First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal upgraded the stock to BUY and increased the price target from EUR 73.00 to EUR 76.00.

Abstract
In H1/26 2G Energy received orders totaling €350m from the US alone, the vast majority of which stemmed from data centres. The largest single order exceeds €100m in value. 2G anticipates a book-to-bill ratio of at least 2.5 by year-end. Based on estimated revenue of ca. €290m for the Plants segment, this implies order intake of at least €725m. This would represent a more than threefold increase in order intake y/y (2025: €232m). We expect the data center opportunity to propel 2G into a phase of strong, highly profitable growth characterised by double-digit EBIT margins. To grasp the significance of the data center opportunity, we analyse projected growth in the data center sector and its implications for the energy industry. Reliable power supply is both a fundamental prerequisite and a potential bottleneck for this growth, which is receiving a powerful additional boost from the rapid proliferation of artificial intelligence (AI). We have slightly raised our medium-term forecasts to better reflect 2G’s datacentre opportunity. An updated DCF model yields a new price target of €76 (previously: €73). Following the share price decline in recent weeks, we upgrade our rating from Add to Buy (upside: 30%).