LEADERS IN

MULTI-ENERGY

SOLUTIONS

DCC PLC ANNUAL REPORT AND ACCOUNTS 2026

2026

2025

£634.0m

£612.1m

2026

2025

74.4

74.1

2026

2025

£481.9m

£461.0m

2026

2025

438.12p

398.50p

2026

2025

206.40p

216.72p

2026

2025

288.52p

295.87p

2026

2025

£588.8m

£689.6m

2026

2025

16.5%

16.8%

We are simplifying DCC to focus on energy,

ourlargest growth and returns opportunity.

Thisyear DCC plc will become DCC Energy plc.

£634.0m +3.6% 438.12p +9.9%

ADJUSTED OPERATING PROFIT

1,2

TOTAL ADJUSTED EPS

1,2

74.1 gCO

e/MJ 216.72p +5.0%

CARBON INTENSITY DIVIDEND PER SHARE

£461.0m -4.3% 288.52p -2.5%

OPERATING PROFIT

EPS

£689.6m

16.8%

FREE CASH FLOW

RETURN ON CAPITAL EMPLOYED

2,3

➊ – All references to ‘adjusted operating proﬁt’ and

‘adjusted earnings per share’ included in the

Strategic Report are stated excluding net

exceptionals and amortisation of intangible assets.

Other ‘Alternative Performance Measures’ (‘APMs’)

are detailed on pages 241 to 247.

➋ – Continuing operations.

➌ – Return on capital employed excludes the impact of

IFRS 16 Leases. See APMs on page 245 for further

information.

13% 87%

ADJUSTED OPERATING PROFIT 2026

1,2

£79.8m +4.3% £554.2m +3.5%

2025: £535.5m2025: £76.6m

DCC TECHNOLOGY DCC ENERGY

CONTENTS

STRATEGIC REPORT

1 Highlights of the Year

2 Chair’s Statement

4 Chief Executive’s Review

8 Market Context

12 Business Model

14 Strategy

18 Strategy in Action

21 Operating Review

26 Financial Review

32 Key Performance Indicators

34 Sustainability Review

70 Risk Report

GOVERNANCE

78 Chair’s Introduction

82 Board of Directors

84 Corporate Governance

Statement

92 Nomination and Governance

Committ ee Report

96 Audit Committ ee Report

100 Remuneration Report

125 Report of the Directors

FINANCIAL STATEMENTS

130 Statement of Directors’

Responsibilities

131 Independent Auditor’s Report

138 Financial Statements

SUPPLEMENTARY INFORMATION

224 Principal Subsidiaries and

Associates

227 Shareholder Information

229 Corporate Information

231 Supplementary Sustainability

Information

238 Independent Assurance

Statement

241 Alternative Performance

Measures

1DCC PLCANNUAL REPORT AND ACCOUNTS 2026

LEADERS IN

MULTI-ENERGY

SOLUTIONS

We’re leaders 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 ﬂ eet 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.

WWW.DCC.IE

BEYOND THE GRID.

ON THE MOVE.

THROUGH THE TRANSITION.

" The Board is confident about

DCC’s future, underpinned by

our strong cash generation,

disciplined capital allocation

andstrategic focus on energy."

MARK BREUER, CHAIR

ACTIVE STEWARDSHIP

THROUGH A PERIOD OF

TRANSFORMATION

approved the return of £700 million to shareholders through

a£100 million on market share buyback and a £600 million

tender offer.

We also made substantial progress in simplifying DCC

Technology, completing the disposal of a significant part

of that division and continuing to oversee management’s

disciplined and value-focused approach to exiting the

remaining activities.

Across all transactions, the Board’s focus has been on

protecting shareholder value, managing execution risk

andensuring consistency with DCC’s long-term interests.

These actions have materially reduced complexity, increased

strategic focus and enabled capital and management

attention to be concentrated on DCC’s energy activities.

DEAR SHAREHOLDERS, COLLEAGUES

AND OTHER STAKEHOLDERS,

This has been a busy and productive year for DCC.

The Board has remained closely engaged as the Group

hasevolved in line with strategy, laying the foundations

forlong-term sustainable value creation as afocused

energybusiness.

DELIVERING ON THE PORTFOLIO SIMPLIFICATION

A central priority for the Board this year has been the

execution of DCC’s portfolio simplification, which has

represented a significant step in the evolution of the Group.

The sale of DCC Healthcare, which was announced in April

2025, was a major milestone in delivering the strategy

announced in November 2024. Following this transaction,

andin line with our capital allocation framework, the Board

2 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CHAIR’S STATEMENT

DRIVING THE ENERGY STRATEGY

As DCC becomes a focused energy business, the Board has

devoted significant time to overseeing execution of the Group’s

energy strategy.

We continued to challenge management on portfolio resilience,

investment priorities and the balance between protecting

short-term performance and investing for long-term growth.

TheBoard was encouraged by the progress made during the

year and by the quality of the Group’s energy portfolio, which

provides a strong platform for sustainable value creation.

Sustainability considerations are integral to how the Board

oversees strategy and capital allocation. We support

investment in decarbonisation and energy transition

opportunities where there is a clear pathway to attractive

returns, underpinned by credible targets and defined

milestones. Further detail is set out in the Sustainability Review.

TRADING PERFORMANCE AND FINANCIAL DISCIPLINE

Against a backdrop of continued macroeconomic uncertainty

and volatile market conditions, DCC delivered a resilient

performance during the year, reflecting disciplined cost

control, excellent cash generation and the benefits of an

increasingly focused portfolio.

The Board remains firmly committed to our capital allocation

framework that prioritises organic investment in attractive

energy markets, disciplined and value accretive acquisitions,

and a progressive dividend, while maintaining an investment

grade balance sheet and financial flexibility.

Reflecting confidence in the Group’s cash generation and

future prospects, the Board is recommending a final dividend

of 147.22p, representing an increase of 5.0% on the prior year.

RIGOROUS BOARD OVERSIGHT

The Board maintained a strong and disciplined cadence of

oversight throughout the year, with a particular focus on the

areas most critical to long-term value creation.

Key areas of Board and Committee focus included strategic

progress, risk management and internal controls, safety

performance, cyber security, and operational performance.

We also spent considerable time on people, culture and

succession planning, and on ensuring alignment between

strategy, remuneration outcomes and shareholder

expectations.

Engagement with shareholders remains a priority for me as

Chair. I value the open and constructive dialogue we have

hadduring the year, and the feedback we receive continues

toinform Board debate and decision making.

BOARD EVOLUTION

As DCC continues to evolve, the Board has been deliberate in

ensuring that its composition reflects the skills and experience

required to support our focused energy strategy.

I am pleased that John Abbott will join the Board in July 2026,

bringing deep and highly relevant global energy sector

experience. His appointment will further strengthen the

Board’s collective capability as we oversee strategy execution,

manage operational and transition related risks and support

long term value creation.

We previously announced that Mark Ryan will retire from the

Board at the conclusion of our AGM on 16 July 2026. The Board

was very pleased to appoint Steven Holland to take on the role

of Workforce Engagement Director when Mark retires.

More recently, Laura Angelini indicated her intention to

retirefrom the Board at the conclusion of our AGM this year.

Laurajoined the Board in July 2021 and brought valuable

experience to the Board, with a particular expertise in the

healthcare sector.

I would like to thank Laura Angelini and Mark Ryan for their

considerable contributions to the work of the Board over

theirtime as Directors.

Board evolution will remain a priority for me as Chair over

thecoming year.

OUR PEOPLE AND OUR CULTURE

The safety and wellbeing of our colleagues remain paramount.

The Board continues to monitor safety performance closely

and to challenge management on the consistency and

effectiveness of standards and execution across the Group.

The development of an updated Purpose and Values during

the year, shaped through extensive consultation, provides a

strong foundation to reinforce accountability, leadership and

culture as DCC continues to evolve. Our people and culture

are critical to delivering the Group’s strategy and sustaining

long term performance.

TAKE PRIVATE APPROACH

On 29 April this year we announced that the Board had

received an indicative cash proposal from Energy Capital

Partners, LLC and Kohlberg Kravis Roberts & Co. L.P.

(together the “Consortium”) regarding a possible offer for

DCC. The Board takes its responsibilities to all shareholders

seriously and, following that announcement, established

appropriate governance arrangements and engaged advisers

to ensure that the Company’s response is managed in a

disciplined and orderly manner and in accordance with the

Irish Takeover Rules. The Board remains focused on acting in

the best interests of the Company and its shareholders as a

whole. Given that the Company is now in an offer period, the

Board is limited in what it can say publicly. Shareholders will be

kept appropriately informed as matters progress, in line with

regulatory requirements.

OUR FUTURE

While the external environment remains particularly uncertain,

the Board is confident about DCC’s future. This confidence

isunderpinned by the Group’s strong cash generation,

disciplined capital allocation, increased strategic focus on

energy and a governance framework that supports resilience,

adaptability and effective oversight. As DCC marks its

50thanniversary, the Group has a clear strategy, a strong

leadership team and a Board with the skills and experience

tosupport sustainable long term value creation.

ACKNOWLEDGEMENTS

On behalf of the Board, I would like to thank our customers,

suppliers and partners for their continued trust. I would also

like to thank Donal Murphy, his Leadership Team and our

colleagues across DCC for their commitment and

professionalism throughout the year.

Finally, I thank our shareholders for your continued support.

MARK BREUER, CHAIR

18 May 2026

3DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

PERFORMANCE IN THE YEAR AND MOMENTUM

Trading conditions during the year were mixed. A softer first

half reflected strong prior year comparatives, weather effects

and portfolio changes, including the disposal of our Hong

Kong & Macau liquid gas business in July 2024. Performance

improved through the second half, delivering overall adjusted

operating profit growth to £634.0 million on a continuing basis.

Strong cost discipline, resilient demand across our core energy

activities and continued focus on working capital resulted in

free cash flow conversion of 108%. Net debt (pre IFRS 16)

reduced to £690.5 million, leaving the Group with a strong

investment grade balance sheet and the financial flexibility

tosupport growth through the economic cycle.

Over the past year, we have reshaped DCC to focus on energy,

where we see the most compelling opportunities to drive

sustainable long-term growth and attractive returns. During

the period, we completed the sale of DCC Healthcare, exited

DCC Technology’s Info Tech business, and returned significant

capital to our shareholders. These steps have materially

changed the structure of the Group and reduced operational

complexity, working capital volatility and capital intensity.

The purpose of this reshaping was clear. By simplifying the

Group, we have concentrated management attention and

investment capacity on energy where demand is durable,

transition opportunities are credible, cash generation is

strongand we see opportunities to sustain and grow returns.

Thissharper focus allows us to allocate capital more selectively,

move faster where opportunities arise and build scale in markets

where we have strong local positions and long term relevance.

" This year has represented a

turning point for DCC. With our

Group reshaped, our focus has

shifted from simplification to

execution – building positions

thatcan deliver sustained growth

and strong cash generation over

the long term."

DONAL MURPHY, CHIEF EXECUTIVE

A FOCUSED GROUP

WITH CLEAR PRIORITIES

4 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CHIEF EXECUTIVE’S REVIEW

CAPITAL DISCIPLINE SUPPORTING GROWTH

Following the Healthcare sale, we returned £700 million to

shareholders through a £100 million on market buyback and

a£600 million tender off er. Importantly, these returns were

delivered while preserving balance sheet strength and the

capacity to invest to continue to scale our energy activities.

Our capital allocation approach remains unchanged: we invest

where we can generate sustainable returns, maintain a strong

balance sheet and deliver progressive dividends. This discipline

underpins our ability to pursue growth confi dently.

TARGETED INVESTMENT AND

ACQUISITION OPPORTUNITIES

While overall acquisition activity was not extensive during the

year, we committ ed approximately £110 million to acquisitions

mainly in European liquid gas markets. These investments

strengthen our positions in markets that off er resilient cash

fl ows today and credible decarbonisation pathways over

time.They also expanded our geographic footprint into

Central Europe.

Looking ahead, we have a growing pipeline of acquisition

opportunities, particularly in liquid gas, with opportunities

todeploy capital at att ractive returns and consolidate

fragmented markets.

PORTFOLIO SIMPLIFICATION

Our strategy is to build a high-quality energy business with

improving growth characteristics and att ractive returns.

The sale of DCC Healthcare and the divestment of part

ofourtechnology activities have sharpened our focus on

energy markets where we see long-term structural growth,

resilience and opportunity. Within DCC Technology, the sale

ofour Info Tech businesses completed in November 2025,

materially reducing complexity and working capital volatility.

The remaining technology business is a high-quality business,

with global leadership positions in segments of the professional

technology market.

Our objective is to agree a sale of the remaining Technology

operations during the calendar year 2026, subject to market

conditions and achieving appropriate value. Completion of

this step will further concentrate capital and management

att ention on scaling our energy activities.

5DCC PLCANNUAL REPORT AND ACCOUNTS 2026

DCC LEADERSHIP TEAM

DARRAGH BYRNE

CHIEF RISK OFFICER

AND GENERAL COUNSEL

YVONNE HOLMES

GROUP DIRECTOR

OFSUSTAINABILITY

&CORPORATE AFFAIRS

NICOLA MCCRACKEN

CHIEF PEOPLE OFFICER

MANDY O’SULLIVAN

GROUP DIRECTOR

OF CORPORATE

DEVELOPMENT

MATT DANTINNE

MD ENERGY SOLUTIONS,

NORTH AMERICA

ANDREW GRAHAM

MD MOBILITY

EMMANUEL TRIVIN

MD ENERGY SOLUTIONS,

CONTINENTAL EUROPE

STEVE TAYLOR

MD ENERGY SOLUTIONS,

UK & IRELAND

CHRISTIAN HEISE

MD ENERGY SOLUTIONS,

NORDICS

DONAL MURPHY,

CHIEF EXECUTIVE

DONAL MURPHY,

CHIEF EXECUTIVE

KEVIN LUCEY

CHIEF OPERATING

OFFICER

CONOR MURPHY

CHIEF FINANCIAL

OFFICER

Group Executive Committ ee

COMMITTEE MEMBERSHIP KEY

FOR ALL BIOGRAPHIES VISIT

www.dcc.ie/about-us/board-and-leadership

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

GROWTH OPPORTUNITIES ACROSS ENERGY

DCC now operates through a balanced and complementary

set of energy activities – Solutions (made up of Energy

Products and Energy Services) and Mobility – which together

provide multiple avenues for growth.

• Solutions

– Energy Products, particularly liquid gas, remains a core

growth platform for the Group. We benefit from stable

demand, strong local market positions, deeply

embedded customer relationships and the opportunity

to grow through both bolt-on acquisitions and the

expansion of lower carbon propositions. Liquid gas will

continue to be a key contributor to growth and cash

generation as customers seek secure, cleaner, flexible

and transitioning energy solutions.

– Energy Services experienced more challenging

conditions during the year. In response, we are reshaping

this part of our operations to build more integrated

services activities in each geography, concentrate

onhigher return segments and leverage our existing

customer base, while retaining the capabilities required

to scale as demand improves.

• Mobility continues to grow, driven by strong operational

management and the expansion of fleet services for

commercial transport customers. As fleets transition

tomore efficient and lower emissions models, wesee

significant further growth potential in this area.

Together, our business is well positioned to deliver balanced

growth, combining near-term resilience in volatile times, with

good medium-term growth prospects.

GROWTH ALIGNED WITH THE ENERGY TRANSITION

Across our markets, customers are seeking practical,

affordable solutions to improve energy efficiency and reduce

emissions, without compromising security or reliability. DCC’s

role is to meet these needs today while enabling a progressive

transition over time.

We are scaling lower carbon liquid gas solutions, broadening

distributed energy and energy management services, and

expanding Mobility propositions that support efficiency

andemissions reduction. Investment decisions are grounded

inreturns, cash generation and carbon impact, ensuring

theenergy transition and shareholder value creation

remainaligned.

PEOPLE, CULTURE AND CAPABILITY

Delivering growth in a more focused Group means investing

inpeople, leadership and capability. Our progress reflects

thecommitment and professionalism of our teams across

theGroup.

As we simplified the Group we have also streamlined our

management structure. During the year we said goodbye to

anumber of senior colleagues across the organisation. These

colleagues made a material contribution during their tenure,

and I would like to sincerely thank them for the contribution

toDCC.

Safety remains fundamental. While progress has been

made,we are clear that standards must continue to rise. As

part of our simplification, we have been strengthening safety

leadership, improving consistency of execution and

embedding accountability across our businesses.

UPDATING OUR PURPOSE AND VALUES

As part of our evolution, we recently developed a new

Purpose statement and set of Values for DCC Energy.

They will provide a firm foundation for the delivery of

ourstrategy over the coming years.

Our Purpose is clear:

> We provide customers with energy to succeed

todayand prepare for tomorrow.

This reflects what matters most to us – helping

customers run their businesses, heat their homes

andkeep moving today, while supporting them

asenergy markets and their needs change.

Our Values set out the core beliefs that

inform everything we do as we give effect to

our Purpose and grow in line with our strategy:

> We keep people safe

> We put customers at the centre

> We grow as a team

These were developed through an extensive internal

process over the second half of the year. This included

leadership workshops and focus groups across

geographies and business areas and testing and refining

outcomes through validation sessions. The final

framework was informed and approved by the

Leadership Team and Board.

Our new Purpose and Values are intended to shape how

we execute our strategy. They reinforce our strong focus

on customers, disciplined delivery and safe, reliable

operations. Keeping people safe underpins our licence

tooperate. Putting customers at the centre supports

sustainable growth and sound capital allocation.

Growingas a team strengthens leadership, capability

andour ability to scale and integrate businesses.

Over the coming year and beyond we will be embedding

our new Purpose and Values into leadership expectations,

performance management and decision making, so

theyguide day-to-day actions and support long-term

value creation.

6 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CHIEF EXECUTIVE’S REVIEW CONTINUED

The adoption of our updated Purpose and Values provides

animportant foundation to support performance, clarity and

growth as the Group enters its next phase of development.

As we entered this period of significant change, we were very

clear that we needed to perform while we transformed the

Group. I would like to thank all my colleagues for delivering

onthis promise to our shareholders.

LOOKING AHEAD: SCALING DCC ENERGY

By 2027, DCC will be a focused energy business with a global

outlook and growth being delivered across Solutions and

Mobility. These businesses offer durable demand, attractive

cash generation and clear opportunities to deploy capital at

compelling returns.

Reflecting our progress and strategic direction, the Board

intends to seek shareholder approval at the July AGM to

change the Company’s name to DCC Energy plc, aligning our

identity with our growth ambitions and long term strategy.

OUTLOOK

DCC is better positioned than a year ago: simpler, more

focused and equipped with strong platforms for growth. While

we remain mindful of macroeconomic volatility, our diversified

energy model, disciplined capital allocation and clear growth

priorities support our confidence in continuing to deliver

sustainable profit growth and strong cash generation.

TAKE PRIVATE APPROACH

Following our announcement on 29 April of an indicative

approach from ECP and KKR, the Leadership Team has

continued to focus on the safe and effective operation

oftheGroup’s businesses and on delivering against our

strategicpriorities. Day-to-day management of the Group

iscontinuingas normal, and our colleagues across the

Groupremain focused on serving customers and supporting

our stakeholders. The Company’s response to the approach

isbeing overseen by the Board, with the support of external

advisers. As the Company is in an offer period, commentary

isnecessarily restricted.

CONCLUSION

This year has represented a clear turning point for DCC.

Withthe portfolio reshaped, our focus has shifted from

simplification to execution – scaling our energy businesses,

investing with discipline and building positions that can

deliversustained growth and strong cash generation over

thelong-term.

DCC is now a more focused Group, with clear priorities across

Solutions and Mobility and a balance sheet that supports both

investment and strong returns. I am confident that this clarity of

strategy, combined with the capability and commitment of our

people, position us well to deliver long-term shareholder value.

DONAL MURPHY, CHIEF EXECUTIVE

18 May 2026

7DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Global energy demand continues to grow. But the pace of energy

transition remains uneven across regions and sectors, reflecting

differences in infrastructure, cost and energy security priorities.

This provides us with opportunities for growth.

ENERGY MARKETS ARE EVOLVING

The demand for energy continues to grow and is expected to

increase steadily over the next decade, driven by population

growth, economic development and rising electrification.

Renewable energy will account for an increasing share of

supply. But oil and gas are expected to remain a substantial

part of the global energy mix, particularly where electrification

is not yet technically or economically viable.

The nature of energy supply is therefore becoming more

diverse and complex. And the pace of energy transition

remains uneven across regions and sectors, reflecting

differences in infrastructure, cost, policy and energy

securitypriorities.

WHAT THIS MEANS FOR DCC ENERGY

For us this means:

• Continued demand for liquid fuels and gas supports

resilient cash generation in core markets.

• Fragmentation and complexity create structural

opportunities for scaled energy distributors.

• Customers will require flexible, multi-source supply

and transition pathways.

• Growth in electricity and related services increases

demand for integrated, multi-energy solutions.

DCC Energy is positioned to benefit from these dynamics

through our scale, geographic reach and ability to provide

bothtraditional and lower-carbon energy solutions.

+11%

increase in total final energy

consumption 2024-2035

+37%

increase in final electricity

consumption 2024-2035

52%

Share of oil and natural gas

infinal energy mix 2024-2035

1. Source: IEA, World Energy Outlook 2025 (STEPS)

11%

2024

452 EJ

2035

503 EJ

13%

26%

21%

16%

36%

39%

TOTAL FINAL ENERGY CONSUMPTION BY END USE, 2024 AND 2035

ElectricityNatural Gas

Other Coal

Oil

MARKET CONTEXT:

AN EVOLVING ENERGY MARKET

8 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

MARKET CONTEXT

OUR CUSTOMERS’ ENERGY NEEDS ARE EVOLVING

As the energy system evolves, customers face different

starting points and constraints. They are balancing reliability,

cost and decarbonisation simultaneously, reinforcing the need

for secure supply today alongside practical, flexible pathways

to transition over time.

Customer priorities therefore remain anchored in three core

requirements: they need energy that is secure, cleaner and

competitive. These needs are shaped by ongoing geopolitical

uncertainty, continued pressure to reduce emissions, and

persistently high and volatile energy costs.

At the same time, the route to meeting these needs is

becoming more complex. Customers require energy

partnerswho can navigate multiple energy sources, support

compliance with evolving regulation, and provide tailored

solutions that reflect differing levels of infrastructure

readinessand operational requirements.

WHAT THIS MEANS FOR DCC ENERGY

Customers need energy that is secure, cleaner and

competitive. This reinforces the resilience of demand for

essential fuels, while increasing the value of scale, flexibility

and multi-energy solutions.

These trends create a significant opportunity for DCC Energy

to deepen existing customer relationships and grow new ones,

expanding our addressable market. Our scale, geographic

reach and operational capability position us well to deliver

secure and competitive supply across multiple energy sources,

supporting resilient earnings from our core activities and

enabling disciplined expansion in fragmented markets.

Ongoing geopolitical uncertainty and supply chain risk

emphasise the importance for all customers of reliable

energy supply.

SECURE

Many customers continue to want to reduce emissions.

But the pace and extent of decarbonisation will be heavily

influenced by public policy, infrastructure readiness and

supply availability.

CLEANER

High and volatile energy costs will remain a challenge

to competitiveness for businesses, and affordability

for consumers.

COMPETITIVE

9DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Our businesses have been providing secure,

increasinglycleaner and competitive energy

across Europe and the US for decades.

SOLUTIONS

• Our customers use our products for space and process

heating (kerosene, LPG, biofuels, natural gas) and for

transport (diesel, petrol and biofuels)

• Our liquid gas and fuels customers tend to be off the natural

gas grid.

• Our commercial and industrial customers often have

intensive energy needs, such as running mobile machinery,

high temperature manufacturing processes or heating

large buildings.

• We install rooftop solar and battery storage solutions to help

customers generate, store and manage their own electricity,

focusing mainly on commercial and industrial customers.

• We offer energy solutions for customers looking to optimise

their energy usage through metering, retrofit and energy

efficiency solution design.

• We provide our mobility customers with reliable, convenient

and well-located access to energy and related services that

keep people and goods moving efficiently.

• Through our service stations and digital fleet solutions, these

offerings help drivers and fleet operators refuel or recharge,

manage costs, and plan routes and operations more efficiently.

SOLAR AND OTHER

ENERGY SERVICES

On-site solar and storage

Heat & power solutions

Energy optimisation

SERVICE STATIONS

AND FLEET SERVICES

Vehicle refuelling (e.g. diesel, petrol)

Retail, convenience

and EV charging

Fuel cards and payments

Telematics and parking services

ENERGY PRODUCTS

ENERGY SERVICES

LIQUID GAS, FUELS,

GRID GAS AND POWER

Liquid gas (e.g. LPG)

Liquid fuels (e.g. kerosene)

Renewable alternatives

(e.g. bioLPG, HVO)

Grid gas and power (incl. PPAs)

MOBILITY

COMPETITIVECLEANERSECURE

MARKET CONTEXT:

RESILIENT BUSINESSES TODAY

10 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

MARKET CONTEXT CONTINUED

UK & IRELAND

UK No.1 in liquid gas

and fuels

Ireland No.1 in liquid gas

and fuels

CONTINENTAL EUROPE

France No.2 in liquid gas

Germany

Austria

No.3 in liquid gas

No.2 in liquid gas

and fuels

Netherlands No.1 in liquid gas

NORDICS

Denmark No.3 in liquid fuels

Sweden No.1 in liquid gas

Norway No.1 in liquid gas

NORTH AMERICA

USA No.7 in liquid gas

UK & IRELAND

UK Leading operator of

unmanned retail petrol

stations and leading

reseller of fuel cards

Ireland No.1 operator of

unmanned retail petrol

stations

CONTINENTAL EUROPE

France No.1 operator of

unmanned retail petrol

stations

Luxembourg Leading operator of

retail petrol stations

NORDICS

Denmark Leading operator of

retail petrol stations

Sweden Leading operator of

unmanned retail

petrol stations

Norway No.4 operator of retail

petrol stations

PROPANE ,LLC

11DCC PLCANNUAL REPORT AND ACCOUNTS 2026

We operate in four regions, with leading market positions

in multiple countries. Across these regions, we deliver

essential energy products and services to commercial,

industrial, residential and mobility customers. Our

businesses and local brands are deeply embedded in

themarkets they serve, with long-standing customer

relationships. Our Mobility business operates under a

number of own and third-party brands, refl ecting the

structure of the forecourt market and extending our

reach to customers across established fuel networks.

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

BUSINESS MODEL:

REFOCUSED ON ENERGY

Our business model is built on customer focus, market-leading

operations and disciplined capital allocation. This enables

consistent cash generation and long-term value creation.

RESOURCES

AND CAPABILITIES

HOW WE

CREATE VALUE

CENTRAL TEAMS

Lean Group functions that drive

performance and support with

central expertise

MARKET-FOCUSED BUSINESSES

Empowered, locally-led businesses

across Europe and the US

CLEAR OPERATING MODEL

RESILIENT PRODUCTS AND SERVICES

SOLUTIONS

MOBILITY

12 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

MARKET-LEADING BUSINESSES

We have market-leading businesses, built

on long-standing customer and supplier

relationships, led by entrepreneurial

management teams who are accountable

forperformance.

GREAT PEOPLE AND CULTURE

We have a diverse, skilled workforce of

11,700 across 16 countries. Our culture,

built on a shared Purpose and Values,

encourages entrepreneurship and

customer focus.

FINANCIAL CAPACITY

We maintain financial strength and an

investment-grade credit rating through

a disciplined approach to balance sheet

management.

M&A EXPERTISE

We have deep M&A expertise, built

through c.400 acquisitions, allowing us to

identify, integrate and add value from new

businesses.

ENERGY TRANSITION READINESS

Our growing Energy Services business

and range of lower-carbon solutions are

helping customers to reduce emissions and

transition to renewable energy when they

are ready.

BUSINESS MODEL

FINANCIAL REVIEW PAGES 26 TO 31

SUSTAINABILITY REVIEW PAGES 34 TO 69

VALUE CREATED

THIS YEAR

FOR INVESTORS

16.8%

ROCE

£192m

Paid in Dividends

£700m

Capital Returned

£105m

Interest Paid

FOR OUR PEOPLE

79%

Employee Engagement

Score

£918m

Paid in Salaries and

Beneﬁts

FOR CUSTOMERS

10m

Customers Provided

with Essential Energy

FOR GOVERNMENTS

£96m

Corporate Taxes

FOR OUR COMMUNITIES

AND THE ENVIRONMENT

YoY Reduction in

Scope 3 GHG Emissions

£1.8m

Community Support

• Set Group strategy

• Capital allocation

• Governance and oversight

• Specialist capabilities where scale

adds value

• Excellent customer service and

operational efficiency

• High standards of safety, compliance

and integrity based in a strong culture

• Origination and integration of

bolt-on acquisitions

RESILIENT PRODUCTS AND SERVICES

ENERGY PRODUCTS

ENERGY SERVICES

LIQUID GAS, FUELS, GRID GAS AND POWER

SOLAR AND OTHER ENERGY SERVICES

SERVICE STATIONS AND FLEET SERVICES

13DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

STRATEGY:

OUR OPPORTUNITY

We have significant opportunities for compounding

growth at high returns in new and existing markets,

building on our existing strong platforms.

OUR SCALE OPPORTUNITIES

We see significant opportunities for growth by meeting

essential energy needs in areas where transition

pathways are gradual and fragmented.

Our existing platforms enable us to support customers

as their needs evolve, while expanding into adjacent

energy solutions where we can add value at scale.

LIQUID GAS

FLEET SERVICES

INTEGRATED ENERGY SOLUTIONS

14 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGY

Demand for liquid gas is expected to remain

resilient across industrial, commercial and off-grid

customers. In Europe alone, over 23 million homes

and 700,000 businesses rely on liquid gas.

We are building on our strong local positions

to expand into new geographies, applications

and market segments. This supports disciplined

growth through network expansion, operational

efficiency and targeted investment, while enabling

customers to transition over time to renewable

alternatives such as bioLPG.

LIQUID GAS

FLEET SERVICES

INTEGRATED

ENERGY

SOLUTIONS

A continued focus on fleet efficiency is driving

demand for data-led fleet services that deliver

amore integrated customer experience.

We are scaling our Fleet Services offering by

combining fuel, energy, payments and digital

solutions. This strengthens customer relationships

and increases share of wallet, positioning us to

meet evolving fleet needs by leveraging data,

network reach and partnerships to improve

convenience and efficiency for customers.

The energy transition is multi-pathway, with

solutions varying by market, customer and end

use, creating demand for integrated offerings.

By combining multiple energy pathways with

engineering and delivery capabilities, we are

building a scalable platform that supports

customers in designing, implementing and

managing tailored solutions. This strengthens our

role as a trusted partner while capturing value

across the energy value chain and developing

replicable models across markets.

STRATEGY

IN ACTION

15DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

A CLEAR AMBITION…

…AND UNDERSTANDING OF HOW WE WIN

We win by combining scale, local expertise and

disciplined investment – delivering reliable energy

solutions for customers and strong returns, cash

generation and long-term value for shareholders

STRATEGY:

HOW WE WIN

DCC Energy will be a global leader in multi-energy

sales and distribution

Safely delivering secure, cleaner and competitive

energy products and services

Growing, scaling and strengthening our business

through customer focus, efficient operations and

disciplined compounding

Creating compelling returns and building long-term value.

A strong business model

Market leading positions and

long-term customer relationships

Agile, entrepreneurial and

resilient businesses

A repeatable playbook to scale

and compound value

Fragmented markets with

a deep runway for M&A

Strong operators and

market consolidators

16 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGY CONTINUED

GROWTH

We aim for 10% growth

annually: 3 to 4% organic

+ 6 to 8% through M&A

CASH CONVERSION

We aim to convert c. 90+%

of profit into cash

ROCE

We aim to deliver a return

on capital employed in the

high teens

FOCUSED ON RESULTS…

…AND A 2030 GROWTH AMBITION

Adjusted EBITA to FY30 £M

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.

407

147

2-4%

C.160 C.830

8-10%

FY22A FY23-26A MOBILITY FY30

AMBITION

ENERGY

PRODUCTS

ENERGY

SERVICES

ACQUISITION

GROWTH

Organic growth c.125554

17DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

AUSTRIA AND THE UK: STRENGTHENING

ESTABLISHEDGROWTH PLATFORMS

These Central European acquisitions build on earlier expansion

in Austria and the UK, announced in October 2025. DCC

acquired FLAGA GmbH, a leading Austrian liquid gas distributor,

marking entry into the Austrian market with a well-invested

business supplying approximately 45 million litres annually to

more than 15,000 customers. In parallel, DCC completed the

acquisition of the AvantiGas cylinder business in the UK,

strengthening its leadership position in a mature, resilient market

where liquid gas plays a critical role for off-grid customers.

WHY LIQUID GAS?

Liquid gas remains an attractive and resilient energy source

across Europe and the US. It plays a critical role where

electrification or natural gas networks are not viable, particularly

for commercial, industrial and rural customers. With established

infrastructure, flexible distribution and a lower carbon profile

than traditional fuels, liquid gas supports customers through the

energy transition while meeting today’s energy needs.

For DCC, liquid gas also offers compelling structural

characteristics: long customer lifetimes, high levels of tank

ownership, fragmented local markets and clear opportunities

to create value through consolidation, operational efficiencies

and procurement scale. As the most significant contributor to

DCC Energy’s operating profit, liquid gas is a priority for

capital deployment and growth.

CREATING VALUE

These acquisitions demonstrate DCC Energy’s strategy in

action: deploying capital into resilient assets, entering new

markets with scale, and building long-term growth platforms

inenergy segments where DCC has deep capability and

competitive advantage. As Europe continues to navigate the

energy transition, liquid gas will remain a vital part of the

energy mix – and a compelling growth opportunity for DCC.

BUILDING A LEADING

EUROPEAN LIQUID GAS

PLATFORM

Growing in the liquid gas segment is a core pillar of DCC

Energy’s strategy. With nearly 50 years of experience in the

sector, DCC Energy has built market-leading positions by

combining disciplined capital allocation, operational expertise

and a strong customer proposition. This year, this strategy has

accelerated, with DCCsignificantly expanding our European

liquid gas footprint through a series of targeted acquisitions in

attractive, fragmented markets.

ENTERING NEW MARKETS THROUGH DISCIPLINED M&A

In January 2026, DCC announced an agreement to acquire

UGI International’s liquid gas businesses in Poland, Hungary,

Czechia and Slovakia, marking entry into four new Central

European markets in a single, highly complementary

transaction. Together, these businesses supply more than

200million litres of liquid gas annually to approximately

30,000 bulk and cylinder customers, with over 90% of

volumesserving commercial & industrial customers.

The largest of the acquisitions, AmeriGas Polska, provides DCC

with a strong platform in one of Europe’s largest liquid gas

markets. The business has a nationwide infrastructure, a leading

market position and a substantial base of bulk customers,

underpinned by high levels of tank ownership – an important

characteristic shared with DCC’s existing liquid gas operations.

The remaining FLAGA-branded businesses in Hungary,

Czechia and Slovakia offer nationwide coverage in markets

that are both operationally attractive and structurally

fragmented, providing significant opportunities for organic

growth and local consolidation over time.

STRATEGY IN ACTION

200m litres

of liquid gas annually

30,000

bulk and cylinder customers

DCC PLCANNUAL REPORT AND ACCOUNTS 202618

STRATEGY IN ACTION

This integration allows DCC Energy Germany to:

• respond more effectively to customer demand for

integrated, low carbon energy solutions

• offer multiple pathways through the energy transition,

rather than a single technology

• simplify engagement for customers seeking reliable

partners who understand both compliance and innovation

• invest in our people and systems.

ONE PLATFORM, ONE CUSTOMER EXPERIENCE

Liquid gas remains a vital foundation of DCC Energy’s

German offering, particularly for customers not connected

to the natural gas grid, where reliability, safety and continuity

of supply are critical. At the same time, the acquisition

of WIRSOL has added a renewable dimension, enabling

customers to complement their existing energy supply with

solar generation, battery storage and EV infrastructure.

