Context. Young stellar objects (YSOs) occasionally experience enhanced accretion events, the nature of which is still poorly understood. The discovery of various embedded outbursting YSOs has recently questioned the classical definition of EXors and FUors. Aims. We present a detailed spectroscopic investigation of the young eruptive star PV Cep, to improve our understanding of its nature and characterise its circumstellar environment after its last outburst in 2004. Methods. The analysis of our medium-resolution spectroscopy in the near-infrared (NIR, 0.9–2.35 μm), collected in 2012 at the Large Binocular Telescope with the IR spectrograph LUCIFER, allows us to infer the main stellar parameters (visual extinction, accretion luminosity, mass...