First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 31.00 price target.

Abstract
SFC Energy has reported Q1 figures and held a conference call. Q1 figures were slightly better than we expected but below the prior year numbers, which were positively affected by the shipment of a large order (€10m) to India. Q1/25 was the second best Q1 in the history of SFC. Although the company hinted in recent months that Q1/24 was an unusually strong first quarter, investors were surprised by the weaker Q1/25 figures, and the share price took a dive. On the conference call, management pointed to significant impetus for growth to emerge from the newly acquired hydrogen fuel cell business in Scandinavia and substantial follow-up business in the defence and public security sectors. SFC confirmed 2025 guidance, and we see the company on track to deliver strong growth at high margins. An updated DCF model yields an unchanged €31 price target. We confirm our Buy recommendation. Upside: 47%.