The launch of the new DCC Energy Germany website reflects

this integrated approach. For the first time, customers can

clearly see the breadth of DCC’s capabilities in Germany –

across liquid gas, technical gases and renewable energy –

under a single DCC Energy identity, while still accessing the

specialist expertise of each business: https://dcc-energy.de/.

This platform approach helps bring DCC’s strategy to life in a

practical way: one group, multiple capabilities, aligned around

customer outcomes.

This integrated model is reflected in customer projects

delivered through DCC Energy Germany. In Southwest

Germany, a local football club, FC Bammental, installed a

solar photovoltaic system with battery storage designed to

improve energy reliability while lowering long-term energy

costs. The solar installation was delivered by WIRSOL, and

includes 330 PV modules, generating approximately 135,000

kWh of electricity per year, complemented by intelligent

battery storage that enables greater on site consumption

and smoother demand management. In parallel, liquid

gas is supplied by PROGAS, providing secure and reliable

energy for the club’s wider needs. Together, these solutions

demonstrate how DCC Energy Germany integrates

complementary capabilities to deliver practical, multi energy

outcomes for customers.

CREATING VALUE

Germany is an important market in its own right, but it also

serves as a blueprint for how DCC Energy integrates acquisitions

across the Group. By maintaining strong local businesses,

aligning them under shared leadership and connecting

complementary capabilities, DCC can scale its energy offer

whilestaying close to customers and local market dynamics.

As DCC continues to grow through acquisition across

Europeand the US, integration – executed with pace,

discipline and customer focus – will remain central to

deliveringlong-term value.

INTEGRATING

CAPABILITIES TO DELIVER

MORE FOR CUSTOMERS

As DCC Energy expands across Europe and the US through

disciplined acquisition, integration is where strategy becomes

tangible for customers. Germany provides a compelling

example of how DCC brings businesses closer together – across

liquid gas and renewable energy – to create simpler, more

integrated energy solutions, tailored to local market needs.

ONE COUNTRY, MULTIPLE CAPABILITIES

DCC’s presence in Germany brings together three

complementary businesses under DCC Energy Germany:

• PROGAS, one of Germany’s leading liquid gas providers,

with decades of operational scale, technical expertise and

deep customer relationships

• TEGA, a specialist in liquid gas, refrigerants and gas

technology, adding technical depth and nationwide reach

• WIRSOL, a long-established solar and energy solutions

business, providing photovoltaic, battery storage and EV

charging capabilities

INTEGRATION IN PRACTICE

Rather than operating as standalone businesses, DCC has

focused on orchestrating operations across Germany to

unlock greater value for customers. Under a single country

leadership team, PROGAS, TEGA and WIRSOL now

collaborate more closely – sharing market insight, customer

relationships and capability – while retaining the specialist

expertise that made each business successful.

19DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

USING DATA TO

IMPROVE FLEET SAFETY

AND PERFORMANCE

DCC’s strategy extends beyond energy supply to include

digital services for fleets that deliver measurable operational

improvements. In the UK, this approach is demonstrated

through Motia working with Collett & Sons, one of the country’s

leading heavy haulage operators.

Collett operates a complex fleet of 85 vehicles and more than

150 trailers. As its use of telematics, cameras and compliance

tools expanded, the business needed a simpler way to bring

multiple systems together. Motia consolidated these tools into

a single connected platform, providing the fleet with clearer

insights and faster access to critical data.

CREATING VALUE

The impact was tangible. Collett achieved a 61% reduction

inincidents and a 10% reduction in insurance premiums,

supported by the use of Motia data by its insurer. The platform

also enabled quicker incident response, stronger driver

engagement and a more proactive safety culture.

This case shows how DCC leverages digital capability to go

beyond supply – improving safety, reducing risk and delivering

lasting value for customers.

STRATEGY IN ACTION

61%

reduction in incidents

10%

reduction in insurance

premiums

20 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGY IN ACTION CONTINUED

SIMPLIFYING

INDUSTRIAL ENERGY

SUPPLY AND IMPROVING

PERFORMANCE IN

ASPHALT PRODUCTION

DCC Energy businesses help industrial customers simplify

complex energy requirements by delivering tailored, efficient

solutions that reduce cost, cut carbon emissions and improve

operational performance. This approach is demonstrated

through a multi-site asphalt production project delivered by

Flogas in Northern Ireland.

The customer operated two quarry and asphalt plant sites

serving both internal contracting operations and the wider

construction market. Energy supply at these facilities relied on

a dual fuel configuration, using both kerosene and natural gas.

This setup created unnecessary complexity, exposure to rising

grid-related charges and operational inefficiencies in a

process where precise temperature control is critical.

Flogas worked closely with the customer to design and deploy

a single fuel liquid gas solution, replacing both kerosene and

natural gas with a modern, centralised system. At each site, a

25 tonne liquid gas storage tank was installed with associated

equipment. The liquid gas system was integrated with a

modern gas train and high performance burners, providing

improved controllability across the asphalt drying and

production process.

IMMEDIATE BENEFITS

The new system delivered immediate benefits. By switching

away from natural gas, the customer removed expensive grid

charges associated with fixed network connection costs. The

superior controllability and high operating temperature range

of liquid gas, combined with theupgraded burner technology,

improved process efficiencyandenhanced yield in finished

blacktop materials. Carbon emissions were reduced through

the displacement ofkerosene, while operational simplicity

increased through amove from two fuel suppliers to a single,

fully managed energysolution.

Beyond on site performance, the project also highlights

keyelements of Flogas’s value proposition. The customer’s

reliance on a single fuel source made security of supply

critical,particularly in a continuous production environment.

Flogas’sindustry-leading supply chain, including bulk delivery

capabilityand access to imported liquid gas supported by

DCC’s central supply infrastructure, ensured consistent and

reliable energy availability.

CREATING VALUE

Strategically, this project demonstrates how DCC combines

technical expertise, integrated delivery and commercial discipline

to reduce complexity for customers and improve efficiency.

21DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

PERFORMING WHILE

TRANSFORMING

DCC Energy 2026 2025 % change % change CC

Gross profi t £1.985bn £1.850bn +7.3% +5.7%

Adjusted operating profi t £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%

e/Operating profi t -7.2% -8.5%

• DCC Energy delivered 3.5% operating profi t growth in the year (+1.8% constant currency). After a weaker fi rst half, trading

improved through the second half with the end of year benefi ting modestly from increased demand arising from the confl ict

in the Middle East.

• Solutions recorded a solid overall performance, with growth in Energy Products off sett ing a weak performance inEnergy

Services, refl ecting a softening incustomer investment in energy transition.

• Mobility continued to grow operating profi t, refl ecting disciplined operational execution.

• Execution of our growth strategy continued, withanumber of acquisitions completed and committ ed toduring the year.

Notably, we expanded our liquid gas footprint across Europe.

Solutions 2026 2025 % change % change CC

Gross profi t £1.563bn £1.468bn +6.5% +5.1%

Adjusted operating profi t £419.8m £411.8m +1.9% +0.6%

Organic growth +0.0% +0.7%

OUR BUSINESS

DCC Energy is a multi-energy sales and distribution business

operating in 11 markets in Europe and also in North America.

We are organised across two business areas – Solutions and

Mobility.

Within Solutions we provide customers with multi-energy

products and services. In Energy Products we sell and

distribute a range of fuels and energy solutions including liquid

gas, conventional fuels, biofuels, grid gas and power. Our

customers are typically commercial, industrial and domestic

users, many of whom have complex and off -grid energy

needs. In Energy Services we design, install and maintain

on-site energy solutions such as solar PV, storage and energy

optimisation systems. These services are complementary to

our Energy Products, deepening customer relationships and

supporting their transition to lower-carbon solutions.

Mobility comprises our network of service stations and truck

refueling sites, alongside a growing portfolio of valuable fl eet

services including fuel and EV cards, telematics and digital

parking solutions.

OVERVIEW OF THE YEAR

Our operating environment during the year was characterised

by signifi cant volatility, including challenging macroeconomic

conditions, softer transition-related demand and renewed

energy market disruption towards year-end brought about

bythe confl ict in Iran. Despite this, DCC Energy’s operating

model and disciplined local execution delivered a resilient

performance, with good profi t growth and excellent cash

generation. From an operational perspective, we are focused

on ensuring DCC Energy is constantly improving and evolving.

Safety as always remained our number one priority, while

during the year we invested in deepening our customer insight,

to assist us in maintaining and improving customer service

levels and engagement. We also launched a number of new

digital and AI initiatives to aid both customer acquisition and

operational eff iciency.

The optimisation of our operations, including the integration

ofbusinesses acquired in the current or recent years, were

priorities during the period under review. Our work in this area

delivered eff iciency gains, procurement synergies and margin

improvements. At the same time, the Group intensifi ed steps

to bett er leverage scale advantages in sourcing our energy

products. Collectively, these initiatives delivered another year

of growth and development for DCC Energy.

KEVIN LUCEY, CHIEF OPERATING OFFICER

22 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

OPERATING REVIEW

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, an adverse

mix 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; however, this investment, combined

with 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.

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)

10.6bn 10.9bn -3.1%

Revenue £342.0m £336.4m +1.7%

Gross profit £1.436bn £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%

Adjusted operating profit (pence per litre) 3.8 3.3

Operating margin % 4.6% 14.3%

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.

23DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

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%

MOBILITY

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.

24 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

OPERATING REVIEW CONTINUED

OUR VALUE CHAIN

Waste Materials

Raw Materials Extraction

and Processing

Liquid Gas, Liquid Fuels,

Biofuels Production

Energy Solutions

Hardware

Rooftop Solar

Installation &

Battery Storage

Heat, Power &

Efficiency Solutions

Liquid Gas &

Renewable Gas

Commercial &

Industrial

Domestic

Commercial

Transport

Space Heating

Domestic and C&I

Process Heating

Commercial &

Industrial

Transport

Customers

Electric & Fuels

Logistics

Operators

Liquid Fuels &

Biofuels

Service Stations

(Incl. Retail

Convenience)

Telematics &

Fleet Services

Warehousing

Shared Service

Centres

Storage

(Terminals)

Storage

(Depots)

AI Enablement

Digital

Innovation

UPSTREAM (NON-DCC ACTIVITIES)

RAW MATERIALS PRODUCTION PROCUREMENT & STORAGE SALES & DISTRIBUTION CUSTOMER SEGMENTS

OWN OPERATIONS DOWNSTREAM

ENERGY SERVICES

ENERGY PRODUCTS

MOBILITY

Diversified sourcing

and supply access

We source a broad range

of conventional and lower-

carbon energy products through

a diversified supplier base,

providing security of supply

and flexibility across markets.

Our scale and long-standing

supplier relationships enable

competitive procurement.

Rather than taking upstream

production risk, DCC Energy

focuses on supply access and

optimisation,enabling a

morecapital-light model.

We focus on selected points in

thevalue chain where our scale,

operational expertise and local

market presence provide

competitive advantage.

Our logistics and infrastructure

platform underpins the safe and

efficient storage, handling and

transportation of energy

products across our markets.

Through an integrated network

of depots, fleets and third-party

infrastructure, we optimise flows

across the value chain, enhancing

service reliability while

maintaining cost discipline.

This is further enabled by Group

capabilities, including AI-driven

optimisation, digital innovation

and shared service centres,

which strengthen performance

and support consistent

execution at scale.

By remaining largely agnostic

tospecific energy pathways,

ourintegrated model provides

flexibility and positions DCC

Energy to grow as theenergy

system evolves.

Distribution, sales

and customer relationships

We have direct access

to commercial, industrial,

residential and mobility

customers, where we provide

essential energy products

and services tailored to

localmarket needs.

This proximity to customers

underpins a highly recurring,

margin-based earnings

model, supported by long-

term relationships, service

reliability and local

marketexpertise.

Logistics, infrastructure

and group capabilities

DCC Energy connects diverse sources of energy supply to end customers

through an integrated model of sourcing, logistics, distribution and services.

KEVIN LUCEY, CHIEF OPERATING OFFICER

18 MAY 2026

25DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

YEAR IN REVIEW

The year to 31 March 2026 was a transformative one for

DCC,marked by signifi cant strategic progress, substantial

capital returns of £700 million, and continued strong fi nancial

performance. The Group delivered disciplined execution

across disposals, capital allocation and operational

performance, positioning DCC as a focused energy business

with resilient returns and strong cash generation.

FINANCIAL PERFORMANCE

Our Energy business continued to perform well with good

growth in Energy Products and continued development in

Energy Services, despite more diff icult trading conditions,

particularly in the UK & Ireland. Our Mobility business

performed strongly, as we continued to optimise our networks,

proactively manage our volumes and grow revenues in

non-fuel services. During a year that saw many economies

decline and signifi cant volatility around the world, our

businesses demonstrated resilience and value creation.

We grew DCC Energy profi ts by 3.5%, increased return on

capital employed from 18.5% to 18.8% and converted 113%

of operating profi ts into cash. By any measure this was a

strong year of success for DCC Energy.

DCC Technology’s continuing operations had a diff icult start to

the year, driven by uncertainty associated with tariff s in North

America, but delivered a strong second half resulting in

operating profi t growth of 4.3% on a reported basis. The business

rebranded to Nexora during the year, refl ecting its positioning as

one of the world’s leading value-added distributors of specialist

professional technologies. The sale process for that business has

formally commenced, is progressing in line with expectations and

it remains our intention to have reached agreement for the sale

of the business by the end of calendar year 2026.

STRONG FUNDING POSITION

After launching our fi rst public bond last year, this year we

renewed our EMTN bond programme, enabling us to raise

funds eff iciently and competitively. We also continue to

maintain strong relationships with the many partners who

have loaned funds to DCC through the Private Placement

market. In addition, we maintain an £800m Revolving Credit

Facility with a consortium of 10 banks. This facility runs until

2029 and was undrawn during the year. We ended the

fi nancial year with a net debt to EBITDA ratio of 0.9, in line

with the prior year. Our funding position and balance sheet

strength sets DCC up well to take advantage of capital

deployment opportunities as they arise.

FINANCIAL PRINCIPLES

DCC was founded in 1976, just over 50 years ago, and fl oated

32years ago. Over that time the key metrics that drive value

and inform our future development can be summarised as

follows:

• We have converted 98% of our operating profi ts into free

cash fl ow over the last 32 years. In the year under review

we converted 108% of our profi ts into cash.

• We have returned £3.0 billion to shareholders through

dividends and share buybacks over 32 years. In the year

to March 2026, wereturned £207 million in dividends and

£700 million in share buybacks.

• We have spent £5.2 billion acquiring c.400 businesses.

Inthe year to March 2026 we committ ed £112 million to

acquisitions, mainly inliquid gas.

• Our average ROCE over 32 years has been 18%. In the year

to March 2026, Group ROCE was 16.8%, and DCC Energy

ROCE was 18.8%.

• We have continuously evolved the Group. From fi ve

divisions in 2014, we are now well into the process of

disposing of our remaining non-energy business.

CAPITAL ALLOCATION

Looking ahead, disciplined capital allocation remains central

tohow we deliver long-term value. We prioritise deploying

capital to opportunities that deliver returns well above our cost

of capital and aligned with strategic development in selected

energy markets. Organic investment and bolt-on acquisitions

remain our preferred use of capital, supported by rigorous

evaluation of fi nancial returns, cash generation, and exposure

to climate-related risks and opportunities. We maintain a

strong, liquid balance sheet to ensure fl exibility, targeting

prudent leverage while retaining capacity to act on value-

enhancing opportunities. Surplus capital is then returned to

shareholders eff iciently, as it was during the year. This

balanced approach ensures that capital is allocated

transparently, consistently and with a clear focus

onsustainable returns and shareholder value.

APPOINTMENT AS CFO

I was pleased to be appointed CFO on 10 July 2025, during a

period of signifi cant change and development for DCC. Over

the past nine months, I’ve been reminded that it is the quality,

commitment and professionalism of our people that underpin

the Group’s success.

FINANCIAL STRENGTH

DRIVING VALUE CREATION

CONOR MURPHY, CHIEF FINANCIAL OFFICER

26 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL REVIEW

I have received huge support from colleagues across the

organisation as I have transitioned into the CFO role,

and I would like to thank everyone across DCC for their

engagement, resilience and contribution during this

transformative year.

At this year’s AGM, shareholders will be asked to approve

changing our company name to DCC Energy plc. With a

simpler, focused Group and a strong fi nancial platform, we

look ahead to DCC’s next chapter with confi dence and optimism.

INCOME STATEMENT REVIEW

GROUP REVENUE – CONTINUING OPERATIONS

Group revenue decreased by 2.9% (-4.2% on a constant

currency basis) to £15.4 billion, refl ecting lower revenue across

both DCC Energy and DCC Technology.

Revenue is not a primary performance measure for DCC

Energy as reported revenue is signifi cantly infl uenced 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 refl ecting 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%, refl ecting network

optimisation initiatives and proactive management actions

which resulted in lower, but more profi table, volumes.

In contrast, revenue is a key measure of performance in

Energy Services, where revenues increased by 1.7% to

£342.0million, refl ecting higher levels of solar installation

activity; however a change in mix, margin compression and

increased costs resulted in a weak profi t 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 profi t increased by 3.6% (2.8% on

aconstant currency basis) to £634.0 million.

The impact of foreign exchange (FX) translation, M&A activity

and organic performance on continuing Group adjusted

operating profi t, 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 profi t. Foreign exchange

movements contributed positively in DCC Energy, adding 1.7%,

while having an adverse impact of 4.9% in DCC Technology.

This refl ected 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 refl ects prior year

acquisitions, together with FLAGA in Austria, which completed

in November 2025 (+1.2%). This was partly off set by the impact

of the disposal of our liquid gas business in Hong Kong &

Macau in the prior year (-0.7%).

PERFORMANCE REVIEW

A summary of the Group’s results for the year ended 31 March 2026 is as follows:

Continuing operations

2026

£’m

Restated

2025

£’m % change

Revenue 15,442 15,904 -2.9%

Adjusted operating profi t

DCC Energy 554.2 535.5 +3.5%

DCC Technology 79.8 76.6 +4.3%

Group adjusted operating profi t 634.0 612.1 +3.6%

Finance costs (net) and other (87.1) (100.4)

Profi t 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)

Profi t before tax 374.1 381.2 -1.9%

Taxation (87.2) (74.2)

Profi t after tax – continuing operations 286.9 307.0

Loss after tax – discontinued operations (258.7) (85.8)

Total profi t after tax 28.2 221.2

Non-controlling interests (14.8) (14.7)

Att ributable profi t 13.4 206.5

Adjusted earnings per share – continuing 438.1p 398.5p +9.9%

Total adjusted earnings per share 440.4p 470.2p -6.3%

1. Refer to the Discontinued Operations note on page 28 for further details

27DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

The Group’s organic operating profit increased by 2.3%,

reflecting organic growth in both DCC Energy and DCC

Technology.

As noted above, DCC Technology delivered operating profit

growth of 4.3% on a reported basis.

DCC Technology – continuing

2026

Restated

2025

% change

Revenue £2,451.5m £2,537.6m -3.4%

Adjusted operating profit £79.8m £76.6m +4.3%

Operating margin 3.3% 3.0%

Organic growth +8.7% -18.8%

Return on capital employed 9.7% 9.4%

2. Refer to the Discontinued Operations note below for further details.

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.

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

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.

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.

£24.4 million reflects movements in provisions associated

with the expected earn-out or other deferred

arrangements arising from 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.

3. Using the definitions contained in the Group’s lending agreements

28 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL REVIEW CONTINUED

(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

cost 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

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

Over its 32 years as a listed company, DCC has an unbroken

record of dividend growth at a compound annual rate of 13%.

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.

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

£’m

2025

£’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 subsidiaries 666.1 61.4

Dividends (217.1) (206.7)

Exceptional items (62.2) (55.8)

Share issues/buyback (699.5) –

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)

29DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Committed acquisitions since the prior year Results

Announcement amounted to £112.4 million as follows:

2026

£’m

2025

£’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.

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

£’m

2025

£’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.

30 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL REVIEW CONTINUED

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

excl. IFRS 16

Restated

2025

excl. IFRS 16

2026

incl. IFRS 16

Restated

2025

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%

4. Refer to the Discontinued Operations note on page 28 for further details

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.

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.

FINANCIAL RISK MANAGEMENT

The Board reviews and approves financial risk policies

annually, most recently in February 2026. These policies cover

credit, liquidity, foreign exchange, interest rate, and

commodity price risks, and aim to minimise risk at reasonable

cost. DCC uses derivative instruments such as interest rate and

currency swaps but does not engage in trading or leveraged

derivative transactions. Group Treasury manages funding and

liquidity centrally, while Group businesses manage foreign

exchange and commodity risks within approved guidelines.

Internal Audit monitors compliance. See Note 5.7 for

furtherdetails.

FOREIGN EXCHANGE RISK MANAGEMENT

DCC’s presentation currency is sterling while exposures to

other currencies, principally euro and US dollar arise in the

course of ordinary trading. Approximately 77% of the Group’s

adjusted operating profit for the year ended 31 March 2026

was denominated in currencies other than sterling, primarily

euro, US dollar and Scandinavian currencies. DCC does not

hedge the translation exposure on the profits of non-sterling

subsidiaries. Average sterling exchange rates strengthened

against the US dollar, while weakening against the euro and

certain other Group reporting currencies over the year. The

net impact of currency translation in the current year was a

positive impact of £5.0 million in the reported growth of

continuing Group adjusted operating profit. The Group seeks

to manage foreign currency translation risk through

borrowings denominated in (or swapped utilising cross

currency interest rate swaps into) the relevant currency or

through currency swaps related to intercompany funding,

although these hedges are offset by the strong ongoing cash

flow generated from the Group’s non-sterling operations.

Where sales or purchases are invoiced in currencies other

thanthe local currency and there is not a natural hedge with

other activities within the Group, DCC generally hedges

between 50% and 90% of those transactions for the

subsequent two months.

CREDIT RISK MANAGEMENT

DCC deals with highly rated financial institutions for deposits

and derivatives, actively monitoring exposures against

Board-approved limits.

INTEREST RATE RISK AND DEBT/LIQUIDITY MANAGEMENT

The Group maintains long-term funding, liquidity buffers and

credit lines. At 31 March 2026, 25% of term debt was at or

swapped to floating rates via qualifying hedge accounting

structures. Interest rate risk is managed by aligning cash

maturities with swap reset periods.

COMMODITY PRICE RISK MANAGEMENT

DCC, through its activities in the energy sector, procures,

DCC’s energy operations are exposed to commodity cost

price volatility, that is typically passed promptly to sales prices.

Where short-term stability is preferred, forecast exposures

are hedged with forward purchase contracts and derivatives,

generally under 24 months. Fixed-price agreements may

feature take-or-pay clauses; otherwise, forecasted volumes

are partially hedged, considering seasonality and weather-

driven demand.

CONOR MURPHY, CHIEF FINANCIAL OFFICER

18 MAY 2026

31DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

FINANCIAL KPIs

We employ financial and non-financial KPIs to measure

progress against our strategic objectives.

KEY PERFORMANCE

INDICATORS

RETURN ON CAPITAL EMPLOYED (CONTINUING, EXCL. IFRS 16) GROWTH IN ADJUSTED OPERATING PROFIT (CONTINUING)

2025 2026 2025 2026

2025 2026

16.5%

16.8%

2025 2026

£612.1m

£634.0m

+3.6% (+2.8% constant currency)

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 these improvements in Energy and Technology

and a continued overall focus on disciplined

capital allocation.

The Group’s adjusted operating profit increased

on an organic basis by 2.3%, reflecting organic

growth in both DCC Energy and DCC Technology.

The net impact of M&A in the year was a positive

contribution of 0.5%. There was also a positive

foreign exchange impact of 0.8%.

GROWTH IN ADJUSTED EARNINGS PER SHARE (CONTINUING) FREE CASH FLOW

2025 2026 2025 2026

2025 2026

398.5p

438.1p

+9.9% (+8.8% constant currency)

£588.8m

£689.6m

2025 2026

£689.6m

The growth in adjusted earnings per share

exceeded the growth in adjusted operating profit

primarily due to a lower number of shares in issue

following the share buybacks completed in the year.

The free cash flow in the year of £689.6m represents

an excellent 108% conversion of adjusted operating

profit into free cash flow and was driven by a

working capital inflow in DCC Energy.

COMMITTED ACQUISITION EXPENDITURE

2025 2026

£112.4m

£153.5m

£112.4m

The committed acquisition expenditure in the

yearprimarily relates to the completed acquisitions

of FLAGA and AvantiGas and the agreement to

acquire UGI International LLC’s liquid gas business

in Poland, Hungary, Czechia and Slovakia.

32 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

KEY PERFORMANCE INDICATORS

NON-FINANCIAL KPIs

SCOPE 3 GHG EMISSIONS SCOPE 3 CARBON INTENSITY

2025 2026 2025 2026

37.9

36.4

36.4 MtCO

74.4

74.1

74.1 gCO

/MJ

Category 3 and 11 Scope 3 emissions are generated

when customers use the energy products we sell,

plus the upstream well-to-tank emissions. We have

atarget to reduce Scope 3 emissions by 35% by

2030 against a 2022 baseline and have achieved

a 14% reduction to date. The 4.0% reduction in

absolute Scope 3 carbon emissions reflects both

some increase in biofuel sales and a reduction

in overall fuel volumes.

The carbon intensity metric is calculated by dividing

total Scope 3 emissions in a given period by the

energy content of energy products sold, calculated

using standard conversion factors. The reduction

in the carbon intensity of the energy we sold was

driven by increased biogenic content in liquid fuels

and the increased sale of low carbon fuels such

as HVO.

SCOPE 1 & 2 GHG EMISSIONS HEALTH & SAFETY LTIFR

2025 2026 2025 2026

2025 2026

63 ktCO

2025 2026

0.9

1.0

Lost time injury for every

200,000 hours worked

The Scope 1 & 2 figures are presented in linewith

the GHG Protocol using a market-based approach

for Scope 2. Overall, there was a 7% decrease in

absolute carbon emissions, primarily driven by the

disposal of Healthcare and Technology businesses.

We have to date achieved a 45% reduction against

our target of a 50% reduction by2030.

The safety of our employees and the wider

community is one of our core values and central to

everything we do. Performance this year was

influenced by the divestment during the year of

Healthcare and Technology businesses with

historically lower LTIFR rates and the growth of our

Energy Services operations, with injury rates more

comparable tothat of the construction sector.

ETHICS & ENGAGEMENT EXTERNAL ESG RATINGS

Incidents of Bribery

& Corruption

Material Data

Privacy Breaches

79%

Engagement

Survey Score

CDP Score

Top rated

Sustainalytics

ESGPerformer

MSCI ‘AAA’

Rated

In the year under review, DCC achieved an A rating from CDP. This puts DCC

in the top 4% of rated businesses globally. We continue to be a ‘Top rated’

ESG performer bySustainalytics and are considered one of ‘Europe’s Climate

Leaders’ by theFinancial Times.

Notes:

We have obtained ISAE 3000 limited assurance from Deloitte over emissions figures and metrics. See page 238 for more detail.

Financial year 2025 Scope 1 figure restated to account for improved methodology within business operations. Scope 1 & 2 figures presented include all businesses

upuntil the date of divestment, which is aligned with the GHG Protocol.

Health and Safety LTIFR figures are presented on the basis of continuing operations as at 31 March 2026. LTIFR for the year to 31 March is restated on the same

basis, to allow like-for-like comparison.

Engagement Survey scores are presented for DCC Energy only. Engagement scores for 2025 are restated on the same basis, to allow like-for-like comparison.

33DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

34 GENERAL DISCLOSURES

35 FRAMEWORK AND PERFORMANCE

40 ENVIRONMENTAL

40 CLIMATE

46 POLLUTION

48 BIODIVERSITY

50 SOCIAL

50 HEALTH & SAFETY

56 OWN WORKFORCE

62 WORKERS IN THE VALUE CHAIN

64 COMMUNITY

66 JUST TRANSITION

68 GOVERNANCE

68 BUSINESS CONDUCT

223 SUSTAINABILITY SUPPLEMENTARY

INFORMATION

See link to GRI and

SASB tables on the

DCC website

SUSTAINABILITY REVIEW

Sustainable growth is central to our strategy.

Weare focused on making measurable progress

on the issues that matt er most to our stakeholders:

making lower carbon energy available to our

customers, operating safely, strengthening

standards across our value chain, and upholding

the highest standards of business conduct.

Duringthe year, we continued to make progress

inthese areas.

DCC PLCANNUAL REPORT AND ACCOUNTS 202634

SUSTAINABILITY REVIEW

OUR SUSTAINABILITY

FRAMEWORK

We provide customers with energy to succeed today and

prepare for tomorrow. We are clear on how our sustainability

framework supports this purpose.

DCC STRATEGIC

TOPICS

SDGs

OUR

GOALS

OUR 2030

TARGETS

OUR KEY

METRICS

SEE

PAGE

ADDITIONAL

MATERIAL

TOPICS

CLIMATE

CHANGE

HEALTH AND

SAFETY

OUR

PEOPLE

BUSINESS

CONDUCT

Our goal is Net

Zero by 2050

or sooner.

•

Scope 3 emissions

(MtCO

•

Carbon intensity of

energy sold (gCO

e/MJ)

•

Biogenic content of

energy sold (%)

•

Scope 1 & 2 emissions

(ktCO

Biodiversity

Pollution

Just

Transition

Workers

in the Value

Chain

Consumers

& End Users

•

Total recordable injuries

per 200,000 working

hours (‘TRIR’)

•

Lost time Injuries per

200,000 working hours

(‘LTIFR’)

•

Lost time injury severity

rate per 200,000

working hours (‘LTISR’)

•

Employee Engagement

survey results

•

Employees at the end of

the period (‘FTEs’)

•

Code of conduct training

•

Number of convictions

for violation of anti-

corruption & anti-bribery

•

Political contributions

•

Material data privacy

breaches

Our goal is no

accidents and

keeping

people safe.

Our goal is to

provide a vibrant,

inclusive and

innovative place

to work and be a

positive member

of the communities

we serve.

Our goal is

to operate in

accordance

with the highest

standards of

ethics, compliance

and corporate

governance.

>80%

Engagement score

Highest

standards

Ethics and Integrity

LTIFR

Lost time injury rate of

<1 for every 200,000

hours worked

35%

reduction (Scope 3)

50%

reduction (Scope 1 & 2)

= Environmental

= Social

35DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

MATERIALITY ASSESSMENT

For DCC nine topics are material, with six of these topics having ‘double materiality’, The associated

Impacts, Risks and Opportunities (‘IROs’) relating to each material topic are outlined on the next page.

DOUBLE MATERIALITY ASSESSMENT OUTPUTS

FINANCIAL MATERIALITY

MATERIAL

NOT MATERIAL

IMPACT MATERIALITY

•

Climate Change

•

Pollution

•

Health and Safety

•

Workers in the Value Chain

•

Consumers and End Users

•

Business Conduct

•

Biodiversity

•

Own Workforce

•

Just Transition to Lower Carbon

Economy

•

Water and Wastewater

•

Circular Products and Services

•

Local Communities and Economic

Support

STRATEGIC FOCUS AREAS

A number of topics have formed a core part of our strategy

and sustainability disclosures for a number of years.

• Climate Change (E1): Climate change poses risks in relation

to both transition and physical risks but also provides

significant opportunity in supporting customers with

energy transition solutions.

• Own Workforce (including Health and Safety) (S1): The

development and wellbeing of our people is core to our

business. Health and Safety is also a specific focus area

forus, being one of our four sustainability strategic topics.

• Business Conduct (G1) and Supply Chain (S2): Conducting

our business in a manner that is compliant and ethical,

anddealing with business partners that act in the same

manner, is embedded in our culture and business processes.

Material from financial AND impact perspective Material from financial OR impact perspective Not material

MATERIALITY KEY

REPORTING CONTEXT

DCC, as an Irish company listed outside the EU, is not currently

subject to the requirements of the EU Corporate Sustainability

Reporting Directive (‘CSRD’). However, our sustainability

disclosures continue to be guided by, while not fully aligning

with, the requirements of CSRD and the European

Sustainability Reporting Standards (‘ESRS’).

36 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

MATERIAL TOPIC

AND ESRS REFERENCE

IMPACT

TYPE

IRO

TYPE IRO VALUE CHAIN TIME HORIZON

ENVIRONMENTAL

E1: CLIMATE

CHANGE

Risks

€

Climate transition risk

S M

€

Climate physical risk

M L

Opportunities

€

Acquisitions supporting transition opportunities

M L

Impacts

P+

Increased use of renewable energy sources

S M L

A-

Indirect emissions of customers

S M L

P-

Failure to achieve carbon targets

E2: Pollution

Risks

€

Pollution related regulations

S M L

Impacts

P-

Pollution from improper waste disposal

S M

A-

Air pollution from GHG emissions

S M

E4: Biodiversity Impacts

A-

Reliance on raw materials leading to land degradation

SOCIAL

HEALTH

AND SAFETY

S1: Own Workforce

Impacts

P+

Culture and engagement

S M L

P+

Work related rights

S M L

P+

Inclusion

S M L

A-

Employee health and safety accidents

S M L

OUR PEOPLE

S1: OWN WORKFORCE

Risks

€

Financial and reputational risk due to

employee health and safety incidents

S2: Workers in

theValue Chain

Risks

€

Regulatory risk

S M L

Impacts

P-

Human rights

S M L

P+

Supply chain transparency

S M L

P-

Health and safety

S M L

Just Transition toLower

Carbon Economy

Impacts

A+

Empowering society to act in reducing emissions

S M L

P+

Social inclusion of consumers

M L

A-

Secure employment

M L

S4: Consumers

andEnd Users

Risks

€

Consumer health and safety

S M

€

Reputational risk relating to irresponsible messaging

S M

Opportunities

€

Customer service

S M

Impacts

P+

Consumer health and safety

S M

A+

Access to quality information in product marketing

S M

GOVERNANCE

G1: BUSINESS

CONDUCT

Risks

€

Corruption and bribery

M L

€

Regulatory risk

S M L

€

IT system failure risk

S M L

Impacts

P-

Consumer privacy and data protection

S M L

P+

Corporate governance

S M L

A+

Whistleblowing

S M

OUR MATERIAL IMPACTS, RISKS AND OPPORTUNITIES (IROs)

€

Financial opportunity

P+

Potential positive impact

A+

Actual positive impact

Upstream

Own operations

Downstream

Short-term

Medium-term

Long-term

€

Financial risk

P-

Potential negative impact

A-

Actual negative impact

IRO KEY VALUE CHAIN TIME HORIZONS

1. This is a material topic which is not

addressed in this report and will

becovered in future CSRD reporting.

37DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

We made further progress in our journey towards a more

sustainable future during the year under review.

OUR SUSTAINABILITY

PERFORMANCE

STRATEGIC

PRIORITIES

2030

TARGETS

KEY PERFORMANCE

INDICATORS 2026 2025

CLIMATE

CHANGE

50% reduction

Scope 1 and 2 GHG

emissions (2019 baseline)

Scope 1 GHG emissions (ktCO

61 67

Scope 2 GHG emissions market-based

(ktCO

2 1

35% reduction

Scope 3 GHG emissions

(2022 baseline)

Scope 3 GHG emissions (MtCO

e) 36.4 37.9

Scope 3 emissions year on year reduction (%) 4%

Cumulative Scope 3 GHG emissions reduction

since 2022 baseline (%)

14% 11%

Carbon intensity (gCO

e/MJ) 74.1 74.4

Biogenic content (% biogenic content

of energy sold)

7.5 7.1

HEALTH

AND

SAFETY

LTIFR <1

Lost time injury rate

of <1 for every 200,000

hours worked

Total recordable injuries per 200,000 working

hours (‘TRIR’)

1.50 1.40

Lost time injuries per 200,000

working hours (‘LTIFR’)

1.00 0.90

Lost time injury severity rate per 200,000

working hours (‘LTSIR’)

36.5 27.3

OUR

PEOPLE

>80%

Employee

Engagement Score

Employee Engagement Survey results

79% 79%

Employees at the end of the period (‘FTEs’) 11,700 16,777

BUSINESS

CONDUCT

Ethics & Integrity

Highest standards

Code of Conduct training by employees 6,801 7,736

Number of convictions for violation of anti-

corruption and anti-bribery laws

0 0

Political contributions

0 0

Material data privacy breaches 0 0

We have obtained ISAE 3000 limited assurance from Deloitte over emissions figures and metrics, please refer to page 238 for more detail.

