Märkte & Kurse

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Original-Research: Daldrup & Söhne AG - from Quirin Privatbank
Kapitalmarktgeschäft

23.06.2026 / 11:42 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne
AG

     Company Name:               Daldrup & Söhne AG
     ISIN:                       DE0007830572

     Reason for the research:    update
     Recommendation:             Buy
     from:                       23.06.2026
     Target price:               28.80
     Last rating change:
     Analyst:                    Ralf Marinoni

Feedback from Capital Markets Day

Last week Daldrup held a CMD in Pullach near Munich where its most important
geothermal project is being carried out. The executives CEO Mr. Tönies and
board member Mr. Karl Daldrup gave a deep dive into the business model. In
addition, a scientist from the Technical University of Munich explained the
potential of geothermal energy. Mr. Mangold, CEO of Innovative Energie für
Pullach GmbH (IEP GmbH) - the client of Daldrup's Pullach project -
discussed the advantages of district heating.
The event concluded with a tour of the drilling rig in Pullach. Overall, all
participants gained an understanding of Daldrup's business model, and
particularly the potential of geothermal energy.
We therefore confirm our Buy recommendation and the EUR 28.80 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=ef185ad9b10099567746e94cd2d95f28
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2352054 23.06.2026 CET/CEST

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