Borussia Dortmund: Strong Q1 Performance and Positive Outlook

Borussia Dortmund GmbH & Co. KGaA has reported strong preliminary results for Q1, driven by significant transfer income. Sales reached €107 million, flat year-on-year, with a decline in Match Operations and Merchandising offset by a 21.7% increase in TV Marketing revenue, totaling €47.7 million. Advertising sales slightly increased by 1.9% to €36.6 million.

The club's EBITDA showed a notable increase to €54.3 million, reflecting a 50.7% margin, primarily due to a 174.1% rise in net transfer income linked to the transfer of Jamie Gittens to Chelsea FC. Net income for the quarter was €22.9 million, with a 21.4% margin.

Borussia Dortmund's sporting performance has been positive, placing third in the Bundesliga and maintaining a competitive position in the UCL. The team's on-pitch success, including advancement in the national cup, supports their financial goals for the FY25/26 period. NuWays AG maintains a "BUY" recommendation with a target price of €5.20.