First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his ADD rating and decreased the price target from EUR 38.00 to EUR 37.00.

Abstract
2G Energy has lowered revenue and EBIT margin guidance for 2025. The company is now planning for revenue of €380m to €400m (previously: €430m to €440m) and an EBIT margin of 6.5% to 8.0% (previously: 8.5% to 9.5%) for the current year. The reasons for the downward revision are order postponements in Eastern Europe, lower service revenues due to the conversion of the ERP system, and one-off costs from the software conversion. 2G has confirmed 2026 guidance (revenue: €440m to €490m, EBIT margin: 9% to 11%). We believe that the problems caused by the ERP conversion in the service area are temporary. In the CHP plant business, we consider the key growth drivers (international data centre business, German biomass package) for 2026E to be intact. We have lowered our 2025E estimates but stick to our 2026E forecast. An updated DCF model yields a new price target of €37 (previously: €38). We confirm our Add recommendation (upside: 24%).