RNS Number : 8066E
DCC PLC
19 May 2026
19 May 2026
Preliminary statement of results for the year ended 31 March 2026
A YEAR OF STRATEGIC PROGRESS AND STRONG DELIVERY
- Significant progress in the simplification of the Group, £700 million capital return to shareholders and continued growth and development of DCC Energy
- Total adjusted continuing operating profit increased by 3.6% to £634.0 million
- Adjusted continuing earnings per share increased by 9.9%
- Free cash flow conversion of 108% and ROCE of 16.8%
- DCC Energy delivered 3.5% operating profit growth for the year, with 7.9% growth in the second half
- Solid performance in Solutions, driven by strong profit growth in Energy Products, more than offsetting a decline in Energy Services; continued strong performance in Mobility
- Committed acquisition spend of £110 million, focused on expanding our liquid gas business in Europe
- Proposed 5.0% increase in the final dividend
- DCC expects to deliver ongoing strategic progress, growth and continued development activity in the year ahead
Donal Murphy, Chief Executive, commented:
"This has been a year of major strategic progress for DCC. We transformed the Group through the disposals and provided shareholders with material capital returns. At the same time, the business performed, delivering good profit growth notwithstanding the volatile market context. This performance reflects the commitment and resilience of our teams, who have continued to deliver strongly through a period of significant transformation. With a simpler, more focused Group, a strong financial platform, and a high‑cash‑generative Energy business with attractive organic growth prospects, our performance keeps us on track to deliver our £830 million operating profit ambition by 20301 . We see an exciting future as DCC Energy plc."
Financial Highlights
2026
Restated2 2025
% change
% change CC3
Adjusted operating profit4:
Solutions
£419.8m
£411.8m
+1.9%
+0.6%
Mobility
£134.4m
£123.7m
+8.6%
+5.8%
DCC Energy
£554.2m
£535.5m
+3.5%
+1.8%
DCC Technology
£79.8m
£76.6m
+4.3%
+9.2%
Adjusted operating profit - continuing2
£634.0m
£612.1m
+3.6%
+2.8%
Adjusted earnings per share - continuing2
438.1p
398.5p
+9.9%
+8.8%
Dividend per share
216.72p
206.40p
+5.0%
Free cash flow4
£689.6m
£588.8m
Net debt (excl. lease creditors) 4
£690.5m
£795.9m
Return on capital employed4 - continuing2
16.8%
16.5%
1 The 2030 Ambition is not, and should not be construed as, a profit forecast for any specific financial period. It represents an aspirational target intended to outline future goals. Such forward-looking statements are subject to risks, uncertainties, and assumptions, and actual results may differ materially. In particular, M&A activity is inherently uncertain, aspirational and subject to factors beyond management's control. Therefore, there can be no certainty the 2030 Ambition will be achieved.
2 Refer to the Discontinued Operations note for further details
3 Constant currency ('CC') represents the retranslation of foreign denominated current year results at prior year exchange rates
4 Refer to Alternative Performance Measures for further details
Contact information
Investor enquiries:
Conor Murphy, Chief Financial Officer
Tel: +353 1 2799 400
Hollie Daly, Director of Group Investor Relations
Email: investorrelations@dcc.ie
Media enquiries:
Sodali & Co (Eavan Gannon/Pete Lambie)
Tel: +44 20 7250 1446
Email: DCCGroup@sodali.com
Presentation of results - audio webcast and conference call details
Group management will host a live audio webcast and conference call of the presentation at 9.00am BST today. The access details are as follows:
Ireland: +353 (0) 1 691 7842
UK: +44 (0) 20 3936 2999
International: +44 (0) 20 3936 2999
Passcode: 309627
Webcast link: https://www.investis-live.com/dcc/69fa16933d1719000fc81a3e/vfeq
This report, presentation slides and a recording of the webcast will be made available at www.dcc.ie.
About DCC plc
DCC plc is a leader in multi-energy sales and distribution in Europe and the US.
We serve millions of customers across the commercial & industrial, public and domestic sectors. We deliver mainly off-grid energy solutions, led by liquid gas, and operate services stations and fleet services. We supply the secure, cleaner and competitive energy our customers need, supporting industrial processes, heating homes, and keeping transport moving. We do this while supporting customers through the transition with the energy and services they need next.
Headquartered in Dublin, DCC is listed on the London Stock Exchange and is a constituent of the FTSE 100. In our financial year ended 31 March 2026, DCC generated revenues of £15.4 billion and adjusted operating profit of £634.0 million. DCC Energy has an excellent record, delivering compound annual growth of 14% in adjusted operating profit and unbroken dividend growth of 13% while maintaining high returns on capital employed over 32 years as a public company.
Follow us on LinkedIn.
www.dcc.ie
Forward-looking statements
This announcement contains some forward-looking statements that represent DCC's expectations for its business, based on current expectations about future events, which by their nature involve risk and uncertainty. DCC believes that its expectations and assumptions with respect to these forward-looking statements are reasonable, however because they involve risk and uncertainty as to future circumstances, which are in many cases beyond DCC's control, actual results or performance may differ materially from those expressed in or implied by such forward-looking statements.
Strategic PROGRESS update
Proposed change of name of company to reflect our strategy
Reflecting the strategic progress set our below and consistent focus on energy, DCC proposes, subject to shareholder approval, to change its name from DCC plc to DCC Energy plc, with effect from shortly following the conclusion of the Company's Annual General Meeting on 16 July 2026.
DCC Energy growth strategy
In November 2024, DCC announced its plan to simplify the Group's operations and focus on the growth and development of DCC Energy, the largest and highest returning division of the Group. We are making strong progress towards our ambition to double Energy operating profit to £830 million by 2030 from the 2022 base year. This progress is being driven by a combination of disciplined organic growth and targeted M&A5. DCC Energy benefits from attractive end‑market fundamentals, strong organic growth prospects and a highly cash‑generative business model, providing a strong platform to fund continued growth and deliver sustainable value for shareholders.
Sale of DCC Healthcare
In September 2025, DCC announced that it had completed the sale of DCC Healthcare to HealthCo Investment Limited, an independently managed investment subsidiary of funds managed and/or advised by Investindustrial Advisors Limited. Further details on the transaction can be found in DCC's stock exchange announcements of 22 April 2025 and 10 September 2025.
Return of capital to shareholders
On 13 May 2025, DCC announced its intention to return £800 million to shareholders following the sale of DCC Healthcare. The Group commenced this return of capital in May 2025 with a £100 million on-market share buyback programme, which completed in September 2025. Under this programme, 2.1 million shares were repurchased at an average price of £47.19 per share, representing 2.1% of issued share capital. DCC subsequently completed a £600 million tender offer, which was finalised in December 2025. The tender offer was fully subscribed, with 11.6 million shares repurchased at £51.70 per share, representing 12.0% of issued share capital.
For the 12 months to 31 March 2025, DCC Healthcare accounted for 12.2% of total adjusted operating profit of the Group. DCC has repurchased 13.9% of the share capital in issue at 31 March 2025.
The final £100 million is expected to be returned to shareholders following receipt of the unconditional deferred consideration payable in respect of DCC Healthcare, anticipated in Autumn 2027.
DCC Technology
In November 2025, DCC announced the completion of the sale of DCC Technology's Info Tech business to AURELIUS, a globally active private equity investor. Further details on the transaction are set out in DCC's stock exchange announcements dated 14 July 2025 and 3 November 2025.
The remainder of DCC Technology provides intelligent technology solutions across professional AV, professional audio, enterprise infrastructure, and consumer technologies. It is predominantly based in North America, with a smaller business in Europe. During the year, the business was rebranded as Nexora, reflecting its positioning as one of the world's leading value-added distributors of specialist professional technologies. The sale process has formally commenced and is progressing in line with expectations. It remains DCC's intention to have reached agreement for the sale of the business by the end of calendar year 2026. The Board will review the use of any disposal proceeds in line with DCC's capital allocation policy.
5 The 2030 Ambition is not, and should not be construed as, a profit forecast for any specific financial period. It represents an aspirational target intended to outline future goals. Such forward-looking statements are subject to risks, uncertainties, and assumptions, and actual results may differ materially. In particular, M&A activity is inherently uncertain, aspirational and subject to factors beyond management's control. Therefore, there can be no certainty the 2030 Ambition will be achieved.
PERFORMANCE Review
A summary of the Group's results for the year ended 31 March 2026 is as follows:
Continuing operations6
2026 £'m
Restated6 2025 £'m
% change
Revenue
15,442
15,904
-2.9%
Adjusted operating profit7
DCC Energy
554.2
535.5
+3.5%
DCC Technology
79.8
76.6
+4.3%
Group adjusted operating profit7
634.0
612.1
+3.6%
Finance costs (net) and other
(87.1)
(100.4)
Profit before net exceptionals, amortisation of intangible assets and tax
546.9
511.7
+6.9%
Net exceptional charge before tax and non-controlling interests
(28.6)
(23.0)
Amortisation and impairment of intangible assets
(144.2)
(107.5)
Profit before tax
374.1
381.2
-1.9%
Taxation
(87.2)
(74.2)
Profit after tax - continuing operations6
286.9
307.0
Loss after tax - discontinued operations6
(258.7)
(85.8)
Total profit after tax
28.2
221.2
Non-controlling interests
(14.8)
(14.7)
Attributable profit
13.4
206.5
Adjusted earnings per share7 - continuing6
438.1p
398.5p
+9.9%
Total adjusted earnings per share7
440.4p
470.2p
-6.3%
Dividend per share
216.72p
206.40p
+5.0%
Free cash flow7
689.6
588.8
Net debt at 31 March (excl. lease creditors)
(690.5)
(795.9)
Lease creditors
(389.8)
(356.2)
Net debt at 31 March (incl. lease creditors)
(1,080.3)
(1,152.1)
Total equity at 31 March
2,363.6
3,168.3
Return on capital employed (excl. IFRS 16) - continuing7
16.8%
16.5%
Return on capital employed (incl. IFRS 16) - continuing7
15.7%
15.5%
6 Refer to the Discontinued Operations note for further details
7 Refer to Alternative Performance Measures for further details
Income Statement Review
Group revenue - continuing operations
Group revenue decreased by 2.9% (-4.2% on a constant currency basis) to £15.4 billion, reflecting lower revenue across both DCC Energy and DCC Technology.
Revenue is not a primary performance measure for DCC Energy as reported revenue is significantly influenced by movements in underlying commodity prices, while the business predominantly operates on a unit margin basis. Accordingly, performance in Energy Products and Mobility is assessed primarily through volume and margin trends rather than revenue.
DCC Energy sold 14.7 billion litres of product in the year, a decrease of 3.2% compared with the prior year. Volumes in Energy Products declined by 3.1%, largely reflecting lower commercial volumes in our Nordic region, the impact of milder weather (particularly in France) and the disposal of the liquid gas business in Hong Kong & Macau in the prior year. Fuel volumes in Mobility decreased by 3.4%, reflecting network optimisation initiatives and proactive management actions which resulted in lower, but more profitable, volumes.
In contrast, revenue is a key measure of performance in Energy Services, where revenues increased by 1.7% to £342.0 million, reflecting higher levels of solar installation activity, however a change in mix, margin compression and increased costs resulted in a weak profit outcome for the year.
Revenue in DCC Technology was £2.5 billion, a decrease of 3.4% (-1.3% on a constant currency basis).
