Results for the six months ended 30 September 2025

11 November 2025

Interim results for the six months ended 30 September 2025

Significant progress executing strategic plan

· Completed the sale of DCC Healthcare in September, the sale of DCC Technology's Info Tech business in the UK & Ireland in October and returned £100 million of capital to shareholders.

· As stated on 10 September 2025, DCC intends to launch a £600 million tender offer shortly and expects that it will be completed in December 2025.

Reiterating full year guidance, trading improved quarter on quarter

· Continuing adjusted operating profit declined by 5.4% in the seasonally less significant first half of the financial year. This resulted from strong prior year comparatives, the impact of mild weather in the early months of the year and the disposal of our Hong Kong & Macau business in July 2024.

· Although operating profit declined in the first quarter of the financial year, trading improved in the second quarter leading to modest operating profit growth in that quarter.

· Organic growth in Mobility and in Energy Services partly offset lower profits in Energy Products.

· Since May 2025, DCC has committed approximately £50 million to liquid gas acquisitions.

· Continuing adjusted earnings per share declined 4.2% (4.4% constant currency). 

· Interim dividend up 5.0% to 69.50 pence per share, reflecting confidence in the full year outlook.

· DCC continues to expect that the year ending 31 March 2026 will be a year of good operating profit growth on a continuing basis, significant strategic progress and ongoing development activity.

Donal Murphy, Chief Executive, commented:

"It has been a period of significant strategic progress. We completed the sale of our Healthcare business, the sale of our Info Tech business, and our £100 million share buyback programme. We expanded our liquid gas activities in Europe, a priority for growth where we have a good pipeline of further development opportunities. We continue to expect good profit growth for the full year in line with market expectations, demonstrating our resilient business model. We are excited about our growth opportunities as a simpler, stronger DCC Energy. We're on track to deliver our 2030 ambition."

Contact information

Presentation: Interim results - audio webcast and conference call details

Group management will host a live audio webcast and conference call of the presentation at 09.00 GMT today. The slides for this presentation can be downloaded from DCC's website, www.dcc.ie.

The access details are as follows:

Ireland: +353 (0) 1 691 7842

UK: +44 (0) 203 936 2999

International: +44 (0) 203 936 2999

Passcode: 711604

Webcast link: https://www.investis-live.com/dcc/68ff89a23b61dc001084c3ae/bnbl

This report, presentation slides and a replay of the audio will be made available at www.dcc.ie.

About DCC plc

Invested in Energy

DCC is a customer-focused energy business, specialising in the sales, marketing, and distribution of secure, cleaner and competitive energy solutions to commercial, industrial, domestic, and transport customers. 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 2025, DCC generated revenues of £16.1 billion and adjusted operating profit of £609.7 million on continuing operations. DCC has an excellent record, delivering compound annual growth of 13% in continuing adjusted operating profit and unbroken dividend growth of 13% while maintaining high returns on capital employed over 31 years as a public company.

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www.dcc.ie

Forward-looking statements

This announcement contains some forward-looking statements that represent DCC's expectations for its business, based on current expectations about future events, which by their nature involve risk and uncertainty. DCC believes that its expectations and assumptions with respect to these forward-looking statements are reasonable; however, because they involve risk and uncertainty as to future circumstances, which are in many cases beyond DCC's control, actual results or performance may differ materially from those expressed in or implied by such forward-looking statements.

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. In the 12 months since this announcement, we have made significant progress in executing this strategy, including:

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 that it intends to return £800 million from the sale of DCC Healthcare to its shareholders. DCC commenced this process in May with the launch of a £100 million on-market share buyback programme. That programme completed in September with 2.1 million shares repurchased (representing 2.1% of issued share capital).

DCC also intends to launch a £600 million tender offer shortly, with the expectation of completing the tender offer in December 2025.

The final £100 million will be returned to shareholders following receipt of the unconditional deferred consideration payable for DCC Healthcare in approximately two years.

DCC Technology

In November 2025, DCC announced that it had completed the sale of DCC Technology's Info Tech business in the UK and Ireland to AURELIUS, a globally active private equity investor. Further details on the transaction can be found in DCC's stock exchange announcements of 14 July 2025 and 3 November 2025.

