The DAX-AEX Futureproof Index Report is a benchmark series that evaluates large listed companies on Germany’s DAX and the Netherlands’ AEX indices using an Integrated Value methodology. The series was developed by researchers at Rotterdam School of Management (Erasmus University), Nyenrode Business University, and change consultancy ftrprf. The inaugural edition assessed AEX-listed companies and was published in early 2025; the 2026 edition expands the scope to include DAX companies, bringing the total to 52 companies assessed across both indices.

What the benchmark tracks

The series tracks a proprietary metric called Integrated Value (IV), which combines three dimensions of corporate value: Financial Value (FV), Social Value (SV), and Ecological Value (EV). The core formula is: IV = FV + SV + EV.

The central output is the Futureproofing Ratio, calculated as IV divided by FV. A ratio above 1 indicates the company generates net positive social and ecological value alongside its financial value. A ratio between 0 and 1 indicates net negative externalities, though the company remains financially viable. A ratio below zero indicates that negative externalities exceed the company’s entire financial value, signalling a highly unsustainable business model.

The series aims to develop an internationally scalable and repeatable methodology to measure Integrated Value across companies and countries. Future editions are intended to broaden coverage beyond Germany and the Netherlands to other European markets, including the United Kingdom, France, Italy, and Denmark.

Methodology

Integrated Value is calculated using a Discounted Cash Flow (DCF) model applied to financial, social, and environmental value flows. Financial Value is measured as enterprise value (market capitalisation plus net debt), based on ultimo 2024 data.

Social and Environmental Value are derived by identifying material impact factors, quantifying those factors in physical units (for example, CO₂ tonnes, life satisfaction points), and monetising them using shadow prices — cost-based pricing estimates that reflect the true social cost of each impact, drawn from the Impact Economy Foundation (IEF) and CE Delft. These monetised value flows are discounted using a social discount rate of 2.2%.

Shadow prices are updated periodically to reflect evolving scientific understanding. In this edition, the shadow price for carbon emissions was updated to €312 per tonne of CO₂ (from €206 in the prior edition), reflecting the estimated compensation cost of irreversible environmental damage given the lack of progress on the Paris Agreement’s 2-degree target.

More than 80% of social and environmental value (by value terms) is calculated using standardised inputs drawn from company annual reports and sustainability disclosures. Industry estimates are used where company-level data is unavailable. The Futureproofing Ratio is decomposed into a Transition Opportunity Ratio (positive externalities divided by FV) and a Transition Risk Ratio (negative externalities divided by FV).

New impact factors introduced in the 2026 edition include biodiversity loss (using the Corporate Biodiversity Footprint methodology from Iceberg Data Lab), noise pollution, social inclusion, gender pay gap, cybersecurity, and R&D spillover. Financial institutions (banks and insurers) are excluded from the analysis at this stage due to the complexity of measuring their indirect social and ecological impacts from an outside-in perspective.

Key findings and themes in this edition

The aggregate Futureproofing Ratio across all 52 companies is 0.20, indicating that 80% of the financial value generated by these companies comes at the expense of society. Thirty-one of the 52 companies assessed have a positive Integrated Value (Futureproofing Ratio of 1.0 or higher), but a small number of companies with very large negative externalities dominate the weighted average, resulting in a net societal loss.

Companies generate a substantial aggregate net social value of €5.9 trillion, but this is more than offset by a net negative environmental value of €8.7 trillion. A small number of high-impact sectors — particularly Materials, Energy & Utilities, and Transport — account for a disproportionate share of this environmental damage.

The Health Care sector is the strongest performer with a weighted average Futureproofing Ratio of 4.10, driven by substantial positive social value relative to limited ecological impact. The Services sector follows with a ratio of 2.01. In contrast, the Materials sector has a ratio of -6.94 and the Energy & Utilities sector -5.18, both heavily affected by greenhouse gas emissions, air and water pollution, and biodiversity loss.

Rising shadow prices for greenhouse gas emissions and biodiversity loss — reflecting worsening environmental constraints and the lack of progress on climate and biodiversity targets — have contributed to lower Futureproofing Ratios relative to earlier editions. The analysis also finds significant dispersion within sectors, enabling comparison between leaders and laggards and the identification of best practices.

Relevance and Uses for Finance Professionals

The Futureproofing Ratio provides a forward-looking complement to traditional valuation metrics such as Price-to-Book and return on equity. By separating transition opportunity from transition risk at both the company and sector level, the framework enables more structured assessment of long-term value resilience.

The sector-level analysis is particularly actionable for institutional investors. Significant dispersion in Futureproofing Ratios within and across sectors highlights divergence in corporate positioning relative to environmental and social transitions, which are increasingly relevant to regulatory, reputational, and capital allocation risk.

The framework is designed to support dialogue across boardrooms, institutional investors, and policymakers. It shifts the analytical focus from backward-looking financial metrics to forward-looking transition risks and opportunities, aligned with regulatory developments such as the EU Corporate Sustainability Reporting Directive (CSRD).

For investors in resource-intensive sectors, the analysis quantifies the extent to which current financial value may be underpinned by unpriced environmental liabilities — a dimension of material risk not captured by conventional financial analysis. For companies in higher-scoring sectors such as health care and services, the Index identifies transition opportunities and supports peer benchmarking.

As coverage expands to additional European economies, the series is intended to provide a robust, credible, and comparable basis for assessing Integrated Value across borders — enabling capital allocation and decision-making grounded in long-term value rather than short-term financial performance alone.