Daldrup & Soehne Ag · XETR:4DS
Daldrup & Soehne — Daldrup & Söhne — Deutsches Eigenkapitalforum 2025
28 slides from Daldrup & Soehne's conference presentation, Nov 26, 2025
Slide 1: Deutsches Eigenkapitalforum
Deutsches Eigenkapitalforum 26 November 2025 Deutsches Eigenkapitalforum 26 November 2025
Slide 2: Drilling service provider with a track record of almost 80 years
Drilling service provider with a track record of almost 80 years Business segments ▪ Family run mid-sized company in third generation EDS* ▪ Shareholder structure: 58,4% Daldrup family, freefloat 41,6% (Infrastructure, Geothermal ▪ Regional focus: DACH and Benelux countries Spezial- Energy bohrungen
Slide 3: In-depth know-how in drilling technology and drilling services
In-depth know-how in drilling technology and drilling services EDS Geothermal Energy (Infrastructure / Special Drillings, Services) Near-surface geothermal Special environmental energy (up to 400 m) technology services, including: Medium-depth ▪ Hydraulic decontamination of geothermal energy contami
Slide 4: In-depth know-how in drilling technology and drilling services
In-depth know-how in drilling technology and drilling services Water Extraction Raw Materials & Exploration Entrepreneurial origins Exploration / Exposure of of D&S depositories, mainly of mineral raw materials and ores Drilling wells to obtain drinking water, process water, thermal Search for suita
Slide 5: Diversified Business Model
Diversified Business Model Sales Shares of Business Segments 2018 - 06/2025* 100% 12% achtung 21% 80% 12% 42% 46% 60% 47% 46% 86% 40% 81% 72% 73% 53% 20% 39% 44% 31% 9% 0% 2018 2019 2020 2021 2022 2023 2024 H1 2025* Geothermal Energy Raw Materials & Exploration Water Extraction EDS *In H1 2025, seve
Slide 6: The right drilling rig for all tasks - Investments in further growth
The right drilling rig for all tasks - Investments in further growth ROTOMAX XL-GTC Wirth B 2 A Gebr. Schäfer CM 810.1 DS 03 Wirth B 4 A NEW: RB 65CE 65 t hook load Rigs for medium-deep drillings up to 2,000m DS 10 Bentec DS 20 Drillmec DS 05 Wirth B152 DS 15 IDECO 350 t hook load 272 t hook load 17
Slide 7: Daldrup actively involved in all stages of a geothermal project
Daldrup actively involved in all stages of a geothermal project Feasibility Study/ Insurance Obtaining Drilling and Construction Project planning solution regulatory implementation of thermal approvals planning circulation system USP: Daldrup can support its clients throughout all phases of a geothe
Slide 8: Improvement of profitability in the first half of 2025
Improvement of profitability in the first half of 2025 01.01.2025- 01.01.2024- ∆ in % 01.01.2024- 01.01.2023- In EUR million 30.06.2025 30.06.2024 31.12.2024 31.12.2023 Total output 20.7 29.1 -28.9% 54.6 48.4 EBIT 2.6 3.0 -10.4% 6.9 2.6 EBIT-Margin* 12.8% 10.2% 2,6Pp 12.7% 5.3% Consolidated net inco
Slide 9: Order backlog at record level at the end of August 2025
Order backlog at record level at the end of August 2025 In EUR million 31.08.2025 31.08.2024 ∆ in % Order backlog 140 31 351.6% Relevant processed market volume* 325 302 7.6% *The relevant processed market volume, evaluated in terms of probability, as a prospect of possible incoming orders in the co
Slide 10: Order potential from relevant market volume
Order potential* from relevant market volume Mio. Euro Structural Potential orders are evaluated via 300 325 five probability levels: growth 302 245 10 %, 25%, 50%, 75% and 90% 200 For example: 136 10%: Project is expected 100 to be launched (foreseeable) 83 … 0 90%: Commitment to award / 2021 2022
Slide 11: Reference project heat transition in Germany MTU Aero Engines AG
Reference project heat transition in Germany MTU Aero Engines AG Space heating for Munich site ▪ Drilling for geothermal energy ▪ Usage: Space heating ▪ Additional projects in the vicinity planned Deutsches Eigenkapitalforum 26 November 2025 11
Slide 12: Reference project heat transition in Germany Neuruppin
Reference project heat transition in Germany Neuruppin Expansion of local heating supply ▪ Geothermal doublet at 2000 metres ▪ Expansion of local heating supply with up to 70% thermal water Source: Stadtwerke Neuruppin, Baustellen-Cam Municipal heating planning Norddeutsche Tiefebene is ideal for lo
Slide 13: Drilling for old mining aftercare
Drilling for old mining aftercare Customer Ruhrkohle AG ▪ Gas extraction wells for security purpose ▪ Utilization of mine gas and mine water for heat generation ▪ Mine water level boreholes Deutsches Eigenkapitalforum 26 November 2025 13
Slide 14: Swiss market promises attractive prospects
