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 35.00 to EUR 38.00.

Abstract
2G Energy has reported strong H1 figures that exceeded our forecasts. Revenue grew by 30% y/y to €170m and EBIT by 39% to €5.7m. A strong order intake (+19% y/y) confirms that growth drivers remain intact, and a high order backlog of €220m ensures full capacity utilisation until mid-2026. Accordingly, management has confirmed guidance for 2026, but has narrowed 2025 guidance to the lower half of the previous guided range. The reason for this is the delay in the EU’s approval of the EEG under state aid law. We have therefore lowered our forecasts for 2025E. The shift in sales and the additional growth potential resulting from the large heat pump business and demand from data centres for reliable energy solutions have prompted us to raise our estimates for the following years. An updated DCF model yields a new price target of €38 (previously: €35). Following the sharp rise in the share price in recent months, we consider the stock to be largely fairly valued and confirm our Add recommendation (upside: 10%).