Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG 10.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA

Company Name:	Borussia Dortmund GmbH & Co KGaA
ISIN:	DE0005493092
Reason for the research:	Update
Recommendation:	BUY
Target price:	5.2
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

Strong Q1 profitability driven by transfer income

Topic: On Friday, BVB released preliminary Q1 results, which came in flat on the top-line but showed significant margin expansion thanks to increased transfer income. In detail:

Q1p sales came in at € 107m (eNuW: € 109m), flat yoy. We see a decline in Match Operations (-39.5% yoy to € 4.9m), Merchandising (-11.6% to € 8.9m) and Conference, Catering and Others (-36.8% to € 8.9m), which should be attributable to a lower amount of home games (-1 yoy) as well as a tough comparable base due to the EURO 2024, which inflated Conference, Catering an Others. The decline was compensated by TV Marketing, which increased 21.7% to € 47.7m (44.6% of group sales), which should be due to the FIFA CWC, where BVB reached the quarterfinals. Advertising sales increased slightly by 1.9% yoy to € 36.6m.