BERENBERG initiates coverage and recommends buying 2G Energy share

Heek, September14, 2026 – 2G Energy AG (ISIN DE000A0HL8N9), one of the world’s leading manufacturers of sustainable power plants and combined heat and power (CHP) systems, as well as a producer of heat pumps, is now also covered by analysts at BERENBERG. In a report titled “Gassing up AI” released today, BERENBERG recommends with a Buy rating and a price target of EUR 91.00 (consensus among other analysts: Buy, price target EUR 73 to 80).

BERENBERG analyst Robert-Jan van der Horst highlights 2G’s growth potential resulting from the capacity expansion of approximately 750 MW by the end of 2027. Even now, the project pipeline – secured by down payments – offers predictability well into 2029, and the rapid utilization of the additional capacity will not only boost 2G’s revenue but also increase its medium-term profitability.

The strong growth in the new-plant segment in the data center sector would also boost highly profitable service revenue in the medium term. The biomass package (financial incentives for modernizing existing plants) also offers favorable sales prospects. As the market leader in the German biogas CHP segment with an estimated market share of approximately 30%, 2G is well-positioned to benefit from the modernization investments unleashed by the biomass package.

The expansion of a second growth area in the heat pump sector is also highlighted. Here, 2G benefits from its focus on climate-friendly refrigerants as well as on products capable of achieving very high flow temperatures (which is why 2G can serve demanding industrial and municipal applications, including high-temperature process heat and waste heat recovery). Furthermore, 2G benefits from the integration of heat pumps into its CHP offering (Green Cube solution). As a result, compared to larger manufacturers of residential heat pumps, 2G has many years of experience with more complex projects in industrial energy supply.

2G company portrait
The 2G Energy AG Group is an internationally leading manufacturer and system provider of decentralized energy supply systems. The company develops, produces and installs comprehensive solutions in the structurally growing market for highly efficient CHPs, large heat pumps and peak-load gensets. Digital grid integration and plant control for these types of energy generators, as well as service and maintenance, are further decisive performance criteria.

The product portfolio comprises three types of energy generation: CHP plants in the output range from 20 kW to 4,500 kW for operation with hydrogen, natural gas, biogas and other lean gases, large heat pumps in the range from 100 kW to 3,200 kW as well as peak-load gensets with an electrical output of 500 kW or more. CHP plants operate with efficiencies of 90 percent and more, while large heat pumps achieve efficiencies of 300 to 500 percent, depending on the general conditions. With its products and services, 2G is at the interface to a decentralized, secure and largely decarbonized energy supply. More than 10,000 2G systems have already been installed worldwide in various applications, supplying electrical and thermal energy to a wide range of customers from the housing industry, agriculture, commercial and industrial companies, energy suppliers, municipal utilities and local government authorities.

2G is positioned worldwide as a system provider for decentralized energy solutions with its combination of CHP plants, peak-load gensets and large heat pumps. The company benefits from far-reaching synergies of these plant categories, ranging from project development, procurement, production and the predominantly containerized design to the largely identical customer base and regulatory framework as well as sales channels and digital control and service.

2G is consistently expanding its technological leadership through continuous research and development work, both in power plant and pump technologies as well as in specific software development for service and maintenance activities. The digital grid integration consistently implemented by 2G is an indispensable, system-relevant element in the future electricity market design and represents a high market entry hurdle for competitors. The sector coupling required for the success of the energy transition is reflected in 2G's portfolio.

2G employs more than 1000 employees at its headquarters in Heek, Germany, in North America, as well as at six other European locations. The company is active in more than 60 countries and generated net sales of EUR 398 million in the 2025 financial year with an EBIT margin of 6.6%.

2G was founded in 1995. The shares of 2G Energy (ISIN DE000A0HL8N9) have been listed on the stock exchange market since 2007 and are included in the “Scale” segment of the Frankfurt Stock Exchange and listed in the Scale30 index.

Termine 2026
September 23    Goldman Sachs Fifteenth German Corporate Conference, Munich
September 29    Publication of preliminary financial results for the first half of 2026
October 1           1st Capital Markets Day, Heek
October 15         Publication of the 2026 Half-Year Report
November 23     Publication of Q3 2026 Revenue and EBIT
November 23–25  German Equity Forum, Frankfurt am Main

IR contact
2G Energy AG
Benzstrasse 3, 48619 Heek
Phone: +49 (0) 2568 93 47-2795
Email: ir@2-g.de
Internet: https://2-g.com/en