FRANKFURT (dpa-AFX) – The stock market year 2025 proved once again to be a strong one for the DAX. On the final trading day of the year, Germany's benchmark index approached yet another record high, following the all-time peak set in October at around 24,771 points. By the close of the trading year, the DAX stood at 24,490.41 points, marking an annual gain of just over 23 percent. It was the strongest year for the DAX since 2019.

Here is an overview of the biggest winners and losers of the year:

1. Rheinmetall up 153.99 percent – Last year's runner-up claimed the top spot this time, swapping places with last year's winner Siemens Energy. The ongoing Russian offensive against Ukraine and the resulting increase in defense spending by Western countries pushed the stock higher. By the end of February, it broke the €1,000 barrier, and by early October, it had surpassed €2,000. However, investors later took profits, trimming some of those gains.

2. Siemens Energy up 138.98 percent – The energy technology group continues to experience a boom. Business is strong in both gas turbines and grid technology. In November, the company once again raised its medium-term targets following a surge in sales and profits. Additionally, Siemens Energy paid out a dividend for the first time in four years. In December, shares hit a record high at just under €125.

3. Commerzbank up 129.57 percent – Ongoing speculation about a takeover by Italy's major bank Unicredit provided a steady boost to the stock. But the German lender also had positive news of its own: In August, as part of its defense against Unicredit, Commerzbank raised its profit target for 2025. Job cuts are expected to help the bank increase its earnings in the coming years – and keep shareholders loyal, rather than selling their stakes to Unicredit.

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38. Beiersdorf down 24.45 percent – The consumer goods group felt a marked decline in demand for its skincare business. Shoppers increasingly left core brand Nivea products on the shelves. The luxury segment also continued to retreat, and business in China weakened. Although there were some signs of recovery by mid-year, the Hamburg-based company lowered its sales forecast for the current year. In September, the stock fell to its lowest level in over three years.

39. Adidas down 28.61 percent – In April, tariffs announced by the United States triggered a sell-off in the sportswear sector, hitting Adidas shares as well. In July, a hoped-for upgrade to profit forecasts failed to materialize, disappointing many investors. In October, traders reported that investors reacted nervously to news that U.S. retailers were placing orders cautiously. The share price dropped to its lowest point in more than two years.

40. Symrise down 32.90 percent – The manufacturer of fragrances and flavorings lowered its growth forecast both in the summer and autumn. Consumer caution continues to shape the market environment. In North America especially, where consumers are feeling the effects of President Trump's tariff policies, the company's organic sales declined. Meanwhile, growth in Asia was only modest. In December, shares fell to their lowest level since early 2019./bek/jkr/jha/