(26) Credit risk

The carrying amounts of the following financial instruments reflect the Group’s maximum exposure to credit risk. At the end of the reporting period, the maximum exposure was as follows:

The change in loss allowances on the basis of the expected credit losses for trade receivables as at 30 June 2026 is presented in the table below:

The loss allowances recognised related almost exclusively to trade receivables.

The maturities of trade receivables and other financial receivables as at the end of the reporting period were as follows:

Cash and cash equivalents relate to bank balances and short-term investments in the form of overnight and time deposits. Borussia Dortmund only deposits money at banks with investment grade ratings. Furthermore, the creditworthiness of the banks is regularly monitored on the basis of credit default swaps (CDS).

Due to the short investment term and the creditworthiness of the banks, cash and cash equivalents are subject to a low level of credit risk. Thus, as in the previous year, no material loss allowances had been recognised.

The table below contains information on the credit risk and the expected credit losses according to the classes of receivables defined by Borussia Dortmund as at 30 June 2026: