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 EQS Group.

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 EQS
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 as
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 meters
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 is
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