Group adjusted operating profit - continuing operations
Group adjusted operating profit increased by 3.6% (2.8% on a constant currency basis) to £634.0 million. Further details of the operating performance of DCC Energy and DCC Technology are set out on pages 7 to 10.
The impact of foreign exchange (FX) translation, M&A activity and organic performance on continuing Group adjusted operating profit, across both DCC Energy and DCC Technology, is analysed below.
2026
FX translation
M&A
Organic
Total growth
DCC Energy
+1.7%
+0.5%
+1.3%
+3.5%
DCC Technology
-4.9%
+0.4%
+8.8%
+4.3%
Total
+0.8%
+0.5%
+2.3%
+3.6%
The net impact of foreign exchange translation in the year was a positive of 0.8%, equivalent to £5.0 million, in the growth of continuing Group adjusted operating profit. Foreign exchange movements contributed positively in DCC Energy, adding 1.7%, while having an adverse impact of 4.8% in DCC Technology. This reflected average sterling exchange rates strengthening against the US Dollar, while weakening against the Euro and certain other Group reporting currencies over the year.
The net impact of M&A in the year was a positive contribution of 0.5%. This modest contribution reflects prior year acquisitions, together with FLAGA in Austria, which completed in November 2025 (+1.2%). This was partly offset by the impact of the disposal of our liquid gas business in Hong Kong & Macau in the prior year (-0.7%).
The Group's organic operating profit increased by 2.3%, reflecting organic growth in both DCC Energy and DCC Technology.
Discontinued operations
On 3 November 2025, DCC announced the completion of the sale of DCC Technology's Info Tech business. The conditions for the Info Tech businesses to be classified as a discontinued operation, along with a smaller DCC Technology business in the Netherlands, have been satisfied, and, accordingly, the results of these businesses are presented as discontinued operations in the Group Income Statement.
In addition, the Group announced the completion of the sale of DCC Healthcare on 10 September 2025. The conditions for the Healthcare division to be classified as a discontinued operation were satisfied in the year ended 31 March 2025, and, accordingly, the results of this division continue to be presented as discontinued operations in the Group Income Statement for the year ended 31 March 2026.
The prior year comparatives have been restated accordingly.
Performance Review
DCC Energy
2026
2025
% change
% change CC
Gross profit
£1.985bn
£1.850bn
+7.3%
+5.7%
Adjusted operating profit
£554.2m
£535.5m
+3.5%
+1.8%
Organic growth
+1.3%
+1.8%
Return on capital employed excl. IFRS 16
18.8%
18.5%
CO2e/Operating profit
-7.2%
-8.5%
- DCC Energy delivered 3.5% operating profit growth in the year (+1.8% constant currency). Trading improved through the second half, with the end of year benefiting modestly from increased demand arising from the conflict in the Middle East.
- Solutions recorded a solid overall performance, with profit growth in Energy Products more than offsetting a decline in Energy Services, reflecting a softening in customer investment in energy transition.
- Mobility continued to grow operating profit, reflecting disciplined operational execution.
- Execution of our growth strategy continued, with a number of acquisitions completed and committed to during the year. Notably, we expanded our liquid gas footprint across Europe.
Solutions
2026
2025
% change
% change CC
Gross profit
£1.563bn
£1.468bn
+6.5%
+5.1%
Adjusted operating profit
£419.8m
£411.8m
+1.9%
+0.6%
Organic growth
+0.0%
+0.7%
Solutions (Energy Products and Energy Services)
Our Solutions business operates across four regions: Continental Europe, the UK & Ireland, the Nordics and North America, providing customers with a broad range of Energy Products and Energy Services. Operating profit in Solutions increased by 1.9%, driven by a strong performance in Energy Products. In line with the typical seasonality of the business, profitability was weighted towards the second half of the year.
Energy Products
Energy Services
Solutions
2026
2025
% change
2026
2025
% change
Volumes (billion litre equivalent)8
10.6bn
10.9bn
-3.1%
Revenue
£342.0m
£336.4m
+1.7%
Gross profit
£1.436m
£1.325bn
+8.4%
£126.5m
£142.5m
-11.3%
Gross profit (pence per litre)
13.6
12.2
Adjusted operating profit
£404.1m
£363.5m
+11.1%
£15.7m
£48.3m
-67.5%
Operating profit (pence per litre)
3.8
3.3
Operating margin %
4.6%
14.3%
8 Billion litres equivalent provides a standard metric for the different products and solutions that DCC Energy sells. Metric tonnes and kilowatts of power are converted to litres.
Energy Products
Energy Products delivered strong operating profit growth for the year of 11.1%, with an excellent performance in the second half achieving operating profit growth of 20.0%. Volumes declined by 3.1%, largely reflecting lower commercial volumes in our Nordic region, the impact of milder weather (particularly in France) and the disposal of our liquid gas business in Hong Kong & Macau in the prior year.
Operating profit in Continental Europe was ahead of the prior year, with strong profit growth delivered in the second half. In France, operating profit was broadly in line with the prior year. While volumes remained robust, demand from residential and agricultural customers was weaker year-on-year. Trading in Germany benefited from operational efficiencies generated from the integration of Progas with our existing businesses, delivering strong profit growth. The FLAGA acquisition in Austria completed in late November and performed well.
The UK & Ireland performed well, delivering good operating profit growth. In Ireland, we delivered strong profit growth, driven by the gas & power business which returned to growth in the second half. We have continued to invest in the infrastructure and systems to grow this business and achieved strong growth in customer numbers in the year. Our businesses in Britain achieved good profit growth in the year, despite a decline in volumes. The profit growth was delivered through relatively higher demand from higher margin segments and good operational efficiencies. Customer demand increased towards the year end, driven by developments arising from the conflict in the Middle East.
The Nordics business delivered a robust performance despite a challenging market environment. Strong margin management offset lower commercial volumes, reflecting disciplined execution and commercial focus.
The business in North America recorded strong growth, following a weaker performance in the prior year. The performance was driven by strong margin discipline and effective cost management. Investments made in IT infrastructure and the management team in recent years continued to deliver benefits, supporting both profitability and operational efficiency.
Energy Services
Energy Services performance was disappointing, reflecting very challenging market conditions in the UK & Ireland, where customer demand reduced significantly in the second half of the year. Performance was further impacted by margin compression from increased price competition, regulatory changes, an adverse mix effect and ongoing investment in the business.
In Continental Europe, although activity levels were ahead of the prior year, lower margins resulted in operating profit modestly behind the prior year. In France, we have continued to invest in the operational capability in the business which enabled the delivery of good revenue growth and increased project delivery, resulting in modest profit growth. In contrast, the remainder of Continental Europe experienced weaker customer demand and contracting margins, resulting in lower operating profit.
Trading conditions in the UK & Ireland were particularly challenging, with weak customer demand impacting performance. Customers have temporarily stepped back from discretionary sustainability spend, with a clear focus on cost and short-term energy security. We continued to invest in the business, notably in strengthening management capability to support future growth. We also incurred some one-off costs in the second half of the year as we rationalised parts of the business in response to the weaker market. However, this investment, together with these one-off costs, regulatory changes and the reduced market demand, resulted in a disappointing performance for the year.
Energy Services remains strategically important and well positioned for a recovery. We are encouraged by early signs of stabilisation in demand and believe market conditions are showing early signs of improvement. The post‑war environment in Europe is likely to refocus attention on energy security, resilience and system efficiency, all areas where energy services play an important role.
Mobility
2026
2025
% change
% change CC
Volumes (billion litre equivalent)
4.2bn
4.3bn
-3.4%
Gross profit
£422.4m
£382.3m
+10.5%
+7.7%
- Of which fuel
£300.3m
£278.3m
+7.9%
- Of which non-fuel services
£122.1m
£104.0m
+17.4%
Gross fuel margin (pence per litre)
7.2
6.5
Adjusted operating profit
£134.4m
£123.7m
+8.6%
+5.8%
Organic growth
+5.6%
+5.2%
Our Mobility business operates a network of retail service stations and truck stops, alongside fleet services spanning fuel cards, telematics and digital truck parking.
Mobility delivered another strong performance for the full year, with an excellent performance in the second half of the year. Operating profit for the year grew by 8.6%, with organic growth of 5.6%. The business delivered very strong growth in both fuel and non-fuel gross profit.
Across our retail service station network in France, Luxembourg, the UK and the Nordic region (where trading was particularly strong) volumes declined by 3.4% and fuel gross margin increased by 7.9%. This performance was driven by network optimisation, product procurement initiatives and focused pricing discipline which allowed us improve pricing across the business while maintaining market share. In addition, we continued to broaden and enhance our non‑fuel offering across the network, including further development of convenience retail, car wash facilities and electric vehicle charging infrastructure.
Investment in our retail service stations during the year focused on optimisation of our network, including continued development of motorway service stations and priority locations. Net capital expenditure remained focused on long‑term value creation and was broadly in line with depreciation, ensuring the business continues to modernise and adapt its infrastructure while maintaining strong returns.
Non‑fuel services performed very strongly with gross profit increasing by an excellent 17.4% for the year. Fleet services again represented the majority of non‑fuel gross profit, supported by strong organic growth across fuel card, telematics and digital truck offerings. We continued to enhance customer propositions, improving functionality, digital capability and service levels for our fleet customers.
DCC Technology - continuing9
2026
Restated9 2025
% change
% change CC
Revenue
£2,451.5m
£2,537.6m
-3.4%
-1.3%
Gross profit
£376.6m
£371.5m
+1.4%
+4.0%
Adjusted operating profit
£79.8m
£76.6m
+4.3%
+9.2%
Operating margin
3.3%
3.0%
Organic growth
+8.7%
-18.8%
Return on capital employed excl. IFRS 16
9.7%
9.4%
- In November 2025, DCC completed of the sale of DCC Technology's Info Tech business to AURELIUS7.
- The continuing DCC Technology business provides intelligent technology solutions across professional AV, professional audio, enterprise infrastructure, and consumer technologies. It is predominantly based in North America, with a smaller business in Europe. During the year, the business was rebranded as Nexora, reflecting its positioning as one of the world's leading value-added distributors of specialist professional technologies.
- Overall revenue in the continuing business was marginally behind the prior year. Performance in the early part of the year was impacted by lower customer confidence and market disruption in key North American markets following the introduction of US tariffs. Trading conditions improved as the year progressed, with performance strengthening as key markets recovered. European operations also delivered a robust performance, with strong growth in the Nordics in particular.
- The improvement in operating profit was driven by gross margin enhancement initiatives and effective cost control actions, including freight and warehouse consolidation in North America.
- The sale process for DCC Technology has formally commenced and is progressing in line with expectations. It remains DCC's intention to have reached agreement for the sale of the business by the end of calendar year 2026.
9 Refer to the Discontinued Operations note for further details
income statement review
Finance costs (net) and other
Net finance costs and other, which includes the Group's net financing costs, lease interest and the share of profit of associated businesses, decreased to £87.1 million (2025: £100.4 million). Average net debt, excluding lease creditors, reduced to £1.1 billion, compared to £1.3 billion in the prior year, benefiting from the cash proceeds received from the sale of DCC Healthcare. This reduction, combined with a lower interest rate environment on our floating rate gross debt were the main drivers of the decrease in finance costs.
At 31 March 2026 approximately 75% of the Group's gross debt is at fixed rates (2025: 75%). Interest was covered 9.8 times10 by Group adjusted operating profit before depreciation and amortisation of intangible assets (2025: 8.0 times) on a continuing basis.
