DCC (DCC) H1 2026 earnings summary

Executive summary

• Completed major strategic shift to focus solely on energy, divesting healthcare and infotech businesses, and simplifying operations.

• Returned significant capital to shareholders, including a £100 million buyback and an imminent £600 million tender offer, as part of an £800 million capital return program enabled by the Healthcare sale.

• Acquired liquid gas businesses in Austria and the UK, and expanded into fleet services in Norway, strengthening the energy market position.

• Leadership team restructured to support the single-sector energy focus and drive growth.

• Reiterated full-year guidance with improved trading and ongoing strategic development.

Financial highlights

• Revenue from continuing operations for the six months ended September 2025 was £7.4 billion, down 7.1% year-over-year.

• Adjusted operating profit from continuing operations declined 5.4% to £206.7 million.

• Adjusted EPS from continuing operations fell 4.2% to 120.8p; total adjusted EPS down 17.8%.

• Interim dividend increased by 5% to 69.50p per share.

• Net debt (excluding lease creditors) reduced to £522.3 million from £1,092.1 million.

Outlook and guidance

• Confident in achieving good operating profit growth for FY2026, with second half expected to recover from first half volume and margin pressures.

• Guidance maintained for the full year, with ongoing development activity and a strong pipeline of growth opportunities in energy.

• Medium-term ambition to double operating profit by 2030, targeting £830 million.