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Original-Research: Daldrup & Söhne AG - from Quirin Privatbank

Kapitalmarktgeschäft

25.08.2025 / 14:07 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne

AG

Company Name: Daldrup & Söhne AG

ISIN: DE0007830572

Reason for the research: Update

Recommendation: Buy

from: 25.08.2025

Target price: 20.00

Last rating change:

Analyst: Ralf Marinoni

The next major contract

Following the award of a major EU-wide geothermal energy contract last

month, Daldrup can once again announce that it has won a big contract in the

double-digit million Euro range: The company has been awarded a contract a

general contractor worth around EUR 16.8m by Amperland Thermalwärme GmbH

(„ATW“), based in Olching, northwest of Munich. Daldrup will drill two

deflected deep geothermal wells with drilling lengths of around 2,430 meter

and 3,300 meters on the site of the Geiselbullach cogeneration plant. Work

on the construction of the drilling site is scheduled to begin in September

2025. According to the schedule, drilling is to be carried out from December

2025 to May 2026.

As a result, we have increased our estimates in particular for FY 2026: We

estimate sales of EUR 88.7m (old: EUR 73.7m) and EBIT of EUR 12.3m (old: EUR

8.7m). Since the drilling will once again take place in the greater Munich

area and the drilling equipment can be transported over short distances, we

expect cost advantages for both Daldrup and the client. The company i

already in talks with other potential municipal and private-sector clients.

ATW has received a grant of EUR 8.8m for the financial implementation of the

geothermal project. The money comes from the Federal Government's Effective

Heating Networks (BEW) program.

We therefore confirm our buy recommendation and target price of EUR 20.00.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=aee39c398be8810cdfef4871c73459b2

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2188178 25.08.2025 CET/CEST

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