Additionally, our minority shareholding in our liquid gas business in Hong Kong & Macau contributed positively to the profit from associated businesses.
10 Using the definitions contained in the Group's lending agreements
Net exceptional charge and amortisation of intangible assets
The Group incurred a net exceptional charge after tax of £320.1 million (2025: net exceptional charge of £166.7 million) as follows:
Note
£'m
Restructuring and integration costs and other
(a)
(45.7)
Acquisition and related costs
(b)
(7.5)
Adjustments to contingent acquisition consideration
(c)
24.4
IAS 39 mark-to-market charge
(d)
0.2
(28.6)
Impairment of goodwill and intangible assets
(e)
(43.1)
Net exceptional items before tax - continuing
(71.7)
Tax attaching to exceptional items
8.5
Net exceptional items after tax - continuing
(63.2)
Net exceptional items after tax - discontinued
(f)
(256.9)
Net exceptional charge
(320.1)
(a) Restructuring and integration costs and other of £45.7 million primarily relate to restructuring activities across a number of businesses and recent acquisitions. Costs were incurred in relation to our solar distribution business in the Netherlands following the decision to exit the business in the second half of the year, reflecting a continued deterioration in its medium‑term outlook. Costs were also incurred in connection with the optimisation and integration of continuing operations within DCC Technology in North America.
(b) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of acquisition opportunities and amounted to £7.5 million.
(c) Adjustments to contingent acquisition consideration of £24.4 million reflects movements in provisions associated with the expected earn-out or other deferred arrangements that arise through the Group's corporate development activity. The credit recognised in the year primarily reflects a reduction in contingent consideration payable in respect of UK Energy Services acquisitions, where recent trading performance has been below expectations.
(d) The level of ineffectiveness calculated under IAS 39 on the hedging instruments related to the Group's US private placement debt is charged or credited as an exceptional item. In the year ended 31 March 2026 this amounted to an exceptional non-cash credit of £0.2 million. The cumulative net exceptional credit taken in respect of IAS 39 ineffectiveness was £0.4 million. This, or any subsequent similar non-cash charges or gains, will net to zero over the remaining term of this debt and the related hedging instruments.
(e) The Group recognised a non-cash impairment charge in respect of goodwill and intangible assets relating to the exited solar distribution business in the Netherlands. A related tax credit of £4.9 million was recognised in respect of this charge.
(f) The charge for net exceptional items on discontinued operations of £256.9 million primarily relates to the disposal of DCC Technology's Info Tech business. The proceeds on disposal gave rise to a total loss on disposal of approximately £278.8 million which includes an impairment loss of £228.6 million. The Group recognised a net profit on the disposal of the Healthcare division of £49.8 million (after costs) which was completed in September 2025. The Group also recognised an impairment charge in relation to the closure of its smaller DCC Technology business in the Netherlands.
The charge for the amortisation and impairment of acquisition-related intangible assets amounted to £144.2 million, of which £43.2 million relates to a non-cash impairment of goodwill in our solar distribution business in the Netherlands described above. The balance of £101.0 million relates to amortisation of intangible assets, with the decrease versus the prior year of £107.5 million mainly reflecting fully amortised acquisitions and a weaker US dollar translation rate.
Taxation
The effective tax rate for the Group increased as expected to 21.9% (2025: 20.3%). The Group's effective tax rate is influenced by the geographical mix of profits arising in any year and the tax rates attributable to the individual jurisdictions. The higher tax rate reflects corporation tax increases in certain jurisdictions.
Adjusted earnings per share - continuing
Adjusted continuing earnings per share increased by 9.9% (+8.8% on a constant currency basis) to 438.1 pence, supported by the resilience of the underlying businesses and the capital return to shareholders.
Dividend
The Board is proposing a 5.0% increase in the final dividend to 147.22 pence per share, which, when added to the interim dividend of 69.50 pence per share, gives a total dividend for the year of 216.72 pence per share. This represents a 5.0% increase over the total prior year dividend of 206.40 pence per share. The dividend is covered 2.0 times by continuing adjusted earnings per share (2025: 1.9 times). It is proposed to pay the final dividend on 23 July 2026 to shareholders on the register at the close of business on 29 May 2026.
Over its 32 years as a listed company, DCC has an unbroken record of dividend growth at a compound annual rate of 12.7%.
Cash Flow, capital deployment and Returns
Cash flow
The Group generated strong operating and free cash flow during the year as set out below:
Year ended 31 March
2026 £'m
2025 £'m
Group operating profit
638.7
703.6
Decrease/(Increase) in working capital
71.4
(93.7)
Depreciation (excluding ROU leased assets) and other
162.8
159.5
Operating cash flow(pre add-back for depreciation on ROU leased assets)
872.9
769.4
Capital expenditure (net)
(168.1)
(169.1)
704.8
600.3
Depreciation on ROU leased assets
85.4
87.4
Repayment of lease creditors
(100.6)
(98.9)
Free cash flow
689.6
588.8
Interest and tax paid, net of dividend from equity accounted investments
(198.0)
(194.0)
Free cash flow (after interest and tax)
491.6
394.8
Acquisitions
(87.9)
(242.5)
Disposal of subsidiary
666.1
61.4
Dividends
(217.1)
(206.7)
Exceptional items
(62.2)
(55.8)
Share issues/buyback ckck
(699.5)
-
Net inflow/(outflow)
91.0
(48.8)
Opening net debt
(1,152.1)
(1,147.1)
Translation and other
(19.2)
43.8
Closing net debt(including lease creditors)
(1,080.3)
(1,152.1)
Analysis of closing net debt(including lease creditors):
Net debt at 31 March (excluding lease creditors)
(690.5)
(795.9)
Lease creditors at 31 March
(389.8)
(356.2)
(1,080.3)
(1,152.1)
Free cash flow generation and conversion
The Group's free cash flow amounted to £689.6 million versus £588.8 million in the prior year, representing an excellent 108% conversion of adjusted operating profit into free cash flow. The material components of the conversion of adjusted operating profit to free cash flow are set out below.
Working capital
Working capital decreased by £71.4 million (2025: £93.7 million increase).
Working capital decreased in DCC Energy, resulting in a cash inflow. This was predominantly driven by the Group's negative working capital operating model across the Energy Products and Mobility businesses, with higher commodity prices increasing the absolute value of negative working capital balances and reducing funding requirements within the business. Should commodity prices return to more normalised levels, it is expected that this working capital benefit would reverse.
Working capital increased modestly in DCC Technology, largely driven by higher inventory levels in North America, partially offset by a strong working capital performance in Europe.
The absolute value of working capital in the Group at 31 March 2026 was £23.2 million. Overall working capital days were 0.4 days sales, compared to 5.7 days sales in the prior year.
Following the completion of the sale of DCC Technology's Info Tech business in November 2025, supply chain financing is no longer a feature of DCC. At 31 March 2025, the level of supply chain financing within DCC Technology was £156.0 million.
Net capital expenditure
Net capital expenditure amounted to £168.1 million for the year (2025: £169.1 million) and was net of disposal proceeds (£40.5 million) and government grants received (£0.8 million). The level of net capital expenditure reflects continued investment in organic initiatives across the Energy business, supporting its continued growth and development. Net capital expenditure for the Group exceeded the depreciation charge of £156.6 million (excluding right-of-use leased assets) in the year by £11.5 million.
2026 £'m
2025 £'m
DCC Energy
151.8
159.5
DCC Technology
8.0
(11.9)
Net capital expenditure - continuing
159.8
147.6
Net capital expenditure - discontinued
8.3
21.5
Total
168.1
169.1
Capital expenditure in DCC Energy was consistent with the prior year and primarily comprised investment in tanks, cylinders and installations within Energy Products, supporting both new and existing liquid gas customers. In Mobility, capital investment was focused on maintaining and optimising the service station network and upgrading capabilities across the business, including the addition of electric vehicle fast charging infrastructure and enhanced forecourt services. In DCC Technology, capital expenditure focused on digital enhancements in North America.
acquisitions
The total acquisition cash spend in the year was £87.9 million principally relating to acquisitions completed during the year of £58.6 million. Payment of deferred and contingent acquisition consideration previously provided amounted to £16.4 million. The remaining cash spend of £12.9 million primarily reflects acquisitions committed to and completed during the current year which were announced in the prior year Results Announcement in May 2025.
Committed acquisitions since the prior year Results Announcement amounted to £112.4 million as follows:
2026 £'m
2025 £'m
DCC Energy
107.7
101.6
DCC Technology
4.7
13.7
Total
112.4
115.3
Development is a key part of DCC's business model. Recent acquisition activity of the Group includes:
DCC Energy
- In November 2025, DCC Energy completed the acquisition of FLAGA GmbH ("FLAGA"), a leading distributor of liquid gas in Austria, from UGI International, LLC. FLAGA, founded in 1947, is headquartered in Vienna, and employs approximately 90 people. The business sells and distributes approximately 45 million litres of liquid gas annually via its nationwide supply, filling and distribution network. Separately in October 2025, DCC acquired the AvantiGas liquid gas cylinder business in the UK, also from UGI International, LLC. Further details on both these transactions can be found in DCC's stock exchange announcement of 21 October 2025.
- In January 2026, DCC Energy agreed to acquire UGI International LLC's liquid gas businesses in Poland, Hungary, Czechia and Slovakia. The businesses operate through well-invested infrastructure across the four countries, supplying more than 200 million litres of liquid gas products to approximately 30,000 bulk and cylinder customers. These acquisitions represent a compelling consolidation opportunity in new markets, a core competence of DCC. The deal is subject to customary regulatory approval and is expected to complete in Q2 FY27. Further details on this transaction can be found in DCC's stock exchange announcement of 15 January 2026.
- DCC Energy also completed a number of small bolt-on acquisitions.
DCC Technology
During the year, DCC Technology acquired the trade and certain assets of Septon Group AB, a small complementary bolt-on for our existing Nordics Pro Tech business.
Return on capital employed - continuing
The creation of shareholder value through the delivery of consistent, sustainable long-term returns well in excess of its cost of capital is one of DCC's core strategic aims. The return on capital employed by division was as follows:
2026 excl. IFRS 16
Restated11 2025 excl. IFRS 16
2026 incl. IFRS 16
Restated11 2025 incl. IFRS 16
DCC Energy
18.8%
18.5%
17.5%
17.4%
DCC Technology
9.7%
9.4%
9.0%
8.8%
Group
16.8%
16.5%
15.7%
15.5%
The Group continued to generate strong returns on capital employed, reflecting disciplined capital allocation and operational performance, notwithstanding the substantial increase in the scale of its Energy business in recent years. Return on capital employed in DCC Energy increased year‑on‑year, reflecting higher profitability and continued operational discipline. Returns in DCC Technology also improved, driven by an improvement in performance relative to the prior year. Overall Group returns strengthened, supported by improvements across both Energy and Technology and a continued focus on disciplined capital allocation.
11 Refer to the Discontinued Operations note for further details
Financial strength
DCC has always maintained a strong balance sheet, and it remains an important enabler of the Group's strategy. A strong balance sheet provides many strategic and commercial benefits, including enabling DCC to take advantage of acquisitive or organic development opportunities as they arise. At 31 March 2026, the Group had net debt (including lease creditors) of £1.08 billion, net debt (excluding lease creditors) of £690.5 million, cash resources (net of overdrafts) of £1.06 billion and total equity of £2.4 billion.
