Borussia Dortmund GmbH : Q3 statement / Q3 financial report 2023/2024

KEY FIGURES

AT A GLANCE

FINANCIAL

PERFORMANCE INDICATORS

Borussia Dortmund Group (IFRS)

	Q1-Q3	Q1-Q3	Q3	Q3
EUR '000	2023/2024	2022/2023*	2023/2024	2022/2023*
Revenue	354,702	322,356	98,190	100,757
Consolidated total operating	473,677	410,657	105,981	102,458
proceeds
Operating result (EBITDA)	119,754	110,230	-1,793	8,075
Result from operating activities	49,389	33,373	-25,578	-18,944
(EBIT)
Net profit/net loss for the year	48,926	25,999	-21,660	-15,246
Cash flows from operating	15,036	57,367	-2,996	25,487
activities
Free cash flow	-25,480	-5,556	-14,876	6,816

*Change in prior-year items. Restatements in accordance with IAS 8.42.

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

4 BUSINESS DEVELOPMENT

1. Q1-Q32023/2024 AT A GLANCE
2. DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT

8 POSITION OF THE COMPANY

1. DEVELOPMENT OF PERFORMANCE INDICATORS

1. RESULTS OF OPERATIONS
2. REVENUE TREND

11 CHANGES IN SIGNIFICANT OPERATING EXPENSES

13 ANALYSIS OF CAPITAL STRUCTURE

1. DEVELOPMENT AND PERFORMANCE OF THE BUSINESS

1. ANALYSIS OF CAPITAL EXPENDITURE

1. ANALYSIS OF LIQUIDITY

1. OPPORTUNITIES AND RISKS
2. REPORT ON EXPECTED DEVELOPMENTS
3. DISCLAIMER
4. EVENTS AFTER THE END OF THE REPORTING PERIOD

21 SELECTED FINANCIAL INDICATORS

1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
3. CONSOLIDATED STATEMENT OF CASH FLOWS
4. FINANCIAL CALENDAR

24 PUBLICATION DETAILS

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 3

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

This document is a quarterly statement in accordance with section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse and does not constitute an interim financial report within the meaning of International Accounting Standard (IAS) 34. This quarterly statement should be read in conjunction with the Annual Report for financial year 2022/2023 and the information contained therein. That report can be accessed on our website at https://aktie.bvb.de/en/. The accounting policies applied in this quarterly statement are generally based on the same accounting policies applied in preparing the consolidated financial statements for financial year 2022/2023. All amounts presented in this quarterly statement have been rounded in accordance with standard commercial practice, which may lead to slight deviations in the totals. This quarterly statement was not subjected to a review by an auditor.

BUSINESS DEVELOPMENT

Q1-Q3 2023/2024 AT A GLANCE

ATHLETIC PERFORMANCE

Bundesliga

By 31 March 2024, Borussia Dortmund had played 27 of 34 Bundesliga matches and its 53 points put it squarely in fourth place and one of the coveted UEFA Champions League spots.

UEFA Champions League

In Group F of the UEFA Champions League, Borussia Dortmund finished in first place with eleven points - advancing to the round of 16, where it eliminated Dutch side PSV Eindhoven with a 1-1 away draw and a 2-0 home win. Borussia Dortmund will face Atlético Madrid in the quarter-finals. The first leg of the tie will be held on 10 April 2024 in Spain and the return match at SIGNAL IDUNA PARK on 16 April 2024.

DFB Cup

In the first round of the DFB Cup, Borussia Dortmund beat fourth-tier outfit TSV Schott Mainz 6-1 on the road. In the second round, Borussia Dortmund beat TSG Hoffenheim 1899 1-0 at home in SIGNAL IDUNA PARK. Borussia Dortmund lost 2-0 to VfB Stuttgart in the round of 16.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 4

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT

SPONSORSHIPS

In the 2023/2024 season, Borussia Dortmund once again enjoyed the support of its strategic partners: the two kit sponsors Evonik Industries AG and 1&1 Telecommunication SE, the equipment supplier PUMA SE and the holder of the SIGNAL IDUNA PARK stadium's naming rights SIGNAL IDUNA.

The contract with the sleeve sponsor General Logistics Systems Germany GmbH & Co. OHG (GLS) was extended by a further year until 30 June 2024.