1. Financial year 2025 Scope 1 figure restated to account for improved methodology within business operations. Scope 1 & 2 figures presented include all

businesses up until the date of divestment, which is aligned with the GHG Protocol.

2. This metric includes both biogenic content from liquid fuels and renewable sources from power generation.

3. Health and Safety figures are presented on the basis of continuing operations as at year end and financial year 2025 is restated on the same basis to allow like

for like comparison.

4. The Engagement Survey scores of our people are presented for Energy only in FY 2026 and restated for FY2025 on the same basis, to allow like for like

comparison.

5. There were no political contributions which were required to be disclosed under the Irish Electoral Act, 1997.

38 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

ADDITIONAL

AREAS OF FOCUS DESCRIPTION 2026 2025

COMMUNITY

INVESTMENT

Our community initiatives are primarily locally-led by our

businesses and complemented by support at group level,

enabling us to respond directly to regional priorities while

refl ecting our commitment to responsible and sustainable

growth, with 250+ projects supported.

£1.8m Not

quantifi ed

POLLUTION

Number of spills requiring remediation

2 2

Number of spills per 10,000 deliveries

3.2 3.6

BIODIVERSITY

Assessment of upstream biodiversity impacts and

dependencies completed using the ENCORE framework.

Upstream

assessment

Own

operations

assessment

WORKERS

IN THE

VALUE CHAIN

Continued phased roll-out of a Group tool to provide a

consistent way of assessing ESG risk across our supplier

base. To date, 1,439 suppliers representing £6.6bn spend

onboarded to Ecovadis.

ESG risk

assessment

tool roll-out

Pilot of

ESG risk

assessment

tool

1. Pollution fi gures are presented on the basis of continuing operations as at year end and fi nancial year 2025 is restated on the same basis to allow like for like

comparison.

ESG RATINGS

Our ESG ratings have seen measurable improvements due to our continued focus ondisclosure

quality and transparency. Our CDP rating increasing from B to A rated, and our Sustainalytics

risk score reduced from 23.3 to 20.0, refl ecting an improvement in risk rating.

AAA Med Risk A Leadership

2025: AAA 2025: Medium Risk 2025: B

‘Europe’s Climate

Leaders’

2025: Leader

39DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

ENERGY STRATEGY

Our strategy supports customers through the energy transition

while growing our business and reducing the carbon intensity

of our energy offering through liquid gas, biofuel solutions and

a scalable energy services business. By providing practical,

lower-carbon alternatives to support customers at different

stages of their transition, we help bring decarbonisation

closer. See pages 8-21 for further details on our strategy.

EMISSIONS PERFORMANCE AND TARGETS

120

100

SCOPE 1 & 2 OVERALL PROGRESS SINCE FY19 BASELINE

Scope 1 & 2 emissions (ktCO

2019 2020

1 1

2021 2022 2023 20252024 2026

-7% YoY

-45%

Scope 1 Scope 2 2019 Rebase

Note: Financial year 2025 Scope 1 figure restated to account for improved

methodology within business operations. Scope 1 & 2 figures presented include all

businesses up until the date of divestment, which is aligned with the GHG Protocol.

SCOPE 3 OVERALL PROGRESS SINCE FY22 BASELINE

Scope 3 emissions (MtCO

2022 2023 2024 2025 2026

-4% YoY

-14%

42.4

40.3

38.9

37.9

36.4

INTRODUCTION

Achieving net zero emissions is essential to securing a

sustainable future for people and the planet. As an energy

business, we have an important role to play in supporting this

transition. We are committed to decarbonising our own

operations and supporting customers as they transition to

lower-carbon energy, while ensuring energy supplies are

secure, cleaner and competitive. Managing the energy

transition is central to our strategy, with both the opportunities

and risks of the shift to a lower-carbon economy embedded

within our strategic planning (see pages 8-25 for more details,

including our value chain).

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

As part of our Double Materiality Assessment, a number of

climate related IROs were identified, see page 37. The energy

transition presents both significant opportunities and evolving

risks for our business and our customers. Demand for

renewable fuels, solar, battery storage and energy services

continues to grow as customers, businesses and governments

seek to reduce emissions and strengthen energy resilience.

The expansion of lower carbon energy solutions has the

potential to contribute meaningfully to climate change

mitigation while supporting long-term market growth.

Scope 3 emissions associated with our products used by

customers downstream in the value chain have a negative

impact on the environment and society. Transition risk,

resulting from reduced customer demand for heating and

transport fuels, could impact profitability in the long-term.

Evolving regulatory requirements, carbon taxes and energy

efficiency standards could also present a risk for businesses

that do not reduce emissions in the long-term.

We understand and take seriously the potential negative

impact on the environment and society of failing to reach

netzero carbon emissions by 2050. Reducing these emissions

while continuing to meet our customers’ needs for secure

andcompetitive energy is a key outcome of our strategy.

We also identified the financial impact of acute physical

riskdue to changing weather conditions caused by climate

change. These physical risks may affect raw material

availability, our supply chain, and/or operational facilities,

resulting in decreased revenues due to reduced production

capacity. We address how we are mitigating those risks on

page 71 of the Risk Report.

ENVIRONMENTAL

CDP REPORTING

We have been recognised on CDP’s prestigious 2025 A

List for climate disclosure, a significant achievement that

places us among the top four percent of nearly 20,000

companies scored worldwide. This acknowledgment

reflects our growing strength in transparent climate

reporting and the meaningful progress made on our

sustainability journey.

E1 CLIMATE

40 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

We used 1.5 million gigajoules of energy this year, a nine

percent reduction over the prior year. This decrease was

primarily due to the divestments over the course of the year.

Over time we expect energy efficiency initiatives, including

improved logistics efficiencies, the use of energy management

controls and systems to reduce our energy use.

OWN OPERATIONS PERFORMANCE

In the year under review, our total Scope 1 and 2 (market

based) emissions, which were prepared in line with the GHG

Protocol, reduced by seven percent against the prior year.

Thekey drivers of this reduction has been the disposal of

DCCHealthcare and DCC Technology businesses.

Overall, we have achieved an 45%

reduction against our 2019

baseline versus our target to deliver a 50% reduction by2030.

The key drivers of the reduction against the baseline has been

increased use of HVO across our businesses and the use of

renewable electricity contracts. Scope 2 emissions, using the

location-based approach, which uses the grid average

emission factors in each jurisdiction, was 11 ktCO

, in the

year under review.

SUSTAINABILITY IN ACTION

CERTAS ENERGY UK

– HYDROTREATED

VEGETABLE OIL

(‘HVO’)INACTION

FLEET BALANCING CALCULATOR FOR HVO PURCHASES

Certas has created the industry’s first HVO fleet balancing

calculator, allowing fleet operators to calculate the cost of

mixing HVO with traditional diesel to aid decarbonisation.

The automated HVO fleet balancing calculator is a free online

tool that will provide the average fuel cost when including HVO

as part of the fuel mix, helping operators make decisions about

how and when to drop in the renewable alternative diesel.

EXPANSION OF HVO ACROSS OUR DEPOT NETWORK

In June 2025, Certas announced a major expansion in the

availability of HVO to more depots across the UK as part of

an additional seven-figure sum investment. This investment

added a further six HVO storage and supply depots to the

network bringing the total to 28 nationwide, with plans to

further increase the roll-out to more depots in the near

future. The latest roll-out included Braintree, Fort William,

Porthmadog, Sheffield and Whitby. During 2025, renewable

diesel will be stocked and available for the first time in certain

areas in the UK, such as the Isle of Wight. An estimated one

million litres of additional HVO will be added to the company’s

network to support the growing demand for sustainable fuels

from UK businesses.

NEW HVO TANK HIRE INITIATIVE LAUNCHED

Launched in 2024, the national HVO tank hire campaign

aims to support customers for whom cost is a barrier to

transitioning to low carbon fuel, while also strengthening their

fuel security and offering more buying options for their specific

needs. Opting to hire an HVO tank, rather than purchasing

one outright, can reduce year one costs by almost 90%,

which can free up capital for other site improvements and

investments. HVO tank hire is a great option for companies,

particularly in haulage, logistics and construction sectors

across the UK, that are looking to commit to a wider scale

trial or roll-out of HVO. All HVO tanks are OFTEC registered,

fully installed and available for hire across the UK.

HVO storage and supply

depots nationally

41DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SCOPE 3 PERFORMANCE

Two categories account for over 90% of our Scope 3

emissions:

• Category 3: Fuel and energy-related activities (not included

in Scope 1 or Scope 2). These are the upstream (often

called well-to-tank) emissions associated with the energy

products we sell.

• Category 11: Use of sold products. These are the emissions

generated when customers use the energy products we sell.

In 2025, we developed an absolute Scope 3 energy target to

2030 of a 35% reduction against a 2022 emissions baseline.

This aligns with our existing target to achieve net zero by 2050

or sooner. The targets were reviewed and approved by the

Board in the financial year 2025 and are compatible with the

Paris Climate Agreement.

Our Scope 3 target is measured againstan updated financial

year 2022 baseline, which was established within three years

of the reporting period at the time the targets were set. This

has been selected as a suitable baseline as it is the first full

year of return to underlying business activity after disruption

from the Covid-19 pandemic. We are using the industry best

practice guideline of five percent guiding principle when

considering if acquisitions ordivestments should lead to an

update to the baseline or targets. Going forward, management

will periodically review the baseline and targets, in line with the

GHG Protocol and evolving best practice, to ensure they

remain appropriate, representative and aligned with the

evolving profile of thebusiness.

GHG EMISSIONS TARGETS

SCOPE

BASELINE

YEAR

BASELINE

EMISSIONS

TARGET

YEAR

REDUCTION

TOTAL

REDUCTION

SINCE BASELINE

NET ZERO

TARGET YEAR

Scope 1 & 2 (ktCO

e) 2019 114 2030 50% 45% 2050

Scope 3 (MtCO

e) 2022 42.4 2030 35% 14% 2050

SCOPE 3 EMISSIONS METRICS

SCOPE 3 METRICS UNIT 2025 2026

Carbon intensity gCO

e/MJ 74.4 74.1

Biogenic content % biogenic content of energy sold 7.1 7.5

ENERGY TRANSITION PLAN AND PROGRESS

We have continued to make progress in Scope 3 emissions

reduction, with a 14% reduction in emissions (6 Mt) achieved

since financial year 2022.

However, it should be noted that our ability to directly influence

certain Scope 3 transition levers is limited. Progress against

anumber of these levers was slower than anticipated during

financial year 2026, reflecting delays in policy and regulatory

development, as well as slower customer adoption and

demand. Further detail on the individual levers and progress

against each is set out below. Our transition plan includes

acertain level of growth in liquid gas, which we see as an

important lower carbon intensity fuel, especially for customers

in rural locations, and in harder to abate sectors. Please see

the Community and Just Transition sections for more detail

onpages 64 to 67.

LOOKING AHEAD

Overall, and as outlined on page 17 we remain committed

todoubling our adjusted operating profit by 2030, with

significant growth expected in the liquid gas sector in

particular over that period. We will continue to monitor the

impact of this within our strategy and transition plan.

However, the long-term direction of travel at both a global

level and within the markets we operate is still expected to see

reduced emissions and our long-term targets remain aligned

with the Paris Climate Agreement. We are committed to

supporting our customers through the energy transition by

providing practical, affordable and lower-carbon energy

solutions that reflect the realities of where they are on their

transition journey.

ENERGY SCOPE 3 TARGET: KEY LEVERS, FY22-FY30, MtCO2e

FY22 FY24 Acquired

growth in the

liquid gas

sector

Market

decline stated

policies

pathway

High grading

of product

portfolio mix

Fossil

volume

decline

Biofuels

42.4

38.9

2.7

-3.5

-3.7

-4.6

-3.5

-2.2

27.6

FY30

Target

35%

42 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

DCC SCOPE 3 TRANSITION PLAN LEVERS

KEY REDUCTION

LEVER

TOTAL CARBON

REDUCTION BY

FY30 (MtCO

e) DESCRIPTION

LEVEL OF

DCC CONTROL

LEVER UPDATE

RAG

STATUS

Acquired

growth in the

liquid gas sector

2.7 • Expand offering in distribution

of lower-carbon liquid gas.

High • Level of investment progressing

in line with level accounted for

when targets developed.

• DCC expects a significant increase

in the level of acquired growth

from within the liquid gas sector.

Market decline

stated policies

pathway

(3.7) • Expected moderate decline in

traditional fossil fuels driven by

existing market level transition

policies and regulation.

• Aligned to on IEA ‘Stated

Policies’ pathway.

Low • Delay of CSRD and the revised

criteria has meant that a much

smaller number of corporate

customers are required to disclose

their emissions targets and

transition plans, thereby reducing

the anticipated demand for lower

carbon solutions.

Biofuels (4.6) • Further reduce fossil oil and

liquid gas volumes by

displacing them with

renewable alternatives.

• Work closely with commercial

customers to reduce their

carbon footprint through

transition to HVO and other

lower-carbon fuels.

• Partner with leading producers

and suppliers to scale access to

supply of bio molecules.

Medium • Biofuels such as HVO are currently

not cost competitive with existing

fossil fuels.

• Policy and fiscal treatment

remains inconsistent.

• DCC enabling the scale-up of the

biomethane market through

off-take agreement between

Nephin and Flogas Ireland.

High grading

of product

portfolio mix

(3.5) • Review of product portfolio to

identify high grading

opportunities.

Medium • Longer term opportunity based

on customer demand.

Fossil volume

decline

(2.2) • Drive decline in our fossil oil

volumes by encouraging

customer transition to

electron-based alternatives.

• Leverage the breadth of our

skillset to develop and market

attractive low-carbon

customer propositions.

Medium • Level of customer demand for

electrification has remained

largely subdued.

• Limited policy signals across

heating and transport segments.

• Volumes are expected to see some

declines due to general efficiency

improvements, offset by margin

improvement.

130

100

110

120

EXTERNAL DECARBONISATION SCENARIOS

Emissions in 2024 indexed to 100

2024 2030 2035 2040 2045 2050

IEA Net Zero (Global)

IEA Stated Policies (Global)

BP Current Trajectory (Global)

BP below two degrees (Global)

DNV (Global) IPCC 2 degree (Global) DCC

Indicative range

for Paris aligne

climate pathway

Note: Based on publically available data sources and DCC analysis

43DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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SUSTAINABILITY IN ACTION

DCC ENERGY GB AND

DATUM DATA CENTRES

THE CHALLENGE:

Datum required reliable power in a restricted space. Datum’s

expansion of their Manchester facility called for robust

backup power to support a growing data centre footprint.

However, tight spatial constraints, acoustic sensitivity, and

the need for high autonomy made the project complex.

There was a requirement for 100% resilience and redundancy,

as well as integration with sustainability commitments and

future expansion.

THE SOLUTION DELIVERED

DCC Energy GB, provided the first phase of a four mega

watt containerised power generation system, engineered

for minimal noise and maximum output. The team worked

seamlessly with architects, consultants, and subcontractors

to ensure a complete turnkey solution. The bespoke system

delivers guaranteed resilience while aligning with Datum’s

sustainability credentials, including HVO compatibility,

high efficiency cooling and readiness for future expansion.

This presents a growth opportunity as the £4bn UK

datacentre market is forecast to grow at 19% from

2025-30 (Source: Datum).

19%

UK data centre market

is forecast togrow

at 19% from 2025-30

Source:Datum

44 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

This is expressed as the Modelled Average Annual Loss

(‘MAAL’) for each site, against four climate scenarios, ranging

from benign climate outcomes involving a c.1.5°C increase

(Representative Concentration Pathway (‘RCP’ 2.6) to

significant changes involving a c.4°C increase (RCP 8.5).

From a transition perspective, we consider external climate

scenarios, using reasonable assumptions as to how certain

factors, such as regulation, product availability and customer

demand are likely to develop, to estimate the impact of

climate change on our strategy and business activities.

GOVERNANCE OF CLIMATE RISK

This analysis helps inform our Executive Committee and Board

about climate related matters and how they impact our key

strategy and business planning over the short, medium and

long-term. Please see page 71 in the Risk report, pages 78-87

of the Governance section and pages 234-235 in the

Supplementary Information section for more detail on our

approach, including to physical and transition scenario

analysis.

* Note this includes sites from Healthcare and Technology businesses as the

initial exercise was completed in financial year 2025.When the exercise is

updated, it will be focused solely on Energy sites.

CLIMATE RISK

INTRODUCTION

Overall, we consider our business model and current assets,

liabilities and operations to be exposed to a relatively low level

of climate related physical risk. Furthermore, we assess our

level of strategic resilience to be robust over the short (one to

three year), medium (three to five year) and long-term (over

10 years).

Climate risks and opportunities are assessed and managed

asa fundamental part of our governance, strategy, risk

management and business management processes. Our

Double Materiality Assessment, outlined on page 36, confirms

climate physical and transition risk as key considerations for us

from both an impact and financial perspective (Please see

page 230 in the Supplementary Information section for more

detail on the Double Materiality Assessment process).

ASSESSING AND MANAGING CLIMATE RISK

PHYSICAL AND TRANSITION RISK

We assess the impact of climate change on our activities

principally by considering both transitional and physical effects

over the short, medium and long-term. We assess and

manage physical risk within our own operations using a

recognised third-party tool, to review climate physical risk for

100 key operational sites*. The tool considers the climate

science from the Intergovernmental Panel on Climate Change

(‘IPCC’) in 10-year periods to 2090 and analyses the

operational cost and impact from chronic and acute climate

change over that period.

45DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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MANAGING POLLUTION, CONTROLS

ANDPROCEDURES

LOSS OF CONTAINMENT

Our focus is on preventing spills from occurring and

responding quickly and appropriately should a loss of

containment occur. This approach is centred around limiting

environmental consequences and delivering effective

remediation where required. Asset integrity and maintenance,

employee training and competence, and clear procedures are

central to our control framework. We assess, maintain and,

where required, upgrade fixed and mobile assets, including

storage facilities and delivery infrastructure.

Regular environmental assessments are undertaken to support

compliance with local laws and regulations, including

requirements applicable to COMAH and Seveso-listed facilities.

All spills and near misses are reported and investigated in line

with our HSE reporting requirements, supporting continuous

learning and improvement across theGroup.

In the year under review, significant spills (those requiring

remediation under regulation or regulator intervention)

remained low at 2 incidents (prior year: 2). The rate of spills

per 10,000 deliveries was 3.2 (prior year: 3.6).

We contained and cleaned up spills such that over 99% were

classified as having “minor” or “minimal” environmental

impact, however, one spill met the threshold of ‘major

medium-term’ environmental impact.

INTRODUCTION

DCC strives for zero harm to the environment and the

communities in which we operate. Our principal pollution

exposure in our own operations relates to the risk of a material

hydrocarbon spill following a loss of containment. While the

loss of liquefied gas can present a significant safety risk, it does

not typically cause local environmental damage in the same

way as liquid fuels.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

The principal potential negative impact from our own

operations is contamination of soil and water following a loss

of containment from liquid fuels. Through acquisitions, DCC

has also assumed certain site remediation obligations, with

related provisions included in the financial statements (refer

topage 189). We operate across multiple jurisdictions with

evolving environmental regulation and monitor applicable

requirements to ensure compliance across our operations.

A further negative impact arises downstream from air

pollution associated with the combustion of the fuels that we

sell. This impact primarily relates to Nitrous Oxides (‘NOx’)

released into the atmosphere when customers use transport

fuel products, such as diesel. While industry-led technological

advancements have reduced NOx emissions over time,

harmful levels are still emitted when these transport fuels

arecombusted.

E2 POLLUTION

46 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

WATER & WASTE

While water use is not a material topic for us, we manage it

responsibly across our operations, improving efficiency where

possible and ensuring wastewater discharges meet regulatory

standards. We also aim to minimise waste, increase reuse and

recycling, use licensed contractors for hazardous waste and

continue to focus on diverting waste from landfill.

AIR POLLUTION

Across our own operations, we manage local air pollutants,

including vapours and dust, through strict controls. Where

relevant, sites use measures such as vapour recovery and

monitoring systems to limit pollutants being released into

theatmosphere.

Our transition plan (refer to pages 42-43) sets out actions

toreduce Scope 3 emissions and the carbon intensity of

theproducts we sell, which also supports reductions in air

pollutants such as NOx. Key levers include expanding energy

services offering such as solar PV and battery storage and

also increasing biofuels options such as HVO.

LOOKING AHEAD

As our operations and the regulatory landscape continue

toevolve, we are focused on enhancing the controls and

procedures in place to prevent and mitigate against pollution

related impacts. We are committed to improving the ways in

which we monitor and prevent loss of containment incidents

from occurring. This is enabled by continuous learning from

events, regular asset integrity and maintenance checks, and

astrong safety culture that reinforces our responsibility in

protecting the environment and communities in which we

operate. In addition, continued progress against our energy

transition strategy supports broader efforts to reduce air

pollution impacts associated with the combustion of energy

products, including NOx.

47DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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OWN OPERATIONS

We manage environmental risk through our risk management

framework, with environmental incidents and spill-related

exposures captured in the risk register. Any material spill or

loss of containment is recorded, investigated and remediated,

supported by established controls and operating procedures

to prevent incidents and minimise consequences.

Using the Locate, Evaluate, Assess, Prepare (‘LEAP’)

approach from the Taskforce on Nature-related Financial

Disclosures (‘TNFD’), supported by tools including the

Integrated Biodiversity Assessment Tool (‘IBAT’) and the World

Wide Fund for Nature Biodiversity Risk Filter (‘WWF BRF’), we

have analysed over 80% of our locations to establish a

biodiversity baseline. This includes 49 energy sites within one

kilometre of aKey Biodiversity Area (‘KBA’) and 11 sites with

heightened potential biodiversity-related risk due to proximity

to biodiversity-sensitive areas. Our key controls to manage

thisrisk include local HSE procedures, Seveso and COMAH

requirements where applicable, and the Soil and Groundwater

Environmental Risk Assessment (‘SoGwERA’) tool for energy

mobility sites.

UPSTREAM

In the year under review, we completed a structured

assessment of our upstream dependencies and impacts.

Thisreview included a high level assessment of our material

supply regions using the WWF BRF (see diagram below)

andthe ENCORE tool to screen our full value chain.

INTRODUCTION

We depend on natural resources across our value chain,

including biofuel feedstocks and the raw materials used in the

solar panels we install. Key biodiversity impacts arise upstream

in the extraction and production of these inputs. While we do

not control these activities, we take responsibility for our role

instrengthening sustainable procurement and supplier

engagement, setting clear expectations for suppliers and

improving due diligence.

Within our own operations, the most significant potential

impact on habitats and species is from the loss of containment

of liquid fuels. Our approach to managing these risks, including

pollution mitigation, is covered on page 51.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Our Double Materiality Assessment identified a negative

impact on biodiversity upstream in our value chain, linked

tothe extraction of natural resources and raw materials

associated with the products we sell and the services we

provide. During the year under review, we expanded our

biodiversity work beyond our own operations to further

assessupstream impacts and dependencies.

NATURE RISK

Risks to an organisation that result from the

degradation of nature and consequential

loss of ecosystem services.

REPUTATIONAL RISK

Risks to an organisation that result from

the perception of stakeholders on the

management of nature related issues.

3.993.123.08

3.38 3.64 3.72

KEY

<2.6 Low Solar>2.6 Medium HVO>3.4 High Oil & Gas>4.2 Very High

E4 BIODIVERSITY

DCC WWF BRF ASSESSMENT

48 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

MANAGING UPSTREAM BIODIVERSITY RISK

The work completed during the year under review highlights

that upstream biodiversity impacts and dependencies are

most relevant in our biofuel and solar supply chains. Biofuels,

feedstocks rely on ecosystem services and can also create

pressures on nature, while in solar panels, impacts and

dependencies are concentrated in the extraction and

processing of raw materials.

Practically, we are prioritising improved visibility of sourced

materials and, where feasible, their origins, while embedding

clearer expectations for suppliers on responsible sourcing.

Where credible certification and assurance approaches

areavailable, we use these to support transparency

andconfidence in sourcing practices (for example, the

International Sustainability and Carbon Certification (‘ISCC’)

for biofuels). We are also using the outcomes of this work to

refine supplier questionnaires and due diligence so that nature

related information can be gathered more consistently over

time and used to strengthen our management of nature

related risks.

LOOKING AHEAD

Building on the work undertaken during the year, our focus

ison enhancing how biodiversity considerations are addressed

across our value chain, particularly upstream impacts and

dependencies. Insights relating to the biofuels and solar supply

chains are drawn from sector-level and indicative location

based analysis and provide a strong foundation for enhancing

our approach to supplier engagement and sourcing

requirements over time. This will support a more targeted,

risk-based approach to managing biodiversity impacts and

dependencies linked to the energy products and services we

provide.

ENCORE ANALYSIS

We used ENCORE, a science-based dataset recognised by

frameworks including the TNFD, as an initial screening tool to

identify material nature-related impacts and dependencies

across our value chain. The analysis demonstrated that

upstream activities linked to agriculture and mining typically

combine high reliance on ecosystem services with significant

pressures on nature. It also indicates that oil and gas activities

tend to have lower dependence on ecosystem services, while

being associated with higher impacts on biodiversity and

ecosystems, including through pollution and habitat disruption

(these climate related impacts are addressed in more detail

within our transition plan). These insights help us target

supplier engagement, data improvement and controls

towards the upstream activities with the highest nature-

related impacts and dependencies.

BIOFUELS ASSESSMENT

The ENCORE analysis indicates that upstream biofuel value

chains, including feedstocks such as Used Cooking Oil (‘UCO’),

are highly dependent on ecosystem services. Key

dependencies relate to the availability and quality of water,

healthy soils and erosion control, and stable growing

conditions that support consistent crop yields and resilience.

Italso indicates that cultivation and processing can create

pressures on nature, including water use and nutrient or

chemical pollution to soil and water. To complement this sector

level screening, a location-based assessment of key supply

regions highlights that exposure can be higher where

ecosystem services are already under strain and feedstock

supply is more sensitive to changes in ecosystem condition.

SOLAR PV ASSESSMENT

Nature related dependencies and impacts in solar panel supply

chains are concentrated in the extraction and processing of

raw materials. The ENCORE analysis highlights that key

dependencies relate to water services, including water

availability and purification. Upstream extraction and sourcing

can also create pressures on nature, including disturbance,

pollution to soil and water, waste generation, andland and

seause change. The location-based assessment indicates

thatthese issues are most pronounced in the extraction stage.

It also shows that expectations around transparency and

wider social factors in certain regions can influence how these

upstream impacts are understood and managed.

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CONTEXT

Many of our colleagues operate away from our sites, often at

customer locations, completing tasks with a high frequency in

environments that we do not control. In our Products and

Mobility business, they are driving trucks, manipulating and

connecting heavy hoses, handling portable gas cylinders

andmaking deliveries of fuel. In Energy Services, their work

involves construction activities such as roof-top working,

working in confined spaces, electrical work and operating

lifting machinery. These are high frequency activities and

havethe potential for significant consequences in the event

ofan accident.

At our fixed facilities, such as fuel depots, terminals and

cylinder filling plants, we operate to strict engineering,

procedural and safety standards that, in addition to

managingoccupational safety, control the process safety

hazards associated with low frequency, high consequence,

major accidents.

As we focus our activities on the energy sector, we are

redoubling our efforts to ensure that our safety culture,

management processes and performance are of a very

highstandard.

PERFORMANCE

OCCUPATIONAL SAFETY

Our LTIFR for continuing operations was 1.00 per 200,000

hours worked (PY: 0.90). We are encouraged that our LTIFR

remains at low levels, but we have seen an increase on the

previous year. This performance was influenced by the

divestment during the year of healthcare and technology

businesses with historically low LTIFR rates and the growth

ofour Energy Services operations, with injury rates more

comparable to that of the construction sector.

We also saw an increase in the LTISR, the number of lost

workdays per 200,000 hours, which rose to 36.5 (PY: 27.3).

This reflects a higher number of injuries resulting in long-term

absence days per injury (approximately 5% increase in

absences over 30 days versus the prior year), and includes a

number of injuries late in the previous financial year, where lost

days extended into the current financial year.

A significant proportion of colleague injuries in the year related

to slips, trips, falls and manual handling incidents, which

typically result in musculoskeletal and soft tissue injuries, such

as fractures, sprains, strains and bruising. All of those

colleagues have since fully recovered and returned to work.

No work-related fatalities occurred during the year under

review.

In addition to lost-time incidents, we also track the TRIR,

covering all work-related injuries requiring medical treatment

or leading to time away or restricted duties. Our TRIR for the

year ended 31 March 2026 was 1.50 (PY: 1.40). This broader

metric, also reported per 200,000 hours worked, provides a

more comprehensive view of safety performance which

reflects cases that had the potential to be more serious. There

was a 7% increase in recordable injury rate and the lost time

injury rate has also increased by 11%, therefore an increasing

proportion of cases required treatment beyond first aid result

in lost time. As a result, there will be a renewed focus on injury

severity reduction and case management, in addition to

prevention.

HEALTH AND SAFETY

S1 OWN WORKFORCE

SOCIAL

PER 1 MILLION

HOURS WORKED

2026 2025

Lost time injury frequency rate (LTIFR)

5.0 4.5

Lost time injury severity rate (LTISR)

182.5 136.3

Total recordable injury rate (TRIR)

7.5 7.0

50 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

PROCESS SAFETY

Given the nature of our operations (for instance, operating

fuel storage terminals, filling plants and delivery fleets),

process safety remains an area of primary focus. We apply

structured frameworks to prevent low probability but high-

consequence events like major fires, explosions, or significant

fuel spills.

Group businesses operating facilities regulated under the

EUSeveso Directive (Control of Major Accident Hazards)

orequivalent regimes have dedicated process safety

programmes in place, emphasising asset integrity, rigorous

maintenance and emergency preparedness. Process hazard

analysis is employed to identify the hazards (threats) that

could contribute to the occurrence of a major accident, the

consequences of such an event, and the controls necessary

toboth prevent the occurrence and mitigate the effects.

Thereliability of these layers of protection is assessed and

validated on a periodic basis, safety critical equipment is

tested and emergency drills are performed.

Process safety management programmes are audited on a

recurring basis by experienced process safety practitioners in

the Group HSE Audit team, with additional evaluations being

conducted by external parties as needed.

In the year ended 31 March 2026, we recorded one Tier 1

process safety event (the most significant category of process

incidents according to American Petroleum Institute

Recommended Practice 754) and two Tier 2 events across our

operations. The Tier 1 event involved a release of refrigerant

gas inside a building, and the Tier 2 events involved a loss of

containment during fuel product delivery. This compares with

three Tier 2 events in the prior year.

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KEY SAFETY INITIATIVES DURING THE YEAR

To reflect our evolution to focus solely on the energy sector,

wemade some important changes during the year to how the

Board and senior management oversee and support safety

across the Group.

BOARD SITE VISITS

In September 2025, the Board visited the Flogas Britain site

atKnowsley in the UK. The visit included a detailed update on

process safety management processes and a tour of the

facilities. The visit provided an opportunity for Board

members to meet with colleagues involved in the management

of process safety hazards across the Group and day-to-day

operations at our Knowsley site. Board site visits like this

deepen the Directors’ knowledge of key HSE risks and how

they are managed and therefore allow more effective Board

oversight of HSE performance across the Group.

FORMATION OF SAFETY COMMITTEE

The Safety Committee was formed in October, chaired

by the Chief Executive, to oversee HSE policy and

performance, including the important work done by

our the HSE Working Groups.

The role of the Safety Committee in the context of our wider

HSE governance is illustrated in the following diagram.

The changes to the governance structure provided us with

theopportunity of to refresh our safety leadership training

package, which includes a dedicated process safety leadership

course, safety leadership in Energy Services, and safety

culture, which we have delivered during the course of the year.

52 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

SAFETY CULTURE

Our annual Employee Engagement survey included questions

relating to our safety culture, with results again showing high

levels of commitment to safety and empowerment to raise

safety concerns. The results of the survey on safety-related

matters were reported on and discussed with the Safety

Committee and the Board.

As described on page 6, a comprehensive process was

undertaken over the last year to review the Group’s Purpose

and Values. Maintaining our clear focus on safety as our most

important priority was an important part of this exercise and

senior members of the HSE community participated in

workshops and discussions that shaped our Purpose and Values.

LOOKING AHEAD

Our priorities for the year ahead include completing advanced

process safety reviews at high-hazard sites, expanding our use

of leading indicators (such as hazard observations and positive

interventions) to identify hazards earlier and intervene before

incidents occur, and continuing to strengthen our safety culture

through leadership training and a focus on psychological

safety, supported by our new Purpose and Values.

As we expand into new products, services and markets, we are

targeting reductions in injury rates and environmental

incidents through continuous improvement of our culture,

processes and systems.

With a clear focus on the prevention of harm to people and

the environment guiding us, we will continue to embed a

culture of safety, strengthen our processes for pollution

prevention, and invest in our people’s capabilities – ensuring

that every Group business remains a safe, responsible steward

of the environment and the communities we serve.

HSE AUDIT

Stand-alone team within HSE team audits HSE

performance in individual businesses

MANAGEMENT PROCESS

Detailed oversight of HSE performance across

every business unit

SAFETY COMMITTEE

Established in October

Combines DLT members and senior HSE colleagues

Focus on Group-wide safety culture and processes

Complements safety focus in management process

DCC LEADERSHIP TEAM

HSE report at every meeting

Seven DLT members on Safety Committee

Regular safety tours

Continuous focus on safety as part of

management process

BOARD

HSE report at every meeting

Regular in-person updates from Head of Group HSE

Safety focus at site visits

Safety focus at updates from Business Units

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SUSTAINABILITY REVIEW > HEALTH AND SAFETY

SUSTAINABILITY IN ACTION

ENHANCING DRIVER

SAFETY IN CERTAS UK

THE OPPORTUNITY

Tanker transport operations present complex risks to drivers,

including fatigue, distraction, interaction with third parties

andthe potential for high-consequence events. To mitigate

these risks, Certas UK has focused on strengthening driver

standards, embedding robust investigation and learning

processes and deploying technology-enabled monitoring.

WHAT WAS DONE

Certas UK operates a multi-layered approach. Significant

transport incidents are investigated using structured

methodologies, with learning shared through depot briefings

and formal communications. Targeted awareness campaigns

address core transport risks, including distraction and fatigue,

alongside a focus on high-risk behaviours such as revving,

idling, braking and speeding. This is supported by defensive

driving training, ongoing competency development, and

regular management system reviews and transport audits.

Inparallel, the business has deployed dash cameras and

telematics to enhance monitoring and coaching, improving

visibility of driver behaviours and enabling consistent,

evidence-based feedback.

USE OF TECHNOLOGY

An integrated technology solution enables tracking of vehicle

location and key driving behaviours, including speeding, harsh

braking and idling, while also supporting maintenance and

defect reporting. This strengthens operational control and

helps reduce risk across the fleet.

OUTCOMES EXPECTED

With the roll-out of this technology across the tanker fleet,

the aim is to improve key driver behaviour (e.g. reduction in

harsh braking & cornering, speeding), undertake coaching

interventions where appropriate, and reduce the number

of transport incidents year-on-year.

This programme demonstrates how layered controls –

spanning competence, supervision, investigation, learning

andtechnology – operate together to strengthen driver

safety performance, reduce exposure to high-energy road

risks, and reinforce a culture of accountability and continuous

improvement.

54 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

SUSTAINABILITY IN ACTION

PROCESS SAFETY

INFLOGAS BRITAIN

THE OPPORTUNITY

Liquid gas operations involve major accident hazards

in which a loss of containment can lead to significant

harm. Effective process safety requires an integrated

management approach in which hazards are identified,

risks evaluated, and controls are implemented, monitored

and maintained so that they remain effective over the

lifecycle of assets and operations. To mitigate these risks,

Flogas Britain has focused on strengthening process

safety discipline, enhancing leadership engagement and

reinforcing assurance over critical controls.

