corresponding to an equity ratio of approximately 53.0%, 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 war in Ukraine, the conflict in the Middle East and the potential global trade wars. Any statements regarding the future performance of the Company are subject to a significant degree of uncertainty.