First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 2.30 to EUR 1.90.

Abstract
Enapter has reported preliminary 2025 KPIs. While revenue came in at the upper end of the €20m – €22m sales guidance and topped our sales forecast by 10%, EBITDA of €-18.1m was far below the €-9m to €-10m EBITDA guidance and our €-10m forecast due mainly to two one-off items. The order backlog declined ca. 16% y/y to €36m, which is still a very solid base for strong revenue growth in 2026E as management wants to convert €29m of the backlog into sales in the current year. The US/Israel war against Iran, including the near-complete closure of the Strait of Hormuz, is causing significant global macroeconomic uncertainty. Soaring oil and gas prices pose inflation and recession risks. A substantial disruption to global supply chains is possible. This, along with the low 2025 order intake prompts us to reduce our forecasts. An updated DCF model yields a new price target of €1.90 (previously: €2.30). We confirm our Buy rating (upside: 40%).