Borussia Dortmund — Requiring more Bundesliga points in H225

Borussia Dortmund’s (BVB’s) Q225 results were mainly influenced by the phasing of games in the competitions in which it is competing. The phasing is not unusual but has been accentuated this year by the change in the structure of the UEFA Champions League (CL), with more games over an extended period (ie into Q3) than previously when the league stage finished in Q2. The first team has progressed through to the next round of the CL, which is encouraging. Of more concern is the current position in the Bundesliga: a relatively low 10th place and seven points away from fourth place with 11 games of the season remaining. The poor league form necessitated changing the first team coach after the period end. Financial guidance for FY25 remains unchanged, as should be expected given the team’s ongoing involvement in the CL. The current Bundesliga position provides some uncertainty about next year’s financial forecasts.