June 2026:

Possible climbers

Deutsche Börse (Stoxx) will decide on the next index composition on June 4, 2026

- the changes would come into effect on June 22.

According to calculations by Deutsche Bank, two potential newcomers are waiting in the wings:

Hochtief $HOT (+0,55%)

- The Essen-based construction group has built up a significant lead; its shares have gained 190% in recent months, driven by rising infrastructure spending in defense and data center construction.

With a free float market capitalization of €7.2 billion, Hochtief is the leading candidate for promotion.

$LHA (+1,54%) Lufthansa

- The founding member from 1988, which was relegated to the MDAX in 2020 during coronavirus, is aiming to climb back up again. With a free float market capitalization of €8.1 billion, Lufthansa is even just ahead of Hochtief, but the Iran conflict makes its ascent uncertain.

June 2026:

Possible relegation candidates

According to Deutsche Bank analysts, these two stocks are the main candidates for relegation:

$ZAL (-0,88%)

Zalando - Share price decline makes the online fashion retailer a clear candidate for relegation

$PAH3 (+0,64%)

Porsche Automobilholding (SE) - Considered to be the main candidate for relegation; if Porsche SE leaves the DAX, it could remain in the MDAX permanently, as the company does not currently meet the EBITDA requirement (positive EBITDA in the last two financial years)

Special case:

$BMW (-1,74%)

BMW weighting increases

Irrespective of ascents and descents, BMW will gain significantly in weight in the DAX: The BMW Annual General Meeting approved the conversion of all preference shares into ordinary shares, which should increase the free float share by almost 20%.

BMW's index weighting could rise from 1.2% to around 1.5% - approximately € 70 million will flow into BMW shares from ETFs alone as a result.

Note: The final decision will be made on June 4, 2026.

Until then, market conditions may still change - the race between Hochtief and Lufthansa in particular is considered to be very close.