WHAT WAS DONE

Flogas Britain has defined three safety pillars – process

safety, occupational safety and road safety – to provide

clarity on safety risks across all its operations. Within this

framework, leadership engagement on process safety

is supported by practical tools that, for instance, guide

site tours and structured safety conversations, including

prompts and questions focused on critical controls, such

as LPG vessel loading and unloading and permit-to-

work processes. This enables leaders to assess whether

barriers are operating as intended, identify areas for

improvement and reinforce our safety culture. This

cultural focus on safety is a foundation for training on

the fundamentals of process safety and how major

accident hazards are identified and controlled. This is then

further supported by specific control processes, including

process hazard analysis, management of change and

maintenance reviews.

USE OF TECHNOLOGY

Systems and reporting tools support the identification,

monitoring and assurance of safety-critical controls,

including process hazard analysis, maintenance

and defect reporting, and management of change.

This strengthens operational oversight and supports

more effective risk management.

OUTCOMES

Key outcomes were:

• Reinforced senior leadership team engagement

on process safety performance and programmes.

• Extension of process hazard analysis and review

activities.

• Refresh of assurance reporting for safety-critical

controls, including management of change,

maintenance and competence.

• Elimination of plant downtime due to pump outages

during the critical winter service period, delivered

through focused collaboration between Operations,

HSE and Engineering teams.

This programme demonstrates how a structured,

management system-led approach – combining

leadership engagement, workforce capability and robust

assurance – improves the reliability of critical controls and

reduces the likelihood of high-consequence events.

55DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

INTRODUCTION

Our people are central to the success of our business. Across

our operations, we are proud to have a diverse, skilled, and

committed workforce of 11,700 employees, who drive

innovation, deliver value for our stakeholders, and uphold our

Purpose and Values every day.

The development of our people is a key strategic priority for

us. We focus on nurturing talent, improving ways of working,

building strong partnerships, and encouraging innovation.

Asour business evolves, we remain committed to fostering

ahigh-performing and inclusive culture that supports our

strategic objectives and ensures long-term sustainability.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

As part of our Double Materiality Assessment, we identified a

number of impacts, risks and opportunities relating to our

people. See page 37 for the list of people-related Impacts,

Risks and Opportunities (IROs).

Health and Safety is a key risk area. Accidents or incidents can

have serious consequences for individuals and can also result

in financial and reputational impacts. We therefore remain

focused on maintaining safe working environments and

strengthening our safety culture across all our operations. (See

pages 50-55 in the health and safety section for more detail)

We also identified a number of potential positive impacts

linked to culture, engagement, inclusion and fair treatment.

Promoting equal opportunity and fostering inclusive

workplaces supports colleague wellbeing, strengthens

organisational culture and enhances productivity. High

employee engagement further supports attraction, retention

and performance, and we actively monitor engagement

through our annual Employee Engagement Survey.

OUR WORKFORCE CHARACTERISTICS

As of 31 March 2026, our total number of Full-Time

Equivalents (FTEs) stood at 11,700 representing a decrease on

the prior year’s total of 16,777. This reduction is largely due to

the divestments of DCC Healthcare and DCC Technology

businesses.

Our FTE turnover rate during the year was 21% and new

joiners amounted to 18% of FTEs. These turnover numbers

are in line with expectations and are a reflection of the wider

employee environment, albeit slightly lower than lastyear.

The table below summarises workforce characteristics for

DCC Energy.

DCC ENERGY WORKFORCE*

HEADCOUNT PERMANENT TEMPORARY

NON-

GUARANTEED

HOURS

Male

6,585 6,402 183 44

Female

3,213 3,078 135 4

Total

9,798 9,480 318 48

As at 31 March 2026, three percent of colleagues were

employed on a temporary basis, primarily supporting seasonal

activity and specialist projects. Less than 0.5% of the

workforce was employed under non-guaranteed hours

arrangements predominantly in seasonal roles.

Note: *The DCC Energy data presented in the table above

reflects employee headcount as at 31 March. The figure of

11,700 employees referenced above represents full-time

equivalents (FTE) across the wider DCC Group, including

colleagues who are not part of DCC Energy.

Note: The FTE figures presented are as at 31 March 2026,

whereas the FTE figures in the financial statements are based

on an average over the period.

OUR PEOPLE

11,700

employees

85%

employee engagement survey participation

S1 OWN WORKFORCE

56 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

ENGAGING WITH OUR PEOPLE

We actively seek our employees’ input to help shape our

approach and ensure we are addressing their needs. To do

this, we use a variety of engagement channels, including our

annual Employee Engagement Survey, Employee Resource

Groups (‘ERGs’), communities of practice, leadership events

and the ongoing work of our Workforce Engagement Director.

These channels enable open dialogue and help us to stay

closely connected to the experiences and perspectives of our

people across DCC Energy.

REFRESHING OUR PURPOSE AND VALUES

We recently completed a structured and inclusive programme

to redefine our Purpose and Values (see also Chief Executive’s

Review on page 6). This programme included reviews across

19 businesses, leadership and employee workshops, validation

sessions, internal conferences, and review and challenge by

senior leadership and the Board.

This comprehensive approach has ensured that our refined

Purpose and Values reflect both our strategic ambition

andthe lived experience of our people, providing a strong

foundation for embedding them consistently across

DCCEnergy.

ANNUAL EMPLOYEE ENGAGEMENT SURVEY

We strive to provide an employee experience where everyone

can feel safe, valued and included, and where every colleague

can make their unique contribution. Our Employee

Engagement Survey provides a valuable perspective on the

culture and experience of our colleagues. Further information

on our Employee Engagement Survey is covered on page 59.

COMMUNITIES OF PRACTICE

We have established several communities of practice to

connect specialisms from across our Group businesses

fostering continuous learning, collaboration and innovative

problem solving. These communities serve as dynamic

platforms for sharing experience and best practices in key

areas including Health and Safety, Human Resources, Finance,

Compliance, Public Affairs and Sustainability.

By bringing together diverse perspectives, our communities

enhance their professional development and create a

structured platform for open exchange of ideas, ensuring that

insights and best practice relevant to each team are effectively

communicated and shared.

LEADERSHIP CONFERENCES

Our Leadership in Action conferences bring together

representatives from key teams across our Group businesses

for in-person collaboration and knowledge sharing. They

provide a dedicated forum for sharing strategic direction,

encouraging cross-functional learning and open dialogue, and

ensuring alignment on priorities. The conferences also serve as

a valuable platform to strengthen connections, support

innovation and help shape the future of our Group businesses.

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STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Our focus has been on supporting broader diversity by

investing in the development of a strong and diverse pipeline

of talented future leaders for us. We remain committed to

fostering an inclusive culture and ensuring equal opportunity

for all employees across every level of the organisation. As of

31 March 2026, 33% of our global workforce are women.

OUR PROGRESS

We continued to advance our efforts to foster a diverse and

inclusive workplace throughout the year.

In the financial year ended 31 March 2026, our Group

businesses continued to make progress on the actions

identified from the October 2024 global Inclusion and

Diversity pulse survey, which received responses from more

than 9,700 colleagues. The feedback has provided valuable

direction on how each of our Group businesses can continue to

evolve into workplaces that are even more supportive and

welcoming toall.

During the financial year ended 31 March 2026, we introduced

additional Employee Resource Groups (‘ERGs’) in several

Group businesses. These ERGs play a key role in supporting an

inclusive culture and ensuring all voices are heard.

As a multinational and multicultural organisation, we recognise

the importance of celebrating global cultural events to

promote awareness, deepening understanding and building

connections across our workforce. These initiatives shine a

light on both our differences and shared values, promoting a

sense of inclusion, belonging and pride among our colleagues.

We recognise that diversity and inclusion must be reflected at

all levels of the organisation. At a Board level, we recognise

the requirements of the UK Listing Rules in regard to gender

diversity. Further detail on our approach to Board composition

and governance can be found in the Governance Report on

page 95.

WORKFORCE ENGAGEMENT DIRECTOR

Mark Ryan serves as the designated Workforce Engagement

Director and plays an active role in engaging with our Human

Resources (HR) community and the wider workforce. Further

details on the role of the Workforce Engagement Director

during the year are set out on page 90.

OUR POLICIES

We are committed to actively promoting a safe, secure and

supportive working environment for all our employees. This

includes preventing workplace accidents and injuries,

promoting employee well-being, strengthening our company

culture, and enhancing overall job satisfaction. Our

commitment is supported by a comprehensive suite of policies

which are fully integrated across all our Group businesses.

These policies clearly outline expectations and guide decision

making and behaviour to help us achieve these objectives.

The main Group policies relevant to our workforce are:

• Code of Conduct

• Health and Safety Policy

• Inclusion Policy

• Human Rights Policy

• Anti-Bribery and Corruption Policy

All our policies have been approved by the Board. Please

reference page 231 for an overview of our policies.

INCLUSION

We aim to create an environment where every individual feels

a sense of belonging and is empowered to thrive, contribute

and reach their full potential working for us. This means

celebrating diversity in the broadest sense – including gender,

ethnicity, ability, age, sexual orientation, education, and ways

of thinking.

We believe that to fully unlock the value of our diverse and

talented workforce, we must foster inclusive work environments

where all of our colleagues have the freedom to pursue their

ambitions, and a culture that cultivates the energy and passion

our colleagues bring to work.

GENDER DIVERSITY AS OF 31 MARCH 2026

GROUP

SENIOR MANAGEMENT

BOARD

Male

67%

Female

33%

Male

67%

Female

33%

Male

64%

Female

36%

58 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

Every people manager with five or more direct reports

receives team-level engagement results and are supported

through group-wide training and materials to share feedback,

lead discussions and agree actions. Changes in engagement

scores help us track impact and reinforce trust that feedback

leads to meaningful action.

While the results were very positive overall, we also identified

anumber of areas that need improvement. Our Group

businesses and managers have implemented action plans at

alocal and team level to ensure that we continue to be a great

place to work.

WORKING CONDITIONS

Good working conditions are essential for retaining skilled

talent. We view quality working conditions as both an

important opportunity and an ongoing focus area. In the

financial year ended 31 March 2026, several of our Group

businesses have invested in upgrading their main offices or

relocating to new spaces, ensuring there are modern,

collaborative areas where colleagues can come together

andwork effectively. We respect the right to freedom of

association and collective bargaining for all our colleagues

and maintain a neutral stance regarding their choices to join

or not join a trade union. Colleagues are entitled to

representation by trade unions or other elected

representatives in line with regulations.

We do not report on specific actions relating to working

conditions or work-related rights, as these would largely

reflect compliance with existing regulations and recognised

human rights standards rather than responding to a specific

identified impact. Our focus remains on maintaining high

standards of workplace practice, aligned with legal and ethical

requirements, to ensure all employees are treated fairly and

with respect.

CULTURE AND ENGAGEMENT

Our clear purpose, strong culture and shared values form the

foundation of our success and everything we do. Our values

set out the core beliefs which inform everything we do, to keep

people safe, put customers at the centre and to grow as a

team.

We are focused on delivering an employee experience where

everyone feels safe, valued and included – where each

individual is empowered to contribute their unique perspective

and talents. We actively seek our employees’ input to help

shape our initiatives and drive meaningful action across our

organisation.

ANNUAL EMPLOYEE ENGAGEMENT SURVEY

Our Employee Engagement Survey provides a valuable

perspective on the culture and ‘lived experience’ of our

colleagues. During the year, our colleagues in DCC Energy

spanning 13 countries were given the opportunity to have their

voices heard by participating in the survey.

We achieved an excellent participation rate in the survey of

85percent which is reflective of how much our colleagues

value the chance to share their insights and feedback. We are

delighted to report that DCC Energy maintained its strong

performance, holding steady at 79 percent year on year.

Feedback from the survey helps us identify common themes

across the Group, track year-on-year progress, and

understand where action plans are having an impact. In line

with our devolved operating model, the survey also captures

feedback on areas of particular local importance within our

businesses.

The results highlighted that our colleagues have a strong

senseof purpose and understand why their work matters.

Our people are also invested in our future and feel fairness

and respect are at the heart of our working relationships.

Encouragingly, our people also feel real accountability for

oursafety culture, a core value for us.

59DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

DEVELOPING OUR WORKFORCE

TRAINING AND SKILLS DEVELOPMENT

We are committed to developing talent and fostering growth

opportunities for all employees. Regular performance reviews

are a key part of this approach, providing employees with

meaningful feedback, clear goal setting, and tailored

development plans. This ongoing investment in our people

supports our broader objectives to engage, develop, and

retain a skilled, motivated and high-performing workforce.

There is a strong focus on personal development goals and

progress on these is considered, as part of the Annual

Performance review process.

DCC GRADUATE PROGRAMME

Our graduate programme creates a pipeline of high-potential

early-career talent from diverse academic, cultural and

national backgrounds. Graduates are placed based on

business needs and make meaningful contributions from the

outset, supported by structured learning, on-the-job

development and coaching over the two-year programme.

Opportunities for international placements provide valuable

experience across the markets in which we operate.

TALENT PLANNING AND CAREER PATHS

We have a strong record of developing talent; many of our

senior leaders have progressed their careers through a series

of exciting and diverse roles across our Group businesses.

Throughout the year, we continued to identify and develop

talent to meet our future needs through our annual talent

planning process.

Over the past year we maintained our focus in identifying and

developing talent to meet the evolving needs of our business

through the annual talent process. All our Group businesses

actively participate in this process, using a consistent

framework to prioritise succession planning for high impact

roles and to identify individuals for future development

opportunities.

We strive to make talent visible and identify career paths for

people within their own business as well as across all our other

Group businesses. Currently 72% of our management positions

in DCC Energy have internal successors identified, and all

critical roles are covered by succession plans. We continue to

work hard to strengthen this pipeline and create clear

development pathways for our people.

60 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

To provide our people with access to high-quality learning,

inthe financial year that ended 31 March 2026 we partnered

with a leading learning content provider. Through this

partnership, colleagues with access to our learning platform

can now engage with a wide range of resources, including

e-learning content, live learning sessions, and scenario-based

AI simulations designed to support their professional

development and enable meaningful, personalised learning

experiences.

PROCESSES TO REMEDIATE IMPACTS AND RAISE CONCERNS

Our employees are required to raise a concern if any of our

activities are being undertaken in a manner that may not be

legal or ethical and are supported if they do so. Employees

can raise concerns with a member of their management in the

Group business where they work, with the Head of Group

Governance, Risk & Compliance or externally with Safecall, a

third-party facility which is independent of us and available in

multiple languages on a 24-hour basis. Employees may raise

concerns anonymously if they wish. Our internal policies make

clear that retaliation against any employee who raises a

concern is prohibited.

Our Human Rights Policy also sets out the ways in which

non-employees can raise concerns in relation to any breach of

human rights that may have occurred within our operations or

our supply chains. When concerns are raised, we investigate

them appropriately and in an independent manner. The Audit

Committee has oversight responsibility for our whistleblowing

facilities and how they operate. This is referred to on page 98,

as part of the Audit Committee Report.

1,200

DCC Energy colleagues across the UK,

Ireland, Sweden and Denmark have

been onboarded onto our new global

Learning Management System

LOOKING AHEAD

We will continue to invest in the development of our people

and strengthen the entrepreneurial, customer-focused culture

that underpins DCC’s success. As the Group completes its

transformation towards a more focused Energy business, our

organisational structure will evolve to support our strategic

priorities and strengthen alignment across the Group. We will

continue to build key capabilities, including procurement,

digital and AI, while developing the skills and talent needed to

support our businesses as markets, customer expectations and

technologies evolve. At the same time, we will embed our

purpose and values across the organisation, shaping how we

work, lead and grow sustainably together.

TALENT MANAGEMENT SYSTEM

We continue to invest in our global talent platform to help us

identify internal talent and ensure talent management

processes are embedded consistently. The platform currently

supports the automation of succession planning, reward,

learning and performance management processes.

This year, we rolled out a global Learning Management

System to over 1,200 DCC Energy colleagues across the UK,

Ireland, Sweden and Denmark, providing a consistent

platform for learning, development and compliance training.

The system improves access to high-quality learning content

and strengthens training visibility across the Group. We will

continue to build on this foundation as the rollout expands in

the coming year, supporting the ongoing development of our

people globally.

As more of our Group businesses have recognised the value of

the system and we leverage more functionality, we have had a

19 percent increase in the number of DCC Energy users over

the last year.

HIGH-PERFORMANCE CULTURE

Our people are driven to achieve and have an unwavering

focus on results. We are open and transparent on

performance and constantly measure our progress. Every

member of our business management teams actively engages

in our annual performance review process. To support and

drive our high-performance culture, we offer regular coaching

skills training to our business management teams at key points

during the performance cycle.

DEVELOPING LEADERS

We strive to foster a culture of continuous development for our

people, ensuring we have the talent and capabilities we need,

now and into the future. There are many existing Group-wide

training programmes, including the DCC Management

Essentials programme, DCC Finance for Non-Finance

Managers programme and our flagship DCC Business

Leadership Development programme. Each of our Group

businesses is empowered to create and deliver customised

training and development programmes, addressing local

requirements, with the goal of boosting performance at local

business level.

We assess the effectiveness of our training programmes

through post-training surveys, skills assessments and

performance evaluations. Employee engagement and career

development indicators also inform our ongoing approach to

learning and development. We recognise that continuous

learning is essential to building a skilled, engaged and

future-ready workforce, and we continue to invest in

development opportunities that strengthen both technical and

behavioural capabilities in a rapidly evolving business

environment.

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STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

INTRODUCTION

We apply responsible business principles across our supply

chain. We expect our suppliers, distributors, and other

business partners to share our commitment to ethical business

practices, as articulated in our policies outlined below, which

are further detailed under Business Conduct on page 68. We

engage closely with our partners and have robust due

diligence processes that underpin our integrity-driven

approach to these relationships.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

As part of our Double Materiality Assessment, a number of

Workers in the Value Chain related IROs were identifi ed, see

page 37 for more detail.

A key risk relates to supplier non compliance with human rights

standards, including risks of child labour, forced labour and

unsafe working conditions, particularly in higher risk

geographies such as those involved in solar panel production

and sourcing of critical minerals. Non compliance could result

in reputational, fi nancial, or legal consequences.

We also identifi ed potential negative impacts on workers in our

value chain arising from workplace health and safety incidents

in supplier operations.

Our operations rely on a diverse workforce across refi ning,

manufacturing, logistics, transportation, and raw material

extraction. In addition, sub-contractors and temporary

workers at our operational sites may also be aff ected by our

activities due to the nature of their roles.

Conversely, stronger supplier engagement – supported by

improved transparency and traceability – presents

opportunities to enhance working conditions and raise

standards across our Group businesses.

S2 WORKERS IN THE VALUE CHAIN

EMBEDDING RESPONSIBLE SUPPLY

CHAIN MANAGEMENT

Wewise applies strong governance to translate

responsible supply chain commitments into practical

action by embedding ethical conduct, structured

oversight, and clear accountability across the

business. Through regular mandatory compliance

training and the appointment of Ethics Off icers to

support consistent decision making, the business

reinforces a culture of integrity. The governance

framework – spanning a Code of Conduct, Ethics

Charter, Anti Corruption Policy, Diversity and Inclusion

Policy, Competition Law Manual, and General Data

Protection Regulation (‘GDPR’) provides a coherent

foundation for transparent and compliant behaviour.

Crucially, responsible purchasing sits at the centre of

the supply chain integrity approach: suppliers are

reviewed annually, on-site where required, and

supported through targeted improvements, with a

preference for local partners where possible.

Together, these measures ensure that high level

commitments to responsible sourcing and human

rights are embedded throughout the value chain in

aconsistent and measurable way.

POLICIES PROTECTING WORKERS AND SUPPLY

CHAIN INTEGRITY

Our policy suite works together as an integrated governance

and risk management framework:

• The Code of Conduct sets the ethical and behavioural

foundation for all employees and supplier relationships,

reinforcing integrity, safety, and fair employment

practices.

• The Supply Chain Integrity Policy governs how we manage

our supply chain and operationalises the policy though

product quality controls, supplier integrity checks, and risk

based due diligence across all sourcing and manufacturing

activities.

• The Human Rights Policy complements this by mandating

systematic identifi cation, mitigation, and remediation of

human rights risks within both our Group businesses and

the wider supply chain.

• Aligned with the Supply Chain Integrity Policy’s due

diligence requirements; the Supplier Code of Practice

extends these standards to the suppliers we work with,

sett ing explicit requirements on health and safety,

employment practices, environmental responsibility,

anticorruption, and product quality.

• The Anti Bribery and Corruption Policy ensures that

procurement and supplier decisions remain free from

improper infl uence, protecting the integrity and

transparency of the entire supply chain. Collectively, these

policies reinforce one another to protect workers, uphold

ethical practice, and maintain safe, lawful, and high quality

supply chain operations.

62 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

FOCUS ON SUSTAINABILITY

We are enhancing our processes across three themes:

1. Supplier Integrity is focused on enhancing our existing

processes by enabling Environmental, Social and

Governance (‘ESG’) risk mapping and risk assessment of

our suppliers using the EcoVadis tool. EcoVadis is a globally

recognised provider of business sustainability ratings,

intelligence, and collaborative performance improvement

tools for global supply chains. It provides detailed insight

and action across environmental, social, and ethical risks.

2. Our businesses support customers’ sustainability

assessment requirements through responding to customer

questionnaires and participating in EcoVadis assessments,

helping demonstrate ESG performance and strengthen

transparency across the value chain.

3. Product Integrity is being further enabled by targeting

initiatives on higher risk supply chains (e.g. biofuels, see

more detail in Product and Supplier Integrity section below).

We expect this increased focus will enable us to also leverage

supply chain integrity as a competitive diff erentiator across

three pillars, our suppliers, our products, and our Group

businesses.

THIRD PARTY RISK MANAGEMENT

Our third-party risk management framework involves due

diligence across fi ve areas of supplier risk that collectively

strengthen overall oversight:

• Financial due diligence assesses third party fi nancial

stability through credit checks and payment verifi cations.

• Safety evaluates supplier safety standards.

• Compliance evaluates adherence to policies and legal

standards, product verifi cation and monitors supplier

related controversies or emerging issues.

• Sustainability involves environmental, social and

governance assessments.

• IT considers information security and IT resilience.

Together, these interconnected areas create a continuous

approach to identifying, managing, and mitigating third party

risk across the full supplier lifecycle. The framework is

supported by our key policies, see Business Conduct on page

68 for more detail. We have a growing amount of product that

is procured centrally, providing additional sourcing expertise

and capability.

Our businesses continue to manage day to day procurement

and sourcing within this context and framework, which is

designed to identify, assess and mitigate supply chain risks.

They integrate the guidance into their day-to-day operations.

At the onboarding stage, potential third-parties are screened

based on factors such as the expected value of trade,

jurisdiction, and the nature of the relationship. The outcome

ofthis initial assessment determines the depth of due diligence

required. External third party providers enable these due

diligence checks, conducting screening for sanctions, trade

compliance and legal, fi nancial, or regulatory risks. This

process is often supplemented by supplier assessment

questionnaires, desktop reviews and, for higher risk suppliers,

on-site audits, or in country due diligence.

BUTAGAZ AND CERTAS ENERGY UK GOLD

ECOVADIS ACCREDITATION

In 2025, Certas Energy UK and Butagaz achieved a Gold

EcoVadis medal, placing them in the top fi ve percent of

businesses assessed globally for sustainability

performance. These results highlight the strength of

their ESG credentials, underpinned by robust

governance, responsible operations and a disciplined

approach to sustainability management. Certas Energy

UK and Butagaz are now among only 19 companies

worldwide in the wholesale solid, liquid, and gas fuels

sector with a Gold or Platinum rating. This recognition

reinforces our businesses as preferred and responsible

suppliers.

PRODUCT AND SUPPLIER INTEGRITY

PROCESS IN ACTION

We have undertaken a review of Hydrogenated

Vegetable Oil (‘HVO’) sourcing and feedstock assurance.

There is a need for enhanced transparency, particularly

given concerns raised in the market regarding feedstock

fraud and limitations in the International Sustainability

and Carbon Certifi cation (‘ISCC’) system. Strengthening

traceability is essential to identify and manage ethical

risks, including potential forced labour and the

destruction of virgin rainforests. We undertook a review

which involved direct engagement with suppliers to

assess the robustness of their additional controls above

ISCC certifi cation, due diligence processes and third-

party oversight. Our review also involved collaboration

across DCC and analysis of the evolving regulatory

landscape and peer benchmarking. Through this work,

we are strengthening our sourcing standards and

prioritising partnerships with suppliers that demonstrate

strong traceability and third-party management,

reinforcing the integrity of our HVO off ering.

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Aligned with our Sustainability Framework (see page 35),

ourapproach to community engagement is shaped by the

markets in which we operate. Our community initiatives are

primarily locally-led by our businesses and complemented by

support at group level, enabling us to respond directly to

regional priorities while reflecting our commitment to

responsible and sustainable growth. We support local

communities through financial contributions, sponsorships,

volunteering, and long-term partnerships.

CONTRIBUTING TO OUR LOCAL COMMUNITIES

We support initiatives that strengthen local communities

wherewe operate, from longstanding charity partnerships

toemployee-nominated funding programmes that make

ameaningful difference in the community.

£1.8m

total annual spend

250+

projects supported annually

S1 COMMUNITY

" DCC’s long-standing partnership has

helped provide vital care, comfort and

support to children and families across

Ireland that need LauraLynn’s paediatric

palliative care. Their commitment goes

beyond financial support, bringing

people and purpose together to create

lasting and meaningful community

impact."

CLAIRE SHIELS, CORPORATE PARTNERSHIPS

AT LAURALYNN

DCC HEAD OFFICE SUPPORT FOR LAURALYNN

LauraLynn, Ireland’s only children’s hospice, is located

close to our head office in Dublin. LauraLynn provides

palliative care to children with life-limiting conditions

and their families. We provide financial support and

volunteer time all year round.

CERTAS ENERGY UK

COMMUNITY BLOOM FUND

Certas Energy UK has a £30,000 Community Bloom

Fund contest, which was won by Fantastic Fox Wood

PTA, near Certas’ Warrington headquarters. The

city’s first fully inclusive playground was completed in

April 2026.

64 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUSTAINABILITY REVIEW CONTINUED

SUPPORTING HEALTH, WELLBEING, AND INCLUSION

Supporting the health and wellbeing of our communities

remains a core focus of our engagement efforts. We

contribute to organisations that provide vital services,

promote social inclusion, and help people access the support

they need. This includes long standing partnerships with health

charities and local initiatives which strengthen community

hubs. In addition, we support programmes to promote

connection for people with additional needs, helping to

improve quality of life, reduce isolation and foster inclusive

environments.

VOLUNTEERING AND EMPLOYEE ENGAGEMENT

Our people play a leading role in driving community impact,

with teams across the Group dedicating their time, skills, and

energy to causes that matter to them. Through structured

volunteering programmes, matched funding and partnerships

with engagement platforms, employees are empowered to

support local organisations. From environmental clean ups to

hands on support for community groups and wellbeing

initiatives, colleagues leverage their skills and bring our values

to life by helping build stronger, more connected, and resilient

communities.

SPORT AS A PLATFORM FOR COMMUNITY IMPACT

Sport continues to offer a powerful pathway for inclusion,

confidence-building, and community pride across our markets.

Our businesses use sporting partnerships to widen access,

elevate underrepresented groups, and inspire the next

generation. In Ireland, Flogas are the official energy partner

of Team Ireland for the LA Olympic Games, supporting

athletes as they strive for excellence both at home and on the

world stage. In France, Gaz Européen supports the work of

Fondation du Sport Français. In the UK, Flogas Britain

supports the Leicester Tigers Women’s Rugby Team, helping

toincrease visibility and representation in elite women’s sport.

Together, these partnerships harness the power of sport to

strengthen communities, broaden participation, and celebrate

achievement.

LOOKING AHEAD

While community initiatives are led locally, the collective

impact across the organisation is significant, with each

business able to respond authentically to local needs while

contributing to our broader ambition of responsible business.

We will continue to support our businesses in deepening local

partnerships, encouraging employee participation and

identifying new opportunities to create positive social impact in

the communities we serve.

BUTAGAZ SUPPORTS THE FRENCH

HANDBALL FEDERATION

Butagaz is a long-standing partner of the French

Handball Federation. The partnership promotes

visibility and equality across all levels of the game.

This year, Butagaz became the first major partner of

the French Wheelchair Handball Team, reflecting its

belief in sport as a driver of inclusion and opportunity.

By championing both elite performance and inclusive

participation, it ensures that handball remains a sport

for everyone, strengthening community and

supporting athletes to thrive.

FLOGAS IRELAND SUPPORTING

LOCAL ORGANISATIONS

Flogas Ireland demonstrates long standing support

for initiatives making a meaningful difference to the

community. Partnering with the Marie Keating

Foundation, Flogas supports the Comfort Fund,

providing financial support to cancer patients

experiencing hardship because of their diagnosis.

Grants help cover essential costs including heating

and energy bills, travel and childcare. Flogas also

partners with the Irish Men’s Sheds Association,

providing financial support and hands on

volunteering.

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EMPOWERING SOCIETY TO REDUCE EMISSIONS

We continue to support people and communities in reducing

emissions by improving access to cleaner, more secure energy

solutions. Our businesses help customers enhance comfort

andefficiency in their homes, reduce their energy bills, and

adopt lower carbon fuels and technologies – all contributing

toimproved community resilience and long-term progress

toward net zero.

Understanding and responding to our customers’ energy

needs remains an essential part of the energy transition.

Customers will rely on essential liquid fuels for many years,

even as they adopt lower intensity hydrocarbons, renewable

fuels and bio-fuels, and newer technologies such as solar

panels and heat pumps. Across our B2B and B2C segments,

we are expanding the options available to customers and

guiding them through the steps required to decarbonise. An

example of this can be seen where Certas Energy UK launched

a national Hydrotreated Vegetable Oil (‘HVO’) tank hire

initiative, removing one of the main barriers to adopting

lower-carbon fuels: upfront cost.

Wewise supports SMEs to reduce emissions by offering flexible

financing options, enabling customers to generate their own

solar renewable energy with no upfront capital investment

and predictable energy costs. Our energy strategy is outlined

in more detail on pages 8-21.

S1 JUST TRANSITION

SUSTAINABILITY IN ACTION

SOCIAL INCLUSION

OF CUSTOMERS –

BUTAGAZ IN FRANCE

The Butagaz Foundation helps make the energy

transition accessible to all by supporting practical,

community-level projects across France. Its initiatives

focus on environmental impact and inclusion,

enabling households, public services, and small

businesses to take concrete steps toward

lower-carbon energy solutions.

1. COMMUNITY-LED LOCAL PROJECTS

Employees play a significant role in identifying and

delivering initiatives through Butagaz’s distributor

subsidiaries. At the École de Telgruc-sur-Mer, the

Foundation co-financed a bio-sourced heating

system as part of the school’s renovation. At the

Crèche ’La Nacelle’ in Saint-Sulpice-la-Pointe,

it funded the initial energy audit to support an

efficiency-focused refurbishment. Both projects were

proposed and led by local volunteer colleagues.

2. SUPPORTING RURAL MUNICIPALITIES

Through a strategic partnership with the Association

of Rural Mayors of France (‘AMRF’), Butagaz provides

off-grid communities with tailored support for

building renovations, renewable installations,

and local energy planning. The annual Green

Renovation Trophies, co-organised with AMRF,

recognise outstanding rural transition projects,

with three municipalities honoured at the 2025

national congress.

3. FIGHTING ENERGY POVERTY

With around 12 million people in France affected

by energy poverty, Butagaz works with frontline

organisations such as Stop à l’exclusion énergétique.

Field teams identify needs early and help vulnerable

households access targeted energy-efficiency

support, reinforcing the company’s commitment

to an inclusive and fair transition.

SUSTAINABILITY REVIEW CONTINUED

DCC PLCANNUAL REPORT AND ACCOUNTS 202666

SOCIAL INCLUSION OF CUSTOMERS

We continue to prioritise inclusion in the energy transition. Our

businesses work to ensure that decarbonisation is achievable

for all customers – including groups that may face barriers

related to income, housing type, location, or health.

Some of our businesses have expanded support for fi nancially

vulnerable customers, providing tailored billing options, energy

eff iciency advice, and payment plans designed around real

needs. In rural, off -grid communities, we focus on providing

practical, accessible and aff ordable energy solutions tailored

to each customer’s stage in the transition journey. Recognising

that electrifi cation is not aff ordable for all due to high upfront

costs, we are expanding lower-carbon alternatives that can

be adopted without requiring changes to existing systems or

appliances.

SECURE EMPLOYMENT

As the energy landscape evolves, we remain committ ed to

providing safe, secure and fulfi lling employment. Supporting

colleagues through this transition, whether through skills

development, new learning pathways or evolving roles, is

essential to the long-term sustainability of our organisation.

The growth of new energy technologies and the gradual

decline of some traditional fuels will bring change across parts

of our business. However, lower carbon products, such as

HVO, using similar operational infrastructure and require the

same core skills and capabilities to run safely and eff iciently.

Understanding and responding to our

customers’ energy needs remains an

essential part of the energy transition.

SUSTAINABILITY IN ACTION

SOCIAL INCLUSION OF

CUSTOMERS – NEXT

ENERGY IN THE UK

Next Energy collaborates with local authorities and

aff ordable home providers in the UK to help them

reduce the cost of energy bills in homes occupied

by low-income residents and in homes with the

poorest performing energy performance. They

install insulation, heating systems, and renewable

technologies through government-backed schemes

like ECO4, the Great British Insulation Scheme (GBIS),

and the Warm Homes Local Grant, partnering with

local authorities across the country to help people

access funding, providing homeowners with guidance

and support to improve application success.

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To support these standards, employees receive the Code and

related training on joining the Group, with refresher training

provided every two years. The Code also explains how

employees can seek guidance and raise concerns.

The Group maintains a suite of more detailed policies that

complement the principles set out in the Code of Conduct.

These cover areas including health and safety, anti-bribery

and corruption, supply chain integrity, human rights,

competition law, data protection, information security and

share dealing. Employees may receive more detailed training

on relevant policies depending on their role.

WHISTLEBLOWING

We provide multiple channels for employees to raise

workplace concerns, which are investigated in a balanced

andindependent manner.

The Audit Committee oversees our whistleblowing

arrangements, as set out on page 98 of the Audit Committee

Report.

SUPPLIER RELATIONSHIP MANAGEMENT

Our commitment to integrity and sustainability extends to our

supply chains and business partners. We expect suppliers,

distributors and other partners to meet ethical standards as

set out in our Supplier Code of Practice, which covers areas

including human rights, health and safety and environmental

stewardship. This is supported by robust due diligence

processes.

Supplier and customer relationships were reviewed with DCC

Leadership during strategy updates to the Board, and

discussed by Directors during site visits.

Further detail on supplier management is set out in the

Workers in the Value Chain section on pages 62-63.

ANTI-BRIBERY AND ANTI-CORRUPTION

We take active steps to raise colleagues’ awareness of supply

chain, human rights, corruption and privacy risks. During the

year, over 6,800 colleagues completed online compliance

training on these or related topics.

DCC has a detailed Anti Bribery & Corruption Policy, which

prohibits employees and representatives from offering or

accepting bribes, including facilitation payments, or engaging

in corrupt practices. During the year, over 4,200 employees

completed anti bribery and corruption training.

This training is available to all employees and is mandatory for

those in higher risk roles. Over 95% of employees in functions

identified as being at risk completed the required training

during the year.

INTRODUCTION

Good governance and compliance with applicable laws and

ethical standards are fundamental to how we do business.

Wealso recognise the positive contribution to society from

working with suppliers and customers who share our values.

Fostering a corporate culture that protects employees and

other stakeholders from human rights risks, prevents corruption,

and safeguards whistleblowers is vital to our success.

