First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 105.00 to EUR 93.00.

Abstract
Energiekontor has lowered 2025 EBT guidance from €70m – €90m to €30m – €40m. The reason is project delays both in the UK and Germany. This means EKT will probably sell these projects in 2026 instead of 2025. We thus lower our 2025E forecast. As we cannot rule out delays of other unrelated projects, we have cautiously left our 2026E forecast unchanged. Despite the profit warning for the current year, prospects for 2026E remain good as many German projects and some large high-margin UK projects look set to be sold next year. An updated sum-of-the-parts model yields a new price target of €93 (previously: €105). We maintain our Buy recommendation (upside: 138%).