First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal downgraded the stock to ADD and maintained his EUR 35.00 price target.

Abstract
2G Energy has presented Q1 KPIs. Total output increased by 10% y/y to €84.6m, demonstrating that the company is continuing on its growth path. As numerous projects could not yet be finalised due to customer delays in Eastern Europe, sales remained stable and EBIT decreased from €0.9m to €-3.3m. This temporary effect should already be largely ironed out in Q2. Accordingly, management confirmed guidance for 2025. With unchanged forecasts, an updated DCF model yields a stable €35 price target. After the strong share price increase of almost 40% since April, we downgrade our rating from Buy to Add, as the upside potential is now only 12%.