$2GB (-2,2%)

- Publication of preliminary FY25 figures postponed from May 21 to mid-June

- Reason: ERP closing routines at new production company "2G Heek GmbH" take longer than expected

- Company emphasizes close coordination with auditors

The analysis of the $2GB (-2,2%) (ISIN: DE000A0HL8N9) reveals a company that has positioned itself at the interface between traditional mechanical engineering and modern energy technology. At a time when the global energy supply is facing the dual challenge of decarbonization and security of supply, decentralized combined heat and power (CHP) is one of the key bridging technologies. This report examines the company from the perspective of a savvy investor seeking not just short-term returns, but the potential for long-term value multiplication.

The evolution of the business model: from components to system solutions

Since its foundation in 1995, the fundamental business model of 2G Energy AG has evolved from a pure manufacturer of combined heat and power plants (CHP) to an integrated provider of system solutions for decentralized energy supply. The core of this model is based on the highly efficient simultaneous generation of electrical energy and usable heat directly at the point of consumption.

A combined heat and power plant uses the principle of cogeneration to convert primary energy - usually in the form of gas - into electricity, whereby the resulting waste heat is not released into the atmosphere unused, but is used for heating or process heat purposes. This leads to overall efficiencies of often over 90 %, which means primary energy savings of up to 40 % compared to the separate generation of electricity in a large power plant and heat in a boiler.

2G covers a broad performance spectrum, which is divided into three main series: The compact g-box, with an electrical output of 20 to 50 kW, primarily serves hotels, residential complexes and clinics with natural gas or biogas. The agenitor series with 75 to 450 kW forms the backbone for medium-sized industry and agriculture and is already optimized for the use of hydrogen. For large-scale industrial applications, municipal utilities and data centers, the avus series offers outputs from 500 to 4,500 kW.

Strategic expansion through large heat pumps and demand response

A decisive step in safeguarding the business model against regulatory changes in Europe, such as the German Building Energy Act (GEG), was the addition of large heat pumps to the portfolio. These achieve efficiencies of 300 % to 500 % and can be operated as hybrid systems in combination with CHP units. In such scenarios, the CHP unit takes over the base load and the power supply to the heat pump at times of high grid load, while the heat pump supplies highly efficient heat when there is an oversupply of cheap electricity from renewable sources. In addition, 2G addresses the market for "demand response" - i.e. the provision of capacity that can be called upon at short notice to stabilize the grid, which is particularly relevant in volatile electricity systems.

The future market of hydrogen

2G is regarded as a global pioneer in hydrogen CHP technology. The first plant that can run on 100% hydrogen was commissioned back in 2014. The special technological feature is that the gas engine modified by 2G has hardly any loss of efficiency compared to natural gas operation. The retrofit concept ("H2-Ready") is important for investors here: customers can invest in a natural gas system today and convert it to hydrogen later at a manageable cost as part of a regular general overhaul.

Management and personnel continuity: a generational change

For an investor, the quality and integrity of the management is a key factor. At 2G Energy, this aspect is underlined by a high proportion of ownership by the founding families and a carefully planned generational change. Pablo Hofelich was appointed CEO on June 12, 2025, having previously sharpened the sales strategy as Chief Sales Officer. Hofelich has extensive experience in international large-scale plant construction, including management positions at Hitachi Power and Thyssenkrupp.

Friedrich Pehle has been CFO since 2017 and is responsible for the financial structure, while Frank Grewe has been CTO and head of technological development since 2007. The shareholder structure underlines the enormous "skin in the game": co-founder Christian Grotholt holds 29.6% of the shares, while co-founder Ludger Gausling controls a further 15.5%. Together with institutional investors such as Berenberg (1.63%) and a free float of around 47.5%, this results in a stable basis that favors long-term thinking over short-term quarterly optimization.

The moat: Why 2G is hard to displace

An analysis of the moat shows that 2G Energy has powerful defenses. The most important anchor is the global service network with over 9,000 installed systems. The service share of sales is around 45 % and is significantly more profitable than the new system business. As CHP systems are highly complex, customers are prepared to enter into long-term full maintenance contracts, which leads to high replacement costs.

