DAX board pay 42 times average staff in 2025, with sector gaps ranging from 70‑ to 106‑fold
A new DSW‑TUM analysis shows that German blue‑chip executives earned on average €6.14 million in 2025 – 42 times the pay of a typical employee – while Adidas, Volkswagen and Fresenius display far wider disparities.
In 2025, boards of the 40 companies listed in Germany’s premier stock index earned on average 42 times the compensation of a typical employee, according to a joint study by the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) and the Technical University of Munich (TUM) reported by Handelsblatt.1 The average total board remuneration was €6.14 million, a figure that masks stark differences across sectors – Adidas’ board earned 106 times a worker’s pay, Volkswagen’s 75 times and Fresenius’ 70 times.
Sector‑specific multiples expose the extremes
The study provides the first granular look at how pay gaps vary within the DAX. While the headline 42× multiple reflects the aggregate, three companies stand out.
- Adidas AG – the sports‑apparel maker headquartered in Herzogenaurach – recorded a 106‑fold board‑to‑employee pay gap. The company employs 60,617 people (Wikidata, 2022) and is led by CEO Bjørn Gulden.2
- Volkswagen AG – the automotive giant based in Wolfsburg – posted a 75‑fold multiple. Its chief executive is Thomas Schäfer.3
- Fresenius SE & Co. KGaA – a medical‑technology group – showed a 70‑fold gap. The firm is listed on the OTC market under ticker FSNUY.4
All three multiples are for the 2025 fiscal year and are measured against the average employee remuneration within each company for the same year.
CEO pay figures illustrate the upper tail
Beyond multiples, the study disclosed absolute remuneration for two of the DAX’s most visible CEOs.
- SAP’s chief executive Christian Klein received total compensation of €10.9 million in 2025, of which roughly 86 % was variable pay linked to performance.5
- Deutsche Bank’s chief executive Christian Sewing earned €10.5 million, with about 64 % coming from short‑ and long‑term bonuses.5
Both figures exceed the average board compensation of €6.14 million, underscoring the concentration of pay at the very top of the index.
Why the gap widened – and what it means for policy
The DSW‑TUM analysis notes that board remuneration rose by 4 % year‑on‑year from 2024 to 2025, driven largely by performance‑linked bonuses that are paid with a time lag.1 Variable components therefore account for the bulk of the increase across the index.
International comparison shows that, despite the widening gap, German DAX board pay remains below that of peers in the United States and the broader Euro‑Stoxx‑50.1 This context is relevant for ongoing debates about executive‑pay regulation in Europe, where policymakers have been considering stricter disclosure rules and caps on variable remuneration.
Stakeholders affected by the findings include:
- Shareholders – who may reassess remuneration policies in light of the disparity between board and employee pay.
- Employees and unions – who can use the sector‑specific multiples as leverage in collective bargaining.
- Regulators – who have a fresh data point for evaluating the effectiveness of recent EU directives on pay transparency.
What remains unknown is how the pay gaps will evolve as the German economy confronts climate‑related costs and slower growth forecasts. The DSW‑TUM study does not project future multiples, and the companies have not disclosed any planned changes to their remuneration structures for 2026.
Table: 2025 DAX board‑to‑employee pay multiples and total board remuneration
| Company | Pay Multiple | Total Board Compensation (€ m) |
|---|---|---|
| Adidas | 106× | — |
| Volkswagen | 75× | — |
| Fresenius | 70× | — |
| SAP | — | 10.9 |
| Deutsche Bank | — | 10.5 |
| Average DAX | 42× | 6.14 |
Looking ahead
The DSW‑TUM study was released on 13 August 2026, shortly after the German Federal Ministry of Finance announced a review of executive‑pay disclosure rules.6 As the review proceeds, companies may face tighter reporting requirements, which could bring more granular data on sector‑specific gaps.
For analysts, the new multiples provide a benchmark for modelling compensation risk in valuation models. The 4 % year‑on‑year rise suggests that, even in a challenging macro‑environment, boards are still able to secure higher pay, largely through performance‑linked components.
Until the next DSW‑TUM release, the picture remains incomplete. Future research will need to answer whether the extreme gaps at Adidas, Volkswagen and Fresenius are outliers or indicative of a broader trend within the DAX, and how they compare with upcoming data from the United States and Euro‑Stoxx‑50.
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Sources:
- Handelsblatt, "Analyse zum Geschäftsjahr 2025: DAX‑Vorstände verdienen 42‑mal so viel wie die Beschäftigten", 13 August 2026, https://www.handelsblatt.com/.../100247016.html.
- Wikidata entry Q3895 for Adidas AG (company background).
- Wikidata entry Q246 for Volkswagen (company background).
- Wikidata entry Q29841530 for Fresenius SE & Co. KGaA (company background).
- Handelsblatt, same article – CEO remuneration figures for SAP and Deutsche Bank.
- German Federal Ministry of Finance press release, 13 August 2026 – announced review of executive‑pay disclosure (referenced in the study’s timeline).