Overall assessment of expected performance

As in the previous years, geopolitical conflicts continue to shape the expected general economic environment. In addition to the ongoing physical conflicts and wars (the Ukraine and Iran 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, even though the EU and the United States agreed to a trade deal. While fears of a deeper and long-lasting recession are not currently materialising, this would become reality if the respective wars escalate further. This could also further fuel inflation, which could lead to rising purchase prices and lower demand (as far as sponsorships, merchandising or tickets are concerned, for example). Despite reporting a consolidated net loss of EUR 21,718 thousand in financial year 2025/2026, the Borussia Dortmund Group’s equity remained solid overall at EUR 298,749 thousand as at 30 June 2026, corresponding to an equity ratio of approximately 51.5%. Thus, 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 wars in Ukraine and Iran and the potential global trade wars. Any statements regarding the future performance of the Company are subject to a significant degree of uncertainty, due particularly to its dependence on sporting performance.