Borussia Dortmund GmbH : Quarterly Financial Report 1st Quarter 2023/2024

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

This document is a quarterly statement in accordance with section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse and does not constitute an interim financial report within the meaning of International Accounting Standard (IAS) 34. This quarterly statement should be read in conjunction with the Annual Report for financial year 2022/2023 and the information contained therein. That report can be accessed on our website at https://aktie.bvb.de/eng. The accounting policies applied in this quarterly statement are generally based on the same accounting policies applied in preparing the consolidated financial statements for financial year 2022/2023. All amounts presented in this quarterly statement have been subjected to rounding in accordance with standard commercial practice, which may lead to slight deviations in the totals. This quarterly statement was not subjected to a review by an auditor.

BUSINESS TREND

Q1 2023/2024 AT A GLANCE

ATHLETIC PERFORMANCE

Bundesliga

On 19 August 2023, Borussia Dortmund kicked off the 2023/2024 Bundesliga season with a 1-0 home win against 1. FC Cologne, and sits in fourth place with 14 points after match day six.

UEFA Champions League

Borussia Dortmund launched its campaign in the UEFA Champions League with a 2-0 loss against the French champions Paris Saint-Germain in Group F. Other opponents in the Group are AC Milan and Newcastle United.

DFB Cup

A 6-1 away win against fourth-tier club TSV Schott Mainz in the first round of the DFB Cup saw head coach Edin Terzić and his team advance to the next round, where they will do battle with Bundesliga club TSG 1899 Hoffenheim on their home turf on 1 November 2023.

Q1 2023/2024 QUARTERLY STATEMENT | 3

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

DEVELOPMENT OF THE MARKET AND COMPETITIVE

ENVIRONMENT

SPONSORSHIPS

Borussia Dortmund again has two kit sponsors for the 2023/2024 season. Evonik Industries AG is the kit sponsor for all international club competitions, friendlies staged abroad and DFB Cup matches. 1&1 Telecommunication SE is the kit sponsor for Borussia Dortmund's Bundesliga appearances.

Borussia Dortmund renewed its agreement with sleeve sponsor General Logistics Systems Germany GmbH & Co. OHG (GLS) for a further year until 30 June 2024.

In addition, Borussia Dortmund renewed its agreements with Champion Partners DEW21 Dortmunder Energie- und Wasserversorgung GmbH (until 30 June 2030), ROWE Marketing GmbH (until 30 June 2028), adesso SE (until 30 June 2026) and Hankook Reifen Deutschland GmbH (until 30 June 2026).

The auto trading group Rosier Holding GmbH signed on as a new Premium Partner as well as automotive partner under an exclusive agreement to furnish Borussia Dortmund with vehicles starting in the 2023/2024 season.

In addition, the agreements with Premium Partners Workday Limited, Coinbase Germany GmbH, Rügenwalder Mühle Carl Müller GmbH & Co. KG and APOTAL Bad Apotheke have all been renewed for one year ending on 30 June 2024.

TRANSFER DEALS

Jude Bellingham transferred to La Liga's Real Madrid with effect from 1 July 2023 (see ad hoc disclosure dated 7 June 2023). Thorgan Hazard signed with Belgium's championship record-holders RSC Anderlecht. In July 2023, the contract between Borussia Dortmund and Nico Schulz was terminated early.

CAPITAL EXPENDITURE

In the summer of 2023, the two German national team players Felix Nmecha and Niclas Füllkrug, as well as Austria's own Marcel Sabitzer and Algeria's Ramy Bensebaini signed deals with Borussia Dortmund.

Q1 2023/2024 QUARTERLY STATEMENT | 4

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

TV MARKETING

DFL Deutsche Fußball Liga GmbH has informed the clubs of the first and second Bundesliga divisions about the expected distribution volume and payout dates for the 2023/2024 season. The announced disbursements of the TV funds will allow for a good degree of planning. UEFA also informed the clubs participating in the UEFA Champions League about the expected income distribution from the competition. Having qualified for the UEFA Champions League, Borussia Dortmund will receive a portion of the disbursements.

MATCH OPERATIONS

Borussia Dortmund played three Bundesliga home matches so far this season in front of sold-out crowds.

The club again sold the most season tickets in the Bundesliga, at 55,000.

OTHER

Borussia Dortmund GmbH & Co. KGaA's shares were once again listed in the SDAX with effect from 25 July 2023, after having already been traded there between 2014 and 2021. The SDAX is a performance index that includes the 70 largest companies in the MDAX.

