DAX CEOs earned 42 times staff pay in 2025; Adidas tops the gap at 106‑fold — UnionPress
A study by the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) and the Technical University of Munich shows that in 2025 board members of DAX companies earned on average 42 times the remuneration of a typical employee, with Adidas’ executives receiving 106 times as much.
On 13 August 2026 the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) together with the Technical University of Munich published an analysis of executive remuneration for the 2025 fiscal year across Germany’s DAX‑30 companies. The study, reported by dpa and reproduced in Der Spiegel Wirtschaft, finds that board members earned on average 42 times the pay of a typical employee, while the gap at Adidas reached 106 times.
The analysis covers the full fiscal year 2025 and compares total compensation – base salary, long‑term incentives and performance‑linked bonuses – of board members with the average gross wage of all employees in each company. Figures are expressed as a multiplier (times) rather than an absolute amount, allowing a direct comparison across firms of different size. The source states that the data were compiled from publicly filed accounts and verified against the companies’ annual reports.
According to Spiegel Wirtschaft, the average DAX board‑member pay multiplier for 2025 is 42 times the average employee’s remuneration. The same source reports that the average total compensation per DAX chief executive in 2025 was €6.14 million.
The study highlights three companies with the highest multipliers. Adidas AG, the sports‑apparel manufacturer founded in July 1924, shows a multiplier of 106 times – the widest disparity among the index. Volkswagen, the automotive group founded on 28 May 1937, records a multiplier of 75 times. Fresenius SE & Co. KGaA, a provider of medical‑technology and health‑care services, registers a multiplier of 70 times. These figures are presented in the table below.
The packet notes that a large share of the compensation consists of performance‑linked bonuses that are paid with a time lag. The same excerpt from Spiegel Wirtschaft mentions “Zuwendungen im zweistelligen Millionenbereich” (single‑digit‑million‑euro awards) and that “ein Großteil sind erfolgsabhängige Boni, die mit Zeitverzug ausbezahlt werden”. This indicates that while base salaries are substantial, the variable component – often tied to company results from the previous year – drives much of the disparity.
The release of the study arrives as the European Commission is preparing tighter pay‑transparency rules for 2025‑2026. The DSW‑TU München figures provide fresh, audited data that could inform the ongoing policy discussion. Public affairs professionals and in‑house counsel should note that the multipliers are calculated for the fiscal year 2025, meaning any compliance measures introduced under the EU proposals will need to address remuneration structures already in place for that period.
The multipliers affect a range of stakeholders. Employees of the listed companies can compare their earnings with those of the board, potentially influencing collective bargaining positions. Investors may reassess remuneration policies in light of the disclosed gaps. Finally, regulators will likely use the data as a benchmark when drafting or amending pay‑transparency legislation, with any new reporting obligations expected to take effect from the start of the 2026 fiscal year.
The packet does not provide the names of the chief executives for the companies listed, nor does it give the exact breakdown of the bonus component (e.g., percentage of total pay). It also does not disclose whether the DSW‑TU München study includes non‑executive directors in the multiplier calculation. These details would need to be confirmed from the companies’ own filings before any further analysis.
In sum, the DSW‑TU München study confirms that DAX board members earned 42 times the average employee’s pay in 2025, with Adidas standing out at a 106‑fold gap. The figures are likely to shape the EU’s forthcoming pay‑transparency measures and will be closely watched by employees, investors and policy makers alike.