FRANKFURT (dpa-AFX) - Many shareholders of German corporations should brace for lower payouts. According to calculations by Dekabank, the total dividend sum of the 90 companies listed in the DAX and MDAX for the 2025 fiscal year is expected to reach €60.5 billion, which is around €1.8 billion or 2.9 percent less than the previous year.

Eight companies are currently planning to pay no dividends to shareholders: in the German stock index, online fashion retailer Zalando, and in the MDAX, companies Auto1, Delivery Hero, Hellofresh, Ionos, Nordex, Redcare Pharmacy, and Teamviewer.

"Declining Importance of the German Automotive Industry"

The crisis in the automotive sector is the main drag: of the seven companies in Germany's top stock market tier expecting lower payouts, five are car manufacturers or suppliers: BMW, Mercedes-Benz, VW, Porsche Holding, and Continental.

This continues the negative trend from the previous year, as Dekabank economists note: the "declining importance of the German automotive industry" is now "hitting corporate profits and dividend payouts with full force." Deka capital markets expert Joachim Schallmayer predicts: "A quick return to dividend strength in this sector is not in sight."

"Banks Make a Comeback"

While automakers in the top German stock market tier will still pay out just under €6.8 billion to their shareholders—€3.3 billion less than a year earlier—the financial sector is providing a true windfall: Allianz, Hannover Rück, Münchener Rück, Commerzbank, Deutsche Bank, and Deutsche Börse together account for a whopping €14.2 billion, representing by far the lion's share of the expected DAX dividends of €52.9 billion. Once again, Allianz shareholders can look forward to the largest payout: €6.5 billion.

However, the index record of €54.3 billion in dividends paid out in 2024 for the 2023 fiscal year will not be reached. Still, although a drop in the total payout volume is expected, forecasts for more than half of the 40 DAX companies are above last year's levels: for 23 companies, an increase in payouts is predicted. For 9 DAX companies, the dividend per share is expected to remain unchanged, and for Zalando, no payout is expected once again.

Eight MDAX Companies to Pay Lower Dividends

According to Dekabank calculations, the 50 companies listed in the index for mid-sized firms (MDAX) will together pay out €7.6 billion in dividends for the 2025 fiscal year, about 15 percent less than the previous year. In the MDAX, 22 companies are expected to increase their payout per share, 20 are expected to keep dividends unchanged, and 8 companies are expected to pay less.

Dekabank attributes the sharp decline in the MDAX total payout to Porsche AG: since the calculations are based on the current index composition, the Stuttgart-based sports car manufacturer, which dropped out of Germany's top stock market tier in September 2025, is included in the MDAX for both years. Without Porsche, the total payout of MDAX companies for the 2025 fiscal year would actually be 2.4 percent higher than the previous year, according to the figures./ben/DP/zb