Germany’s largest companies experienced a mixed performance in 2024, with overall revenue declining while profitability saw a slight increase. A newly released analysis from the FAZ-Archiv, detailing the top 200 providers and manufacturers across industry, trade and services (excluding banks and insurance companies), reveals a total revenue contraction of 2.4%, bringing the aggregate figure to €3.8 trillion. Despite this revenue decrease, the sector collectively achieved a total profit of €118.8 billion.
The observed trends in 2024 are largely shaped by ongoing challenges in the automotive sector, the lingering effects of the energy crisis and a burgeoning defense industry. Volkswagen, typically a leading force, managed to maintain its revenue, although profits were significantly impacted, dropping by 30%. Similar substantial profit declines were reported by Mercedes and BMW, compounded by a 49% decrease in profits for leading automotive supplier Bosch.
In stark contrast, defense contractors demonstrated considerable growth. Rheinmetall, a prominent arms manufacturer, witnessed a substantial revenue increase of nearly 36%, reaching €9.7 billion. This surge propelled Rheinmetall up approximately 30 positions within the ranking, securing its placement at number 81. Only the shipping company Oldendorff Carriers and MTU Aero Engines, a producer of aircraft turbines for both civilian and military applications, achieved higher revenue growth.
Deutsche Bahn, the national railway company, recorded the largest revenue decline of any company in the top 200, experiencing a decrease of 42%. This reduction is attributable to the sale of its former subsidiary, DB Schenker; although the company’s official report reflects a stable revenue figure when adjusting for the prior year’s data that included Schenker’s performance.
While the immediate impact of energy scarcity triggered by the war in Ukraine and the conflict with Russia has largely subsided, its ramifications continue to influence corporate balance sheets. Numerous energy providers and municipal utilities listed in the FAZ analysis reported double-digit revenue losses, primarily due to a normalization of energy prices compared to the exceptionally high levels of previous years.
