First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 83.00 price target.

Abstract
As expected, H1 revenue, total output, and EBIT were below the prior-year levels. Operating cash flow, however, amounted to nearly €40m, significantly exceeding the H1/25 figure of €-25m .2G Energy has confirmed guidance for the current year (ca. €490m in revenue with an EBIT margin of 9.5% to 10.5%), and we anticipate a very strong H2, driven by data centre and biogas CHP order execution. 2G has raised 2027 revenue guidance to €600m – €650m (previously: €570m – €620m) and confirmed its EBIT margin forecast of >11%. The company also provided initial guidance for 2028E (revenue: €750m–€850m, EBIT margin >11%), underpinning our revenue estimate of €824m. Order intake in Q3 exceeded €400m, following just under €480m in H1, and management expects high order intake to continue in the coming quarters. We view the growth story as fully intact, supported by increased visibility. Based on unchanged forecasts, our DCF model still yields an €83 price target. We reiterate our Buy recommendation (upside: 37%).