Results for the six months ended 30 September 2026

10 NOVEMBER 2026

Interim results for the six months ended 30 September 2026

a period of CONTINUED progress and strategic delivery

 Adjusted continuing operating profit increased by 1.1% to £175.2 million in the seasonally less significant first half of the financial year

 Strong trading in Energy Products and Mobility, despite volume headwinds, while Energy Services continued to experience very challenging market conditions

 Adjusted continuing earnings per share increased by 25.6%, primarily reflecting the lower weighted average number of shares in issue following the share buybacks and tender offer in the prior year

 Excellent free cash flow conversion of 119% on a rolling 12-month basis, up from 95% in the prior year

 Committed acquisition spend of £214 million, including the agreement to acquire Shell's Mobility and Convenience business in France, along with acquisitions in Poland, the US, Ireland and Germany

 Agreed sale of Nexora announced in October 2026, which will complete DCC Energy's simplification programme

 Recommended acquisition of DCC Energy by the consortium led by Energy Capital Partners and KKR announced and approved by shareholders

 Consistent with the terms of the recommended acquisition and, as set out in the Scheme Document, no interim dividend will be paid in November 2026

 DCC Energy expects to deliver ongoing strategic progress, growth and continued development activity in the year ahead

Donal Murphy, Chief Executive, commented:

“DCC Energy delivered a good performance in the first half, despite a difficult demand environment. Strong trading in Energy Products and Mobility and continued acquisition activity demonstrate that, alongside transforming the Group, we remain firmly focused on growing and strengthening the business. Energy Services continues to face challenging market conditions.

Over the last two years, we have fundamentally transformed DCC, from a diversified group spanning Energy, Healthcare and Technology into a focused, single-sector energy business. The agreement to dispose of Nexora will complete the simplification programme which we began in November 2024.

DCC Energy now looks ahead to the future with confidence. Following shareholder approval of the recommended acquisition by the consortium led by Energy Capital Partners and KKR, we expect to transition to private ownership in the first quarter of 2027, subject to the satisfaction of the remaining conditions. We do so as a focused international multi-energy business, continuing to grow and invest. I want to thank all my colleagues for their commitment and contribution to everything we have achieved together.”

Contact information

This report will be made available at www.dccenergy.com.

About DCC Energy plc

DCC Energy 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 service 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 Energy is listed on the London Stock Exchange and is a constituent of the FTSE 100. In our financial year ended 31 March 2026, DCC Energy generated revenues of £13.0 billion and adjusted operating profit of £554.2 million. DCC Energy has an excellent record, delivering compound annual growth of 14% in adjusted operating profit while maintaining high returns on capital employed over 32 years as a public company.

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Recommended acquisition of DCC Energy plc

On 27 July 2026, the Board of DCC Energy plc announced that it had reached agreement on the terms of a recommended acquisition of the Company by Dragon Bidco Limited, a company indirectly owned by funds and investment vehicles advised by Energy Capital Partners and KKR. The acquisition is being implemented by way of a scheme of arrangement. In September 2026, DCC Energy shareholders approved the scheme and related resolutions at the Scheme Meeting and Extraordinary General Meeting. Subject to the satisfaction of the remaining conditions and the sanction of the scheme by the Irish High Court, completion of the acquisition is expected in the first quarter of 2027, following which DCC Energy will transition to private ownership. Further details are available on the ‘Offer for DCC Energy’ page of the Company’s website.

Strategic PROGRESS update

Nexora (DCC Technology) and discontinued operations

On 9 October 2026, DCC Energy announced that it had reached agreement to dispose of Nexora to One Equity Partners (OEP) for an enterprise value of $725 million (£545 million), on a debt-free, cash-free basis and with normalised levels of working capital. Completion is expected on or after 1 March 2027, subject to customary regulatory approvals.

The conditions for the Nexora 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. The prior year comparatives have been restated accordingly.

Further details on the transaction can be found in DCC Energy's stock exchange announcement of 9 October 2026.

Completion of Strategic Review and Change of Company Name

The sale of Nexora will complete the simplification programme announced in November 2024 and will establish DCC Energy as a focused, single-sector energy business. The programme has resulted in the sale of DCC Healthcare, the sale of DCC Technology’s Info Tech business and the agreement to sell Nexora.

Following the sale of DCC Healthcare, the Group returned £700 million of capital to shareholders through a £100 million share buyback and a £600 million tender offer.

