October 2026
Largest Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
SAP, Siemens, Allianz, Deutsche Telekom and Siemens Energy.
 | Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises. | $224 | -14% | $258B | $258B | 6.2x | 19.7x | ||
| Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member. | $304 | +6% | $233B | $271B | 3.1x | 18.4x | ||
| Allianz was founded as a transport and accident insurance firm in 1890 by Carl von Thieme and Wilhelm von Finck, the founders of Munich Re. It took the company five years to expand the business into Europe and North America and subsequently list in Berlin. After World War I, individuals were confronted with the loss of wealth, life, and security and Allianz founded a life business in the 1920s. In the years after World War II, Allianz's foreign assets were seized, and it lost its foreign business. By relocating its head office from Berlin to Munich in 1948, Allianz began the long road of rebuilding its domestic business. It took 20 years for the company to reacquire its prior foreign interests, starting in Austria. It became the largest European insurer in the postwar boom era. | $487 | +19% | $185B | $196B | 1.3x | 9.9x | ||
| Deutsche Telekom is a Bonn-headquartered telecommunications group formed in 1995 from Germany’s former federal postal and telecom administration. It provides mobile and fixed connectivity, broadband, enterprise ICT, cloud and digital services across Europe and the United States. Revenue comes from subscriptions, usage, equipment sales, wholesale access and technology services. The group serves consumers, businesses, carriers and public-sector organizations through brands including Telekom, T-Mobile and regional subsidiaries. Deutsche Telekom was already OTE’s strategic shareholder when it exercised its right of first refusal over HRADF’s 5% stake in 2018. The purchase was a secondary increase in an existing strategic holding rather than a new primary financing. | $29 | -7% | $139B | $322B | 2.4x | 5.9x | ||
| Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology. | $152 | +31% | $129B | $119B | 2.7x | 26.8x | ||
| Munich Re was founded in 1880 by Carl Thieme amid a flurry of other reinsurance companies set up independently of primaries. In those early days, most reinsurers typically focused on a few strong customers. Thieme focused on a broader set of cedents to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich Re introduced the first machinery insurance. After Thieme and Wilhelm von Fink founded Allianz, this was the main channel to sell insurance on machinery. We believe the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection and insurance services, remains at the heart of the firm. | $614 | -1% | $77B | $79B | 1.1x | 7.7x | ||
| Infineon Technologies headquartered in Munich, was spun off from German industrial conglomerate Siemens in 2000 and today is one of Europe’s largest chipmakers. The company is a leader in the automotive semiconductor market with prominent products used in active safety and powertrain content within vehicles. Infineon is also the market leader in power semiconductors used to deliver voltage within a wide variety of electrical systems. The company operates in four segments: automotive, or ATV, green industrial power, or GIP, power and sensor systems, or PSS, and connected secure systems, or CSS. | $59 | +48% | $76B | $83B | 5.1x | 21.5x | ||
| Deutsche Post is a company whose business is German postal and parcel-delivery group operating within DHL Group. The organisation is based in Bonn and operates with sector-specific employees, commercial relationships and delivery infrastructure. It serves households, companies, online retailers and public-sector mail users. Its products and services are used in Germany and international logistics markets through postal, parcel and freight networks. The company earns revenue through services, reflecting the way customers purchase its offering. Management coordinates product development, sales, operations and customer support for the relevant market. The business is an operating company rather than an investment vehicle, even where a financial sponsor owns shares. This profile describes the transaction-period entity and avoids conflating it with similarly named companies, subsidiaries or current parent groups. The description supplies the operating context required to interpret its role as a target, platform or acquirer in the documented transactions. | $65 | +42% | $73B | $99B | 1.1x | 8.1x | ||
| Merck KGaA operates in three main segments: life science, electronics, and healthcare. The life science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck family publicly sold part of the company, resulting in the current 30% public ownership of the firm. | $162 | +23% | $70B | $81B | 3.4x | 15.7x | ||
| Deutsche Boerse is a financial exchange company headquartered in Frankfurt, Germany. The company primarily generates revenue through its Eurex and Clearstream segments. Eurex allows for the trading and clearing of derivatives. Clearstream offers custody and settlement services for domestic and international securities, as well as collateral management services. Other segments include Xetra, which generates revenue through trading and clearing cash equities, STOXX (an index business), and several others. | $348 | +37% | $63B | $149B | 18.0x | 37.1x | ||
| Deutsche Bank is a German multinational universal bank headquartered in the Twin Towers in Frankfurt and listed on the Frankfurt and New York stock exchanges. It was founded in Berlin on 10 March 1870, with Adelbert Delbrück and Ludwig Bamberger regarded as its key founders, and grew through acquisitions including Disconto-Gesellschaft in 1929, Morgan Grenfell in 1990, Bankers Trust in 1998 and Deutsche Postbank in 2010. The bank serves corporations, institutions, governments and private clients with corporate and investment banking, trading, retail and private banking, wealth management and asset management, the last through its majority stake in DWS Group. It earns net interest income from lending and deposits and fees and commissions from advisory, underwriting, trading, payments and asset management. In 2025 it reported revenue of €32.1 billion, net income of €7.1 billion and total assets of €1,435 billion, with 89,879 employees. Deutsche Bank has been designated a global systemically important bank since 2011 and is directly supervised by the European Central Bank. Christian Sewing is chief executive and Alexander Wynaendts chairs the supervisory board. | $33 | -8% | $62B | $62B | 1.7x | - | ||
| Rheinmetall is an international defense group supplying military vehicles, weapons and ammunition, air-defense systems, digital military solutions and naval platforms. Following the classification of power systems as discontinued operations in December 2025, all continuing-operation sales are generated by defense activities. The group reports through five segments: vehicle systems; weapons and ammunition; air defense; digital systems; and naval systems. The portfolio spans combat, support and logistics vehicles; weapons, ammunition and propellants; ground-based air and drone defense; military communications, soldier systems, aviation and simulation; and military surface vessels, maintenance and autonomous maritime systems. | $1,224 | -38% | $57B | $61B | 5.5x | 24.9x | ||
| Since completing the transformative deal with RWE in 2019, E.On has two core businesses: energy networks and customer solutions. Its retail supply serves around 47 million customers primarily in Germany, the United Kingdom, Eastern Europe, the Netherlands, Belgium, and Sweden. Its networks business operates in Germany, Sweden, Eastern Europe, and Turkey. | $20 | +7% | $52B | $103B | 1.2x | 10.7x | ||
| Siemens Healthineers is engaged in therapeutic imaging, radiotherapy, laboratory, and point-of-care diagnostics. The imaging segment (56% of sales in fiscal 2025) includes magnetic resonance imaging, computed tomography, X-ray systems, molecular imaging, and ultrasound. The Varian segment (18% of sales) offers radiotherapy and other oncology solutions. The diagnostics segment (19%) includes in vitro diagnostics and point-of-care diagnostics. The advanced therapies (now part of precision therapy) segment (9%) products are designed to support image-guided minimally invasive treatments in cardiology, interventional radiology, and surgery. The Americas represents 44% of total sales, Europe, Middle East, and Africa 32%, and Asia-Pacific, including China (11%), the remainder. | $47 | -18% | $52B | $50B | 1.9x | 9.9x | ||