This culture is supported by policies including our Group Code

of Conduct, Group Supply Chain Integrity Policy and Supplier

Code of Practice, which set standards for our employees and

business partners.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Our Double Materiality Assessment identified several impacts

and financial risks related to business conduct, please see the

table on page 37 for the list of IROs related to Business Conduct.

A positive impact was identified due to our focus on strong

corporate governance, which can result in improved

stakeholder trust, confidence and corporate reputation.

The protection of whistleblowers through the provision of

appropriate means of reporting alleged misconduct impacts

our employees positively by increasing accountability for

employees’ actions. It also impacts some employees in our

supply chains positively by promoting ethical behaviour on the

part of our suppliers.

A number of financial risks were identified in this area,

including reputational and compliance risks due to non-

compliance with laws and regulations. For instance, corruption

in the value chain, if carried out by representatives of DCC,

could lead to reputational damage or fines.

Another financial risk arises due to IT system failure and the

failure of business continuity plans. This could result in

disruption of operations, financial losses and damage to DCC’s

reputation. The Double Materiality Assessment process also

highlighted the risk to privacy and personal data that could

arise from cyber attacks and data breaches.

The following sections describe the controls that we have in

place to manage and mitigate these risks.

DO THE RIGHT THING

We recognise the importance of our commitment to high

standards of corporate governance. Further detail is set out

inthe Governance Statement on page 78.

We also seek to operate to the highest legal and ethical

standards. Our Group Code of Conduct, available on our

website, sets out expectations for employees across areas

including anti bribery and corruption, supply chain integrity,

data protection and competition law. The Code reflects our

values and our commitment to acting with integrity and in

accordance with the law.

GOVERNANCE

G1 BUSINESS CONDUCT

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Mandatory cyber security training is delivered through a

central platform, with automatic enrolment for new joiners.

The platform also supports ongoing phishing simulation

exercises with targeted follow up training where required.

Compliance is formally reported monthly and reviewed by

local management. An annual review covering cyber policy,

risks, compliance and remediation is presented to the Audit

Committee by the Chief Information Officer (‘CIO’) and

independently by Group Internal Audit.

Each business maintains a cyber incident response plan and

has access to external specialist support. The IT Assurance

team conducts regular compliance assessments and tracks

remediation actions to completion.

SYSTEM FAILURE RISK

Each Group business is required to regularly complete a

business impact assessment on its critical systems and

maintain a corresponding disaster recovery plan setting out

recovery actions in the event of a significant failure. These

plans are tested at appropriate intervals.

An increasing proportion of the Group’s key IT platforms are

cloud-based, reducing the complexity of managing system

failure risk.

EXTERNAL CYBERSECURITY ASSESSMENTS

All Group businesses are required to undergo periodic, risk

based penetration testing to assess the adequacy of their

cyber security defences. An external third party supports

thisprogramme, which includes internal, external and web

application testing. Processes are in place to identify and

share lessons learned from this risk-based testing across

theGroup.

CYBER RESILIENCE GOVERNANCE

AND INCIDENT PREPAREDNESS

Cyber incident simulation exercises were undertaken with the

Executive Committee and the Board during the year, testing

response and escalation arrangements and providing valuable

insights to strengthen Board-level oversight, incident response

planning and future simulation activity.

CRITICAL INFRASTRUCTURE

We collaborate with a number of national regulatory

authorities on cyber-resilience questions in accordance with

applicable legal and regulatory frameworks. For instance,

DCC has a representative on the Oil and Gas cybersecurity

groups at both the Irish and UK National Cyber Security

Centre (‘NCSC’) organisations.

DATA SECURITY AND PRIVACY

DCC’s Privacy Statement outlines the Group’s policy on

managing the personal data of individuals we deal with.

Intheyear under review, we identified and monitored several

cyber-attacks on Group businesses, but no leaks, thefts, or

losses of customer data were identified as a result of these.

Inthe same period, no substantiated complaints were received

concerning breaches of customer privacy.

CORRUPTION INCIDENTS

No incidents of bribery or corruption were identified during the

year, and no Group business was involved in any public legal

cases relating to corruption. No employees were dismissed or

disciplined, and no contracts with business partners were

terminated or withheld due to bribery or corruption concerns.

Any information giving rise to concerns, including matters

identified through supplier due diligence or whistleblowing

reports, was investigated appropriately as part of the Group’s

established processes.

POLITICAL INFLUENCE AND LOBBYING ACTIVITIES

DCC engages with policymakers, regulators, industry bodies

and trade associations across Europe on issues shaping the

energy transition. Our advocacy activity focuses on

supporting practical, market-based policies that strengthen

energy security, affordability and competitiveness while

enabling the adoption of lower-carbon energy solutions. This

includes engagement on the role that renewable liquid gases

and biofuels need to play in helping customers to decarbonise.

We have a strong focus on ensuring that customers in rural

off-gas grid areas have affordable and accessible solutions

available, so they do not get left behind in the energy

transition. We also advocate for policy changes to remove

barriers to electrification, particularly in the areas of solar

installation and battery storage.

DCC Energy participates in a range of representative industry

associations at a global, european and national level, helping

to bring frontline customer and operational insight into policy

development. Our Chief Executive, Donal Murphy, is the

President of the World Liquid Gas (WLGA) Association.

DCC Energy is registered on the EU Transparency Register

(061156295421-53), and DCC plc is registered on the Irish

a relevant public administration or regulatory role in the two

years prior to their appointment.

CYBER SECURITY AND IT SYSTEM RESILIENCE

Personal data held by the Group may be subject to accidental

exposure or deliberate theft, potentially resulting in regulatory,

financial or reputational harm. Emerging risks include the

increasing sophistication of cyberthreats, including those

enabled by artificial intelligence.

In response to evolving cybercrime trends, the Group has

continued to strengthen its mitigation measures and resources.

We have introduced an internal policy on the Acceptable Use

of Generative AI to ensure IT integrity and data protection

standards remain robust while enabling responsible use of AI

technologies.

CYBER SECURITY MEASURES

Our Group IT Security team sets cyber security standards and

provides detailed technical guidance to Group businesses to

protect against attacks and support effective incident

response. This is supported by user training and awareness

programmes, including education on threats such as social

engineering.

Cyber controls include mandatory weekly vulnerability

scanning, risk based remediation, multifactor authentication

for remote access, controlled VPN access, and 24x7 threat

monitoring to detect and contain suspicious activity.

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RISK-INFORMED STRATEGIC DECISION MAKING

Principal risk considerations are also embedded in the Board’s

strategic and capital allocation decisions. During the year, the

Board considered the Group’s principal risks when reviewing

progress against strategy, approving portfolio simplification

actions, determining investment priorities, and setting financial

and operational resilience parameters. Risk informs the scale

and pace of transformation programmes, commodity risk

management and financing structures, ensuring that growth,

investment and returns are pursued within the Board

approved risk appetite.

WHAT CHANGED THIS YEAR

The Audit Committee and Board undertook a full refresh of

the Group’s principal risks and uncertainties to reflect our focus

on the energy sector, our evolving operating model, and shifts

in external market dynamics. This resulted in an updated set

ofprincipal risks and uncertainties, with clear articulation of

inherent risk, movement, trend, key controls and priority

actions for the year ahead.

In completing its review, the Audit Committee and Board

considered:

• Significant volatility in commodity markets and implications

for working capital, liquidity and customer demand;

• The acceleration of digital, data and AI-related risks;

• Regulatory developments affecting the energy transition,

sustainability and climate related disclosures and

operational resilience;

• Risks associated with portfolio simplification, including the

ongoing divestment of DCC Technology;

• The progress of transformation initiatives and associated

organisational and change management risks.

During the year we also strengthened governance and

management processes for key risks, including:

• Enhanced safety governance through the establishment

ofa Safety Committee.

• Updated risk governance and reporting to support

reporting under Provision 29 of the UK Corporate

Governance Code.

• Reinforced oversight of key transformation projects.

ANNUAL REVIEW OF RISKS & INTERNAL CONTROLS

The Board also performed its annual review of the

effectiveness of the Group’s risk management and internal

control framework, consistent with the requirements of the

UKCorporate Governance Code and associated guidance.

This review covered financial, operational, compliance and

reporting controls, as well as the processes supporting risk

identification, assessment, management and assurance.

OVERVIEW

This Risk Report explains the principal risks and uncertainties

that could affect the delivery of our strategy, business model

and performance objectives. It describes how those risks and

uncertainties are managed and monitored and outlines the

Board’s focus areas for the year ahead.

Our evolution to a focused multi-energy group has allowed us

to re-examine our principal risks and further strengthen our

risk governance processes and internal control framework.

HOW WE MANAGE RISK

The Board is responsible for establishing and maintaining an

effective risk management and internal control framework

and for determining the nature and extent of the principal risks

the Group is willing to take in achieving its strategic objectives.

Risk management is embedded in key management processes

such as strategy review, budgeting, capital allocation,

performance management and project governance.

TheAudit Committee plays an important role in supporting

theBoard in this area.

Key components of our framework include:

• Clear governance and oversight through the Board and its

Committees, supported by management risk forums and

business-level risk processes.

• A structured ERM process to identify, assess and monitor

principal and emerging risks, including inherent and net risk

assessments and consideration of risk appetite.

• A three lines of defence model that includes management

ownership of controls, specialist oversight and monitoring

and independent assurance (including internal audit and

external audit where relevant).

INTEGRATED RISK MANAGEMENT

ENABLING STRATEGIC PROGRESS

70 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

RISK REPORT

The Audit Committee reviewed progress against these

activities and endorsed a phased readiness plan that

willsupport the future Provision 29 declaration on the

effectiveness of material controls.

CLIMATE RELATED RISKS AND TCFD

CONSIDERATIONS

The Board reviewed, as part of a regular biannual update,

themanagement of climate related risk across the Group,

including both physical climate risk and transition risk.

Thereview included assessment of climate scenarios,

decarbonisation initiatives and key regulatory developments.

Climate related risks are identified, assessed and managed

not only from a strategic and regulatory perspective but also

in the context of financial resilience and those considerations

are then reflected in the Group’s viability and resilience

assessments. The DCC Leadership Team and the Risk

Committee, both chaired by the Chief Executive, are updated

on climate risk on a regular basis.

Climate risks are reflected within the Group’s principal risks

anduncertainties described in this Risk Report and in the

Sustainability Report on page 45. DCC has complied with the

requirements of UKLR 6.6.6R(8) by including climate-related

financial disclosures consistent with the TCFD

recommendations and disclosures.

GOING CONCERN, VIABILITY AND RESILIENCE

CONSIDERATIONS

As part of the annual review, the Board considered the

Group’s liquidity position, stress tests, scenario analyses

andsolvency and liquidity risks. The Board reviewed

management’s assessment of potential downside scenarios

informed by principal risks, including commodity price shocks,

operational disruption and counterparty risk events. These

considerations inform the Going Concern and Viability

statements set out on pages 76 to 77.

LOOKING AHEAD

The Audit Committee has considered ongoing enhancements

for the year to 31 March 2027 focused on further strengthening

the Group’s risk management and internal control environment

as it evolves to concentrate on the energy sector and prepares

to report under Provision 29. Key areas of focus include

technology and AI, integration of acquisitions and change

management.

The review was informed by multiple evidence sources,

including:

• Management reports on the operation of key controls

across the Group;

• Internal Audit reports and thematic reviews issued during

the year;

• KPMG audit observations relating to financial controls and

reporting processes;

• Audit Committee reports on principal risks, emerging risks

and internal control themes;

• Compliance and HSE monitoring, including whistleblowing

insights and regulatory updates;

• Incident reviews, including IT/cyber events and safety

incidents.

The Board concluded that the Group’s risk management and

internal control framework operated effectively during the

year and that actions taken to enhance governance, oversight

and control maturity – particularly in safety, cyber resilience

and operational performance management – have

strengthened the Group’s ability to monitor and manage its

principal risks and uncertainties.

PRINCIPAL RISKS AND UNCERTAINTIES

The table on pages 72 to 75 provides a concise assessment of

each of the Group’s current principal risks and uncertainties. It

includes an assessment of trends over the last and current

year, the relevance of each risk to our strategy and operations

and priorities for the year ahead.

PROVISION 29 REPORTING

During the year, the Group continued to strengthen its internal

controls environment in anticipation of the enhanced internal

controls reporting requirements under Provision 29, which will

first apply in the financial year commencing 1 April 2026.

Key activities being undertaken include:

• Mapping material controls across financial, operational,

compliance and reporting risks;

• Enhancing three lines of defence coordination, with strong

linkage between management reporting, risk oversight

and Internal Audit validation;

• Strengthening controls and assurance processes in certain

areas.

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RISK

LINK TO STRATEGY,

BUSINESS MODEL

AND PERFORMANCE

OBJECTIVES

MOVEMENT

IN INHERENT

RISK OVER

PAST YEAR

CURRENT

TREND IN

INHERENT

RISK EMERGING RISKS

KEY CONTROLS

ANDMITIGATING

FACTORS IN OUR

BUSINESS

OUR RISK

APPETITE AND

ALIGNMENT OF

NET RISK WITH

RISK APPETITE

PRIORITIES FOR

THE YEAR AHEAD

Commodity prices

and customer demand

Volatility in energy

commodity prices

and shifts in

customerdemand,

exacerbated by

external shocks such

as geopolitical events,

supply disruptions

and policy changes,

may adversely

impact volumes,

margins and working

capital demands.

Impact of war in

Iranon energy

availability, prices

and energy

transition.

Commodity risk

management policy

and governance,

including hedging

oversight.

Diversified supply

contracts and

dynamic pricing

where available.

Moderate

– Within

appetite

Expand centralised

procurement to

strengthen oversight

and capture

efficiencies.

Enhance scenario

analysis linking price

or weather volatility

to liquidity and

working capital

demands.

Counterparty and

third party risk

Financial distress,

operational disruption

or geopolitical events

affecting suppliers,

customers or financial

counterparties

couldlead to

supplyinterruption

orperformance,

margin and liquidity

pressures.

Availability of lower

carbon energy at

sufficient scale or

adequate standards.

Supplier due diligence

Diversification of

critical suppliers.

Contingency planning

for key supply chain

dependencies.

Moderate

– Within

appetite

Annual thematic

reporting on supply

chain/counterparty

resilience to the

RiskCommittee and

AuditCommittee.

Energy transition

Policy changes,

technology adoption

and customer

demand shifts may

affect demand for

existing products,

growth of

lower-carbon

portfolios.

Uneven public policy

support for energy

transition.

Increased climate

activism if energy

transition pathways

remain uncertain.

Diverse energy

portfolio and

customer-led

approach to

transition pathways.

Scope 3

decarbonisation

targets kept under

review to reflect

evolving demand for

the Group’s products

and services.

Moderate

– Within

appetite

Annual Board update

on regulatory

divergence and

transition economics

in key markets.

Physical climate change

Acute and chronic

climate impacts may

affect operations,

infrastructure, supply

chains and insurance

availability or cost.

Supply-chain

disruption from

extreme weather

events.

Loss of insurance

coverage in high-risk

regions.

Geographically

diversified operations

and limited reliance

on single facilities.

Global insurance

programme reviewed

regularly to ensure

that acute and

chronic climate-

related physical risks

such as flooding and

extreme weather

events, are

appropriately

covered.

Cautious

– Within

appetite

More closely

integrate physical

climate scenario

analysis with

insurance, business

continuity and

adaptation planning.

Annual thematic

update on physical

climate exposure

andpreparedness to

RiskCommittee and

Audit Committee.

72 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

RISK REPORT CONTINUED

RISK KEY

Increasing

Stable

Decreasing

RISK

LINK TO STRATEGY,

BUSINESS MODEL

AND PERFORMANCE

OBJECTIVES

MOVEMENT

IN INHERENT

RISK OVER

PAST YEAR

CURRENT

TREND IN

INHERENT

RISK EMERGING RISKS

KEY CONTROLS

ANDMITIGATING

FACTORS IN OUR

BUSINESS

OUR RISK

APPETITE AND

ALIGNMENT OF

NET RISK WITH

RISK APPETITE

PRIORITIES FOR

THE YEAR AHEAD

Culture, engagement and

talent development

Weaknesses in

culture, levels of

employee

engagement and

people practices

could undermine

theGroup’s ability to

buildand retain the

capabilities needed

todeliver strategic

objectives.

Impacts of AI

onworkforce.

Engagement surveys

with action plans and

leadership follow-

through.

Performance,

development and

succession planning

processes.

Cautious

– Within

appetite

Embed refreshed

Purpose and Values.

Implement Group

career framework

and capability

planning aligned to

current operating

model and Values.

Capital allocation

and financing

Failure to access or

deploy capital at the

scale, timing or

returns required could

undermine long-term

value creation and

resilience.

Interest rate

increases due to

inflation caused by

ongoing conflicts.

Monitoring and

diversification of

funding sources.

Regular and detailed

management

reporting

Liquidity stress

testing, as outlined in

Viability Statement

Moderate

– Within

appetite

Continue to

alignfinancing

strategywith

investment-grade

objectives and

portfolio actions.

M&A, integration and value realisation

(including divestment of DCC Technology)

Failure to consistently

originate, execute

and integrate M&A

opportunities could

result in a failure to

meet growth and

returns ambitions.

Uncertainty in policy

environment affects

valuations.

Established M&A

procedures overseen

by Investment

Committee and

Board.

Defined integration

expectations for

acquired entities.

Post-acquisition

performance reviews.

Dedicated project

governance for

divestment of DCC

Technology.

Moderate

– Within

appetite

Annual thematic

deep dive on M&A

and integration risk

and performance to

Risk Committee and

Audit Committee.

Change management

Failure to deliver

change programmes

could results in cost

overruns and loss of

expected benefits.

Technology-driven

change risks

outpacing

organisational

capacity, leading to

execution risk and

reduced oversight.

Transformation and

portfolio governance,

prioritisation and

oversight by dedicated

project boards.

Moderate

for large

projects, but

Open for

smaller

innovative

projects – Within

appetite

Strengthen portfolio

prioritisation,

capacity planning

and dependency

management.

Provide an annual

thematic deep dive

on change delivery,

operational

effectiveness and

portfolio actions.

73DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

RISK

LINK TO STRATEGY,

BUSINESS MODEL

AND PERFORMANCE

OBJECTIVES

MOVEMENT

IN INHERENT

RISK OVER

PAST YEAR

CURRENT

TREND IN

INHERENT

RISK EMERGING RISKS

KEY CONTROLS

ANDMITIGATING

FACTORS IN OUR

BUSINESS

OUR RISK

APPETITE AND

ALIGNMENT OF

NET RISK WITH

RISK APPETITE

PRIORITIES FOR

THE YEAR AHEAD

Health, Safety and

Environmental (HSE)

A serious safety or

environmental

incident could cause

significant harm to

people and

communities,

disruption to

operations,

regulatory action and

reputational damage.

Geopolitical tensions

increase the risk

ofinterference

withenergy

infrastructure,

potentially disrupting

supply.

Entry into new

markets and the

scaling of liquefied

gas activities elevate

process safety and

environmental risks

due to more complex

operations and

evolving regulatory

regimes.

HSE standards applied

across businesses.

Specialist HSE

resources, including

HSE audit team.

Regular monitoring of

leading and lagging

indicators.

Safety Committee.

Incident response

planning.

Minimal

– Within

appetite: the

Group has no

tolerance for

practices that

have the

potential to

cause serious

harm and

maintains the

lowest

practicable

residual risk.

Reinforce safety

culture and assurance

to reflect updated

Purpose and Values.

Increase visibility of

leading indicators and

actions taken in

response to trends.

IT, cybersecurity,

data protection and AI

A cyber-attack, major

IT failure or data loss

could disrupt

operations and lead

to reputational

damage and / or

regulatory action.

A failure to safely

adopt new forms of

technology, including

AI, would result in

aloss of

competitiveness.

IT resilience impacts

of cloud

concentration.

Increased

sophistication of

cyberthreats due to

AI and geopolitical

tensions.

IT standards applied

across businesses.

Specialist IT security

resources, including IT

assurance team.

Group-wide 24/7

monitoring.

Incident response

planning.

Cautious

– Within

appetite

Bi-annual thematic

reporting to Risk

Committee and Audit

Committee on cyber/

data/AI risks and

resilience.

Compliance with legal

and ethical standards

A significant breach

of legal, regulatory

orethical standards

could result in

reputational damage,

investigations, fines

and other penalties.

Increased regulation

and focus on

greenwashing.

Group compliance

programme including

policies, training and

communications.

Monitoring and

thematic reporting on

compliance KPIs and

whistleblowing.

Minimal

– Within

appetite

Refresh the Group

Compliance

Programme to reflect

the Group’s new

Purpose and Values.

Corporate

reporting

A significant failure in

the Group’s external

reporting could result

in reputational

damage and/or

regulatory action.

Governance over

public reporting,

including Audit

Committee and Board

review processes.

Minimal

– Within

appetite

Complete work to

report in line with

Provision 29 of 2024

UK Corporate

Governance Code.

74 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

RISK REPORT CONTINUED

RISK

LINK TO STRATEGY,

BUSINESS MODEL

AND PERFORMANCE

OBJECTIVES

MOVEMENT

IN INHERENT

RISK OVER

PAST YEAR

CURRENT

TREND IN

INHERENT

RISK EMERGING RISKS

KEY CONTROLS

ANDMITIGATING

FACTORS IN OUR

BUSINESS

OUR RISK

APPETITE AND

ALIGNMENT OF

NET RISK WITH

RISK APPETITE

PRIORITIES FOR

THE YEAR AHEAD

Financial control

A significant failure of

the Group’s internal

financial controls

could result in

inaccurate or

incomplete financial

reporting which could

result in reputational

damage and / or

regulatory action.

AI-enabled fraud. Internal controls over

financial matters

supported by internal

and external audit.

Detailed and regular

financial management.

Minimal

– Within

appetite

Continue to

strengthen fraud risk

management and

control testing.

NOTES

INHERENT RISK

Inherent risk movements reflect the Board’s assessment of

external conditions. Where inherent risk has decreased, this

reflects tangible changes in the Group’s exposure profile

ratherthan a reduction in oversight or ambition.

Movement reflects the change in inherent risk assessment

compared with the prior year, whereas trend reflects the

Board’s forward looking view of the likely direction of inherent

risk over the medium term, taking into account external

developments.

NET RISK

The residual level of risk after considering the effectiveness

ofcontrols, governance processes, assurance activities and

mitigation plans. Net risk represents the exposure that remains

once the Group’s policies, systems, monitoring, management

actions and cultural behaviours are taken into account.

RISK APPETITE

Net risk is assessed against the Group’s risk appetite, using the

following descriptors:

• Minimal: The Group has very limited tolerance for this type

of risk (e.g., serious HSE incidents, regulatory breaches,

financial reporting failure). Controls and oversight must

reduce net risk to the lowest practicable level.

• Cautious: The Group accepts limited risk exposure where

necessary to operate effectively but expects strong

controls, close monitoring and escalation where conditions

change.

• Moderate: The Group accepts a moderate level of residual

risk where it is aligned with business model, operations or

growth objectives. Controls should ensure exposure

remains stable and within defined tolerance thresholds.

• Open: The Group accepts higher levels of exposure in

selected areas (e.g., innovation, smaller-scale change

initiatives) to enable strategic flexibility, provided risks are

well understood, monitored and governed.

RISK KEY

Increasing

Stable

Decreasing

75DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

The Board has taken account of the principal risks and

uncertainties set out in the table on pages 72 to 75 in

considering the statements below in relation to the use of

thegoing concern basis of accounting and the longer-term

viability of the Group.

GOING CONCERN

The Company’s business activities, together with the factors

likely to affect its future development, performance and

position, are set out in the Strategic Report. The financial

position of the Company, its cash flows, liquidity position and

borrowing facilities are described in the Financial Review

onpages 26 to 31. In addition, note 5.7 to the financial

statements describes the Company’s objectives, policies

andprocesses for managing its capital, its financial risk

management objectives, details of its financial instruments

and hedging activities and its exposure to credit and

liquidityrisk.

The Group has very considerable financial resources and

operates a diversified, multi energy portfolio with a large

andbroad customer base in multiple markets. The Board

hasassessed the relevance and severity of the principal risks

facing the Group, including those arising from the current

geopolitical, economic and energy market environment.

As part of this assessment, the Directors have considered

severe but plausible downside scenarios, including those

thatcould adversely affect liquidity, cash flows and financial

covenant compliance. Having regard to this assessment,

theDirectors believe that the Group is well placed to

manageits business risks successfully.

Accordingly, after considering the Group’s forecasts and

sensitivities, the Directors have a reasonable expectation that

the Company and the Group have adequate resources to

continue in operational existence for a period of at least 12

months from the date of approval of the financial statements.

For this reason, they continue to adopt the going concern

basis in preparing the financial statements.

VIABILITY

The Directors confirm that they have a reasonable

expectation that the Group will continue to operate and

meetits liabilities as they fall due for the three-year period

to31March 2029.

The Directors’ assessment has been carried out with reference

to the resilience of the Group, its strong financial position,

theGroup’s strategy and capital structure, the Board’s risk

appetite, and the Group’s principal risks and the manner in

which these are managed. In making this assessment, the

Directors have again considered the ongoing uncertainty

arising from geopolitical, macroeconomic and energy

marketconditions.

PERIOD OF VIABILITY STATEMENT

In accordance with Provision 31 of the UK Corporate

Governance Code, the Directors have considered the

appropriate period over which to assess the viability of

theGroup.

The Directors consider a three-year period to 31 March 2029

to be appropriate. This timeframe aligns with the Group’s

annual strategic review and planning process, which includes

abottom up, business by business assessment of performance,

risks, opportunities and development plans, the outputs of

which are ultimately reviewed and approved by the Board.

The period also aligns with the performance period of the

Group’s Long-Term Incentive Plan.

The Directors considered whether a longer assessment period

would be appropriate. However, as time horizons extend, the

inherent uncertainty associated with forecasting increases

significantly. The Directors consider that a three-year period

provides an appropriate balance between meaningful

medium term assessment and the reliability and decision

usefulness of the analysis.

GOING CONCERN AND

VIABILITY STATEMENT

76 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

RISK REPORT CONTINUED

APPROACH TO ASSESSING VIABILITY

In assessing the viability of the Group, the Directors considered

the Group’s ability to meet its liabilities as they fall due over the

assessment period, taking into account the Group’s current

financial position and its principal risks.

The Group’s principal activity is the operation of a diversified

multi energy business that has historically demonstrated

resilience across economic and market cycles. The Group’s

strategy seeks to deliver growth at attractive returns while

supporting customers through the energy transition. Further

information on the Group’s approach to energy transition is

setout in the Sustainability Review on pages 42 to 43. The

Group’s strategy is supported by a strong balance sheet,

significant liquidity headroom and robust cash generation.

To support the Board’s assessment, a detailed financial model

was prepared on a business by business basis covering the

viability period. This model was subjected to sensitivity

analysis, which was reviewed and updated during the year

toreflect changes in the Group’s portfolio, operating

environment and risk profile.

The analysis focused on the Group’s liquidity, solvency and

gearing, with particular emphasis on compliance with the

Group’s principal debt covenants, including Net Debt to

EBITDA. The sensitivities considered included scenarios

representing prolonged global economic weakness, sustained

downward pressure on profitability, and anumber of severe

but plausible adverse events that would have an immediate

negative impact on profitability and cash flows and from

which recovery would take several years.

The Directors also considered a reverse stress test to identify

the level of disruption that would be required before a breach

of the Group’s debt covenants became unavoidable.

The assessment also considered climate related transition

risks, such as reduced demand for certain energy products,

and physical risks arising from acute weather events. Climate

related risks were considered both as part of the Group’s wider

downside scenarios and through their integration within the

Group’s strategic and financial planning processes.

The Board recognises that climate change presents both risks

and opportunities for the Group. The opportunities associated

with supporting customers through the energy transition,

together with the Group’s geographical and market diversity

and strong financial position, are considered to mitigate the

potential impact of these risks over the viability period.

Having considered the results of the scenarios and stress

testing, the Directors have a reasonable expectation that the

Group will remain viable and able to meet its liabilities as they

fall due over the three year period to 31 March 2029.

77DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

GOVERNANCE

In this section

79 Key Governance Structures

80 Chair’s introduction

82 Board of Directors

84 Board Activities During the Year

86 Board Performance Review

88 Stakeholder Engagement

89 Role of the Board in Overseeing Culture

90 Report of Workforce Engagement Director

92 Nomination and Governance Committee Report

96 Audit Committee Report

100 Remuneration Report

125 Report of the Directors

DCC PLCANNUAL REPORT AND ACCOUNTS 2026

GOVERNANCE AT A GLANCE

KEY GOVERNANCE STRUCTURES

ROLES AND RESPONSIBILITIES

CHAIR

A clear division of responsibility exists between the Chair,

who is non-executive, and the Chief Executive.

The Chair’s primary responsibility is to lead the Board,

toensure that it has a common purpose, is effective as a

group and at individual Director level, and that it upholds

and promotes high standards of integrity, probity and

corporate governance.

SENIOR INDEPENDENT DIRECTOR

The Senior Independent Director acts as an intermediary for

other Directors, if necessary, and is available to shareholders

who may have concerns that cannot be addressed through the

Chair or Chief Executive.

EXECUTIVE DIRECTORS

The Chief Executive is responsible for day-to-day

management of the Group’s operations, for

the implementation of strategy, and instilling

the Company’s Purpose, Values and culture

throughout the Group.

COMPANY SECRETARY

The Directors have access to the advice and services of the Company

Secretary, whose responsibilities include assisting the Chair in relation

tocorporate governance matters and ensuring compliance by the

Company with applicable legal and regulatory requirements.

NON-EXECUTIVE DIRECTORS

The Board consists of an appropriate combination

of a non-executive Chair,Executive Directors and

seven independent non-executive Directors, such

that no one individual or small groupof individuals

dominates the Board’s decision making.

There is a clear division of responsibilities between

theleadership of the Board and theexecutive

leadershipof the business.

Non-executive Directors scrutinise and hold to account the

performance of management and individual Executive Directors

against agreed performance objectives. The Chair holds meetings with

the non-executive Directors without the Executive Directors present.

Non-Executive

Directors

Executive Directors

& Company

Secretary

KEY GOVERNANCE AND MANAGEMENT COMMITTEES

79DCC PLCANNUAL REPORT AND ACCOUNTS 2026

ROLE AND COMPOSITION OF THE BOARD

The Board is responsible for setting the Group’s purpose,

values and strategy, including defining acceptable risk levels.

Itprovides oversight of performance, budgets, internal

controls and risk management, and ensures the Group

provides timely and accurate information to its stakeholders.

As of 18 May 2026, the Board comprises the non-executive

Chair, seven other independent non-executive Directors,

and three Executive Directors: the Chief Executive,

Chief Operating Officer and Chief Financial Officer.

The Board assesses non-executive Director independence

annually, in line with the UK Corporate Governance Code.

Allnon-executive Directors are considered independent

in judgement and free of conflicts.

BOARD OF DIRECTORS

MANAGEMENT

NOMINATION AND

GOVERNANCECOMMITTEE

Read more on pages 100 to 124

SAFETY

COMMITTEE

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SHAREHOLDER ENGAGEMENT

As in previous years, I invested a considerable proportion

ofmy time this year in meeting with the Company’s principal

shareholders to listen to their views and discuss the work of

theBoard. I find these discussions are an immensely useful

complement to the work of our Investor Relations team and

the discussions that the Executive Directors also have with

ourshareholders.

During the year, I held 13 meetings with the Company’s

maininvestors. The key areas of interest emerging from

thesediscussions were:

• The Board’s role in shaping and overseeing the

implementation of the Company’s strategy, notably the

divestment of DCC Healthcare and DCC Technology and

growth in the energy sector.

• The Board’s role in capital allocation, including returning

capital to shareholders, organic growth opportunities

andM&A.

• Board skills, covering both the appointment of new

Directors and the development of existing Board

members.

DEAR SHAREHOLDER,

On behalf of the Board, I am pleased to present our

Governance Report for the year ended 31 March 2026.

STRATEGY

The Board remains focused on creating sustainable long-term

value. Following the strategic update we announced in

November 2024, we have prioritised growth in our energy

operations, completed the divestment of DCC Healthcare

andprogressed the divestment of DCC Technology.

PURPOSE, CULTURE AND WORKFORCE ENGAGEMENT

As in prior years, the Board devoted a good deal of time to

discussing aspects of the Group’s culture and its alignment with

strategy. Visits by Board members to Group businesses in the

US and Europe provided valuable insight into key questions

such as employee engagement, safety and customer service.

This engagement, in turn informed Board discussions towards

the end of the year on our refreshed Purpose and Values that

reflect DCC’s focus on the energy sector. Our new Purpose

and Values will guide the work of our businesses and

colleagues for years to come.

CHAIR’S INTRODUCTION

80 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CHAIR’S INTRODUCTION

I provide an update on these discussions to the other Directors

at the next scheduled Board meeting. This input helped shape

a number of key Board discussions over the course of the year,

including on capital allocation.

In addition to these discussions, Katrina Cliffe, as Chair of

theRemuneration Committee engaged with the Company’s

principal shareholders during the year in relation to proposed

changes to the Company’s Remuneration Policy.

The Executive Directors and members of our Investor

Relations team held 231 meetings with shareholders and

potential investors over the year.

More detail on stakeholder engagement is set out on page 88.

SHAREHOLDER SUPPORT

All resolutions put to shareholders at the Company’s AGM in

2025 were strongly supported by shareholders. There were

novotes against above 20%.

BOARD COMPOSITION

On 6 March, the Board announced that Mr John Abbott would

join the Board from the conclusion of our AGM on 16 July 2026.

His appointment brings deep experience in the energy sector

to the Board at a crucial time in the development of the Group.

On 19 May, the Board announced that Ms Laura Angelini

would retire from the Board on the conclusion of our AGM

on16 July 2026. We also announced on the same date that

MrSteven Holland would replace Mr Mark Ryan as Workforce

Engagement Director at the same point. The announcement

of Mr Ryan’s retirement from the Board was made in our 2025

Annual Report. I would like to reiterate my sincere thanks to

Laura and to Mark for their significant contribution to the

workof the Board throughout their time as Directors.

BOARD DIVERSITY

Diversity of gender, background and perspective enhances

Board effectiveness. The Board therefore remains committed

to maintaining a diverse and balanced membership. Since July

2025, gender representation has temporarily fallen below our

objective of at least 40%, reflecting the timing of retirements

and new appointments rather than any change in our

long-standing commitment. The Board is firmly committed to

maintaining gender balance in line with both the FCA Listing

Rules and market expectations. We have ensured that

everyrecent and upcoming search process is fully inclusive,

comprising well qualified candidates of both genders, and

supported by external search firms operating under the

relevant diversity codes. The Board intends that gender

representation will return to at least 40% as part of the

normalrotation cycle in the coming years.

RISK MANAGEMENT

Risk oversight – supported by the Audit Committee – continues

to be a core governance priority. The Board directly oversees

Health, Safety and Environment (HSE) risks, while other

principal risks are reviewed by the Audit Committee before

being discussed by the full Board.

Our risk processes evolved during the year to reflect our

increasing focus on the energy sector. The Risk Report on

page 70 reflects this, containing a more detailed overview

ofthe risks and uncertainties that apply to DCC as an energy

company and more information on the scenarios used to

assess the Company’s viability.

Work also continued during the year to prepare to report in

line with Provision 29 of the UK Corporate Governance Code

in 2027. This includes detailed workshops on the internal

controls and related assurance processes that we have in

place in relation to each of the Company’s material controls.

SUSTAINABILITY

The Board retains ultimate responsibility for long-term

sustainability performance, including the assessment and

management of climate related issues, and receives regular

updates from management on these questions. During the

year, we monitored performance against our sustainability

targets, assessed and reviewed climate related risks and

received updates on changes to applicable sustainability

standards.

BOARD PERFORMANCE ASSESSMENT

The annual Board and Committee performance assessment

concluded that the Board and its Committees operated

effectively during the year. The review identified a number of

opportunities to further strengthen our governance processes,

particularly in the context of our revised strategy. More details

on the process and its outcomes are provided on page 86.

