Borussia Dortmund reported preliminary consolidated revenue of EUR 460.5 million for the 2025/2026 financial year, down EUR 65.5 million from EUR 526.0 million a year earlier. The decline was driven mainly by lower TV marketing income after the club failed to reach the UEFA Champions League round of 16, compared with a quarter-final appearance the previous year, as well as lower income from the 2025 FIFA Club World Cup because of its timing. Advertising income increased. Consolidated total operating proceeds fell EUR 52.4 million to EUR 537.2 million. The group recorded a consolidated net loss of EUR 21.7 million, compared with a EUR 6.5 million profit previously, while EBT fell to negative EUR 20.3 million and EBITDA (earnings before interest, taxes, depreciation and amortisation) declined to EUR 92.2 million. Revenue included EUR 50.3 million from match operations, EUR 157.9 million from advertising, EUR 168.5 million from TV marketing, EUR 38.7 million from merchandising, and EUR 45.1 million from conference, catering and miscellaneous activities. Net transfer income rose to EUR 59.3 million. Personnel expenses and other operating expenses decreased, while depreciation, amortisation and write-downs increased. No dividend can be proposed for 2025/2026. Borussia Dortmund expects a consolidated net profit of between EUR 0 million and EUR 10 million in 2026/2027, although the guidance may change because of transfer deals, sporting results and other differences between actual events and forward-looking statements.