Reflecting this transformation and the Group’s clear focus on energy, the Company changed its name from DCC plc to DCC Energy plc following shareholder approval in July 2026.

DCC Energy REsults summary

A summary of DCC Energy’s results for the six months ended 30 September 2026 is as follows:

1 Refer to the Discontinued Operations note for further details2 Refer to Alternative Performance Measures in Supplementary Financial Information for further details

DCC Energy performance Review

 DCC Energy operating profit increased by 1.1% in the seasonally less significant first half of the financial year, with trading remaining consistent with the trends reported for the first quarter. Organic operating profit growth was 0.5%.

 Gross profit increased by 11.6%, driven by an increase of 14.6% in Energy Products and 12.9% in Mobility. Operating expenses increased due to acquisitions in liquid gas, investment in new Mobility sites, investment for growth across our businesses and inflationary pressures.

 Operating profit in Solutions declined by 4.3%. Energy Products delivered strong trading and continued margin development despite weaker volumes, while Energy Services continued to experience very challenging conditions across most markets.

 Mobility operating profit increased by 8.9%, reflecting strong trading and proactive margin management, which more than offset the impact of lower fuel volumes.

 DCC Energy committed £214 million to acquisitions since our full year results in May, including the Shell Mobility and Convenience business in France and businesses in Poland, the US, Ireland and Germany, reflecting continued investment in our growth strategy across the Group. These acquisitions did not contribute to first-half profitability, as most of the transactions have yet to complete.

Solutions (Energy Products and Energy Services)

Our Solutions business provides customers with a broad range of Energy Products and Energy Services and is now reported across five regions: Continental Europe, Great Britain, Ireland, the Nordics and the US. The separation of Great Britain and Ireland, previously reported as UK & Ireland, reflects the continued development of our country-market model, enabling a more cohesive approach to serving customers in each market. Solutions operating profit decreased by 4.3% to £97.4 million. Strong trading and continued margin development in Energy Products, despite lower volumes, were more than offset by very challenging market conditions in Energy Services.

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. 

Energy Products

Energy Products delivered a strong performance, with operating profit increasing by 5.5% as margins continued to develop well. Volumes were 2.5% lower, reflecting the previously reported pull-forward of demand into March, economisation, above-average temperatures and lower agricultural demand due to dry conditions.

Continental Europe delivered a good overall performance. France achieved good growth despite softer demand, while Germany also traded well, supported by good cost control. Performance in the Netherlands was more challenging, with relatively strong volumes weighted towards lower-margin segments. The recent liquid gas acquisitions in Austria and Central and Eastern Europe made a modest negative contribution in the period, reflecting the normal seasonal phasing of trading, which is weighted towards the second half of the year. We continued to invest to strengthen our position in the region, acquiring März Oil, a small fuel distribution business in Bavaria, Germany, in October 2026.

In Great Britain, we have made good progress in aligning our businesses under a single management team and evolving towards an integrated country-market model. Operating profit was in line with expectations, although modestly behind the prior year, reflecting softer summer demand due to warmer weather and the previously reported pull-forward of demand into March. In October 2026, DCC Energy disposed of Medical Gas Solutions Limited, a non-core UK medical gases business.

As we continue to develop our country-market model, we have put in place a dedicated country leadership team in Ireland reflecting the scale and breadth of our operations across the island. In Ireland, operating profit was slightly behind the prior year, primarily reflecting a lag in passing through commodity pricing in our natural gas and power business. During the period, DCC Energy agreed to acquire MPM Oil Limited (trading as Euro Oil), a small Irish-based fuel distributor operating in the Leinster region.

Operating profit in the Nordics was modestly behind the prior year. Our liquid gas businesses in Norway and Sweden traded well, reflecting the weighting of the business to the commercial and industrial sector. In Denmark, the fuels business was impacted by warmer weather, the previously reported pull-forward of demand into March and lower agricultural demand due to dry conditions.

The US delivered an improved operating performance, reflecting continued disciplined margin management and cost control. During the period, our US business acquired Keystone Propane, a small family-owned propane business in Northeast Pennsylvania. The acquisition marks our first entry into Pennsylvania and further expands our US footprint, as we continue to pursue attractive acquisition opportunities in the US propane market.

Energy Services

Energy Services continued to experience very challenging conditions across most markets. While the conflict in the Middle East heightened customer interest in energy resilience, this did not translate into a material improvement in demand during the period.