COMPLIANCE WITH UK CORPORATE GOVERNANCE CODE

The Board complied fully with the UK Corporate Governance

Code 2024 (the ‘Code’) during the year under review.

The Board has applied the principles of the Code in a way

thatreflects DCC’s Purpose, Values and supports the

execution of our strategy. Our governance framework enables

effective challenge, clear accountability and decisions that

deliver sustainable long-term value for shareholders and other

stakeholders.

In practice, this means the Board sets and reviews DCC’s

strategic direction and risk appetite, ensures that our culture

and workforce practices are aligned with our Values, maintains

a balanced Board with the skills and independence required

for effective oversight, and oversees a risk and internal control

environment that remains robust as the Group evolves.

TheBoard also monitors how our decisions translate into

outcomes, consistent with the Code’s strengthened

emphasison transparent, outcome-focused reporting.

We continued preparations for the new internal controls

declaration under Provision 29, which will apply to DCC from

2027, ensuring that the Board has the right information and

assurance as we strengthen our controls framework in line

with the revised Code.

Overall, the application of the Principles underpins the Board’s

stewardship of DCC and its commitment to high standards of

governance that support the Group’s long-term success.

PRIORITIES FOR THE YEAR AHEAD

In the year ahead the Board will focus on:

• Completing the divestment of DCC Technology;

• Driving further organic and acquisition-led growth

inenergy;

• Embedding our refreshed Purpose and Values;

• Delivering continuing progress against sustainability

objectives.

MARK BREUER, CHAIR

18 May 2026

81DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

KATRINA CLIFFE, NON-EXECUTIVE DIRECTOR

DATE OF APPOINTMENT › MAY 2023

Expertise: Katrina is an experienced business

leader and non-executive director and has held

senior executive roles in a number of fi nancial

institutions, including American Express and

LloydsTSB, where she had a particular focus

onproduct development, sales and operations.

Shewas previously Senior Independent Director

andChair ofthe Remuneration Committ ee at

HomeServe plc. She was also previously a

non-executive director ofNaked Wines plc.

Katrina’s business leadership and board

experience, together with her expertise in the

development and marketing of consumer services

enhances the Board’s knowledge in key areas.

Key external appointments: Senior Independent

Director and non-executive director of

International Personal Finance plc and

non-executive director of Vue International.

DONAL MURPHY, CHIEF EXECUTIVE

DATE OF APPOINTMENT › NOVEMBER 2008

Expertise: Donal joined DCC in 1998 and has

adetailed knowledge of the operations of the

Group, having held a number of senior leadership

roles, including Managing Director of DCC

Technology from 2004 to 2006 and Managing

Director of DCC Energy from 2006 to 2017.

Heledthe very signifi cant growth of the Energy

division and its transition from a small UK and

Irishbusiness to a substantial international business

operating in 12countries. Donal wasappointed

Chief Executive in July2017.

Key external appointments: None.

LAURA ANGELINI, NON-EXECUTIVE DIRECTOR

DATE OF APPOINTMENT › JULY 2021

Expertise: Laura has extensive knowledge of

thehealthcare sector in Europe and the US.

Shehas more than 30 years of experience in

medical devices across multiple therapies and

business models, including hospital products,

consumer MedTech and home therapies. In 2021,

Laura retired as General Manager of Baxter

International’s global Renal Care business, having

joined Baxter in2016 in this role. She previously held

senior roles in Johnson & Johnson from 1991 to 2016.

Laura’s leadership experience, healthcare expertise

andknowledge of the North American markets

enhances the Board’s knowledge in key areas.

Key external appointments: Non-executive

director of Identiv, Inc. and Knowles Corporation

and member of the board ofTrustees of

Jacksonville University.

MARK BREUER, NON-EXECUTIVE CHAIR

DATE OF APPOINTMENT › MARK JOINED

THEBOARD IN NOVEMBER 2018 AND WAS

APPOINTED NON-EXECUTIVE CHAIR IN

JULY2021.

Expertise: Mark is a highly experienced corporate

fi nancier and has operated at senior levels in

theUK and abroad. Heworked in investment

bankingfor 30years, the last 20 of which were

forJ.P.Morgan, where he served in numerous

client-facing and management roles, delivering

mergers and acquisitions and broader corporate

fi nance advice to bothdomestic and international

clients. Mark’s wide-ranging corporate fi nance

experience is particularly relevant given

DCC’sacquisition focus and current strategy.

Key external appointments: Chair and

non-executive director of Derwent London plc.

CONOR MURPHY, CHIEF FINANCIAL OFFICER

DATE OF APPOINTMENT › JULY 2025

Expertise: Conor joined DCC in 1998 and has

heldanumber of senior leadership roles across

theGroup including Finance Director of DCC

Energy, Finance & Development Director of DCC

Technology and Investor Relations Manager. Conor

held the role of DCC Energy CFO since July 2022,

having moved from his previous role of Director

ofGroup Finance. Prior to joining DCC, Conor

trained as a chartered accountant with KPMG.

Conor was appointed Chief Financial Off icer

inJuly2025.

Key external appointments: None

KEVIN LUCEY, CHIEF OPERATING OFFICER

DATE OF APPOINTMENT › JULY 2020

Expertise: Kevin joined DCC in 2010 and since

thenhas held a number of senior leadership roles,

principally across M&A and Finance. Kevin is

achartered accountant and has extensive

international M&A, capital markets and operational

fi nance experience. Priorto joining DCC, Kevin

wasCFO and a principalof a leading Irish private

equity fi rm.

In 2020 he was appointed as Chief Financial

Off icer and in July 2025 he was appointed to

anewrole asChief Operating Off icer.

Key external appointments: None.

BOARD OF DIRECTORS

A N

N R C R

82 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

BOARD OF DIRECTORS

CAROLINE DOWLING, NON-EXECUTIVE

DIRECTOR, SENIOR INDEPENDENT DIRECTOR

DATE OF APPOINTMENT › MAY 2019

Expertise: Caroline is a highly experienced business

leader with extensive global knowledge inthe

technology sector, specifi cally electronic, technical

and logistic services. Caroline was, until her

retirement in February 2018, the Business Group

President of Flex, an industry- leading, Fortune

Global 500 company with operations in 30

countries. In this role, she led the Telecommunications,

Enterprise Compute, Networking and Cloud Data

Centre businesses and was also responsible for

managing the Global Services Division, supporting

complex supply chains. Caroline was previously

anon-executive director of the Irish Industrial

Development Agency. Caroline’s leadership

experience and areas of expertise are particularly

relevant to key sectors in which DCC operates.

Key external appointments: Non-executive

director of CRH plc and Fabrinet.

STEVEN HOLLAND, NON-EXECUTIVE DIRECTOR

DATE OF APPOINTMENT › JULY 2024

Expertise: Steven has over 30 years’ experience

inthe chemical distribution industry. He was

ChiefExecutive and Executive Chair of Brenntag

AG from 2011 to 2020, having previously held other

senior executive roles in Brenntag AG, including

Chief Operating Off icer and Chief Executive,

Europe. Steven’s industry knowledge and business

leadership experience bring valuable perspective

tothe Board.

Key external appointments: Non-executive

Vice-Chair of Caldic BV and a member of

theadvisory board of Agilis Chemicals.

MARK RYAN, NON-EXECUTIVE DIRECTOR,

WORKFORCE ENGAGEMENT DIRECTOR

DATE OF APPOINTMENT › NOVEMBER 2017

Expertise: Mark is a highly experienced board

director and business leader who has successfully

operated at senior management levels in Ireland

and internationally. Mark was Country Managing

Director of Accenture in Ireland between 2005

and2014. Mark served in numerous management

and executive roles in delivering major strategy,

ITand business change programmes both

locallyand internationally. Mark was previously

anon-executive director of Immedis and Wells

Fargo BankInternational. Mark brings strong

commercial leadership and project management

experience to theBoard.

Key external appointments: Chair and

non-executive Director of Publicis Ireland and

Kefron Group and non-executive Chair of PwC

Ireland’s Public Interest Body. Non-executive

director of St.Vincent’s HealthcareGroup.

ALAN RALPH, NON-EXECUTIVE DIRECTOR

DATE OF APPOINTMENT › NOVEMBER 2021

Expertise: Alan is a very experienced business

andfi nance leader having spent 20 years with

UDGHealthcare plc (formerly United Drug plc).

Alanspent ten years leading UDG’s largest business

unit before supporting its strategic transformation

as Chief Financial Off icer forfi veyears.

Alan’s fi nancial expertise and business leadership

experience bring valuable insights to the Board.

Key external appointments: Non-executive

director of Origin Enterprises plc and J&EDavy.

LILY LIU, NON-EXECUTIVE DIRECTOR

DATE OF APPOINTMENT › JULY 2021

Expertise: Lily has more than 20 years’ experience

in fi nance roles and is the current ChiefFinancial

Off icer of Synthomer plc, a leadingglobal provider

of chemical solutions anda member of the FTSE.

Lily joined Synthomer plc in 2022 as Chief Financial

Off icer, having previously been Chief Financial

Off icer of Essentraplc, Xaar plc and Smiths

Detection. Lily’scurrent role as CFO in a global

business brings international fi nancial experience

tothe Board and Audit Committ ee.

Key external appointments: Chief Financial

Off icer of Synthomer plc.

COMMITTEE MEMBERSHIP KEY

Audit Committ ee member

Nomination and Governance

Committ ee member

Remuneration Committ ee member

Committ ee Chair

AN R

C A

N A

A R

83DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

CORPORATE GOVERNANCE

STATEMENT

BOARD ACTIVITIES DURING THE YEAR

The Board met eight times during the year. With the exception of a brief

Board meeting held on 5 March 2026 to approve the appointment of

MrJohn Abbott all meetings were held in person.

In addition to Board meetings, Directors undertake site visits during the year

to meet management teams, understand operations and assess culture.

AREA OF BOARD FOCUS LINK TO STRATEGY ACTIONS TAKEN BY THE BOARD

Strategic Direction

&Execution

› Ensuring the Group stays focused on

long-term energy growth and

disciplined operational delivery

› Agreed a structured multi-meeting

review of business units during 2026

supported by enhanced reporting and

accountability frameworks.

Portfolio Simplification

› Reducing complexity and sharpening

strategic focus on energy

› Approved major disposals and then

oversaw bidder engagement and

transaction execution.

Capital Allocation &

Shareholder Returns

› Balancing reinvestment with returns

to shareholders

› Approved a share buyback and tender

offer as the principal return mechanisms

for the proceeds of sale of DCC

Healthcare and authorised finalisation

and launch.

› Approved interim and final dividends.

Operational Performance &

Improvement

› Protecting performance resilience

and capability for growth

› Oversaw improvements in certain

underperforming operations with

follow-up reviews and site-visit

oversight.

People, Culture &

Remuneration

› Building leadership capability and

aligning incentives with value creation

› Endorsed engagement action plans.

Approved changes to long-term

incentives and related shareholder

consultation.

Financing

› Maintaining financial flexibility for

growth

› Approved updated public bond

programme.

Market Positioning and

Investor Relations

› Protecting shareholder value › Reviewed market positioning, investor

relations activity and market valuation.

Risk, Internal Control &

Resilience

› Ensuring robust risk management,

compliance and business continuity

› Approved internal audit plan and

control programme.

› Carried out dry-run of a major cyber-

attack and approved enhancements in

internal controls.

Sustainability &

Supply Chain Integrity

› Supporting the energy transition and

assessing and managing associated

climate related transition questions.

› Reviewed controls over supply chain

integrity and related changes to

sustainability reporting.

BOARD MEETINGS

The following table summarises key areas of Board focus during the year and their outcomes.

84 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CORPORATE GOVERNANCE STATEMENT

BOARD SITE VISITS

BOARD ENGAGEMENT THROUGH SITE VISITS

As part of its ongoing oversight of culture and workforce

engagement, the Board visited a number of DCC Energy

businesses in the UK in September 2025. The programme

formed an important element of the Board’s direct interaction

with colleagues across the Group and provided firsthand

insight into how our values are reflected in everyday

operations. These observations complemented the wider

range of cultural indicators the Board receives, including

engagement survey results, speak up themes and internal

audit reporting.

OVERVIEW OF PROGRAMME

Directors met the leadership teams of Motia (formerly Fuel

Card Services), Cubo and SNAP in Burnley for management

briefings, an office tour and discussions with employees. The

Board also visited the Flogas Britain depot in Knowsley and

subsequently held joint sessions with colleagues from Certas

Energy UK, Next Energy and Centreco, combining operational

briefings with opportunities for direct workforce engagement.

KEY FOCUS AREAS AND INSIGHTS

STRENGTHENING WORKFORCE VOICE

A central focus of the visit programme was dedicated

timewith frontline colleagues and local leaders. These

conversations provided valuable insight into customer

experience, operational practices and how our values guide

daily decision making across our Mobility, Energy Products

and Energy Services activities. Themes raised through these

engagements informed subsequent Board and Committee

discussions.

CULTURE OVERSIGHT IN PRACTICE

The visits enabled Directors to observe organisational

behaviours, leadership tone and employee engagement in

situ. This direct exposure supports the Board’s approach

tomonitoring and assessing culture and complements the

ongoing work of the Workforce Engagement Director

andGroup HR.

INTEGRATION INTO THE GOVERNANCE CYCLE

The visit programme was planned through the summer Board

cycle and reviewed again in November to ensure that insights

were fully captured within the Board’s agenda and followed

upas part of normal governance processes. The Board views

these visits as a core component of its culture oversight,

providing context for discussions on engagement outcomes,

internal controls and operational execution across the Group.

ATTENDANCE AT MEETINGS DURING THE YEAR ENDED 31 MARCH 2026

BOARD

AUDIT

COMMITTEE

REMUNERATION

COMMITTEE

NOMINATION AND

GOVERNANCE

COMMITTEE

Meetings held during the

year ended 31 March 2026

Mark Breuer – –

Laura Angelini –

Katrina Cliffe – –

Caroline Dowling

–

Steven Holland

–

Lily Liu – –

Kevin Lucey

– – –

Conor Murphy

– – –

Donal Murphy

– – –

Alan Ralph

– –

Mark Ryan

–

1. Conor Murphy was appointed

asaDirector on 10 July 2025.

The Board held eight meetings during the year, plus one additional short meeting to consider the appointment

ofMrJohn Abbott as a non-executive Director and member of the Nomination and Governance Committee.

85DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

OVERVIEW

The Board undertook its annual performance review during

the year in accordance with the UK Corporate Governance

Code. The review assessed the effectiveness of the Board,

itsCommittees, individual Directors and the Chair, and

considered whether the Board maintains the appropriate

mixof skills, experience, independence and knowledge to

support the Company’s strategy and long-term success.

The Board views the performance review as a key mechanism

for continuous improvement and for ensuring that governance

arrangements remain effective and aligned with the Group’s

evolving strategy and business model.

PERFORMANCE REVIEW PROCESS

This year’s review was conducted internally, in line with the

Company’s established three-year cycle. It comprised:

• completion by all Directors of a structured questionnaire

covering Board effectiveness, strategy, risk management,

culture, decision making and information flows;

• individual interviews conducted by the Chair with each

Director and with senior management who regularly

attend Board and Committee meetings; and

• a separate review of the Chair, led by the Senior

Independent Director.

The outcomes of the review were considered by the

Nomination & Governance Committee and discussed in full

bythe Board. Actions arising have been agreed and reflected

in Board and Committee agenda planning for the year to

31March 2027.

OVERALL EFFECTIVENESS

The review concluded that the Board continues to operate

effectively, with a strong culture of openness, constructive

challenge and informed debate. Relationships between

Directors are positive and professional, supporting robust

discussion of complex and strategically important matters.

The Board is well positioned to oversee the Company’s

transition to a more focused energy business and

demonstrates a clear understanding of strategic priorities,

principal risks and long-term value drivers.

STRATEGY, PERFORMANCE AND VALUE CREATION

The review confirmed the Board’s central role in shaping and

overseeing the Company’s strategic direction, including the

simplification of the Group and increased focus on the energy

sector. As this transition progresses, the Board agreed that its

focus should increasingly shift from strategy development to

disciplined execution.

As a result, the Board has strengthened oversight of:

• delivery of organic growth and medium term growth

targets;

• capital allocation, including M&A opportunities within

theenergy sector; and

• progress against key milestones supporting long-term

value creation.

Consistent delivery against these priorities remains central

tosustaining performance and supporting market valuation.

BOARD PERFORMANCE REVIEW

2024

External

performance

review

2025

Internal

performance

review

2026

Internal

performance

review

2027

External

performance

review

BOARD REVIEW CYCLE

86 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CORPORATE GOVERNANCE STATEMENT CONTINUED

IMPLEMENTATION OF ACTIONS FROM

2025 BOARD EVALUATION

During 2025, the Board conducted an internal

performance evaluation in line with the UK Corporate

Governance Code, with the process led by the Senior

Independent Director. The evaluation confirmed the

Board’s overall effectiveness and strong strategic focus.

Itidentified a number of targeted actions to support

theGroup’s transition to focus solely on the energy

sector. Key actions included increasing time spent

onoperational effectiveness, based on relevant

performance measures, supporting Executive Directors

in new roles and deepening skills in relevant areas,

including the energy industry. All actions arising from

the2025 evaluation were implemented during the

yearunder review, with progress monitored by the

Nomination and Governance Committee and as part

ofthe 2026 performance review.

BOARD COMPOSITION, SKILLS AND SUCCESSION

The review confirmed that the Board has an appropriate mix

of skills and experience to support the Company’s strategy.

The appointment of Mr John Abbott as a Director, with effect

from the conclusion of the Company’s AGM in July, was

regarded as a significant enhancement of the Board’s energy

sector expertise.

The Nomination & Governance Committee continues to keep

Board composition under regular review, with particular focus

on evolving operational requirements and strengthening

digital, data and technology capabilities, including artificial

intelligence.

Succession planning for senior management is considered

robust and ongoing, with increasing Board level exposure

toemerging talent across the Group.

CHAIR AND BOARD LEADERSHIP

The review of the Chair, led by the Senior Independent

Director, concluded that the Chair continues to provide

effective leadership. Directors noted his inclusive style,

facilitation of open discussion and challenge, and strong

external perspective, particularly in relation to investor

engagement and capital markets.

BOARD OPERATIONS AND COMMITTEES

The Board was satisfied that the frequency and duration of

meetings are appropriate, agendas focus on key strategic

matters, and Board papers provide sufficient clarity and

insight to support effective discussion and decision making.

The emphasis remains on discussion and challenge at

meetings, with papers read in advance.

The Audit, Remuneration and Nomination & Governance

Committees continue to operate effectively within their

respective remits. Committee Chairs were commended for the

quality of leadership, depth of discussion and timely escalation

of key matters to the Board.

BOARD DEVELOPMENT AND ACTIONS

Ongoing Board development remains a priority. During the

year, focus areas included energy market developments and

transition pathways, digital and AI related trends, and broader

macroeconomic, geopolitical and regulatory developments.

The Board confirmed that all actions arising from the 2025

external review have been completed. Actions from the 2026

review, focused on enhancing oversight of execution, Board

capability and engagement, have been embedded into Board

and Committee plans. Progress will be monitored and

reported in the next Annual Report.

87DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

STAKEHOLDER ENGAGEMENT

LISTENING, ACTING AND

CREATING LONG-TERM VALUE

We recognise that strong stakeholder relationships underpin

safety, operational resilience, customer service, reputation

and financial performance.

This section sets out how we identify and engage with our key

stakeholders, the matters raised through that engagement,

and how those perspectives have informed decision making

and actions during the year.

BOARD OVERSIGHT AND DECISION MAKING

The Board receives regular updates on stakeholder matters as

part of its oversight of strategy, risk management and culture.

Particular emphasis is placed on workforce engagement.

During the year, Directors undertook visits to a range of Group

businesses, engaging directly with colleagues on safety,

strategy, customer relationships and culture. These insights

contribute to the Board’s assessment of organisational

effectiveness, leadership capability and readiness to deliver

the Group’s objectives.

Stakeholder perspectives are also considered in the

identification and management of risks and opportunities,

including those relevant to sustainability, safety, regulatory

compliance and long-term value creation.

LOOKING AHEAD

In the year ahead, stakeholder engagement will continue to

focus on:

• Maintaining high standards of colleague engagement, with

a particular emphasis on safety and the roll out of our

revised Purpose and Values.

• Supporting customers with reliable energy solutions and

the energy transition.

• Strengthening supply chain resilience and responsible

sourcing.

• Constructive engagement with policymakers and

regulators on energy market regulation.

• Clear, consistent dialogue with shareholders on strategy

execution, capital allocation and governance.

OUR KEY STAKEHOLDERS AND ENGAGEMENT DURING THEYEAR

STAKEHOLDER GROUP ENGAGEMENT FOCUS AND CHANNELS KEY THEMES RAISED

HOW THIS INFORMED ACTIONS

ANDDECISIONS

COLLEAGUES

› Director site visits

› Leadership engagement

› Employee engagement surveys

› Training and development

programmes

› Safety leadership

› Clarity during change

› Career development

› Reward and inclusion

› Reinforced leadership focus on safety

culture

› Shaped the content and frequency of

communications during transformation

› Continued investment in training and

development

CUSTOMERS

› Key account engagement

› Service performance reviews

› Customer satisfaction feedback

› Security of supply

› Service quality

› Pricing transparency

› Support during the energy

transition

› Focus on supply chain security and

operational reliability

› Service enhancements

› Development and scaling of cleaner and

lower carbon energy solutions

SUPPLIERS

› Supplier relationship management

› Performance and risk reviews

› Security of supply

› Pricing pressures arising from

global energy turbulence

› Decarbonisation expectations

› Strengthened supplier relationships

› Increased focus on resilience and

responsible sourcing processes

COMMUNITIES

› Local engagement by Group

businesses

› Community initiatives

› Incident and complaints processes

› Security of supply

› Safe operations

› Local environmental and

social impacts

› Site specific engagement and mitigations

› Continued focus on health, safety and

environmental performance

POLICYMAKERS

AND REGULATORS

› Ongoing regulatory monitoring and

engagement

› Participation in relevant consultations

› Energy market regulation

› Security of supply

› Consumer protection

› Informed engagement on energy market

policy development and regulatory

compliance

› Supported the Group’s approach to

managing regulatory, market and

sustainability related risks

SHAREHOLDERS AND

DEBT PROVIDERS

› Results announcements

› Investor meetings and roadshows

› AGM and EGM

› Strategy delivery

› Capital allocation

› Governance and

remuneration alignment

› Informed Board decisions on governance

and remuneration matters

› Shaped communication on strategy

execution and capital discipline

88 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CORPORATE GOVERNANCE STATEMENT CONTINUED

HOW THE BOARD MONITORED CULTURE

As the Group transitions to focus exclusively on the energy

sector, the Board continued to place strong emphasis on

ensuring that our culture remains aligned with our Purpose,

Values and strategic objectives. In doing so, the Board drew

ona balanced set of cultural indicators – including employee

engagement, leadership visibility, whistleblowing activity and

ethical conduct, safety performance, Internal Audit insights,

turnover and critical role retention, and compliance training

completion – to assess whether behaviours across the Group

support long-term sustainable success.

BOARD ACTIONS DURING THE YEAR

Insights from the Workforce Engagement Director informed

Board engagement with management, with particular focus on

communication and the visibility of leadership during periods of

change. The Board received follow up reporting on the actions

taken in these areas.

The Board explicitly considered workforce impacts arising from

strategic divestment activity and the support required through

transition, recognising the importance of maintaining employee

engagement at times of organisational change.

The Audit Committee reviewed whistleblowing themes and case

closure timeliness and confirmed that the arrangements

remained effective. The Board reviewed safety KPIs at every

meeting and agreed targeted actions in higher risk operations

to reinforce “safety first” decision making.

ROLE OF THE BOARD IN OVERSEEING CULTURE

WORKFORCE ENGAGEMENT

SAFETY

WHISTLEBLOWING

CONTROL ENVIRONMENT

PEOPLE AND ENGAGEMENT

POLICIES, TRAINING & VALUES

Quarterly updates on leading and

lagging safety indicators were received

from the Head of Group HSE. Safety

performance and behavioural

expectations were also discussed as

part of updates from individual

businessunits.

The Audit Committee reviewed

whistleblowing reports three times

during the year, including volumes,

themes and investigation status, and

concluded that the Group’s

arrangements operated effectively.

Group Internal Audit and Group Legal &

Compliance audit activity provided

additional qualitative insight into tone

from the top, openness to challenge

and adherence to policy expectations.

Internal Audit reports and divisional risk

updates provided further visibility of

local control climates, attitudes to risk

and behavioural consistency with Group

standards. Twice-yearly reporting on

disputes and regulatory matters offered

additional culture related signals,

including the quality of escalation and

responsiveness to stakeholders.

The Board reviewed the results of the

annual employee engagement survey

and approved divisional action plans.

Engagement remains a core

sustainability metric and an important

indicator of cultural health.

The Board monitored completion rates

for online compliance training and

reviewed feedback embedded within

training modules to assess awareness

of, and attitudes toward, our Values

and key policies.

Following the annual engagement survey, the Board monitored

divisional action plans and received updates on progress

against specific improvement commitments.

Across all these inputs, the Board considered cultural risks

relating to conduct, decentralised decision making and safety

critical behaviours, and ensured that insight from

whistleblowing, Internal Audit and HSE was triangulated and

escalated where appropriate.

CULTURAL TRENDS

Overall, despite the significant level of change across the

Group, culture indicators were broadly stable during the year

under review, with targeted improvements underway where the

need was identified.

LOOKING AHEAD

In the financial year commencing 1 April 2026, the Board will

continue to strengthen its oversight of culture by enhancing

theculture dashboard to include clearer trend analysis and

escalation triggers; deepening triangulation across survey

insights, whistleblowing data and safety indicators; ensuring

divisional action plans are tracked through to closure; and

reinforcing leadership expectations so that cultural alignment

remains embedded in the delivery of the Group’s energy

focused strategy.

The Workforce Engagement Director,

Mark Ryan, reported at each Board

meeting on workforce themes and local

insights gathered through engagement

with the Chief People Officer, HR teams

and site visits. Directors also visited

businesses in the US and Europe,

providing first-hand perspectives

on how our Values are reflected in

different markets.

SOURCES OF INSIGHT ON CULTURE

89DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

How has the Board engaged directly with employees

thisyear?

M

Board engagement with employees continues to form a

core part of our governance approach. During the year,

the entire Board undertook visits to DCC businesses in the UK.

In addition to those visits, smaller groups of Directors also

visited businesses in the US. These on the ground interactions

with our employees continue to provide invaluable insight into

operational priorities, safety practices, customer relationships,

local market conditions and the lived experience of colleagues.

Board members consistently fi nd these discussions extremely

helpful, particularly as the Group progresses its new strategic

direction.

How have employees been aff ected by the Company’s

updated strategy?

M

The Board’s decision in late 2024 to change the

Company’s focus to energy has obviously had signifi cant

impact on our employees. This new strategy has resulted in

our sale of DCC Healthcare and the ongoing sale of DCC

Technology. Many employees were directly aff ected by

thesedecisions. Throughout this period, the Board and

HRleadership have maintained a strong emphasis on clear

communication, respectful transition processes, and

supporting colleagues through signifi cant organisational

change. These workforce considerations remain at the centre

of Board discussions as the implementation continues.

What role does workforce engagement play in supporting

DCC’s culture and values?

M

Our culture – anchored in our Values – remains

fundamental to supporting the success of the Group.

Workforce engagement is one of the most eff ective ways to

assess how well our culture and values are embedded across

our businesses. The Board spends considerable time each

year reviewing cultural metrics (such as whistleblowing

reports), supported by direct employee feedback, discussions

during site visits, the HR team’s people initiatives and ongoing

reporting on people related trends. This reinforces the Board’s

commitment to strong employee engagement: it is essential

toexecuting the Company’s strategy and sustaining long-

termperformance.

What have been your priorities as Workforce Engagement

Director this year?

M

This year my key priority has been the impact of our

strategic change on our employees. Throughout the year,

I have continued my ongoing direct engagement with Nicola

McCracken, Chief People Off icer. This ensures that as the

designated Workforce Engagement Director I remain close to

the current status of and ongoing developments across our

people initiatives. These regular discussions enable me to keep

the Board updated on engagement trends, HR priorities, and

emerging workforce considerations and concerns. At every

REPORT OF WORKFORCE ENGAGEMENT DIRECTOR

How would you describe the past year in terms

ofemployee engagement across DCC?

M

Over the past year the DCC Group has gone through

signifi cant change driven by a new strategic focus on

ourenergy business. Because of these changes, employee

engagement has remained a central priority for the Board.

Asin previous years, our focus on engaging with our

employees, listening and trying to understand their

experiences, and acting on their feedback has continued to

shape our approach to people support initiatives. Despite the

signifi cant strategic changes that were taking place during

theyear, we saw continued strong levels of engagement.

Theinsights we get from engagement surveys, site visits,

townhall meetings and other sources continue to help the

Board understand how our culture, values and strategic

direction are experienced across the Group.

What were the key themes from the most recent

employeeengagement survey?

M

Our annual employee engagement survey remains one of

the most important mechanisms for understanding the

views of colleagues across our businesses. Participation levels

again remained high, and despite the amount of change

across the Group we continued to see encouraging stability in

overall engagement scores. The key themes included fairness,

career development, trust and customer focus. The survey

provides a key channel for reassurance for the Board that our

people support initiatives are having a meaningful impact and

that colleagues feel connected to the Company’s direction.

And just as importantly, the survey also highlighted areas

where further focus is needed, which will guide HR priorities

and new people initiatives in the coming year in businesses

across the Group.

MARK RYAN, WORKFORCE ENGAGEMENT DIRECTOR

90 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

CORPORATE GOVERNANCE STATEMENT CONTINUED

Board meeting, I am provided with the opportunity to give a

direct update on employee feedback themes, any areas of

concern and progress against the people support initiatives

that matter most to DCC employees.

What will be important for the workforce as DCC enters

the next phase of its transformation?

M

As the Company continues its transition to a focused

energy led Group, several workforce priorities will remain

critical: maintaining strong communication, supporting

colleagues through organisational change, safety, investing in

capability building, and sustaining the values led culture that

underpins our operating model. Ensuring our colleagues feel

supported, informed and engaged will remain essential to

successful strategy execution.

You will retire from the Board in July 2026 and hand over

to Steve Holland. What should employees and

shareholders know about the transition?

M

As previously announced, I will retire from the Board at

the conclusion of our AGM on 16 July 2026. From that

date, Steve Holland will assume the role of Workforce

Engagement Director. Steve brings deep leadership and

employee engagement experience and also has a strong

understanding of DCC’s culture and operating model. I have

no doubt he will continue to strengthen the Board’s employee

engagement focus and the connection with our people. As a

Director, it has been a real privilege to serve in this role, and I

remain deeply grateful for the openness, candid feedback

and insight colleagues have shared with me throughout

mytenure.

Closing Remarks

M

Employee engagement continues to be a priority for the

Board and our focus on this area provides us with one of

the most important indicators of our organisational health

andstrategic progress. The dedication of our HR leadership

team, together with the constructive feedback we receive

from colleagues across the Group, gives the Board great

confidence in our ability to navigate the changes ahead. I am

proud to have had the opportunity to support our employee

engagement focus and to help ensure that the voice of our

workforce is consistently heard at Board level.

9191DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

I am pleased to present the Nomination and Governance

Committee Report for the year ended 31 March 2026.

YEAR IN REVIEW

During the year, the Committee focused on ensuring the

Boardand its Committees have the capability, balance and

succession strength required to oversee DCC’s transition to

afocused energy business. Key areas of delivery included:

• Board and Committee composition: we reviewed Board

and Committee membership and made recommendations

on renewal, which were accepted by the Board.

• Board effectiveness: we oversaw the annual Board and

Committee evaluation and reviewed the Committee’s own

effectiveness and Terms of Reference.

• Skills and capability: The Board was strengthened with

therecruitment of a new Director following an extensive

recruitment process. The annual skills review confirmed

strong collective capability across operational leadership,

capital allocation, governance and risk oversight, and

identified areas for continued succession focus, including

digital capability.

• Governance readiness: The Committee monitored key

governance developments, including the revised UK

Corporate Governance Code and continued preparations

for reporting under Provision 29 in 2027.

ROLE OF THE COMMITTEE

The Nomination and Governance Committee leads the

Board’s work on Board composition, succession and

governance effectiveness. It oversees Board and senior

management succession planning; evaluates the balance

ofskills, experience, diversity and tenure on the Board;

andensures that appointments and reappointments follow

arigorous, objective and inclusive process.

The Committee also monitors Directors’ independence and

external commitments, oversees the annual Board and

Committee evaluation process, and advises the Board on

governance developments to ensure DCC’s governance

remains aligned with regulatory requirements and best practice.

NOMINATION AND GOVERNANCE

COMMITTEEREPORT

KEY AREAS OF RESPONSIBILITY:

Corporate Governance: Aligning governance with

strategy and UK Corporate Governance Code.

Board Composition and Succession Planning: Ensuring

Board membership, skills and succession planning aligned

with strategy.

Board Effectiveness: Oversee annual Board and

Committee performance review process.

YEARS ON THE NOMINATION AND GOVERNANCE

COMMITTEE AS AT 31 MARCH 2026:

Laura Angelini

Mark Breuer (Chair)

Steven Holland

Mark Ryan

4.7

1.3

4.4

MEETING ATTENDANCE:

There were six scheduled meetings during the year, with

full attendance. See attendance table on page 85.

92 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOMINATION AND GOVERNANCE COMMITTEEREPORT

BOARD SKILLS AND EXPERIENCE

A key priority for investors is confidence that the Board hasthe

collective capability to oversee DCC’s strategy, performance

and risk management. The Committee therefore conducted

itsannual review of the Board’s collective skills, consistent with

the UK Corporate Governance Code 2024, to confirm that

theBoard remains suitably diverse, future focused and aligned

with the Group’s transition to a focused energy business.

BOARD SKILLS MATRIX

In 2026, the Board concluded that it has a strong foundation

across the areas most critical to DCC’s long term success,

including energy sector expertise, operational leadership,

digital and technology transformation, financial and capital

allocation acumen, and deep governance and risk oversight

capabilities. The ongoing Board succession programme

continues to prioritise these areas, ensuring the Board

maintains the capabilities required to oversee the Group’s

growth and transition in the coming years.

PRINCIPAL ACTIVITIES

BOARD COMPOSITION AND RENEWAL

The Committee reviewed the composition of the Board and

itsCommittees to ensure an appropriate balance of skills,

experience, knowledge, diversity and tenure, taking account

ofthe scale and geographic footprint of the Group. We also

ensured that tailored induction programmes were put in place

for new Directors, including briefings on the Group, meetings

with fellow Directors and the DCC Leadership Team, and

engagement with senior management across significant

businesses.

The Committee made a number of recommendations on

Board and Committee membership during the year; these

recommendations were accepted by the Board and are

reflected in the Board changes described in the introduction

tothis report.

SKILL/EXPERIENCE AREA RELEVANCE TO DCC STRATEGY

COLLECTIVE

BOARDCOVERAGE

Energy Industry & Transition

› Core to DCC’s strategy as a focused energy business

Operational Leadership in

International Groups

› Supports disciplined execution and performance resilience

Capital Allocation & M&A

› Essential for portfolio simplification and growth investments

Risk, Audit & Internal

Controls

› Critical for robust governance and Provision 29 preparation

Cyber, Technology & Digital

Transformation

› Enables operational efficiency and customer service

improvements

People, Culture & Workforce

engagement

› Supports culture alignment throughout the energy transition

Safety & Sustainability

› Integral to safety, compliance, management of climate change

and long-term licence to operate

Regulatory, Governance

&Stakeholder Oversight

› Ensures compliance, transparency and effective investor

engagement

Legend:

= Very strong collective capability

= Strong capability

= Adequate capability with succession focus

93DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

MEETINGS

The Committee met six times during the year ended 31 March

2026, with full attendance by all members. The Chief Executive

and the Company Secretary are invited to attend all meetings,

and other executives and external advisers attend as required.

The Committee may also meet separately, as required, to

discuss matters in the absence of invitees; no such meetings

took place during the year.

