Share price performance

In the reporting period for financial year 2025/2026 (1 July 2025 to 30 June 2026), BVB’s share price experienced an overall downward trend, which was attributable not just to what remains a difficult market environment for non-blue chip shares but also to the mixed sporting and financial news from Borussia Dortmund GmbH & Co. KGaA (hereinafter also the “Company” or “BVB”). (Unless indicated otherwise, the following data is based on the closing price of shares in XETRA trading in BVB shares; where necessary, figures have been rounded up to the nearest hundredth.)

Share price performance (in EUR)

BVB’s shares closed the first trading day of the new 2025/2026 financial year at EUR 3.89 on 1 July 2025 (previous year: EUR 3.62). In the first few weeks of trading leading up to the start of the new season, BVB shares built on the overall positive mood, which was lifted by the team having reached the knockout round of the FIFA Club World Cup and the extension of the club’s partnership with PUMA until 2034 (see corporate news dated 1 July 2025). As a result, the shares reached their high of EUR 3.94 for the reporting period on 17 July 2025. The BVB share price remained relatively stable between EUR 3.73 and EUR 3.93 until the end of July, before inexplicably falling to a EUR 3.66 close on 31 July 2025. The shares began to experience a slight consolidation in August 2025. They traded primarily between EUR 3.60 and EUR 3.70 on the back of the initial positive impressions of the team. On 15 August 2025, the Company announced the preliminary figures for the 2024/2025 financial year (see ad hoc disclosure from the same date) and reported its highest ever figure for consolidated revenue. This was due to increased income from TV marketing, advertising and match operations. Consolidated revenue rose by EUR 16.9 million or 3.3% year on year to EUR 526.0 million. Consolidated total operating proceeds (consolidated revenue plus gross transfer proceeds generated) declined to EUR 589.6 million (previous year: EUR 639.0 million) due to the year-on-year decline in gross transfer proceeds. The consolidated net profit for financial year 2024/2025 amounted to EUR 6.5 million, after EUR 44.3 million in the previous year. On that day, BVB shares closed at EUR 3.64. On 29 August 2025, the shares closed the month at EUR 3.67.

In September and October 2025, the BVB share price trended in a more narrow range before declining moderately beginning in mid-October. While the shares were still trading at EUR 3.62 on 30 September 2025, they fell to EUR 3.43 on 31 October 2025. This trend was not due to either sport-related or business news, even though the lacklustre results in the league phase of the UEFA Champions League did not provide any positive momentum. The downward trend extended into November 2025. After closing at EUR 3.40 on 3 November 2025, the share price dropped to EUR 3.33 on 4 November 2025 and has remained below EUR 3.40 since then. On 7 November 2025, Borussia Dortmund GmbH & Co. KGaA released the preliminary figures for Q1 2025/2026 (see ad hoc disclosure from the same date), reporting that its consolidated earnings before taxes (EBT) had increased by EUR 23.9 million to EUR 25.6 million (prior-year quarter: EUR 1.7 million). This was due primarily to rising net transfer income. Consolidated revenue remained level year-on-year, at EUR 107.0 million. The market did not react to this positive news. On this date, BVB shares closed the trading day at EUR 3.30. The share price then found stable footing at between EUR 3.25 and EUR 3.35 in the second half of November. BVB shares traded at EUR 3.34 on 24 November 2025 (the day of the Annual General Meeting) and EUR 3.31 on 25 November 2025 (ex-dividend). Following the widely anticipated departure of CEO Hans-Joachim Watzke from the management team and his election as president of Ballspielverein Borussia 09 e.V. Dortmund (see corporate news dated 23 November 2025), the Company announced its new management team on 26 November 2025 (see ad hoc disclosure from the same date). On this date, BVB shares closed the trading day at EUR 3.31. BVB shares remained at this level in December. The 2025 calendar year ended with BVB shares closing at EUR 3.30 on 30 December 2025 (previous year: EUR 3.14).

Revenue (shares)

BVB shares kicked off the new calendar year 2026 at EUR 3.25 on 2 January 2026, and were expected to trade largely sideways throughout January 2026 within a range of between EUR 3.25 and EUR 3.37. BVB shares traded at EUR 3.37 on 16 January 2026. Two defeats in the league phase of the UEFA Champions League caused the share price to fall again in the period that followed. On 30 January 2026, BVB shares closed the month at EUR 3.26. BVB showed a different side to itself in the Bundesliga and chalked up a solid tally of points in both January and February. In February 2026, the BVB share price initially remained the same as in the previous month. The preliminary figures for the first half of the financial year were announced on 9 February 2026 (see ad hoc disclosure from the same date). On that day, BVB shares were listed at EUR 3.28 and on the next trading day, 10 February 2026, at EUR 3.31. A turning point came when the team were eliminated in the UEFA Champions League knockout play-offs by Atalanta Bergamo in the second leg on 25 February 2026. On that day, BVB shares were listed at EUR 3.32 and on the following day, 25 February 2026, at EUR 3.12. The team’s unexpected elimination from the competition also prompted the Company to revise its guidance, with the earnings forecast originally published in the combined management report as at 30 June 2025 then updated to a consolidated net loss for the year of EUR 12,000–22,000 thousand (previously net loss of EUR 5,000 thousand to net profit of EUR 5,000 thousand) (see ad hoc disclosure dated 26 February 2026).

There were no further positive movements in the share price in the period that followed, despite BVB consistently picking up points in the Bundesliga and thus consolidating its hold on one of the coveted spots for the UEFA Champions League in the 2026/2027 season. Nevertheless, BVB shares fell below the EUR 3.00 mark for the first time on 20 March 2026, dipping to EUR 2.96. The Company stepped up its investor relations activities and organised roadshow events with representatives of the capital markets in March 2026 (virtual roadshow with Edison on 24, 25 and 26 March 2026 focusing on investors in Switzerland and England). At the end of the month, BVB shares closed at EUR 3.04, slightly above their month’s low. A noticeable recovery began in April after BVB took action by making personnel changes, which included the role of sporting director (see Corporate News dated 22/23 March 2026) and contract extensions with key players (see Corporate News dated 10 April 2026). The share price increased to EUR 3.26 on 14 April 2026 and EUR 3.32 on 15 April 2026, before reaching its high for the month of EUR 3.35 on 16 April 2026. As the month progressed, the share price gave up some of its gains to settle at EUR 3.20 on 30 April 2026. On 5 May 2026, the Company announced the preliminary figures for the third quarter of financial year 2025/2026 (see ad hoc disclosure from the same date). The closing price on that day was EUR 3.03. Following the publication, several research firms updated their recommendations: Nuways AG (by Hauck Aufhäuser Lampe) confirmed its “Buy” recommendation on 5 May 2026, with a slightly adjusted price target of EUR 5.00 (previously EUR 5.10), and ODDO BHF SE also maintained its “Outperform” recommendation on 7 May 2026, with a price target of EUR 5.00. Edison Research Investment Ltd. also published a revised research update on 20 May 2026. However, a sustained recovery in the share price failed to materialise. BVB shares mainly traded at between EUR 3.00 and EUR 3.15 in May 2026 before closing the month at EUR 3.12 on 29 May 2026. Although BVB finished the Bundesliga season in second place with 73 points, marking the fifth-most successful season in the club’s history, the moderate downward trend in BVB’s share price continued throughout June. BVB shares traded at EUR 3.10 on 1 June 2026, EUR 3.00 on 10 June 2026 and EUR 2.97 on 25 June 2026, before closing out financial year 2025/2026 at EUR 3.00 on 30 June 2026 (previous year: EUR 3.93).