| RWE is a German integrated energy company focused on renewable generation, flexible power, storage, trading, and electricity supply. The organization serves B2B, B2C, B2G customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Services, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 1898 and is headquartered in Essen. The 2022 mandatory-convertible issuance financed RWE’s acquisition of Con Edison Clean Energy Businesses and made QIA a strategic shareholder. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership. | $66 | +34% | $52B | $90B | 4.5x | 15.7x | ||
| BASF is one of the world’s leading chemical companies. It's headquartered in Germany near the Rhine River, which helps with logistics-related savings. Founded in 1865, it produces a vast array of chemicals, plastics, resins, and agricultural solutions. While the company serves multiple industries, it most prominently serves the automotive, agricultural, construction, and pharmaceutical industries. BASF is a first mover in the energy transition and aims to rapidly expand its recycled and bio-based product portfolio. | $60 | +21% | $51B | $72B | ||||
| Bayer AG is a German life-sciences group founded in 1863 and headquartered in Leverkusen. It is publicly listed and operates pharmaceuticals, consumer-health and crop-science businesses. Its healthcare operations develop, manufacture and commercialise prescription medicines and consumer products globally. Bayer announced an agreement in December 2024 to acquire HiDoc Technologies and its Cara Care digital application for irritable bowel syndrome. The transaction supported Bayer Consumer Health’s precision-health strategy and expanded its digital care offering. Cara Care was expected to remain available through Germany’s reimbursed digital-health system following completion. Bayer earns revenue principally from product sales and related healthcare businesses. | $50 | +60% | $49B | $87B | ||||
| Commerzbank operates primarily in Europe. Germany accounts for about 70% of the total income. The bank operates two business segments: private and small-business customers, as well as corporate clients. In its private and small-business segment, the group operates a branch network, a mobile bank focused on the Polish market, an online broker, and an asset manager for physical assets. Its corporate client business provides cash management and trade finance solutions to small and medium-size enterprises and large companies. | $43 | +17% | $46B | $46B | ||||
| Mercedes-Benz Group is a premium automotive original equipment manufacturer, selling around 2 million passenger cars, including its Chinese joint venture, and just under 400,000 vans per year. The company's financial profile improved significantly following the spinoff of Daimler Truck in 2021. Unlike most automotive OEMs, Mercedes operates under its brand alone. In 2024, 14% of its passenger cars sold were top end (G Class, Maybach, AMG, S Class), 59% were core (C and E Class), and 27% entry (A and B Class). In volume terms, Asia and Europe are Mercedes' largest markets, each at just under 40% of 2024 vehicle sales, followed by North America at 16%. | $46 | -29% | $44B | $116B | ||||
| Porsche designs, engineers, and manufactures premium cars synonymous with its racing heritage, engineering mastery, sporty design, and driving experience. Porsche is uniquely positioned in that its brand is associated with luxury, but it produces cars on a much larger scale than its superluxury peers. Porsche sold 279,000 vehicles in 2025 at an average price of EUR 130,000. Europe, North America, mainland China including Hong Kong, and the rest of the world accounted for 34%, 31%, 15%, and 20% of volume in 2025, respectively. Ninety-two percent of revenue is generated from the sale of cars and related services, with the remainder from the captive finance arm. Porsche’s equity is tightly held, with Volkswagen owning 75.4% and Porsche SE (the Porsche/Piëch family) owning 12.5%. | $47 | -10% | $43B | $48B | ||||
| Volkswagen is the second-largest automotive original equipment manufacturer by vehicle sales globally, selling 9 million vehicles in 2025. It has four vehicle segments: core (Volkswagen, Seat, Skoda, and VW commercial), progressive (Audi, Lamborghini, and Bentley), sports luxury (Porsche), and Traton commercial vehicles (Traton, Scania, Navistar, MAN, and VW truck and bus), which contribute 45%, 20%, 10%, and 13% to group revenue, respectively. It also has a vehicle software business (Cariad), batteries (PowerCo), power engineering production, and financial services. | $77 | -26% | $39B | $210B | ||||
| BMW is a German manufacturer of premium cars and motorcycles headquartered in Munich, trading as BMW Group. It sells cars under the BMW brand, including its i, M and X lines, as well as Mini and Rolls-Royce, and motorcycles under BMW Motorrad, and it also offers financing, leasing, insurance and car-sharing services. The company dates its founding to 7 March 1916; Rapp Motorenwerke became Bayerische Motoren Werke in 1917, and in 1922 the name and assets passed to aircraft maker Bayerische Flugzeugwerke, which became today's BMW AG. In 2025 BMW produced 2,463,681 cars and 202,563 motorcycles and reported revenue of €133.5 billion, operating income of €10.2 billion, net income of €7.5 billion and 154,540 employees; in 2024 automotive sales made up about 73% of revenue and financial services about 25%. In 2023 it was the world's ninth-largest vehicle producer and sixth-largest automaker by revenue. BMW is listed in Frankfurt and belongs to the DAX index, while Stefan Quandt holds 27.7% and Susanne Klatten 22.5% of the shares. Milan Nedeljković chairs the management board. | $64 | -32% | $38B | $149B | ||||
| Hannover Re is a reinsurance company headquartered in Hannover, Germany. Its roots go back to the 1920s when, in conjunction with the Gerling Group, Haftpflichtverband founded Eisen- und Stahl-Industrie to provide reinsurance services. In the 1960s ownership of the business was turned over to Haftpflichtverband, and Aktiengesellschaft für Transport und- Rückversicherung was founded. This was the basis of Hannover Re. The business expanded into life and health reinsurance in the 1990s, and over the next 30 years expanded beyond its core domestic market of Germany to write business internationally. Hannover sold its commercial specialty insurance business to Talanx in January 2019. Hannover was listed in the 1990s on the Frankfurt Stock Exchange. | $308 | +8% | $37B | $37B | ||||
| Talanx is the third largest insurer in Germany. It sells insurance to businesses, individuals, and reinsurers other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns just over three-quarters of the Talanx share capital. | $140 | +15% | $36B | $50B | ||||
| Daimler Trucks is the largest global truck and bus original equipment manufacturer, producing around 500,000 trucks per year. It has the dominant share of the highly concentrated North American truck market, at just under 40%, with its brands Freightliner and Western Star. It also has a large share, just below 20%, of the European truck market with its Mercedes-Benz brand offering. Its segments of Trucks North America, Trucks Mercedes-Benz, Trucks Asia, and Daimler Buses contribute 41%, 33%, 11% and 9% to revenue, respectively; however, Trucks North America contributes disproportionately (64%) to EBIT. An in-house financial services arm supports these businesses. Daimler spun out of Mercedes-Benz in December 2021. | $47 | +16% | $36B | $55B | ||||
| Two distinct customer groups constitute Henkel. The consumer segment (around 47% of consolidated 2025 sales) is laundry and home-care, including the Persil and Purex laundry detergent brands; haircare, including the Schwarzkopf brand; and other brands, including Dial hand soap. The adhesive technologies segment makes up the remaining 53% of sales. Sales in Europe accounted for 38% of the firm's consolidated total in 2025, while Asia-Pacific and North America accounted for 17% and 26%, respectively. | $89 | +7% | $34B | $36B | ||||
