Daldrup & Söhne (4DS) H1 2026 earnings summary

Executive summary

• Achieved strong growth in H1 2026 with total output up 56.3% year-over-year to €32.3m, driven by high demand across all four business segments.

• EBIT rose 29.3% to €3.43m, with an EBIT margin of 10.6% (down from 12.8% in H1 2025) due to safety deductions and investments in equipment.

• Order backlog at end of August 2026 was €132m, ensuring capacity utilization into 2027; relevant market volume reached €371m.

• Five used drilling rigs acquired to expand capacity, especially for mid/deep geothermal and exploration projects.

• Dividend for FY 2025 increased by 20% to €0.18 per share.

Financial highlights

• Revenue rose to €24.1m (H1 2025: €10.8m); total output €32.3m (H1 2025: €20.7m).

• EBITDA increased 28.7% to €4.5m; net income up 37% to €2.94m.

• Material costs rose 107% to €15.8m, reflecting higher project volume and subcontractor use.

• Personnel costs increased to €6.6m, but personnel cost ratio fell to 20.4%.

• Equity ratio stable at 65.3%; liquidity at €11.0m.

Outlook and guidance

• Forecast for FY 2026 confirmed: total output of ~€58m and EBIT margin of 11.5–13.5%.

• High order backlog and market volume support positive outlook; capacities are fully utilized into 2027.

• Ongoing investments in equipment and personnel to meet demand and support growth.