Please refer to the Board Committee attendance table on

page 85.

ANNUAL PERFORMANCE ASSESSMENT

The Board conducts an annual assessment of its own

performance and that of its Committees, Committee Chairs

and individual Directors. In 2026, this evaluation was internally

facilitated, and a summary of principal findings is set out on

page 86.

The Committee reviewed its own performance and Terms

ofReference during the year as part of this process and

concluded that no changes to the Terms of Reference

werenecessary.

SUCCESSION PLANNING

In addition to Board succession, the Committee considers

succession planning for executive Director positions within

thecontext of the Group’s broader talent development and

succession planning structures. These structures have been

developed in recent years to reflect the Group’s greater scale.

The Directors receive an annual update from the Chief

PeopleOfficer on Group talent development and succession

planning, including detailed coverage of succession for senior

management roles.

DIRECTORS’ TENURE

The tenure of each Director and their date of appointment

are provided within their respective Board biographies on

pages 82 and 83. The tenure of Committee members is set out

in the relevant Committee reports.

EXTERNAL COMMITMENTS

The Board recognises that external appointments can

providevaluable additional perspective, provided they

donotcompromise the time and focus required for DCC.

Inaccordance with the UK Corporate Governance Code,

Directors must obtain prior Board approval before accepting

any additional external appointments. This requirement is

included in letters of appointment and in Matters Reserved

forBoard Decision.

Before recommending approval, the Committee considers

thetime commitment required and any potential conflicts.

TheCommittee is satisfied that existing external commitments

do not conflict with Directors’ duties to the Company, that

appropriate time is dedicated to the role, and that Directors

remain available at short notice for unscheduled Board

meetings.

BOARD DIVERSITY

The Directors have approved a policy that states the

importance of having a diversity of views and backgrounds

onthe Board and how this should be achieved. That policy

isavailable on the Company’s website.

Since 10 July 2025, female representation on the Board has

been 36%. Following the appointment of John Abbott and the

retirement of Mark Ryan and Laura Angelini at the AGM on

16July 2026, the proportion of female Directors will be 30%.

This temporary decline reflects the timing of Board changes

and is considered by the Directors to be in the best interests

ofthe Company at this stage of its development. The Board

intends that gender representation will return to at least 40%

as soon as practicable as part of the normal rotation cycle

over the coming years.

CORPORATE GOVERNANCE AND REGULATORY DEVELOPMENTS

The Committee advises the Board on significant developments

in corporate governance and monitors the Company’s

compliance with governance best practice. During the year,

the Committee considered a number of developments,

including the revised UK Corporate Governance Code.

Work is underway to ensure DCC will be in a position to report

under Provision 29 of the revised UK Code for the financial

year ending 31 March 2027. Further detail is provided in the

Audit Committee Report on page 96.

REPORTING TO THE BOARD

The Chair of the Nomination and Governance Committee

reports to the Board at each Board meeting on the

Committee’s activities.

94 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOMINATION AND GOVERNANCE COMMITTEEREPORT CONTINUED

The following tables set out the information required to be included in the Annual Report under the UK Listing Rule 6.6.6R(9),

as at 31 March 2026.

For the purposes of these tables, executive management is as defined in the UK Listing Rules, being the executive committee

or most senior executive or managerial management body below the board (or where there is no such formal committee or

body, the most senior level of managers reporting to the chief executive), including the company secretary but excluding

administrative and support staff.

There were 4 female directors on the Board during the year under review. Caroline Dowling has held the position of Senior

Independent Director with effect from 16 July 2021. The Company has also met the requirement to have one Board member

from an ethnic minority background since 16 July 2021.

Gender and ethnicity data for board members and those in executive management positions was obtained through voluntary

self-identification and collected in compliance with privacy regulations. Members of the Group Executive Committee are set

out at page 5.

NUMBER OF

BOARD MEMBERS

PERCENTAGE

OF THE BOARD

NUMBER OF SENIOR

POSITIONS ON THE

BOARD (CEO, CFO,

COO, SIDAND CHAIR)

NUMBER

IN EXECUTIVE

MANAGEMENT

PERCENTAGE

OF EXECUTIVE

MANAGEMENT

Men 7 64% 4 4 57%

Women 4 36% 1 3 42%

Other – – – – –

Not specified/prefer not to say – – – – –

White British or other White

(including minority-white groups)

10 91% 5 7 100%

Mixed/Multiple Ethnic Groups – – – – –

Asian/Asian British 1 9% – – –

Black/African/Caribbean/Black British – – – – –

Other ethnic group, including Arab – – – – –

Not specified/prefer not to say – – – – –

GENDER AND ETHNIC DIVERSITY

MARK BREUER, CHAIR

18 May 2026

95DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

I am pleased to present the Audit Committee Report for the

year ended 31 March 2026.

ROLE AND RESPONSIBILITIES

The Audit Committee assists the Board by overseeing:

• the integrity of the Company’s reporting;

• the effectiveness of risk management and internal control

systems;

• the work and independence of the external auditor;

• the performance of the Group Internal Audit function; and

• the adequacy of whistleblowing and compliance

arrangements.

The Committee reports its findings and recommendations to

the Board throughout the year.

COMMITTEE ACTIVITY DURING THE YEAR

This was an important year for the Committee, reflecting

significant changes to the Group’s operations as it evolves

toconcentrate on the energy sector, the transition to a new

external auditor, and continued oversight of an evolving

riskenvironment.

Throughout the year, the Committee remained focused on

high quality financial reporting, robust internal controls and

effective assurance. We also monitored developing

governance and reporting expectations, including continuing

preparations for enhanced internal controls disclosures under

Provision 29 of the 2024 UK Corporate Governance Code,

which will apply from 2027.

The Committee places significant emphasis on maintaining

aculture of constructive challenge and open dialogue with

management and auditors. During the year, this was

reflectedin:

• Discussions on key areas of judgement, supported by clear

analysis and sensitivity testing.

• Private sessions with both Internal Audit and the external

auditor, enabling independent perspectives to be fully

considered.

• Active engagement between meetings, including regular

interaction between the Committee Chair and key

members of management.

This approach supports the Committee in forming well-

informed and robust conclusions on behalf of the Board.

AUDIT COMMITTEE REPORT

KEY AREAS OF RESPONSIBILITY:

Financial Integrity: Overseeing financial and non-financial

reporting, including Annual Report and interim accounts.

Internal and External Audit: Assessing external auditor

independence; overseeing external audit effectiveness;

recommending reappointment of external auditors;

supporting and overseeing Group Internal Audit.

Risk Management and Internal Control: Overseeing

overall risk management and internal control framework;

supporting Board in assessment of risks and controls in

specific areas.

YEARS ON THE AUDIT COMMITTEE

AS AT 31 MARCH 2026:

Caroline Dowling

Alan Ralph (Chair)

Lily Liu

Mark Ryan

5.8

4.4

4.7

8.0

MEETING ATTENDANCE:

There were six scheduled meetings during the year, with

full attendance. See attendance table on page 85.

96 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

AUDIT COMMITTEE REPORT

EXTERNAL AUDIT

AUDITOR TRANSITION AND AUDIT PLAN

A key focus during the year was overseeing the successful

transition to Deloitte as the Company’s external auditor for

theyear ended 31 March 2026. The Committee reviewed and

approved Deloitte’s audit plan, including scope, materiality

and areas of significant judgement, and monitored progress

to ensure Deloitte had appropriate access, understanding and

engagement across the Group.

The Committee held regular discussions with Deloitte and

management throughout the year and was satisfied that the

audit was appropriately planned, resourced and executed,

with a clear focus on professional scepticism and audit quality.

INDEPENDENCE

Non-audit services provided by Deloitte were monitored

throughout the year in line with established policy, and no

threats to independence were identified. A summary of audit

and non-audit fees is set out in the table above.

ENGAGEMENT AND AUDIT EFFECTIVENESS

The Committee held private sessions with Deloitte during the

year and assessed the effectiveness of the external audit.

TheCommittee concluded that Deloitte demonstrated

appropriate technical capability, quality of challenge and

effective communication.

INTERNAL AUDIT AND ASSURANCE

INTERNAL AUDIT WORK AND EFFECTIVENESS

The Committee reviewed and approved updates to the

GroupInternal Audit (GIA) strategy and charter, reflecting

recommendations from a recent external quality assessment.

The GIA function aligns its work closely with first and second

line functions and the external auditor to support a coherent

and effective control framework.

The Committee monitored delivery against the 2026 audit

plan and approved the plan for the year commencing 1 April

2026. It concluded that the GIA function operated effectively

during the year.

REPORTING UNDER THE FRC AUDIT COMMITTEES

AND THE EXTERNAL AUDIT: MINIMUM STANDARD

In line with the requirements of the 2024 UK Corporate

Governance Code, this Report addresses the steps taken by

the Committee to meet the expectations set out in the FRC’s

Audit Committees and the External Audit: Minimum Standard,

including in the following areas:

• significant matters considered in relation to the financial

statements;

• the actions taken by the Committee in assessing those

matters, including challenge provided to management; and

• conclusions reached by the Committee.

MEETINGS

The Committee met six times during the year. Attendance is

set out in the Corporate Governance section on page 85.

Private sessions were held with both the external auditor and

the Group Internal Audit team at key stages of the reporting

cycle. Between meetings, the Committee Chair met regularly

with the Chief Financial Officer, Chief Risk Officer, Group

Financial Controller, Head of Group Internal Audit and Deloitte.

FINANCIAL REPORTING

ANNUAL REPORT AND ACCOUNTS

The Committee reviewed financial reporting at both the half

year and full year, with particular focus on clarity, consistency

and balance. We recommended to the Board that the Annual

Report and Accounts are fair, balanced and understandable.

SIGNIFICANT FINANCIAL REPORTING MATTERS

The Committee considered a number of areas involving

significant judgment in the preparation of the financial

statements. A detailed description of these matters, together

with the work performed by the Committee and the

conclusions reached, is set out on page 99.

UDIT VS NON-AUDIT FEES

2026

4,521 171

11%

4,120 472

Non-Audit

as % of Audit

2025

4,558 253

2024

3,671 159

2023

3,594 140

2022

Audit £’000 Non-Audit £’000

97DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

OVERSIGHT OF IT AND CYBER RISK MANAGEMENT

Given the increasing importance of cyber resilience, the

Committee maintained a strong focus on IT and cyber risk

during the year. The Committee received updates from the

Chief Information Officer and Chief Information Security

Officer covering cyber security controls, system resilience and

colleague training, alongside independent assurance from

Group Internal Audit.

The Committee recognised that the external cyber threat

environment continues to intensify. Against this backdrop,

itreviewed access management, incident response and

business continuity arrangements and concluded that the

Group’s controls were appropriate and proportionate,

whileemphasising the need for continued vigilance and

incremental improvement.

WHISTLEBLOWING

The Committee completed its annual review of the Group’s

whistleblowing arrangements, including reports received,

theirnature and how they were addressed. The Committee

concluded that the arrangements remain appropriate.

Therecent refresh of the Group’s Purpose and Values provides

an opportunity to further raise awareness in the coming year.

REPORTING TO THE BOARD

The Committee advised the Board that the Annual Report

andAccounts are fair, balanced and understandable and

recommended the Board’s statements on risk management

and internal control, going concern and viability. The

Committee also confirmed its satisfaction with the governance

and assurance processes supporting these statements.

COMMITTEE EFFECTIVENESS AND PRIORITIES FOR

THE YEAR AHEAD

The Committee’s annual self-assessment confirmed that it

continues to operate effectively and has the appropriate skills,

experience and independence.

Priorities for the year commencing 1 April 2026 include:

• Continued evolution of the Group’s internal control

framework to deliver robust and efficient risk management

and support reporting under Provision 29.

• Areas of significant accounting judgment relevant to the

Group’s energy-focused operations and the divestment

ofDCC Technology.

• Further strengthening non-financial reporting controls,

including climate-related disclosures.

• Ongoing evaluation of audit quality and effectiveness,

building on the first year of engagement with Deloitte.

• Maintaining strong oversight of cyber security and fraud

risks in an increasingly complex external environment.

ALAN RALPH, CHAIR

18 MAY 2026

RISK MANAGEMENT AND INTERNAL CONTROL

During the year, the Committee oversaw further development

of the Group’s risk management and internal control

framework to reflect the Group’s strategic focus on the energy

sector and to support future reporting under Provision 29.

This included reviewing management’s assessment of principal

risks and controls and monitoring progress in strengthening

non-financial reporting controls. The Committee also saw

early benefits from clearer articulation of risks, scenarios,

controls and assurance across the Group.

The Committee’s oversight and review of risk management

and internal controls during the year included the following:

• Regular reporting: receiving detailed reports throughout

the year from management on principal risks, control

effectiveness and planned improvements.

• Internal Audit assurance: reviewing the findings of the

Group Internal Audit team, including reports on key

financial, operational and IT controls, and monitoring

thetimely remediation of identified issues.

• External audit input: considering feedback from Deloitte

on the Group’s financial reporting processes and overall

control environment.

• Targeted thematic reviews: focused reports on specific

areas of higher risk, including IT resilience and cyber

security and non-financial reporting controls.

This review and analysis also considered the impact on the

Company of the decision announced in November 2024

toconcentrate its activities on the energy sector, divesting

DCCHealthcare and DCC Technology. The assessment also

considered the principal risks facing the Group, as described in

the Risk Report on pages 72–75, and the potential impacts

these risks would have on the Group’s business model, future

performance, solvency or liquidity over the assessment period.

The Committee considers that the nature of the sectors and

geographies in which the Group operates acts significantly

tomitigate the impact many of these risks might have on

theGroup.

The Committee concluded that the Group’s systems of risk

management and internal control operated effectively during

the year, while identifying targeted areas for continued

enhancement as the Group embeds its energy-focused

strategy.

TREASURY OVERSIGHT

The Committee received regular reporting from Group

Treasury, including updates on working capital, debt financing

and banking arrangements. The Committee noted continued

compliance with the Group’s Treasury Policy.

FRAUD RISK

The Committee considered fraud risk during the year, with

particular focus on phishing and related threats, and reviewed

the associated control environment. The Committee was

satisfied that the Group’s fraud controls were appropriate.

98 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

AUDIT COMMITTEE REPORT CONTINUED

SIGNIFICANT MATTERS IN RELATION TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

GOODWILL AND

INTANGIBLE ASSETS

As set out in note 3.3 to the financial

statements, the Group had goodwill

and intangible assets of £2,296 million

at 31 March 2026 (2025: £2,414

million). To satisfy itself that this

balance was appropriately stated, the

Committee considered the impairment

reviews carried out by management.

The Group’s annual impairment review

was carried out using the carrying

values of subsidiaries at 31 December

2025, the Group’s impairment testing

date, and the latest divisional forecasts

prepared by the subsidiaries.

In performing their impairment

reviews, management determined the

recoverable amount of each cash

generating unit (‘CGU’) and compared

this to the carrying value at the date of

testing. The recoverable amount of

each CGU is the higher of its fair value

less costs to sell and its value in use.

Management uses the present value

offuture cash flows to determine the

value in use. In calculating the value

inuse, management judgement is

required in forecasting cash flows of

CGUs, in determining the long-term

growth rate and selecting an

appropriate discount rate.

Management reported to the

Committee that future cash flows of

each CGU had been estimated based

on the most up to date divisional

forecast for the business in question

and discounted using discount rates

that reflected the risks associated with

each CGU. Sensitivity analysis was

performed by adjusting the discount

rate, cash flows and the long-term

growth rate.

The Committee considered and

discussed with management the key

assumptions used in this review to

understand their impact on the CGUs

recoverable amounts. The Committee

discussed and challenged

management on the assumptions

relating to the CGUs. In particular,

itfocused on those CGUs where

sensitivity analysis indicated limited

headroom under certain scenarios

between value in use and carrying

value, only one of the 19 CGUs under

review required additional sensitivity

disclosure, as set out in Note 3.3.

During the year the group recognised

impairments in goodwill and intangible

assets of £107 million as set out in Note

3.3, comprising the following:

• On disposal of the Info Tech

business earlier in the year an

impairment of goodwill and

intangible assets was recorded.

• Following material deterioration in

the medium-term outlook for the

Group’s solar distribution business in

the Netherlands, a decision was

made to wind down the activities of

the business, resulting in an

impairment of goodwill and

intangible assets.

• An impairment was also recognised

in relation to a DCC Technology

business in the Netherlands

following a decision to exit this

business in the second half of the

financial year.

The Committee concluded that the

significant assumptions used for

determining the recoverable amounts

across all CGUs had been

appropriately examined, challenged

and were sufficiently robust and that

no further impairments were required.

The Committee therefore agreed with

management’s conclusion that, having

made the adjustment noted above, the

cash flow forecasts supported the

carrying value of goodwill and

intangible assets.

ACCOUNTING FOR DIVESTMENTS

During the year, the Committee

reviewed the accounting and

disclosures relating to the completed

disposals of the Healthcare and Info

Tech businesses, and the planned

disposal of the remainder of the

Technology division. This included the

level of judgement involved in assessing

whether the results of the relevant

businesses were appropriately

presented as discontinued operations

in the Group Income Statement and,

where applicable, whether the related

assets and liabilities met the criteria to

be classified as held for sale, including

whether completion was considered

highly probable within the required

timeframe.

The Committee also considered the

appropriate measurement and

presentation, including the assessment

of fair value less costs to sell and any

resulting impairment. The Committee

reviewed management’s analysis and

challenged the key assumptions,

including timing, valuation inputs, and

costs to sell. The Committee

considered external evidence where

relevant and discussed the planned

audit approach and findings with the

external auditor.

• No impairment was required

following the review of the

Healthcare business.

• Management’s analysis resulted in

the recoverable amount being less

than the carrying value for the Info

Tech business and a subsequent

impairment of £228 million being

recognised, inclusive of the

impairment of goodwill noted

earlier in the Goodwill and

Intangible Assets section.

The Committee concluded that the

accounting treatment adopted and the

related disclosures were appropriate

for all completed and planned

divestments.

IMPACT OF CLIMATE CHANGE

The Committee evaluated the Group’s

approach to the reporting of the

impact of climate change on its

activities in the financial statements

forthe year ended 31 March 2026,

including compliance with the

recommendations of the Taskforce on

Climate-related Financial Disclosures

(‘TCFD’). Further information on the

compliance risk assessment activities is

included in the Sustainability Review on

page 34 and TCFD-related disclosures

are set out in the Supplementary

Sustainability Information Section on

page 231.

OTHER MATTERS

The Committee considered and is

satisfied with a number of other

judgements made by management,

including business combinations,

revenue recognition, exceptional items,

lease accounting, provisioning for

impairment of trade receivables and

inventories and tax provisioning.

99DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REMUNERATION REPORT

INTRODUCTION

KEY AREAS OF RESPONSIBILITY:

Executive Remuneration Policy: Setting the Remuneration

Policy to align executive remuneration with strategy,

performance and long-term shareholder interests.

Director and Senior Management Remuneration:

Determining remuneration packages, including salaries

and performance-related pay for senior management.

Governance and Compliance: Ensuring compliance

withrelevant corporate governance requirements;

reporting to shareholders on application of the

Remuneration Policy.

MEMBERSHIP AND TENURE AS AT 31 MARCH 2026:

Laura Angelini

Katrina Cliffe (Chair)

Caroline Dowling

Steven Holland

3.5

2.8

6.8

1.3

MEETING ATTENDANCE:

There were six scheduled meetings during the year, with

full attendance. See attendance table on page 85.

This Report explains how the Remuneration Committee

applied DCC’s Remuneration Policy during the year ended

31March 2026, and the resulting remuneration outcomes

forthe executive Directors and non-executive Directors. This

year, it also includes background to, and details of, revisions

tothe Remuneration Policy which will be presented to

shareholders for approval at the 2026 AGM and, if approved,

how the Policy is expected to operate in the year ending

31March 2027.

The Committee’s objective is to ensure that remuneration

outcomes are clearly aligned with the long-term interests of

shareholders, reward performance against the fundamental

drivers of value creation, and remain proportionate,

transparent and well governed.

REMUNERATION CONTEXT

DCC delivered another resilient financial performance during

the year ended 31 March 2026. Group adjusted operating

profit was 3.6% ahead of the prior year on a continuing basis.

Return on capital employed (‘ROCE’), a key metric for DCC,

was 15.7% (16.8% excluding the impact of IFRS 16) on a

continuing basis and again substantially exceeded the Group’s

cost of capital. Atotal dividend increase of 5% is proposed for

the year.

In addition, DCC also made substantial progress in achieving

its strategic objective of creating a simpler, leaner company

focused on growth in energy, the Group’s largest and highest-

returning business.

ALIGNMENT OF REMUNERATION WITH DCC’S STRATEGY

The Committee is committed to ensuring that DCC’s

remuneration framework directly supports continued delivery

against strategy and reinforces the behaviours and

performance outcomes required to create long-term

shareholder value. As the Group sharpens its focus as a leading

energy business, the Committee has reviewed the alignment

between incentive design and the key drivers of strategic

progress: disciplined growth in energy, sustained improvement

in capital efficiency, operational excellence and value creation

for shareholders. The Committee is satisfied that the current

structure – comprising adjusted operating profit, strategic and

ESG objectives under the annual bonus, and ROCE, EPS and

TSR under the LTIP – remains well aligned tothese priorities

and continues to provide clear line of sight between

performance, reward andstrategy.

• Annual bonus measures are directly linked to the delivery

of DCC’s near term strategic and operational priorities.

Adjusted operating profit reflects the Group’s focus on

delivering high quality earnings and disciplined growth

across its energy business, while the strategic and ESG

objectives capture the broader set of actions required to

support the execution of the strategy, including progress

inenergy transition, safety performance, operational

efficiency and organisational capability. Together, these

measures incentivise delivery ofthe annual milestones that

100 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT

2026 AGM POLICY CHANGE SUMMARY:

PROPOSED LTIP TSR KICKER

WHAT IS CHANGING?

The Committee proposes to introduce an absolute Total

Shareholder Return (‘TSR’) Kicker that acts as a multiplier

to the vesting outcome produced by the existing LTIP

scorecard (ROCE / EPS growth / relative TSR).

WHAT IS NOT CHANGING?

The LTIP remains a three-year performance plan with

afurther two-year holding period, and the current

scorecard remains the basis for the vesting of the core

award opportunity.

WHEN WILL IT START?

The Kicker is intended to apply commencing with

awards granted in November 2026, measured over the

same performance period as the core LTIP measures

(1April 2026 to 31 March 2029 for the 2026 LTIP cycle).

HOW DOES IT WORK?

The Kicker opportunity has value only if absolute TSR is at

least 12.5% p.a.; absolute TSR of at least 30% p.a. is required

over the performance period for the maximum Kicker to

apply to any vesting under the core award opportunity.

HOW LARGE IS THE KICKER OPPORTUNITY?

At maximum, the Kicker is designed to double the current

LTIP opportunity. To enable this, the Policy maximum

LTIPopportunity for the Chief Executive would increase

to500% of salary (based on a 250% core award plus up

to250% under the Kicker).

WHAT SAFEGUARDS ARE IN PLACE?

The Kicker is a multiplier to the core award, so its value

depends on achieving the stretching performance targets

within the existing LTIP scorecard. Payment is also subject

to the Committee being satisfied, at its discretion, that the

recorded absolute TSR performance is consistent with

underlying financial performance.

WHAT IS THE SCALE OF THE KICKER IN THE CONTEXT

OFSHAREHOLDER VALUE?

Based on the salaries of proposed participants, the

cumulative value of a maximum Kicker in any one

LTIPcycle is estimated at approximately 0.2% of the

incremental shareholder value created. Modelling

suggests the proposals increase overall target pay

forexecutive Directors by c.12%, but only if significant

shareholder returns are delivered.

underpin longer-term value creation. The ROCE underpin

ensures that bonus outcomes are aligned with capital

discipline, reinforcing a central principle of DCC’s business

model and strategy.

• The LTIP scorecard supports delivery of the Group’s

strategy by rewarding performance against key financial

and market-based indicators of sustainable value creation.

ROCE is a core measure of how effectively the Group

deploys capital to generate returns – consistent with the

Group’s long-standing focus on disciplined investment,

portfolio quality and capital allocation. EPS growth reflects

the objective of delivering sustained earnings expansion

through a combination of organic development, operational

excellence and strategic investment. Relative TSR ensures

that long-term outcomes are measured against the

performance delivered by peers and the wider market,

reinforcing the need for competitive, through-cycle

relative value creation. Taken together, these measures

capture both the quality and sustainability of long-term

performance. As described below, and elsewhere in this

Remuneration Report, the Committee is proposing to

strengthen the linkage of the LTIP to absolute value

creation, and thereby sharpen further the alignment of

executive and shareholder interests.

POLICY VOTE AT THE 2026 AGM

As DCC enters the next phase of its strategic evolution, with a

clear focus on energy, the Committee believes that the existing

balance of financial, strategic and market measures continues

to offer a robust and coherent framework. However, the

Committee is proposing a targeted enhancement to

strengthen alignment with shareholder value creation during

the next phase of DCC’s transformation: an additional

absolute Total Shareholder Return (‘TSR’) Kicker as a multiplier

to the core LTIP outcome.

The addition of the LTIP Kicker will be put to shareholders

atthe 2026 AGM, and is the only change proposed to the

Remuneration Policy. This targeted amendment reflects

theCommittee’s assessment that, as DCC becomes a more

focused energy business, long-term incentives should more

directly reward exceptional absolute value creation. The

Committee considered alternative structures and concluded

that a TSR-based multiplier – applied only when shareholders

experience very strong absolute returns – provides the

clearest alignment with shareholder interests while preserving

the existing LTIP scorecard. Core LTIP grant levels remain

unchanged. The proposed increase in Policy maxima applies

solely to the Kicker.

PROPOSED AMENDMENT TO THE LTIP:

INTRODUCTIONOFAN ABSOLUTE TSR KICKER

Following its review of the effectiveness of the current

long-term incentive arrangements in the context of the

Group’s strategic evolution, the Committee is proposing to

introduce an absolute TSR Kicker as a targeted enhancement

to the existing LTIP framework. The proposal retains the

established core LTIP scorecard and structure while

strengthening the direct alignment between long-term

incentive outcomes and the value created for shareholders

during the next stage of DCC’s transformation.

RATIONALE FOR THE CHANGE

The Committee believes that the current LTIP scorecard –

based on ROCE, EPS growth and relative TSR – continues to

provide an appropriate and balanced assessment of long-

term performance. However, as the Company transitions to

amore focused energy business, the Committee considers it

important that the LTIP better reflects absolute shareholder

value creation in circumstances where DCC delivers sustained,

high-quality returns that may not be fully captured by financial

measures, or a relative TSR measure, alone.

The Committee evaluated a range of alternative approaches

– including a simple increase to the ongoing LTIP opportunity,

the introduction of additional scorecard measures, and

calibrating award opportunities as a fixed number of shares

– before concluding that a targeted absolute TSR multiplier

represented the most effective and proportionate means of

enhancing alignment with shareholder outcomes without

adding unnecessary complexity or diluting the discipline of the

existing scorecard.

101DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

INTRODUCTION CONTINUED

HOW THE KICKER WILL OPERATE

Under the proposal, the existing LTIP scorecard will continue

todetermine a core vesting outcome, assessed over a

three-year performance period, followed by a two-year

post-vesting holding requirement. The Kicker will apply to the

core vesting outcome only if shareholders have received very

strong absolute returns over that same three-year period.

The Kicker opportunity will begin to have value at 12.5% per

annum absolute TSR, which the Committee notes is broadly

equivalent to 60th percentile returns across the FTSE 100 over

comparable periods. To earn the maximum Kicker on any core

award that vests, absolute TSR would need to reach 30% per

annum, which equates broadly to upper-decile FTSE 100

returns. The Kicker will therefore deliver material value only

when shareholders have received exceptional levels of return.

To enable this structure, the Policy maximum LTIP opportunity

for Executive Directors will be increased, without altering the

core LTIP opportunity granted each year. The Policy maxima

would be: Chief Executive 500% of salary (based on a 250%

core award plus up to 250% Kicker), COO 450% (225% core

plus up to 225% Kicker) and CFO 400% (200% core plus up to

200% Kicker). These revised maxima do not change the core

LTIP opportunity levels, which remain at their current levels for

each Executive Director; the increased maxima exist solely to

permit the application of the Kicker where a qualifying

absolute TSR outcome is delivered.

ILLUSTRATIVE VALUE CREATION

The Committee considered the value-for-money implications

of the proposal. Based on an illustrative DCC share price of

approximately £51.75, full vesting under the first cycle of the

Kicker (i.e., for awards granted in November 2026) would

require a share price of approximately £103.50 after three

years, assuming a dividend yield of 4% per annum. This would

represent incremental market capitalisation of approximately

£4.4 billion (or £5.2 billion of value creation, including

dividends). By comparison, the cumulative value of the

maximum Kicker for all eligible participants would represent

approximately 0.2% of the incremental value created.

Modelling indicates that the introduction of the Kicker would

increase target pay for Executive Directors by approximately

12%, which the Committee considers proportionate given that

the Kicker delivers value only when qualifying returns have

been generated for shareholders.

GOVERNANCE AND SAFEGUARDS

The Kicker is subject to robust governance controls. It

operates as a multiplier to the core vesting outcome and

therefore its value is conditional on meaningful performance

under the LTIP’s existing ROCE, EPS and relative TSR

scorecard. Payment would also be subject to the Committee

being satisfied that recorded TSR performance is consistent

with underlying financial performance, ensuring out-

performance is supported by fundamental delivery rather

than transient market conditions. The Committee also retains

discretion to adjust or remove the Kicker where outcomes

would not appropriately reflect the experience of shareholders

or other stakeholders, and existing malus, clawback, deferral

and shareholding requirements will continue to apply in full.

The Kicker is intended to apply to Executive Directors,

members of the DCC Leadership Team and a small number

ofother senior employees with material enterprise-wide

responsibility, recognising the importance of aligned leadership

incentives during transformation.

The Committee believes that a principled exercise of discretion

is essential to ensure that remuneration outcomes appropriately

reflect underlying performance, risk management and the

experience of shareholders and other stakeholders.

In line with the UK Corporate Governance Code, the

Committee retains discretion to adjust incentive outcomes

upwards or downwards, including to reduce formulaic

outcomes, where strict application of the incentive framework

would not appropriately reflect: the quality, sustainability or

composition of financial performance; the manner in which

performance has been delivered, including safety, conduct

and risk management outcomes; the experience of

shareholders, including whether recorded TSR outcomes

have been materially influenced by external factors or

corporate activity; or windfall gains or losses arising from

acquisitions, disposals or other significant transactions.

In respect of the proposed LTIP TSR Kicker, the Committee will

apply particular scrutiny to ensure that any uplift to core LTIP

outcomes is supported by underlying financial delivery and

disciplined capital allocation over the performance period.

Where the Committee considers that recorded absolute TSR

does not appropriately reflect underlying performance or the

experience of shareholders, itmay reduce or eliminate the

impact of the Kicker, notwithstanding the achievement of the

stated TSR thresholds.

Any material exercise of discretion will be clearly explained in

the Remuneration Report to ensure transparency and

accountability to shareholders.

SHAREHOLDER CONSULTATION

Consistent with DCC’s approach to transparent engagement,

the Committee consulted major institutional shareholders

ahead of finalising this proposal. Institutions representing over

60% of the Company’s share capital were invited to provide

feedback on the Kicker’s design. Following this feedback the

vesting range for the Kicker was amended from the original

proposals, with the threshold being increased from 10% p.a.

to12.5% p.a., as now proposed.

As noted elsewhere in this Annual Report, the Board of DCC

announced on 29 April that it had received an unsolicited

approach to acquire the Company. The Committee is satisfied

that the proposed Kicker remains a valid amendment to the

LTIP and notes that even with the increase in share price

observed at the time of writing, no vesting of the Kicker

wouldapply.

102 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

COMPOSITION, MEETINGS AND ATTENDANCE

At the date of this Report, the Committee comprised four

independent Non-Executive Directors: Katrina Cliffe (Chair),

Laura Angelini, Caroline Dowling and Steven Holland. The

Committee met six times during the year. Attendance is set out

in the Corporate Governance Statement on page 85. The

Company Secretary acts as Secretary to the Committee.

PRINCIPAL ACTIVITIES IN THE YEAR

The Committee’s work during the year focused on determining

remuneration outcomes under the Policy, reviewing base

salary and incentive levels for Executive Directors and senior

executives, overseeing remuneration related to significant

transactions (including divestments of DCC Healthcare and

part of DCC Technology), reviewing thestructure of the LTIP

for the financial year ending 31March2027 (and associated

Policy revisions), monitoring remuneration trends and

regulatory developments, and reviewing and approving this

Report.

EXTERNAL ADVICE AND INDEPENDENCE

Ellason advised the Committee on market trends, competitive

positioning and remuneration policy developments and is a

signatory to the Remuneration Consultants Group Code of

Conduct. Ellason received fees of €77,690 in the year ended

31 March 2026 for advice to the Committee on executive

remuneration. Mercer received fees of €1,230 as pension

advisers to the Committee and also provides pension advice

toparts of the Group.

REGULATORY AND VOTING CONTEXT

At the 2025 AGM, the advisory resolution to approve the

Directors’ Remuneration Report received 93% votes in favour

and 7% votes against; 3.3 million votes were withheld.

At the 2024 AGM, the resolution to approve the current

Directors’ Remuneration Policy received 95% votes in favour

and 5% votes against.

The Committee carefully considers shareholder voting

outcomes and feedback when implementing the Policy and

when reviewing the structure of executive remuneration.

The Committee welcomes shareholder input and recognises

shareholders’ right to a meaningful say on pay. At the 2026

AGM, shareholders will vote on (i) an advisory resolution on

thisReport and (ii) a policy resolution relating to the proposed

introduction of the LTIP Kicker.

This Report also explains the Company’s approach to SRD

II-style expectations and UK market practice, reflecting DCC’s

listing context and commitment to transparent engagement.

DCC is an Irish-incorporated company and is not subject to

the UK Companies (Miscellaneous Reporting) Regulations

2018, which mandate Chief Executive pay ratio disclosures.

However, in the interests of transparency and to support

shareholder understanding of pay outcomes in the year,

theCommittee voluntarily discloses the ratio of the

ChiefExecutive’s total remuneration to that of the median

UKemployee.

WORKFORCE AND STAKEHOLDER CONSIDERATIONS

The Committee places emphasis on ensuring that executive

remuneration outcomes and decisions are considered in the

context of broader workforce pay, culture and stakeholder

expectations. During the year, the Committee had regard to:

• Workforce pay trends, including average increases across

major geographies, cost of living considerations and

changes in workforce composition;

• Pay progression and fairness, including the relationship

between fixed pay, variable opportunity and reward

outcomes;

• Insights from the Workforce Engagement Director,

including employee views on remuneration discerned from

engagement surveys and site visits; and

• Gender Pay Gap and diversity reporting.

The Committee uses this information when determining

salaryincreases, assessing the appropriateness of overall

executive pay, and evaluating whether outcomes are fair

andproportionate relative to the experience of the wider

workforce. In particular, the Committee considered the

expected range of workforce increases for the year ending

31March 2027 when determining salary adjustments for

Executive Directors.

More broadly, the Committee reviews how the remuneration

framework supports DCC’s culture and long-term success,

including through meaningful share ownership requirements,

post-employment shareholding rules, and incentive structures

designed to reinforce responsible behaviours, safety

performance and capital discipline.

The Committee also engages with major shareholders on

remuneration matters, particularly where significant changes

are proposed. This year, that activity included seeking

feedback on the Kicker proposal ahead of putting this to a vote

at the 2026 AGM.

The Committee is satisfied that the remuneration framework

continues to promote alignment between executives, the

workforce and shareholders.

COMMITTEE COMPOSITION, ACTIVITIES AND GOVERNANCE

103DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REMUNERATION AT A GLANCE

COMPONENTS OF EXECUTIVE REMUNERATION

Salary, Benefits

andPension

A fair, fixed remuneration

reflecting the executive’s role,

experience and competitive

market practice which attracts

and retains high calibre talent

necessary for thedelivery of

the Group’sstrategy.

