THE UZIN UTZ SE SHARE AND THE FINANCIAL MARKETS IN 2025

The share price of Uzin Utz SE developed robustly and very positively in 2025. The capital market environment was characterised by an overall strong performance of the German equity markets, while the sector-specific environment in the construction and renovation sector remained challenging due to weak new-build activity and a generally restrained investment climate. At the start of 2025, the Uzin Utz share was trading below EUR 50.0, but already in the first quarter it showed significant upward momentum and reached a two-and-a-half-year high of EUR 65.0. The publication of strong 2024 financial results and the Group’s solid operational performance, along with a more stable mood in the small-cap segment, supported this positive price development. In April, announcements of a tightened trade policy by the US President led to noticeable disruptions in international capital markets. 

This was followed by a pronounced market correction, during which a large part of the previously achieved price gains was eroded. The Uzin Utz share also recorded a decline to EUR 51.5 in this environment. Until summer, the share traded in a range between EUR 55.0 and EUR 65.0 without significant swings. Supportive factors included the dividend increase to EUR 1.9 per share and the company’s generally stable fundamental positioning. Convincing half-year figures in August triggered a significant price rise of the Uzin Utz share to the year’s high of EUR 77.0. Accompanied by improving industry sentiment and positive signals from management, the share then consolidated at a high level and traded mostly around EUR 73.0 until November. In the fourth quarter, volatility on the capital markets increased again. Growing economic concerns and worries about financing extensive investments in AI infrastructure led to renewed price corrections in November. The Uzin Utz share was not immune to the market environment and temporarily fell to EUR 67.0 in the last quarter. Positive analyst comments, however, provided a stabilising effect. There were also first signs of a recovery in the previously weak construction cycle. By year-end, market sentiment turned optimistic again, supported by progress in peace negotiations in Ukraine and positive monetary policy signals from the US Federal Reserve. Despite increased volatility over the course of the year, the Uzin Utz SE share achieved a year-on-year gain of 44.0% with a closing price of EUR 70.0.

On the financial markets, interest rate cuts implemented by the European Central Bank during the year supported the prices of fixed-income securities and led, in particular, to increased demand for German government bonds. Yields on German government securities rose across all maturities in 2025. In an environment of geopolitical crises and uncertainty about future US trade policy, precious metals such as gold and silver benefited particularly in 2025. According to closing-price data, the gold price rose from around USD 2,619.1 per troy ounce at the beginning of the year to about USD 4,338.8 on 31 December 2025, representing an annual increase of around 65.7% in US dollars. Expressed in euros, 2025 also saw a strong year-on-year gain of approximately 46.3%. The euro gained significantly against the US dollar over the course of 2025, rising 12.9% due to trade policy developments in the US and doubts about the Fed's continued political independence, ending the year at USD 1.1745 after USD 1.0400 in the previous year. Looking at the performance of major stock indices in 2025, the DAX, as Germany’s most important stock index, increased by 23.0%, clearly ahead of the MDAX (+19.7%) and the TecDAX (+6.0%). Only the SDAX outperformed the DAX last year with +25.3%. Furthermore, the US technology indices—the S&P 500 (+16.4%) and the Nasdaq Composite 100 (+20.2%)—lagged behind the DAX, unlike in the previous year. The Dow Jones added 13.0% in 2025.

START OF THE YEAR AND OUTLOOK FOR 2026

The stock markets recorded a dynamic start to the new trading year—analogous to the previous year. Despite ongoing geopolitical crises, the DAX continued its upward movement from the prior year and already exceeded the 25,000 mark in the first trading days, reaching new highs. High market liquidity and increasing economic optimism provided support. At the same time, falling inflation rates raised hopes for monetary policy easing. In the second half of January, however, renewed trade-policy tensions between the US and the European Union—triggered by tariff threats related to the US President’s announced annexation plans for Greenland—led to noticeable market uncertainty. This resulted in a significant, albeit temporary, correction on the stock exchanges. A subsequent easing of tensions in the Greenland matter and renewed hopes for a peaceful resolution of the Ukraine conflict led to a rapid counter-move. Profit-taking towards the end of the month slightly reduced the interim price gains but did not change the overall positive trend at the start of the year.

The precious metals markets performed particularly strongly. Despite sharp declines on the last trading day in January 2026, gold and silver posted gains of 13.3% and 18.9% respectively and thus showed pronounced upward momentum. The euro benefited in parallel from a continued weakness of the US dollar and exceeded USD 1.20 for the first time since mid-2021. Some experts see the strong start to the year as the beginning of a possible continuation of last year’s positive trend in the equity markets. Forecasts collected in a survey for the DAX at the end of 2026 range between 23,500 and 28,000 points. Around half of the institutions surveyed expect a level of at least 26,000 points. The cited supporting factors include, in particular, improved economic growth, a generally expansionary monetary and fiscal policy, and declining political uncertainty. Assessments regarding artificial intelligence are mixed: while some experts point to already high valuations of relevant companies, others still see significant potential due to a continuing investment boom. Major risk factors remain trade-policy tensions and geopolitical conflicts. In the US, increased volatility is expected in connection with the upcoming midterm elections. Nevertheless, consensus forecasts for the leading US indices mainly point to a continuation of the upward trend. For the S&P 500, price targets between 7,000 and 8,000 points are being cited, while the Dow Jones Industrial Average is on average expected to rise by around 8.0% to approximately 51,000 points.

UZIN UTZ SHARE – START INTO THE NEW YEAR

The Uzin Utz SE share continued the positive trend from the previous year at the start of 2026. In an overall favourable market environment, the share recorded marked gains already in the first half of January and reached EUR 74.0—the highest level since mid‑October 2025. This development was supported by positive coverage in the financial press and initial signs of a recovery in the construction cycle, which indicated a sectoral upturn. Following the dynamic advance, profit-taking led to a temporary decline to EUR 70.0. With a month-end closing price of EUR 75.5, the share recorded a price increase of 7.9% in January 2026. In early February, the share rose further to EUR 88.0, reaching its highest level since early December 2022. By the end of February, however, the share had fallen back to EUR 75.5—the lowest level since the start of the month—after some investors realised profits following the strong price gains.