Scale Market Report: “An Attractive Platform for Ambitious New Issuers”

Due to a new law, more and more companies are moving into the scale segment. Added to this is a 12 percent gain in the index since the beginning of the year. However, the performance of individual stocks continues to vary widely.

August 17, 2026. FRANKFURT (Deutsche Börse). A wave of companies is moving to the Scale segment—driven by the Location Promotion Act, officially known as the “Act to Promote Private Investment and the Financial Center.” This legislation makes it easier to switch segments, so more and more companies from the Regulated Market are moving to the Scale segment or have already made the move.

The performance is impressive in any case. After hitting a four-year high of 1,756 points, the Scale All Shares Index stood at 1,540 points again on Monday afternoon. Since the beginning of the year, however, this still represents a gain of 12 percent. The DAX, by contrast, has gained just under 8 percent, while the MDAX and SDAX have gained just under 5 and 7 percent, respectively.

“Impressive Strength”

“After a volatile initial phase, the Scale All Shares Index has recently shown impressive strength and climbed to new highs, reflecting increased investor interest,” comments Quirin Bank. It describes Scale as “an established over-the-counter segment for companies moving up and down the market.” It also views the Location Promotion Act as the actual catalyst for the recent boom. However, Scale is by no means developing into a “gathering place for companies that tend to be in the process of delisting.” With the IPOs of companies such as Gabler, SMAG, and Pfisterer, the segment has instead proven that it can be an attractive platform for ambitious new issuers.

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Cenit AG (DE0005407100), ecotel communication (DE0005854343), FCR Immobilien (DE000A1YC913), and PEH Wertpapier AG (DE0006201403) have already moved to the Scale segment. The following companies have announced their move: automotive supplier Paragon (DE0005558696), specialty chemicals company H+R KGAA (DE000A2E4T77), and pharmaceutical company FamiCord (DE000A0BL849); most recently, Müller Die lila Logistik (DE0006214687), Swiss company Electronic AG (DE0005156236), Gateway Real Estate (DE000A0JJTG7), and InTiCa Systems SE (DE0005874846).

Deutsche Rohstoff: Beneficiary of High Oil Prices

Deutsche Rohstoff (DE000A0XYG76) remains among the winners in this segment. Over the past twelve months, its share price has more than doubled to its current level of 91.60 euros. The oil producer is benefiting from high oil prices, and its operations are also performing well. Earlier this month, the company raised its forecasts for 2026 and 2027. The research firm First Berlin continues to recommend buying the stock and recently raised its price target to 115 euros due to the expanded drilling program. MWB Research also rates the stock as a “Buy” and even sees it reaching 128 euros.

2G: 67 Percent Gain

Overall, things are also going well this year for 2G Energy (DE000A0HL8N9) and Cantourage (DE000A3DSV01). The 2G stock is projected to trade at 35 euros by the end of 2025; it currently stands at 58.50 euros. Most recently, the manufacturer of decentralized energy supply systems reported a record order intake for the second quarter. 2G is popular among research firms: SMC-Research, First Berlin, Warburg Research, and Metzler all rate the stock “Buy” with price targets ranging from 73 to 80 euros. 

Cantourage Expected to Double Its Share Price

Cantourage, a provider of medical cannabis, is currently trading at 5.72 euros; at the end of 2025, the price was 3.40 euros. “The quarterly results underscore management’s successful strategic shift: away from purely volume-driven business in the low-price segment, toward sustainably higher earnings and margin quality,” explains the research firm Montega, which recommends buying the stock and sets a price target of 10 euros. First Berlin also considers the current valuation too low and recommends buying the stock, with a price target of 11 euros. The launch of “gramz.” as the company’s first proprietary product for the German market is welcomed.