Scale market report: Steyr tops sales charts
With an increase of 23 percent in 2025, the Scale All Share is impressive. The drivers were stocks from the defense, power grid equipment, and battery components sectors. But some original concepts are also catching on.
January 15, 2026. FRANKFURT (Deutsche Börse). It was a good year for the microcap segment: the Scale All Share (DE000A2BLGY6) rose from 1,115 to 1,374 points over the course of the year – an increase of 23 percent. Just over a week ago, it was even close to 1,442 points – the highest level since summer 2022. On Thursday morning, it was slightly lower at 1,354 points.
The Scale segment also shows that the defense industry has shaped the 2025 stock market year in Germany: The most traded stock in the segment was Steyr Motors (AT0000A3FW25) with €450 million in turnover, as shown by Deutsche Börse's cash market statistics. The situation was similar in the DAX, MDAX, and SDAX. Last year, Rheinmetall, Hensoldt, and Renk Group were the stocks with the highest turnover.
“High planning security for Steyr”
Steyr's share price performance is also impressive: although it did not reach the speculative short-term high of €430 seen in March, it still more than doubled over the course of the year, closing at €35.80 at the end of the year. It is currently trading at €44.80. The background to the recent rise in the share price: at the beginning of the week, the engine manufacturer announced a joint venture and a new five-year framework agreement with its Asian partner Trysun. “The framework agreement gives us an exceptionally high degree of planning security through a guaranteed minimum turnover and the export of our engines from Austria to China,” explained Steyr CEO Julian Cassutti.
Pfisterer leads in sales
In December, Pfisterer (€43 million) was once again the sales leader in the Scale segment. It was followed by 2G Energy (€24 million), Steyr Motors (€19 million), Innoscripta (€13 million), and Mensch und Maschine (€11 million).
Pfisterer and Tin Inn: Share price doubles since IPO
Two of last year's newcomers to the stock market are also performing well: Pfisterer (DE000PFSE212) and Tin Inn (DE000A40ZTT8). The share price of power grid equipment supplier Pfisterer, which went public in May at €27, had already more than doubled by the end of 2025. Last week, it reached a new high of over €84 and is currently still trading at €65.
The price of Tin Inn (DE000A40ZTT8) climbed above €21 in December, tripling from its issue price of €6.90. However, the company, which builds hotels from old shipping containers (“Germany's craziest hotel chain”), has recently caused uncertainty: the management board canceled the planned issue of a secured corporate bond. The share price fell to €14, but is now back at €16.50.
IBU-tec advanced materials (DE000A0XYHT5) is also among the top performers. The battery material manufacturer's share price jumped sharply in mid-October from below €10 to a peak of €26.80. It is currently trading at €22.
“2G with excellent growth opportunities”
The year was somewhat bumpier for combined heat and power plant and large heat pump manufacturer 2G Energy (DE000A0HL8N9). First, it fell from almost €40 to €26, but now it is back up to €34. The company reported a decline in sales for the third quarter, but things should pick up again starting in the fourth quarter. Various analysts recommend buying the stock, specifically SMC Research, First Berlin, Warburg Research, and Metzler Capital. They all cite price targets of around €40. “Both the energy hunger of the rapidly growing data center sector and the German biomass package offer 2G excellent growth opportunities,” explains First Berlin, for example.
PTG: Switch to registered shares
For The Platform Group (TPG), however, 2025 was a difficult year. Between the beginning of 2024 and April 2025, the share price had doubled to a peak of €12.70. Now, however, it is back down to €4.85. The company, which focuses heavily on acquisitions, has made headlines. Among others, Manager Magazin reported on problems – including possible delayed insolvency at a former subsidiary. As of January 8, TPG shares were converted to registered shares with a new ISIN (DE000A40ZW88). “The measure strengthens the transparency of the shareholder structure, modernizes capital market processes, and supports direct and efficient shareholder dialogue,” the company explained.
It is now also clear when Cliq Digital (DE000A35JS40) will leave the Scale segment. Trading of Cliq shares in the Scale segment will be discontinued on March 23, 2026. However, the shares can continue to be traded via Xetra after that date.
Further recommendations for scale stocks
| Analytical firm/bank | Scale companies | Recommendation | Target Price in Euros | Current Price in Euros |
|---|---|---|---|---|
| NuWays | Cantourage | Kaufen | 10,15 | 3,52 |
| NuWays | mVise | Kaufen | 12,80 | 4,52 |
By Anna-Maria Borse, January 15, 2026, © 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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