Borussia Dortmund (BVB) Q1 24/25 earnings summary

Executive summary

• Revenue increased to €107.3m in Q1 2024/2025, up €5.1m year-over-year, but net profit dropped sharply to €1.6m from €52.4m due to lower transfer income.

• EBITDA fell to €25.7m from €79.4m, and EBIT declined to €1.2m from €56.4m compared to the same quarter last year.

• Total operating proceeds decreased to €141.3m from €213.2m, mainly due to a significant drop in net transfer income.

• Cash flows from operating activities improved to €41.4m, but free cash flow turned negative at -€24.3m.

Financial highlights

• Net transfer income was €19.3m, down from €82.3m year-over-year, reflecting fewer high-value player sales.

• Personnel expenses decreased by €2.9m to €58.9m, while cost of materials dropped by €2.6m to €6.7m.

• Depreciation and amortisation increased by €1.5m to €24.5m.

• Other operating expenses rose by €1.8m to €38.1m, mainly due to additional match operations.

• Earnings per share fell to €0.01 from €0.47 year-over-year.

Outlook and guidance

• Full-year revenue is forecast at €503m, with EBITDA expected between €110m and €120m, and net profit between €5m and €15m.

• No changes to the financial outlook or guidance compared to the previous management report.