2025 Zürs Investor Conference

This year's event, hosted in the scenic mountain setting of the Austrian Alps, was another successful networking opportunity bringing together 100+ domestic and international investors in listed and private equity and approximately 70 leading Austrian and CEE listed and unlisted companies. The days were filled with around 1000 pre-arranged investor/company one-on-ones and small group meetings, and insightful panel discussions offering access to Austrian and CEE market expertise.

Industry leaders, including Christoph Boschan of the Vienna Stock Exchange, Stephane Houri, Head of Research at ODDO BHF, Daniela Major, President of the Romanian IR Association ARIR, and Richárd Végh, CEO of the Budapest Stock Exchange, addressed how regional exchanges can maintain relevance against global competition. With Stefan Maxian, Equity Capital Markets Director at Raiffeisen Bank International AG, acting as the panel moderator. Key takeaways included the significance of local listings for liquidity and retail demand, highlighting e.g. that retail demand accounts for more than 25% of stock exchange turnover in Hungary. The discussion also touched on strategies for attracting investors to regional markets, emphasizing the role of local pension Funds with Scandinavian countries (especially Sweden) being mentioned as European pioneers in this area.

The second panel discussion, which took place on 8 April, dealt with the question of whether European industry is falling behind in international competition. Under the moderation of Markus Remis, ODDO BHF, Gunter Deuber, Chief Analyst at Raiffeisen Bank International AG, Herbert Eibensteiner, CEO of voestalpine AG, Claudia Trampisch, CFO of AMAG Austria Metall AG, Felix Strohbichler, CFO of Palfinger AG, and Alexandru Stanean, CEO of TeraPlast SA, took part in the discussion. The discussion focused on the competitiveness of the European industry, covering aspects such as rising labour costs, particularly in Austria, and the effects of the import tariffs imposed by Trump's "America First" policy. Despite the challenges, the panel conveyed an optimistic outlook and emphasised the need for value-added products and strategic adaptation to changing market conditions.

Experts such as Gunter Deuber, Head of Raiffeisen Research, Thomas Zlowodzki, Strategist at Oddo BHF, Günther Schmitt, Head of Equities, Developed Markets at Raiffeisen Capital Management and Miro Zuzak, Chief Investment Officer at JMS Invest, explored the effects of geopolitical tensions on capital markets, including Trump’s trade policies (the discussion took place on Wednesday after a strong market correction, but before Trump's announcement of a 90-day tariff moratorium) and the potential for a global recession. 

Discussions varied, ranging from a global recession with a significant bear market to a buying opportunity based on an optimistic outcome of negotiations between various countries and the USA. From a pessimistic view, participants mentioned a potential "COVID moment" due to the halt of essential trade flows, triggered by high global uncertainty and 100%+ tariffs on goods from China, also pointing out that destocking due to weak demand could lead to a recession in the second half of the year in the USA. 

Positive voices pointed to an expected concession by the US government due to the significant market reaction, seeing potential especially in infrastructure and healthcare stocks in Europe affected by the recent price correction.

Overall, this year’s Zürs Investor Conference provided a platform for robust exchanges and strategic insights, equipping participants with the knowledge to navigate the ever-changing financial landscape.