Development and performance of the business

The Borussia Dortmund Group reported total assets of EUR 579,964 thousand as at 30 June 2026. These were down EUR 35,686 thousand on the figure reported as at 30 June 2025 (EUR 615,650 thousand).

Non-current assets decreased by EUR 46,358 thousand to EUR 442,546 thousand. The change was as follows:

Intangible assets decreased by EUR 54,481 thousand to EUR 186,691 thousand as at the end of the reporting period. This decline is attributable mainly to depreciation, amortisation and write-downs amounting to EUR 95,614 thousand and to disposals and reclassifications of non-current intangible assets to assets held for sale amounting in total to EUR 41,210 thousand. This was partly offset by additions amounting to EUR 82,343 thousand (of which EUR 82,238 thousand in player registrations).

Property, plant and equipment increased by EUR 6,891 thousand to EUR 204,348 thousand. The additions of EUR 20,383 thousand were offset by EUR 271 thousand in disposals and EUR 13,221 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. This includes in particular the photovoltaic system recently installed on the roof of SIGNAL IDUNA PARK.

The decrease in financial assets accounted for using the equity method is attributable to earnings recognised on a pro rata basis as well as dividend distributions.

As at the end of the reporting period, current and non-current trade receivables and other financial receivables increased by EUR 6,468 thousand to EUR 133,289 thousand (30 June 2025: EUR 126,822 thousand). The increase was due primarily to substantial new transfer receivables with a lower offsetting effect from incoming payments for existing transfer receivables than in the previous year.

Inventories decreased by EUR 1,250 thousand from EUR 8,847 thousand in the previous year to EUR 7,598 thousand.

Cash and cash equivalents amounted to EUR 3,668 thousand (30 June 2025: EUR 20,633 thousand).

Assets held for sale declined by EUR 12,245 thousand in connection with transfer deals. In addition, as at the end of the reporting period, intangible assets amounting to EUR 40,601 thousand were reclassified as assets held for sale and impairment losses of EUR 2,562 thousand were reported under depreciation, amortisation and write-downs. Accordingly, the carrying amount of assets held for sale amounted to EUR 36,028 thousand as at 30 June 2026 (30 June 2025: EUR 10,233 thousand).

Current and non-current prepaid expenses decreased by EUR 2,065 thousand to EUR 7,336 thousand (30 June 2025: EUR 9,401 thousand), which is attributable primarily to the periodic reversal of prepayments from the previous year.

As at 30 June 2026, the Borussia Dortmund Group’s equity amounted to EUR 298,749 thousand (30 June 2025: EUR 326,327 thousand). This corresponds to an equity ratio of 51.5% (30 June 2025: 53.0%). As at 30 June 2026, the Group’s share capital remained unchanged at EUR 110,396 thousand as compared to 30 June 2025. The reserves decreased from EUR 216,044 thousand to EUR 188,466 thousand. The decrease is attributable to the total comprehensive income of EUR -20,956 thousand and the payment of the dividend.

The Borussia Dortmund Group reported total liabilities of EUR 281,215 thousand as at the end of the reporting period. This represented a decrease of EUR 8,109 thousand from EUR 289,324 thousand as at 30 June 2025. The change was as follows:

Current and non-current financial liabilities amounted to EUR 28,489 thousand, of which EUR 5,242 thousand were current. This represents a decrease of EUR 5,684 thousand from EUR 34,173 thousand as at 30 June 2025, which was attributable primarily to the scheduled repayment of long-term capex loans. 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 positive value of EUR 188 thousand as at the end of the reporting period (30 June 2025: EUR -575 thousand). 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 decreased from EUR 12,934 thousand to EUR 11,231 thousand in the reporting period. This was due to lease payments of EUR 3,278 thousand, which were partly offset by new and extended lease obligations taken up for the vehicle fleet, fan shops and operating and office equipment (EUR 1,239 thousand) as well as interest effects (EUR 336 thousand).

Non-current and current trade payables decreased by EUR 22,862 thousand to EUR 139,982 thousand (30 June 2025: EUR 162,844 thousand). The decline in liabilities from transfer deals included in this item amounts to EUR 31,747 thousand and is due primarily to the scheduled payment of contractual liabilities, with a lower offsetting effect from new liabilities. By contrast, other trade payables rose by EUR 7,922 thousand, which is due primarily to the newly installed photovoltaic system.

Current and non-current other financial liabilities decreased by EUR 7,531 thousand to EUR 41,679 thousand as at the end of the reporting period (30 June 2025: EUR 49,210 thousand). This decline is attributable in particular to the settlement of personnel-related liabilities.

Current tax liabilities decreased by EUR 168 thousand to EUR 7,888 thousand (30 June 2025: EUR 8,056 thousand). The decline is due mainly to the payment of assessed prior-year taxes, offset by adjustments relating to periods in previous years for which tax assessments have not yet been made.

Current and non-current deferred income amounted to EUR 49,553 thousand as at the end of the reporting period (30 June 2025: EUR 20,562 thousand). The increase of EUR 28,991 thousand attributable mainly to advance payments made for sponsorships, which are recognised over the term of the respective contracts. In addition, current deferred income comprises in particular payments received from the sale of season tickets for the 2026/2027 season.