Dax reorganization shifts audit market shares in favor of PwC

The upcoming index restructuring is bringing movement to the auditing landscape. While PwC gains two new mandates, EY loses presence in the leading index due to Porsche's relegation.

Market shares shift due to index rotation

The changeover to the DAX planned for September 22 will have a direct impact on the auditing landscape. EY will lose a prestigious mandate as a result of Porsche's move to the MDax and will reduce its presence in the Dax to six mandates. High-profile mandates in the highest stock market segment have a particular signal effect for new client acquisition. PwC, on the other hand, benefits from the rise of two clients: Gea Group and Scout24 are promoted to the leading index, while Sartorius is relegated. On balance, PwC wins an additional DAX mandate and gains 17 mandates.

EY fights for reputation after Wirecard scandal

For EY, every loss of a DAX mandate is particularly serious. The company is still suffering from the reputational damage caused by the Wirecard scandal and was temporarily excluded from accepting new capital market-oriented mandates. The increase in Dax mandates in previous years was mainly due to the rise of Siemens Energy and Porsche. The tide has recently turned: EY gained Qiagen and Allianz as new Dax clients, which partially compensates for the losses.

Fee volume remains almost constant

The new DAX members paid a total of 6.8 million euros for auditing and consulting services in 2024. Gea Group invested EUR 2.6 million in PwC services out of a total spend of EUR 5.7 million on professional services. Scout24 spent EUR 1.1 million on auditing and consulting. The departing companies generated comparable fees of 6.6 million euros. Porsche paid around 5 million euros to EY, Sartorius 1.6 million euros to PwC.

Market distribution remains stable

PwC maintains its dominant position with 17 out of 40 mandates, followed by Deloitte with nine mandates. EY and KPMG share third place with six mandates each. Grant Thornton and BDO each hold one DAX mandate. This distribution reflects the established balance of power in the German audit market, even if individual shifts are of considerable strategic importance for the companies concerned.