The remainder of DCC Technology, is a leader in the sales, marketing and distribution of specialist Pro AV, Pro Audio and related products and services. The business is predominantly based in North America. We are making good progress with our integration plan in North America, which we announced a year ago. It is our intention to have reached agreement for the sale of our remaining Technology business by the end of calendar year 2026.

A summary of the Group's results for the six months ended 30 September 2025 is as follows:

Group revenue - continuing operations

Group revenue decreased by 7.1% (7.0% on a constant currency basis) to £7.4 billion, primarily due to lower revenue in DCC Energy, reflecting lower commodity prices and a decline in volumes.

DCC Energy sold 6.8 billion litres of Energy products in the first half of the year. Volumes in Energy Products decreased by 4.9% due to the disposal of our Hong Kong & Macau business in the prior year, milder weather in the first quarter, and lower commercial demand in a few markets. Fuel volumes in Mobility decreased by 4.6%, due to proactive margin management resulting in lower volumes. Revenue in Energy Services increased by 14.3% to £177.0 million.

Revenue in DCC Technology was £1.3 billion, a decrease of 2.7% (0.2% on a constant currency basis). Good performance in professional AV and audio products in North America was offset by weak consumer demand and the impact of tariff uncertainty in lifestyle products.

Group adjusted operating profit - continuing operations

Group adjusted operating profit decreased by 5.4% to £206.7 million (5.3% on a constant currency basis), in the seasonally less significant first half of the year.

Details of the operating performance in DCC Energy and DCC Technology are set out on pages 7 to 10.

The impact on reported Group adjusted operating profit of foreign exchange (FX) translation, M&A and organic growth was as follows:

The net impact of FX translation in the first half of the year was a headwind of 0.1%, or £0.4 million, in the reported growth in adjusted operating profit. This reflects average sterling exchange rates strengthening against the US Dollar and weakening against the Euro and other Group reporting currencies during the period.

The net impact of M&A in the period was a headwind of 0.5% reflecting the prior year acquisitions of Coprodiag, Acteam and MG Habitat (+1.4%) which was more than offset by the disposal of our liquid gas business in Hong Kong & Macau in the prior year (-1.9%). 

The Group's organic operating profit declined by 4.8%.

Discontinued operations

On 3 November 2025, DCC announced the completion of the sale of DCC Technology's Info Tech business in the UK and Ireland. The conditions for the Info Tech businesses to be classified as a discontinued operation have been satisfied, and, accordingly, the results of this business are presented as discontinued operations in the Group Income Statement and the associated assets and liabilities are classified as assets held for sale at the balance sheet date.

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 six months ended 30 September 2025.

The prior year comparatives have been restated accordingly.

· DCC Energy operating profit decreased by 5.2% in the seasonally less significant first half of the financial year, following two years of strong first half growth.

· Operating profit in the first quarter was lower than the prior year, which was in line with our expectations. Trading improved in the second quarter: operating profit was modestly ahead of the prior year in that quarter.

· Solutions operating profit declined by 10.0%, driven by Energy Products where operating profit declined by 12.8%. Energy Services increased operating profit by 8.5%, led by our business in France.

· Mobility grew operating profit by 2.8%, driven by continued margin development and growth in fleet services. 

· Since our full year results in May, we have expanded our liquid gas activities in Europe - a key priority for growth. In October 2025 we announced the acquisitions of the FLAGA liquid gas business in Austria and a cylinder business in the UK.

Solutions (Energy Products and Energy Services)

We operate our Solutions business across four regions: Continental Europe, the UK & Ireland, the Nordics and the US. We provide customers with solutions across both Energy Products and Energy Services. Solutions gross profit declined by 4.6%, while operating profit was 10.0% lower than the previous year at £101.8m. In the first quarter, profit was lower than the prior year. In the second quarter, trading improved and was ahead of the prior year.

Energy Products

Energy Products (50% of DCC Energy's operating profit) is the most material part of Solutions and includes liquid gas (off the natural gas grid), liquid fuels, grid gas and power. Operating profit declined by 12.8% in the seasonally less significant first half, due to challenging prior year comparatives, the disposal of our business in Hong Kong & Macau in the prior year (impacting Energy Products operating profit by 4.1%), milder weather in the early months of the year and lower demand in several geographies. Volumes decreased by 4.9%, while gross profit was down 6.8% on the prior year.

