Kirchhoff analysis: One-third of SDAX companies do not yet consistently use LinkedIn as an IR channel

• 20% of SDAX companies do not post on LinkedIn at all for IR purposes.
• One-third of SDAX companies do not communicate their annual figures on LinkedIn
• Annual and half-yearly reports are the most common occasions for LinkedIn communication.
• The use of video content remains comparatively low.

Hamburg-based communications and strategy consultancy for financial communications and sustainability Kirchhoff Consult has examined the LinkedIn communications of the 70 SDAX companies on the most important investor relations occasions in the period from January to September 2025 for the first time. The analysis shows that SDAX companies are not yet exploiting the potential of LinkedIn as an IR channel. The analysis took into account posts on the 2024 annual financial statements, Q1 and Q2/H1 reporting, the annual general meeting, and IR-relevant conferences and roadshows. The posts recorded were then evaluated in terms of formats used, links, the involvement of CEOs and CFOs, and the engagement achieved.

Jens Hecht, CFA, Managing Partner at Kirchhoff Consult: "The results of this analysis were quite surprising: while LinkedIn has firmly established itself as a communication channel for investor relations among DAX and MDAX companies, remarkably few SDAX companies use LinkedIn regularly and strategically for their capital market communication. Yet, especially in terms of visibility, reach, target group engagement, and cost-effectiveness, social media offers tremendous potential!“

One-third of SDAX companies do not communicate annual figures on LinkedIn

Not all SDAX companies have yet recognized the potential of LinkedIn for their capital market communications: 14 of the 70 companies surveyed (20%) did not post anything at all on relevant IR events. Two of these companies do not have their own LinkedIn account. 

Among the active accounts, annual and half-yearly reports are the key drivers of IR communication: around 64% of companies published posts on these topics. However, this also means that one-third of SDAX companies did not communicate their 2024 annual figures. Q1 reporting is at a similar level, with 61% of SDAX companies using it as an occasion for posting. In contrast, significantly fewer companies (around 44%) use their annual general meeting as an occasion for posting. IR-related conferences and roadshows have so far played a minor role in LinkedIn communication, accounting for around 13%.

"The publication of financial results is the most common reason for IR-related posts among SDAX companies,” says Melissa Birkmann, Junior Consultant IR/PR at Kirchhoff Consult. “However, the financial calendar and reporting activities offer many more opportunities and content for communication on LinkedIn: updates on achieved milestones, insights into the company and its products, and greater visibility for people can help build trust and manage expectations."

Video content increases engagement, but is underutilized

An analysis of the formats used reveals a clear focus on static image/graphic-text posts. More than half of the posts on relevant IR events consist of this combination (annual report: 51%; Q1: 58%; half-year: 64%; annual general meeting: 81%). The use of video content, on the other hand, remains comparatively restrained. While video content is used in just under a quarter of the posts in the annual report, the proportion drops to 21% in Q1, 18% in the half-year report, and only around 10% at the annual general meeting. So-called carousels are also regularly used as a format (annual report: 22%; Q1: 14%; H1: 16%). Pure text posts without visual elements are also rarely found in the LinkedIn communications of SDAX companies.

Use of links and involvement of C-level executives inconsistent 

In the LinkedIn posts of SDAX companies, most accounts refer to the corresponding corporate news (AGM: 44%; Q1: 54%; H1: 51%). Direct links to the reports themselves, on the other hand, are only used more frequently in the annual report (44%), while they occur much less frequently in Q1 (7%) and half-yearly reports (24%). References to websites or other content are also rarely used. 

The inclusion of CEO and CFO quotes or video statements presents a mixed picture: it is relatively high in annual reports (36%) and Q1 reports (40%), but significantly lower in annual general meetings (26%) and conferences (11%).

Significant Differences in Follower Numbers and Engagement

The analysis shows that half-yearly and annual reports in particular achieve the highest interaction rates on average (annual report: 163 likes; H1: 170 likes). At the time of data collection, the posts with the widest reach relating to the 2024 annual report came from Sixt, Schaeffler, and ProCredit. Sixt achieved a reach of almost 1,000 likes with over 25 comments. Annual general meetings also achieved a considerable reach with an average of 156 likes, while conferences and roadshows generated a significantly lower response with 93 likes. Against the backdrop of a highly heterogeneous follower base – with an average of 82,278 but a median of only 22,000 followers (as of September 15) – it is clear that the overall reach of the SDAX is dominated primarily by a few companies with exceptionally high follower numbers.

Best practice examples highlight potential

The Alzchem Group and Schaeffler exemplify how investor relations content can be effectively implemented on LinkedIn – despite varying reach. The Alzchem Group publishes two posts for each business, quarterly, and half-yearly report: one post with text and a link to corporate news, and a second post in which the CFO classifies the results in an interview. For the annual general meeting, the company published a bilingual post (German/English) with a photo and text. 

Schaeffler pursues a similar concept with a significantly greater reach, but consistently expands it to include CFO quotes and video content. Two posts appeared for each reporting occasion – one post with a photo and CFO statement and a video with the key financial figures. Schaeffler also used Capital Markets Day for a post with a CEO quote and accompanying image. "Both examples illustrate how a recurring structure, the targeted involvement of management, and the use of different formats can enhance the impact of IR communication on LinkedIn," explains Eva-Maria Bernreuther, Junior Consultant IR/PR at Kirchhoff Consult.

Methodology of the study 

For this analysis, the LinkedIn company accounts of the 70 SDAX companies were analyzed. Posts relating to the publication of annual reports, Q1 and H1 reports, annual general meetings, conferences, and roadshows in the period from January to September 2025 were evaluated according to the following criteria: Post format (video, image/graphic, text, carousel), links, involvement of the CEO or CFO, reactions, comments. Posts from companies with different fiscal years were also included in the evaluation. In addition, the number of followers of the company accounts was recorded.