FRANKFURT (DEUTSCHE-BOERSE AG) - The Scale segment is decoupling from the major indices to the upside. Among the primary drivers is Deutsche Rohstoff AG, a major beneficiary of rising oil prices. Other stocks are also posting significant gains.
April 16, 2026. FRANKFURT (Deutsche Börse). The micro-cap segment continues its strong run. Currently at 1,463 points, the Scale All Share has gained 6.5 percent since the start of the year - in contrast to the DAX and MDAX, which remain in negative territory. The SDAX is also underperforming with a modest gain of 2 percent. The Scale index has thus reached its highest level since the summer of 2022. However, extremely positive price developments within the segment continue to be offset by heavy losses in individual stocks.
"Deutsche Rohstoff Price Weakness as an Entry Opportunity"
Deutsche Rohstoff AG (DE000A0XYG76) continues to climb to new heights. At its peak, the share price reached 102 euros; on Wednesday morning, it stands at 95 euros, compared to less than 50 euros at the end of 2025. This is due to the rapid rise in oil prices, but also to the oil producer's aggressive expansion in the US market. Earlier this month, Deutsche Rohstoff significantly raised its profit forecast for the current year: instead of EBITDA between 115 and 135 million euros, the company now expects around 300 million euros.
Research houses consider the stock to be significantly undervalued: MWB Research has set a price target of 129 euros and recommends buying. "Any price weakness resulting from oil price pullbacks represents a compelling entry opportunity," it stated. Although First Berlin slightly reduced its price target from 139 to 124 euros last week, it maintains a clear "Buy" recommendation.
"All 2G Growth Drivers Intact"
2G Energy (DE000A0HL8N9) is also among the winners. The share price of the manufacturer of sustainable power plants, combined heat and power (CHP) units, and heat pumps climbed from 34 to 45 euros this year. The latest catalyst: strong figures for 2025. 2G continued its growth trajectory last year, increasing consolidated revenue by 6 percent to 398 million euros.
With this price surge, the price targets set by various research houses in March have now been exceeded: First Berlin had targeted 44 euros, SMC-Research 42 euros, and Metzler Capital 38.50 euros. According to SMC-Research, the pace of growth is expected to accelerate further in 2026, partly due to upcoming major orders for data centers. "We see all growth drivers as intact - data centers, German gas reserve power plant tenders, the German biogas market, Ukraine, and large-scale heat pumps," First Berlin noted.
mVISE: Still Potential?
Software developer mVISE has also performed very well recently. At the beginning of January, the stock was trading around 4.50 euros; it is now at 7.70 euros. This week, the company announced concrete negotiations regarding stakes in three software-centric companies. "The announcement marks a decisive step in mVISE's transformation from a restructured software developer into an operational 'Buy & Build' platform," NuWays explained, rating the stock a "Buy" with a price target of 10.50 euros.
Ernst Russ with "Figures that Command Attention"
The shipping company Ernst Russ (DE000A161077) has seen at least a slight upward trend since the start of the year. On Wednesday morning, the stock is trading at 7.42 euros, up from 7.04 euros at the end of 2025. "Ernst Russ AG is delivering 2025 figures that should make investors sit up and take notice," writes Nebenwerte Magazin. Despite geopolitical uncertainties and a challenging market environment, Ernst Russ significantly increased its profit while setting the strategic course for further growth. Quirin Bank has raised its price target from 11 to 12.50 euros and recommends an entry.
Pfisterer Remains in the Lead
The turnover leader in the Scale segment in March was once again power grid equipment provider Pfisterer with 56 million euros, closely followed this time by Deutsche Rohstoff AG (55.9 million euros). These were followed by market newcomer Gabler (43 million euros), 2G Energy (30 million euros), Mensch und Maschine (27 million euros), and Innoscripta (15 million euros). Steyr Motors (11 million euros), the most heavily traded stock of 2025 with a total of 450 million euros, only ranked seventh.
Sideways Movement for Defense Stocks
The Gabler Group (DE000A421RZ9), which went public in March, has remained more or less stable in a difficult market environment. The initial price was 47.20 euros following an issue price of 44 euros. Gabler is currently trading at just under 43 euros. The Lübeck-based submarine supplier manufactures underwater technologies and claims to be the European market leader in hoistable mast systems for conventional submarines. The second defense stock in the Scale segment, Steyr Motors (AT0000A3FW25), is showing slight weakness at a high level. The engine manufacturer for the defense industry went public in October 2024 at an issue price of 14 euros. The stock is now priced at 36.40 euros.
By Anna-Maria Borse © April 16, 2026, Deutsche Börse AG
(Deutsche Börse AG is solely responsible for the content of this column. The articles do not constitute an invitation to buy or sell securities or other assets.)
