Bayer, BASF, Telekom: Raus aus den Schulden – Dax-Konzerne wappnen sich gegen steigende Zinsen

Following the European Central Bank's decision to raise the benchmark interest rate by 0.25 percentage points to 2.5% in mid-April, DAX giants Bayer, BASF, and Telekom are taking steps to reduce their debt. Since the end of the zero-interest era in 2022, these DAX companies have managed to cut their net financial debt by 22% to 196 billion euros. During the same period, their equity increased by 21% to a record 991 billion euros, resulting in a debt-to-equity ratio dropping from 30.8% to 19.8%.

The Financial Times Research Institute analyzed the financial situations of the DAX companies, excluding financial service providers, as their balance sheets cannot be compared. Peter Reichel, chief investment strategist at Bank Oddo BHF, noted that investors have lived for over a decade in a world where money is almost free, and this era is now over.

The European Central Bank raised interest rates to combat persistent high inflation rates, causing an increase in borrowing costs for companies. Rising interest rates and geopolitical uncertainties make it harder for companies to take on new debt.

Bayer, with 29 billion euros in debt, has secured fresh capital by partnering with US financial investor Apollo to acquire a new company for marketing long-term contraceptives. This deal brings in three billion euros for the Leverkusen-based group. To stay financially flexible, Bayer is focusing on reducing old liabilities, as new debt becomes increasingly expensive with rising interest rates.

The company aims to maintain its credit ratings, as a downgrade would make new debt more expensive. Analysts predict a 5.9 billion euro profit for Bayer in 2026, up from a loss in the previous year.