1 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.

Operating profit declined in our Continental European business, driven by lower residential and agricultural demand in France due to warmer weather in the first quarter. Germany and Austria performed robustly, although profits were lower in the Netherlands. We recently announced the signing of the acquisition FLAGA, a liquid gas business in Austria, which is expected to complete later in this financial year. The acquisition is in line with our strategic priorities and is complementary to our existing business in Austria.

In the UK & Ireland operating profit declined, mainly driven by our Irish gas and power business, which we expected after a very strong performance in the prior year. Our UK business grew modestly driven by a strong liquid gas performance, though milder weather in the early months of the year impacted demand. We acquired a liquid gas cylinder business in the UK, which is a small, highly complementary, bolt-on acquisition with an attractive customer base. 

In the Nordics operating profit was lower than the prior year, due to lower commercial and industrial demand in our liquid gas business after very strong growth in the prior year. Performance was robust in Denmark, where we managed margins well to offset lower volumes. 

In the US volumes were in line with the prior year, despite warmer weather early in the first quarter. Performance was ahead of the prior year, driven by cost management.

Energy Services

Energy Services accounted for 9% of DCC Energy operating profit in the first half of the year. Revenue increased by 14.3% and gross profit grew by 16.3%. Strong growth in France drove an increase of 8.5% in operating profit. We increased investment in our business platform to facilitate future growth and this did impact our operating margin.

Growth in Energy Services in Continental Europe was driven by our largest business in France, which again delivered an excellent performance. The business achieved strong growth and benefited from acquisitions completed in the prior year (Coprodiag, Acteam and MG Habitat), which performed well. Despite a weaker market backdrop in Germany, our business grew strongly. Operating profit declined in the UK, where we faced challenging market conditions. Demand from commercial and industrial customers was lower than the prior year, primarily because of weaker economic conditions.

Mobility

Our Mobility business operates retail services stations and truck stops for vehicles and provides fleet services across fuel cards, telematics and digital truck parking.

Mobility performed well in the first half. Operating profit increased by 2.8% (2.0% at constant currency), of which organic growth was 1.7%. Gross profit grew by 2.7%.

Volumes declined by 4.6% as we proactively managed both volumes and margins across each of our regions. Mobility markets continue to see a trend towards electrification, particularly in the Nordic regions, which impacts volumes but benefits our non-fuel revenues and margins. Our business continued to develop its customer value proposition, intentionally ceasing some lower margin volumes particularly in the Nordics and the UK. Our business in France and Luxembourg continued to perform well with continued development of our customer offerings across the network in a competitive market. Our disciplined approach to margin management, along with procurement initiatives, delivered growth of 2.3% in gross profit across our service station network. 

In non-fuel services, we increased gross profit by 3.5%. Fleet services accounted for approximately 60% of our non-fuel services gross profit in the first half. In fleet services, we delivered strong organic growth complemented by a modest contribution from acquisitions. We achieved growth across all our fleet services, enhancing customer propositions across our fuel card, telematics and digital truck offerings. Service stations account for the remainder of non-fuel services, where we continued to broaden our non-fuel offering including electric vehicle charging services, car wash and convenience retail. 

We recently completed the acquisition of a modest fleet services business in Norway, which has been fully integrated into our business. This provides a new growth opportunity for our business in Norway.

 1 Refer to the Discontinued Operations note earlier in the document for further details

· In November 2025, DCC announced that it had completed the sale of DCC Technology's Info Tech business in the UK and Ireland to AURELIUS. The remainder of DCC Technology, our specialist Pro Tech business, is predominantly based in North America. There is a small minority of activities in Europe. DCC Technology is a global leader in the sales, marketing and distribution of Pro AV, Pro Audio and related products; we also sell specialist Lifestyle products.

· Our continuing DCC Technology business recorded operating profit of £33.4 million, a decline of 6.9%. Operating profit decreased by 2.4% organically. Most of the operating profit of the business originates in North America, so the currency translation impact was significant in the first half of the year. Therefore, on a constant currency basis operating profit declined marginally by 2.0%.

· Continuing revenue decreased by 2.7% (-0.2% constant currency), while operating margin was 2.5%.

