2G Energy (2GB) H1 2025 earnings summary

Executive summary

• Order intake and net sales increased by 29–30% year-over-year in H1 2025, reaching €169.9 million, with total output up 28%.

• EBIT rose 39% to €5.7 million, and liquidity improved 57% to €14.2 million compared to H1 2024.

• The order backlog stood at €220 million, supporting steady growth.

• The company implemented a new operational holding structure and ERP system to support international growth.

• Market capitalization as of June 30, 2025, was €557 million, up 40.5% year-over-year.

Financial highlights

• Net sales reached €169.9 million in H1 2025, up from €131.2 million in H1 2024 (+29.5%).

• EBIT was €5.7 million, up from €4.1 million (+39.1%), with an EBIT margin of 3.3%.

• Cash as of June 30 was €14.2 million, up from €9.1 million (+56.7%).

• Material costs increased by 31%, raising the material ratio to 63.2%; personnel expenses rose 17%, but the personnel cost ratio fell to 21.7%.

• Operating cash flow was negative at -€25.1 million, mainly due to increased net working capital.

Outlook and guidance

• 2025 revenue forecast narrowed to €430–440 million (15–17% growth), down from a previous upper limit of €450 million due to EU regulatory delays.

• EBIT margin for 2025 expected between 8.5% and 9.5% (previously up to 10.5%).

• 2026 revenue forecast confirmed at up to €490 million, with an EBIT margin of 9–11%.

• Postponed orders from 2025 expected to positively impact 2026.

• Management expects continued strong order inflow and high demand for decentralized energy solutions.