The S&P/ASX 200 Index (ASX: XJO) had a good but not exceptional year. During the 12 months, the benchmark index rose 6.8% to finish at 8,714.3 points.
Unfortunately, not all shares climbed with the market.
For example, the ASX 200 shares listed below were well and truly out of form and sank deep into the red. Here's why they were the worst performers in 2025:
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HMC Capital Ltd (ASX: HMC)
The HMC share price was the worst performer on the ASX 200 in 2025 with a 60% decline. This was despite the diversified investment company delivering strong profit growth in FY 2025. The team at Morgans is likely to see this as a buying opportunity. It has a buy rating and $4.85 price target on its shares. It said: "The current price essentially implies that HMC is ex-growth with a questionable NTA – a view we do not share. So, whilst re-rating of the stock remains contingent on these elements coming to fruition, we believe it to be highly achievable over the next 12 months."
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price wasn't far behind with a decline of almost 55%. The catalyst for this was the radiopharmaceuticals company revealing that it received a Complete Response Letter (CRL) from the US Food and Drug Administration (FDA) for TLX250-CDx. It is an investigational PET2 agent for the diagnosis and characterisation of renal masses as clear cell renal cell carcinoma (ccRCC). Telix confirmed that the "CRL identifies deficiencies relating to the Chemistry, Manufacturing, and Controls (CMC) package. The FDA has requested additional data to establish comparability between the drug product used in the ZIRCON Phase 3 clinical trial and the scaled-up manufacturing process intended for commercial use." This has created doubts about future developments and also led to consensus downgrades.
IDP Education Ltd (ASX: IEL)
The IDP Education share price was out of form and crashed 54% in 2025. Investors sold off this language testing and student placement company's shares after the release of a market update. IDP Education revealed that its key destination markets continue to be impacted by policy uncertainty, which is negatively impacting the size of the international student market globally.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price was sold off and dropped 53% over the period. Investors were selling the struggling wine giant's shares after it revealed that trading conditions worsened and its performance was below expectations. The company's new CEO, Sam Fischer, said: "We are currently experiencing category weakness in the US and China, two of our key growth markets, which will impact our business performance in the near-term. Maintaining the strength of our brands and the health of their respective sales channels is of critical importance to our Management team and our Board as we navigate through the current environment."
