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

Abstract
EKT has presented excellent H1 figures. Total output increased 79% y/y to €171m on the back of strong construction activity. EBT rose 69% to €28.3m – a very strong result given that H1 is usually the seasonally weaker half-year. As EKT plans to sell further projects in the coming weeks and months, we expect the company to reach 2025 EBT guidance of €70m – €90m. Management sticks to its very positive view on EKT’s business performance in the years ahead and confirmed the 2028E EBT target of €120m. Despite the jump in the share price, the stock remains attractively valued with a consensus 2026E P/E of 9x. We have lowered our 2025 group forecast slightly to reflect the weak wind conditions in H1. We reiterate our Buy rating at an unaltered €105 price target. Upside: 115%.