The Club's credit rating has been maintained by Morningstar DBRS and the agency highlights the strength of its business model, while considering the increase in debt due to the final phase of Espai Barça as temporary and forecasting a gradual improvement in the financial profile from 2028 when the Spotify Camp Nou is fully operational.

- Morningstar DBRS confirms the BBB rating for FC Barcelona, reaffirming their confidence in the Club's solvency and project

- The agency highlights the strength of the FC Barcelona brand, the ability to generate income, the commercial positioning and the sporting competitiveness

- The move from a positive to a stable outlook is due to the schedule for implementing and funding the final phase of Espai Barça, which requires extraordinary funding

- Morningstar DBRS consider the debt increase is temporary and associated with the culmination of the new Spotify Camp Nou

- The report forecasts a gradual improvement in the Club's final profile from 2028 onwards, driven by the stadium being fully operational and a growth in income

- The confirmation of the BBB rating supports the Club's strategy and Espai Barça as a transformative project for its future growth

FC Barcelona informs that the international credit rating agency Morningstar DBRS has confirmed the BBB rating for the Club, reaffirming their confidence in the strength of the business model and the financial strategy aligned with developing the Espai Barça project.

In their report, the agency highlights the robustness of FC Barcelona, founded on being one of the world's best known sports brands, a high capacity for generating income, a strong commercial position and sustained sporting competitiveness. Morningstar DBRS consider that the Club is going into the final phase of the biggest investment in its history as the Spotify Camp Nou works enter the home straight.

In this context, the change from a positive to stable outlook is due to the schedule for implementing the project and the financial needs associated with this final stage, maintaining confidence in the evolution of the Club's credit profile. The report underlines that this temporary increase in debt is directly linked to culmination of Espai Barça and forecasts a gradual improvement in FC Barcelona's financial profile from 2028 onwards once the Spotify Camp Nou is fully operational.

The agency estimates that a fully operational new stadium will enable a significant improvement in the Club's ability to generate income, driving the process to reverse the levers and strengthening its financial position in the coming years.

The confirmation of the BBB rating lends further support to FC Barcelona's strategy and the development of Espai Barça, a transformative investment aimed at boosting the capacity to generate resources for the Club, consolidating its competitiveness and establishing the bases for growth and financial sustainability of the Club long-term.

About Morningstar DBRS

Morningstar DBRS is an international credit rating agency that provides independent opinions on credit ratings for companies, financial institutions, public administrations, and structured financial operations in the main international markets. Their ratings are used as reference by investors and financial institutions when evaluating the credit risk of issuers.

For more information about Morningstar DBRS, their methodologies and rating definitions, please visit dbrs.morningstar.com.

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