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 93.00 to EUR 79.00.

Abstract
Despite the October profit warning for 2025, we remain confident that Energiekontor (EKT) will show profitable growth in 2026E and 2027E due to the extraordinarily strong operating performance this year. 628 MW of wind and PV plants are currently under construction (end 2024: 368 MW, +71%). This is a very strong basis for rising revenue and earnings in the future. Furthermore, the own plant portfolio will grow from 448 MW to 648 MW by the end of 2027 delivering rising and recurring cash flows from the sale of power. However, we lower our 2026E forecast to reflect the risk of further delays in the sale of Scottish projects. The good news is that the UK regulatory body very recently confirmed that the grid connection reform process is finalised. This means that approved projects such as EKT’s will receive earlier grid connection in the future. We anticipate further margin pressure due to the significant increase in tendered onshore wind volumes in Germany. Although we believe that EKT, with its focus on reducing project development costs, is well-prepared for this, we have trimmed our medium-term growth and margin assumptions. An updated sum-of-the-parts valuation yields a price target of €79 (previously: €93). We confirm our Buy recommendation (upside: 129%).