2G Energy's Order Book Swells Past 400 Million Euros While First-Half EBIT Dwindles to 0.8 Million

A yawning gap has opened between what 2G Energy AG has booked and what it has so far delivered. The combined heat and power specialist closed the first six months of 2026 with revenue of EUR 136.0 million, down from EUR 169.9 million a year earlier, while earnings before interest and taxes thinned to just EUR 0.8 million — a margin of 0.6%. Against that backdrop, management's reaffirmed full-year targets imply a second half of extraordinary weight.

The guidance for 2026 remains a top-line range of EUR 440 million to EUR 490 million, paired with an EBIT margin of 9.5% to 10.5%. Hitting those marks will require a sharp acceleration in deliveries and project completions over the remaining months, and the market has greeted the pledge with visible restraint. Confirming the annual objectives, investors note, rarely silences doubts when the bulk of the profit still has to be earned.

A Contract Pipeline That Tells a Different Story

Yet the order data point in the opposite direction from the interim figures. Roughly three weeks ago, 2G Energy reported order intake of more than EUR 400 million for the third quarter of 2026, and at the same time lifted its revenue forecast for 2027 to EUR 600 million to EUR 650 million. The medium-term picture, in other words, looks considerably brighter than the half-year income statement.

North America is emerging as a key driver of that momentum. About a month ago, Energy Vault Holding Inc. placed a major order covering 275 MW of energy infrastructure in the United States — a contract that underscores how much weight the US market now carries for the business.

Insider Buying as the Stock Retreats

The equity has had a rough stretch even as the order book fills. 2G Energy shares finished Friday at EUR 47.28, a decline of 19% over seven trading days, though they remain up 35% since the start of the year.

Executive board member Friedrich Pehle used the weakness to add to his holdings, purchasing 100 shares at EUR 56.00 apiece on Tuesday through a joint account he holds with Daniela Lohmann-Pehle. A purchase of that size will not reshape sentiment on its own, but it does signal where the leadership stands.

What ultimately settles the debate is whether the swollen backlog can be converted into profitable revenue quickly enough. The next hard evidence arrives on 23 November 2026, when 2G Energy publishes its third-quarter figures — the first detailed look at how much ground the company has recovered on both sales and operating profit, and whether the confirmed annual guidance still has a realistic path.