Transparency of DAX 40 Forecast Reports Improves

Kirchhoff Consult and DSW have released their 2026 forecast report study, highlighting a rise in transparency among DAX 40 companies. This year, 17 companies achieved high forecast transparency, up from 14 in the previous year. However, companies like Beiersdorf and Deutsche Bank were noted for low forecast quality. Meanwhile, Deutsche Telekom and Fresenius set the standard with highly transparent reports.

The study, based on 2025 annual reports, reveals that only ten companies provide guidance on sustainability, with a minimal number giving specific medium-term guidance. Despite some improvements, challenges remain, as investors seek precise earnings forecasts amidst ongoing uncertainty.

The report underscores that the length of forecast reports does not correlate with transparency. For instance, Deutsche Telekom produced a lengthy ten-page report, while others achieved similar transparency within just two to three pages. The study also noted the limited role of non-financial performance indicators within these reports.