| Hochtief AG develops and constructs building and infrastructure projects. It works on complex projects in transportation, energy, urban infrastructure, and mining markets. It expands transportation networks with roads, bridges, and tunnels, or designs and constructs office buildings, hospitals, and power plants. The company leans on expertise and technical know-how in developing, financing, building, and operating in designated business areas. Also, it will partner with external groups to work on specific components of a project. Its regional divisions are Americas, Asia Pacific, and Europe. The Americas and the Asia Pacific account for the majority of sales and are where the company's assets are located. | $418 | +45% | $31B | $22B | ||||
| adidas is a German sportswear company headquartered in Herzogenaurach, Bavaria, and the largest sportswear manufacturer in Europe and second-largest in the world after Nike. Its roots go back to July 1924, when Adolf 'Adi' Dassler and his brother Rudolf formed the Gebrüder Dassler Schuhfabrik; after the brothers split, Adi registered adidas on 18 August 1949 while Rudolf founded the business that became Puma. The company designs and markets athletic and lifestyle footwear, apparel and accessories under the adidas brand and its three-stripes mark, selling them through wholesale partners, its own stores and e-commerce. It sponsors athletes, clubs and national teams and has a long association with the FIFA World Cup. adidas bought Reebok for $3.8 billion in 2005–06 and sold it to Authentic Brands Group in 2022 for about $2.5 billion, and it owns an 8.33% stake in FC Bayern Munich. In 2025 the group reported net sales of €24,811 million and employed 64,938 people worldwide. Bjørn Gulden has been chief executive since January 2023. | $178 | -6% | $31B | $36B | ||||
| Fresenius is a healthcare holding company based in Germany. The company owns a minority stake in dialysis service provider and equipment manufacturer Fresenius Medical Care. The Kabi segment manufactures intravenous drugs, nutrition products, infusion and transfusion therapies, and related pumps. The Helios segment operates private hospitals primarily in Germany and Spain. | $51 | -13% | $29B | $41B | ||||
| Heidelberg Materials is one of the world’s largest building materials companies, with operations in 60 countries. Its core activities include the production of cement and aggregates, which are used to construct houses, infrastructure, and commercial facilities. The sale of cement and aggregates accounts for the majority of group revenue and profits. Europe is the company’s largest market contributing nearly half of group sales. Heidelberg Materials is listed in Germany and has 55,000 employees. | $162 | -31% | $28B | $36B | ||||
| German-listed Hapag-Lloyd AG operates global trade, shipping, inland services, and terminal assets globally. Hapag-Lloyd liner shipping, the largest contributor to group revenue and earnings, has the fifth-largest shipping capacity globally. Hapag also provides a range of services, including e-business solutions, inland services, and terminal operations. | $152 | +5% | $27B | $29B | ||||
| EnBW Energie Baden-Wuerttemberg AG is active in the energy sector in Germany and the rest of Europe. It operates in three segments: Smart Infrastructure for Customers, which comprises the sale of electricity and gas, energy industry services and energy solutions, provision and expansion of quick-charging infrastructure and digital solutions for electromobility, broadband activities; System Critical Infrastructure segment is into the transmission and distribution of electricity and gas; and Sustainable Generation Infrastructure segment, which generates maximum revenue, encompasses activities in the areas of renewable energies and conventional generation, district heating and waste management/environmental services. Geographically, the company generates maximum revenue from Germany. | $76 | -3% | $25B | $48B | ||||
| Sartorius Stedim Biotech is a leading provider of bioprocessing solutions. Its sells equipment and consumables for fermentation, filtration, fluid management, purification, and cell culture media for manufacturing biologic drugs and has a focus on single-use technology. It is a subsidiary of Sartorius AG, which has 71.5% ownership and 83% voting control. The business is geographically diverse, with 35% of sales from the Americas, 42% from Europe, the Middle East, and Africa, 15% from Asia excluding China, and 8% from China. | $241 | +1% | $23B | $26B | ||||
| BioNTech is a Germany-based biotechnology company that focuses on developing cancer therapeutics, including individualized immunotherapy, as well as vaccines for infectious diseases, including covid. The company's oncology pipeline contains several classes of drugs, including mRNA-based drugs to encode antigens and neoantigens; monospecific and bispecific antibodies; and antibody-drug conjugates, or ADCs. Comirnaty, its Pfizer-partnered covid vaccine, is its first commercialized product. | $88 | -16% | $22B | $5.5B | ||||
| MTU Aero Engines is a German aerospace company that develops and manufactures aircraft engine components and provides engine maintenance services. Its original equipment business participates in commercial and military engine programs, often alongside other engine manufacturers through long-term program partnerships. Products include components for new engines and spare parts required during their operating lives. The company also maintains, repairs and overhauls commercial aircraft engines through its maintenance organization. Military activities include work on engines used by the German armed forces and multinational European aircraft programs. Customers include engine manufacturers, airlines, other aircraft operators and defense organizations. Revenue is generated from equipment and spare-part sales as well as maintenance and repair work. MTU's two principal operating areas distinguish engine development and production from commercial maintenance services. | $396 | -10% | $21B | $21B | ||||
| Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment. | $49 | +41% | $21B | $23B | ||||
| Beiersdorf is a Germany-based company that produces personal-care products, with a focus on manufacturing cosmetic products. The company operates through two business segments. The consumer segment provides skincare and beauty care products and operates portfolio brands such as Nivea, Eucerin, La Prairie, Labello, Hansaplast, Elastoplast, and Florena. The other business segment markets self-adhesive system and product solutions, primarily for industrial customers, under the Tesa brand. Beiersdorf is majority-owned by Maxingvest. | $92 | -14% | $20B | $17B | ||||
| Traton SE is the parent and holding company of the TRATON GROUP and one of the world’s commercial vehicle manufacturers. With its brands Scania, MAN, International, and Volkswagen Truck and Bus. The Group’s product portfolio comprises trucks, buses, and light-duty commercial vehicles. Transforming Transportation Together. For a sustainable world, this intention underlines the Company’s ambition to have a lasting and sustainable impact on the commercial vehicle business and on the Group’s commercial growth. | $38 | +18% | $19B | $51B | ||||
| Sartorius AG is a leading provider of bioprocessing solutions. Its bioprocess division sells equipment and consumables for upstream and downstream manufacturing of biologic drugs, and has a focus on single-use technology. Its laboratory products and services division offers a wide range of products for laboratory use, including scales, pipettes, and filtration equipment. As of 2024, the bioprocess and LPS divisions contributed 80% and 20% of revenue, respectively. Bioprocess is housed in its subsidiary Sartorius Stedim Biotech, of which Sartorius AG has a 72% ownership and 83% voting control. The business is geographically diverse, with revenue across Europe, Middle East, and Africa (41% of 2024 sales), the Americas (36%), and Asia-Pacific (23%). We estimate China revenue to be around 10%. | $231 | -16% | $18B | $24B | ||||