· In North America where we are the leading specialist distributor in the market, our sales, marketing and distribution of Pro specialist products performed well as we gained market share.

· Our sales of Lifestyle products declined, because of weak consumer demand and the negative impact of tariffs. Tariff uncertainty caused demand to be pulled forward in the first quarter but limited stock availability and other tariff-related challenges in the second quarter more than negated that initial positive impact, leading to lower profits overall in the first half. 

· We delivered good growth in our continuing Pro Tech distribution business in Europe.

·  We are making steady progress with our integration and operational efficiency programme in North America, which is delivering to plan. 

·  It is our intention to have reached agreement for the sale of our remaining Technology business by the end of calendar year 2026.

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 £46.3 million (2024: £52.7 million). Average net debt, excluding lease creditors, reduced to £1.1 billion in the period, 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. Approximately 75% of the Group's gross debt is fixed (30 September 2024: c.70%). Additionally, our minority shareholding in our liquid gas business in Hong Kong & Macau contributed positively to the profit from associated businesses.

Net exceptional items and amortisation of intangible assets 

The Group recorded a net exceptional charge after tax of £267.2 million in the first six months of the year as follows:

(a) An impairment charge has been recognised in relation to a DCC Technology business in the Netherlands following a decision to exit this business in the second half of this financial year. The impairment relates to tangible assets and a non-cash impairment charge in relation to goodwill and intangible assets. The Group has also recognised a non-cash impairment charge in relation to goodwill and intangible assets in our solar distribution business in the Netherlands following a continued deterioration in the medium-term outlook for the business. There was a related tax credit of £5.9 million in relation to these charges.

(b) Restructuring and integration costs and other of £12.0 million mainly relates to the restructuring of operations across a number of businesses and recent acquisitions. The majority of the cost relates to optimisation and integration of continuing operations in the Technology division in North America.

(c) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of acquisition opportunities and amounted to £2.3 million.

(d) Adjustments to contingent acquisition consideration of £1.0 million reflects movements in provisions associated with the expected earn-out or other deferred arrangements that arise through the Group's corporate development activity.

(e) 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 six months ended 30 September 2025 this amounted to an exceptional non-cash charge of £0.1 million. The cumulative net exceptional credit taken in respect of IAS 39 ineffectiveness was £0.1 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.

(f) The charge for net exceptional items on discontinued operations of £184.4 million primarily relates to DCC Technology's Info Tech business in the UK and Ireland. In November 2025 the Group announced the completion of the sale of this business and the proceeds on disposal are expected to give rise to an impairment loss of approximately £237.8 million which has been recognised in the current period. The Group recognised a net profit on the disposal of the Healthcare division of £56.4 million (after costs) which was completed in September 2025.

The charge for the amortisation of acquisition related intangible assets increased slightly to £51.8 million from £47.4 million in the prior period.

Taxation

The effective tax rate for the Group in the first half of the year of 21.9% is based on the anticipated mix of profits for the full year. It compares to a full year effective tax rate in the prior year of 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 earnings per share decreased by 4.2% to 120.84 pence (4.4% on a constant currency basis).

Dividend

The Board has decided to pay an interim dividend of 69.50 pence per share, which represents a 5.0% increase on the prior year interim dividend of 66.19 pence per share. This dividend will be paid on 12 December 2025 to shareholders on the register at the close of business on 21 November 2025. Over our 31 years as a listed company, DCC has an unbroken record of dividend growth at a compound annual rate of 12.9%.

Cash flow

As with its operating profit, the Group's operating cash flow is significantly weighted towards the second half of the financial year. The cash flow of the Group for the six months ended 30 September 2025 can be summarised as follows:

Free cash flow generation

Free cash flow in the six months ended 30 September 2025 of £24.1 million compares to an outflow of £15.8 million in the prior year. On a rolling 12-month basis (i.e., H1 FY26 and H2 FY25 cumulatively), free cash flow conversion is excellent at 95%, up from 88% in the 12 months to 30 September 2024.

Working capital

As expected, working capital increased by £188.5 million in the first half of the financial year, reflecting the Group's typical seasonal outflow. The seasonal working capital requirements are driven particularly by DCC Technology and, as usual, are expected to largely reverse in the second half of the year. Working capital increased by £134.4 million for continuing operations with the balance of £54.1 million relating to discontinued operations.

