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German maker of combined heat and power (cogeneration) plants that run on natural gas, biogas or hydrogen.
German maker of combined heat and power (cogeneration) plants that run on natural gas, biogas or hydrogen.
Sells CHP units one at a time, so sales depend on installation timing and on energy policy such as feed-in rules for power, while service contracts and spare parts on its installed base give steadier income. Engines are assembled in Heek, Germany, and it runs a US business as well.
In one line: A German niche CHP/cogeneration equipment maker.
Moat: narrow (process know-how, installed base). Engine/CHP engineering expertise and installed base give service revenue stickiness, but competes with larger engine makers.
Headquarters: Heek, Germany · Founded: 1995
Size 2G Energy (2GB.DE) is a Germany Utilities company (Electric Utilities) with a market value of $885M, the 153rd largest of 205 Germany companies the cockpit tracks. Shares closed at €43.96 on 6 Nov 2026.
Performance Over six months the shares fell 24.5%, against -15.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 12.0% over the last twelve months (peer median +4.1%); the operating margin is 6.5% (peer median 6.9%).
Valuation It trades at 25.1× forward earnings against a peer median of 16.2× (3rd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.9 points above its cost of capital (7.2% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €365M | €398M | €376M | €365M | €313M |
| Revenue growth | — | +6% | +3% | +17% | — |
| Gross profit | €66.8M | €69.4M | €66.6M | €61.7M | €53.0M |
| EBITDA | €33.7M | €36.7M | €43.8M | €39.5M | €32.1M |
| Net income | €12.5M | €16.8M | €23.7M | €17.9M | €16.4M |
| Free cash flow | €15.8M | -€47.9M | €43.1M | €4.43M | -€3.52M |
| Capital expenditure | €9.03M | €10.5M | €13.6M | €8.16M | €9.37M |
| Total debt | n/a | €24.2M | €6.90M | €8.31M | €6.33M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| 2G Energy 2GB.DE | $885M | -25% | -12% | 6% | 25.1× | 18.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Wartsila Oyj Abp WRT1V.HE | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2GB.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.5% | -6.3% | 3rd lowest of 21 |
| 6-month return | -24.5% | -15.2% | 8th lowest of 21 |
| Distance from 52-week high | -42.4% | -40.6% | 9th lowest of 21 |
| Revenue growth (TTM) | -12.0% | +4.1% | 4th lowest of 21 |
| Operating margin | 6.5% | 6.9% | 11th highest of 21 |
| Forward P/E | 25.1× | 16.2× | 3rd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 18.5% | 5.0% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +10.1% | +8.3% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +8.4 pp | -1.1 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | +4.9 pp | -1.2 pp | 3rd highest of 21 |
| EV / EBITDA | 22.8× | 7.9× | most expensive of 10 |
| Net debt / EBITDA | -0.6× | 2.8× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 2G Energy 2GB.DE | Germany | $885M | -25% | -12% | 6% | 25.1× | 18.5% | +10.1% |
| Guangdong Shaoneng 000601.SZ | China | $887M | -15% | +6% | 7% | n/a | -0.4% | -0.7% |
| China Datang Corp. Renewable Power 1798.HK | Hong Kong | $904M | -42% | -6% | 21% | 8.8× | n/a | n/a |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 10.9× | -8.6% | +17.6% |
| Fujian Mindong Electric Power 000993.SZ | China | $846M | +1% | -18% | 5% | n/a | 14.7% | +10.1% |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 20.3× | 4.8% | -27.7% |
| Guangzhou Hengyun Enterprises 000531.SZ | China | $817M | -26% | 0% | -2% | n/a | n/a | n/a |
| Reliance Power RPOWER.NS | India | $806M | -37% | +3% | 20% | n/a | -4.9% | -0.5% |
| Swan SWANCORP.NS | India | $799M | -32% | -17% | -9% | n/a | n/a | n/a |
| Zheneng Jinjiang Environment BWM.SI | Singapore | $786M | +13% | +5% | 33% | n/a | -3.0% | +2.2% |
| Leshan Electric Power 600644.SS | China | $779M | -27% | 0% | -1% | n/a | 15.8% | +8.3% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | n/a | 9.9% | +11.0% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | n/a | -15.1% | +10.2% |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 30.6× | 15.8% | +18.5% |
| Guangdong Meiyan Jixiang Hydropower 600868.SS | China | $752M | -23% | +60% | -32% | n/a | 18.3% | +15.3% |
| Ningbo Energy Group Co., Ltd 600982.SS | China | $748M | -24% | +9% | 9% | n/a | 5.0% | -6.9% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 16.2× | n/a | n/a |
| Empresa Distribuidora Y Comercializadora Norte S.A. Sponsored ADR EDN | United States | $738M | -40% | +2% | 6% | 6.9× | n/a | n/a |
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | n/a | 14.4% | +3.6% |
| Zhejiang Fuchunjiang Environmental Thermoelectric 002479.SZ | China | $704M | -2% | +26% | 9% | n/a | -10.7% | +2.9% |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 50.0× | 30.1% | +298.2% |