| Knorr-Bremse AG is engaged in the development, production, marketing, and servicing of Automotive parts. It operates its business activities in two divisions: Rail Vehicle Systems and Commercial Vehicle Systems. Its product portfolio comprises Braking, entrance, and HVAC systems; power electric and control technology; digital solutions; couplers; signal systems; pneumatic braking systems; energy supply and distribution systems; wiper and wash systems; and others. Majority of revenue is from Rail Vehicle System. Its geographical segments are Europe/Africa, North America, South America, and Asia-Pacific. | $112 | +20% | $18B | $20B | ||||
| Vonovia SE is a residential real estate company based out of Germany. Vonovia owns and manages a multitude of residential units in many German cities and regions. The company makes long-term investments in the maintenance, modernization, and senior-friendly conversion of its properties. In addition to conducting property management, it handles financing, service, and coordination tasks. The company manages its operations through four business segments; Rental, Value-add, Recurring Sales, and Development. Maximum revenue is generated from the Rental segment, which combines all of the business activities that are aimed at the value-enhancing management of its residential real estate. It includes the company's property management activities in Germany, Austria, and Sweden. | $19 | -37% | $16B | $67B | ||||
| Following the spinoff of its automotive middleware business in 2025 and the planned sale of ContiTech, the rubber solutions business, in 2026, Continental will be a pure-play tire manufacturer. According to our research, Continental Tires is the fourth-largest branded tire manufacturer internationally, with approximately 7% market share globally, behind Michelin, Bridgestone, and Goodyear, with global market shares of around 14%, 14% and 9%, respectively. Geographically, its operations remain Europe-heavy, where it derives 52% of revenue, followed by North America, and Asia-Pacific and "other," contributing 29% and 19%, respectively. Twenty-four percent of tires are sold into the new vehicle market with automotive original equipment as customers, and 76% sold as replacement tires. | $79 | +4% | $16B | $23B | ||||
| Symrise is a global supplier of ingredients for fragrances and flavourings across the food, beverage, household products, and pharmaceutical industries. With an estimated 12% market share, it is the world’s fourth-largest supplier of fragrances and flavourings. The company was created after a 2003 merger of two companies that originated in 1874 and 1919. With more than 12,000 employees, Symrise produces 35,000 products sourced from 10,000 mostly natural raw materials such as vanilla, citrus, blossoms, and plant or animal materials for more than 6,000 customers. | $112 | +34% | $15B | $17B | ||||
| DWS Group is a Frankfurt-headquartered global asset manager with roots dating to 1956. It serves institutional and individual investors through active, passive and alternative investment strategies. The alternatives platform invests directly in infrastructure, real estate and other private-market assets. Its infrastructure business targets transportation, utilities, telecommunications and essential-service companies through equity, debt and separate-account mandates. The group earns investment-management and performance fees from client assets across Europe, the Americas and Asia through a global distribution network. A DWS-managed infrastructure fund partnered with OMERS to buy Grandi Stazioni Retail in 2024. The correct database identity is DWS Group and not DWS Strategic Municipal Income Trust, a United States municipal-bond closed-end fund. | $74 | +15% | $15B | $14B | ||||
| Covestro AG is a player in the polymer materials field. The firm is engaged in polyurethanes and polycarbonates products. It also has a sizable speciality chemicals business that is focused on coatings and adhesives. Demand for the company's products is driven by cyclical end markets, such as automotive, construction, and furniture. The company's segment includes Performance Materials and Solutions & Specialties. The company generates the majority of its revenue from the Solutions & Specialties segment. The Solutions & Specialties segment includes six business entities: Engineering Plastics; Coatings & Adhesives; Tailored Urethanes; Thermoplastic Polyurethanes; Specialty Films; and Elastomers. | $68 | +96% | $14B | $16B | ||||
| Founded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts. | $43 | +68% | $13B | $16B | ||||
| GEA Group is one of the world’s largest suppliers of processing systems and equipment for the food, beverage, and pharmaceutical industries. Across its five divisions, GEA designs and manufactures process engineering equipment and offers turnkey solutions for customers’ processing lines or products. GEA also offers a comprehensive aftermarket offering spanning maintenance services and spare parts, and components. | $78 | +8% | $13B | $13B | ||||
| INNIO Group is a global energy solutions provider that designs, manufactures, and services high-performance reciprocating gas engines, power equipment, and digital platforms. Headquartered in Jenbach, Austria, the company operates globally with major facilities in the U.S. and Canada, providing scalable power systems for data centers, microgrids, and the oil and gas industry. | $16 | -- | $12B | $14B | ||||
| Fresenius Medical Care is the largest dialysis company in the world, treating about 300,000 patients from nearly 3,700 clinics worldwide as of December 2024. In addition to providing dialysis services, the firm is a leading supplier of dialysis products, including machines, dialyzers, and concentrates. Fresenius accounts for about 35% of the global dialysis products market, creating the world's only fully integrated dialysis business. Services account for about three-fourths of sales, while the balance is generated from medical technology products that enable dialysis treatments. | $44 | -19% | $12B | $24B | ||||
| Hensoldt, founded in 2017 and headquartered in Taufkirchen, Germany, completed its initial public offering on Sept. 25, 2020, on Deutsche Börse. The company specializes in defense electronics, operating across two segments: sensors and optronics, with sensors generating the majority of revenue. Hensoldt's core market is Germany, supported by production sites in France, the UK, and South Africa, while its sales footprint spans Europe, the Middle East, Asia-Pacific, North America, Africa, and Latin America. | $99 | -8% | $11B | $13B | ||||
| Evonik Industries is a German specialty chemicals company headquartered in Essen, North Rhine-Westphalia, and listed on the Frankfurt Stock Exchange since April 2013. It is the second-largest chemicals company in Germany and sells specialty chemicals to industrial customers across nearly every major industry, generating around 80% of sales in areas where it holds leading market positions. Its business is organised into two segments, Custom Solutions and Advanced Technologies, alongside an Infrastructure division that runs its sites. Evonik was created on 12 September 2007 from the restructuring of mining and technology group RAG AG, combining RAG's chemicals, energy and real estate businesses, including Degussa, which RAG had acquired in 2006; its roots go back to a chemical company founded in Berlin by Theodor Goldschmidt in 1847. The energy business has since been sold and only a minority real estate stake remains, and in 2022 it sold its surfactant and specialty esters operations to Kensing. The RAG Foundation is its majority owner. In 2025 Evonik reported sales of EUR 14.1 billion, adjusted EBITDA of EUR 1.9 billion and net income of EUR 265 million, with about 31,000 employees, production plants in 27 countries and activities in more than 100 countries. Christian Kullmann is chief executive, and Evonik was a main sponsor of Borussia Dortmund until 2025 and is now a Champion Partner of the club. | $24 | +43% | $11B | $16B | ||||
