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

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

PRESS RELEASE
Frankfurt am Main, September 25, 2026

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:

• Parallel order: Energy Vault contracted the same 275 MW from Rolls-Royce MTU, with dedicated financing; none has been announced for the 2G tranche
• No signed end customer: Energy Vault’s largest customer contract (1.25 GW, Texas) uses Caterpillar gensets
• Thin customer equity: Energy Vault’s stockholders’ equity at June 30, 2026 of USD 6.9 million
• Very weak first half expected: revenue of €140–150 million (prior year: €170.3 million), EBIT around break-even
• Capital increase expected: bank balances net of overdrafts of €0.04 million at year-end 2025, funding needs peak in 2027
• Valuation unchanged: order worth €0.6–0.9 per share in the DCF, price target €39.00

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:
Bloomberg; FactSet; LSEG
Online: https://www.parmantiercie.com/research

About PARMANTIER & CIE. GmbH
PARMANTIER & CIE. is a modern merchant bank based in Frankfurt am Main. The firm advises companies on all aspects of corporate finance – equity, debt, and hybrid instruments – and also invests its own capital in both public and private companies. PARMANTIER & CIE. stands for integrity, foresight, and tailor-made financing solutions with entrepreneurial alignment.