First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 115.00 to EUR 125.00.

Abstract
Q2/26 results showed a 52.8% increase in revenue to €66.1m (Q2/25: €43.2m), while EBITDA came at in at €79.2m (Q2/25: €27.3m). The results benefitted from a 23.5% increase in oil volume, a 38.9% increase in the realised oil price after hedging, and a profit on the sale of Almonty shares of €31.3m. The H1/26 gain on Almonty shares was €128.5m and so far in Q3/26 DRAG has booked an additional gain of €33.7m. Clean of the Almonty gain Q2/26 EBITDA was €47.9m (Q2/25: €27.3m) equivalent to a margin of 72.4% (Q2/25: 63.0%). Q2/26 volume growth was boosted by production from nine new gross wells which came on line from mid-May onwards. DRAG is planning to bring another 23 gross wells into production by the end of this year, thereby raising H2/26 production to 24,000 – 26,000 boepd. The 25,000 boepd mid-point of this figure is 85% above the H1/26 production figure of 13,501 boepd. Guidance for FY/26 sales and EBITDA is unchanged at €300m-€320m and €380m-€400m respectively. The corresponding figures for FY/27 are also unchanged at €320m-€340m and €240m-€260m respectively. We have raised our price target from €115 to €125 to reflect a 6% increase in the average level of the oil futures strip over the next three years, and a 20% rise in the value of DRAG’s remaining holdings in Almonty securities since our most recent study of 10 August. We maintain our Buy recommendation (upside: 46%).