Scale Market Report: A Setback After a Surge

Changes to the rules have attracted more than a dozen new companies to this segment of the stock market. Recently, however, stock performance has not been as strong, even though some individual companies continue to shine.November 6, 2026. FRANKFURT (Deutsche Börse). The Scale segment is faltering. The substantial gains from the first five months have been wiped out. After hitting a four-year high of 1,756 points in early June, the Scale All Share Index stood at just 1,344 points on Friday afternoon—now showing a slight decline since the start of the year. However, there are a few outliers on the upside. Stocks like Vanea and Nynomic have also lost some ground recently, but have still more than doubled in price this year.Vanea and Nynomic Double in PriceVanea ( ) was known until recently as SCP Standard Capital Partners. The reason for the name change: the investment company’s strategic realignment toward defense technology through the acquisition of Vanea Technologies and Nocturne Technologies. The stock was trading at 1 euro at the beginning of the year; by Friday afternoon, it had risen to 2.34 euros.Things are also going very well this year for Nynomic ( ), a provider of optical measurement technology specializing in clean tech, green tech, and life sciences. After trading at 10 euros at the beginning of the year, the stock peaked at over 28 euros; it currently stands at 22.50 euros. Yesterday, Thursday, Nynomic confirmed its positive business performance for the third quarter, with a significant increase in revenue, a further improvement in the EBIT margin, and strong growth in its order backlog.Deutsche Rohstoff, Cantourage, and 2G Also Leading the WayOther top performers include oil producer Deutsche Rohstoff (DE000A0XYG76), whose share price rose from 49 to 76 euros, cannabis company Cantourage ( ), which rose from 3.40 to 5.36 euros, and 2G Energy ( ), a provider of large-scale heat pumps and combined heat and power plants, which rose from 35 to just under 44 euros.For 2G, the research firm First Berlin even considers a price of 83 euros to be appropriate and recommends buying the stock. “In addition to data centers—a very strong growth driver—the other growth drivers remain intact: mining, the German biogas market, German tenders for gas-fired reserve power plants, and the large-scale heat pump business,” the firm states. Currently bringing up the rear over a 12-month horizon are Planethic Group, The Platform Group, and Swissnet.Steyr Motors Facing a TakeoverThe biggest news in the Scale segment, however, is the takeover of Steyr Motors ( ), which has often been one of the top revenue performers since joining the segment. As early as July, takeover speculation had driven the Austrian engine manufacturer’s stock price up to 41 euros. After that, it fell again. But now things are getting serious: The U.S. drone company Red Cat now actually intends to buy Steyr. This week, Steyr’s Executive Board and Supervisory Board recommended that shareholders accept the offer. They consider the takeover price of 39 euros per share to be fair, reasonable, and attractive. This would also mean the end of its listing on the stock exchange. Currently, however, Steyr is trading below that price, at 35 euros. 2G posted the highest revenueOnce again, 2G Energy (83 million euros) led the Scale segment in revenue in October, followed by Pfisterer (49 million euros), Innoscripta (38 million euros), Steyr Motors (22 million euros), and Deutsche Rohstoff (18 million euros). Since the beginning of the year, 2G, Deutsche Rohstoff, and Mensch und Maschine have been leading the pack. Scale Segment: Now Over 50 MembersAt the same time, the wave of companies moving into the Scale segment continues. This is driven by the “Act on the Promotion of Private Investment and the Financial Center,” or the Location Promotion Act for short. This legislation facilitates the transition between segments and has caused the number of Scale members to rise to over 50. The most recent addition is the Schloss Wachenheim sparkling wine producer. Many companies have moved to the Scale segmentThose that have already moved to the Scale segment include Cenit (DE0005407100), ecotel communication ( ), FCR Immobilien ( ), PEH Wertpapier ( ), H+R KGAA ( ), Gateway Real Estate ( ), FamiCord ( ), A.S. Création Tapeten ( ), FRIWO AG ( ), H2APEX Group ( ), elumeo ( ), AGROB Immobilien ( , ( ), Schweizer Electronic ( ), Wüstenrot & Württembergische ( ), Müller Die lila Logistik ( ), InTiCa Systems SE ( ), and Schloss Wachenheim ( ). Biofrontera ( ) and 3U Holding ( ) have announced the change. Additional Recommendations for Scale StocksResearch Firm/BankScale companiesRecommendationTarget price in eurosCurrent exchange rate in eurosGBCUmweltbankBuy 8.003.67 MontegaUmweltbankBuy 8.003.67 First BerlinLaiqonBuy 8.704.56SMC-ResearchLaiqonBuy 9.004.56 GBCAdvanced BlockchainBuy2.001.15 First BerlinCantourageBuy11.005.36 Quirin PrivatbankFriwo AGBuy4.802.68 By Anna-Maria Borse © November 6, 2026, Deutsche Börse AG About the Author Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.Feedback and questions to live@deutsche-boerse.com

Scale Market Report: A Setback After a Surge

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