Changes in significant operating expenses
Cost of materials
Cost of materials increased by a total of EUR 3,015 thousand to EUR 30,373 thousand (previous year: EUR 27,359 thousand).
This item consisted of the cost of goods sold for BVB Event & Catering GmbH (EUR 9,761 thousand; previous year: EUR 9,437 thousand) and BVB Merchandising GmbH (EUR 20,613 thousand; previous year: EUR 17,921 thousand). The rise in the cost of materials for merchandising is due primarily to higher sales volumes and the increase in write-downs.
Personnel expenses
Personnel expenses decreased by EUR 8,415 thousand to EUR 259,881 thousand in financial year 2025/2026 (previous year: EUR 268,296 thousand).
Personnel expenses for the professional squad decreased by EUR 8,183 thousand year on year to EUR 192,988 thousand in financial year 2025/2026 (previous year: EUR 201,171 thousand). The absence of the non-recurring effects reported in the previous year more than offset the increase in base salaries. Base salaries rose by EUR 1,490 thousand to EUR 123,985 thousand (previous year: EUR 122,495 thousand). In financial year 2025/2026, the performance-based bonuses paid to the professional squad declined by EUR 2,056 thousand year on year to EUR 23,367 thousand (previous year: EUR 25,423 thousand). The higher Bundesliga points total led to higher performance-based bonuses for national competitions. However, this was offset by reduced bonuses for the team’s performance in international competitions (the team had reached the quarter-finals of the Champions League in the previous year). In addition, special payments decreased in total by EUR 1,822 thousand year on year to EUR 41,006 thousand (previous year: EUR 42,828 thousand).
During the reporting period, personnel expenses related to retail and administration areas increased by EUR 2,506 thousand to EUR 54,924 thousand (previous year EUR 52,418 thousand). Despite the decline in special payments, personnel expenses for retail and administration increased overall due to the higher average number of employees, inflation-related salary adjustments and other non-recurring effects.
Personnel expenses in relation to amateur and youth football amounted to EUR 11,969 thousand during the 2025/2026 financial year (previous year: EUR 14,707 thousand). The decrease of EUR 2,738 thousand is due mainly to lower base salaries and lower special payments following the team’s relegation from the third division to the Regionalliga West league.
Depreciation, amortisation and write-downs
Depreciation, amortisation and write-downs increased by EUR 6,049 thousand to EUR 111,396 thousand in the reporting period (previous year: EUR 105,347 thousand). This is attributable to intangible assets and property, plant and equipment.
During the period from 1 July 2025 to 30 June 2026, intangible assets – which consist primarily of the Borussia Dortmund Group’s player registrations – were amortised in the amount of EUR 98,175 thousand (previous year: EUR 92,542 thousand). This includes EUR 2,562 thousand in write-downs of intangible assets to their fair values (previous year: EUR 7,000 thousand).
Depreciation and write-downs of property, plant and equipment rose by EUR 458 thousand to EUR 13,221 thousand (previous year: EUR 12,763 thousand).
Financial assets were written down by EUR 0 thousand (previous year: EUR 43 thousand).
Other operating expenses
Other operating expenses decreased by EUR 16,950 thousand from EUR 162,311 thousand in the previous year to EUR 145,361 thousand in the reporting period.
Expenses for match operations declined by EUR 9,347 thousand to EUR 66,482 thousand (previous year: EUR 75,829 thousand). This is due primarily to the fact that four fewer matches (UEFA EURO 24 semi-final, testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski, one international friendly for the German national team and one competitive home match) were held at SIGNAL IDUNA PARK than in the previous year. In addition, travel expenses fell due to increased travel in connection with the 2025 FIFA Club World Cup in the USA last year, as did energy costs, particularly for SIGNAL IDUNA PARK.
Advertising expenses, which also include agency commissions payable to marketing firm SPORTFIVE Germany GmbH, increased year on year – in line with the rise in advertising income – by EUR 3,083 thousand to EUR 16,872 thousand (previous year: EUR 13,789 thousand). In addition to higher agency commissions, the increase is attributable mainly to the increase in externally purchased media services.
Transfer expenses declined by EUR 3,717 thousand from EUR 5,041 thousand in the previous year to EUR 1,324 thousand. This is attributable in particular to lower expenses for the loan of the player Aarón Anselmino compared to the loans of the players Daniel Svensson and Carney Chukwuemeka in the previous year.
Administrative expenses decreased in the financial year ended by EUR 5,846 thousand to EUR 45,576 thousand (previous year: EUR 51,422 thousand). This is due primarily to the decrease in performance-based remuneration for the general partner and the decline in IT costs after extraordinary IT project costs, among other things, had been incurred in the previous year. In addition, travel and representation expenses decreased year on year.
Other expenses declined by EUR 1,494 thousand to EUR 7,989 thousand (previous year: EUR 9,483 thousand).
Financial result
The financial result for financial year 2025/2026 amounted to EUR -1,109 thousand (previous year: EUR -969 thousand) and breaks down as follows:
The investment income amounted to EUR -62 thousand (previous year: EUR 28 thousand).
Interest income of EUR 5,210 thousand (previous year: EUR 6,239 thousand) was reported, relating primarily (EUR 4,813 thousand; previous year: EUR 6,231 thousand) to non-cash income and expenses from compounding and discounting in the context of measuring receivables and liabilities from transfer deals in accordance with IFRS 9.
The interest expense amounted to EUR 6,256 thousand (previous year: EUR 7,236 thousand) and related mainly to non-cash income and expenses from compounding in the context of measuring liabilities from transfer deals in accordance with IFRS 9 (EUR 4,714 thousand; previous year: EUR 4,335 thousand), the interest expense in the context of lease accounting under IFRS 16, and financing fees.
Tax expense
A tax expense of EUR 1,380 thousand (previous year: tax expense of EUR 3,040 thousand) was reported under taxes on income in the reporting period. The tax expense is due mainly to adjustments relating to periods in previous years for which tax assessments have not yet been made.