Borussia Dortmund also extended the contracts with its Champion Partners DEW21 Dortmunder Energie- und Wasserversorgung GmbH (until 30 June 2030), ROWE Marketing GmbH (until 30 June 2028), adesso SE (until 30 June 2026) and Hankook Reifen Deutschland GmbH (until 30 June 2026).

The car dealership group Rosier Holding GmbH is Borussia Dortmund's new Premium Partner and automobile partner.

In addition, the contracts with the Premium Partners Workday Limited, Coinbase Germany GmbH, Rügenwalder Mühle Carl Müller GmbH & Co. KG and APOTAL Bad Apotheke were all extended by a further year, until 30 June 2024 in each case.

PRIME, the brainchild of influencers KSI and Logan Paul, and its flagship product Prime Hydration energy drink are now Borussia Dortmund's official hydration partner. The parties signed a long-term contract until 30 June 2027.

In March 2024, the solar solutions provider Solax Power Europe GmbH became Borussia Dortmund's newest partner, having signed a contract until 30 June 2026.

TRANSFER DEALS

Jude Bellingham transferred to the Spanish club, Real Madrid, with effect as at 1 July 2023 (see ad hoc disclosure dated 7 June 2023). Thorgan Hazard moved on to Belgian record titleholders RSC Anderlecht. During the 2023/2024 winter transfer window, the youth player Hendry Blank transferred to current league titleholders FC Red Bull Salzburg in Austria. Julian Rijkhoff joined first-division Dutch club Ajax Amsterdam. United States international Giovanni Reyna signed an early contract extension until 30 June 2026. He was loaned to Nottingham Forest in the English Premier League until the end of the current season.

CAPITAL EXPENDITURE

In the summer of 2023, Germany international Felix Nmecha from VfL Wolfsburg, Germany international Niclas Füllkrug from SV Werder Bremen and Austria international Marcel Sabitzer from FC Bayern Munich joined Borussia Dortmund. Algeria international Ramy Bensebaini also joined Borussia Dortmund on a free transfer.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 5

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

TV MARKETING

DFL Deutsche Fußball Liga GmbH has informed the clubs of the first and second Bundesliga divisions about the expected distribution volume (totalling EUR 1.35 billion) and the corresponding payout dates for the 2023/2024 season. The announced disbursements of the TV funds will allow for a good degree of planning. UEFA also informed the clubs participating in the UEFA Champions League about the expected income distribution from the competition, which will total approximately EUR 2.03 billion. Given that Borussia Dortmund has participated in and advanced to the quarter-finals of the UEFA Champions League, it stands to receive an income distribution from this competition.

After the DFL Members Assembly initially adopted a resolution in December 2023 to enter into a strategic marketing partnership at the league level, the DFL Executive Committee of DFL Deutsche Fußball Liga e.V., due in part to fan protests, unanimously resolved at its extraordinary meeting on 21 February 2024 to not continue the process of entering into a strategic marketing partnership. However, all 36 clubs of the first and second Bundesliga divisions fundamentally agree on the need to implement reforms in order to drive forward digitalisation and internationalisation so as to leverage additional growth opportunities. How these reforms will be financed and implemented remains to be seen.

MATCH OPERATIONS

During the reporting period thus far, Borussia Dortmund has played 13 Bundesliga, UEFA Champions League and DFB Cup home matches to nearly sell-out crowds.

Borussia Dortmund again sold the most season tickets in the Bundesliga, at 55,000.

MISCELLANEOUS

On 8 January 2024, Hans-Joachim Watzke, Chairman of the Management of Borussia Dortmund informed the Executive Committee of the Advisory Board of Borussia Dortmund Geschäftsführungs- GmbH, chaired by President Dr Reinhold Lunow, that he would not renew his managing director service agreement, which is set to expire at the end of 2025, and would step down as managing director in the autumn of 2025.

Borussia Dortmund GmbH & Co. KGaA's shares were once again listed in the SDAX with effect from 25 July 2023, after having already been traded there between 2014 and 2021. The SDAX is a performance index that includes the 70 largest companies in the MDAX.

Between 24 July and 3 August 2023, Borussia Dortmund spent a part of its pre-season in the USA. Friendly matches were played against San Diego Loyal SC (6-0 in San Diego), Manchester United (3-2 in Las Vegas) and Chelsea FC (1-1 in Chicago).

On 1 January 2024, Nuri Sahin (previously Head of Football at the Turkish first-division club Antalyaspor) and Sven Bender (previously assistant coach for the U17 German national team) joined on as assistant coaches to head coach Edin Terzić. The previous assistant coach Armin Reutershahn left at his own request.

