The Vienna Stock Exchange recorded a successful first quarter, marked by rising equity turnover, a record number of new bond listings and the ATX Total Return reaching an all-time high. Steyr Motors AG, an Upper Austrian developer and producer of high-performance engines, was the first listing in the direct market plus for SMEs in February. Securities ownership in Austria continues to rise, as indicated by the latest share barometer survey.

"The German fiscal stimulus package and hopes for an end to the war gave the regional stock markets a boost in the first quarter. The Austrian leading index, including dividends, reached a new milestone by surpassing the 10,000 point mark for the first time. In view of the still very moderate valuation by international standards, the Austrian stock market has further upside potential," says Christoph Boschan, CEO of Wiener Börse AG.

Trading volume increases significantly compared to the previous year

Equity turnover reached EUR 18.5 billion in the first quarter of 2025, reflecting a 30% increase compared to the first quarter of 2024 (EUR 14.3 billion). The three strongest trading days in the first quarter of the year were 21 March (EUR 1.08 billion), 28 February (EUR 897.0 million) and 5 March (EUR 510.3 million). The most traded Austrian stocks at the end of March were Erste Group Bank AG (EUR 4.4 billion), OMV AG (EUR 3.0 billion) and BAWAG Group AG (EUR 1.7 billion). Recently, the international global market segment was expanded to include 38 shares from four countries – these can be traded at domestic fees, in euros and during the trading hours of the Vienna Stock Exchange.

Austrian “Aktienbarometer” 2025: Security ownership increases significantly

The results of the Austrian “Aktienbarometer” 2025 – a study conducted by the Federation of Austrian Industries, Aktienforum, and the Vienna Stock Exchange – show a notable increase in investment activity among the Austrian population. Almost a third of people living in Austria (30%, 2.3 million people) hold securities (2022: 25%, +5 percentage points).18% of the population – or 1.4 million people – who do not yet own securities expressed interest in investing. When it comes to investment motives, retirement planning has gained prominence. While 49% of respondents cited pension provision as a reason for investing in 2023, this figure rose to 57% in just one year.

"This development is no coincidence. People in Austria are increasingly aware of the pressure on the pension system and are taking proactive steps to secure their own retirement," says Christoph Boschan. "From a fiscal perspective, it makes sense to leverage the stock market returns to alleviate the burden on the pension system, which has so far been financed solely through pay-as-you-go and debt mechanisms. The capital market can can play a crucial role in complementing social security systems and helping to bridge funding gaps, as demonstrated by proven international models in other countries."

ATX including dividends surpasses 10,000 points for the first time

The ATX Total Return – which, like the DAX, takes dividends into account as a performance index – reached a historic milestone on 6 March 2025, closing above the10,000 point mark for the first time. With an annual performance of 12.05% (9,565.62 points – as at 31 March 2025), Austria's leading index including dividends is performing strongly by international standards (ATX excluding dividends: 11.28%; 4,076.36): DAX 11.32%, Euro Stoxx 7.79%, MSCI World -2.43%. The top performers in the ATX Prime at the end of March were STRABAG SE (67.34%), PORR AG (47.97%) and Palfinger AG (42.53%). The market capitalisation of all domestic companies listed in Vienna reached around EUR 141 billion at this time.

Debt listings: Continued momentum from record year

Activity in new debt listings remains strong on the Vienna Stock Exchange. Following a record year for newly listed bonds (2024: 13,443), the trend has continued into 2025. In the first quarter alone, the Vienna Stock Exchange recorded a total of 6,094 new listings marking the highest number of issuances ever seen in the first quarter of a year. These included a convertible bond from Asian sportswear manufacturer Xtep International (issue volume: HKD 500 million), fleet financing for two of the world's leading car rental companies, Hertz and Europcar, and Tier 2 sustainability bonds from VIENNA INSURANCE GROUP AG with a total nominal amount of EUR 300 million. With over 1,100 bond issuers from 42 countries, the Vienna Stock Exchange remains one of the most active debt listing venues in Europe.

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