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 66.00 to EUR 49.00.

Abstract
Energiekontor (EKT) issued a profit warning briefly after the publication of the H1 figures, which were significantly below the prior year numbers. EKT lowered EBT guidance to €5m – €10m from €40m – €60m. The reason for the profit warning is a two-year delay in the grid connection date (2031 vs 2029) for two UK projects EKT originally planned to sell this year. We reduce our 2026E forecasts accordingly. The German government has agreed on a new grid package and EEG, which is now debated in parliament. We expect a deterioration of the regulatory environment and thus also lower our forecasts for the coming years. An updated sum-of-the parts valuation yields a €49 price target (previously: €66). Despite the share price slump following the profit warning, we still believe that EKT offers appreciation potential. Its project pipeline is strong; the 800 MW UK projects in particular offer high-margin business over the next 10 years. Furthermore, the own green power plant portfolio (461 MW) will be significantly expanded in coming years and will generate strong, stable cash flows. We confirm our Buy recommendation (upside: 85%).