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 66.00 price target.

Abstract
Energiekontor (EKT) has published its interim status report for Q1/26, which gives a qualitative update on business development. With 652 MW under construction or with financial close in place, project development has set another record (end 2025: 640 MW, Q1/25: 359 MW, +82% y/y). In Q1/26, the Power Generation segment (448 MW) benefitted from better wind yields and produced 193 GWh (+31% y/y). Management has confirmed 2026 EBT guidance of €40m – €60m. As the exact timing of the grid connection confirmation and the onshore wind CfD tender in the UK is still unknown, visibility for 2026 remains low but looks set to improve in coming months. The share price appreciation of the recent two months (almost +60%) reflects increased investor awareness of EKT’s strong competitive position and its attractive valuation with consensus 2027E P/E now being at 10x. An updated sum-of-the-parts valuation yields an unchanged €66 price target. We maintain our Buy rating (upside: 36%).