Borussia Dortmund (BVB) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2025/2026 increased slightly to €246.4m from €244.5m year-over-year, with net profit rising to €18.7m from €7.7m.

• EBITDA improved to €81.7m (prior year: €58.7m), and EBIT rose to €24.0m (prior year: €9.1m).

• Free cash flow was negative at €-1.6m, a significant improvement from €-38.3m in the previous year.

• Net transfer income surged to €54.9m from €22.2m, driven by key player sales.

Financial highlights

• Consolidated total operating proceeds increased to €316.5m (prior year: €281.9m).

• Personnel expenses rose to €129.3m (prior year: €118.1m), mainly due to bonuses and special payments.

• Depreciation, amortisation, and write-downs increased to €57.7m (prior year: €49.6m).

• Cash and cash equivalents at period end were €8.4m, down from €20.6m at the start of the period.

• Equity ratio improved to 54.4% from 53.0% at the previous year-end.

Outlook and guidance

• Full-year revenue is forecast at €475m, with total operating proceeds expected at €555m.

• EBITDA guidance for the year is €105m–€115m; net profit is expected to be between €-5m and €5m.

• No changes to the forecast or risk assessment compared to the previous annual report.