2G Energy Puts Its Service Arm at the Centre of a Two-Continent Growth Push

The Heek-based cogeneration specialist is betting that maintenance contracts, not just data-centre hardware, will carry its next phase of expansion. With a pair of acquisitions closing within weeks of each other — one in Italy, one in Japan — 2G Energy is quietly reshaping its revenue mix just as its order book hits record levels.

The company completed its purchase of Japanese partner Technis Co., Ltd. last Tuesday, converting a distribution and service relationship that had run since 2012 into full ownership. The Tokyo-based firm, founded in 2000, brings expertise in energy systems, environmental technology and measuring equipment. Days earlier, the takeover of Italy’s S.G. S.r.l. had been made retroactive to 4 August, adding a Verona-area operation that services more than 250 combined heat and power units across the country. Founders Mariusz Sedzik and Marco Gasparini remain as managing directors, preserving local client relationships and market knowledge.

Both deals fit a broader strategy of building service revenue into a dependable earnings pillar alongside the project-based plant business. That logic gained urgency after last year’s difficulties: problems with a new ERP system weighed on the service division in the second half of 2025, dragging the EBIT margin from 8.9 percent to 6.6 percent even as group sales climbed 6 percent to 398.4 million euros.

Order Intake Outstrips Anything Seen Before

The service push comes against an order backdrop that has turned emphatically positive. First-half 2026 order intake surpassed 400 million euros, against 111 million euros in the same period a year earlier. The second quarter alone delivered a record 422.4 million euros, a figure the company says reflects broad commercial success beyond the heavily watched data-centre segment.

That momentum has allowed management to reaffirm its 2026 revenue and profit targets at the upper end of guidance, with sales of up to 490 million euros on the table. The outlook for next year is equally ambitious: growth of roughly 20 percent to a range of 570 million to 620 million euros, accompanied by an EBIT margin above 11 percent.

Should investors sell immediately? Or is it worth buying 2G Energy?

The order book’s strength was underscored back in May, when a North American data-centre client placed a large contract in the lower triple-digit megawatt range, with deliveries beginning in the second half of 2026 and spread over several years.

A Stock That Has Run Hard — But Not Straight Up

Investors have responded warmly to the combination of record intake and international expansion. The shares closed Friday at 59.25 euros, up 4.1 percent on the day and 9.0 percent since the Japanese deal was finalised. The stock has gained 69 percent since the start of the year and 66 percent over twelve months.

Yet the chart also reveals how far the equity has travelled. The current price sits 23 percent below the 52-week high of 76.95 euros reached on 6 July, while remaining 139 percent above the year’s low of 24.80 euros from 21 November 2025. The shares trade 23 percent above their 200-day moving average of 48.12 euros, though they have hugged the shorter-term 50- and 100-day averages recently — a sign of consolidation after the steep ascent.

With a market capitalisation of roughly 1.01 billion euros, the valuation already reflects much of the growth narrative. Management’s stated ambition of a book-to-bill ratio of at least 2.5 for 2026 — implying order intake of 725 million euros or more, nearly double last year’s revenue — suggests the pipeline has room to keep feeding the model.

The open question for shareholders is whether 2G Energy can convert its order surge into profitable sales, particularly after the ERP disruption exposed how sensitive margins are to service-side friction. The Italian and Japanese acquisitions provide one structural answer, extending the company’s reach just as the installed base of its units — and the need to keep them running — continues to grow.