Five top takeaways from Deutsche Bank’s dbAccess European Champions Conference

This week’s dbAccess European Champions Conference in Frankfurt brought together leaders from more than 100 European companies and major global investors.

The conference offers attendees an opportunity to find out how corporate leaders and investors are positioning for the next phase of growth.  

Across two days of discussions, a clear and relatively reassuring picture emerged: while the global backdrop remains complex and uncertain, corporate Europe is proving more resilient than many had anticipated.  

“European companies are proving resilient, despite ongoing geopolitical uncertainty. Many have hedged which is cushioning cost pressures and, assuming no prolonged disruption to key trade routes, European corporate earnings momentum could continue to build. Against this backdrop, Germany and Europe offer strong investment potential. At Deutsche Bank we see how important it is to create platforms that bring leading European companies and global investors together to discuss both the opportunities on offer and the levers needed to unlock them.”
Christian Sewing, CEO, Deutsche Bank

Christian Sewing, CEO of Deutsche Bank, hosted a conversation with Martin Blessing, the Federal Chancellor's personal representative for investments

From geopolitics and energy costs to AI and M&A, the overall tone was cautiously optimistic. Many companies pointed to steady demand, pricing discipline and a strong focus on protecting margins. 

Five themes stood out:

AI: from hype to implementation 

AI remains one of the most talked-about topics, but the conversation has clearly moved on from hype. Companies are now pointing to practical use cases, from pricing optimisation and customer service to supply-chain risk management. 

Adoption is broadening across sectors, with leadership and culture increasingly seen as critical enablers. At the same time, rising demand for data centres and related infrastructure is creating knock-on opportunities across energy, construction and technology.

Geopolitics: risks, but manageable

Despite ongoing global tensions, most companies do not see geopolitics as an immediate threat to operations. The impact is more indirect, particularly through higher energy prices and logistics costs. 

What stands out is how companies are responding. Many are drawing on lessons from past crises, using hedging, diversified supply chains and pricing power to absorb disruption more effectively. 

Regional dynamics: steady demand despite modest growth 

Europe is broadly seen as stable, if not especially dynamic. Growth remains modest and uneven, but demand is holding up better than expected. In response, many companies are focusing less on chasing growth and more on what they can control: cutting costs, improving efficiency and reshaping portfolios.  

Beyond Europe, the US remains an important profit driver despite political and trade uncertainty. China presents a more mixed picture, with some companies still seeing demand opportunities while others face stronger local competition. 

Tim Rokossa, Head of European Equity Research at Deutsche Bank and host of the dbAccess European Champions Conference

Germany: muted near-term, improving long-term prospects 

Germany’s near-term outlook has cooled after last year’s burst of policy optimism. Some sectors, especially defence, are already seeing benefits, but the broader impact on demand remains limited for now.  

Structural challenges, including energy costs, regulation and labour shortages have not gone away, but reform momentum is building. Expectations are now more realistic, reducing the risk of further disappointment and helping to rebuild investor confidence. At the same time, there is growing focus on longer-term structural reforms across Europe’s financial system. 

“The German pension reform and the EU's Savings and Investment Union are meaningful structural tailwinds for European capital markets. As more European households channel savings into productive investments, we expect a durable increase in market activity across equities, funds and fixed income.”

Jens Schulte, CFO, Deutsche Boerse AG

M&A: selectivity is key

Mergers and acquisitions remain firmly on the agenda, but companies are taking a disciplined approach. The focus is on selective, value-driven deals that strengthen capabilities or open up access to innovation, rather than on large-scale consolidation.  

This reflects a broader emphasis on balancing growth ambitions with leverage and returns. 

From resilience to renewed momentum  

Taken together, the discussions showed that European companies are navigating a complex and uneven environment from a position of relative strength. Growth may remain modest and risks are still present, but resilience is high.  

Many companies are responding through efficiency measures, selective investment and greater use of technology, particularly AI. The conference also underlined the value of direct engagement between companies and investors in this environment.

“At Volkswagen, despite all the global uncertainties we see clear business opportunities emerging and are focused on translating them into sustainable growth and earnings momentum. Conferences like Deutsche Bank’s dbAccess European Champions Conference are especially valuable because they bring corporates and investors together in person – these direct exchanges are critical for building conviction, strengthening relationships, and ultimately delivering results.”

Dr. Arno Antlitz, CFO & COO, Volkswagen AG

You can also listen to Conference Insights: Thoughts from our dbAccess European Champions Conference, a new episode of Podzept hosted by Jonathan Jayarajan, Head of European Equity Research Product, with guest Tim Rokossa, Deutsche Bank’s Head of European Equity Research.