2G Energy's 275 MW US Order Reshapes Guidance, but Deliveries Won't Start Until Late 2027

2G Energy raised 2027-28 revenue targets after Q3 order intake topped EUR 400 million, driven by a 275 MW Energy Vault contract.

2G Energy used its capital markets day in the Westphalian town of Heek on Thursday to give investors a closer look at how it intends to execute a 275-megawatt order from US-based Energy Vault — a contract that has already reshaped the company's medium-term targets even though the hardware will not ship for years.

The stock traded at EUR 61.30 on the day, up 0.8%, a modest move that masks a far larger advance: since the start of the year, the shares have gained 74%. The equity remains above its 50-day moving average of EUR 57.63.

Order Intake Tops EUR 400 Million Again

The backdrop to the investor meeting was a strong third quarter. On Tuesday, the management board reported order intake of more than EUR 400 million, a figure driven in large part by the Energy Vault contract for energy infrastructure serving data-centre and AI customers in the United States. Energy Vault has already paid a deposit in the mid-double-digit millions of euros.

The catch lies in the timeline. Deliveries under the project plan are scheduled to begin in the fourth quarter of 2027 and run through the third quarter of 2028 — a stretch that has become the central point of contention among analysts.

Guidance Raised Through 2028

Confidence in the pipeline prompted 2G Energy to lift its medium-term outlook. Revenue for fiscal 2027 is now targeted at EUR 600 million to EUR 650 million, up from a previous range of EUR 570 million to EUR 620 million. For the first time, the company also issued a 2028 forecast, projecting sales of EUR 750 million to EUR 850 million.

For the current year, 2026, the existing guidance was left in place. Management expects full-year revenue at the upper end of the range at EUR 490 million, alongside an EBIT margin of 9.5% to 10.5%.

Preliminary first-half 2026 figures showed total output of EUR 184.0 million and EBIT of EUR 0.8 million. The complete half-year report is due on October 15, a date market participants are watching for clearer evidence on profitability.

A Split Analyst Bench

The research community has drawn sharply different conclusions from the same set of facts. First Berlin Equity Research raised its price target to EUR 83.00 from EUR 76.00 on September 24 and reiterated its buy rating, citing improved visibility on future revenue following the Energy Vault order.

Parmantier & Cie. took the opposite view. On September 25, the research house reaffirmed a sell rating with a price target of EUR 39.00, pointing explicitly to the fact that deliveries will not begin until late 2027 and will extend into autumn 2028.

Insider Buying Signals Board Confidence

While the analysts argued, members of the management board put money to work. Board member Friedrich Pehle acquired shares worth EUR 11,800.00 through a joint account on Tuesday. Fellow board member Pablo Hofelich also reported a purchase of company stock the same day.

Thursday's capital markets day gave management the platform to walk investors through the mechanics of the US order and its capacity planning for the years ahead — detail that may go some way toward closing the gap between the bull and bear cases on the stock.