In Continental Europe, France traded well, with operating profit broadly in line with the prior year. Elsewhere in the region, weaker customer demand and margin pressure resulted in lower operating profit. In Great Britain, performance continued to be impacted by weak demand and uncertainty around government energy-efficiency programmes. Commercial and industrial customers are also taking longer to commit to capital projects, as they remain focused on cost and short-term energy security.

While near-term market conditions remain challenging, the long-term drivers of demand for Energy Services remain attractive, underpinned by customers’ need to improve energy efficiency, resilience and sustainability. We continue to invest to strengthen our platform and position the business for long-term growth. In August 2026, DCC Energy agreed to acquire Quanta Energy, a Poland-based energy services business. In Ireland, DCC Energy acquired Realpower, a small Irish-based power generation and services business.

Mobility

Mobility delivered an excellent organic performance in the first half, with operating profit increasing by 8.9%, or 6.9% on a constant currency basis.

Fuel volumes were 4.7% lower, reflecting a challenging operating environment, including higher product costs, changes to fuel duty regimes and government pricing interventions in certain markets. Improved fuel margins, supported by proactive margin and cost management, helped mitigate the impact of lower volumes during the period.

Non-fuel services performed strongly, with gross profit increasing by 22.1%, driven by good growth in convenience and other services. EV charging demand continued to grow strongly across our markets.

Performance was strong across most markets. In France fuel demand was impacted by competitor pricing activity, however the business benefited from the opening of four new motorway sites in January 2026, contributing to growth in both fuel and non-fuel activities. Great Britain was more challenging, reflecting softer demand and weaker margins. The Nordic region performed well and, in Denmark, DCC Energi renewed its long-standing partnership with Shell for a further five years, covering both the Shell-branded retail network and Shell Card services.

In October 2026, DCC Energy agreed to acquire Shell’s Mobility and Convenience business in France. This will significantly expand our Mobility presence in France through a network of 70 service stations and an associated fuel card business. Completion is expected in the first half of calendar 2027, subject to customary regulatory approvals and completion of Shell’s staff council consultation.

Income Statement Review

Group revenue – continuing operations

Group revenue increased by 20.2% (18.8% on a constant currency basis) to £7.3 billion, driven by significantly higher commodity prices, despite lower overall volumes.

Given the influence of commodity price movements, revenue is not a primary measure of performance for DCC Energy. The business predominantly operates on a unit margin basis, and the performance of Energy Products and Mobility is assessed primarily by reference to volume and margin trends.

DCC Energy sold 6.6 billion litres of product in the first half of the year, compared with 6.8 billion litres in the prior period. Volumes in Energy Products decreased by 2.5%, reflecting the pull-forward of demand into March, economisation, warmer-than-average temperatures and dry conditions impacting agricultural demand. Fuel volumes in Mobility decreased by 4.7%, with demand affected by changes to fuel duty regimes, fuel price protests and government pricing interventions in certain markets.

Revenue is, however, a key measure of performance in Energy Services, where revenues were broadly in line with the prior period at £177.4 million, an increase of 0.2%.

Group adjusted operating profit – continuing operations

Group adjusted operating profit increased by 1.1% to £175.2 million in the seasonally less significant first half of the year. Further details on the operating performance are set out on pages 5 to 7.

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 positive 1.2%, or £2.2 million, on reported adjusted operating profit growth. This reflects average sterling exchange rates weakening against the Euro and certain other Group reporting currencies, although strengthening against the US dollar during the period.

The net impact of M&A in the period was a headwind of 0.6%, primarily reflecting a modest negative contribution from the recent liquid gas acquisitions in Austria and Central and Eastern Europe, due to the normal phasing of trading towards the second half of the year.

The Group’s organic operating profit increased by 0.5%.

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 from associated businesses, decreased to £36.2 million (2025: £44.3 million).

The decrease primarily reflected a higher contribution from associated businesses, principally from the Group’s minority shareholding in a business in Ireland and its liquid gas business in Hong Kong & Macau.

Net finance costs also decreased, reflecting lower average debt driven by the Group’s cash generation over the past 12 months. Average net debt, excluding lease creditors, was £1.0 billion in the period, compared with £1.1 billion in the prior period. Approximately 70% of the Group’s gross debt is fixed (30 September 2025: c.75%).

Net exceptional charge

The Group recorded a net exceptional charge after tax of £371.1 million in the first six months of the year as follows:

(a) Costs of £8.2 million, comprising professional and advisory fees, were incurred in relation to the recommended acquisition of DCC Energy plc in the six months to 30 September 2026.

