First Berlin Equity Research Sets Energiekontor AG Target Price at 66 Euro

First Berlin Equity Research GmbH has maintained its Buy recommendation for Energiekontor AG, though it has revised the company’s target price downward to EUR 66.00 from a previous EUR 79.00. The update, released on April 10, 2026, follows the publication of the company’s 2025 financial results and a subsequent analyst conference call.

Analyst Dr. Karsten von Blumenthal noted that Energiekontor AG reported a pre-tax profit, or earnings before taxes (EBT), of EUR 40.5 million for 2025. This figure was at the upper end of the company’s adjusted guidance and surpassed analyst expectations by 33 percent.

Revised Projections and Long-term Targets

Despite the strong 2025 performance, First Berlin Equity Research has lowered its forecasts for 2026 and subsequent years. Energiekontor AG now expects its pre-tax profit for 2026 to fall between EUR 40 million and EUR 60 million. This projection is lower than the previous consensus estimate of EUR 69 million and the prior forecasts held by the research firm.

The company continues to maintain its long-term target of EUR 120 million in pre-tax profit by 2028. However, management has indicated that this objective could be jeopardized if there is further deterioration in market conditions or regulatory environments.

Dividend Increase

Following a net profit that was nearly double that of 2024, Energiekontor management has proposed doubling the company’s dividend to EUR 1.00.

Market and Regulatory Challenges

The downward revision of future forecasts and the target price is attributed to increased regulatory uncertainty in the company’s core markets, specifically in Germany and the United Kingdom. The new valuation accounts for the impact of higher interest rates.

First Berlin Equity Research suggests that while these challenges persist, Energiekontor AG remains agile and remains focused on profitable markets. The research update positions the company as a likely winner in the event of market consolidation.