Scale market report: Small-cap stocks back in the lead

One benefits from the expansion of power lines, another from decentralized energy solutions, and yet another builds hotels out of shipping containers—many scale companies are impressing with their business models. This benefits the entire segment.
 

20 October 2025. FRANKFURT (Frankfurt Stock Exchange). Things continue to go well for the small-cap segment – even better than for mid-caps and large-caps. Last week, the Scale All-Share Index climbed to a new high for the year of just under 1,430 points. At midday on Monday, it still stood at 1,415 points. This represents an increase of 27 percent since the beginning of the year. The Scale All-Share has thus outperformed not only the DAX, but also the MDAX and SDAX. These indices have gained 20 percent, 17 percent, and 22 percent this year.

The strong performance is due, among other things, to the very good performance of two newcomers to the index: power grid equipment supplier Pfisterer (DE000PFSE212) and hotel operator Tin Inn (DE000A40ZTT8). Pfisterer went public in mid-May at an issue price of €27, and the share is now trading at €72.50 – more than double. Pfisterer supplies plugs and connectors for power grids. “The sales market is growing rapidly, worldwide of course, and so is demand,” writes Markt und Mittelstand, a magazine for small and medium-sized enterprises. The reason: the constantly increasing demand for electricity and the need to transmit electricity over longer distances – in Germany, for example, from the North Sea to the Swabian Alb.

Tin Inn has a highly original business concept: the company manufactures and operates hotels made from recycled shipping containers. “16 containers, 20 rooms: Germany's craziest hotel chain,” was the headline in Wirtschafts-Woche magazine. The share is currently trading at €12.50, while the issue price at the IPO in May was €6.90.

Flagship companies Steyr, Daldrup, and 2G

The share price of Steyr Motors (AT0000A3FW25), the engine manufacturer benefiting from the defense boom, has more than tripled since the beginning of the year. Although it has been moving sideways since April, the March outliers with a peak of 430 euros remain far away. However, Steyr Motors is currently still trading at €50.80, up from €13.50 at the beginning of the year.

Another driver is Daldrup & Söhne (DE0007830572), the drilling technology company from Ascheberg in the Münsterland region. The share is currently trading at €15.20, up from €9 at the end of 2024. According to the analysis firm SMC-Research, the company's overall performance in the first half of 2025 was still declining due to the usual project volatility. However, this is now set to change rapidly thanks to a record order backlog. The price target is now €18.20, and the recommendation remains “buy.”  

2G Energy (DE000A0HL8N9) is also clearly on the rise on the stock market this year. The share price of the manufacturer of efficient, decentralized energy solutions climbed from €22.80 at the end of 2024 to €33.35 today. At the beginning of September, the company reported good figures for the first half of the year. The stock is currently being scrutinized by Warburg Research, First Berlin, SMC-Research, and Metzler Capital Markets. All four recommend buying, with price targets between €39 and €41.30.

Innoscripta falls below issue price

Things are a little bumpier for the third Scale newcomer this year, Innoscripta (DE000A40QVM8). The software provider went public in May at €120, and after fluctuating between €86 and €131, it is now back up to at least €109. Innoscripta supports companies in applying for research funding, in particular research allowances.

Cantourage: Hit hard by government plans

Cantourage (DE000A3DSV01), the medical cannabis supplier, is currently being hit even harder. The share is currently trading at just €3.10, half the price it was in June. The background to this is the plans of the Federal Ministry of Health (BMG). It wants to ban initial prescriptions of medical cannabis flowers via telemedicine and introduce a ban on pharmacies shipping cannabis.

“We share the widespread incomprehension in the media and politics regarding the planned legislative changes,” explained CEO Philip Schetter. However, he expressed confidence that the upcoming parliamentary process will result in significant changes to the BMG's proposal. Cantourage is currently being evaluated by Montega and NuWays and recommended by both. The price targets of €13 and €10.50 are well above the current price.

Partec must go

Incidentally, Partec shares (DE000A3E5A34) will cease trading on the Scale segment on December 4, 2025. The reason: failure to submit annual financial statements and disregard for fundamental reporting requirements.

Further recommendations for scale stocks

By Anna-Maria Borse © October 20, 2025, Deutsche Börse AG