Original-Research: 2G Energy AG (von Parmantier & Cie. GmbH): Sell

Classification of Parmantier & Cie. GmbH to 2G Energy AG

Company Name :	2G Energy AG
ISIN:	DE000A0HL8N9
Reason for the research:	Update
Recommendation:	Sell
from:	15.10.2026
Target price:	EUR 39.00
Target price on sight of:	3-6 months
Last rating change:	n/a
Analyst:	René Parmantier

2G Energy AG: 2026 Guidance Now Hinges Almost Entirely on the Second Half. PARMANTIER & CIE. Research Reiterates Sell

Half-year report shows a 0.6% EBIT margin, operating cash flow financed by customer advances, and an order backlog of over EUR 600 million with no delivery-year breakdown. SEC filings confirm Energy Vault paid a USD 17.0 million reservation fee, not a purchase-price deposit. Price Target unchanged at EUR 39.00.

Frankfurt am Main, October 15, 2026. 2G Energy AG (ISIN DE000A0HL8N9) today published its 2026 half-year report. PARMANTIER & CIE. Research has reviewed the report together with the filings Energy Vault Holdings, Inc. submitted to the U.S. Securities and Exchange Commission (SEC), and in its research update dated October 15, 2026 reiterates its Sell recommendation. The EUR 39.00 price Target is the valuation conclusion of our research model; it stands roughly 29% below the Xetra closing price of October 14, 2026 of EUR 54.85.

Key takeaways

• First-half revenue of EUR 136.0 million (prior year: EUR 169.9 million), EBIT of EUR 0.8 million (prior year: EUR 5.7 million), EBIT margin of 0.6%.
• To meet the confirmed guidance (revenue of EUR 440-490 million, EBIT margin of 9.5-10.5%), we calculate that the second half must deliver EUR 304-354 million of revenue and roughly 98% of full-year EBIT.
• The EUR 39.5 million operating cash flow rests on a EUR 123.2 million increase in received customer advances - customer pre-financing, not freely available liquidity.
• The order backlog of more than EUR 600 million is neither broken down by delivery year nor reconciled.
• For Energy Vault, SEC filings documen en-us Copyright 2026 EQS Group