DCC has taken a pro-active approach to the credit markets since going public. The Group has been active in the US private placement debt market since 1996 and made its inaugural public market debt instrument issuance in June 2024 with a benchmark €500 million seven-year senior unsecured bond, through its €3 billion Euro Medium Term Note ("EMTN") Programme. The EMTN programme was first established in June 2024 and renewed in December 2025. The Group has built up a robust and well diversified funding portfolio, with a balanced maturity profile, and as at 31 March 2026, term debt had an average maturity of 4.0 years. The Group repaid £86.0 million in April 2025 and £104.6 million in April 2026 of maturing private placement debt. In July and September 2025, Fitch and S&P Global Ratings respectively reaffirmed their BBB rating for DCC.
Sustainability
DCC's ambition is to enable the growth and progress of all our stakeholders, guided by our four sustainability pillars: Climate Change, Health and Safety, Our People, and Business Conduct. Our approach is embedded in the Group's strategy and underpinned by strong governance, measurable targets and transparent reporting. Our performance is independently benchmarked through leading external assessments, including CDP, MSCI and Sustainalytics.
DCC achieved a CDP rating of A for climate change, putting DCC in the top 4% of respondents globally and recognising our progress and leadership on emissions reduction and delivery of our strategy. DCC also retained an AAA rating from MSCI, remaining among the top 10% of peer companies.
DCC has a Scope 3 target to reduce emissions by 35% by 2030 against a FY22 baseline and in the year, we reduced customer Scope 3 emissions by 4.0%, equating to a reduction of one and a half million tonnes of CO2e. This brings cumulative progress to 14.2% versus the FY22 baseline. DCC lowered its Scope 1 and 2 emissions by 7.4% in the year and cumulatively by 44.7% versus the 2019 baseline, keeping us on track to achieve our 50% reduction target by 2030. Supporting delivery of the Scope 3 target, we increased the renewable (biogenic) content of energy products supplied to customers (in Gigajoules (GJ)) to 7.5%, up from 7.1% in 2025. In addition, due to growth in operating profit and the 4.0% reduction in Scope 3 GHG emissions, the carbon intensity of DCC Energy's operating profit reduced by 7.2%.
DCC's Lost Time Injury Frequency Rate ('LTIFR') for continuing operations was 1.00 per 200,000 hours worked (PY: 0.90). While LTIFR remains at low levels, it increased year on year. This reflects the divestment of our DCC Healthcare and DCC Technology businesses, which historically reported low injury rates, and the growth of our Energy Services business in recent years, where injury rates are more comparable with those of the construction sector.
Health & Safety - Lost time injury frequency rate14 (LTIFR per 200k hours worked)
LTIFR <1
1.00
0.90
12 2025 Scope 1 emissions have been restated to reflect improvements in emissions measurement methodologies within business operations. Scope 1 & Scope 2 emissions include all businesses up to their respective dates of divestment, consistent with the GHG Protocol. Refer to the Discontinued Operations note for further details.
13 This metric includes both biogenic content from liquid fuels and renewable sources from power generation.
14 Health & Safety data is presented on the basis of continuing operations. Refer to the Discontinued Operations note for further details.
Annual General Meeting
The Company's Annual General Meeting will be held at 2.00pm on Thursday 16 July 2026 at The Clayton Hotel Leopardstown, Central Park, Sandyford Business Park, Co. Dublin, D18 K2P1.
Group Income Statement
For the year ended 31 March 2026
Note
Pre exceptionals £'000
2026 Exceptionals (note 5) £'000
Total £'000
Pre exceptionals£'000
Restated* 2025 Exceptionals (note 5)£'000
Total£'000
Revenue
4
15,441,862
-
15,441,862
15,904,204
-
15,904,204
Cost of sales
(13,079,865)
-
(13,079,865)
(13,682,540)
-
(13,682,540)
Gross profit
2,361,997
-
2,361,997
2,221,664
-
2,221,664
Operating costs
(1,728,025)
(28,743)
(1,756,768)
(1,609,594)
(22,675)
(1,632,269)
Adjusted operating profit
633,972
(28,743)
605,229
612,070
(22,675)
589,395
Intangible asset amortisation
(101,031)
-
(101,031)
(107,527)
-
(107,527)
Impairment of intangible assets
-
(43,158)
(43,158)
-
-
-
Operating profit
4
532,941
(71,901)
461,040
504,543
(22,675)
481,868
Finance costs
(104,821)
-
(104,821)
(116,832)
(340)
(117,172)
Finance income
13,143
166
13,309
13,115
-
13,115
Share of equity accounted investments' profit after tax
4,590
-
4,590
3,392
-
3,392
Profit before tax
445,853
(71,735)
374,118
404,218
(23,015)
381,203
Income tax expense
(95,662)
8,508
(87,154)
(79,246)
5,069
(74,177)
Profit for the year from continuing operations
350,191
(63,227)
286,964
324,972
(17,946)
307,026
Profit for the year from discontinued operations
(1,862)
(256,854)
(258,716)
62,969
(148,774)
(85,805)
Profit after tax for the financial year
348,329
(320,081)
28,248
387,941
(166,720)
221,221
Profit attributable to:
Owners of the Parent
333,439
(320,081)
13,358
373,210
(166,720)
206,490
Non-controlling interests
14,890
-
14,890
14,731
-
14,731
348,329
(320,081)
28,248
387,941
(166,720)
221,221
Earnings per ordinary share
Basic earnings per share
6
14.16p
208.78p
Diluted earnings per share
6
14.12p
208.44p
Basic adjusted earnings per share
6
440.35p
470.20p
Diluted adjusted earnings per share
6
439.19p
469.44p
Earnings per ordinary share - continuing operations
Basic earnings per share
6
288.52p
295.87p
Diluted earnings per share
6
287.76p
295.38p
Basic adjusted earnings per share
6
438.12p
398.50p
Diluted adjusted earnings per share
6
436.97p
397.86p
* see note 8
Group Statement of Comprehensive Income
For the year ended 31 March 2026
2026 £'000
Restated 2025 £'000
Group profit for the financial year
28,248
221,221
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Currency translation:
- arising in the year
9,577
(43,689)
- recycled to the Income Statement on disposal
(14,370)
(13,041)
Movements relating to cash flow hedges
109,275
25,323
Movement in deferred tax on cash flow hedges
(23,974)
(5,140)
80,508
(36,547)
Items that will not be reclassified to profit or loss
Group defined benefit pension obligations:
- remeasurements
(453)
(332)
- movement in deferred tax
420
28
(33)
(304)
Other comprehensive income for the financial year, net of tax
80,475
(36,851)
Total comprehensive income for the financial year
108,723
184,370
Attributable to:
Owners of the Parent
90,237
171,820
Non-controlling interests
18,486
12,550
108,723
184,370
Attributable to:
Continuing operations
373,622
294,237
Discontinued operations
(264,899)
(109,867)
108,723
184,370
Group Balance Sheet
As at 31 March 2026
Note
2026 £'000
2025 £'000
Non-current assets
Property, plant and equipment
1,279,306
1,262,386
Right-of-use leased assets
374,722
298,032
Intangible assets and goodwill
2,296,326
2,413,503
Equity accounted investments
79,168
71,428
Long-term receivables
122,595
-
Post-employment benefit surplus
18,985
-
Deferred income tax assets
89,477
87,446
Derivative financial instruments
10
18,954
24,871
4,279,533
4,157,666
Current assets
Inventories
782,567
940,159
Trade and other receivables
1,982,136
1,975,444
Derivative financial instruments
10
140,026
25,321
Cash and cash equivalents
10
1,085,607
1,088,175
3,990,336
4,029,099
Assets classified as held for sale
-
1,070,864
3,990,336
5,099,963
Total assets
8,269,869
9,257,629
EQUITY
Share capital
14,460
17,422
Share premium
16
449
883,909
Share based payment reserve
9
74,782
71,350
Cash flow hedge reserve
9
87,384
2,083
Foreign currency translation reserve
9
1,935
10,324
Other reserves
9
3,894
932
Retained earnings
2,078,025
2,087,407
Equity attributable to owners of the Parent
2,260,929
3,073,427
Non-controlling interests
102,666
94,869
Total equity
2,363,595
3,168,296
Non-current liabilities
Borrowings
10
1,653,726
1,849,217
Lease creditors
10
311,593
249,726
Derivative financial instruments
10
14,684
19,224
Deferred income tax liabilities
235,857
223,949
Post-employment benefit obligations
12
24,649
5,884
Provisions for liabilities
307,700
283,397
Acquisition related liabilities
40,595
83,547
Government grants
2,961
2,513
2,591,765
2,717,457
Current liabilities
Trade and other payables
2,798,144
2,763,181
Current income tax liabilities
65,369
73,781
Borrowings
10
231,726
116,825
Lease creditors
10
78,188
64,245
Derivative financial instruments
10
34,924
11,348
Provisions for liabilities
93,004
68,660
Acquisition related liabilities
13,154
10,911
3,314,509
3,108,951
Liabilities associated with assets classified as held for sale
-
262,925
3,314,509
3,371,876
Total liabilities
5,906,274
6,089,333
Total equity and liabilities
8,269,869
9,257,629
Group Statement of Changes in Equity
For the year ended 31 March 2026
Attributable to owners of the Parent
Share capital £'000
Share premium £'000
Retained earnings £'000
Other reserves (note 9) £'000
Total £'000
Non-controlling interests £'000
Total equity £'000
At 1 April 2025
17,422
883,909
2,087,407
84,689
3,073,427
94,869
3,168,296
Profit for the financial year
-
-
13,358
-
13,358
14,890
28,248
Other comprehensive income:
Currency translation:
- arising in the year
-
-
-
5,981
5,981
3,596
9,577
- recycled to the Income Statement on disposal
-
-
-
(14,370)
(14,370)
-
(14,370)
Group defined benefit pension obligations:
- remeasurements
-
-
(453)
-
(453)
-
(453)
- movement in deferred tax
-
-
420
-
420
-
420
Movements relating to cash flow hedges
-
-
-
109,275
109,275
-
109,275
Movement in deferred tax on cash flow hedges
-
-
-
(23,974)
(23,974)
-
(23,974)
Total comprehensive income
-
-
13,325
76,912
90,237
18,486
108,723
Share buyback
(2,962)
-
(700,000)
2,962
(700,000)
-
(700,000)
Re-issue of treasury shares
-
449
-
-
449
-
449
Reduction in share premium
-
(883,909)
883,909
-
-
-
-
Share based payment
-
-
-
3,432
3,432
-
3,432
Dividends
-
-
(206,616)
-
(206,616)
(10,455)
(217,071)
Disposal of non-controlling interest
-
-
-
-
-
(234)
(234)
At 31 March 2026
14,460
449
2,078,025
167,995
2,260,929
102,666
2,363,595
Group Statement of Changes in Equity
For the year ended 31 March 2025
Attributable to owners of the Parent
Share capital £'000
Share premium £'000
Retained earnings £'000
Other reserves (note 9) £'000
Total £'000
Non-controlling interests £'000
Total equity £'000
At 1 April 2024
17,422
883,890
2,078,568
111,511
3,091,391
91,641
3,183,032
Profit for the financial year
-
-
206,490
-
206,490
14,731
221,221
Other comprehensive income:
Currency translation:
- arising in the year
-
-
-
(41,508)
(41,508)
(2,181)
(43,689)
- recycled to the Income Statement on disposal
-
-
-
(13,041)
(13,041)
-
(13,041)
Group defined benefit pension obligations:
- remeasurements
-
-
(332)
-
(332)
-
(332)
- movement in deferred tax
-
-
28
-
28
-
28
Movements relating to cash flow hedges
-
-
-
25,323
25,323
-
25,323
Movement in deferred tax on cash flow hedges
-
-
-
(5,140)
(5,140)
-
(5,140)
Total comprehensive income
-
-
206,186
(34,366)
171,820
12,550
184,370
Re-issue of treasury shares
-
19
-
-
19
-
19
Share based payment
-
-
-
7,544
7,544
-
7,544
Dividends
-
-
(197,347)
-
(197,347)
(9,322)
(206,669)
At 31 March 2025
17,422
883,909
2,087,407
84,689
3,073,427
94,869
3,168,296
Group Cash Flow Statement
For the year ended 31 March 2026
Note
2026 £'000
2025 £'000
Cash generated from operations before exceptionals
11
958,340
856,761
Exceptionals
(62,220)
(55,858)
Cash generated from operations
896,120
800,903
Interest paid (including lease interest)
(96,050)
