Original-Research: Daldrup & Söhne AG - from Quirin Privatbank Kapitalmarktgeschäft 28.07.2025 / 17:07 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

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

28.07.2025 / 17:07 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:                       28.07.2025
     Target price:               20.00
     Last rating change:
     Analyst:                    Ralf Marinoni

Daldrup wins tender for major geothermal energy contract

The success story continues: Daldrup & Söhne has won the EU-wide tender
issued by Innovative Energie für Pullach GmbH (IEP GmbH)) for the drilling
of seven geothermal wells. The go-ahead will be given when the planned
exploration insurance in the KfW Program 572 comes into force; it will take
place with the adoption of the federal budget at the end of September, but
does not depend on it. As general contractor, Daldrup will drill the
boreholes for the extraction of geothermal energy from the Malm deposit
(Upper Jurassic) at the Pullach Süd and Baierbrunn sites over a period of
around two and a half years from December 2025. Depending on the results,
Daldrup will drill up to three more wells. This is the largest single
project in the company's history. The anticipated contract value will be in
the upper double-digit EUR million range. Daldrup expects drilling lengths
of between 4,000 m and 5,100 m.
The project was put out to tender throughout Europe; Daldrup presented the
best concept, and factors such as technology, experience, price and
reference projects were taken into account in the decision-making process by
IEP GmbH.
The company can use its existing drilling rigs to fulfill the Pullach order.
In the event of further orders, Daldrup could a) enter into strategic
partnerships to utilize third-party drilling capacities or b), lease and/or
purchase equipment from the rig producer directly.

We have significantly raised our estimates (total output and EBIT) for the
years 2026, 2027 and 2028 and increased our DCF-based target price from EUR
18.00 to EUR 20.00. The recommendation remains Buy. The Pullach order is
another flagship project that underlines Daldrup's expertise in geothermal
energy, and other municipalities could follow suit.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b682393af006fd44c267647d60142242
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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2175584 28.07.2025 CET/CEST