(b) Restructuring and integration costs and other of £7.8 million mainly relates to the restructuring of operations across a number of businesses and recent acquisitions.

(c) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of acquisition opportunities and amounted to £5.2 million.

(d) IAS 39 ineffectiveness on hedging instruments related to the Group’s US private placement debt is recognised as an exceptional item. In the six months ended 30 September 2026, this resulted in a non-cash charge of £13,000. The cumulative net exceptional credit is £0.4 million and will net to zero over the remaining term of the debt and related hedging instruments.

(e) The charge for net exceptional items on discontinued operations of £351.1 million primarily relates to the disposal of Nexora. Following the agreement to dispose of the business in October 2026, a non-cash impairment before tax of £348.3 million has been recognised in the current period to reflect the expected proceeds on disposal. The net charge also includes restructuring, redundancy and transaction-related costs associated with the disposal and separation of the business, and a gain of £12.7 million on the disposal of property in North America. There was a related tax credit of £24.4 million in relation to these charges.

amortisation of intangible assets

The charge for the amortisation of acquisition related intangible assets decreased slightly to £36.3 million from £41.3 million in the prior period.

Taxation

The effective tax rate for the Group in the first half of the year of 22.4% 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 21.9%. 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.

Loss after tax – discontinued operations

The loss after tax from discontinued operations was £323.7 million, including adjusted operating profit from Nexora of £47.2 million, as well as exceptional charges and other items detailed in Note 8.

Nexora delivered a strong trading performance during the period, continuing the improving trends seen as the calendar year progressed. Trading strengthened as the impact of US tariffs eased, alongside good performance across its European operations. Profitability continued to benefit from the operational efficiency programme in North America, which supported gross margin enhancement and effective cost control.

Adjusted earnings per share - continuing

Adjusted continuing earnings per share increased by 25.6% to 120.5p, principally reflecting the lower weighted average number of shares in issue following the share buyback and tender offer completed in the prior year. Together, these resulted in the repurchase of 13.7 million shares, representing 13.9% of the share capital in issue at 31 March 2025.

Dividend

Consistent with the terms of the recommended acquisition and as set out in the Scheme Document, no interim dividend will be paid in November 2026.

Cash Flow, capital allocation & Financial strength

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 2026 can be summarised as follows:

Free cash flow generation and conversion

Free cash flow in the six months ended 30 September 2026 was £96.1 million, compared with £24.1 million in the prior period. On a rolling 12-month basis (i.e., H1 FY27 and H2 FY26 cumulatively), free cash flow conversion is excellent at 119%, up from 95% in the 12 months to 30 September 2025, supported by a strong working capital performance over the period.  

capital allocation

Working capital

As expected, working capital increased by £121.6 million in the first half of the financial year, reflecting the Group’s typical seasonal outflow. The increase comprised £47.7 million for continuing operations and £73.9 million for discontinued operations. The seasonal outflow is, as usual, expected to largely reverse in the second half of the year.

The absolute value of working capital for continuing operations at 30 September 2026 was a negative balance of £371.3 million (30 September 2025: negative balance of £251.5 million), reflecting the Group’s negative working capital operating model across Energy Products and Mobility. Working capital benefited from higher commodity prices compared to 30 September 2025, increasing the absolute value of negative working capital balances. Should commodity levels return to lower levels, this benefit would be expected to unwind.  

Overall working capital days at 30 September 2026 for continuing operations was -7.7 days sales.

Post the completion of the sale of Info Tech in the prior year, supply chain financing is no longer a feature of the Group. The level of supply chain financing at 30 September 2025 was £145.4 million.

Net capital expenditure

Net capital expenditure for the six months was £81.6 million (2025: £79.7 million), after disposal proceeds of £10.1 million and government grants received of £1.0 million. The level of net capital expenditure reflects investment in organic initiatives across DCC Energy, supporting the Group’s continued growth and development. Net capital expenditure was £3.0 million above the depreciation charge of £78.6 million (excluding right-of-use leased assets) in the period.

Capital expenditure was broadly in line with the prior year, primarily reflecting investment in tanks, cylinders and installations within Energy Products to support new and existing liquid gas customers. Within Mobility, capital investment was focused on maintaining and optimising the service station network and enhancing capabilities across the business, including electric vehicle fast charging infrastructure and improved forecourt services.

