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Original-Research: Borussia Dortmund GmbH & Co KGaA - von NuWays AG

11.02.2026 / 09:00 CET/CEST
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Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA

Unternehmen: Borussia Dortmund GmbH & Co KGaA
ISIN: DE0005493092

Anlass der Studie: Update
Empfehlung: BUY
Kursziel: EUR 5.2
Kursziel auf Sicht von: 12 months
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Performing on and off the pitch, Chg.

BVB released a solid set of preliminary H1/Q2 figures with both top- and
bottom-line slightly ahead of our estimates. Besides that, the team
continues to perform well on the pitch. In detail:

Q2 25/26 sales came in at EUR 139m (eNuW: EUR 135m), implying 1.6% yoy growth.
Sales growth was mainly driven by Match Operations (+13.7% to EUR 19.7m; eNuW:
EUR 18.3m), Advertising (+5.5% to EUR 39.1m; eNuW: EUR 38.5m) and Conference,
Catering & Others (+11.7% to EUR 12.0m; eNuW: EUR 11.1m). While for Match
Operations and Conference, Catering & Others the higher count of home games
(9 vs 8 in Q2 24/25) should have been the driver, Advertising benefited from
the deals with Vodafone (new exclusive kit sponsor), Polestar, REWE and
Konami. On the other hand, we saw a 10.1% decline in Merchandising sales to
EUR 11.7m (eNuW: EUR 12.4m) caused a tough comparison base ("Weiße Wiese"
special edition kit effect in Q2 24/25). TV Marketing sales also slightly
declined to EUR 56.9m (-3.6% yoy; eNuW: EUR 57.5m) following reduced overall
Bundesliga TV money as well as a likely reduction of the UCL value pillar.

Q2 25/26 EBITDA declined 12.1% to EUR 29.0m (eNuW: EUR 27.4m), implying a margin
of 20.8%. The yoy decline is largely explained by increased personnel
expenses, which are driven by (i) likely higher match related bonuses due to
improved on-pitch performance and (ii) the departure of mainly low-earners
while some high-caliber players like Silva, Couto, Bellingham and
Chukwuemeka were signed. Importantly, looking at the on-pitch performance,
these investments seem to bear fruit already.

FY25/26 targets fully in reach. Management continues to target FY sales of
around EUR 475m (eNuW: EUR 507m, eCons: EUR 511m), EBITDA of EUR 105-115m (eNuW: EUR
132m, eCons: EUR 118m) and FCF of around EUR 7m (eNuW: EUR 5.3m; no eCons). In our
view, the sales and EBITDA outlook both look conservative given the strong
H1 results (EUR 246m sales & EUR 81.7m EBITDA) and the good performance on the
pitch, which should continue to fuel Merchandising and TV Marketing sales in
particular. For FCF, we position ourselves slightly below the outlook and
thus take a conservative stance.

Kovac team continues strong on-pitch performance. With 16 points out of 6
Bundesliga matches in 2026, BVB narrowed the gap to table leaders Bayern to
a mere 6 points, putting the team in striking distance ahead of the direct
match-up end of February. Although we still regard Bayern too consistent in
the long run, BVB still has a shot at the championship, which we did not
expect at this time of the season. In the UCL, BVB will face Atalanta in the
play-off stage, a hurdle BVB should be able to take before playing either
Arsenal or Bayern in the round of 16 - two teams we regard as too strong to
beat across a 2-leg stretch. Yet, should they be able to reach the
quarterfinals, this would imply additional TV Marketing sales of EUR 12.5m
that would come at a nearly 100% margin as well as an additional home game.

That said, BVB continues to trade at a mere 0.8x FY25/26e EV/sales which
compares to a peer group average of 3.1x. Reiterate BUY, unchanged PT of EUR
5.20 based on DCF.

Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=c5e49bc1b892674b789e85e928b22c2f
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research-feed

Kontakt für Rückfragen:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2274564 11.02.2026 CET/CEST

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