Kirchhoff analysis: Most AGM speeches in the SDAX are overly complex and lack accessibility

Kirchhoff analysis: Most AGM speeches in the SDAX are overly complex and lack accessibility

• Readability score of SDAX AGM speeches averages 44.3 (difficult); DAX reference examples achieve scores above 70 (moderately easy)
• Deutz, Deutsche Beteiligungs AG and Deutsche EuroShop achieve the best readability scores in the SDAX
• Capital market sentiment of SDAX speeches stands at +28.9; the reference examples achieve +72 and +82
• Drägerwerk, Dürr and Vossloh are among the SDAX companies whose speeches demonstrate strong emotional resonance

Hamburg, September 17, 2026 – Hamburg-based communications and strategy consultancy for financial communications and ESG, Kirchhoff Consult has analyzed the management board speeches delivered at the annual general meetings of SDAX companies for the first time. The analysis covered the 30 speeches published on the investor relations websites of the 70 SDAX companies. The AGM speeches of Deutsche Telekom and Siemens Energy were also examined as reference examples. The analysis focused, among other things, on linguistic accessibility, the density of technical terms, the use of active and passive formulations, key topics, capital market sentiment and emotional resonance.

The analysis shows that the overall readability of the AGM speeches examined is low. At the same time, the SDAX speeches are predominantly written in the active voice and generally have a largely neutral sentiment.

Jens Hecht, CFA, Managing Partner at Kirchhoff Consult: „An annual general meeting speech should not only present a company’s business performance, strategy and future prospects convincingly; it should also provide context and make them understandable to the various stakeholder groups. The SDAX speeches available are, for the most part, difficult to understand. Our analysis nevertheless shows that clarity, objectivity and a personal tone are not mutually exclusive, but can complement one another effectively. Particularly in the case of complex business models, it is essential to structure content clearly, make connections transparent and explain them in an accessible way using concrete examples.

SDAX speeches lag well behind the reference speeches in linguistic accessibility
The 30 SDAX speeches analyzed achieve an average score of 44.3 on the German Flesch Index. Deutz, Deutsche Beteiligungs AG and Deutsche EuroShop perform best. With scores of more than 70, the reference speeches by Deutsche Telekom and Siemens Energy are significantly higher. The index is calculated based on average sentence length and the average number of syllables per word. The higher the score, the more readable and understandable the speech.

A clear difference is also evident in average sentence length: sentences in the SDAX speeches contain an average of 16.0 words. The Deutsche Telekom speech averages 5.6 words per sentence, while the Siemens Energy speech averages 11.0 words. The two reference speeches therefore use not only more accessible language, but also significantly shorter sentences.

Financial topics in focus
On average, around 26% of the content of SDAX speeches relates to finance, financing and capital markets; 23.8% to strategy and business models; 18.4% to operational developments; 17.0% to innovation, transformation and technology; and 10.9% to personal address, including tributes and words of thanks.

The two reference speeches set different priorities. Deutsche Telekom focuses primarily on operational developments (27.0%) as well as innovation, transformation and technology (25.0%), while Siemens Energy addresses financial and capital market topics (19.9%) as well as strategy and business models (28.7%) more strongly.

The comparison with the two DAX companies shows that, while financial topics account for the largest share of SDAX speeches on average, the two reference speeches combine financial information more closely with operational, strategic, technological and personal perspectives. Among the SDAX companies analyzed, TeamViewer SE, LPKF Laser & Electronics SE and Heidelberger Druckmaschinen already place a stronger focus on forward-looking topics such as innovation and technology.

Capital market sentiment: Reference speeches achieve significantly more positive scores
The general sentiment of the SDAX speeches is predominantly neutral: on average, 35.3% of statements are positive, 52.7% neutral and 12.1% negative. Capital market sentiment averages +28.9 on a scale from -100 to +100.

The two reference speeches achieved significantly higher scores: Deutsche Telekom recorded capital market sentiment of +72 and Siemens Energy +82. This is despite the fact that the two reference speeches are not characterized by consistently positive textual elements. The share of neutral statements was 71.0% for Deutsche Telekom and 64.4% for Siemens Energy.

The combination of a high degree of neutrality and positive capital market messaging reflects controlled objectivity and targeted communication tailored to the audience. The focus is not on achieving the most positive overall sentiment possible, but on providing a credible and balanced assessment.

Active formulations characterize SDAX speeches, while technical-term density remains moderate on average
The 30 SDAX speeches analyzed contain an average of 91.1% active and 8.9% passive formulations. The two reference speeches are also predominantly written in the active voice: active formulations account for 89.0% of the Deutsche Telekom speech and 86.0% of the Siemens Energy speech.

The average density of technical terms in the SDAX is 3.8%, with a median of 2.8%. The figure is 5.0% for Deutsche Telekom and 4.9% for Siemens Energy. The density of technical terms can therefore be classified as moderate.

Emotional resonance: Best practice is created through concrete references and corporate identity
The qualitative assessment of emotional resonance examines concrete stories, leitmotifs, personal references, live elements and corporate identity as key characteristics. On this basis, individual speeches were identified as best-practice examples of emotional resonance. Deutsche Telekom and Siemens Energy serve as separate reference examples. The best-practice classification is neither an overall assessment of the respective speech nor an aggregate score calculated from the quantitative metrics.

The Deutsche Telekom speech uses, among other elements, the leitmotif “You can rely on me,” an anecdote from Solingen, humor, openness about mistakes and the T-Style culture. Siemens Energy connects the societal importance of electricity with the story of employee Cynthia Wirth, the team spirit of “Team Purple” and vivid comparisons of scale.

Several of the SDAX companies analyzed were also classified as best-practice examples for emotional resonance. Drägerwerk combines its tribute to Christian and Theo Dräger with a shared commemorative ritual. Vossloh links figures, technology, sustainability and corporate history through the leitmotif “Better rail means a better future.” Dürr combines shareholder engagement, its family-shaped corporate identity, appreciation for employees, and the themes of farewell and new beginnings. The common lesson is that emotional resonance is not created through pathos. It emerges through people, concrete situations, credible imagery and a consistent leitmotif.

Conclusion: Clarity, objectivity and personal references are key findings
The study highlights three key findings in particular: The reference speeches by Deutsche Telekom and Siemens Energy are significantly more accessible in linguistic terms and use shorter sentences than the SDAX average. The SDAX speeches are predominantly written in the active voice and have a largely neutral overall sentiment. In the qualitative assessment of emotional resonance, concrete references, leitmotifs and a clearly recognizable corporate identity emerge as defining characteristics of the best-practice examples.

Study methodology
The analysis “AGM Speeches in the SDAX” examines the 30 published AGM speeches of SDAX companies. The speeches of Deutsche Telekom and Siemens Energy were included as separate reference examples; neither is included in the calculation of the SDAX average.

The analysis compared the share of speech content devoted to the following topics: finance, financing and capital markets; strategy and business models; operational developments; innovation, transformation and technology; and personal address. In addition, the German Flesch Index, the density of technical terms, active and passive formulations, average sentence length, overall positive, neutral and negative sentiment, capital market sentiment on a scale from -100 to +100, and emotional resonance were evaluated.

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.

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CONTACT
Janina Schumann
Head of Corporate Communications
T +49 40 609 186 40
janina.schumann@kirchhoff.de