Borussia Dortmund signed the players Ian Maatsen and Jadon Sancho on loan until the end of the 2023/2024 season.

Borussia Dortmund signed early contract extensions with the players Emre Can (until 30 June 2026), Gregor Kobel and Jamie Bynoe-Gittens (in each case until 30 June 2028).

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 6

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

In July 2023, the contract between Borussia Dortmund and Nico Schulz was terminated early. The contract with Belgium international Thomas Meunier, whose contract was set to expire on 30 June 2024, was also terminated prematurely in February 2024.

In the summer of 2025, Borussia Dortmund will compete at the FIFA Club World Cup. The format of the competition, which will be held from 15 June to 13 July 2025 in the United States, has been expanded and will include 32 teams for the first time.

In the third quarter of financial year 2023/2024, Borussia Dortmund entered into a purchase agreement to expand the training facility in Dortmund-Brackel, the transfer of ownership of which is expected to be completed in Q4 2023/2024.

In October 2023, Borussia Dortmund published its seventh Sustainability Report entitled "United by Borussia! Borussia leads the way!" at www.bvb.de/verantwortung.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 7

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

POSITION OF THE COMPANY

DEVELOPMENT OF PERFORMANCE INDICATORS

DEVELOPMENT OF FINANCIAL PERFORMANCE INDICATORS

The table below presents Borussia Dortmund's financial performance indicators - revenue, consolidated total operating proceeds, operating result (EBITDA), result from operating activities (EBIT), net profit/loss for the year, cash flows from operating activities and free cash flow - for Q1-Q3 2023/2024 and for the previous year as well as the amounts that were forecast for the financial performance indicators for the full 2023/2024 financial year on 30 June 2023:

Borussia Dortmund Group (IFRS)

EUR '000					Forecast for full financial
	Q1-Q3		Q1-Q3		year
	2023/2024		2022/2023*		2023/2024
Revenue	354,702		322,356		427,000
Consolidated total operating proceeds	473,677		410,657		538,000
Operating result (EBITDA)	119,754		110,230		104,000 to 114,000
Result from operating activities (EBIT)	49,389		33,373		15,000 to 25,000
Net profit/net loss for the year	48,926		25,999		15,000 to 25,000
Cash flows from operating activities	15,036		57,367		32,000
Free cash flow	-25,480		-5,556		-26,000

*Change in prior-year items. Restatements in accordance with IAS 8.42.

After securing additional income from the UEFA Champions League by advancing to the quarter-finals of the competition on the evening of 13 March 2024, Borussia Dortmund has revised its earnings forecast in the published combined management report dated 30 June 2023 (consolidated net profit for the year of between EUR 15,000 thousand and EUR 25,000 thousand) upward to a consolidated net profit for the year of between EUR 25,000 thousand and EUR 35,000 thousand (see ad hoc disclosure dated 14 March 2024). However, the progress in the cup competition also has a positive effect on the other financial performance indicators.

RESULTS OF OPERATIONS

During the reporting period, Borussia Dortmund generated revenue of EUR 354,702 thousand (previous year: EUR 322,356 thousand) and consolidated total operating proceeds of EUR 473,677 thousand (previous year: EUR 410,657 thousand). This represents a year-on-year increase in revenue of EUR 32,346 thousand and in consolidated total operating proceeds of EUR 63,020 thousand.

Borussia Dortmund closed out the first three quarters of the 2023/2024 financial year with a consolidated net profit of EUR 48,926 thousand, up EUR 22,928 thousand from EUR 25,999 thousand in the prior-year period.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 8

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

The operating result (EBITDA) amounted to EUR 119,754 thousand, up EUR 9,524 thousand on the prior- year figure of EUR 110,230 thousand. The result from operating activities (EBIT) increased by EUR 16,016 thousand to EUR 49,389 thousand (previous year: EUR 33,373 thousand).

REVENUE TREND

In the first three quarters of financial year 2023/2024, Borussia Dortmund's revenue increased year on year by EUR 32,346 thousand and amounted to EUR 354,702 thousand in the first nine months of financial year 2023/2024 (previous year: EUR 322,356 thousand). The increase in revenue was recorded in all revenue streams.