Swiss market promises attractive prospects Satigny (Geneva) + Salinen AG ▪ Drilling for geothermal energy and salt extraction Deutsches Eigenkapitalforum 26 November 2025 14
Slide 15: Swiss market promises attractive prospects
Swiss market promises attractive prospects Schweizer Salinen AG ▪ Exploration wells ▪ Brine production ▪ Workover of existing wells ▪ P & A of abandoned wells Geothermal Energy ▪ Geothermal energy project in western Quelle: Homepage Schweizer Salinen AG Switzerland ▪ Further tenders are in preparati
Slide 16: Improved regulatory framework opens up high growth potential in geothermal energy
Improved regulatory framework opens up high growth potential in the field of geothermal energy BEW BMWK GEG WPG Bundesförderung (Ministry of Economics) Gebäudeenergiegesetz Wärmeplanungsgesetz effiziente Wärmenetze Regulatory initiative to (Building energy act) (Municipal heat (Federal funding for s
Slide 17: Hedging exploration risk structure
Hedging exploration risk structure Municipalities / private investors ▪ KfW-Förderkredite Drilling project ▪ Risk hedging ▪ In the event of loss Financing the drilling phase KfW / Company bank up to 100% covered ▪ Debt relief Insurance Expense premium compensation ▪ Payout Insurance Hedging at least
Slide 18: Geothermal energy: projects are becoming larger and more numerous
Geothermal energy: projects are becoming larger and more numerous Pullach: Largest contract in the company's history ▪ 7–10 geothermal drillings ▪ 2½ years of drilling at 2 locations ▪ Local heating supply for Pullach ▪ Depths of up to 5,000 metres f.l.t.r.: Bernd Daldrup (COO), Andreas Tönies (CEO)
Slide 19: Geothermal energy: projects are becoming larger and more numerous
Geothermal energy: projects are becoming larger and more numerous Olching geothermal doublet ▪ First-ever combination of geothermal energy with thermal waste utilisation for district heating supply ▪ Drilling on the existing power plant site München ▪ Depths of 2,400 to 3,300 m ▪ Project supplies co
Slide 20: Raw Materials & Exploration + EDS: Surge in demand expected
Raw Materials & Exploration + EDS: Surge in demand expected Professional Sealing (P&A) of old oil and natural gas wells ▪ Hundreds of decomissioned wells in Germany alone ▪ Environmental services in the field of drilling Special fund for infrastructure and climate ▪ Investment backlog ▪ 5.000 dilapi
Slide 21: Outlook 2025 / 2026
Outlook 2025 / 2026 Order backlog at record level of EUR 140 mio. as per end of August 2025 Relevant market volume increased to EUR 325 mio. as of end of August 2025 Defined Group forecast for 2025 confirmed ▪ Approx. EUR 52 mio. total output ▪ EBIT margin between 10,0% (previously 9%) and 12,0% Fut
Slide 22: Daldrup share price outperforms indices
Daldrup share price outperforms indices % 200,0 Shareholder structure 180,0 160,0 140,0 120,0 100,0 80,0 ISIN: DE0007830572 Number of shares: 5,989,500 Market cap: > EUR 100 mio. Daldrup DAX SCALE30 MSCI World (per 14.11.25) Research Date Recommendation Price target Dividend 2025 – SMC Research 02.1
Slide 23: Financial calendar
Financial calendar 12 November 2025 Münchner Kapitalmarkt Konferenz, München 25-26 November 2025 Deutsches Eigenkapitalforum, Frankfurt 04-05 February 2026 Hamburger Investorentage (HIT) 11-13 May 2026 Frühjahrskonferenz, Frankfurt 29 May 2026 Publication of the 2025 consolidated annual financial re
Slide 24: Thank you very much for your attention!
Daldrup & Söhne AG Thank you very much for your attention! GLÜCK AUF! Deutsches Eigenkapitalforum 26 November 2025 24
Slide 25: Investment Case
Investment Case ▪ Technological leader in drilling services with a track record of almost 80 years ▪ Drilling spectrum that no other company offers ▪ Attractive business segments in high-growth markets, esp. in the segments: ▪ Geothermal energy: new regulatory framework ensures higher growth momentu
Slide 26: Illustration of a typical well design for Pullach
Illustration of a typical well design for Pullach Deutsches Eigenkapitalforum 26 November 2025 26
Slide 27: Expansion path for deep geothermal energy according to LIAG study (2022)
Expansion path for deep geothermal energy according to LIAG study (2022) Bottlenecks ▪ additional drilling rigs ▪ additional specialized personnel Source: LIAG Deutsches Eigenkapitalforum 26 November 2025 27
Slide 28: Forward-looking statements
Forward-looking statements This document may contain forward-looking statements about the business, operating results, financial position and earnings prospects of Daldrup & Söhne AG / the Daldrup Group (‘Daldrup & Söhne’). These forward-looking statements are based on the current estimates, expecta