^ Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG

25.08.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092

Reason for the research: Update Recommendation: BUY Target price: EUR 5 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Early CL exit weighs on FY25/26p; chg.

On Friday, BVB published preliminary FY25/26 figures, showing a declining top line and profitability on the back of the early UCL exit. In detail:

FY25/26p sales declined 12.5% yoy to EUR 460m (eNuW: EUR 475m), almost entirely explained by TV Marketing sales, which were down 25.9% to EUR 168m (eNuW: EUR 174m). Here, the UCL play-off round exit (vs quarter finals in FY24/25) alone accounted for EUR 31m of the decline, while the FIFA Club World Cup, which straddled the fiscal year end, contributed EUR 23m less. On top, Bundesliga TV money declined EUR 5.5m, as the new four-year DFL contract distributes revenues linearly, whereas the previous deal followed a step-up model. Match Operations fell 8.9% to EUR 50.3m on two UCL home games less, while Merchandising (EUR 38.7m) and Conference, Catering & Others (EUR 45.1m) softened by 3.4% and 9.7% respectively. Importantly, Advertising grew a further 2.8% yoy to EUR 158m (eNuW: EUR 161m) despite weaker on-pitch performance and lower success bonuses, underlining the strength of the BVB brand as a marketing platform.

Net transfer result was up 56.7% yoy to EUR 59.3m, as gross transfer proceeds reached EUR 76.8m (vs EUR 63.6m prior year), mainly triggered by the sale of Jamie Gittens to Chelsea. Including these, gross total operating proceeds stood at EUR 537.2m.

EBITDA of EUR 92.2m (-20.4% yoy; eNuW: EUR104m) was cushioned by disciplined cost management, visible in reduced personnel expenses, on the back of lower performance-linked pay as well as lower travel expenses.

FY26/27 guidance implies operational step-up. Management guides for sales of EUR 485-495m, EBITDA of EUR 118-128m and net income of EUR 0-10m, with FCF of EUR -10 to -20m on infrastructure capex. Key assumptions are the direct UCL qualification via Bundesliga finish and the round of 16 in both the DFB Cup and the UCL. Notably, targeted EBITDA is broadly in line with FY24/25 (EUR 116m) despite EUR 40m lower sales and assumed gross transfer proceeds of only EUR 45m. However, we view this as reasonable based on lower squad costs following the departure of veteran players such as Süle or Brandt and targeted cost-cutting. Moreover, the EUR 11m extra revenue for a potential UCL round of 16 would come at a high incremental margin as it only incurs performance bonuses.

To the on-pitch outlook. BVB kicked-off their season on Saturday but was defeated by Bayern in the Supercup, which still generated EUR 2m in premium payments. As aforementioned, the team got a fresh look over the summer, adding promising talents like Karetsas, Gadou or Konstantelias as well as the more experienced Veerman. While beating Bayern for the Bundesliga title is in our view close to impossible, given the strength of the Bavarian squad, BVB is set for another top-3 finish. For the UCL, the prediction is harder as one bad game can end the campaign. Yet, with BVB being top-10 in the UEFA club coefficient, the round of 16 should clearly be in the cards. Mind you, should BVB advance beyond that stage, additional high-margin premium payments would follow, i.e. an extra EUR 12.5m for the quarterfinals.

Reiterate BUY with an unchanged PT of EUR 5.00 based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=cd4044f72d6225ba91d423f1f526e2c4 For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2388002 25.08.2026 CET/CEST

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Quelle: dpa-Afx