First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal upgraded the stock to BUY and increased the price target from EUR 38.00 to EUR 44.00.

Abstract
2G Energy’s preliminary 2025 revenue grew by 6% y/y to €398m. Sales were thus at the upper end of revised guidance and 2% above our forecast. Management expects to receive orders for several major data centre projects in the near term and has confirmed 2026 guidance. We consider all growth drivers (data centres, German gas-fired reserve power plant tenders, the German biogas market, Ukraine, large heat pumps) to be intact. In our view, high natural gas prices do not act as a brake on 2G’s growth. We have slightly raised our medium- and long-term margin forecasts to better reflect future economies of scale and 2G’s increasing pricing power. An updated DCF model yields a new price target of €44 (previously: €38). We upgrade our rating from Add to Buy, as the upside potential is now 26% and exceeds our 25% threshold.