FRANKFURT (DEUTSCHE-BOERSE AG) – The micro companies in the scale segment are increasingly setting themselves apart from the DAX, MDAX and SDAX, at least as measured by the Scale All Share Index. The drivers include Pfisterer, Deutsche Raw Material and 2G Energy – and recently also Cantourage.
May 15, 2026. FRANKFURT (German Stock Exchange). In the small value segment, Scale, things continue to rise. The Scale All Share recently rose to 1,648 points – the highest level since 2022. This represents an increase of 20 percent since the beginning of the year. The DAX, however, moved more or less sideways during this time, with MDAX and SDAX rising by 3 percent and 5 percent.
One driver is power grid supplier Pfisterer (DE000PFSE212). The share is trading at 110.60 euros on Friday morning, a new record high. At the beginning of the year it was 75 euros, when it went public a year ago it was 27 euros. The analysis house GBC recently raised the price target from 85 to 110 euros and recommended entry. Another driver: 2G Energy (DE000A0HL8N9), the manufacturer of sustainable power plants, combined heat and power systems and heat pumps. In March the share cost around 31 euros, now it is almost 58 euros. Things are also going well for Deutsche Rohstoff AG (DE000A0XYG76). At the beginning of the year the share was trading at less than 50 euros, at its peak it was recently at 102 euros and now it is 94.50 euros. The company is benefiting from the rapid rise in oil prices and has also expanded significantly.
Cantourage leaves lows behind
Cantourage (DE000A3DSV01), the provider of medical cannabis, has also recovered significantly. The price is now at 5.66 euros after a low of 2 euros in November. The figures for the first quarter published this week were well received on the stock market: Cantourage was able to increase sales by 11 percent and improve the Ebitda margin to 10.6 percent. The analysis houses NuWays and Montega recommend buying the stock. NuWays names a price target of 10 euros, Montega 9 euros. For Montega, Cantourage’s long-term investment story is intact. The share is significantly undervalued for a high-growth platform company. Cantourage went public in November 2022, the first price was 6.48 euros.
Pfisterer further ahead
In April, the sales leader in the scale segment was once again power grid supplier Pfisterer with 67 million euros, followed again by Deutsche Rohstoff AG (60 million euros). This is followed by 2G Energy (40 million euros), Nynomic (31 million euros), Gabler (17 million euros) and Mensch und Maschinen (15 million euros). Steyr Motors is only in 9th place (8 million euros), the most traded stock in 2025 with a total of 450 million euros. Since the beginning of the year, German Raw Materials has been at the forefront, followed by 2G and Man and Machine.
Steyr stable, Gabler weak
Many large defense stocks have lost recently, see Rheinmetall, Renk and Hensoldt. Scale member Steyr Motors (AT0000A3FW25) is bucking the trend. At the end of 2025 the share cost just under 36 euros, now it is a good 37 euros. The engine builder for them Defense industry went public in October 2024 at an issue price of 14 euros. In line with the industry trend, the Gabler Group (DE000A421RZ9), which went public in March at 44 euros, recently recorded price losses. The Lübeck submarine supplier is currently trading at 37 euros.
TPG: From 12 to 2 euros
Meanwhile, the e-commerce and software company The Platform Group (DE000A40ZW88), or TPG for short, continues to decline. The share is currently trading at 2.50 euros, at its peak a year ago it was over 12 euros. The company met the annual forecast for 2025 with significant sales and earnings growth and confirmed a positive outlook for this year in April. NuWays recommends buying with a price target of 17 euros, as does First Berlin with 20 euros. “Ebitda is exploding – economies of scale are taking effect,” writes the small-cap magazine with a view to the figures for 2025. Despite aggressive expansion, the financial situation is stable. “For investors, the stock remains an exciting combination of growth and increasing profitability.”
More about this: Nebenwerte-magazin.com
New: Cenit
By the way, there has been a new Scale member since April 30th: Cenit AG (DE0005407100). The IT company has switched from the regulated market (Prime Standard) to the scale segment. “The move to the Scale segment helps to reduce regulatory and administrative burdens, while at the same time maintaining a transparent capital market presence,” the company explained. Montega and GBC recommend buying the share and name price targets of 14 and 16 euros, well above the current 6.80 euros.
By Anna-Maria Borse © May 15, 2026, Deutsche Börse AG
(Deutsche Börse AG is solely responsible for the content of the column. The contributions are not a request to buy or sell securities or other assets.)