DORTMUND, August 23, 2026, 11:42 CEST — Markets in Germany are not trading.
- Shares of Borussia Dortmund finished Friday at €3.205, gaining 1.1% for the session and 1.1% for the week.
- The club posted a preliminary annual loss of €21.7 million but projected results ranging from breakeven to a profit of €10 million.
- The DFB-Pokal for the 2026/27 season awards a total winner’s payout of €13.11 million, representing 3.7% of BVB’s market value.
- Dortmund will play against fifth-tier HEBC Hamburg on September 1 following their 2-1 defeat to Bayern in the Supercup.
Borussia Dortmund GmbH & Co. KGaA ETR:BVB faces an unusual gap as the new season begins. The side has a favourable cup draw, but meeting earnings targets is a different challenge.
The DFB-Pokal winner stands to receive €13.11 million in total central payments, representing 3.7% of BVB’s €353.8 million market capitalization. However, advancing to the second round brings in just €456,377—equivalent to 0.1% of last season’s income.
The gap represents the investor focus. Initial gains help maintain expectations. However, only a significant advance impacts finances.
| DFB-Pokal progress | Total central payout | Portion of €353.8m market value | Portion of FY2025/26 revenue |
|---|---|---|---|
| First round | €0.228m | 0.06% | 0.05% |
| Second round | €0.685m | 0.19% | 0.15% |
| Round of 16 | €1.597m | 0.45% | 0.35% |
| Quarter-final | €3.423m | 0.97% | 0.74% |
| Semi-final | €7.074m | 2.00% | 1.54% |
| Runner-up | €11.098m | 3.14% | 2.41% |
| Champion | €13.110m | 3.71% | 2.85% |
The trend in searches appeared as the DFB-Pokal kicked off its opening weekend. Dortmund will play their match later. The Supercup teams were scheduled for September, with BVB set to face Oberliga club HEBC at Hamburg’s Volksparkstadion on September 1 at 20:45 CEST.
The postponed match comes on the heels of a 2-1 Supercup loss on Saturday. Nathaniel Brown and Michael Olise netted goals before the interval. Fabio Silva pulled one back in the second half, and Ramy Bensebaini received a late red card.
Dortmund raised their level following the interval. Coach Niko Kovac noted the side adopted greater attacking intent, increased their time on the ball and showed more assertiveness. The official tally put attendance at SIGNAL IDUNA PARK at 81,365.
Financial swings have impacted the accounts. Preliminary revenue for FY2025/26 declined by 12.5% to €460.5 million. TV marketing revenue decreased by 25.8%, and the group reported a loss of €21.7 million.
| Preliminary FY result | 2025/26 | 2024/25 | Change |
|---|---|---|---|
| Revenue | €460.5m | €526.0m | -12.5% |
| TV marketing | €168.5m | €227.2m | -25.8% |
| Advertising | €157.9m | €153.6m | +2.8% |
| EBITDA | €92.2m | €115.9m | -20.4% |
| Net transfer income | €59.3m | €37.8m | +56.9% |
| Net result | -€21.7m | €6.5m | -€28.2m swing |
The company forecasts net profit for FY2026/27 in the range of zero to €10 million. No dividend will be recommended for the recently concluded year. The outlook depends on transfer activity and the results achieved in sports.
The balance sheet provides a degree of resilience. CFO Thomas Treß stated that equity stayed close to €300 million, with the equity ratio above 50%, and confirmed that no additional financial debt was incurred by the group. Sponsorship and hospitality income increased by €7.3 million to reach €170.3 million.
| Analyst source | Coverage | Recommendation signal | Average target | Upside to €3.205 |
|---|---|---|---|---|
| StockAnalysis / S&P Global data | 3 analysts | Strong Buy | €5.00 | 56.0% |
| ChartMill | 7 forecasts | Buy score at 80% | €5.10 | 59.1% |
BVB shares closed at €3.205 on Xetra on Friday, up 1.1% since the last session and also up around 1.1% for the week. The share price is currently 40% higher than its lowest point within its €2.86–€3.715 52-week range.
The post-results rally indicates investors are paying attention to the profit outlook and financial position. The Bundesliga home opener versus Hamburger SV on August 29 or 30 will be the next key test. HEBC follows after that.
Risks: An early cup exit would eliminate future round earnings and damage sentiment. Income from the DFB-Pokal may be offset by injuries, transfer expenses, underwhelming European performance, and low trading liquidity.
