Anyone who invested broadly within the German inventory market in 2025 will in all probability have carried out properly. The DAX, which tracks the 40 most essential German inventory firms with costs and dividend funds, rose by 23 p.c in 2025 and closed the yr on Tuesday with 24,490 factors. The M-Dax, which incorporates 50 different corporations, rose by 19.7 p.c to 30,617 factors in 2025. This implies that 2025 suits seamlessly into the already good inventory market years of 2023 and 2024. However, there have been additionally corporations in 2025 that introduced losses to their shareholders.
Symrise is the most important loser within the DAX. The flavors and fragrances producer from Holzminden needed to warn in 2025 that its beforehand held gross sales expectations wouldn’t come true – demand from prospects within the fragrance, cosmetics and meals industries is just too weak. The Symrise share, which is historically valued at a price-earnings ratio of greater than twenty, reacted sensitively to this information and brought about its house owners to lose 33 p.c.
The yield from shares in Adidas, Beiersdorf, Zalando, Vonovia and Henkel was barely higher. With the exception of the housing group Vonovia, the six greatest losers within the Dax are, within the broadest sense, client items producers or their suppliers. After a worth lack of 25 p.c in 2025, the shares of the Hamburg firm Beiersdorf, for instance, which produces branded merchandise from Nivea, Labello, 8×4 to Hansaplast and Tesa, nonetheless seem costly with a price-earnings ratio (P/E) of 21. For comparability: On common, the 40 corporations within the DAX are presently valued at virtually sixteen instances, based mostly on the company earnings estimated by analysts for the subsequent twelve months and decided by the monetary company Bloomberg, a P/E ratio that can also be above the long-term common. However, Beiersdorf’s fundamental competitor, the French client items producer L’Oréal, which sells its merchandise underneath manufacturers equivalent to Garnier, Lancôme, Giorgio Armani, Ralph Lauren and Vichy, is valued considerably greater with a P/E ratio of 29.
The Tec-Dax inventory index, which tracks the thirty most essential German expertise shares, rose by a below-average six p.c in 2025, whereas its counterpart in America, the Nasdaq 100, rose by round 18 p.c. Almost symbolically, the chip producer Nvidia changed {the electrical} equipment producer Apple as essentially the most invaluable US firm. There have been no such important shifts amongst German expertise shares; SAP is undisputed as essentially the most invaluable German inventory alternate firm. This additionally reveals that German corporations aren’t leaders within the mega-investor situation of synthetic intelligence, which is presently driving many Nasdaq shares to their highest costs. After all, Nordex and SMA Solar, a German wind and a German photo voltaic inventory, made a comeback.
Bayer with a comeback, Siemens Energy with AI
The pharmaceutical firm Bayer managed to show issues round within the Dax. In the previous three months, the share worth rose by a great 30 p.c after Bayer acquired alerts from authorized proceedings within the USA in opposition to Monsanto and expanded approval of the center drug Kerendia in Japan at Christmas. With an annual revenue of 92 p.c, Bayer moved into fifth place among the many greatest DAX shares in the previous couple of meters, solely crushed by the 2 credit score establishments Deutsche Bank and Commerzbank (pushed by the takeover plans of the Italian competitor Unicredit), by Siemens Energy and Rheinmetall. However, Bayer shareholders nonetheless must complain a few lack of virtually 25 p.c over the five-year interval – exactly as a result of the acquisition of the American seed producer Monsanto resulted in lots of authorized proceedings.
After all, Siemens Energy benefited from the AI growth and moved into second place within the Dax as among the finest shares of 2025. The gasoline turbine producer is experiencing sturdy demand from knowledge facilities within the USA, which worth gasoline generators as a shortly put in and dependable vitality provider. The excessive worth acquire of the Hochtief building share within the M-Dax can also be related to the booming enterprise with AI knowledge facilities. Some business observers are already proclaiming knowledge facilities to be a brand new actual property class like places of work, procuring facilities and accommodations. In addition to AI, protection was the massive subject on the 2025 inventory market. The tank producer Rheinmetall was in a position to profit notably within the Dax after the Merz authorities was ready to tackle extra debt for protection (“special assets”), however corporations with armaments divisions equivalent to Renk and Hensoldt had been additionally among the many greatest annual winners within the M-Dax.
With a worth enhance of 211 p.c, Thyssenkrupp was the most important revenue maker of all German shares within the M-Dax. Experts see higher instances once more for Europe’s metal business in view of the protectionism of the European Union, which is shielding itself from metal imports. However, it’s under no circumstances a on condition that Thyssenkrupp’s restructuring will likely be profitable. But traders are clearly betting on it. At least the TKMS marine division was spun off in October. Their inventory market worth rose from 60 to at instances greater than 100 euros, however has now leveled off at 65 euros. Thyssenkrupp nonetheless has a stake of round 50 p.c in TKMS. There can also be a little bit of armor in Thyssenkrupp.
The vehicle business, which has lengthy been dominant within the Dax, doesn’t seem within the rankings of the most important worth winners and losers of the yr. BMW carried out greatest with a share worth enhance of 19 p.c, however Porsche and Mercedes additionally delivered share worth features of virtually ten p.c to their shareholders. The disaster within the German automotive sector, which is mirrored in falling new registrations and job cuts, is anticipated to turn into seen in dividend funds on the inventory market in spring 2026. Among the seven DAX corporations for which a decline in dividends is anticipated, in accordance with an summary by Dekabank, are 5 automobile producers and suppliers: BMW, Mercedes-Benz, VW, Porsche Holding and Continental. In distinction, the monetary business, led by the insurer Allianz, can pay out a great quarter of all dividends. Banks particularly benefited within the second half of 2025 from falling rates of interest for brief phrases set by the central banks within the USA and Europe. In distinction, rates of interest for longer phrases remained virtually secure as a result of traders demanded a better threat premium as a result of rising nationwide debt.
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