Between 24 July and 3 August 2023, Borussia Dortmund spent a part of its pre- season in the USA. Friendly matches were played against San Diego Loyal SC (6-0 in San Diego), Manchester United (3-2 in Las Vegas) and Chelsea FC (1-1 in Chicago).

The team agreed to an early renewal of Germany international Emre Can's contract until 30 June 2026. The contract with England U20 international Jamie Bynoe-Gittens was renewed early until 30 June 2028.

Q1 2023/2024 QUARTERLY STATEMENT | 5

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

POSITION OF THE COMPANY

DEVELOPMENT OF PERFORMANCE INDICATORS

DEVELOPMENT OF FINANCIAL PERFORMANCE INDICATORS

In the first quarter of the 2023/2024 financial year, Borussia Dortmund's financial performance indicators - revenue, consolidated total operating proceeds, result from operating activities (EBIT), operating result (EBITDA), net profit/net loss for the year, cash flows from operating activities and free cash flow - were as follows:

Revenue

Revenue amounted to EUR 102,260 thousand in the reporting period (full 2022/2023 financial year: EUR 418,239 thousand). In the Annual Report as at 30 June 2023, Borussia Dortmund forecast revenue of approximately EUR 427,000 thousand for the full 2023/2024 financial year.

Consolidated total operating proceeds

Consolidated total operating proceeds (total revenue plus gross transfer proceeds generated) amounted to EUR 213,182 thousand in the reporting period (full 2022/2023 financial year: EUR 515,355 thousand). As at 30 June 2023, Borussia Dortmund had forecast that consolidated total operating proceeds would amount to approximately EUR 538,000 thousand for the full 2023/2024 financial year.

Operating result (EBITDA)

EBITDA for the first quarter of the current financial year amounted to EUR 79,406 thousand (full 2022/2023 financial year: EUR 123,220 thousand). The Annual Report dated 30 June 2023 forecast that the operating result (EBITDA) for the full 2023/2024 financial year would amount to between EUR 104,000 thousand and EUR 114,000 thousand.

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BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

Result from operating activities (EBIT) and net profit/net loss for the year

The Q1 result from operating activities (EBIT) for the current financial year amounted to EUR 56,397 thousand (full 2022/2023 financial year: EUR 16,911 thousand) and the net profit for the year totalled EUR 52,366 thousand (full 2022/2023 financial year: net profit for the year of EUR 9,550 thousand). The report on expected developments dated 30 June 2023 forecast that the net profit/loss for the year and the result from operating activities (EBIT) for the full 2023/2024 financial year would amount to between EUR 15,000 thousand and EUR 25,000 thousand.

Cash flows from operating activities

Cash flows from operating activities amounted to EUR 30,467 thousand (full 2022/2023 financial year: EUR 54,426 thousand). Borussia Dortmund forecasted as at 30 June 2023 that it would generate cash flows from operating activities of approximately EUR 32,000 thousand for the full 2023/2024 financial year.

Free cash flow

Free cash flow in the first quarter of the 2023/2024 financial year amounted to EUR 12,167 thousand (full 2022/2023 financial year: EUR -22,324 thousand). The report on expected developments for the 2023/2024 financial year dated 30 June 2023 had forecast free cash flow of EUR -26,000 thousand.

Overview of financial performance indicators:

Borussia Dortmund Group (IFRS)

*Change in prior-year items. Restatements in accordance with IAS 8.42.

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BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

RESULTS OF OPERATIONS

During the reporting period, Borussia Dortmund generated revenue of EUR 102,260 thousand (previous year: EUR 104,333 thousand) and consolidated total operating proceeds of EUR 213,182 thousand (previous year: EUR 190,661 thousand). Borussia Dortmund closed out the first quarter of the 2023/2024 financial year with a consolidated net profit of EUR 52,366 thousand, up EUR 13,866 thousand from EUR 38,500 thousand in the previous year. The operating result (EBITDA) amounted to EUR 79,406 thousand, up EUR 6,128 thousand on the prior-year figure of EUR 73,278 thousand. The result from operating activities (EBIT) increased by EUR 7,626 thousand to EUR 56,397 thousand (previous year: EUR 48,771 thousand).

REVENUE TREND

In the first quarter of financial year 2023/2024, Borussia Dortmund's revenue decreased year on year by EUR 2,072 thousand and amounted to EUR 102,260 thousand in the first three months of financial year 2023/2024 (previous year: EUR 104,333 thousand). While merchandising revenue increased, TV revenue declined.

Compared to the same period of the previous year, in which four Bundesliga home matches and the first home match in the group stage of the UEFA Champions League were played to nearly sell-out crowds, only three sell-out Bundesliga home matches were played during the reporting period. The year-on-year increase in ticket sales from the friendlies during the USA tour was not enough to fully offset this decline in income. As a result, income from match operations decreased overall by EUR 1,808 thousand to EUR 7,726 thousand.