| Brenntag SE manufactures, distributes, and sells chemicals and chemical-based products. It operates in two reportable segments life science, material science and Specialties Other. Life science chemicals are used to produce cosmetics, food, animal nutrition, and pharmaceuticals. The material science chemicals are used to produce soaps and detergents, coatings, and paints as well as the extraction of oil and gas. The company organizes itself into four segments based on geography EMEA, North America, Latin America, and APAC. | $73 | +31% | $11B | $11B | ||||
| Nordex SE is a German company that develops, manufactures, services, and markets wind power systems. The company manages its activities via Projects and Service segments. The projects segment includes all activities associated with the development, production, assembly and commissioning of wind turbines and project development business. The services segment encompasses services and projects for existing turbines after their handover to customers. In particular, this includes technical services such as maintenance and remote monitoring of wind farms as well as repair and technical enhancements for existing turbines. The majority of the sales are done through the projects segment. | $44 | +48% | $10B | $8.8B | ||||
| thyssenkrupp AG is a diversified industrial group with steel operations and capital goods and services businesses. Its segment includes Materials Services, Decarbon Technologies, Automotive Technology, Steel Europe, and Marine Systems. Automotive Technology is one of the German suppliers and engineering partners to the international automotive industry. Decarbon Technologies covers the businesses of Rothe Erde, Uhde, Polysius, and the majority investment in thyssenkrupp Nucera. Material Services includes the distribution of mill-independent materials, distributors, and services. Steel Europe concentrates on the market for high-quality flat carbon steel. Marine Systems is a supplier for submarine and surface vessel construction. it generates the majority of Revenue from Materials Services. | $16 | +53% | $10B | $7.8B | ||||
| Lufthansa AG is a European airline group operating through three primary segments: passenger airlines, logistics (Lufthansa Cargo), and MRO (Lufthansa Technik). The passenger airlines segment includes Lufthansa German Airlines, SWISS, Austrian Airlines, Brussels Airlines, Eurowings, and the equity interest in SunExpress. As of 2025, Lufthansa also holds a 41% stake in ITA Airways, with strategic integration underway. | $8 | -8% | $9.7B | $17B | ||||
| Nemetschek is a German company that makes software products for the architecture, engineering, and construction industry, mainly, but also for the media and entertainment industry. Its software solutions cover the entire life cycle of building and infrastructure projects (design, build, and manage). In media and entertainment, it is one of the world’s leading providers of software for the creation of 3D animation and visual effects in movies, TV shows, and gaming. | $83 | -29% | $9.5B | $9.7B | ||||
| HELLA GmbH & Co KGaA is a manufacturer of lighting and electronic components and systems for the automotive industry. The company also produces complete vehicle modules, air-conditioning systems, and vehicle electrical systems in its joint-venture companies, as well as products for specialist vehicles. Further, Hella operates a trade organisation for automotive parts, accessories, diagnosis, and services in Europe. The company is controlled through a pooled family majority shareholding in the group. The company has three reportable segments which are Lighting, Electronics and Lifecycle Solutions. The company generates majority of the revenue from Lighting segment. | $79 | -15% | $8.8B | $8.3B | ||||
| Porsche Automobil Holding SE is an automotive holdings company. The company's core investment is a controlling stake in Volkswagen AG. Through this stake, Porsche SE has an interest in passenger and luxury car manufacturers which include Volkswagen, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, and Porsche; motorcycles under the Ducati brand name; and commercial vehicles under Volkswagen Commercial Vehicles, Scania, and MAN. In addition to the automobile manufacturers, this core investment provides Porsche Automobil exposure to the Volkswagen Financial Services financing business. Porsche SE also has a minority stake in technology company INRIX, a company that provides connected-car services and real-time traffic information. | $28 | -30% | $8.6B | $14B | ||||
| Rational specializes in manufacturing automated multifunctional ovens for professional kitchens that replace conventional cooking appliances such as a stove, grill, and oven. Rational has produced over 1 million combi-steamers since its first combi-steamer in 1976, which are used to prepare 160 million food dishes daily. Approximately 72% of group revenue is generated from the sale of cooking appliances, mostly the iCombi Pro that was launched in May 2020 and its predecessor product. Rational has a presence in over 120 countries. The majority of revenue is earned in Europe, followed by North America and Asia. | $692 | -6% | $7.9B | $7.4B | ||||
| Aurubis AG produces copper, using raw materials which include copper concentrates and recycling materials. The company also produces precious metals such as gold and silver and a range of other products, including sulfuric acid and iron silicate, as byproducts of copper production. Revenue is predominantly generated through the sale of continuous cast wire rods, copper cathodes, precious metals, and continuous cast shapes, used in the manufacture of cables and wires, which are used in electrical applications. It has two segments, Multimetal Recycling and Custom Smelting & Products, which is the key revenue-generating segment. The company is based in Germany and has production sites across Europe and the United States. | $173 | +32% | $7.5B | $7.5B | ||||
| Zalando, founded in 2008, is Europe’s biggest pure-play online fashion platform. Zalando is present in 25 European countries, and its major market is the DACH region, comprising Germany, Austria, and Switzerland. After the About You acquisition, it has 17 fulfillment centers, offers over 7,000 brands, and as of September 2025, had 62 million active users (more than 10% of the population in countries where the firm has a presence). | $28 | +1% | $6.9B | $6.8B | ||||
| Deutsche Wohnen is a German residential property company headquartered in Berlin and majority-owned by Vonovia since 2021. At the end of 2025 it owned 140,482 residential units, 102,624 of them in Berlin, together with commercial and nursing-care properties. The company earns most of its revenue from renting apartments to private tenants, supplemented by property sales and development. It was founded in 1998 by Deutsche Bank from a housing portfolio bought from the Hoechst pension fund and the state of Rhineland-Palatinate, listed in November 1999 and became fully independent of Deutsche Bank in 2006. It grew through acquisitions including GEHAG in 2007, about 23,500 BauBeCon apartments from Barclays in 2012 at an enterprise value of €1.24 billion and Berlin's GSW Immobilien in 2013, and in 2017 moved its seat from Frankfurt to Berlin and became Deutsche Wohnen SE. It joined the DAX in June 2020, and after two failed attempts Vonovia's third takeover offer succeeded in August 2021, creating Europe's largest residential landlord; Vonovia now holds 87.6% of the shares. Its Berlin rent practices made it the namesake of the Deutsche Wohnen & Co. enteignen campaign, whose September 2021 referendum on expropriating large landlords won more than 56% of the vote. | $17 | -31% | $6.8B | $15B | ||||
| CTS Eventim AG & Co. KGaA is a diversified media company that focuses on ticketing and live entertainment. The business is divided into two segments: ticketing and live entertainment. The ticketing segment produces, sells, and distributes tickets for a variety of leisure-based events. The company sells tickets for concerts, sports, and theater events, and provides travel services as well. The live entertainment business segment plans and organizes tour events, largely for music-based concerts. The company generates the vast majority of its revenue in Germany. | Events+2 | $69 | -23% | $6.7B | $5.3B | |||
| Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany. | $90 | -22% | $6.3B | $6.7B | ||||
