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Original-Research: 2G Energy AG - from Parmantier & Cie. GmbH

25.09.2026 / 14:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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

     Company Name:                2G Energy AG
     ISIN:                        DE000A0HL8N9

     Reason for the research:     1. Update following the initial coverage
     Recommendation:              Sell
     from:                        25.09.2026
     Target price:                EUR 39.00
     Target price on sight of:    6 months
     Last rating change:          n/a
     Analyst:                     René Parmantier

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 EUR39.00, 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 EUR140-150 million (prior year:
    EUR170.3 million), EBIT around break-even

  * Capital increase expected: bank balances net of overdrafts of EUR0.04
    million at year-end 2025, funding needs peak in 2027

  * Valuation unchanged: order worth EUR0.6-0.9 per share in the DCF, price
    target EUR39.00

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.



You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=56330c79df06eaf52fff38d490cabf26

Contact for questions:
PARMANTIER & CIE. GmbH
Hungener Straße 6 - THE HOST
60389 Frankfurt am Main
info@parmantiercie.com
www.parmantiercie.com

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2405634 25.09.2026 CET/CEST

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