2G Energy AG increases 2023 net sales to around EUR 365 million according to preliminary figures (previous year: EUR 312.6 million, +17 %)

• New plants business grows by more than 20 % to around EUR 202 million
• Service segment business up by almost 10 % to approx. EUR 163 million
• Main sales driver is Germany with approx. + 25 %

Heek, February 29, 2024 – 2G Energy AG (ISIN DE000A0HL8N9), one of the internationally leading manufacturers of combined heat and power (CHP) systems, and producers of heat pumps, continued its growth course in the past 2023 financial year, boosting its net sales markedly to around EUR 365 million, based on preliminary figures (previous year: EUR 312.6 million, +17 %).

Above all, new systems business proved to be the main sales driver, as customers surmounted the long-lasting bottlenecks - particularly in Germany - in terms of permits, building materials and the availability of skilled workers. Consequently, numerous projects were completed in good time for the beginning of the heating season, thus enabling 2G to issue the final invoices. As a result, machine sales in the fourth quarter were up by a good 40 % to a sound EUR 106 million (previous year: EUR 75.3 million).

"The gratifying increase in the machine population driven by the strong year-end surge forms the basis for the continued vibrant expansion of the service business," as CEO Christian Grotholt outlined. "Due to the structural increase in energy costs, our CHP systems are highly economical, in spite of lower annual operating hours in some cases. We compensate for the resulting limited service potential by way of additional service offerings for operators of CHP systems from other manufacturers."   

As expected, heat pump projects have hardly been finalized since the takeover of NRGTEQ B.V..

According to preliminary figures, the overall distribution of revenue in the 2023 financial year is as follows:

2G will publish the preliminary consolidated figures for 2023 on April 11, 2024.

2G company portrait
The 2G Energy AG Group is an internationally leading manufacturer and system provider of decentralized energy supply systems. The company develops, produces and installs comprehensive solutions in the growing market for highly efficient CHPs and large heat pumps. Digital grid integration and plant control for both types of energy generators, as well as service and maintenance, are further decisive performance criteria.

The product portfolio includes CHP plants in the output range from 20 kW to 4,500 kW for operation with hydrogen, natural gas, biogas and other lean gases, as well as large heat pumps in the range from 100 kW to 1,000 kW. CHP plants operate with efficiencies of 90 percent and more, while large heat pumps achieve efficiencies of 300 to 500 percent, depending on the general conditions. With its products and services, 2G is at the interface to a decentralized, secure and largely decarbonized energy supply. More than 8,000 2G systems have already been installed worldwide in various applications, supplying electrical and thermal energy to a wide range of customers from the housing industry, agriculture, commercial and industrial companies, energy suppliers, municipal utilities and local government authorities.

2G is positioned worldwide as a system provider for decentralized energy solutions with its combination of CHP plants and large heat pumps. The company benefits from far-reaching synergies of both plant categories, ranging from project development, procurement, and production to the largely identical customer base and regulatory framework as well as sales channels and digital control and service.

2G is consistently expanding its technological leadership through continuous research and development work, both in power plant and pump technologies as well as in specific software development for service and maintenance activities. The digital grid integration consistently implemented by 2G is an indispensable, system-relevant element in the future electricity market design and represents a high market entry hurdle for competitors. The sector coupling required for the success of the energy transition is reflected in 2G's portfolio.

2G employs more than 900 employees at its headquarters in Heek, Germany, in North America, as well as at five other European locations. The company is active in more than 50 countries and generated net sales of EUR 312.6 million in the 2022 financial year. 2G was founded in 1995 and has been listed on the capital market since 2007. The shares of 2G Energy (ISIN DE000A0HL8N9) are listed in the “Scale” segment of the Frankfurt Stock Exchange.

2024 calendar dates
March 05       Alster Research H2-Roundtable
April 11          Preliminary results for FY 2023, 2024 guidance
April 18         Consolidated financial statements for FY 2023
May 13-14    Spring Conference, Frankfurt
May 23         Q1 key figures and business trends
June 4          Ordinary AGM, Ahaus/Germany
September 5    Consolidated financial statements for H1 2024
November 25   Q3 key figures and business trends
November 25-27  German Equity Forum, Frankfurt

IR contact
2G Energy AG
Benzstrasse 3, 48619 Heek
Phone: +49 (0) 2568 93 47-2795
Fax: +49 (0) 2568 93 47-15
Email: ir@2-g.de
Internet: www.2-g.de