More than 20 companies plan tax-free dividends
More than 20 listed companies in Germany plan to pay their dividends fully or partially tax-free from capital reserves in 2025. This practice is particularly attractive for investors as they can benefit from tax advantages while achieving attractive returns.
Background: Tax-Free Dividends
Tax-Free Distributions are made not from the current profits of the company, but from so-called tax deposit accounts in accordance with §27 of the Corporate Tax Act (KStG). For domestic shareholders, this type of dividend is not subject to capital gains tax or the solidarity surcharge.
Examples of Companies with Tax-Free Dividends
- Jenoptik (TecDAX):
- Dividend Payment: €0.38 per share
- Ex-Date: June 13, 2025
- Payment Start: June 17, 2025
- Yield: approx. 1.7%
- Vonovia (DAX):
- Dividend Payment: €1.22 per share
- Ex-Date: May 29, 2025
- Payment Start: June 2, 2025
- Yield: approx. 4%
- Freenet (MDAX):
- Dividend Payment: €1.97 per share (including special dividend)
- Ex-Date: May 14, 2025
This list is not exhaustive – according to current reports, there are more than twenty companies with similar plans.
Opportunities for Investors
Tax Advantages: Investors receive the entire dividend credited to their settlement account without deduction of capital gains tax and solidarity surcharge, provided they are domestic shareholders and hold the shares in private assets.
Yield: Most of these companies offer a solid to high dividend yield:
- Vonovia: approx. four percent
- Freenet: usually between three and five percent
- Jenoptik: around two percent
A flat “five percent yield” is rarely achieved at present; many of these stocks are in the range of two to five percent.
Overview Table
| Company | Stock Index | Dividend Payment | Ex-Date | Payment Start | Tax Status |
|---|---|---|---|---|---|
| Jenoptik | TecDAX | €0.38 | Jun/13/25 | Jun/17/25 | Tax-Free |
| Vonovia | DAX | €1.22 | May/29/25 | Jun/02/25 | Tax-Free |
| Freenet | MDAX | €1.97 | May/14/25 | — | Mostly Tax-Free |
Note: The table shows exemplary examples; further stocks can be found particularly in the real estate sector as well as in some industrial companies.
Conclusion
For investors, these tax-free distributions offer an interesting opportunity to optimize their post-tax returns – particularly if they have already exhausted their saver allowance or generally value efficient taxation. However, one should note:
- Yields above five percent are rare but possible.
- Tax advantages apply only to domestic investors.