DAX 40

Allianz SE is Europe's largest insurance company and one of the world's biggest financial services providers. Headquartered in Munich, it offers property and casualty insurance, life insurance and asset management (through PIMCO and Allianz Global Investors) in more than 70 countries. With more than 150,000 employees and over 100 million customers, it is a cornerstone of global financial risk management.

Bayer AG is a German life science company with businesses in pharmaceuticals and crop science. Founded in 1863 in Barmen, it is best known globally as the inventor of Aspirin. Its controversial acquisition of Monsanto in 2018 brought the herbicide Roundup and glyphosate litigation, resulting in multi-billion dollar settlements. Its pharmaceutical division includes the blood thinner Xarelto and the cancer drug Nubeqa.

BMW Group is one of the world's leading premium automotive manufacturers, producing BMW, MINI and Rolls-Royce cars and BMW Motorrad motorcycles. Founded in 1916 in Munich, it is investing significantly in electric vehicles (iX, i4, i7) and software-defined vehicles, aiming to have electric models account for the majority of its sales by 2030. Manufacturing plants span 15 countries.

The DAX 40 is Germany's premier stock market index, tracking the 40 largest companies listed on the Frankfurt Stock Exchange by market capitalisation and order-book volume. Expanded from 30 to 40 constituents in 2021, it includes global champions such as SAP, Siemens, Allianz, Volkswagen and Bayer. It is the primary benchmark for European equities alongside the Euro Stoxx 50.

Delivery Hero is a German technology company specialising in online food delivery. Founded in 2011 in Berlin, it operates ordering platforms in more than 70 countries across Europe, Asia, the Middle East and Latin America. It is listed on the DAX index of the Frankfurt Stock Exchange and ranks among the global leaders in the sector.

Deutsche Bank is Germany's largest lender and a major global investment bank with a significant presence in Europe, the Americas and Asia. Founded in 1870 in Berlin, it has undergone a major restructuring since 2019, focusing on its corporate bank, investment bank, private bank and asset management (DWS). It has exited significant portions of equities trading to improve profitability.

Deutsche Telekom is Germany's largest telecommunications operator and one of the biggest in the world, thanks mainly to its majority stake in T-Mobile US. Founded in 1996 from the privatisation of Deutsche Bundespost, it provides fixed-line, mobile, internet and TV services in Germany under the Telekom brand, and operates internationally through T-Systems enterprise services and T-Mobile in the US.

Merck KGaA (not to be confused with Merck & Co. in the US) is a German science and technology company with businesses in healthcare, life science and electronics. Founded in 1668 in Darmstadt, it is the world's oldest operating chemical and pharmaceutical company. Its healthcare division sells drugs for multiple sclerosis and cancer, while life science provides lab reagents and process solutions to biotech and pharma companies.

SAP is Europe's largest software company and a global leader in enterprise resource planning (ERP). Founded in 1972 in Walldorf, Germany, its software is used by over 400,000 organisations worldwide to manage business operations, from finance and logistics to human resources. SAP is transitioning its entire customer base to the cloud-based S/4HANA platform, a major multi-year undertaking.

Siemens is one of the world's largest industrial conglomerates, with businesses spanning industrial automation, smart infrastructure, digital industries and mobility. Founded in 1847 in Berlin by Werner von Siemens, it has undergone multiple strategic transformations, spinning off Siemens Energy and Siemens Healthineers as separate listed entities. Its Siemens Xcelerator platform brings together digital and real-world industrial solutions.

Volkswagen Group is the world's second-largest automotive group, encompassing Volkswagen, Audi, Porsche, SEAT, Škoda, Lamborghini, Bentley and Scania trucks. Founded in 1937 and headquartered in Wolfsburg, Germany, it sells over 9 million vehicles a year. Following the 2015 Dieselgate emissions scandal, it has invested heavily in electric vehicles under the ID. brand family and the PowerCo battery cell company.