2G Energy's Order Intake Explodes on US Data Center Demand — But the Share Price Is Telling a Different Story
Published on 08/04/2026 at 17:02 | Redaktion boerse-global.de
The numbers coming out of 2G Energy would normally be cause for unqualified celebration. New orders hit €422.4 million in the second quarter of 2026, a near-sevenfold jump from the €54.1 million recorded a year earlier. The driving force behind that surge is unmistakable: the US data center segment alone contributed €350.3 million, as the AI infrastructure buildout continues to fuel an insatiable appetite for decentralized power generation.
For the first half of 2026, total order intake reached €479.4 million, up from €110.7 million in the same period last year. And the company points to additional reservations in the triple-digit millions that could still convert into firm orders during the second half of the year. If that materializes, the current growth trajectory may not yet have peaked. Outside North America, the picture was also encouraging — order intake outside the US rose 57 percent to €72.1 million in the second quarter, with the German biogas business climbing 74 percent to €37.9 million.
Management has responded to the strong order momentum by sharpening its guidance. Revenue for 2026 is now expected to land at around €490 million, at the upper end of the previously communicated range, with an EBIT margin of 9.5 to 10.5 percent. Looking further ahead, the company targets revenue between €570 million and €620 million in 2027, accompanied by an EBIT margin above 11 percent. Deliveries of the large orders booked in the second quarter are slated to begin in the fourth quarter of 2026, with milestone payments tied to the handover of each power plant container.
The order boom is not being treated as a one-off windfall. 2G Energy has announced plans to build an additional assembly hall at its headquarters in Heek, with the expansion expected to support at least €300 million in additional annual revenue from early 2028 onward. That investment signals the company views the current wave of demand as structural rather than cyclical.
Should investors sell immediately? Or is it worth buying 2G Energy?
The share price, however, has not been cooperating. Despite the record figures, the stock closed at €57.00 on Monday, down 2.31 percent on the day, and sits roughly 26 percent below its 52-week high. Over the past month, the shares have shed significant ground, even as the order book has swelled. The pattern suggests investors are locking in profits after a strong run, while the market digests the details around delivery timelines and margins on the large contracts.
The current price of €58.10 reflects a gain of 1.93 percent on the day, but the 30-day picture remains negative, with the stock down 13.73 percent over that stretch. The shares had initially rallied on the record numbers before entering a consolidation phase. Year-to-date, the performance remains clearly positive.
Analysts were already warming to the story before the latest figures landed. First Berlin reaffirmed its "Add" rating with a price target of €73.00 on July 9, citing a "ready for take-off" scenario driven by AI-related demand in the data center segment. Insider buying by management and supervisory board members during July — executed during the share price consolidation — has added to the sense that those closest to the company believe in the growth narrative.
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Several key dates now dot the calendar for investors. The annual general meeting takes place in Ahaus on August 19, where a dividend of €0.21 per share is proposed. The company will present at the Berenberg and Goldman Sachs German Corporate Conference in late September, followed by the release of preliminary first-half results on September 29. A first Capital Markets Day at the Heek site on October 1 should provide further clarity on the medium-term strategy.
The central question between now and then is straightforward: how many of those triple-digit million reservations convert into binding orders, and whether the US data center momentum can be sustained into the second half.
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