Original-Research: 2G Energy AG - from Parmantier & Cie. GmbH
Classification of Parmantier & Cie. GmbH to 2G Energy AG
PRESS RELEASE 2G Energy AG: Booked Is Not Banked - PARMANTIER & CIE. Research Reiterates Sell Recommendation After Energy Vault Order Frankfurt am Main - On September 23, 2026, 2G Energy AG announced a 275 MW order from Energy Vault Holdings, Inc. for containerised power generation systems for AI and data centre customers in the US; the shares rose 9.5% on the news. In its research update dated September 25, 2026, PARMANTIER & CIE. Research reiterates its Sell recommendation for the stock with a price target of €39.00, around 40% below the closing price of September 23, 2026. The order is genuine evidence of demand and improves revenue visibility for 2028. It adds nothing to 2026 revenue or cash flow, however, as deliveries are only scheduled between Q4 2027 and Q3 2028. According to Energy Vault's SEC filings, the order grew out of a non-binding production-slot reservation. The only disclosed payment, USD 17.0 million in reservation fees, equals about 5% of the estimated contract value. 2G has not published payment terms, advances or any cancellation compensation. Key Highlights:
The next dates are the preliminary half-year figures on September 29, the first Capital Markets Day on October 1 in Heek and the full half-year report on October 15, 2026. The key question is whether the advance payments from the data centre orders have arrived and on what terms 2G delivers to Energy Vault. The expectation of a capital increase is PARMANTIER & CIE. Research's assessment; the company has not announced any capital measure. For investors: order intake is not revenue, and revenue is not cash flow. Until advances, margins and cash conversion are demonstrated, PARMANTIER & CIE. Research believes the current share price discounts a bull case. At the time of publication, Parmantier & Cie. Research holds neither long nor short positions in the shares of 2G Energy AG. Full research report available via: About PARMANTIER & CIE. GmbH You can download the research here: Parmantier_Research_2G_Energy_AG_Update_ENG_24092026 Contact for questions: PARMANTIER & CIE. GmbH Hungener Straße 6 - THE HOST 60389 Frankfurt am Main info@parmantiercie.com www.parmantiercie.com The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||||
2405634 25.09.2026 CET/CEST