(102,998)
Income tax paid
(127,569)
(115,876)
Net cash flows from operating activities
672,501
582,029
Investing activities
Inflows:
Proceeds from disposal of property, plant and equipment
40,548
44,839
Dividends received from equity accounted investments
356
857
Government grants received in relation to property, plant and equipment
817
340
Proceeds on disposal of subsidiaries and equity accounted investments
8
600,889
61,406
Interest received
11,244
11,178
653,854
118,620
Outflows:
Purchase of property, plant and equipment
(209,472)
(214,295)
Acquisition of subsidiaries
13
(71,467)
(167,294)
Payment of accrued acquisition related liabilities
(16,399)
(75,170)
(297,338)
(456,759)
Net cash flows from investing activities
356,516
(338,139)
Financing activities
Inflows:
Proceeds from issue of shares
449
19
Cash inflow on derivative financial instruments
15,242
51,552
Increase in interest-bearing loans and borrowings
-
809,050
15,691
860,621
Outflows:
Share buyback
(700,000)
-
Repayment of interest-bearing loans and borrowings
(85,741)
(748,840)
Cash outflow on derivative financial instruments
(34,600)
-
Repayment of lease creditors
(86,643)
(86,005)
Dividends paid to owners of the Parent
7
(206,616)
(197,347)
Dividends paid to non-controlling interests
(10,455)
(9,322)
(1,124,055)
(1,041,514)
Net cash flows from financing activities
(1,108,364)
(180,893)
Change in cash and cash equivalents
(79,347)
62,997
Translation adjustment
23,357
(16,414)
Cash and cash equivalents at beginning of year
1,119,429
1,072,846
Cash and cash equivalents at end of year
1,063,439
1,119,429
Cash and cash equivalents consists of:
Cash and short-term bank deposits
1,085,607
1,088,175
Overdrafts
(22,168)
(31,084)
Cash and short-term bank deposits attributable to assets held for sale
-
62,338
1,063,439
1,119,429
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
1. Basis of Preparation
The financial information, from the Group Income Statement to note 18, contained in this preliminary results statement has been derived from the Group financial statements for the year ended 31 March 2026 and is presented in sterling, rounded to the nearest thousand. The financial information does not include all the information and disclosures required in the annual financial statements. The Annual Report will be distributed to shareholders and made available on the Company's website www.dcc.ie. It will also be filed with the Companies Registration Office.
The auditors have reported on the financial statements for the year ended 31 March 2026 and their report was unqualified. The financial information for the year ended 31 March 2025 represents an abbreviated version of the Group's statutory financial statements on which an unqualified audit report was issued, and which have been filed with the Companies Registration Office.
The financial information presented in this report has been prepared in accordance with the Listing Rules of the Financial Services Authority and the accounting policies that the Group has adopted for the year ended 31 March 2026.
2. Accounting Policies
The following changes to IFRS became effective for the Group during the year but did not result in material changes to the Group's consolidated financial statements:
- Lack of Exchangeability - Amendments to IAS 21
Standards, interpretations and amendments to published standards that are not yet effective:
The Group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. These include:
- Classification and Measurement of Financial Instruments - Amendments to IFRS 9/IFRS 7
- Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9/IFRS 7
- IFRS 18 Presentation and Disclosure in Financial Statements
- IFRS 19 Subsidiaries without Public Accountability: Disclosures
- IFRS 21 The Effects of Changes in Foreign Exchange Rates: Translation of a Hyperinflationary Presentation Currency
- Annual Improvements to IFRS Accounting Standards - Volume 11
The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements, effective for accounting periods commencing on or after 1 January 2027, will affect the future presentation of the Group's financial statements. The standard introduces a more structured statement of profit or loss, including new mandatory subtotals and the classification of income and expenses into operating, investing and financing categories. IFRS 18 also includes new requirements relating to aggregation and disaggregation and introduces disclosures for management-defined performance measures ('MPMs'). The Group is assessing the impact of IFRS 18 on its financial reporting, including the presentation of the Income Statement, disclosures in the notes and the treatment of existing alternative performance measures. The adoption of IFRS 18 is not expected to impact the Group's reported profit or net assets.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
3. Reporting Currency
The Group's financial statements are presented in sterling, denoted by the symbol '£'. Results and cash flows of operations based in non-sterling countries have been translated into sterling at average rates for the year, and the related balance sheets have been translated at the rates of exchange ruling at the balance sheet date. The principal exchange rates used for translation of results and balance sheets into sterling were as follows:
Average rate
Closing rate
2026 Stg£1=
2025 Stg£1=
2026 Stg£1=
2025 Stg£1=
Euro
1.1585
1.1893
1.1517
1.1970
Danish krone
8.6483
8.8706
8.6065
8.9314
Swedish krona
12.6482
13.6338
12.6028
12.9866
Norwegian krone
13.4862
13.9167
12.9132
13.6617
US dollar
1.3385
1.2767
1.3242
1.2946
Canadian dollar
1.8524
1.7722
1.8452
1.8593
4. Segmental Reporting
DCC plc is a leader in multi-energy sales and distribution in Europe and the US and is headquartered in Dublin, Ireland. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker ('CODM'). The CODM has been identified as Mr. Donal Murphy, Chief Executive and his Group Executive Committee.
Discontinued operations also includes the results of the Group's former DCC Healthcare division which was presented as a discontinued operation in the Group's 2025 financial statements.
The Group is organised into two operating segments (as identified under IFRS 8 Operating Segments) and generates revenue through the following activities:
DCC Energy is a leader in multi-energy sales and distribution in Europe and the US. We serve millions of customers across the commercial & industrial, public and domestic sectors. We deliver mainly off-grid energy solutions, led by liquid gas, and operate services stations and fleet services. We supply the secure, cleaner and competitive energy our customers need, supporting industrial processes, heating homes, and keeping transport moving. We operate two businesses: our Solutions business brings energy to customer sites, while our Mobility business serves transport and fleet customers. The adjusted operating profit of Solutions represents approximately 76% of this segment's adjusted operating profit in the current year and Mobility represents approximately 24%. DCC Energy is managed as one segment and there is no aggregation of segments.
DCC Technology (now operating under the brand name Nexora) provides intelligent technology solutions across professional AV, audio, enterprise infrastructure, and consumer technologies. It is predominantly based in North America, with a smaller business in Europe.
The chief operating decision maker monitors the operating results of segments separately to allocate resources between segments and to assess performance. Segment performance is predominantly evaluated based on operating profit before amortisation of intangible assets and net operating exceptional items ('adjusted operating profit') and return on capital employed. Net finance costs and income tax are managed on a centralised basis and therefore these items are not allocated between operating segments for the purpose of presenting information to the chief operating decision maker and accordingly are not included in the detailed segmental analysis.
Intersegment revenue is not material and thus not subject to separate disclosure.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
4. Segmental Reporting (continued)
An analysis of the Group's performance by segment and geographic location is as follows:
(a) By operating segment
Year ended 31 March 2026
Year ended 31 March 2026
Continuing operations
DCC Energy £'000
DCC Technology £'000
Total £'000
Segment revenue
12,990,355
2,451,507
15,441,862
Adjusted operating profit
554,169
79,803
633,972
Intangible asset amortisation and impairment
(123,469)
(20,720)
(144,189)
Net operating exceptionals (note 5)
(12,470)
(16,273)
(28,743)
Operating profit (continuing operations)
418,230
42,810
461,040
Year ended 31 March 2025 (restated)
Year ended 31 March 2025 (restated)
Continuing operations
DCC Energy £'000
DCC Technology £'000
Total £'000
Segment revenue
13,366,607
2,537,597
15,904,204
Adjusted operating profit
535,556
76,514
612,070
Intangible asset amortisation
(85,405)
(22,122)
(107,527)
Net operating exceptionals (note 5)
(9,847)
(12,828)
(22,675)
Operating profit (continuing operations)
440,304
41,564
481,868
(b) By geography
On a continuing basis, the Group has a presence in 16 countries worldwide. The following represents a geographical analysis of continuing revenue and non-current assets in accordance with IFRS 8, which requires disclosure of information about the country of domicile (Republic of Ireland) and countries with material revenue and non-current assets.
Revenue from operations is derived almost entirely from the sale of goods and is disclosed based on the location of the entity selling the goods. The analysis of non-current assets is based on the location of the assets. There are no material dependencies or concentrations on individual customers which would warrant disclosure under IFRS 8.
Revenue
Non-current assets*
2026 £'000
Restated 2025 £'000
2026 £'000
2025 £'000
Republic of Ireland (country of domicile)
1,578,787
1,528,020
226,855
205,327
United Kingdom
4,332,899
4,413,326
1,140,928
1,259,210
France
3,110,760
3,186,335
988,433
949,261
United States
1,734,738
1,902,649
592,368
622,673
Rest of World
4,684,678
4,873,874
1,080,938
1,008,878
15,441,862
15,904,204
4,029,522
4,045,349
* Non-current assets comprise property, plant and equipment, right-of-use leased assets, intangible assets and goodwill and equity accounted investments
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
4. Segmental Reporting (continued)
Disaggregation of revenue
The following table disaggregates revenue by primary geographical market, major revenue lines and timing of revenue recognition. The use of revenue as a metric of performance in the Group's Energy segment is of limited relevance due to the influence of changes in underlying energy product costs on absolute revenues. Whilst changes in underlying energy product costs will change percentage operating margins, this has little relevance in the downstream energy distribution market in which this segment operates where elements of profitability are driven by absolute contribution per tonne/litre of product sold, and not a percentage margin. Accordingly, management primarily review geographic volume performance rather than geographic revenue performance for this segment as country-specific GDP and weather patterns can influence volumes. The disaggregated revenue information presented below for DCC Technology, which can also be influenced by country-specific GDP movements, is consistent with how revenue is reported and reviewed internally.
