DPC Holdings (DPC) Registration filing summary

Company overview and business model

• Manufactures complex, highly engineered precision cast components and superalloys for aerospace, industrial gas turbine (IGT), and transportation markets, with 14 global facilities and nearly 250 years of history.

• Vertically integrated, producing 100% of internal nickel- and cobalt-based superalloy needs, reducing reliance on external supply chains.

• Revenue is diversified across OEM and aftermarket sales, with 70% under long-term agreements (LTAs) and 40% from aftermarket in 2025.

• Strategic customer partnerships with major OEMs provide incremental revenue, customer-funded capacity expansion, and margin accretion.

Financial performance and metrics

• 2025 revenue: $837 million, up 12% from 2024; net loss: $173 million, improved from $193 million in 2024.

• Adjusted EBITDA for 2025: $138 million (16.5% margin), up from $97 million (13.0%) in 2024.

• Q1 2026 revenue: $237 million (+26% YoY); Q1 2026 net loss: $47 million, improved from $53 million in Q1 2025.

• As of March 29, 2026: $33 million in cash, $712 million in total debt, and $542 million adjusted net debt.

• Order backlog: $930 million as of March 29, 2026, covering over 12 months of production.

Use of proceeds and capital allocation

• Estimated net proceeds of $710 million from IPO and concurrent private placement, with up to $808 million if underwriters' option is exercised.

• Proceeds to be used to repay $161 million Term Loan, $50 million ABL, $154 million Shareholder PIK Loan, and $255 million for management incentive plan; remainder for working capital, growth projects, and potential acquisitions.

• No current plans to pay dividends; future dividends subject to board discretion and financial conditions.