Daldrup & Söhne (4DS) investor relations material

Executive summary

• Achieved a total output of €51.1 million in 2025, slightly below the prior year due to project delays, but EBIT rose 25.8% to €8.7 million, with a record EBIT margin of 17.1% (prior year: 12.7%).

• Net income increased to €7.7 million (up 211.5% year-over-year), and EPS reached €1.29 (prior year: €0.42).

• Free cash flow was €5.2 million (prior year: €9.7 million), and operating cash flow was €10.7 million (prior year: €12.1 million).

• The order backlog reached €120 million by March 2026, up from €31 million a year earlier.

• The company outperformed the market, with its share price rising 110% in 2025.

Financial highlights

• Revenue: €39.9 million (down from €54.1 million year-over-year).

• EBITDA: €10.6 million (+24.8% year-over-year); EBIT: €8.7 million (+25.8% year-over-year).

• Net income: €7.7 million (prior year: €2.5 million).

• Gross margin improved to 62.0% (prior year: 58.5%).

• Equity ratio: 65.3% (prior year: 68.8%).

• Cash and cash equivalents: €13.0 million (prior year: €6.4 million).

Outlook and guidance

• Forecast for 2026: total output of around €58 million and EBIT margin between 11.5% and 13.5%.

• Order backlog and market pipeline support capacity utilization into 2027.

• Regulatory improvements (GeoBG, KfW risk insurance) expected to further boost demand for geothermal projects.