First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 22.00 to EUR 31.00.

Abstract
SFC Energy has raised 2026 guidance following a record €43m defence order from Ukraine financed by the German government. We believe that this order is the start of a long-lasting business relationship with Ukraine and thus a gamechanger for SFC’s defence business. The new AEBIT guidance is significantly above the old one (midpoint: +77%) as defence is a high-margin business and the scale of the order offers operating leverage. Q1 figures showed lower revenue as capacity was reserved for the Ukraine order, but higher profitability (adjusted EBITDA margin of 18.0% versus 16.4% in Q1/25). We have increased our forecasts for 2026E and the following years to reflect SFC’s much improved prospects in the defence sector. An updated DCF model yields a new price target of €31 (previously: €22). We maintain our Buy recommendation (upside: 50%).