Energiekontor Secures 15-Year PPA with Salzgitter as Share Buyback and Capacity Expansion Propel Growth Outlook
Published on 06/29/2026 at 17:07 | Redaktion boerse-global.de
Energiekontor is sending a powerful message to the market: its operational momentum is real, and it comes with concrete financial backing. The wind and solar park developer has inked a 15-year power purchase agreement with Salzgitter Flachstahl GmbH, securing off-take for the electricity generated by two new solar parks in Mecklenburg-Vorpommern. The 113?MW installations are expected to begin commercial operation in mid?2026, and the annual volume flowing to the steel group will exceed 120 gigawatt-hours.
The strategic deal comes as the company also doubles down on its share buyback program. Having already cancelled roughly 47,300 treasury shares at the end of May, Energiekontor has launched a fresh repurchase plan with a volume of up to 9 million euros, running until May 2027 and covering up to 80,000 own shares. The capital reduction tightens the equity base, providing a natural lift to earnings per share.
The stock has taken notice. After sliding nearly 20 percent over the past month — at one point touching €36.35 — the shares staged a rebound on Monday, surging 5.13 percent to €37.90. That move brings the price back toward its 200-day moving average at €38.18, a level that, if cleared, would generate a fresh technical buy signal. However, the recovery still leaves the stock well below the consensus analyst price target of €92.33.
Should investors sell immediately? Or is it worth buying Energiekontor?
Operational expansion continues at a brisk pace. With the recently-commissioned Holtumer Moor wind farm, the company’s own portfolio now stands at roughly 455 megawatts, and the medium-term ambition remains above 680 MW. Energiekontor now holds building permits for more than one gigawatt of capacity, with another project in Brandenburg added to the pipeline. In total, 21 projects are either under construction or in the final stages before financing — a clear signal that the development engine is firing on all cylinders.
Analysts broadly back the growth story. DZ Bank sets a target of €59, while Warburg Research is more bullish at €77. The average of experts’ estimates overshoots the current price by a wide margin, implying that the market has yet to fully price in the pipeline’s potential. Regulatory uncertainty in Germany and the UK is the main source of caution, which the company itself acknowledges in its wide profit guidance.
For 2026, the board expects earnings before tax of between €40 million and €60 million, a deliberately broad range to account for those policy headwinds. The longer-term ambition is far more emphatic: pretax profit of €120 million by 2028. With the Salzgitter PPA locked in and the buyback providing a floor for the share price, Energiekontor is laying the groundwork to deliver on that goal — even if it will take more than one quarter of gains to rebuild investor confidence.
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