Year ended 31 March 2026
Year ended 31 March 2026
Continuing operations
DCC Energy £'000
DCC Technology £'000
Total £'000
Republic of Ireland (country of domicile)
1,578,787
-
1,578,787
United Kingdom
4,173,496
159,403
4,332,899
France
2,995,927
114,833
3,110,760
North America
222,919
1,651,478
1,874,397
Rest of World
4,019,226
525,793
4,545,019
Revenue
12,990,355
2,451,507
15,441,862
Products transferred at point in time
12,990,355
2,451,507
15,441,862
Energy solutions products and services
8,255,151
-
8,255,151
Energy mobility products and services
4,735,204
-
4,735,204
Technology products and services
-
2,451,507
2,451,507
Revenue
12,990,355
2,451,507
15,441,862
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
4. Segmental Reporting (continued)
Disaggregation of revenue (continued)
Year ended 31 March 2025 (restated)
Year ended 31 March 2025 (restated)
Continuing operations
DCC Energy £'000
DCC Technology £'000
Total £'000
Republic of Ireland (country of domicile)
1,528,020
-
1,528,020
United Kingdom
4,257,283
156,043
4,413,326
France
3,056,871
129,464
3,186,335
North America
244,183
1,809,114
2,053,297
Rest of World
4,280,250
442,976
4,723,226
Revenue
13,366,607
2,537,597
15,904,204
Products transferred at point in time
13,366,607
2,537,597
15,904,204
Energy solutions products and services
8,574,805
-
8,574,805
Energy mobility products and services
4,791,802
-
4,791,802
Technology products and services
-
2,537,597
2,537,597
Revenue
13,366,607
2,537,597
15,904,204
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
5. Exceptionals
2026 £'000
Restated 2025 £'000
Restructuring and integration costs and other
(45,680)
(20,484)
Acquisition and related costs
(7,483)
(8,469)
Adjustments to contingent acquisition consideration
24,420
3,023
Profit on disposal of subsidiary undertaking
-
3,255
(28,743)
(22,675)
Impairment of goodwill and intangible assets
(43,158)
-
Net operating exceptional items
(71,901)
(22,675)
Mark to market of swaps and related debt
166
(340)
Net exceptional items before taxation from continuing operations
(71,735)
(23,015)
Income tax credit attaching to exceptional items
8,508
5,069
Net exceptional items after tax from continuing operations
(63,227)
(17,946)
Net exceptional items after tax relating to discontinued operations
(256,854)
(148,774)
Net exceptional items attributable to owners of the Parent
(320,081)
(166,720)
Restructuring and integration costs and other of £45.680 million (2025: £20.484 million) primarily relate to restructuring activities across a number of businesses and recent acquisitions. Costs were incurred in relation to our solar distribution business in the Netherlands following the decision to exit the business in the second half of the year, reflecting a continued deterioration in its medium-term outlook. Costs were also incurred in connection with the optimisation and integration of continuing operations within DCC Technology in North America.
Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of acquisition opportunities and amounted to £7.483 million (2024: £8.469 million).
Adjustments to contingent acquisition consideration of £24.420 million (2025: £3.023 million) reflects movements in provisions associated with the expected earn-out or other deferred arrangements that arise through the Group's corporate development activity. The credit recognised in the year primarily reflects a reduction in contingent consideration payable in respect of UK Energy Services acquisitions, where recent trading performance has been below expectations.
The Group recognised a non-cash impairment charge of £43.158 million in respect of goodwill and intangible assets relating to the exited solar distribution business in the Netherlands. There was a related tax credit of £4.850 million in relation to these charges.
The level of ineffectiveness calculated under IAS 39 on the hedging instruments related to the Group's US private placement debt is charged or credited as an exceptional item. In the year ended 31 March 2026, this amounted to an exceptional non-cash credit of £0.166 million (2025: charge of £0.340 million). The cumulative net exceptional credit taken in respect of IAS 39 ineffectiveness is £0.369 million. This, or any subsequent similar non-cash charges or gains, will net to zero over the remaining term of this debt and the related hedging instruments.
There was a related income tax credit of £8.508 million (2025: credit of £5.069 million) in relation to certain exceptional charges.
The charge for net exceptional items on discontinued operations of £256.854 million primarily relates to the disposal of DCC Technology's Info Tech business. The proceeds on disposal gave rise to a total loss on disposal of £278.780 million which includes an impairment loss of £228.568 million. The Group recognised a net profit on the disposal of the Healthcare division of £49.784 million (after costs) which was completed in September 2025. The Group also recognised an impairment charge in relation to the closure of its smaller DCC Technology business in the Netherlands.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
6. Earnings per Ordinary Share
Continuing operations 2026 £'000
Discontinued operations (note 8) 2026 £'000
Total 2026 £'000
Continuing operations 2025 £'000
Discontinued operations (note 8) 2025 £'000
Total 2025 £'000
Profit/(loss) attributable to owners of the Parent
272,242
(258,884)
13,358
292,617
(86,127)
206,490
Amortisation of intangible assets after tax
77,931
4,134
82,065
83,577
8,265
91,842
Exceptionals after tax (note 5)
63,227
256,854
320,081
17,946
148,774
166,720
Adjusted profit after taxation and non-controlling interests
413,400
2,104
415,504
394,140
70,912
465,052
Basic earnings per ordinary share
Continuing operations 2026 pence
Discontinued operations 2026 pence
Total 2026 pence
Continuing operations 2025 pence
Discontinued operations 2025 pence
Total 2025 pence
Basic earnings/(loss) per ordinary share
288.52p
(274.36p)
14.16p
295.87p
(87.09p)
208.78p
Amortisation of intangible assets after tax
82.59p
4.38p
86.97p
84.50p
8.36p
92.86p
Exceptionals after tax
67.01p
272.21p
339.22p
18.13p
150.43p
168.56p
Adjusted basic earnings per ordinary share
438.12p
2.23p
440.35p
398.50p
71.70p
470.20p
Weighted average number of ordinary shares in issue (thousands)
94.358
98,905
Basic earnings per share is calculated by dividing the profit attributable to owners of the Parent by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. The adjusted figures for basic earnings per ordinary share (a non-GAAP financial measure) are intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and net exceptionals.
Diluted earnings per ordinary share
Continuing operations 2026 pence
Discontinued operations 2026 pence
Total 2026 pence
Continuing operations 2025 pence
Discontinued operations 2025 pence
Total 2025 pence
Basic diluted loss per ordinary share*
(274.36p)
(87.09p)
Dilutive effect on losses per share*
0.72p
0.15p
Basic diluted earnings per ordinary share
287.76p
(273.64p)
14.12p
295.38p
(86.94p)
208.44p
Amortisation of intangible assets after tax
82.37p
4.37p
86.74p
84.37p
8.34p
92.71p
Exceptionals after tax
66.84p
271.49p
338.33p
18.11p
150.18p
168.29p
Adjusted diluted earnings per ordinary share
436.97p
2.22p
439.19p
397.86p
71.58p
469.44p
Weighted average number of ordinary shares in issue (thousands)
94,607
99,065
*In accordance with IAS 33, the dilutive effect on losses per share of discontinued operations has not been considered as this would reduce the loss per share.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
6. Earnings per Ordinary Share (continued)
Diluted earnings per ordinary share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Share options and awards are the Company's only category of dilutive potential ordinary shares. The adjusted figures for diluted earnings per ordinary share (a non-GAAP financial measure) are intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and net exceptionals.
The earnings used for the purposes of the continuing diluted earnings per ordinary share calculations were £272.242 million (2025: £292.617 million) and £413.400 million (2025: £394.140 million) for the purposes of the continuing adjusted diluted earnings per ordinary share calculations.
The earnings used for the purposes of the discontinued diluted earnings per ordinary share calculations were £258.884 million (loss) (2025: loss of £86.127 million) and £2.104 million (2025: £70.912 million) for the purposes of the discontinued adjusted diluted earnings per ordinary share calculations. This has been included in the table above in order to reconcile the continuing earnings per share to the total earnings per share for the year.
The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the year ended 31 March 2026 was 94.607 million (2025: 99.065 million). A reconciliation of the weighted average number of ordinary shares used for the purposes of calculating the diluted earnings per ordinary share amounts is as follows:
2026 '000
2025 '000
Weighted average number of ordinary shares in issue
94,358
98,905
Dilutive effect of options and awards
249
160
Weighted average number of ordinary shares for diluted earnings per share
94,607
99,065
Employee share options and awards, which are performance-based, are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. These contingently issuable shares are excluded from the computation of diluted earnings per ordinary share where the conditions governing exercisability would not have been satisfied as at the end of the reporting period if that were the end of the vesting period.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
7. Dividends
Dividends paid per ordinary share are as follows:
2026 £'000
2025 £'000
Final - paid 140.21 pence per share on 17 July 2025 (2025: paid 133.53 pence per share on 18 July 2024)
140,136
131,181
Interim - paid 69.50 pence per share on 12 December 2025 (2025: paid 66.19 pence per share on 13 December 2024)
66,480
66,166
206,616
197,347
The Directors are proposing a final dividend in respect of the year ended 31 March 2026 of 147.22 pence per ordinary share (£125.761 million). This proposed dividend is subject to approval by the shareholders at the Annual General Meeting.
8. Discontinued Operations
As announced in April 2025, the Group entered into an agreement to dispose of the Healthcare division and this disposal completed in September 2025. In November 2025, DCC announced that it had completed the sale of DCC Technology's Info Tech business. Further details on the transaction can be found in DCC's stock exchange announcements of 14 July 2025 and 3 November 2025.
The conditions for the Healthcare division and DCC Technology's Info Tech business to be classified as discontinued operations have been satisfied, and, accordingly, the results of these businesses are presented separately as discontinued operations in the Group Income Statement. The associated assets and liabilities of DCC Healthcare were classified as assets held for sale in the previous financial year. Discontinued operations also include the results of the smaller DCC Technology business in the Netherlands which was closed during the year.
