FRANKFURT (DEUTSCHE-BOERSE AG) - Micro-caps in the Scale segment are increasingly distancing themselves from the DAX, MDAX, and SDAX, at least when measured by the Scale All Share Index. Key drivers include Pfisterer, Deutsche Rohstoff, and 2G Energy - and more recently, Cantourage.
May 15, 2026. FRANKFURT (Deutsche Börse). The upward trend continues in the Scale micro-cap segment. The Scale All Share recently climbed to 1,648 points - its highest level since 2022. This represents a 20 percent gain since the start of the year. In contrast, the DAX has traded more or less sideways during this period, while the MDAX and SDAX rose by 3 percent and 5 percent, respectively.
One primary driver is power grid equipment provider Pfisterer (DE000PFSE212). The stock was trading at 110.60 euros on Friday morning, a new record high. At the beginning of the year, it stood at 75 euros, compared to 27 euros at its IPO a year ago. The research house GBC recently raised its price target from 85 to 110 euros, issuing a buy recommendation. Another driver is 2G Energy (DE000A0HL8N9), the manufacturer of sustainable power plants, combined heat and power (CHP) units, and heat pumps. In March, the stock was priced around 31 euros; it has now reached nearly 58 euros. Deutsche Rohstoff AG (DE000A0XYG76) is also performing well. Trading below 50 euros at the start of the year, the stock peaked recently at 102 euros and is currently at 94.50 euros. The company is benefiting from the rapid rise in oil prices and has also expanded aggressively.
Cantourage Leaves Lows Behind
Medical cannabis provider Cantourage (DE000A3DSV01) has also seen a significant recovery. The share price now stands at 5.66 euros, up from a low of 2 euros in November. First-quarter figures released this week were well-received by the market: Cantourage increased revenue by 11 percent and improved its EBITDA margin to 10.6 percent. Analysts at NuWays and Montega recommend buying the stock. NuWays sets a price target of 10 euros, while Montega targets 9 euros. For Montega, Cantourage's long-term investment story remains intact, suggesting the stock is significantly undervalued for a high-growth platform company. Cantourage went public in November 2022 with an initial price of 6.48 euros.
Pfisterer Remains in the Lead
In terms of turnover, Pfisterer was again the leader in the Scale segment in April with 67 million euros, followed once more by Deutsche Rohstoff AG (60 million euros). These were followed by 2G Energy (40 million euros), Nynomic (31 million euros), Gabler (17 million euros), and Mensch und Maschine (15 million euros). Steyr Motors (8 million euros), the most traded stock of 2025 with a total of 450 million euros, only ranked ninth. Year-to-date, Deutsche Rohstoff leads the field, followed by 2G and Mensch und Maschine.
Steyr Stable, Gabler Weak
Many major defense stocks have recently lost ground, including Rheinmetall, Renk, and Hensoldt. Defying this trend, Scale member Steyr Motors (AT0000A3FW25) has held its own. At the end of 2025, the stock was priced at just under 36 euros; it now stands at over 37 euros. The engine manufacturer for the defense industry went public in October 2024 at an issue price of 14 euros. In contrast, the Gabler Group (DE000A421RZ9), which went public in March at 44 euros, has recently followed the sector's downward trend. The Lübeck-based submarine supplier is currently trading at 37 euros.
TPG: From 12 to 2 Euros
Meanwhile, the downward spiral continues for e-commerce and software company The Platform Group (DE000A40ZW88), or TPG. The stock is currently trading at 2.50 euros, down from a high of over 12 euros a year ago. This comes despite the company meeting its 2025 annual guidance with significant revenue and earnings growth and confirming a positive outlook for this year in April. NuWays recommends a buy with a price target of 17 euros, as does First Berlin with 20 euros. 'EBITDA is exploding - economies of scale are taking effect,' writes Nebenwerte-Magazin regarding the 2025 figures. Despite aggressive expansion, the financial situation remains stable. 'For investors, the stock remains an exciting combination of growth and increasing profitability.'
More at: nebenwerte-magazin.com
New Addition: Cenit
As of April 30, there is a new member of the Scale segment: Cenit AG (DE0005407100). The IT company moved from the regulated market (Prime Standard) to the Scale segment. 'The move to the Scale segment helps reduce regulatory and administrative burdens while ensuring a transparent capital market presence continues,' the company explained. Montega and GBC recommend buying the stock, setting 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 this column. The articles do not constitute an invitation to buy or sell securities or other assets.)