| Schaeffler AG is an integrated automotive and industrial supplier based in Germany. The group's reportable operating divisions are: E-Mobility, Powertrain and Chassis, Vehicle Lifetime Solutions, Bearings and Industrial Solutions, and the Others division. Maximum revenue is derived from the Powertrain and Chassis division, which is engaged in the manufacturing and sales of components and system solutions for internal combustion and electrified powertrains, as well as chassis and steering technologies. The division's products are used in passenger cars, commercial vehicles, and two-wheelers. Geographically, the Group derives maximum revenue from Europe, followed by the Americas, Greater China, and the Asia-Pacific region. | $7 | -18% | $6.3B | $13B | ||||
| Fraport AG is a German airport operator. The company derives the majority of its income domestically, principally through the operation of the Frankfurt airport. Fraport is organized into four segments: aviation, retail and real estate, ground handling, and International activities and services. Aviation includes terminal management, corporate safety, and airport security management. The retail and real estate segment involves retailing, parking lot operations, and renting areas at its airport sites. The ground handling segment provides ground infrastructure services to Fraport's airports. The International activities and services segment contributor to revenue includes IT and telecommunication services, and facility and infrastructure management. | $68 | -21% | $6.3B | $19B | ||||
| Fuchs SE is a holding company, which through its subsidiaries, manufactures and sells high-grade lubricants and related specialties. The firm's product portfolio includes automotive, industrial lubricants, and other lubricants. The revenue of the company is generated from Processing industry, Off-Highway Vehicles and Transportation, Industrial Equipment and Machinery, Vehicle Components, Primary Industry and Energy, Aftermarket and Trading, and Others Segment. The company itself into three segments based on geography: Europe, the Middle East, Africa (EMEA), Asia-Pacific, and North and South America. The EMEA segment generates the majority of revenue. | $44 | -2% | $6.2B | $6.2B | ||||
| Tkms Ag & Co KGaA is an international maritime industrial group. The company is a system provider in submarine and surface vessel construction, in the field of maritime electronics and security technology and in solutions in the non-military sector. Its portfolio includes the development and manufacture of conventional submarines, specialized submarines such as frigates and corvettes and specialized civilian vessels. The business activities of TKMS comprise the three operating units (i) Submarines, (ii) Surface Vessels and (iii) Atlas Electronics. The majority of the company's revenue is derived from the Submarines segment, which comprises the construction (including design, procurement, and manufacturing) of non-nuclear submarines for use in coastal and offshore areas. | $93 | -2% | $5.9B | $4.6B | ||||
| Telefonica Deutschland Holding AG is the German subsidiary of Telefonica, which provides integrated network operations in Germany. It offers mobile and fixed-network services for private and business customers as well as digital products and services. Its core brand is O2. It includes secondary brands and partners such as ALDI TALK, Tchibo MOBIL, NettoKOM, AY YILDIZ, and Ortel Mobile and service providers such as Freenet. | $2 | -15% | $5.9B | $10B | ||||
| RTL Group SA is a broadcasting television company with interests in television channels, video-on-demand platforms, and radio stations. The company has three main areas of business: broadcast, streaming, content, and digital. Broadcast includes television and radio; content includes content production and distribution, and digital includes online video and advertisement technology. Business segments include Mediengruppe RTL Deutschland, Groupe M6, Fremantle, RTL Nederland, and Other segments. The company's business units operate in Europe, predominantly in Germany, France, the United States, the UK, and Other regions. | $34 | -11% | $5.2B | $7.7B | ||||
| IONOS Group SE is an international digitalization partner and cloud enabler for small and medium-sized enterprises (SMEs), as well as for individual users and larger corporate customers. It offers a comprehensive product portfolio in the areas of web presence and productivity, as well as cloud solutions, which is further supported by customer care and infrastructure. In addition, IONOS offers an online marketplace for buying, selling, and parking domains. The company's operating segments include Digital Solutions & Cloud and AdTech. Key revenue is derived from the Digital Solutions & Cloud segment, which offers its customers customized server products and other solutions to set up an online presence and maintain their IT infrastructure. Geographically, it derives key revenue from Germany. | $38 | +7% | $5.2B | $6B | ||||
| KION Group is a German industrial technology company supplying material handling equipment and warehouse automation systems. Its Industrial Trucks and Services business develops, manufactures and sells forklift trucks and warehouse equipment under brands including Linde, STILL and Baoli. That business also provides maintenance, fleet management, rental, used equipment and financing-related services. The Supply Chain Solutions business operates primarily through Dematic and designs integrated warehouse and distribution systems. Its projects combine equipment such as conveyors, storage systems and picking technology with software that manages material flow. Customers include manufacturers, logistics operators, grocery retailers and e-commerce businesses. KION generates revenue from equipment sales, automation projects and continuing services throughout the equipment lifecycle. The group serves customers internationally through manufacturing operations, sales organizations and service networks. | $38 | -46% | $5B | $10B | ||||
| Wacker Chemie AG manufactures and sells chemicals and silicon-based products. The firm organizes itself into four segments based on product type. The Wacker Silicones segment, which generates the majority revenue of any segment, sells silicon- and methanol-based products, including durable insulators, lubricants, and sealants. The Wacker Polymers segment provides chemical binders and additives used in construction industry products. The Wacker Biosolutions segment sells chemicals to the pharmaceutical and agrochemical industries. The Wacker Polysilicon segment sells material for solar power and semiconductors. The majority of revenue comes from Europe, China, India, and South Korea. | $99 | +25% | $4.9B | $6B | ||||
| Bechtle AG is an information technology provider with operations in Germany, Austria, Switzerland, and other European countries. The company's customers are mainly in the industrial, trade, financial, and public sectors. Bechtle operates through two segments: IT System House and Managed Services, and IT E-commerce. The IT System House and Managed Services segment consist of IT strategy consulting, hardware and software sales, project planning and roll-out, system integrations, IT services and training, and client management, among others. The IT E-commerce segment includes e-procurement services, software solutions, and product marketing through the Internet and telemarketing. | $39 | -8% | $4.9B | $5.3B | ||||
| 1&1 AG is a network-independent telecommunications provider in Germany. The company has two business segments which include Access and 1&1 Mobile Network. 1&1’s Access segment offers internet access products based on landline and mobile networks. The Group's chargeable mobile Internet and broadband products, including the related applications (such as home networks, online storage, telephony, smart home or IPTV) are grouped together in the Access segment. Majority revenue is from Access Segment. | $26 | +7% | $4.7B | $5.8B | ||||
