REG - DCC PLC - Results for the year ended 31 March 2026
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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 Restated(( (#_ftn2) 2)) % change % change CC(( (#_ftn3) 3))
2025
Adjusted operating profit(( (#_ftn4) 4)):
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 - continuing(2) £634.0m £612.1m +3.6% +2.8%
Adjusted earnings per share - continuing(2) 438.1p 398.5p +9.9% +8.8%
Dividend per share 216.72p 206.40p +5.0%
Free cash flow(4) £689.6m £588.8m
Net debt (excl. lease creditors) (4) £690.5m £795.9m
Return on capital employed(4) - continuing(2) 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
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This report, presentation slides and a recording of the webcast will be made
available at www.dcc.ie
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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
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www.dcc.ie
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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 (#_ftn5) . 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 operations(6) 2026 Restated((6)) % change
£'m
2025
£'m
Revenue 15,442 15,904 -2.9%
Adjusted operating profit(( (#_ftn7) 7))
DCC Energy 554.2 535.5 +3.5%
DCC Technology 79.8 76.6 +4.3%
Group adjusted operating profit(7) 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 operations(6) 286.9 307.0
Loss after tax - discontinued operations(6) (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 share(7) - continuing(6) 438.1p 398.5p +9.9%
Total adjusted earnings per share(7) 440.4p 470.2p -6.3%
Dividend per share 216.72p 206.40p +5.0%
Free cash flow(7) 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) - continuing(7) 16.8% 16.5%
Return on capital employed (incl. IFRS 16) - continuing(7) 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)(( (#_ftn8) 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 - continuing(9) Restated(( (#_ftn9) 9))
2026 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 AURELIUS(7).
- 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 times (#_ftn10) 10 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 2025
£'m £'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 (699.5) -
ckck
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 2025
£'m £'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 2025
£'m £'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 Restated(( (#_ftn11) 11)) 2026 Restated(11)
excl. IFRS 16
2025
incl. IFRS 16
2025
excl. IFRS 16
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.
Selected Sustainability Performance Metrics 2030 Target 2026 2025 % change % change
vs. baseline
Scope 1 & 2 GHG emissions (market based)12 50% reduction 63 68 -7.4% -44.7%
(ktCO2e, Group, 2019 baseline)
Scope 3 GHG emissions 35% reduction 36.4 37.9 -4.0%
(MtCO2e, DCC Energy, 2022 baseline) -14.2%
Biogenic content of energy sold 13 7.5% 7.1%
GJ, DCC Energy
Health & Safety - Lost time injury frequency rate14 LTIFR <1 1.00 0.90
(LTIFR per 200k hours worked)
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 2026 Exceptionals (note 5) Total Pre exceptionals Restated* 2025 Exceptionals (note 5) Total
£'000
£'000
£'000 £'000 £'000 £'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
Restated
2026 2025
£'000 £'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 2025
£'000
£'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 2025
£'000 £'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 2025 2026 2025
Stg£1= Stg£1= Stg£1= 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 Year ended 31 March 2026
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 Year ended 31 March 2025 (restated)
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*
Restated
2026 2025 2026 2025
£'000 £'000 £'000 £'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 Year ended 31 March 2026
March 2026
DCC Energy £'000 DCC Technology £'000 Total
£'000
Continuing operations
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 Year ended 31 March 2025 (restated)
ended 31 March 2025 (restated)
DCC Energy £'000 DCC Technology £'000 Total
£'000
Continuing operations
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
Restated
2026 2025
£'000
£'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 Discontinued operations Total Continuing Discontinued operations (note 8) Total
£'000
(note 8)
2026
operations
2025
2025
2026
£'000
2025
£'000
£'000
£'000
£'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
Continuing operations 2026 Discontinued operations Total Continuing Discontinued operations Total
pence
2026
2026
operations
2025
2025
pence
pence
2025
pence
pence
pence
Basic earnings per ordinary share
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 Discontinued operations Total Continuing Discontinued operations Total
pence
2026
2026
operations
2025
2025
pence
pence
2025
pence
pence
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 2025
'000 '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 2025
£'000 £'000
Final - paid 140.21 pence per share on 17 July 2025 140,136 131,181
(2025: paid 133.53 pence per share on 18 July 2024)
