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Exceeded FY23 Guidance and Our Estimates

Borussia Dortmund’s, German football club, headline (income statement) results for FY23 were ahead of management’s previous guidance and Edison Group’s estimates. The company enjoyed a year of recovery following the disruption of COVID-19 in the prior year and the first team enjoyed better sporting success than the previous season, although it fell agonisingly short of winning the Bundesliga. Edison will update their underlying FY24 estimates when the full financial statements are published at the end of September 2023 but, in the interim, have included part of the disclosed transfer profit on the recent sale of Jude Bellingham.

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