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 increased the price target from EUR 37.00 to EUR 38.00.

Abstract
Despite weak Q3 figures, 2G Energy’s share price has risen significantly since the Equity Forum in Frankfurt, at which CFO Friedrich Pehle presented the company’s equity story. Both the ravenous power demand of the rapidly growing data centre sector and the German biomass package offer 2G excellent growth opportunities. Further catalysts include the approved tenders for gas-fired power plants in Germany and the entry into the heat pump business. Added to this is a short-term driver – two tenders for Ukraine, which could even have a positive impact on the current year. It is thus hardly surprising that 2G has confirmed 2026 guidance (revenue: €440m – €490m with an EBIT margin of 9% to 11%). We stick to our 2026E forecast (revenue: €485m with an EBIT margin of 9.8%). If 2G wins a contract for an energy supply solution for a large data centre (>100 MW), we expect 2G to raise 2026 guidance. An updated DCF model yields a new price target of €38 (previously: €37). We confirm our Add recommendation (upside: 19%).