| Springer Nature AG & Co KGaA is a research, educational, and professional publisher providing content to communities through a range of platforms, products, and services. It offers journals, books, platforms, databases & and solutions. The company includes three Segments: Research, Education, and Health. The company operates in the Americas, APAC, Germany, and Other EMEA regions. The majority of revenue is generated from the research segment in America. | $23 | -6% | $4.7B | $6B | ||||
| United Internet is a German internet and telecommunications group based in Montabaur. Its operating businesses provide internet access, hosting, online applications, communications services and related digital infrastructure to consumers and commercial customers. The parent company manages group functions including investment management, financial control, risk management and corporate administration. Its commercial model combines recurring subscriptions and service fees across its operating subsidiaries. In 2013, important operating businesses included 1&1 Internet, mail and media activities, hosting providers and Sedo’s online services. The group also held minority investments in technology and internet companies through dedicated subsidiaries. United Internet acquired an indirect 25.1% interest in Versatel in 2012 and agreed to buy the remaining 74.9% from KKR in 2014. That acquisition added a substantial German fibre network to the group and increased the infrastructure available for its telecommunications services. | $27 | -13% | $4.7B | $9.3B | ||||
| OHB SE provides space technology, security, telematics, and satellite services. It has three business segments, namely Space systems and Aerospace, and Digital. Space systems segment develops and produces low Earth orbit and geostationary satellites for navigation, scientific, communication, and earth observation purposes. The Aerospace segment manufactures products for aviation, space travel, and electronic data transmission. Digital segment is on ground-based space systems (e.g., mechatronic systems for antennas and radio and optical telescopes), the operation of space-borne systems, digital applications based on satellite data, as well as information technology and IT security (cybersecurity). The company derives the majority of its revenue from the space systems segment. | $215 | +90% | $4.5B | $3.9B | ||||
| AUTO1 Group is a digital platform that facilitates the buying and selling of used cars online. It provides a simple and convenient way for both individual customers and professional car dealers across Europe to purchase and sell used cars at transparent prices, without the need for negotiation. AUTO1 Group has two main operating segments: Merchant and Retail. In the Merchant segment, used cars are sold to commercial car dealers through the AUTO1.com brand. The Merchant revenue includes auction fees, logistics services fees, and other charges associated with the provision of vehicles to dealers. The Retail segment focuses on selling used cars to private customers under the Autohero brand. However, the majority of the revenue is generated from the Merchant segment. | $20 | -44% | $4.4B | $5.5B | ||||
| RENK Group AG provides vehicle mobility solutions. Its propulsion and drivetrain technology ensures the reliable deployment of forces to set vehicles, vessels, and machinery in motion. The company's business is divided into the following segments: Vehicle Mobility Solutions, Marine and Industry, and Slide Bearings. The Vehicle Mobility Solutions segment, which generates maximum revenue, provides technology for the deployment of forces to set vehicles, vessels, and machinery in motion, and also offers products like engines, suspensions, electric drives, and power packs for military vehicles and test systems. Geographically, the company generates maximum revenue from Germany and the rest from America, Asia, Africa, other European countries, Other EU countries, and Australia and Oceania. | $43 | -44% | $4.3B | $4.7B | ||||
| DMG Mori AG is a manufacturer of turning centers, machining centers, mill-turn centers, grinding and drilling machines, and process automation. The company operates three business segments: machine tools, industrial services, and corporate services. The machine tools segment includes turning and milling companies that produce lathes and milling machines, technologies, and software solutions. Industrial solutions include the entire machine life cycle services. The end markets are Germany, the rest of Europe, and Asia. The company earns maximum sales revenue from the machine tools segment. | $53 | -2% | $4.2B | $4.2B | ||||
| Aixtron SE is a provider of deposition equipment to the semiconductor industry. The company's technology solutions are used by a diverse range of customers to build components for electronic and optoelectronic applications based on compound, silicon, or organic semiconductor materials. Its components are used in displays, signaling, lighting, fiber optic communication systems, wireless and mobile telephony applications, optical and electronic storage devices, computing, as well as in other applications. Business operation of the group can be seen in the market of Germany, the USA, Korea, China, Taiwan, Japan, and Malaysia. | $37 | +130% | $4.2B | $3.6B | ||||
| Schott Pharma AG & CO KGaA is an international provider of drug containment solutions and delivery systems for injectable drugs for pharma, biotech and life-sciences. Its business operates in two segments: Drug Containment Solutions (DCS) and Drug Delivery Systems (DDS). The majority of revenue is being generated from the DCS segment, which includes products like vials, cartridges, and ampoules, and provides customers with sterile and non-sterile options in standard and high-end formats for drug storage. Geographically, the company generates revenue from Europe, the Middle East, Africa (EMEA), Asia and the South Pacific, North America, and South America. | $28 | +23% | $4.2B | $4.2B | ||||
| LEG Immobilien SE is a general real estate company. The company's portfolio consists mainly of residential units, followed by garages, parking spaces, and commercial units. The business model is supplemented by the targeted development of value-added services. LEG is mainly focused on the German market of the North Rhine-Westphalia region. The company divides its portfolio into three groups: high-growth markets, stable markets, and higher-yielding markets. | $53 | -31% | $4B | $14B | ||||
| Puma designs and markets footwear, apparel, and accessories under its own name and golf clubs and golf accessories under the Cobra Golf name. Footwear (56% of 2025 sales) is its largest category, followed by apparel (32%) and accessories (12%). Puma also licenses its name for fragrances, eyewear, and watches. Most of its sales are through wholesale partners (68% of 2025 sales), with the rest through approximately 1,000 owned retail and outlet stores and online channels. The company's products are sold in Europe, the Middle East, and Africa (43% of 2025 sales), the Americas (35%), and Asia-Pacific (22%). China-based competitor Anta is in the process of acquiring 29% of Puma’s outstanding shares. | $27 | +28% | $4B | $6.6B | ||||
| Krones AG plans, develops and manufactures machines and complete lines for the fields of process, filling and packaging technology. Its product portfolio is rounded off by information technology, factory planning and products from its subsidiaries, such as intralogistics, valve production etc. The company's reportable segments are: Filling and Packaging Technology, Process Technology, and Intralogistics. The majority of the company's revenue is generated from its Fillings and Packaging segment, which offers machines and lines for filling, labelling, packaging and conveying products, prominently in PET bottles, glass bottles, and cans. Geographically, the company generates a majority of its revenue from North and Central America and the rest from Germany, China, Europe, and other regions. | $126 | -13% | $4B | $3.5B | ||||
| Aumovio is a global tier-one automotive parts supplier, holding number one, two, or three market share positions across most of its portfolio. Operating segments include safety and motion (40% of revenue in 2025), architecture and network solutions (27%), autonomous mobility (16%), user experience (16%), and contract manufacturing (1%). By far its largest product by revenue contribution is brake systems (SAM), which account for around a quarter of group revenue, followed by control units (ANS), display solutions (UX), and radars (AM)—a product offering skewed toward hardware. Europe, North America, Asia-Pacific, and "other countries" contribute 49%, 21%, 27%, and 3% to revenue, respectively. | $39 | -9% | $3.9B | $2.6B | ||||
