Scale Market Report: Solid profits this year

One reason for the positive development: the rise in Steyr Motors' share price (AT0000A3FW25), driven by the arms boom. At the end of July, Steyr reported a 17.1 percent increase in sales for the first half of the year and a significant increase in orders received compared to the previous year. The company is even forecasting a sales increase of at least 40 percent for the year as a whole. The share price has fallen slightly recently. The general weakness in the sector due to faint hopes for an end to the war in Ukraine has made itself felt. The March highs of €430 remain a distant memory. However, at €52 currently, up from €13.50 at the beginning of the year, the share price has still more than tripled this year.

Pfisterer: More than double the price

Newcomer Pfisterer (DE000PFSE212) is also among the performance drivers. The power grid equipment supplier went public in mid-May at an issue price of €27, and now the share price is €58.40 – more than double the initial price. Another newcomer, Tin Inn Holding (DE000A40ZTT8), is now trading at €10.10, also well above its issue price of €6.90. Tin Inn operates hotels made from recycled shipping containers. “16 containers, 20 rooms: This is Germany's craziest hotel chain,” wrote Wirtschaftswoche magazine.
Things are a little bumpier for Innoscripta (DE000A40QVM8). The Munich-based software provider went public in May at an issue price of €120. But in June, the share price fell below €86, and now it is back up to €93.60. The company specializes in software for research and development projects.

JDC and 2G Energy with strong price gains

One of this year's clear winners is the JDC Group (DE000A0B9N37>), with its share price rising from €22 to over €30. 2G Energy (DE000A0HL8N9), a supplier of large heat pumps and combined heat and power plants for decentralized energy supply, is also experiencing a sharp upward trend. The share was still trading below 23 euros at the end of December and now costs 38.55 euros. According to SMC Research, this is still far too low. The research firm rates 2G as a “buy” with a price target of €41.50. The significant increase in order intake in the second quarter compared to the previous year documents 2G's sustained momentum, it said.

In terms of share price performance over the past 12 months, 2G Energy is currently in the best position. Daldrup & Söhne (DE0007830572), Swissnet (CH0451123589), Apontis Pharma (DE000A3CMGM5) and Exasol (DE000A0LR9G9) have also performed well since last summer, with price gains of between 41 and 84 percent.
 

Despite good figures – significant decline for TPG

Since June, however, e-commerce company The Platform Group (DE000A2QEFA1), or TPG for short, has recorded significant losses. At the end of May, the share price was almost €13, but now it is only €8.12. Yet the expansion continues: at the end of July, TPG raised its forecast for 2025. The company now expects sales of €715 to €730 million with adjusted EBITDA of €54 to €58 million, mainly due to acquisitions. However, Manager Magazin reported critically: “The Platform Group promises brilliant e-commerce margins, but internally things are boiling over: unpaid bills, chaotic conditions, and a majority owner who is expanding his control,” it said. 
Analysts see things differently: First Berlin has confirmed its buy recommendation and price target of €19 based on the latest figures – that would be more than double the current price. NuWays also recommends buying and sets a price target of €18. TPG is delivering on acquisitions, it says, as the figures show. 

Further recommendations for scale stocks

By Anna-Maria Borse © 18 August 2025, Deutsche Börse AG