German Corporate Conference 2026: German companies cautiously optimistic despite volatile environment
Monday 02 February 2026
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From 19 – 21 January 2026 UniCredit and Kepler Cheuvreux jointly hosted the 25th German Corporate Conference (GCC), reaffirming the event’s role as one of the leading equity platforms for dialogue between corporates, institutional investors and market experts.
This year’s conference brought together 150 listed companies from Germany and Austria and more than 450 international institutional investors, generating extensive discussions on economic developments, transformation priorities and the strategic outlook for 2026.
2026 Outlook: Corporates Are Cautiously Optimistic
Despite geopolitical tensions, high energy prices, supply-chain risks and persistent structural uncertainties, the sentiment among companies and investors was notably more positive than in 2025, particularly within defence, infrastructure/energy and technology sectors.
"Despite all uncertainties, major German corporates are solution‑oriented and investing strategically. They have accepted that, based on today's information and regulatory framework, they must find alternatives."
— Marion Bayer‑Schiller, Head of Large Corporates, UniCredit Bank GmbH
Corporates continue to drive decarbonisation, digitalisation and business‑model transformation, reinforcing long‑term competitiveness.
Defence, Energy and Infrastructure Set the Pace
UniCredit economists forecast GDP growth of 1.2% for 2026 and 1.9% for 2027, supported primarily by increased public investment in defence and infrastructure - investments expected to deliver broad positive spillovers for the wider economy.
"Defence and deep tech are essential for Europe's technological sovereignty, but start‑ups and specialised mid‑sized firms need faster and better‑connected financing structures. With our dedicated tech team, we have been supporting young technology companies for more than ten years and the deep industry expertise we have developed means we can also support defence tech companies, in line with our clear ESG standards."
— Marco Iannaccone, Head of Client Solutions, UniCredit Bank GmbH
High energy prices remain a pressure point, prompting companies to accelerate investments in renewables, grid expansion and infrastructure modernisation.
"Energy, infrastructure and security remain core topics for our clients - and central levers for competitiveness and transformation in Europe. This is exactly where we support them: with sound advice, clear analysis and tailored financing structures - so companies can reliably achieve their strategic goals even in an uncertain environment."
— Richard Burton, Head of Client Solutions, UniCredit
SMEs: Digitalisation Accelerates, Succession Gains Urgency
SMEs emphasised the need for improved access to capital for innovation, sustainability and digital capability building. In parallel, the sector faces a historic wave of succession, intensified after years of uncertainty.
UniCredit's new DealSync platform directly addresses this structural challenge by using AI‑supported matching to connect suitable buyers and sellers.
"The SME sector remains the backbone of the German economy, including in security‑relevant supply chains. At the same time, it is facing a historic wave of succession. With DealSync, we offer a solution for segments that are less suited to traditional M&A structures. Just a few months after launch, we are seeing an impressive number of leads and strong demand for structured access to suitable succession partners."
— Martin Brinckmann, Head of Small & Medium Corporates, HypoVereinsbank/UniCredit
Capital Markets: Momentum Slowly Rebuilding
Capital markets remain volatile but sufficiently liquid, and a solid pipeline for IPOs, spinoffs and sector‑specific transactions is forming. Private equity continues to be a key driver due to high liquidity, while small and mid‑caps remain attractive due to persistent valuation discounts.
"We see growing interest in M&A activity across all sectors. Companies are using market windows more strategically again and focusing on their core business. That's why formats like the GCC are so valuable: they bring relevant players together and spark conversations that later develop into transactions."
— Sam Kendall, Head of Advisory & Financing Solutions, UniCredit
UniCredit's Equity Capital Markets Leadership
Leveraging extensive experience in Germany and core countries across all ECM products, UniCredit is one of the most active banks in the ECM league tables (2023-2025) in core markets, making it the partner of choice for any Equity Capital Markets transaction.
Together with Kepler Cheuvreux, UniCredit offers one of the leading pan-European equities platform with peerless investor reach, unmatched distribution capabilities, top-ranked equity research and outstanding deal flow.
CONCLUSION
The 25th German Corporate Conference highlighted a shift toward pragmatic optimism, with defence, energy and infrastructure driving momentum, SMEs accelerating digitalisation and addressing succession, and capital markets showing renewed strategic activity.
UniCredit remains committed to supporting clients with deep advisory expertise, sectoral insight and tailored financing solutions - empowering them to navigate uncertainty and advance their transformation agendas.
