Introductory remarks

Carsten Cramer
CEO

Thomas Treß
Managing Director

Lars Ricken
Managing Director

Svenja Schlenker
Managing Director

Dear Shareholders,

For Borussia Dortmund, financial year 2025/2026 was marked by sporting highs and lows, organisational change and investments in our future.

On the pitch, we are satisfied with our performance in the Bundesliga. We chalked up 73 points and conceded just 34 goals, showcasing just how consistently we played throughout the season, and we qualified for the prestigious and lucrative UEFA Champions League for the eleventh year in a row. However, we failed to deliver in the cup competitions. We were knocked out of the UEFA Champions League by Atalanta Bergamo, and we lost to Bayer Leverkusen in the DFB Cup. The failure to progress further in these competitions is also reflected in our financial results.

Consolidated revenue amounted to EUR 460.5 million, down EUR 65.6 million on the prior-year figure. The net loss for the year of EUR 21.7 million is unsatisfactory and is largely attributable to our early exit from the cup competitions. But what is important is that Borussia Dortmund remains in excellent financial health. Our equity remains at around EUR 300 million, the equity ratio is above 50% and we have not taken on any new debt or had to draw on overdraft facilities.

We performed particularly well in sponsorships and hospitality, signing three strong new partners: Vodafone, Polestar and Lenovo. We have applied an innovative new model to transform our cooperation with REWE into a training kit partnership, and at the same time we extended a number of other long-standing partnerships. The fact that more than 500 companies are now part of the BVB Business Network underscores our club’s significant economic influence and its close ties with the region and the businesses based here.

The financial year was also marked by major organisational changes. After many years of service, Hans-Joachim Watzke officially stepped down as a managing director of Borussia Dortmund. He has been a decisive and prominent influence on Borussia Dortmund for many years. We would like to express our sincere and special thanks to him for his extraordinary dedication, his great service and his pivotal role in turning Borussia Dortmund into one of Europe’s elite football clubs. We are therefore all the more delighted that we can continue working with Hans-Joachim Watzke in his new role as Club President.

The position of sporting director has also changed hands. We would like to extend our sincere thanks to Sebastian Kehl for his work in the role. He remains a defining figure at Borussia Dortmund and will retain his close links to the club. At the same time, we are delighted to welcome Ole Book as our new sporting director. He has already set a new priority in his first transfer window, and going forward there will be a greater focus on young, talented players with great potential both on the pitch and in terms of their earning power.

We deliberately used the challenging past season to work on the structural foundations of our business. Three key factors are interlinked: increasing our revenue, permanently optimising squad costs, and reducing our non-personnel expenses. Our goal is to make Borussia Dortmund less reliant on transfer income and to strengthen the club’s financial performance in the long term.

Borussia Dortmund is continuing to grow while investing in its infrastructure capacity. Constant sell-out crowds at SIGNAL IDUNA PARK and some 90 million followers on our social media channels demonstrate the extraordinary reach and appeal of our brand. We achieved another milestone in closing the purchase of land for the new BVB Health World medical centre, which is scheduled to open in the first half of 2028. At our Dortmund-Brackel site, too, we are investing in our future sporting success with the planned new training ground for the women’s squad and further improvements to the men’s and youth facilities.

Behind these developments stand the more than 1,000 staff whose dedication and commitment day in and day out make Borussia Dortmund what it is. Our special thanks go to them. We would also like to thank the works councils for our trusting relationship, and our squad as well as the coaching and support staff for their efforts and tireless commitment. And we are deeply grateful to our partners, sponsors and, of course, our fans. It is your passion, dedication and loyalty that drives our success.

Right now we are looking to the future. Our vision for the new season and the years ahead is clear: Borussia Dortmund is a finally sound and strong organisation with the highest sporting ambitions and significant potential for growth. Fuelled by passion, ambition and a relentless drive to improve, we will work tirelessly to turn this potential into something extraordinary. We are moving into the future with a clearer understanding of what we can achieve and a solid foundation for our further growth.

We would like to thank you, our shareholders, for your trust and support. With you at our side, we can confidently look to the work ahead of us and look forward to many more moments that unite us as Borussia Dortmund.