The absolute value of working capital at 30 September 2025 for continuing operations decreased to £294.8 million (£308.8 million at 30 September 2024). The decrease was driven by ongoing working capital improvements in Solutions offset by increased short term stock holding requirements in Mobility to ensure customer service. Overall working capital days at 30 September 2025 for continuing operations was 6.5 days sales (30 September 2024: 6.9 days sales).

Post the completion of the sale of Info Tech, announced on 3 November 2025, supply chain financing is no longer a feature of DCC Technology. The level of supply chain financing at 30 September 2025 was £145.4 million (30 September 2024: £160.0 million).

Net capital expenditure

Net capital expenditure for the six months of £79.7 million (2024: 86.1 million) was net of disposal proceeds (£16.7 million) and reflects continued investment in development initiatives across the Group.

Capital expenditure in DCC Energy remained consistent with the prior period and primarily comprised expenditure on tanks, cylinders and installations within Solutions to support new and existing liquid gas customers. In Mobility, we invested to maintain our service station network and to upgrade our capability across the business, adding electric vehicle fast charging and other forecourt services. In DCC Technology, capital expenditure focused on digital enhancements in North America.

Net capital expenditure for the Group was below the depreciation charge of £85.3 million (excluding right-of-use leased assets) in the period by £5.6 million.

Acquisitions

The total cash spend on acquisitions in the six months ended 30 September 2025 was £19.9 million. Payment of deferred and contingent acquisition consideration previously provided amounted to £6.2 million. Committed acquisitions in the period amounted to £58.9 million as follows:

Development is a key part of DCC's business model. The Group's recent acquisitions include:

DCC Energy

DCC Energy has committed approximately £54.3 million to new acquisitions to support its strategy.

· In October 2025, DCC Energy announced it had agreed to acquire 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. The transaction is subject to customary regulatory approval and expected to complete by the end of our financial year. 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 September 2025, DCC Energy completed the acquisition of Wex Europe Services AS, the Norwegian branch of Wex Europe Services. Wex Europe Services AS 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 also completed a number of small bolt-on acquisitions.

DCC Technology

During the period, DCC Technology acquired the trade and certain assets of Septon Group AB, a small complementary bolt-on for our existing Nordics Pro Tech business.

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 30 September 2025, the Group had net debt (including lease creditors) of £860 million, net debt (excluding lease creditors) of £522 million, cash resources (net of overdrafts) of £1.4 billion and total equity of £2.7 billion. The Group intends to return £600 million of capital to shareholders through a tender offer, which will be launched shortly, utilising current cash resources. 

Historically, the Group raised its term debt in the US private placement market. More recently, the Group also has become an issuer in the public debt markets. The Group's term debt has an average maturity of 4.4 years. The Group repaid £86 million of private placement debt in April 2025.

In November 2023, S&P Global Ratings and Fitch both issued a BBB rating for DCC, marking the Company's first public credit rating opinions. In June 2024, DCC established a Euro Medium Term Note (EMTN) programme followed by its inaugural public market debt instrument issuance, a benchmark €500 million seven-year senior unsecured bond. In July and September 2025, Fitch and S&P Global Ratings respectively reaffirmed their BBB rating for DCC.

Principal risks and uncertainties

The Board of DCC is responsible for the Group's risk management and internal control systems, which are designed to identify, manage and mitigate material risks to the achievement of the Group's strategic and business objectives. The Board has approved a Risk Management Policy which sets out delegated responsibilities and procedures for the management of risk across the Group.

The principal risks and uncertainties facing the Group in the short to medium term, as set out on pages 80 to 84 of the 2025 Annual Report (together with the principal mitigation measures), continue to be the principal risks and uncertainties facing the Group for the remaining six months of the financial year.

This is not an exhaustive statement of all relevant risks and uncertainties. Matters which are not currently known to the Board or events which the Board considers to be of low likelihood could emerge and give rise to material consequences. The mitigation measures that are in place in relation to identified risks are designed to provide a reasonable and proportionate, and not an absolute, level of protection against the impact of the events in question.

For the six months ended 30 September 2025

For the six months ended 30 September 2025

As at 30 September 2025

For the six months ended 30 September 2025

For the six months ended 30 September 2024

For the six months ended 30 September 2025