Borussia Dortmund (BVB) Q4 2025 earnings summary

Executive summary

• Total revenue increased to €526.0M, up €16.9M year-over-year, driven by higher TV marketing and match operations.

• Net profit dropped sharply to €6.5M from €44.3M year-over-year, mainly due to a significant decline in transfer business results.

• EBITDA fell to €115.9M from €150.3M, reflecting lower transfer income and higher investment in intangible assets.

Financial highlights

• Revenue from TV marketing rose by €21.2M year-over-year, while merchandising and catering declined.

• Net transfer result decreased by €60.0M to €37.8M, as gross transfer income halved.

• EBIT dropped to €10.5M from €45.9M, and EPS fell to €0.06 from €0.40 year-over-year.

• Cash flow from operations improved by €10.5M to €57.7M.

Outlook and guidance

• No explicit forward-looking statements or guidance provided, but results indicate pressure on profitability due to lower transfer activity.