TV marketing income amounted to EUR 37,817 thousand (previous year: EUR 45,674 thousand), which was down by EUR 7,857 thousand year on year; this figure was attributable primarily to international TV marketing activities.

Income from international TV marketing activities fell mainly as a result of a drop in performance-related bonuses because the team, unlike in the previous year, was unable to eke out any victories in the UEFA Champions League this quarter, and because it had played one match fewer, causing coefficient-income (which depends on the number of matches played) to be pushed into the second quarter.

Income from national TV marketing fell slightly due to fewer matches having been played than in the same quarter of the previous year. Nevertheless, the total payouts distributed by DFL Deutsche Fußball Liga GmbH for the 2023/2024 season are expected to increase year on year.

Income from national cup competitions remained virtually constant.

Q1 2023/2024 QUARTERLY STATEMENT | 8

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

Advertising income decreased in the first three months of the current financial year, falling by EUR 2,356 thousand to EUR 31,007 thousand. This was due primarily to a reduction in proceeds from Champion Partners and Partners year on year; as in the prior-year quarter, the hospitality areas were operating at full capacity.

Conference, catering and miscellaneous income increased by EUR 2,589 thousand from EUR 7,624 thousand in the previous year to EUR 10,214 thousand in the first quarter of the 2023/2024 financial year. The income from the national and international football academy increased by EUR 727 thousand. In addition, proceeds from player loans, training compensation and the FIFA solidarity mechanism increased year on year by EUR 623 thousand. Release fees for national team players also increased slightly against the prior-year quarter, amounting to EUR 272 thousand.

Income from merchandising amounted to EUR 15,497 thousand (previous year: EUR 8,138 thousand). The EUR 7,360 thousand increase was attributable primarily to the around 90,000 kits delivered in Q1 2023/2024 as part of the special edition kit that was released in the previous season.

NET TRANSFER INCOME

Net transfer income amounted to EUR 82,313 thousand (previous year: EUR 62,000 thousand). This includes primarily the transfer proceeds from the departures of the players Jude Bellingham (Real Madrid) and Thorgan Hazard (RSC Anderlecht) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred.

*Change in prior-year items. Restatements in accordance with IAS 8.42.

The prior-year figure of EUR 62,000 thousand resulted primarily from the departures of the players Erling Haaland and Manuel Akanji (Manchester City), Steffen Tigges

(1. FC Cologne) and Bradley Fink (FC Basel) as well as subsequent transfer proceeds less residual carrying amounts, other derecognised items and selling costs incurred.

Q1 2023/2024 QUARTERLY STATEMENT | 9

BORUSSIA DORTMUND QUARTERLY STATEMENT

from 1 July to 30 September 2023

Consolidated total operating proceeds amounted to EUR 213,182 thousand in the reporting period (previous year: EUR 190,661 thousand).

Other operating income amounted to EUR 2,287 thousand (previous year: EUR 835 thousand).

CHANGES IN SIGNIFICANT OPERATING EXPENSES

COST OF MATERIALS

Cost of materials increased by a total of EUR 3,304 thousand from EUR 6,005 thousand to EUR 9,308 thousand in the first quarter of financial year 2023/2024. The delivery of the special edition kits caused cost of materials to increase in line with the increase in merchandising income, by EUR 4,022 thousand, while the cost of materials in the catering area fell by EUR 718 thousand due to two fewer home matches having been played out.

PERSONNEL EXPENSES

Personnel expenses amounted to EUR 61,831 thousand in the first quarter of financial year 2023/2024, up EUR 3,982 thousand from the previous year. The increase was attributable in particular to the retail and administration areas due to inflationary salary increases and increases in special payments in match operations. The personnel expenses for youth and amateur football remained virtually unchanged compared to the prior-year quarter.

DEPRECIATION, AMORTISATION AND WRITE-DOWNS

As expected, depreciation, amortisation and write-downs declined by EUR 1,498 thousand to EUR 23,009 thousand (previous year: EUR 24,507 thousand).

OTHER OPERATING EXPENSES

Other operating expenses increased by EUR 6,279 thousand from EUR 30,037 thousand to EUR 36,315 thousand in the reporting period. Administrative expenses increased the most by EUR 3,638 thousand, due particularly to rising travel and entertainment expenses in connection with the USA tour. Match operations expenses also rose (up EUR 2,051 thousand), while advertising expenses remained virtually constant. By contrast, transfer expenses declined slightly.

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