Daldrup & Soehne AG

Latest Results (21.12.2025):

Daldrup & Söhne AG — reporting on Q4 2023 (full‑year 2023) — posted a solid set of operating results: total operating output (revenue) rose to EUR 48.4m in 2023 (up 31.3% vs. 2022), EBITDA reached EUR 4.94m (+16.9%) and EBIT climbed to EUR 2.586m (+42.6%), producing an EBIT margin of about 5.3%. Consolidated net income was approximately EUR 0.9m (up 4.5%). The balance sheet remained sound (total assets EUR 41.55m; equity ratio 50.6%) and the group reported an elevated order backlog (~EUR 38.5m as at March 2024) with a wider “relevant market” estimate of ~EUR 260m.

Revenue and profitability

Total operating output for 2023: EUR 48.407m (2022: EUR 36.870m; +31.3%). EBITDA: EUR 4.939m (+16.9%). EBIT: EUR 2.586m (+42.6%), implying an EBIT margin of ~5.3%, which the Management Board describes as above its earlier forecast corridor.

Net income and earnings per year

Group annual net income for 2023 was EUR 0.890m (2022: EUR 0.852m; +4.5%), i.e. consolidated profit essentially on par with the prior year despite higher revenues and improved operating profit.

Balance sheet and financial position

Total assets: EUR 41.549m (+5.2% vs. 2022). Group equity ratio: 50.6% (2022: 49.7%). Management highlights comfortable capital structure and ongoing focus on liquidity management and dialogue with financing banks.

Order backlog, market and outlook

Group order backlog was reported at approx. EUR 38.5m (March 2024), up from EUR 33.2m (May 2023). Management cites a relevant market volume of ~EUR 260m (March 2024) and describes the outlook as promising, with utilisation of crews/equipment carried into 2025.

Segment mix and activity

Business activity split in 2023: Geothermal energy accounted for the largest share (c. 53.2% of revenue), Raw materials & exploration c. 41.6%, Environment/Development/Service c. 3.4%, and Water extraction c. 1.8%. Major projects included deep and medium‑depth drilling in Switzerland and several German projects (e.g. Frankfurt research well, work near Munich).

Employees and investments

Average employees in 2023: 139 (2022: 125; +11.2%). The company reports continued investment in drilling fleet and in‑house technical upgrades to support growth and efficiency.

Guidance and management expectations for 2024

Management guidance (2024): total Group revenues of approx. EUR 47m and an operating EBIT margin of 5–7% if business develops as planned. Management emphasises regulatory developments (Germany and neighbouring countries) and potential public support/insurance schemes as key to market scaling.

Key operational/strategic points

Management highlights: (1) rising importance of geothermal for heat decarbonisation, (2) active pursuit of regulatory & financing improvements (incl. exploration risk concepts), (3) targeted efficiency measures and recruitment to address skilled labour shortage and expand capacity.