EQS News: Daldrup & Söhne AG doubles EBIT in H1 2024 | 01.10.24

BUSINESS NEWS

Daldrup & Söhne AG doubles EBIT in H1 2024

• The Group’s total turnover increased by 20.4% to € 29.1 million
• Group EBIT of €3.0 million, an increase of 206.8% compared to the previous year
• Group EBIT margin of 10.2% (previous year: 5.9%)
• Order backlog at the end of August €31.0 million, processed market volume €302 million
• Solid equity ratio of 52.2%
• Increased group forecast for 2024 confirmed: approximately €50 million in total production, EBIT margin between 7% and 9% of total production

Oberhaching / Ascheberg, October 1, 2024 – The drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) achieved a total performance of €29.1 million at group level in the first half of 2024 (previous year €24.1 million). improved half-year profit before interest, taxes, depreciation and amortization (EBITDA) as of June 30 to EUR 3.8 million (EUR 2.7 million). At group level, Daldrup achieved earnings before interest and taxes (EBIT) of EUR 3.0 million (EUR 1.4 million), which corresponds to a margin of 10.2% (5.9%) compared to total production. Consolidated net profit (EAT) for the first half of the year amounted to EUR 2.0 million (EUR 0.7 million), corresponding to earnings per share (EPS) of 34 cents (12 cents).

Despite the generally weak economic environment, the first half of 2024 was again characterized by positive operational development in all business areas for Daldrup & Söhne AG. In the context of the heat energy transition, the development of geothermal heat sources will remain an important part of the solution. This means that the drilling services of Daldrup & Söhne AG occupy a key position. The half-year result shows once again that the operational profitability of the Daldrup Group has been sustainably strengthened. The company is therefore convinced that it can participate in the structural growth of the attractive geothermal market in the coming years from a good competitive position and with a focus on profitability.

Andreas Tönies, CEO of Daldrup & Söhne AG, says about the market development: ‘The demand for our drilling services for geothermal projects for heat supply is increasing noticeably. We expect further improvements in the regulatory environment in the coming quarters. These include state-guaranteed exploration insurance for the first well of a geothermal project and the law to accelerate the approval of geothermal plants, heat pumps and heat storage. It attributes a ‘major public interest’ to geothermal energy and simplifies approval processes. These are further important steps to utilize the potential of geothermal energy for a climate-neutral heat supply in Germany much more quickly. Our experience is that a typical medium-depth geothermal project can be completed within two years, from the exploration permit to the commissioning of a heating plant. This is the benchmark that policymakers and companies must implement together.’

The Executive Board confirms increased expectations for the 2024 financial year
The Board of Directors confirms the increased group forecast for the 2024 financial year: based on the current order situation and the sustainable occupancy rate of teams and drilling rigs, management expects a total output of approximately 50 million euros and an EBIT margin between 7% and 9%. In their research updates, SMC Research and Quirin Privatbank issued target prices of EUR 11.20 and EUR 14.00 respectively and confirmed their ‘buy’ recommendations.

Remark

The published consolidated half-year report as at 30 June 2020 with further details on the business and profit performance, as well as the research reports from SMC Research, Quirin and Pareto, can be downloaded at www.daldrup.eu under Investor Relations.

About Daldrup & Söhne AG

Daldrup & Söhne AG (ISIN: DE0007830572, WKN: 783057) with a company history of more than 75 years is a specialized provider of drilling and environmental services and is one of the leading companies in Germany. The activities are divided into the business areas Geothermal, Resources & Exploration, Water Extraction and Environment, Development & Services (EDS). In the Geothermal business sector, drilling services are provided for surface geothermal energy (mainly geothermal probes for heat pumps), but above all drilling services for deep geothermal energy up to 6,000 m deep, in order to utilize geothermal energy. therefore accessible for the generation of electricity and/or heat. In the Raw Materials and Exploration business sector, the wells drilled by Daldrup & Söhne AG are used for exploration, but also for mineral raw materials and ores (e.g. copper and gold). This division also provides drilling services in the context of finding a safe disposal site for nuclear waste. The Water Extraction business area includes well construction for the extraction of drinking, industrial, medicinal, mineral, boiler feed or cooling water, as well as thermal brine. The Environment, Development & Services (EDS) business area includes special environmental services such as the hydraulic remediation of contaminated sites, the construction of gas extraction wells for the extraction of landfill gas, the construction of groundwater quality measuring points or the construction of water treatment plants. purification plants.

The shares of Daldrup & Söhne AG are listed in the Scale (sub-segment of the Open Market of the Frankfurt Stock Exchange) and are part of the Scale30 Index.

Disclaimer

This publication does not constitute an offer to sell or an invitation to make an offer to purchase or subscribe for securities. This publication and the information contained therein are not intended for direct or indirect distribution in or within the United States of America (“USA”), Canada, Australia or Japan.

Contact person for press and investor relations

Daldrup & Söhne AG

Falk von Kriegsheim

Tel +49 (0)2593-9593-29

Fax +49 (0)2593-9593-60

Bajuwarenring 17a [email protected]

82041 Oberhaching www.daldrup.eu