2G Energy: First Berlin Flags Execution Risk as Order Book Stretches to Mid-2028
Published on 10/28/2026 at 11:02 | Editorial boerse-global.de
First Berlin Equity Research has singled out the on-time execution of 2G Energy's order backlog as the key risk facing the combined heat and power specialist, even as it reaffirmed its bullish stance on the stock. In a note issued Monday, the research house kept its buy rating and a price target of 83.00 EUR, pointing to intact growth drivers and order capacity extending to mid-2028.
The endorsement lands alongside a pair of insider disclosures and a looming operational update, giving investors plenty to weigh as the year draws toward its close.
Cash Generation Backs the Bull Case
Underpinning First Berlin's confidence is a balance sheet that is throwing off cash. The analysts highlighted free cash flow of 30.2 million EUR and a net cash position of 17.7 million EUR. Among the growth engines they identified are data centres, demand for which has become a recurring theme in the decentralised energy space.
The note also served as a validation of the company's interim figures. First Berlin described the final half-year numbers, published on 15 October, as a confirmation of the preliminary results released earlier.
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A Second Half That Carries Almost All the Weight
Not everyone on the sell side shares that comfort. Parmantier & Cie laid out the scale of the challenge on 15 October, calculating that 2G Energy would need to generate roughly 98% of its planned full-year EBIT in the second half of 2026 to hit its confirmed annual guidance. The house reiterated its sell recommendation with a 39.00 EUR target. According to media reports, that call triggered the pronounced share price slide at the time — an attribution that stems from press coverage rather than from 2G Energy itself.
The split screen is stark: an 83.00 EUR bull case against a 39.00 EUR bear case, with the timing of profit recognition sitting at the heart of the disagreement.
Pareto Turns Buyer, First Berlin Holds Firm
The bullish camp has gained company. Pareto Securities upgraded the shares to "Buy" about a week ago, according to media reports, setting a 62.00 EUR target. The broker cited improved growth prospects and demand for decentralised power supply for data centres. Where Pareto changed its rating, First Berlin's Monday note merely restated an existing buy call — meaning the growth drivers and order capacity it cites are the research firm's own assessment.
Price action offered little clarity on cause and effect. The stock climbed 7.1% in the previous session, though no link to the analyst commentary has been established.
Insider Buying Adds a Second Signal
Filings from the ownership side arrived mid-month. SHH Spring Hunter Holdings GmbH, a company closely tied to supervisory board member Dr. Lukas Lenz, purchased 2G Energy shares on 16 October across three reported transactions. The mandatory disclosures were published on 19 October.
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The filings detail the scale: one notification lists 500 shares at 47.02 EUR apiece, an aggregate volume of 23,510.00 EUR. A separate disclosure from the same entity, also published on 19 October and covering purchases made on 16 October, shows an aggregate volume of 48,400.00 EUR at a price of 48.40 EUR per share.
Service Network Gears Up for Growth
Behind the numbers, the company has been busy strengthening the business that keeps its installed fleet running. On 9 October, service managers from 21 subsidiaries gathered at the Heek headquarters for the Service Manager Days. The agenda centred on aligning the global service operation and on measures to support its expansion.
Investors will get their next hard data point on 23 November, when 2G Energy is scheduled to report revenue and EBIT for the third quarter of 2026, together with an update on business performance.
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