First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 79.00 to EUR 66.00.

Abstract
Energiekontor has reported 2025 figures and held an analyst conference call. EBT of €40.5m was at the upper end of adjusted guidance and 33% above our forecast. For 2026, the company is guiding for EBT of €40m to €60m, which is below the consensus estimate of €69m and our previous forecast. EKT is nevertheless sticking to its 2028 forecast of €120m EBT but says that further regulatory deterioration and market headwinds could jeopardise this target. Management proposes to double the dividend to €1.00 as net profit is roughly twice as high as in 2024. We have lowered our forecasts for 2026E and the following years to reflect increased regulatory uncertainty in EKT’s core markets UK and Germany. An updated sum-of-the-parts valuation, which takes the lowered forecasts and higher interest rates into account, yields a new price target of €66 (previously: €79). EKT is lean, agile and focussed on profitable markets. We are convinced that management will adapt to the more competitive market environment. EKT will be one of the winners of the emerging market consolidation. We confirm our Buy rating (upside: 77%).