Added to this is the digital advantage provided by the "I.R.I.S." system (Intelligent Realtime Information System), which enables cloud-based monitoring, allowing 78% of all faults to be resolved online. This efficiency is a massive competitive advantage over smaller competitors. In addition, the strict regulatory certification processes for decentralized energy feed-in act as a natural barrier to market entry.

Financial analysis: growth, margins and resilience

The financial performance demonstrates a solid operational basis. Over the past ten years, turnover has grown by an average of 11% per year. In 2021, turnover was still at EUR 266.4 million with an EBIT margin of 6.7 %. By 2023, this figure had risen to EUR 365.1 million with a margin of 7.6 %. The year 2024 marked a preliminary peak with sales of EUR 375.6 million and an EBIT margin that improved to 8.9% (earnings per share: EUR 1.32).

For the transition year 2025, sales of between EUR 380 million and EUR 400 million are expected with a reduced margin of 6.5% to 8.0%, which is mainly due to a complex ERP software changeover and delayed orders from Ukraine. However, the big leap is forecast for 2026: Targeted sales of EUR 440 to 490 million with an EBIT margin of up to 11% and earnings per share of around EUR 2.00. With an equity ratio of over 50% and an almost debt-free position, 2G has an extremely solid balance sheet.

Critical review: risks and challenges

No investment is without risks. The market for CHP is highly dependent on political framework conditions such as the GEG or the Combined Heat and Power Act. A one-sided political focus on pure electrification without CHP backup could limit the potential. In addition, the current problems with ERP implementation show that internal processes must keep pace with rapid growth. Finally, 2G is competing with global heavyweights such as Caterpillar or INNIO Jenbacher, which have significantly greater financial resources, for major projects.

Summary and investment verdict: the multiplier potential

The analysis leads to the conclusion that 2G Energy is one of the most attractive German quality stocks in the energy transition sector. With an expected P/E ratio for 2026 of around 16 to 17, the share is not expensive in relation to the forecast earnings growth. The potential for a significant increase in value comes from scaling in new markets such as data centers, margin expansion through the service business and a possible revaluation as an "H2 enabler".

For private investors, the current share price slump due to the operational challenges in 2025 offers an excellent entry opportunity before the expected growth spurt begins in 2026. The risk/reward ratio can be classified as excellent due to the company's technological market leadership and financial stability.

Find $2GB (-2,2%) mega exciting. Has been running in the savings plan for a few months.

There are five potential megatrends from which 2G Energy should benefit in the short and medium term: Biomass, heat pumps, gas reserve power plants in Germany, the reconstruction of Ukraine and data centers - especially in the USA. The already well-filled order books should therefore continue to grow. The outlook is set and the share is working on continuing the trend.

AKTIONÄR readers know: With its combination of CHP systems, large heat pumps and peak load gensets, 2G Energy, as a system provider for decentralized energy solutions, is already energizing its customers. Accordingly, the company recorded considerable incoming orders in the fourth quarter of 2025. More details can be found here.

With the current water level reports on the order situation, the Management Board confirms the forecast for 2026 with sales of EUR 440 to 490 million and an EBIT margin of 9.0 to 11.0%.

Good morning dear community.

As things have become a little more uncomfortable on the stock market recently, I'm wondering where there are now good opportunities to invest money in good, profitable companies.

Which stocks do you have on your radar?

For me it is among others in the USA

$AMZN (-0,22%)

$MSFT (-0,73%)

$GOOGL (-0,18%)

$NOW (-2,39%)

$NFLX (+3,05%)

In Europe

$2GB (-2,2%)

$WKL (-1,15%)

$ASML (-2,59%)

$DB1 (+1,03%)

These are just a few examples.

What else could you add?