The following table details the results of discontinued operations included in the Group Income Statement:
2026 £'000
2025 £'000
Revenue
1,477,854
3,116,139
Cost of sales
(1,257,371)
(2,683,093)
Gross profit
220,483
433,046
Operating expenses
(215,787)
(341,516)
Operating profit before amortisation of intangible assets and exceptional items
4,696
91,530
Amortisation of intangible assets
(5,373)
(10,629)
Net exceptional items (including impairments and profit/loss on disposals)
(258,030)
(151,100)
Operating profit
(258,707)
(70,199)
Net finance costs
(1,787)
(2,153)
Profit before tax
(260,494)
(72,352)
Income tax expense
1,778
(13,453)
Profit from discontinued operations after tax
(258,716)
(85,805)
Non-controlling interests
(168)
(322)
Loss attributable to the owners of the Parent company
(258,884)
(86,127)
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
8. Discontinued Operations (continued)
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:
2026 £'000
2025 £'000
Net cash flow from operating activities
(3,513)
36,188
Net cash flow from investing activities
(19,990)
(40,328)
Net cash flow from discontinued operations
(23,503)
(4,140)
The following tables summarise the consideration received and the loss on disposal of discontinued operations:
2026 £'000
Net consideration:
Proceeds received
836,469
Proceeds receivable
119,726
Costs of disposal
(41,777)
Total net consideration
914,418
Assets and liabilities disposed of:
Non-current assets
786,349
Current assets
745,407
Non-current liabilities
(111,294)
Current liabilities
(491,012)
Non-controlling interest
(234)
Net identifiable assets disposed of
929,216
Recycling of foreign exchange gain previously recognised in foreign currency reserve
14,370
Loss on disposal of discontinued operations before asset impairments
(428)
Asset impairments
(228,568)
Total loss on disposal including asset impairments
(228,996)
Net cash flow on disposal of discontinued operations:
Total proceeds received
836,469
Cash and cash equivalents disposed of
(193,803)
Net cash inflow on disposal of discontinued operations
642,666
Disposal costs paid
(41,777)
Net cash inflow on disposal of discontinued operations
600,889
Lease liabilities disposed of
65,249
Total net cash/debt impact on disposal of discontinued operations
666,138
The total net loss on disposal of subsidiaries of £228.996 million comprises a gain on the disposal of the Healthcare business of £49.784 million and the balance relates to the disposal of the Info Tech business.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
9. Other Reserves
For the year ended 31 March 2026
Share based payment reserve £'000
Cash flow hedge reserve £'000
Foreign currency translation reserve £'000
Other reserves £'000
Total £'000
At 1 April 2025
71,350
2,083
10,324
932
84,689
Currency translation:
- arising in the year
-
-
5,981
-
5,981
- recycled to the Income Statement on disposal
-
-
(14,370)
-
(14,370)
Movements relating to cash flow hedges
-
109,275
-
-
109,275
Movement in deferred tax on cash flow hedges
-
(23,974)
-
-
(23,974)
Share buyback
-
-
-
2,962
2,962
Share based payment
3,432
-
-
-
3,432
At 31 March 2026
74,782
87,384
1,935
3,894
167,995
For the year ended 31 March 2025
Share based payment reserve £'000
Cash flow hedge reserve £'000
Foreign currency translation reserve £'000
Other reserves £'000
Total £'000
At 1 April 2024
63,806
(18,100)
64,873
932
111,511
Currency translation:
- arising in the year
-
-
(41,508)
-
(41,508)
- recycled to the Income Statement on disposal
-
-
(13,041)
-
(13,041)
Movements relating to cash flow hedges
-
25,323
-
-
25,323
Movement in deferred tax on cash flow hedges
-
(5,140)
-
-
(5,140)
Share based payment
7,544
-
-
-
7,544
At 31 March 2025
71,350
2,083
10,324
932
84,689
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
10. Analysis of Net Debt
2026 £'000
2025 £'000
Non-current assets
Derivative financial instruments
18,954
24,871
Current assets
Derivative financial instruments
140,026
25,321
Cash and cash equivalents
1,085,607
1,088,175
1,225,633
1,113,496
Non-current liabilities
Derivative financial instruments
(14,684)
(19,224)
Unsecured Notes
(1,653,726)
(1,849,217)
(1,668,410)
(1,868,441)
Current liabilities
Bank borrowings
(22,168)
(31,084)
Derivative financial instruments
(34,924)
(11,348)
Unsecured Notes
(209,558)
(85,741)
(266,650)
(128,173)
Net debt (excluding lease creditors)
(690,473)
(858,247)
Lease creditors (non-current)
(311,593)
(249,726)
Lease creditors (current)
(78,188)
(64,245)
Total lease creditors
(389,781)
(313,971)
Net debt (including lease creditors)
(1,080,254)
(1,172,218)
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
10. Analysis of Net Debt (continued)
An analysis of the maturity profile of the Group's net cash/(debt) (including lease creditors) of continuing operations at 31 March 2026 is as follows:
Net debt (continuing operations, excluding lease creditors)
958,982
(319,196)
(436,218)
(894,041)
(690,473)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Net debt (continuing operations, including lease creditors)
880,794
(383,510)
(564,376)
(1,013,162)
(1,080,254)
The Group's Unsecured Notes fall due between 4 April 2026 and 4 April 2034 with an average maturity of 4.0 years at 31 March 2026. The full fair value of a hedging derivative is allocated to the time period corresponding to the maturity of the hedged item.
11. Cash Generated from Operations
2026 £'000
2025 £'000
Cash flow from operating activities
Profit for the period
28,248
221,221
Add back non-operating expenses/(income):
- tax
85,376
87,630
- share of equity accounted investments' profit after tax
Profit on disposal of property, plant and equipment
(12,437)
(17,225)
Amortisation of government grants
(432)
(323)
Other
15,708
3,009
Decrease/(increase) in working capital
71,415
(93,763)
Cash generated from operations before exceptionals
958,340
856,761
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
12. Post Employment Benefit Obligations
The Group's defined benefit pension schemes' assets were measured at fair value at 31 March 2026. The defined benefit pension schemes' liabilities at 31 March 2026 were updated to reflect material movements in underlying assumptions. The Group's post-employment benefit obligations moved from a net liability of £5.884 million at 31 March 2025 to a net liability of £5.664 million at 31 March 2026.
13. Business Combinations
A key strategy of the Group is to create and sustain market leadership positions through acquisitions in markets it currently operates in, together with extending the Group's footprint into new geographic markets. In line with this strategy, the principal acquisitions completed by the Group during the period, together with percentages acquired, were as follows:
· In September 2025, DCC Energy completed the acquisition of 100% of Wex Europe Services AS ('Wex'), the Norwegian branch of Wex Europe Services. Wex services both fleet and truck commercial customers in the Norwegian market with the Esso branded fuel card and is a complementary business to our existing service station portfolio in Norway;
· DCC Energy acquired 100% of FLAGA GmbH ('Flaga') in October 2025. Flaga is a leading distributor of liquid gas in Austria and sells and distributes approximately 45 million litres of liquid gas annually via its nationwide supply, filling and distribution network;
· DCC Energy acquired 100% of the AvantiGas liquid gas cylinder business in the UK in October 2025;
· DCC Technology acquired the trade and certain assets of 100% of Septon Group AB, a small complementary bolt-on for our existing Nordics Pro Tech business; and
· DCC Energy also completed a number of small bolt-on acquisitions in the year.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
13. Business Combinations (continued)
The acquisition data presented below reflects the fair value of the identifiable net assets acquired (excluding net cash/debt acquired) in respect of acquisitions completed during the year. The Healthcare division was presented as an asset held for sale at 31 March 2025. Accordingly, the fair value of identifiable assets and liabilities acquired in the current year in relation to this division have been presented separately below.
2026 £'000
2025 £'000
Assets
Non-current assets
Property, plant and equipment
12,443
4,307
Right-of-use leased assets
4,682
3,343
Intangible assets
33,670
89,810
Equity accounted investments
156
-
Deferred income tax assets
243
5
Total non-current assets
51,194
97,465
Current assets
Inventories
9,235
29,548
Trade and other receivables
17,625
42,973
Total current assets
26,860
72,521
Liabilities
Non-current liabilities
Deferred income tax liabilities
(9,274)
(22,903)
Provisions for liabilities
(15,053)
(673)
Lease creditors
(3,423)
(2,427)
Government grants
-
(1)
Total non-current liabilities
(27,750)
(26,004)
Current liabilities
Trade and other payables
(14,565)
(42,751)
Provisions for liabilities
(1,149)
(601)
Current income tax liabilities
1,827
(2,117)
Lease creditors
(1,259)
(916)
Total current liabilities
(15,146)
(46,385)
Identifiable net assets acquired
35,158
97,597
Goodwill
27,304
137,893
Identifiable net assets acquired in the current year associated with assets held for sale in the prior year
12,487
-
Goodwill in the current year associated with assets held for sale in the prior year
1,820
-
Total consideration
76,769
235,490
Satisfied by:
Cash
81,151
178,048
Net cash and cash equivalents acquired
(9,684)
(10,754)
Net cash outflow
71,467
167,294
Acquisition related liabilities
5,302
68,196
Total consideration
76,769
235,490
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
13. Business Combinations (continued)
None of the business combinations completed during the period were considered sufficiently material to warrant separate disclosure of the fair values attributable to those combinations. The carrying amounts of the assets and liabilities acquired, determined in accordance with IFRS, before completion of the combination together with the adjustments made to those carrying values disclosed above were as follows:
Total
Book value £'000
Fair value adjustments £'000
Fair value £'000
Non-current assets (excluding goodwill)
17,524
33,670
51,194
Current assets
28,887
(2,027)
26,860
Non-current liabilities
(19,332)
(8,418)
(27,750)
Current liabilities
(15,146)
-
(15,146)
Identifiable net assets acquired
11,933
23,225
35,158
Goodwill arising on acquisition
50,529
(23,225)
27,304
Identifiable net assets acquired (discontinued operations)
12,487
-
12,487
Goodwill arising on acquisition (discontinued operations)
1,820
-
1,820
Total consideration
76,769
-
76,769
The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis in respect of a number of the business combinations above given the timing of closure of these transactions. Any amendments to fair values within the twelve-month timeframe from the date of acquisition will be disclosable in the 2027 Annual Report as stipulated by IFRS 3.
The principal factors contributing to the recognition of goodwill on business combinations entered into by the Group are the expected profitability of the acquired business and the realisation of cost savings and synergies with existing Group entities.
None of the goodwill recognised in respect of acquisitions completed during the financial year is expected to be deductible for tax purposes.
Acquisition related costs included in other operating expenses (continuing operations) in the Group Income Statement amounted to £7.483 million.
No contingent liabilities were recognised on the acquisitions completed during the year or the prior financial years.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to £19.652 million. The fair value of these receivables is £17.625 million (all of which is expected to be recoverable) and is inclusive of an aggregate allowance for impairment of £2.027 million.
The fair value of contingent consideration recognised at the date of acquisition is calculated by discounting the expected future payment to present value at the acquisition date. In general, for contingent consideration to become payable, pre-defined profit thresholds must be exceeded. On an undiscounted basis, the future payments for which the Group may be liable for acquisitions completed during the year range from nil to £1.325 million.
The business combinations completed during the year contributed £51.674 million to continuing revenues and £5.314 million to continuing profit for the financial year attributable to Owners of the Parent Company. Had all the business combinations effected during the year occurred at the beginning of the year, total Group revenue (on a continuing basis) for the year ended 31 March 2026 would have been £15.463 billion and total Group profit for the financial year attributable to Owners of the Parent Company (on a continuing basis) would have been £14.390 million.
Notes to the Condensed Financial Statements
For the year ended 31 March 2026
14. Seasonality of Operations
The Group's operations are significantly second half weighted primarily due to a portion of the demand for DCC Energy's products being weather dependent and seasonal buying patterns in DCC Technology.
15. Related Party Transactions
There have been no related party transactions or changes in related party transactions that could have a material impact on the financial position or performance of the Group during the 2026 financial year.
16. SHARE PREMIUM
On 20 August 2025, the Company received the approval of the High Court of Ireland for the reduction of the Company's share capital by cancelling the entire amount of the Company's share premium account as at 31 March 2025, as described in the Company's Notice of Annual General Meeting sent to shareholders on 10 June 2025. The reserve resulting from this cancellation of share premium will be treated as profits available for distribution by the Company as defined by Section 117 of the Companies Act 2014. A copy of the aforementioned order of the High Court was filed with the Companies Registration Office in Ireland on 20 August 2025.
17. Events after the Balance Sheet Date
Subsequent to the financial year end, on 29 April 2026, the Board of DCC announced that it had received an indicative cash proposal from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. to acquire the Company. On 30 April, the Board announced that it had rejected that proposal. No adjustment has been made in these financial statements.
18. Board Approval
This report was approved by the Board of Directors of DCC plc on 18 May 2026.
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures
The Group reports certain alternative performance measures ('APMs') that are not required under International Financial Reporting Standards ('IFRS') which represent the generally accepted accounting principles ('GAAP') under which the Group reports. The Group believes that the presentation of these APMs provides useful supplemental information which, when viewed in conjunction with our IFRS financial information, provides investors with a more meaningful understanding of the underlying financial and operating performance of the Group and its divisions.
