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 maintained his EUR 73.00 price target.

Abstract
2G Energy’s 2025 revenue increased by 6% y/y to €398m, as previously reported, and the EBIT margin came in at 6.6%?landing at the lower end of the guidance range (6.5%–8.0%). The company also confirmed guidance for 2026E and 2027E. Projected strong revenue growth, accompanied by significant EBIT margin expansion, is solidly underpinned by a record order intake exceeding €400m in H1/26 (H1/25: €111m; 2025: €232m). For 2026, management anticipates a book-to-bill ratio of at least 2.5 based on expected New Plant segment revenue of ca. €290m. This would correspond to an order intake of at least €725m. 2G is thus indeed “ready for take-off,” as CFO Friedrich Pehle described the company’s situation in his presentation of the 2025 figures. Our forecasts remain largely unchanged, and an updated DCF model yields an unaltered €73 price target. We confirm our Add recommendation (upside: 18%).