DAX160 Companies and the Trend of Voluntarily Publishing Preliminary Figures

A recent analysis by Kirchhoff Consult and the law firm CMS reveals that approximately 27.5% of companies within the DAX160 index voluntarily release preliminary financial figures. This trend is particularly prevalent among small caps, which use these disclosures as a tool for engaging with capital markets beyond their regulatory obligations.

The study highlights that only 41% of these voluntary declarations are synchronised with their financial calendar, potentially causing transparency issues. Jens Hecht of Kirchhoff Consult emphasises the need for a clear market standard to address this inconsistency in reporting practices.

The study also raises concerns about the legal implications tied to early disclosures, particularly regarding closed periods under the Market Abuse Regulation (MAR). Addressing this legal uncertainty is essential for ensuring liability-proof structures and maintaining market integrity.