ACQUISITIONS

The total cash spend on acquisitions in the six months ended 30 September 2026 was £53.0 million. This comprises £14.1 million in respect of acquisitions completed during the period, £3.9 million of deferred and contingent acquisition consideration previously provided for, and £35.0 million related to acquisitions announced in the May 2026 Results Announcement and completed during the current period.

Committed acquisitions in the period amounted to £213.6 million, including the £14.1 million completed during the period referred to above, as follows:

DCC Energy

Acquisition development is a key part of DCC Energy’s business model, with £213.6 million committed to recent acquisitions, including:

 In October 2026, DCC Energy agreed to acquire Shell's Mobility and Convenience business in France. The transaction represents the majority of DCC Energy's committed acquisition spend in the period. The business comprises 48 Shell motorway service stations and 22 non-motorway sites, together with an associated fuel card business. The sites, which will continue to operate under the Shell brand, sell approximately 260 million litres annually. The fuel card business serves around 2,600 customers across 250,000 fuel cards. Completion is expected in the first half of calendar 2027, subject to customary regulatory approvals and completion of Shell’s staff council consultation.

 In August 2026, DCC Energy agreed to acquire Quanta Energy, a Poland-based energy services business providing on-site solar PV and battery energy storage system (BESS) services to blue-chip customers across Europe. The acquisition remains subject to regulatory approval and is expected to complete before the end of the calendar year.

 In August 2026, DCC Energy acquired Keystone Propane, a small family-owned propane business serving more than 7,000 residential and commercial customers in Northeast Pennsylvania, with annual retail volumes of approximately 23 million litres. The acquisition marks DCC Propane’s first entry into Pennsylvania and further expands its US footprint.

 In August 2026, DCC Energy agreed to acquire MPM Oil Limited (trading as Euro Oil), a small Irish-based fuel distributor operating in the Leinster region. The acquisition remains subject to regulatory approval and is expected to complete before the end of the calendar year.

 In October 2026, DCC Energy acquired März Oil, a small fuel distribution business in Bavaria, Germany.

 In September 2026, DCC Energy acquired Realpower, a small Irish-based power generation business, strengthening DCC Energy’s capabilities in critical power and energy services in Ireland.

 DCC Energy also completed a number of small bolt-on acquisitions.

DISPOSALS

In October 2026, DCC Energy disposed of Medical Gas Solutions Limited (MGS), which operates as Flogas Medical Gases in the UK. MGS supplies medical and analgesic gases to healthcare providers, NHS trusts and emergency services. The business was non-core to DCC Energy’s liquid gas activities, and its disposal is consistent with the Group’s focus on streamlining its operations and strategic priorities. Any gain arising on the disposal will be recognised as an exceptional item in the full year results.

Financial strength

DCC Energy has always maintained a strong balance sheet, and it remains an important enabler of the Group’s strategy. Our strong balance sheet provides many strategic and commercial benefits, including enabling DCC Energy to take advantage of acquisitive or organic development opportunities as they arise. At 30 September 2026, the Group had net debt (including lease creditors) of £1.214 billion, net debt (excluding lease creditors) of £828 million, cash resources (net of overdrafts) of £712 million and total equity of £2.0 billion. In addition, we maintain an £800 million revolving credit facility with a diversified group of relationship banks. This facility runs until 2029 and was undrawn during the period.

DCC Energy has taken a pro-active approach to the credit markets over many years. 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 30 September 2026, term debt had an average maturity of 3.9 years. During the first six months of the financial year, the Group repaid £208.0 million equivalent of maturing private placement debt. DCC Energy retained its BBB ratings from Fitch and S&P Global Ratings during the period.

Principal risks and uncertainties

The Board of DCC Energy 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 72 to 75 of the 2026 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.

Forward-looking statements

This announcement contains some forward-looking statements that represent DCC Energy’s expectations for its business, based on current expectations about future events, which by their nature involve risk and uncertainty. DCC Energy 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 Energy’s control, actual results or performance may differ materially from those expressed in or implied by such forward-looking statements.

Group Income Statement

For the six months ended 30 September 2026

Group Statement of Comprehensive Income

For the six months ended 30 September 2026

Group Balance Sheet

As at 30 September 2026

Group Statement of Changes in Equity

For the six months ended 30 September 2026

For the six months ended 30 September 2025

Group Cash Flow Statement

For the six months ended 30 September 2026