Scale Market Report: A good year for micro-caps
Newcomers to the scale segment Pfisterer, Innoscripta, and Tin Inn are performing extremely well. With an 18 percent increase in the Scale All-Share Index this year, the segment as a whole also has nothing to hide.
15 September 2025. FRANKFURT (Börse Frankfurt). Although the momentum has slowed, the scale segment continues to perform well overall this year. On Monday afternoon, the Scale All-Share Index stood at 1,318 points, below the previous month's figure and the high of 1,400 points reached at the end of August. However, since the beginning of the year, it is still up 18 percent – roughly the same as the DAX and MDAX. Only the SDAX is performing slightly better, with a gain of 20 percent.
The three newcomers Pfisterer, Innoscripta, and Tin Inn are among the drivers. Power grid equipment supplier Pfisterer (DE000PFSE212) went public in mid-May at an issue price of €27 and then rose above €70 in August. It is now still trading at €61.40 – more than twice as much as at the IPO. The company is also performing well operationally, with sales and earnings rising significantly in the first half of the year.
Innoscripta rises above issue price
Newcomer number two, software provider Innoscripta (DE000A40QVM8), has recently recovered strongly. It went public in May at €120, but in June the share price fell below €86. The final turnaround came in August, and the share is now trading at €127. The company specializes in software for research and development projects. Innoscripta also reported a successful first half-year in August. The third newcomer, Tin Inn Holding (DE000A40ZTT8), is now trading at €11, also well above its issue price (€6.90). Tin Inn (“We are new, we are different”) operates hotels made from recycled shipping containers.
Steyr: Share price still tripling
Steyr Motors (AT0000A3FW25), the engine manufacturer benefiting from the defense boom, has been moving sideways for some time. Although it is still a long way off its March high of €430, the share price has more than tripled this year, currently standing at €52 after €13.50 at the beginning of the year.
IBU-tec: the “hidden champion in the battery sector”?
Even though momentum has slowed recently, IBU-tec advanced materials (DE000A0XYHT5) shares, sometimes referred to as the “German hidden champion in the battery sector,” have also performed very well this year. In July, IBU-tec announced a major order from PowerCo SE in the field of LFP battery materials, and the existing cooperation is to be further expanded. In addition, the Weimar-based company plans to collaborate with the Chinese chemical group Wanhua Chemical Group Battery Technology. The share is now trading at €10.40, up from €6 at the beginning of the year.
In terms of price performance over the last twelve months, Exasol (DE000A0LR9G9), a provider of high-performance database technologies, is currently in the best position with a price increase of 67 percent. 2G Energy (DE000A0HL8N9), Apontis Pharma (DE000A3CMGM5), Daldrup & Söhne (DE0007830572), the Veganz Group (DE000A3E5ED2) and Deutsche Rohstoff AG have also performed well since last September, with price gains of between 21 and 62 percent.
Cantourage: Business is booming, but now there are new restrictions?
There are currently fears of regulatory headwinds for Cantourage, the medical cannabis supplier. The share price rose to €6.68 in June, but is now back down to €3.43. However, the research firm Montega continues to recommend buying the stock, albeit lowering its target price from €13 to €10. “While the draft bill under discussion provides for restrictions such as a ban on mail order sales, stricter rules for telemedicine, and expanded documentation requirements, the fundamental demand potential for medical cannabis in Germany remains unchanged,” the analysts explain. NuWays also continues to recommend buying and considers the share price of €10.50 to be fairly valued.
Continued high turnover for newcomers
Once again, Pfisterer was the top performer in Deutsche Börse's Scale segment in August, with a trading volume of €67 million. It was followed at a considerable distance by 2G Energy, Innoscripta, The Platform Group, Steyr Motors, and Mensch und Maschine. Since the beginning of the year, 2G, Mensch und Maschine, Deutsche Rohstoff, The Platform Group, and Verve Group (now in the General Standard) have recorded the highest sales.
Further recommendations for scale stocks
| Analyst Firm/Bank | Scale companies | Recommendation | Target price in euros | Current price in euros |
|---|---|---|---|---|
| First Berlin | 2G Energy | Add | 38.00 | 32.60 |
| SMC-Research | 2G Energy | Buy | 41.30 | 32.60 |
| First Berlin | Deutsche Rohstoff | Buy | 55.00 | 39.60 |
| First Berlin | The Platform Group | Buy | 19.00 | 9.08 |
| NuWays | The Platform Group | Buy | 19.00 | 9.08 |
| Quirin Bank | Daldrup & söhne | Buy | 20.00 | 11.75 |
| Montega | Ernst Russ | Buy | 10.00 | 6.80 |
| NuWays | Nabaltec | Buy | 18.00 | 12.90 |
By Anna-Maria Borse © 15 September 2025, Deutsche Börse AG
About the Author
Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.
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