Borussia Dortmund: Early CL exit weighs on FY25/26p; chg. - NuWays AG Research
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:
ANNONS
FY25/26p sales declined 12.5% yoy to € 460m (eNuW: € 475m), almost entirely explained by TV
Marketing sales, which were down 25.9% to € 168m (eNuW: € 174m). Here, the UCL play-off round exit (vs quarter finals in FY24/25) alone accounted for € 31m of the decline, while the FIFA Club World Cup, which straddled the fiscal year end, contributed € 23m less. On top, Bundesliga TV money declined € 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 € 50.3m on two UCL home games less, while Merchandising (€ 38.7m) and Conference, Catering & Others (€ 45.1m) softened by 3.4% and 9.7% respectively. Importantly, Advertising grew a further 2.8% yoy to € 158m (eNuW: € 161m) despite weaker on-pitch performance and lower success bonuses, underlining the strength of the BVB brand as a marketing platform.
