More than 20 Companies Plan Tax-Free Dividends
More than 20 listed companies in Germany plan to pay their dividends completely or partially tax-free from capital reserves in the year 2025. This practice is particularly attractive to investors as they can benefit from tax advantages while achieving attractive returns.
Background: Tax-Free Dividends
Tax-Free Distributions are not made from the company’s current profits but from so-called tax deposit accounts according to §27 of the Corporation Tax Act (KStG). For domestic shareholders, this kind 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 from: June 17, 2025
- Yield: approx. 1.7%
- Vonovia (DAX):
- Dividend Payment: €1.22 per share
- Ex-Date: May 29, 2025
- Payment from: 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 – recent reports suggest more than twenty companies have similar plans.
Opportunities for Investors
Tax Advantages: Investors receive the entire dividend credited to their settlement account without deductions for 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 blanket “five-percent yield” is currently rarely achieved; many of these stocks fall within 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 cases; additional stocks can be found particularly in the real estate sector and among some industrial companies.
Conclusion
For investors, these tax-free distributions provide an interesting opportunity to optimize their post-tax returns – especially if they have already exhausted their saver allowance or generally place value on efficient taxation. However, one should keep in mind:
- Yields over five percent are rare but possible.
- Tax advantages apply only to domestic investors.