German blue-chip companies to pay record dividends for 2025

Germany's largest publicly listed companies are set to pay record dividends to shareholders despite an ongoing economic slowdown, according to a study by consulting firm EY.

The 40 firms listed on the country's leading DAX index are expected to distribute around €55.3 billion ($63.7 billion) in total, marking a 5.9% increase from €52.2 billion last year and a new high.

Of the DAX companies, 25 are set to pay higher dividends for the past financial year than the year before, while 10 will pay less. Strong earnings have supported the payouts, with dividends led by Allianz at €6.5 billion, followed by Deutsche Telekom at €4.8 billion and Siemens at €4.2 billion.

Automakers reduced their payouts, with Mercedes-Benz cutting dividends by 19% and Porsche Automobil Holding by 21%, reflecting sector challenges. Conversely, MTU Aero Engines (+64%), Deutsche Bank (+44%) and Commerzbank (+61%) posted the largest dividend increases.

EY's analysis is based on company reports, press releases and shareholder meetings. While dividend plans must still be approved at annual general meetings, this is usually a formality.

Despite the broader economic crisis in Germany, sectors such as banking and insurance reported record results in 2025, with DAX companies generating a considerable part of their revenue abroad.

EY cautioned that shareholders should not expect another record year for dividends in 2026, noting that while many DAX firms remain financially solid, industrial companies in particular face structural challenges that could lead to lower payouts.