Scale market report: Sideways after a good run

The scale segment lacks momentum. Daldrup and Deutsche Rohstoff were among the recent frontrunners, while Pfisterer and Steyr Motors, the leaders in terms of sales, have not seen much movement. 

February 16, 2026. FRANKFURT (Deutsche Börse). The Scale All Shares small-cap index (DE000A2BLGY6) is currently in a similar situation to the DAX: it is treading water. At 1,355 points, the index is more or less at the same level as a month ago. However, its twelve-month performance is still impressive, with a gain of 19 percent. By comparison, the DAX has gained 10 percent since February 2025, while the MDAX and SDAX have gained 13.5 percent and 18.5 percent, respectively.

After a good start to the year, Steyr Motors (AT0000A3FW25), one of the top performers in the segment, is moving sideways. Following double-digit growth in 2025, the engine manufacturer delivered a strong outlook for 2026 at the beginning of the month. Steyr expects a significant increase in sales with a rising EBIT margin. “We are seeing a sustained positive trend in order intake and have high visibility until the end of 2030 thanks to an order backlog of over €300 million,” CEO Julian Cassutti explained when presenting the figures. The research firm NuWays considers the current valuation to be too low and recommends buying. The price target is €59, well above the current €44.

Daldrup: New law, new order volumes

Daldrup & Söhne shares climbed steeply this year, from €19 to over €27. They are currently still at €25.50. Over a twelve-month period, the share price has almost tripled. The background to this is the Geothermal Energy Acceleration Act passed by the Bundestag at the end of 2025, which is intended to simplify project approvals and speed up decision-making. The KfW development bank will also offer financing models for geothermal projects in the future. “This could be reflected in a significant increase in demand for geothermal projects in the order of 100 to 200 percent by 2030,” explained CEO Andreas Tönies.

Deutsche Rohstoff with “largest reserve increase in history”

Another winner is Deutsche Rohstoff AG (DE000A0XYG76) . The company's report on oil and gas reserves published at the beginning of the month plays a role here. These have risen by 46 percent – according to First Berlin, the largest organic increase in the company's history. The analysis firm recommends buying and has raised its price target significantly to €86 (previously €68), well above the current price of just under €60.