Daldrup & Söhne (4DS) Investor presentation summary

Business overview and market position

• Operates across geothermal energy, EDS (environment, development, service), raw materials & exploration, and water extraction, with a unique breadth in drilling services.

• Regional focus on DACH and Benelux, with around 150 employees and €54.6 million total output in 2024.

• Family-owned, third-generation company with 58.4% family shareholding and 41.6% free float.

• Market leader in deep geothermal drilling, serving mainly municipalities and utilities.

• Only provider covering the full drilling spectrum from near-surface to deep geothermal projects.

Financial performance and outlook

• H1 2025 total output was €20.7 million, down due to timing of large orders; EBIT margin improved to 12.8%.

• Order backlog reached a record €140 million by August 2025, with relevant processed market volume at €325 million.

• 2025 forecast confirmed: approx. €52 million total output and EBIT margin between 10% and 12%.

• High equity ratio of 68.8% and liquid funds up 21.2% to €7.7 million as of June 2025.

• Dividend for 2024 set at €0.15 per share, payout ratio 45%.

Growth drivers and regulatory environment

• Geothermal energy segment benefits from new regulatory frameworks, subsidies, and risk insurance, driving higher growth momentum.

• EDS segment benefits from special infrastructure programs and increased demand for environmental services.

• German and Swiss markets offer strong prospects, with large-scale projects and further tenders in preparation.

• Geothermal projects are increasing in size and number, with reference projects in Munich, Neuruppin, Pullach, and Olching.

• LIAG study projects geothermal energy to provide 42% of Germany’s renewable heat by 2045, requiring 25.2% annual growth.