2G Energy Insiders Open Their Wallets as SMC Research Backs the Cogeneration Story

2G Energy is drawing two very different kinds of attention this week. On one side sits a first-half result that has bruised the share price; on the other, a broker upgrade and a pair of insider purchases that suggest confidence in the Heek-based combined heat and power specialist has not evaporated.

The stock rose 3.6% on Monday to EUR 48.96 after SMC Research lifted its rating from "Buy" to "Strong Buy" and nudged its price target up from EUR 80.00 to EUR 82.00. Analyst Holger Steffen pointed to the confirmed 2026 guidance and healthy order intake, and dismissed recent market worries about cooling momentum in the AI infrastructure boom as unfounded.

A Half-Year That Tested Patience

The upgrade lands after a difficult stretch. The half-year report, published on October 15, showed revenue of EUR 136.0 million, down from EUR 169.9 million a year earlier. EBIT collapsed to EUR 0.8 million from EUR 5.7 million, leaving a margin of just 0.6%. The release triggered a double-digit slide in the share price that day, and over the past 30 days the stock has shed 19% of its value.

Parmantier & Cie. was unimpressed. The research house reiterated its sell recommendation on October 15 with a target of EUR 39.00, citing the thin EBIT margin and an order backlog above EUR 600 million that offers no breakdown by delivery year.

Management is nonetheless sticking to its full-year targets: revenue of EUR 440 million to EUR 490 million and an EBIT margin of 9.5% to 10.5%. Hitting them will require a sharp pickup in the second half. The company is leaning on the expansion of its global service operations, a topic that brought representatives from 21 subsidiaries together at headquarters.

Insiders Buy Into the Dip

Rather than retreat, executives have been adding to their holdings. Board member Friedrich Pehle bought shares worth EUR 5,600 on October 13 through a joint account, at a price of EUR 56.00. Last Friday, a vehicle connected to supervisory board member Lukas Lenz, SHH Spring Hunter Holdings, picked up stock across several trading venues for a total of EUR 123,275.

The buying has not closed the gap to the summer peak. At EUR 47.42 in current trading, the shares remain well below the 52-week high of EUR 76.95 set on July 6, 2026 — a discount of roughly 36%.

What Comes Next

November should bring fresh direction. Third-quarter figures are due on November 23, 2026, the same day the company begins its participation in the German Equity Forum, which runs from November 23 to 25. Earlier, on October 2, 2G Energy hosted its first Capital Markets Day, where international markets, electrification and procurement took centre stage.