Kirchhoff Consult and DSW publish 2026 forecast report study: Number of transparent forecast reports in the DAX 40 rises

KIRCHHOFF FORECAST STUDY | 2026

Kirchhoff Consult and DSW publish 2026 forecast report study: Number of transparent forecast reports in the DAX 40 rises

• 17 of the DAX 40 companies achieve high forecast transparency (previous year: 14)
• 19 companies fall into the medium transparency category (previous year: 23)
• Beiersdorf and Deutsche Bank with low forecast quality
• Best practice: Deutsche Telekom and Fresenius with particularly transparent reports
• Only ten DAX 40 companies provide guidance on sustainability indicators
• Only five companies provide specific medium-term guidance

Hamburg, 26 June 2026 – The Hamburg-based communications and strategy consultancy for financial communications and ESG, Kirchhoff Consult, together with the Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW), today publishes this year’s forecast report study on the transparency of forecast reports issued by DAX 40 companies. Conducted regularly since 2005, the study evaluates both qualitative and quantitative statements regarding companies’ future business development. The current analysis is based on the forecast reports contained in the 2025 annual reports. Compared with the previous year, there were two changes among the companies examined in the DAX 40: Porsche AG and Sartorius left the index. New to Germany’s leading index are systems provider GEA and Scout24, a provider of internet services, online marketplaces and proptech solutions. Airbus and Qiagen did not publish any forecast reports and were therefore again excluded from the study.

Based on 15 criteria, the forecast reports were assigned to the transparency categories “high”, “medium” and “low”. With 17 companies, almost half of the DAX 40 companies fell into the “high” category (previous year: 14). These include the best-practice reports from Deutsche Telekom and healthcare company Fresenius. Beiersdorf and Deutsche Bank achieved only low forecast transparency, as the companies quantify neither Group earnings nor segment earnings. Nineteen companies published forecast reports with a medium level of transparency (previous year: 23).

Overall, the year-on-year comparison presents a mixed picture: on the one hand, more companies have reached the highest transparency category; on the other hand, there are new negative assessments at the lower end of the scale. As a result, the medium category is losing importance. Given the central significance of forecasts for capital market orientation, this development warrants close attention.

Jens Hecht, CFA, Managing Partner at Kirchhoff Consult: “Rarely has the world been characterised by as much uncertainty as it is today. Signals pointing towards a calming of the situation are constantly alternating with new escalations. This makes expectation management even more important for companies. Through continuous communication and well-founded statements, companies can also cushion significant changes in expectations regarding their own business development. The key is to take investors with you and justify their trust through transparency.”

Clear majority continue to quantify Group earnings
The most important criterion in the study is the forecast of future Group earnings. As in the previous year, 35 companies quantify this metric in their forecast reports. Twenty-two of the 38 DAX 40 companies analysed quantify earnings at segment level (previous year: 22). In addition, five of the companies with a quantified earnings outlook provide visibility beyond the current financial year (previous year: 3).

Marc Tüngler, Chief Executive Officer of the Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW): “Investors invest in the future. In doing so, shareholders expect quantified earnings forecasts that are as precise as possible in light of the challenging environment. This is the decisive currency in uncertain times. At the same time, issuers, as the primary source of information, should by all means retain sovereignty over the narrative. Information on the underlying base scenarios becomes all the more important the more sensitive a business is to external factors. In this respect, no one expects a precise landing in the forecast, but rather a concrete corridor that is not too wide and within which earnings may ultimately fall.”

No correlation between transparency and report length
As in previous years, the current study also shows that there is not necessarily a correlation between the number of pages and the level of transparency. Deutsche Telekom, for example, once again ranks among the leaders with the longest forecast report at ten pages. At the same time, companies such as Bayer, DHL Group, RWE and Siemens also achieve a high level of transparency with reports of just two to three pages. This year’s average stands at 4.2 pages (previous year: 4.1).

Non-financial performance indicators continue to be of limited importance
The significance of non-financial performance indicators in forecast reports remains limited. Of the 38 DAX 40 companies analysed, only ten publish forecasts relating to non-financial targets. Nine of these ten companies quantify their disclosures, while one company provides only qualitative information. This means that both the number of quantified disclosures and that of qualitative disclosures remained at the previous year’s level.

Vincent Furnari, Managing Partner at Kirchhoff Consult: “Whether sustainability is a value driver or merely a side issue is not decided in the sustainability report, but in the forecast report. That is where it becomes clear whether a company forecasts its climate and diversity targets with the same level of commitment as its revenue and earnings. The frontrunners already explicitly link their emissions targets to macroeconomic developments and underpin them, for example, with quantified decarbonisation effects. The fact that only ten DAX 40 companies break down sustainability targets in their forecast reports shows how rarely sustainability is truly managed as a relevant steering factor so far. Those who are wary of the liability aspects of forward-looking targets may have good reasons for doing so. Nevertheless, investors are still missing valuation-relevant information.”

The study is available at the following link: Forecast Report Study 2026 (German only). 


About Kirchhoff
With around 70 employees, Kirchhoff Consult is a leading communications and strategy consultancy for financial communications and ESG in German-speaking countries. For more than 30 years, Kirchhoff has been advising clients on all aspects of financial and corporate communications, annual and sustainability reports, IPOs, investor relations and ESG and sustainability communications. 'Designing Sustainable Value': Kirchhoff combines content expertise with excellent design to create sustainable value.

Kirchhoff Consult is a member of TEAM FARNER, a European alliance of partner-led agencies. The common goal: to build the European market leader for integrated communications consulting.

Learn more on: kirchhoff.de

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