According to a study, the companies in the German leading index DAX will continue to pay high dividends to their shareholders in 2026. In total, they are expected to pay out 52.9 billion euros, almost maintaining the previous year’s high level of 53.3 billion euros. This emerges from a dividend study by DekaBank.
“Although no new distribution records will be achieved in 2026, the dividend payments of DAX companies will remain at a historically high level,” explained Joachim Schallmayer, Head of Capital Markets and Strategy at DekaBank. “While the German economy is weakening, DAX companies remain reliable dividend payers and deliver solid earnings.”
Financial sector ahead of the automotive sector
However, there is a clear shift: for the first time, according to the study, the financial sector is replacing the automotive industry, which has dominated for years, as the largest dividend payer. Among the seven companies in the top German stock exchange league for which a decline in dividends is expected, five are car manufacturers or suppliers: BMW, Mercedes Benz, Volkswagen, Porsche SE and Continental.
This means that the negative trend from the previous year is continuing, write the economists at Dekabank: The “loss of importance of the German automotive industry” is now “also hitting corporate profits and dividend distributions with full force”. Deka expert Schallmayer predicts: “A quick return to dividend strength is not expected in the sector.”
While the automobile manufacturers represented in the first German stock exchange league will pay a total of almost 6.8 billion euros to their shareholders, 3.3 billion euros less than a year ago, the financial sector is ensuring a real windfall: at 14.2 billion euros alliance, Hannover Re, Munich Re, Commerzbank, Deutsche Bank and German stock exchange by far the lion’s share of the expected DAX dividends. The shareholders of the insurer Allianz can once again hope for the largest sum: 6.5 billion euros.
The financial sector has also caught up with the performance of the DAX stocks this year. Among the top stocks this year is Commerzbank, which is up 130 percent and led by CEO Bettina Orlopp (55). Which stocks have gained particularly strongly in 2025 and which stocks have been less successful? read here.