Interim - paid 69.50 pence per share on 12 December 2025 66,480 66,166
(2025: paid 66.19 pence per share on 13 December 2024)
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 2025
£'000 £'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 4,696 91,530
items
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 2025
£'000 £'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 14,370
reserve
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 Cash flow Foreign Other Total
reserve
hedge
currency translation reserve
reserves
£'000
£'000
reserve
£'000
£'000
£'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 Cash flow Foreign Other Total
reserve
hedge
currency translation reserve
reserves
£'000
£'000
reserve
£'000
£'000
£'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 2025
£'000 £'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:
As at 31 March 2026 Less than Between Between Over Total
1 year
1 and 2
2 and 5
5 years
£'000
£'000
years
years
£'000
£'000 £'000
Cash and short-term deposits 1,085,607 - - - 1,085,607
Overdrafts (22,168) - - - (22,168)
Cash and cash equivalents 1,063,439 - - - 1,063,439
Unsecured Notes (209,558) (319,306) (433,800) (900,620) (1,863,284)
Derivative financial instruments - Unsecured Notes 18,620 (9,334) (2,916) - 6,370
Derivative financial instruments - other 86,481 9,444 498 6,579 103,002
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 2025
£'000 £'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 (4,590) (3,392)
- net operating exceptionals 329,931 173,775
- net finance costs 93,299 106,210
Group operating profit before exceptionals 532,264 585,444
Share-based payments expense 3,432 7,544
Depreciation (including right-of-use leased assets) 241,986 253,919
Amortisation of intangible assets 106,404 118,156
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 2025
£'000 £'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 12,487 -
held for sale in the prior year
Goodwill in the current year associated with assets held for sale in the prior 1,820 -
year
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 Fair value Fair
value
value adjustments
£'000
£'000
£'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 Restated
2026 2025
£'000 £'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 43,158 -
Adjusted operating profit ('EBITA') - continuing operations 633,972 612,070
Operating profit - discontinued operations (258,707) (70,199)
Net exceptional items - discontinued operations 258,030 151,100
Amortisation of intangible assets - discontinued operations 5,373 10,629
Adjusted operating profit ('EBITA') - discontinued operations 4,696 91,530
Total adjusted operating profit ('EBITA') 638,668 703,600
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 Restated
2026 2025
£'000 £'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 778,230 751,488
operations
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 Restated
2026 2025
£'000 £'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 Restated
2026 2025
£'000 £'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 Restated
2026 2025
£'000 £'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 23,100 23,950
operations
Total income tax expense before exceptionals and deferred tax attaching to 118,762 103,196
amortisation of intangible assets
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 Restated
2026 2025
pence 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.
Restated
2026 2025
£'000 £'000
Revenue (continuing, constant currency)
Revenue - continuing operations 15,441,862 15,904,204
Currency impact (201,065) -
Revenue (continuing, constant currency) 15,240,797 15,904,204
Adjusted operating profit (continuing, constant currency)
Adjusted operating profit - continuing operations 633,972 612,070
Currency impact (5,024) -
Adjusted operating profit (continuing, constant currency) 628,948 612,070
Adjusted earnings per share (continuing, constant currency)
Adjusted profit after taxation and non-controlling interests - continuing 413,400 394,140
operations
Currency impact (4,290) -
Adjusted profit after taxation and non-controlling interests (continuing, 409,110 394,140
constant currency)
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 2025
£'000 £'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 2025
£'000 £'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 2025
£'000 £'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 2025
£'000 £'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 Restated
£'000 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 Restated
£'000 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 2025
£'000 £'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:
Calculation 2026 2025
£'000 £'000
DCC Energy 107,701 101,559
DCC Technology 4,240 13,697
Committed acquisition expenditure - continuing operations 111,941 115,256
Committed acquisition expenditure - discontinued operations 494 38,258
Committed acquisition expenditure 112,435 153,514
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 2025
£'000 £'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 2025
£'000 £'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
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