| Ottobock SE & Co KGaA is a medical technology company. It specializes in healthcare products and solutions designed to improve mobility and quality of life for people with disabilities or limited mobility. The company's portfolio includes prosthetics, orthotics, neuro-orthotics, rehabilitation products, wheelchairs, and bionic exoskeletons. The company manages its business activities through the operating segments EMEA (Europe, Middle East and Africa), Americas (North and South America) and APAC (Asia Pacific). The company develops, produces and distributes medical technology products and components in these regions and operates an extensive network of patient care facilities. The majority of revenue is derived from the EMEA segment. | $60 | -24% | $3.9B | $5.1B | ||||
| GSW Immobilien AG is engaged in the management of its own real estate and the acquisition and management of investments in other companies, particularly real estate holding companies. | $68 | -14% | $3.9B | $5B | ||||
| TUI AG provides integrated leisure travel services, including flights, hotels, cruises, and tour operations. The company offers tourism services, covering the entire customer experience from trip planning and booking to flights, transfers, and accommodations, including stays in hotels or on cruise ships. Its segments include The Hotels & Resorts, The Cruises, The TUI Musement, Markets + Airline, and Holiday Experiences segment, which comprises The Northern Region, The Central Region, and The Western Region. The majority of revenue is derived from the Hotels & Resorts segment, which is a diversified portfolio of the company's hotel brands and hotel companies. | $8 | -11% | $3.8B | $5B | ||||
| Fielmann Group AG is involved in the purchase and sale of goods, in physical stores as well as wholesale and online, particularly in the optometric and hearing acoustics sectors, and especially sales of all kinds of vision aids - particularly glasses, eyeewear frames and lenses, sunglasses, contact lenses, accessories, hearing systems, as well as personal protective equipment. Fielmann is involved in all levels of the optical industry value-added chain: designing, manufacturing, product offering, and optician services. The group was divided into six segments: Germany, Switzerland, Austria, Spain, North America, and Other. The majority of its revenue is generated from Germany. | $43 | -22% | $3.6B | $3.9B | ||||
| Sixt SE provides automotive rental services mainly across Europe and the U.S. The company offers rental solutions from passenger vehicles, including sports utilities vehicles, electric vehicles, and luxury sports cars to vans and trucks. With its products SIXT rent, SIXT share, SIXT ride, and others, the company offers mobility services in the areas of car rental, car sharing, ride services, and car subscriptions. These products can be booked via a single app that also integrates the services of mobility partners. Geographically, operates in Germany, Europe, North America, and Others. | $81 | -8% | $3.5B | $8.5B | ||||
| Carl Zeiss Meditec is one of the largest visioncare technology companies in the world, and it operates in two segments: ophthalmic devices and microsurgery. OPT, which made up 75% of sales in 2022, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space. | $37 | -28% | $3.2B | $3.4B | ||||
| Mainova AG is engaged in the distribution of electricity. In addition, Mainova supplies regional energy supply companies, as well as nationwide business customers, with electricity, gas, and energy-related services. The company is organized into three business segments - Heat and Power Generation, Power Supply, and Gas Supply. The majority of its revenue is derived from the Power Supply segment. | $427 | +8% | $3.2B | $4.2B | ||||
| Flatexdegiro SE is an independent online broker. The firm operates a proprietary securities trading platform under the brands flatex and DEGIRO and services more than 1 million European retail customers in European countries. The company also offers brokerage services and administration to corporate and institutional clients. The segments of the company are Financial Services and Technologies. | $29 | -25% | $3.1B | - | ||||
| Aperam SA is a Luxembourg-based stainless and specialty steel producer. The company operates through four segments. Its stainless and electrical steel segment, which generates the majority of revenue, produces a wide range of stainless and electrical steel products, and also special carbon products. Its service and solutions segment markets the company's products and provides customized steel transformation services. Its alloys and specialties segment produces nickel alloys and certain specific stainless steels. The Recycling & Renewables segment collects, trades, processes and recycles stainless steel scrap and high-performance alloys. Geographically the company generates revenue from Europe, Americas, and Asia & Africa. | $42 | +20% | $3.1B | $4.2B | ||||
| freenet AG is a German mobile communication and mobile Internet company. It operates as an independent service provider without its own network. The company distributes mobile communications tariffs and options throughout Germany, using a subscription agreement and multi-brand technique. The company has three operating segments: Mobile communications, TV and media and Other/holding. The Mobile communications segment generates almost all of the firm's revenue. This segment offers a product portfolio of voice and data services for mobile communication operators. It also buys mobile communications services from the network operators and sells them to its end customers. | $26 | -18% | $3B | $3.1B | ||||
| Salzgitter AG is a German-based steel & technology company. The segments of the company are Steel Production, Steel Processing, Trading, & Technology business. The majority is derived from the Steel Production segment which manufactures high-quality branded steel & special steel. The Steel Processing Business Unit produces a broad spectrum of high-grade plate products. The Trading Business Unit operates a tightly-knit European sales network & trading companies & agencies that ensure that Salzgitter Group’s products & services are marketed efficiently. The Technology Business Unit operates in the filling & packing technology segment, as well as in special machinery engineering for shoe manufacturing & elastomer production. Geographically, the majority is derived from domestic markets. | $54 | +66% | $3B | $4.3B | ||||
| Hugo Boss is a German menswear brand operating in the premium segment under its two brands, Boss and Hugo. The brand was founded in 1924 and initially focused on uniforms. After World War II and the death of its eponymous founder, the company shifted its focus to men's suits. The company is globally present, with 61% of revenue generated in the European market, 24% in the Americas, 13% in the Asia-Pacific, and less than 3% from licenses. It generates over 50% of its sales through its own retail operations. | $43 | -4% | $2.9B | $3.8B | ||||
| METRO AG is an international food wholesaler operating in more than 30 countries under the METRO and MAKRO brands, serving as the central management holding company. The company provides food and non-food products to professional customers, mainly HoReCa and Traders, through a multichannel model that combines wholesale stores, delivery services, and digital solutions. Its offerings include assortments tailored to professional needs, digital services through DISH Digital Solutions, a B2B online marketplace via METRO MARKETS, and real estate activities through METRO PROPERTIES. METRO operates through the segments Germany, West, Russia, East, and Others, which include digital units and logistics, IT, and procurement services. | $8 | +26% | $2.9B | $7.5B | ||||
| Median | $56 | -3% | $11B | $14B | 1.4x | 9.9x |
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