The aim of this paper is to investigate how narrative framing is utilized by HDAX companies when describing financial results. We analyzed the narratives in shareholder letters (Aktionärsbrief) and strategic reports (Lagebericht), which German companies employed to depict revenue and profit developments. In addition to focusing on negative or positive disclosure tone, as seen in previous research on English-language financial texts, we introduced an additional analysis category concerning communicated materiality, in line with the framing hypothesis of behavioral effects by users of financial reporting. Using the original texts of 89 annual reports in their native German language, we developed a domain-specific wordlists with three categories of words: (1) those used to address negative and positive developments, (2) those used to convey the manager's attitude towards reported information, and (3) those used for communicating materiality.