FRANKFURT (dpa-AFX) - The MDax brought more joy to investors in 2025 than the previous year. The index of mid-cap stocks gained 19.65 percent, after closing the prior year in negative territory. In 2025, it posted more moderate gains compared to Germany's leading Dax index.

The biggest winners and losers of the year at a glance:

1. Thyssenkrupp up 214.88 percent - Investors are betting on better times ahead for Europe's steel sector, thanks in part to the European Union's protectionist stance with planned measures against cheap imports from the Chinese steel industry. There is also a certain economic optimism for 2026 due to Germany's multi-billion euro spending, for example, on infrastructure renovation and expansion. The spin-off of naval shipbuilder TKMS in October, which benefited from the defense boom, also provided a boost.

2. Renk up 192.46 percent - Twelve months ago, defense specialist Hensoldt held the number two spot; now it's tank transmission manufacturer Renk. In early October, shares were up nearly 400 percent for the year before investors started taking profits after the long rally in the sector. Contributing factors included efforts by the US to end Russia's war of aggression against Ukraine. However, a solution is still not in sight. And even if hopes for peace are fulfilled, NATO's rearmament goals are unlikely to change much, given the ongoing threat from Russia. Analyst David Perry of JPMorgan sees the recent sector rotation away from civil aviation and especially defense stocks as an opportunity. The fundamental outlook remains extremely strong, the expert said in mid-December.

3. Hochtief up 159.83 percent - The construction group is one of the beneficiaries of the global boom in building massive data centers for artificial intelligence applications. Large infrastructure projects, such as in transport and high-rise construction, are also providing momentum. Further upside potential comes from Germany's planned multi-billion euro investments in infrastructure and the prospect of an economic recovery.

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48. Teamviewer down 36.61 percent - For long-suffering shareholders of the software company, 2025 was a year to forget. As early as the second quarter, the company began to feel the effects of US government spending cuts. This trend continued. CEO Oliver Steil said in October that progress remained slow and sluggish. Due to weak US business, he also revised down targets for 2025 and 2026. Additionally, the software company 1E, acquired at the start of the year, fell short of expectations, despite hopes it would round out Teamviewer's offerings in remote maintenance and connected devices.

49. Puma down 49.73 percent - Trade tensions and cautious consumers weighed on the sportswear group from the start of the year. Wholesale business slumped, especially in the US and China. In early April, Puma parted ways with CEO Arne Freundt; Arthur Hoeld took over in July. Hoeld, who was responsible for global sales at rival Adidas until October 2024, has since kicked off a restructuring. Focusing on core sports, fewer products, expanding direct-to-consumer business, and more targeted marketing are expected to get the company back on track. Planned cost cuts are likely to result in further job losses. Hoeld sees 2026 as a year of transition. Puma is only expected to return to growth from 2027 onwards.

50. Redcare down 50.57 percent - After a largely stable share price until around the end of May, the company behind Shop Apotheke came under pressure. The threat of competition from drugstore chains and doubts over whether Redcare can hit its own ambitious targets for prescription drugs in Germany in 2025, despite strong growth and the introduction of e-prescriptions, unsettled investors. The drugstore chain dm has now launched its own online pharmacy for over-the-counter and pharmacy-only products. More competitors may follow.

Note: Newly added stocks Aumovio and TKMS, which only recently went public, are excluded from the ranking./mis/tih/jha/