These APMs are primarily used for the following purposes:
- to evaluate the historical and planned underlying results of our operations;
- to set director and management remuneration; and
- to discuss and explain the Group's performance with the investment analyst community.
None of the APMs should be considered as an alternative to financial measures derived in accordance with GAAP. The APMs can have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. These performance measures may not be calculated uniformly by all companies and therefore may not be directly comparable with similarly titled measures and disclosures of other companies.
The principal APMs used by the Group, together with reconciliations where the non-GAAP measures are not readily identifiable from the financial statements, are as follows:
Adjusted operating profit ('EBITA')
Definition: This comprises operating profit as reported in the Group Income Statement before net operating exceptional items and amortisation of intangible assets. Net operating exceptional items and amortisation of intangible assets are excluded in order to assess the underlying performance of our operations. In addition, neither metric forms part of Director or management remuneration targets.
Calculation
2026 £'000
Restated 2025 £'000
Operating profit - continuing operations
461,040
481,868
Net operating exceptional items - continuing operations
28,743
22,675
Amortisation of intangible assets - continuing operations
101,031
107,527
Impairment of intangible assets - continuing operations
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Adjusted operating profit before depreciation ('EBITDA')
Definition: EBITDA represents earnings before net interest, tax, depreciation on property, plant and equipment, amortisation of intangible assets, share of equity accounted investments' profit after tax and net exceptional items. This metric is used to compare profitability between companies by eliminating the effects of financing, tax environments, asset bases and business combinations history. It is also utilised as a proxy for a company's cash flow.
Calculation
2026 £'000
Restated 2025 £'000
Total adjusted operating profit ('EBITA') - continuing operations
633,972
612,070
Depreciation of property, plant and equipment - continuing operations
144,258
139,418
Total adjusted operating profit before depreciation ('EBITDA') - continuing operations
778,230
751,488
Net interest before exceptional items
Definition: The Group defines net interest before exceptional items as the net total of finance costs and finance income before interest related exceptional items as presented in the Group Income Statement.
Calculation
2026 £'000
Restated 2025 £'000
Finance costs before exceptional items
(104,821)
(116,832)
Finance income before exceptional items
13,143
13,115
Net interest - continuing operations
(91,678)
(103,717)
Net interest - discontinued operations
(1,787)
(2,153)
Net interest before exceptional items
(93,465)
(105,870)
Interest cover - EBITDA Interest Cover
Definition: The EBITDA interest cover ratio measures the Group's ability to pay interest charges on debt from cash flows. To maintain comparability with the definitions contained in the Group's lending arrangements, EBITDA and net interest exclude the impact of IFRS 16.
Calculation
2026 £'000
Restated 2025 £'000
EBITDA - continuing operations
778,230
751,488
Less: impact of IFRS 16 - continuing operations
(7,615)
(6,521)
EBITDA for covenant purposes - continuing operations
770,615
744,967
Net interest before exceptional items
(91,678)
(103,717)
Less: impact of IFRS 16
12,979
10,727
Net interest for covenant purposes
(78,699)
(92,990)
EBITDA interest cover (times)
9.8x
8.0x
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Effective tax rate
Definition: The Group's effective tax rate expresses the income tax expense before exceptionals and deferred tax attaching to the amortisation of intangible assets as a percentage of adjusted operating profit less net interest before exceptional items.
Calculation
2026 £'000
Restated 2025 £'000
Total adjusted operating profit - continuing operations
633,972
612,070
Net interest before exceptional items - continuing operations
(91,678)
(103,717)
542,294
508,353
Income tax expense - continuing operations
87,154
74,177
Income tax attaching to net exceptionals - continuing operations
8,508
5,069
Deferred tax attaching to amortisation of intangible assets - continuing operations
23,100
23,950
Total income tax expense before exceptionals and deferred tax attaching to amortisation of intangible assets
118,762
103,196
Effective tax rate (%)
21.9%
20.3%
Dividend cover
Definition: The dividend cover ratio measures the Group's ability to pay dividends from earnings.
Calculation
2026 pence
Restated 2025 pence
Adjusted earnings per share - continuing operations
438.12
398.50
Dividend
216.72
206.40
Dividend cover (times)
2.0x
1.9x
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Constant currency
Definition: The translation of foreign denominated earnings can be impacted by movements in foreign exchange rates versus sterling, the Group's presentation currency. In order to present a better reflection of underlying performance in the period, the Group retranslates foreign denominated current year earnings at prior year exchange rates.
Adjusted earnings per share (continuing, constant currency)
Adjusted profit after taxation and non-controlling interests - continuing operations
413,400
394,140
Currency impact
(4,290)
-
Adjusted profit after taxation and non-controlling interests (continuing, constant currency)
409,110
394,140
Weighted average number of ordinary shares in issue ('000)
94,358
98,905
Adjusted earnings per share (continuing, constant currency)
433.57p
398.50p
Net capital expenditure
Definition: Net capital expenditure comprises purchases of property, plant and equipment, proceeds from the disposal of property, plant and equipment and government grants received in relation to property, plant and equipment.
Calculation
2026 £'000
2025 £'000
Purchase of property, plant and equipment
209,472
214,295
Government grants received in relation to property, plant and equipment
(817)
(340)
Proceeds from disposal of property, plant and equipment
(40,548)
(44,839)
Net capital expenditure
168,107
169,116
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Free cash flow
Definition: Free cash flow is defined by the Group as cash generated from operations before exceptional items as reported in the Group Cash Flow Statement after repayment of lease creditors (including interest) and net capital expenditure.
Calculation
2026 £'000
2025 £'000
Cash generated from operations before exceptionals
958,340
856,761
Repayment of lease creditors
(100,609)
(98,886)
Net capital expenditure
(168,107)
(169,116)
Free cash flow
689,624
588,759
Free cash flow (after interest and tax payments)
Definition: Free cash flow (after interest and tax payments) is defined by the Group as free cash flow after interest paid (excluding interest relating to lease creditors), income tax paid, dividends received from equity accounted investments and interest received. As noted in the definition of free cash flow, interest amounts relating to the repayment of lease creditors has been deducted in arriving at the Group's free cash flow and are therefore excluded from the interest paid figure in arriving at the Group's free cash flow (after interest and tax payments).
Calculation
2026 £'000
2025 £'000
Free cash flow
689,624
588,759
Interest paid (including interest relating to lease creditors)
(96,050)
(102,998)
Interest relating to lease creditors
13,966
12,881
Income tax paid
(127,569)
(115,876)
Dividends received from equity accounted investments
356
857
Interest received
11,244
11,178
Free cash flow (after interest and tax payments)
491,571
394,801
Cash conversion ratio
Definition: The cash conversion ratio expresses free cash flow as a percentage of adjusted operating profit.
Calculation
2026 £'000
2025 £'000
Free cash flow
689,624
588,759
Total adjusted operating profit
638,668
703,600
Cash conversion ratio
108%
84%
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Return on capital employed ('ROCE')
Definition: ROCE represents adjusted operating profit expressed as a percentage of the average total capital employed.
The Group adopted IFRS 16 Leases on the transition date of 1 April 2019 using the modified retrospective approach, meaning that comparatives were not restated. To assist comparability with prior years, the Group presents ROCE excluding the impact of IFRS 16 ('ROCE excl. IFRS 16') as well as ROCE including the impact of IFRS 16 ('ROCE incl. IFRS 16'). Total capital employed (excl. IFRS 16) represents total equity adjusted for net debt/cash (including lease creditors), goodwill and intangibles written off, right-of-use leased assets, acquisition related liabilities and equity accounted investments whilst total capital employed (incl. IFRS 16) includes right-of-use leased assets.
Similarly, adjusted operating profit is presented both excluding and including the impact of IFRS 16. Net operating exceptional items and amortisation of intangible assets are excluded to assess the underlying performance of our operations. In addition, neither metric forms part of Director or management remuneration targets.
ROCE (excl. IFRS 16)
Calculation
2026 £'000
Restated 2025 £'000
Total equity
2,363,595
3,168,296
Net debt (including lease creditors) (continuing)
1,080,254
1,226,881
Goodwill and intangibles written-off (continuing)
793,872
701,837
Right-of-use leased assets (continuing)
(374,722)
(282,348)
Equity accounted investments (continuing)
(79,168)
(71,428)
Long-term receivables
(122,595)
-
Acquisition related liabilities (continuing, current and non-current)
53,749
94,458
Net assets of the disposal group
-
(1,108,542)
Total capital employed (excl. IFRS 16)
3,714,985
3,729,154
Average total capital employed (excl. IFRS 16)
3,722,070
3,666,394
Adjusted operating profit - continuing operations
633,972
612,070
Less: impact of IFRS 16 on continuing operating profit
(7,615)
(6,521)
626,357
605,549
Return on capital employed (excl. IFRS 16) - continuing operations
16.8%
16.5%
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
ROCE (incl. IFRS 16)
Calculation
2026 £'000
Restated 2025 £'000
Total capital employed
3,714,985
3,729,154
Right-of-use leased assets (continuing)
374,722
282,348
Total capital employed (incl. IFRS 16)
4,089,707
4,011,502
Average total capital employed (incl. IFRS 16)
4,050,605
3,952,628
Adjusted operating profit - continuing operations
633,972
612,070
Return on capital employed (incl. IFRS 16) - continuing operations
15.7%
15.5%
Committed acquisition expenditure
Definition: The Group defines committed acquisition expenditure as the total acquisition cost of subsidiaries as presented in the Group Cash Flow Statement (excluding amounts related to acquisitions which were committed to in previous years) and future acquisition related liabilities for acquisitions committed to during the year.
Calculation
2026 £'000
2025 £'000
Net cash outflow on acquisitions during the year
71,467
167,294
Cash outflow on acquisitions which were committed to in the previous year
(12,890)
(76,639)
Acquisition related liabilities arising on acquisitions during the year
5,302
68,196
Acquisition related liabilities which were committed to in the previous year
(3,694)
(32,539)
Amounts committed in the current year
52,250
27,202
Committed acquisition expenditure
112,435
153,514
Committed acquisition expenditure is analysed between continuing and discontinued operations as follows:
Supplementary Financial Information
For the year ended 31 March 2026
Alternative Performance Measures (continued)
Net working capital
Definition: Net working capital represents the net total of inventories, trade and other receivables (excluding interest receivable), and trade and other payables (excluding interest payable, amounts due in respect of property, plant and equipment and government grants).
Calculation
2026 £'000
2025 £'000
Inventories
782,567
940,159
Add: inventories of the disposal group
-
111,718
Trade and other receivables
1,982,136
1,975,444
Add: trade and other receivables of the disposal group
-
132,786
Less: interest receivable
(4,791)
(4,736)
Trade and other payables
(2,798,144)
(2,763,181)
Add: trade and other payables of the disposal group
-
(127,704)
Less: interest payable
44,340
35,154
Less: amounts due in respect of property, plant and equipment
17,056
13,858
Less: government grants
65
23
Net working capital
23,229
313,521
Working capital (days)
Definition: Working capital days measures how long it takes in days for the Group to convert working capital into revenue.
Calculation
2026 £'000
2025 £'000
Net working capital
23,229
313,521
March revenue
1,776,228
1,708,700
Working capital (days)
0.4 days
5.7 days
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
FR GZGMKMRGGVZZ
