Expected general economic environment

As in the previous years, geopolitical conflicts continue to 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. However, the Hamburg Institute of International Economics (HWWI) expects real gross domestic product to grow by 0.2% on average in 2025, not least due to the negative carry-over effect from 2024. Assuming that the new administration quickly implements important economic reforms, approves and releases additional infrastructure and defence spending, and further loosens monetary policy, economic growth of 1.5% is possible for 2026 (last updated: 5 June 2025).

On the pitch, Borussia Dortmund finished the 2024/2025 season in fifth place in the Bundesliga with 57 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 sixteenth time in a row, and the tenth time in a row in the prestigious UEFA Champions League, 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 2025/2026 season. Borussia Dortmund reached the quarter-finals of the FIFA Club World Cup, which was expanded to include 32 teams for the first time and was held in the summer of 2025 (14 June to 13 July 2025) in the United States. The resulting income is recognised to an extent in the 2024/2025 financial year ended and in part in the coming 2025/2026 financial year. As well as setting the course for sporting success, Borussia Dortmund has also made a material contribution to earnings at the beginning of the 2025/2026 financial year with the transfer of player Jamie Gittens to Chelsea FC.