The DAX has risen by more than 70 percent since 2021. However, since this financial year, companies' annual dividend payments have only increased by a good five percent. The result of these different speeds is falling dividend yields.
A Handelsblatt analysis shows: Only five companies still offer shareholders a yield of more than three and a half percent based on their most recently paid dividend - in other words, significantly more than can be obtained from banks with overnight money.
This does not include shares in companies with high dividend yields, but where there is a threat of a cut in the payout next spring - as is the case with car manufacturers. BMW $BMW (-0,34%), Mercedes $MBG (+0,05%) and VW $VOW (-1,51%) achieve record-high dividend yields of up to 8.3 percent, but these are worth little due to an expected lower payout in the future.
From today's perspective, investors can be sure that no cuts are imminent for the shares presented below, provided nothing dramatic happens.
Munich Re: More than 20 euros dividend
At 20 euros per share, five euros more than in the previous year, Munich Re distributed $MUV2 (-1,91%) paid out more than any other DAX company this spring. Analysts are forecasting an average of €21.48 for 2026. Based on the previous distribution, the dividend yield is 3.8 percent.
One of the strongest arguments for buying the share is its reliability. The payout has never fallen since 1969 and has risen eight times in the past ten years.
Eon: Boring, but reliable
Years ago, Eon set itself the $EOAN (-0,56%) set itself the target of increasing its dividend by five percent annually. This means that the dividend will rise by two cents to 57 cents next spring. This would be the fifth two-cent increase in a row. Based on the previous distribution, the dividend yield is 3.6 percent.
DHL: top yield of 4.8 percent
For 17 years, DHL $DHL (-0,53%) has not lowered its dividend for 17 years, and this is unlikely to change in 2026. The last cut was in the crisis year 2008, and analysts expect an average of EUR 1.87 per share for next spring. In view of the challenges, particularly in the US business, Handelsblatt only expects the dividend to remain unchanged at EUR 1.85.
Based on the current share price, shareholders will achieve a dividend yield of 4.8 percent if the payout remains the same. None of the shares portrayed here offer that much.
Vonovia: Strong rental business
Analysts expect Vonovia $VNA (-0,84%) to achieve an average net profit of two billion euros this year.
The dividend is expected to average EUR 1.25, compared to EUR 1.22 last spring. Based on the previous distribution, the dividend yield is 4.6 percent. This is the second highest among the stocks portrayed here.
Rent increases and almost full occupancy of the apartments ensure consistently high profits in the operating business - which was also the case in 2023.
Allianz: High yield with upside potential
Looking at the year as a whole, analysts are forecasting a record net profit for Allianz $ALV (-2,28%) a record-high net profit of 10.7 billion euros, compared to 9.9 billion euros in the previous year. This means that nothing stands in the way of another dividend increase. The dividend has been increased nine times in the past ten years. The last cut was in the 2008 financial year, when the real estate and financial crisis hit the markets.
Analysts are forecasting an average dividend of EUR 16.74 per share for the 2026 Annual General Meeting. Last year, the dividend was EUR 15.40, which already results in a considerable dividend yield of 4.4%. At 16.74 euros, the yield would be 4.75%.
Around 60 percent of the net profit went to shareholders this spring, which is the international standard for mature large corporations. The share price has doubled in the past three years.
Source: Text (excerpt) & picture Handelsblatt, 16.09.25