2025年4季度德国市场快照（英）

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Germany's GDP growth in 2025 was 0.2%, recovering from contractions in 2023 and 2024, with inflation easing to 1.8% in December 2025, suggesting potential for interest rate cuts in 2026 to stimulate growth [8] - Venture capital activity in Germany reached €2.1 billion across 158 transactions in Q4 2025, with a notable increase in deal value but a decrease in deal count compared to the previous quarter [9] - Private equity investment totaled €18.5 billion across 196 deals in Q4 2025, indicating a year-over-year increase in overall activity, with significant deals highlighting the appetite for global private equity investments [10] - The DAX 40 index returned 23% in 2025, outperforming the S&P 500, driven by strong performances in utilities, industrials, and financials [11] - The German government launched a €30 billion Deutschlandfonds to mobilize private capital for higher-risk projects, aiming to boost investment in infrastructure, technology, and defense [12] Market Overview - In Q4 2025, venture capital deal value was €2.1 billion, while private equity deal value was €18.5 billion, with median deal values of €43.8 million for venture capital [6][10] - The number of German unicorns reached a record high of 22, valued at an aggregate €88 billion by the end of 2025 [9] - PE-backed public listings have been rare, with only six fund closures in 2025, down from 14 in 2024, and capital raised in private equity was €3.4 billion, the lowest since 2022 [10] Venture Capital Activity - Major Q4 2025 VC deals included €308 million for Tubulis and €259.4 million for Black Forest Labs, indicating continued funding for mature companies [9] - VC exit activity was flat at €1.2 billion across 27 exits, with the acquisition of Cognigy by NiCE being a notable transaction [9] Private Equity Activity - The standout Q4 deal was the €7.7 billion carveout of BASF's coatings business, reflecting strong interest from US investors, who participated in 42.4% of PE deal value in Germany [10][71] - PE exit value fell to €6.5 billion in Q4, with notable exits including the sale of Xella for €1.9 billion [10][75] Public Equity Markets - The DAX 40's P/E ratio increased to 19.1x in Q4 2025, up from 12x in Q4 2023, indicating rising valuations in the public equity market [11] City Comparison - Berlin led in VC deal value with €36 billion and 4,064 deals, while Munich followed with €14.4 billion across 1,649 deals [17]