Best regards 💥🗡️

$2GB (-2,2%)

The analysts at First Berlin and SMC Research have a positive view of the 2G Energy share despite weak figures for the third quarter. Both research houses see the company's long-term growth opportunities intact and have raised their price targets. First Berlin confirms its ADD recommendation and raises its target price by one euro to EUR 38, while SMC Research rates the share as Buy and sets a target price of EUR 40, up from EUR 39.

First Berlin emphasizes that 2G Energy is benefiting from the increasing demand for modular gas-fired power plants, which can be realized more quickly than large power plants. In addition, two tenders for Ukraine could have a positive impact on the current year. The forecast for 2026 with sales of EUR 440 to 490 million and an EBIT margin of 9 to 11 percent was confirmed by the company. Should 2G Energy be awarded the contract for a large data center with more than 100 megawatts, the forecast for the coming year could be raised.

SMC Research sees the decline in the third quarter as temporary and points to the record order backlog of EUR 250 million. Growth prospects remain strong, particularly through the marketing of large heat pumps and projects in the data center sector. The Ukraine orders could reach a volume of EUR 15 to 30 million in 2026, which further supports the forecasts.

https://www.4investors.de/nachrichten/boerse.php?sektion=stock&ID=187201

$2GB (-2,2%)

- Sales slump to € 58.4 million (previous year: € 86.8 million, -33%) - expected delays due to biogas approvals & ERP changeover.

- New installations: € 30.2 million (-30%).

- Service DE: € 28.3 million (-36%) - ERP slows down processes.

- EBIT: € -0.9 million instead of € +4.9 million.

- Order backlog: record at ~€250m.

- Q4 outlook: Catch-up effects + normalization in service expected.

- North America: Strong momentum, growing demand from data center & power plant projects; new rental JV to start in 2026.

Key message:

Weak Q3, but full pipeline and structural demand boom ensure clear growth spurt from Q4 onwards.

After yesterday's somewhat stronger correction, here is the explanation:

$2GB (-2,2%)

2G Energy AG adjusts the forecast for the current financial year 2025 for sales and EBIT margin.

• Sales forecast reduced to EUR 380 to 400 million (previous forecast EUR 430 to 440 million), but growth of up to 7 percent compared to the previous year remains.

• The temporary dip is due to a delay in incoming orders in Eastern Europe and a temporarily impacted service volume as a result of the ERP changeover in Germany.
• A reduced EBIT margin of 6.5 to 8.0% (previously 8.5 to 9.5%) is expected due to the lack of sales volume and one-off expenses in the ERP project.

• Incoming orders in the third quarter outside Ukraine exceed the previous year's quarter by 30%.

• Outlook remains optimistic: growth forecast for 2026 unchanged (sales EUR 440 to 490 million, EBIT margin 9.0 to 11.0%).

• Concrete projects in the newly addressed data center market in Europe and North America and, in particular, the German biomass package secure growth for 2027 and subsequent years

Small additional purchase of $2GB (-2,2%) after today's setback. Solid company with future potential 🔮

Share price slump due to:

Despite a 10% increase in sales to € 84.6 million, EBIT slips to € -3.3 million. Reason: project delays, especially in Eastern Europe - many sales are postponed to Q2/Q3. 📊

Tomorrow there will be $2GB (-2,2%) quarterly figures, followed by a substantial sell-off today. 💸

I am currently still up 30%, still believe in the company and think there is still room for improvement. 📈

Nevertheless, just out of interest: are any of you invested? What do you think? Tomorrow rather lousy or more popping gas? The current order situation seems to be quite stable.

$2GB (-2,2%)

The combined heat and power plant and large heat pump manufacturer 2G Energy has received more orders in recent months. After a good financial year in 2024, the dividend is set to increase significantly.

The company from Heek in Münsterland increased its turnover last year by just under 3 percent to 375.6 million euros. Net profit climbed by almost a third to 23.7 million euros due to a significant improvement in the cost of materials ratio.

2G Energy grew in all markets except Germany in 2024. Sales increased particularly strongly in North and Central America, where revenue rose by 71% to the equivalent of EUR 34.8 million. With a volume of 110 million euros, the new installations business abroad exceeded sales in Germany (97.3 million euros) for the first time.