Compared to the same period in the previous year, in which 16 competitive home matches were played in the Bundesliga (12 home matches) and the UEFA Champions League (4 home matches) in front of nearly sell-out crowds, two additional competitive home matches (one Bundesliga and one DFB Cup home match) were played in this reporting period. In light of that fact and due to inflation-related adjustments to ticket prices, income from match operations increased by a total of EUR 4,508 thousand to EUR 38,320 thousand. This increase related primarily to national match operations (increase of EUR 2,545 thousand) and the national cup competition (increase of EUR 1,472 thousand).

Advertising income increased slightly in the first nine months of the current financial year by EUR 1,691 thousand to EUR 106,032 thousand.

Income from TV marketing amounted to EUR 147,343 thousand (previous year: EUR 131,831 thousand), representing a year-on-year increase of EUR 15,512 thousand that was attributable to both national and international TV marketing income.

Income from national TV marketing rose by EUR 8,309 thousand to EUR 67,208 thousand due to the fact that two more Bundesliga matches were held than in the prior-year period. In addition, the TV marketing payouts distributed by DFL Deutsche Fußball Liga GmbH for the 2023/2024 season also increased year on year. The income from the national cup competition remained virtually level.

Income from international TV marketing also rose, by EUR 7,153 thousand from EUR 71,466 thousand to EUR 78,619 thousand. This was attributable primarily to the fact that Borussia Dortmund improved its UEFA coefficient ranking, thereby increasing its coefficient-based distribution share, and that it received a higher performance bonus than in the previous year on account of the points it earned in the group stage of the competition. As in the prior-year period, Borussia Dortmund generated income by virtue of the fact that it advanced to the round of 16 of the competition.

Income from merchandising totalled EUR 31,801 thousand in the reporting period (previous year: EUR 25,532 thousand). The increase of EUR 6,268 thousand is attributable to the approximately 95,000 special edition kits that were sold in the previous season but not delivered until the first half of the 2023/2024 season. Another factor was the improvement in sales during the Christmas holidays compared to the previous year, when the Christmas holiday sales were overshadowed by the 2022 World Cup, which had been held in the winter. The revenue in Q3 2023/2024 declined year on year because income from the sale of a special edition kit had been generated in the prior-year quarter. Overall, the increase in revenue is attributable in particular to the national and international online shops.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 9

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July 2023 to 31 March 2024

Conference, catering and miscellaneous income increased by EUR 4,367 thousand from EUR 26,839 thousand in the prior-year period to EUR 31,206 thousand in the first three quarters of the 2023/2024 financial year. The increase was due primarily to the two additional competitive home matches, which had led to catering income on match days increasing by EUR 1,769 thousand and an increase in advance booking fees and postage for match and season tickets by EUR 554 thousand. The income from the national and international football academy increased by EUR 1,406 thousand. Proceeds from player loans, training compensation and the FIFA solidarity mechanism also increased, rising by EUR 168 thousand year on year. By contrast, release fees for national team players declined by EUR 2,218 thousand year on year. This was due to the income that had been generated in the previous year from the release fees in connection with the 2022 World Cup in Qatar in the winter.

NET TRANSFER INCOME

Net transfer income amounted to EUR 88,391 thousand (previous year: EUR 63,946 thousand).

This includes primarily the transfer proceeds from the departures of the players Jude Bellingham (Real Madrid), Thorgan Hazard (RSC Anderlecht), Hendry Blank (RB Salzburg) and Julian Rijkhoff (Ajax Amsterdam) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred.

The prior-year figure of EUR 63,946 thousand had resulted primarily from the departures of the players Erling Haaland and Manuel Akanji (Manchester City), Steffen Tigges (1. FC Cologne) and Bradley Fink (FC Basel) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred.

EUR '000	Q1-Q3		Q1-Q3		Q3		Q3
		2023/2024		2022/2023*		2023/2024		2022/2023*
Gross transfer proceeds	118,975		88,301		7,790		1,701
Transfer costs	-13,618		-3,875		-755		0
Net transfer proceeds	105,357		84,426		7,035		1,701
Residual carrying amounts and other	-16,966		-20,480		-1,070		-3
derecognised items
Net transfer income	88,391		63,946		5,965		1,698

*Change in prior-year items. Restatements in accordance with IAS 8.42.

Other operating income amounted to EUR 7,702 thousand (previous year: EUR 3,567 thousand) and primarily includes gains from the derecognition of liabilities, gains from subsequently granted sales bonuses and gains from the reversal of valuation allowances on receivables.

QUARTERLY STATEMENT Q1-Q3 2023/2024 | 10