FIXED

PAY

Annual Bonus

A variable remuneration

which rewards the

achievement of annual

pre-determined

performance targets,

including Group adjusted

operating profit and

strategic objectives.

SHORT-TERM

INCENTIVE

Executive share plan

An annual award which

aligns the interests of

executives with those of

the Group’s shareholders

and reflects the Group’s

culture of long-term

performance-based

incentivisation.

LONG-TERM

INCENTIVE

TOTAL

PAY

+ + =

READ MORE • FURTHER DETAILS ON REMUNERATION POLICY ARE SET OUT ON PAGE 106.

READ MORE • FURTHER DETAILS ON BONUS OUTCOMES ARE SET OUT ON PAGE 115.

Note 1: Salaries reflect what was paid during the year ended 31 March 2026. For Kevin Lucey, his salary reflects a two-stage adjustment as detailed on page 114.

For Conor Murphy, his salary reflects the period from his appointment date on 10 July 2025 to 31 March 2026.

CHIEF EXECUTIVE

(DONAL MURPHY)

CHIEF OPERATING OFFICER

(KEVIN LUCEY)

CHIEF FINANCIAL OFFICER

(CONOR MURPHY)

Bonus Potential

(200% of Salary of €1,023,075)

Bonus Potential

(200% of Salary of €625,807¹)

Bonus Potential

(150% of Salary of €380,435¹)

Group

Operating

Profit 70%

of Bonus

Potential

Strategic

Objectives

15% of

Bonus

Potential

ESG

Objectives

15% of

Bonus

Potential

Energy

Operating

Profit 70%

of Bonus

Potential

Strategic

Objectives

15% of

Bonus

Potential

ESG

Objectives

15% of

Bonus

Potential

Group

Operating

Profit 70%

of Bonus

Potential

Strategic

Objectives

15% of

Bonus

Potential

ESG

Objectives

15% of

Bonus

Potential

Performance

47%

Performance

15%

Performance

13%

Performance

43%

Performance

15%

Performance

13%

Performance

47%

Performance

15%

Performance

13%

Total Performance

75% of Bonus Potential

150.0% of salary = €1,534,715

Total Performance

71% of Bonus Potential

141.5% of salary = €885,242

Total Performance

75% of Bonus Potential

112.5% of salary = €428,018

1/3 Deferred

and Converted

to DCC Shares

2/3 Paid in Year

1/3 Deferred

and Converted

to DCC Shares

2/3 Paid in Year

1/3 Deferred

and Converted

to DCC Shares

2/3 Paid in Year

This section provides a high-level overview of (i) how executive remuneration is structured, (ii) outcomes in the year ended

31March 2026, and (iii) how remuneration supports delivery of strategy and long-term shareholder interests.

HOW EXECUTIVE PAY IS STRUCTURED

Executive remuneration comprises Fixed Pay (salary, benefits and pension/allowance), an Annual Bonus (short-term

incentive) and the LTIP (long-term incentive). The structure is designed to balance retention and competitiveness with a

clear line of sight to performance and shareholder outcomes, reinforced by deferral and shareholding requirements and

malus/clawback provisions.

ANNUAL BONUS OUTCOME FOR YEAR ENDED 31 MARCH 2026

ANNUAL BONUS OUTCOME

Bonuses in the year ended 31 March 2026 were based 70% on adjusted operating profit and 30% on strategic/ESG

objectives, subject to the ROCE underpin. One-third of any bonus earned is deferred into DCC shares for three years.

104 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

2023 LTIP AWARD OUTCOME BASED ON RESULTS IN THREE-YEAR PERIOD ENDED 31 MARCH 2026

READ MORE • FURTHER DETAILS ON LTIP ARE SET OUT ON PAGE 117.

LTIP OUTCOME

LTIP awards granted in 2023 in respect of the three financial years commencing 1 April 2023 and ending on 31 March 2026

are expected to vest at 65%, subject to formal determination in November 2026. Vesting is based on ROCE (40%), EPS

(40%) and relative TSR (20%). ROCE and EPS were calculated on a continuing basis over the three-year period. There is a

two-year post-vest sale restriction to November 2028 for the Executive Directors.

ROCE

(40%) EPS Growth (40%) TSR Outperformance of FTSE 100 (20%)

Min

11.5%

Max

Extent of vesting

40%

15.5%

Actual: 15.8% Actual: 6%

Actual: NIL

3% Median Upper Quartile9%

Max

Min

25%Extent of vesting

Min

Extent of vesting

CEO

COO

CFO

0 1,000 2,000 3,000 4,000 5,000

Fixed Pay (Salary, Beneﬁts, Pension)

Annual Bonus LT IP

3,886

4,349

2,508

2,284

1,228

2026

2025

2026

2025

2026

105DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION AT A GLANCE CONTINUED

EXECUTIVE DIRECTORS’ TOTAL REMUNERATION (€’000)

READ MORE • FURTHER DETAILS ON TOTAL REMUNERATION ARE SET OUT ON PAGE 114.

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REMUNERATION POLICY REPORT

The Remuneration Committee seeks to ensure:

• that the Group will attract, motivate and retain individuals

ofthehighest calibre;

• that executives are rewarded in a fair and balanced way

fortheir individual and team contributions to the Group’s

performance;

• that executives receive a level of remuneration that is

appropriate to their scale of responsibility and individual

performance;

• that the overall approach to remuneration aligns with the

sectors and geographies within which the Group operates

andthe markets from which it draws its executives; and

• that risk is properly considered in setting remuneration

policyand determining remuneration packages.

The Remuneration Committee takes external advice from

remuneration consultants on market practice within similar-

sized UK-listed and Irish companies to ensure that

remuneration remains competitive and structures continue

tosupport thesekeyremuneration policy objectives.

Benchmarking data is used to inform remuneration decisions,

butdoes not drive changes.

The Committee is mindful of managing any conflicts of

interest. No individual is involved in determining their own

remuneration arrangements.

DCC’s updated Remuneration Policy is set out below. As an

Irish-incorporated company, DCC is not required to comply

withUK regulations that require UK companies to submit their

remuneration policies to a binding shareholder vote. In

addition, following Brexit, requirements under Irish company

law implemented to give effect to SRD II only apply to

companies whose shares are admitted to trading on an

EU-regulated market. However, the Committee recognises the

need for DCC’s remuneration policies, practices and reporting

toreflect best corporate governance practice and has

substantially applied these regulations.

As such, the revised Remuneration Policy will be submitted to

an advisory, non-binding vote at the 2026 AGM, reflecting the

changes outlined in the Introduction and set out in detail on

pages 101 to 102. Subject to shareholder approval, the

Company intends to operate its remuneration arrangements

in line with the proposed new Remuneration Policy from the

date of the 2026 AGM.

The Policy is designed and managed to support a high-

performance and entrepreneurial culture, taking into account

competitive market positioning.

The Board seeks to align the interests of executive Directors

and other senior executives with those of shareholders within

the framework set out in the 2024 UK Corporate Governance

Code (‘the Code’). Central to this Policy is the Group’s belief in

long-term, performance-based incentivisation and the

encouragement of share ownership.

The primary Policy objective is to have overall remuneration

reflect performance and contribution, while maintaining salary

rates and the short-term element of incentive payments that

are broadly in line with arrangements for companies of similar

size, scale and complexity.

DCC’s strategy requires well-designed incentive plans that

reward the creation of shareholder value through organic and

acquisitive growth while maintaining high returns on capital

employed, strong cash generation and a focus on sound risk

management.

The typical elements of the remuneration package for

Executive Directors are base salary, pension and other

benefits, annual performance-related bonuses and

participation in long-term performance plans, which promote

the creation of sustainable shareholder value.

106 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

BASE SALARY

ELEMENT AND

LINKTOSTRATEGY OPERATION MAXIMUM OPPORTUNITY

To reward sustained

contribution.

Base salaries are reviewed annually on 1 April.

The factors taken into account include:

• Role and experience

• Company performance

• Personal performance

• Competitive market practice

• Salary increases across the Group

• Benchmarking versus companies of similar size and

complexity within the UK and Irish markets

When setting pay policy, account is taken of movements

in pay generally across the Group.

There is no prescribed maximum base

salary or maximum annual increase.

The general intention is that any

increases will align with the increase

across the Group’s workforce.

Increases may be higher in certain

circumstances, such as role and

responsibility changes or significant

market practice changes.

BENEFITS

ELEMENT AND

LINKTOSTRATEGY OPERATION MAXIMUM OPPORTUNITY

To provide market

competitive benefits.

Benefits include the use of a company car, life/disability

cover, health insurance and club subscriptions.

No maximum level has been set as

payments depend on individual

circumstances.

PENSION

ELEMENT AND

LINKTOSTRATEGY OPERATION MAXIMUM OPPORTUNITY

To reward sustained

contribution.

The Executive Directors are eligible to participate in a

defined contribution pension scheme (or receive cash in

lieu of contributions to a defined contribution pension

scheme).

Pension contributions (paid into the

defined contribution scheme or paid

ascash in lieu) for existing Executive

Directors are capped at 15% of base

salary, in line with the broader

workforce.

Newly appointed Executive Directors

willreceive pension contributions in

linewith the broader workforce.

Pensionable salary is defined as

basesalary.

107DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REMUNERATION POLICY REPORT

CONTINUED

ANNUAL BONUS

ELEMENT AND

LINKTOSTRATEGY OPERATION MAXIMUM OPPORTUNITY

To reward the

achievement of

annual performance

targets.

Bonus payments to Executive Directors are based upon

meetingpre-determined targets for several key

measures, including, for example, Group adjusted

operating profit and overall contribution and attainment

of strategic objectives. The strategic targets focus on

areas such as delivery of strategy, organisational

development, IT, investor relations, financing, risk

management, sustainability/ESG and talent

development/succession planning.

The measures, their weighting and the targets are

reviewed annually.

The Committee determines bonus levels based on actual

performance after the year end. The Committee can

apply appropriate discretion in specific circumstances

regarding determining the bonuses to be awarded. In

particular, the Committee has the discretion to reduce

bonuses if a pre-determined target return on capital

employed is not achieved.

Regarding the Executive Directors, 33% of any bonus

earned, once the appropriate tax and social security

deductions have been made, will be invested in DCC

shares and made available to them, with accrued

dividends, after three years or earlier if their employment

terminates.

A formal clawback policy is in place for the Executive

Directors, under which bonuses are subject to clawback

forthree years in the event of a material restatement of

financial statements or other specified events. Further

details on the clawback policy are set out on page 109.

The Committee has discretion in relation to bonus

payments tojoiners and leavers.

The maximum bonus potential for the

Executive Directors permitted under

the Policy is 200% of base salary.

The Remuneration Committee will set

amaximum to apply for each

financial year, which will be disclosed

annually in the Remuneration Report.

A defined target level of performance

has been set for which 50% of the

maximum bonus is payable.

108 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

LONG-TERM INCENTIVE PLAN (‘LTIP’)

ELEMENT AND

LINKTOSTRATEGY OPERATION MAXIMUM OPPORTUNITY

To align the interests

of executives with

those of theGroup’s

shareholders andto

reflect theGroup’s

cultureof long-term

performance-based

incentivisation.

The LTIP provides for the Remuneration Committee to

grant nominal cost (€0.25) options to acquire shares

toGroup employees, including Executive Directors.

The vesting period is typically three years from the date

ofgrant, with the extent of vesting being determined

over three years, based on the performance conditions

set out annually in the Remuneration Report.

The Executive Directors have a two-year hold period as

apost-vest sale restriction.

In addition to the detailed performance conditions, an

award will not vest unless the Remuneration Committee

issatisfied thatthe Company’s underlying financial

performance has shown a sustained improvement

inthethree-year period sincethe award date.

Vesting will be determined by the Remuneration

Committee, inits absolute discretion, based on the

performance conditions set out annually in the

Remuneration Report.

No re-testing of the performance conditions is permitted.

The performance conditions and their relative weighting

may be modified by the Remuneration Committee in

accordance with the Rules of the LTIP, provided that they

remain no lesschallenging and are aligned with the

interests of theCompany’sshareholders.

A formal Malus and Clawback Policy is in place, under

which awardsare subject to clawback in the event of a

material restatement offinancial statements or other

specified events, including corporate failure. Further details

on this Malus and Clawback Policy aresetout below.

The market value of the shares

subject to the options granted in

respect of any accounting period may

not normally exceed 500% of salary,

with 250% being the limit of the core

award and a further 250% being the

limit of a TSR Kicker which acts as a

multiplier to the core awardand which

vests according to absolute TSR of

between 12.5% p.a. and 30% p.a.

PAYMENTS FROM EXISTING AWARDS

Subject to the achievement of the applicable performance conditions, Executive Directors are eligible to receive payment from

any award made prior to the approval and implementation of the Remuneration Policy detailed in this Report.

MALUS AND CLAWBACK POLICY

Bonus payments may be subject to clawback for three years from payment in certain circumstances, including:

• a material restatement of the Company’s audited financial statements;

• a material breach of applicable health and safety regulations;

• business or reputational damage to the Company or a subsidiary arising from a criminal offence, serious misconduct or

grossnegligence by the individual executive; or

• corporate failure.

The Committee considers the 3-year timeframe over which clawback may apply to be appropriate as it reflects the period in

which the Group’s processes and systems are likely to identify any occurrence of the key trigger events.

The LTIP allows the Remuneration Committee to reduce or impose further conditions on awards prior to vesting in some

circumstances asoutlined above.

No circumstances arose during the year under review to which the Company’s Malus and Clawback Policy would apply.

109DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REMUNERATION POLICY REPORT

CONTINUED

REMUNERATION POLICY FOR RECRUITMENT OF NEW EXECUTIVE DIRECTORS

In determining the remuneration package for a new Executive Director, the Remuneration Committee would be guided by the

principle ofoffering such remuneration as is required to attract, retain and motivate a candidate with the particular skills and

experience required for a role, provided the remuneration package offered is in the best interests of the Company and its

shareholders. The Remuneration Committee will generally set a remuneration package in accordance with the terms of the

approved Remuneration Policy in force at the time of the appointment. However, the Committee may make payments outside the

Policy if required in particular circumstances and ifin the Company’s and shareholders’ best interests.

Any such payments related to the buyout of variable pay (bonuses or awards) from a previous employer will be based on

matching the estimated fair value of that variable pay and will take account of the performance conditions and the time until

vesting of that variable pay.

For an internal appointment, any variable pay element awarded in respect of the prior role and any other ongoing remuneration

obligations existing prior to appointment would be honoured.

REMUNERATION POLICY FOR OTHER EMPLOYEES

While the Remuneration Committee’s specific oversight of individual executive remuneration packages extends only to the

Executive Directors and a number of senior Group executives, it aims to create a broad policy framework, to be applied by

management to senior executives throughout the Group, through its oversight of remuneration structures for other Group and

subsidiary senior management and of any major changes in employee benefits structures throughout the Group.

DCC employs 11,700 people in 16 countries. Remuneration arrangements across the Group differ depending on the specific role

beingundertaken, the industry in which the business operates, the level of seniority and responsibilities, the location of the role and

localmarket practice.

CONSULTATION WITH EMPLOYEES

The Remuneration Committee considers wider company pay policies at various meetings throughout the year. The Committee

considers these and broader pay practices and trends when making Executive Directors’ compensation decisions. The Annual

Report sets out the relationship between Executive Director pay and Group employees’ average remuneration and how Executive

Directors’ salary increases, and pension contributions align with the broader workforce. A copy of the Annual Report is issued to

every business in the Group. Internal communication events, such as town halls, then allow employees to raise any questions that

they may have on this and other issues.

Each Group business is responsible for engaging with their respective workforces in relation to remuneration. The Committee

believes such an approach is suitable in light of DCC’s operating model. However, the Committee has oversight of workforce pay

andpolicies at a Group level and at a business unit executive level, which enables it to ensure that the approach taken to executive

remuneration is consistent with those workforces.

CONSULTATION WITH SHAREHOLDERS

The Committee engages in dialogue with major shareholders on remuneration matters, particularly in relation to planned

significant changes to the Policy. The Committee also takes into account the views of shareholder organisations and proxy

votingagencies.

The Committee acknowledges that shareholders have a right to a ‘say on pay’ by putting the Remuneration Report and the

Remuneration Policy, as required, to advisory votes at the AGM.

110 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

EXIT PAYMENTS POLICY

The provisions on exit in respect of each of the elements of pay are as follows:

Salary and Benefits

Exit payments are made only in respect of base salary for the relevant notice period. The Committee may, at its discretion, also

allow for the payment of benefits (such as payments in lieu of defined contribution pension) for the notice period. The notice

period applies to both the Company and the executive in all cases.

Annual Bonus

The Remuneration Committee can apply appropriate discretion in determining the bonuses to be awarded based on actual

performance achieved and the period of employment during the financial year.

In relation to deferred bonuses which have been invested in DCC shares, they will be made available on the participant’s cessation

date, together with accrued dividends.

Long-Term Incentive Plan

To the extent that a share award or option has vested on the participant’s cessation date, the participant may exercise the share

award or option during a specified period following such a date. In no event may the share award or option be exercised later

than the expiry date as defined in the award certificate.

Generally, a share award or option that has not vested on the participant’s cessation date immediately lapses.

The Committee would typically exercise its discretion when dealing with a participant who ceases to be an employee because of

certain exceptional circumstances e.g. death, injury or disability, redundancy, retirement or any other exceptional circumstances.

In such circumstances, any share award or option that has not already vested on the participant’s cessation date would be eligible

for vesting on a date determined by the Remuneration Committee. The number of shares, if any, in respect of which the share

award or option vests would be determined by the Remuneration Committee.

The approach for ‘good leavers’ is to pro-rate awards based on time served as a proportion of the three-year vesting period.

The extent of vesting under the performance conditions will be determined in the usual way at the end of the three-year

vestingperiod.

If a participant ceases to be an employee due to termination of his employment for serious misconduct, each share award and

option held by the participant, whether or not vested, will automatically lapse immediately upon the service of notice of such

termination, unlessthe Committee in its sole discretion, determines otherwise.

Pension

The rules of the Company’s defined contribution pension scheme contain detailed provisions in respect of the termination of

employment.

SERVICE CONTRACTS

Donal Murphy has a service agreement with the Company with a notice period of six months. This service agreement provides

that either he or the Company could terminate his employment by giving six months’ notice in writing. At its sole discretion, the

Company may require that Mr Murphy ceases employment immediately instead of working out the notice period, in which case he

would receive compensation in the form of base salary only in respect of the notice period. The service contract also provides for

summary termination (i.e. without notice) in a number of circumstances, including material breach or grave misconduct. The

service agreement does not include any provisions for compensation due to loss of office, other than the notice period provisions

set out above.

Both Kevin Lucey and Conor Murphy have a letter of appointment which provides for a six-month notice period. This letter of

appointment provides that either they or the Company could terminate their employment by giving six months’ notice in writing.

At its sole discretion, the Company may require that the executive ceases employment immediately instead of working out the

period of notice, inwhich case he would receive compensation in the form of base salary only in respect of the notice period. The

letter of appointment also provides for summary termination (i.e. without notice) in a number of circumstances, including material

breach or grave misconduct. Theletter of appointment does not include any provisions for compensation for loss of office, other

than the notice period provisions setout above.

111DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SHARE OWNERSHIP GUIDELINES

DCC’s Remuneration Policy has at its core a recognition that the spirit of ownership and entrepreneurship is essential to creating

long-term high performance. DCC also acknowledges that share ownership is important in aligning the interests of Executive

Directors and other senior Group executives with those of shareholders.

A set of share ownership guidelines is in place under which the Chief Executive, other Executive Directors and other senior Group

executives are encouraged to build, over a five-year period from appointment, a shareholding in the Company with a valuation

relative tobase salary as follows:

EXECUTIVE

SHARE OWNERSHIP GUIDELINE (MULTIPLE OF BASE SALARY)

Chief Executive 3x

Other Executive Directors 2x

Senior Group Executives 1x

POST-EMPLOYMENT SHARE OWNERSHIP REQUIREMENTS

In accordance with the requirements of Provision 36 of the UK Corporate Governance Code, the Remuneration Committee

introduced Post-Employment Share Ownership Requirements under which the Chief Executive and other Executive Directors are

required, after leaving the Group, including through retirement, to maintain a shareholding in the Company for a two-year period,

as below:

EXECUTIVE

RATIO OF SHARE OWNERSHIP TO BASE SALARY

Chief Executive 3x

Other Executive Directors 2x

Base salary will be the Director’s base salary in effect at the date of ceasing employment.

For the purposes of these Requirements, share ownership will include shares, vested share options, unvested options no longer

subject to performance conditions, deferred bonus share awards, restricted stock awards and any other vested or unvested

share awards made under incentive plans operated by the Company which are not subject to performance conditions.

Shares held by a Director’s spouse and/or minor children and shares held in any trust for the benefit of the Director and/or their

spouse and minor children will be counted towards the share ownership requirement.

The valuation of the shareholdings in the Company will be reviewed at the end of each year based on the closing market price

ofthe Company’s shares. If the required ratio fails to be met due to factors other than a decrease in the market price of the

Company’s shares, the Director will be allowed an additional period of 12 months or such other period as the Remuneration

Committee may determine, to bring the shareholding back to the required level.

POLICY ON EXTERNAL BOARD APPOINTMENTS

Executive Directors may accept external non-executive directorships with the Board’s prior approval. The Board recognises the

benefitsthat such appointments can bring to the Company and the Director in terms of broadening their knowledge and

experience. TheExecutive Directors may retain the fees received for such roles.

None of the Executive Directors hold any external board appointments.

POLICY FOR NON-EXECUTIVE DIRECTORS

FEES OPERATION MAXIMUM OPPORTUNITY

The fees paid to non-executive Directors

reflect their experience and ability and the

time demands of their Board and Board

Committee duties. A basic non-executive

Director fee is paid for Board

membership. Additional fees are paid to

the chairs of Board Committees, to the

Board Chair, tothe Senior Independent

Director and tothe Workforce

Engagement Director. Additional fees may

be paid in respect ofCompany advisory

boards.

The remuneration of the Board Chair is

determined by the Remuneration Committee

for approval by the Board. The Board Chair

absents himself from the Committee meeting

while this matter is being considered. The

remuneration of the other non-executive

Directors is determined by the Board Chair

and the Chief Executive for approval by

theBoard. The fees are reviewed annually,

taking account of any changes in

responsibilities and the level of fees inarange

of comparable Irish and UKcompanies.

No prescribed maximum annual increase.

In accordance with the Articles of

Association, shareholders set the maximum

aggregate ordinary remuneration (basic

fees, excluding chair fees and additional

fees). The current limit of €950,000 was

set at the 2023 AGM. Non-executive

Directors donot participate in the

Company’s LTIP orreceive any pension

benefits from theCompany.

REMUNERATION POLICY REPORT

CONTINUED

112 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

NOTES

MINIMUM PERFORMANCE COMPRISES

• Fixed pay – base salary, benefits and retirement

benefitexpense.

• No annual bonus payout.

• No LTIP vesting.

MEDIAN PERFORMANCE COMPRISES

• Fixed pay – base salary, benefits and retirement

benefitexpense.

• 50% annual bonus payout, i.e. 100% of salary

forCEO and COO and 75% for CFO.

• 50% vesting of core LTIP award i.e. 125% of

salary for CEO, 112.5% of salary for COO and

100% of salary forCFO.

MAXIMUM PERFORMANCE

(CONSTANT SHARE PRICE) COMPRISES

• Fixed pay – base salary, benefits and retirement

benefit expense.

• 100% annual bonus payout, i.e. 200% of salary

for CEO and COO and 150% for CFO.

• 100% vesting of core LTIP award, i.e. 250% of

salary for CEO,225% of salary for COO and

200% of salary forCFO.

MAXIMUM PERFORMANCE

(SHARE PRICE + 50%) COMPRISES

• Fixed pay – base salary, benefits and retirement

benefitexpense.

• 100% annual bonus payout, i.e. 200% of salary

for CEO and COO and 150% for CFO.

• 100% vesting of the core LTIP award and a c.1.11x

TSR kicker, with LTIP awards also reflecting a

50% increase in share price over the

performance period. Under this scenario, the

TSR kicker does not fully vest as this would

require the share price to grow by c.120%

(assuming no dividends) over the 3-year

performance period.

DONAL MURPHY, CHIEF EXECUTIVE

Minimum

€

Median Maximum

(constant

share price)

Maximum

(share price

+50%)

100%

€1.31m

€3.71m

€6.10m

€7.88m

35%

29%

36%

21%

44%

35%

17%

56%

27%

8.0m

7.0m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

Fixed

Long-Term Incentive Plan

Annual Bonus

KEVIN LUCEY, CHIEF OPERATING OFFICER

Minimum

€

Median Maximum

(constant

share price)

Maximum

(share price

+50%)

100%

€0.80m

€2.20m

€3.61m

€4.60m

36%

30%

34%

22%

41%

37%

17%

54%

29%

8.0m

7.0m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

Fixed

Long-Term Incentive Plan

Annual Bonus

CONOR MURPHY, CHIEF FINANCIAL OFFICER

Minimum

€

Median Maximum

(constant

share price)

Maximum

(share price

+50%)

100%

€0.65m

€1.60m

€2.56m

€3.29m

40%

26%

34%

25%

43%

32%

20%

55%

25%

8.0m

7.0m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

Fixed

Long-Term Incentive Plan

Annual Bonus

NON-EXECUTIVE DIRECTORS’ LETTERS OF APPOINTMENT

The terms and conditions of appointment of non-executive Directors are set out in their letters of appointment. The letters of

appointment are available for inspection at the Company’s registered office during normal office hours and at the AGM of

theCompany.

SCENARIO CHARTS

Set out below is an illustration of the potential future remuneration that each Executive Director could receive for the year ending

31March 2027 at minimum, median and maximum performance (assuming (i) a constant share price and (ii) an uplift of 50% in

theshareprice). As the Directors are paid in euro, the Remuneration Committee considers it appropriate that the figures disclosed

in this Report continueto be presented in euro.

113DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REPORT ON REMUNERATION FOR THE YEAR ENDED 31 MARCH 2026

This section sets out how the Policy operated during the year ended 31 March 2026 and the basis on which outcomes were

determined. Additional information on, for instance, pay ratios and LTIP interests, are included later in this Remuneration Report.

TOTAL REMUNERATION

REMUNERATION OUTCOMES FOR THE YEAR ENDED 31 MARCH 2026

The table below sets out the total remuneration and breakdown of the elements received by each Executive Director in relation to

the year ended 31 March 2026, together with prior year comparatives. An explanation of how the figures are calculated follows

the table.

EXECUTIVE DIRECTORS’ REMUNERATION DETAILS

SALARY BENEFITS

RETIREMENT

BENEFITEXPENSE

BONUS LTIP

TOTAL

SUB-

TOTAL OF

FIXED PAY

SUB-

TOTAL OF

VARIABLE

PAY

SUB-

TOTAL OF

FIXED PAY

SUB-

TOTAL OF

VARIABLE

PAY

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2026

€’000

2025

€’000

2025

€’000

Donal

Murphy

1,023 984 87 87 153 148 1,535 1,928 1,088 1,202 3,886 4,349

1,263 2,623 1,219 3,130

Kevin

Lucey

626 578 45 40 88 81 885 1,134 640 675 2,284 2,508

759 1,525 699 1,809

Conor

Murphy

380 – 34 – 48 – 428 – 338 – 1,228 –

462 766

– –

2,029 1,562 166 127 289 229 2,848 3,062 2,066 1,877 7,398 6,857

2,484 4,914 1,918 4,939

1. Conor Murphy was appointed as CFO and to the Board on 10 July 2025; his remuneration set out in the table above relates to the period 10 July 2025 to 31 March 2026.

Fixed remuneration comprises Salary, Benefits and Retirement Benefit Expense. Variable remuneration comprises Bonus and

LTIP. Theproportion of fixed and variable remuneration for the year ended 31 March 2026 was 33:67 for Donal Murphy (CEO)

and Kevin Lucey (COO) and 38:62 for Conor Murphy (CFO).

SALARY

Salaries for the year ended 31 March 2026 were as previously disclosed in the 2025 Annual Report and reflected annual review

outcomes and role changes.

• Donal Murphy (CEO): €1,023,075 (from 1 April 2025; +4% vs prior year).

• Kevin Lucey (COO): €601,615 (from 1 April 2025; +4% vs prior year), increasing to €635,000 from 10 July 2025 on

appointment as COO (+5.5% on appointment).

• Conor Murphy (CFO): €525,000 from appointment on 10 July 2025.

BENEFITS

Executive Directors receive a range of standard benefits consistent with their roles and reflective of market practice. These

include the use of a company car or a cash car allowance, life and disability insurance, private medical insurance and club

subscriptions. The value of these benefits depends on individual circumstances and is reflected in the table above. No aspect of

the benefits package is performance-related.

RETIREMENT BENEFIT EXPENSE

Retirement benefit expenses for the Executive Directors reflect the cost to the Company of providing pension benefits or, where

applicable, a cash allowance in lieu of pension contributions.

For the year ended 31 March 2026, the Chief Executive received a cash allowance equal to 15% of base salary. The COO

participated in a defined contribution pension arrangement, under which employer contributions were 14% of base salary. The

CFO received a cash allowance equivalent to a 14% employer pension contribution rate.

These arrangements are consistent with the Company’s policy that Executive Director retirement benefits should be aligned, over

time, with those available to the wider workforce.

REPORT ON REMUNERATION FOR

THE YEAR ENDED 31 MARCH 2026

114 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

BONUS

In the year ended 31 March 2026, annual bonuses operated in line with Policy, with maximum opportunities of 200% of salary for

the Chief Executive and COO and 150% of salary for the CFO. One-third of any bonus earned (net of tax) is deferred into DCC

shares for three years. Bonus outcomes were based 70% on Group adjusted operating profit and 30% on strategic and ESG

objectives for the Chief Executive and CFO. For the COO, the financial element was based on DCC Energy adjusted operating

profit, with the remaining 30% based on strategic and ESG objectives. Outcomes are also subject to a minimum ROCE underpin.

PERFORMANCE AGAINST FINANCIAL TARGETS IN YEAR ENDED 31 MARCH 2026

TARGET

MINIMUM

(BELOW WHICH

NIL PAYOUT)

MAXIMUM

(FULL PAYOUT) RESULT

Growth in Group adjusted operating profit for bonus calculations 1% 7% 5.0%

Growth in DCC Energy adjusted operating profit for bonus calculations 1% 7% 4.7%

PERFORMANCE AGAINST NON-FINANCIAL TARGETS IN YEAR ENDED 31 MARCH 2026

CHIEF EXECUTIVE | DONAL MURPHY

CATEGORY OBJECTIVE MEASURE OF SUCCESS OUTCOME

Strategic

Objectives

Maximum of 15%

bonus payable

Deliver Group simplification strategy Sale of DCC Healthcare and return of capital to

shareholders

Sale of Info Tech

Strategic plan for single sector energy business Establish UK organisation structure

Establish organisation structure for Energy Services

Restructure Leadership Team Establish DCC Leadership Team

Drive the digitisation of the Group Roadmap for use of data across the Group

Roll-out of AI optimisation projects

ESG Objectives

Maximum of 15%

bonus payable

Reduce Scope 1 and 2 carbon emissions in line with the

Group’s overall reduction target

Scope 1 and 2 KtCO

Provide visible leadership and demonstrate continuous

improvement on safety

Organised safety tours in Group businesses

Lost time injury frequency rate (‘LTIFR’)

Continue to drive a positive work culture Employee engagement

Drive Group-wide improvement in closing internal audit

actions on time.

Rate of internal audit actions closed on time

CHIEF OPERATING OFFICER | KEVIN LUCEY

CATEGORY OBJECTIVE MEASURE OF SUCCESS OUTCOME

Strategic

Objectives

Maximum of 15%

bonus payable

Deliver Group simplification strategy Sale of DCC Healthcare and return of capital to

shareholders

Sale of Info Tech

Strategic plan for single sector energy business Establish UK organisation structure

Establish organisation structure for Energy Services

Support Chief Executive in restructuring

LeadershipTeam

Establish DCC Leadership Team

Drive the digitisation of the Group Roadmap for use of data across the Group

Roll-out of AI optimisation projects

ESG Objectives

Maximum of 15%

bonus payable

Reduce Scope 1 and 2 carbon emissions in line with the

Group’s overall reduction target

Scope 1 and 2 KtCO

Provide visible leadership and demonstrate continuous

improvement on safety

Organised safety tours in Group businesses

Lost time injury frequency rate (‘LTIFR’)

Continue to drive a positive work culture Employee engagement

Drive Group-wide improvement in closing internal audit

actions on time.

Rate of internal audit actions closed on time

Fully Met Partially Met Not Met

115DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

CHIEF FINANCIAL OFFICER | CONOR MURPHY

CATEGORY OBJECTIVE MEASURE OF SUCCESS OUTCOME

Strategic

Objectives

Maximum of 15%

bonus payable

Deliver Group simplification strategy Sale of DCC Healthcare and return of capital to

shareholders

The disposal of Info Tech business

Review Group financing Update plans for Group’s future financing

Strategic plan for single sector energy business Evolution of Group reporting to focus on

energysector

Support UK organisation structure

Establish new Finance Leadership Team New DCC Energy Finance Leadership Team in place

ESG Objectives

Maximum of 15%

bonus payable

Reduce Scope 1 and 2 carbon emissions in line with the

Group’s overall reduction target

Scope 1 and 2 KtCO

Provide visible leadership and demonstrate continuous

improvement on safety

Organised safety tours in Group businesses

Lost time injury frequency rate (‘LTIFR’)

Continue to drive a positive work culture Employee engagement

Drive Group-wide improvement in closing internal audit

actions on time.

Rate of internal audit actions closed on time

Fully Met Partially Met Not Met

COMMITTEE’S REVIEW AND CONCLUSION OF PERFORMANCE

While Group Adjusted Operating Profit and DCC Energy Adjusted Operating Profit increased by 3.6% and 3.5% respectively on a

reported basis, the outturns were negatively impacted by the prior year comparatives which included DCC Energy’s business in

Hong Kong & Macau which was disposed of in the prior year. Accordingly, to calculate profit growth on a consistent and like-for-

like basis and to maintain the intention of the original targets, an adjustment was made on a purely formulaic non-discretionary

basis, giving a revised growth in Group adjusted operating profit and DCC Energy adjusted operating profit of 5% and 4.7%

respectively.

The Committee reviewed the final outcomes in the context of overall Group performance, achievement of the ROCE underpin

and relevant risk considerations (including safety performance). After completing this review, the Committee concluded that no

additional discretion should be applied beyond any formulaic plan adjustments.

RESULTANT BONUS PAYOUTS FOR PERFORMANCE IN YEAR ENDED 31 MARCH 2026

The resultant bonus payout levels for the year ended 31 March 2026 were therefore calculated as follows:

CEO COO CFO

COMPONENT % OF MAX % OF SALARY % OF MAX % OF SALARY % OF MAX % OF SALARY

Adjusted Operating Profit 67.2% 94.0% 61.0% 85.5% 67.2% 70.5%

Strategic and ESG Performance 93.3% 56.0% 93.3% 56.0% 93.3% 42.0%

TOTAL 75.0% 150.0% 71.0% 141.5% 75.0% 112.5%

LTIP: VESTING OF 2023 AWARDS

LTIP awards granted in 2023 were assessed over the three-year period ended 31 March 2026 against the established scorecard

of ROCE (40%), EPS growth (40%) and relative TSR (20%). ROCE targets include the impact of IFRS 16 leases, and ROCE and EPS

are calculated on a continuing basis over the performance period using the same methodology applied in prior years.

The Committee expects vesting of the FY23 award to be 65%, subject to formal determination in November 2026. The TSR

component is expected to be 0% as a result of TSR being below median. The earliest exercise date will be November 2026 and

atwo-year post-vest sale restriction applies to November 2028.

REPORT ON REMUNERATION FOR

THE YEAR ENDED 31 MARCH 2026 CONTINUED

116 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

2023 LTIP PERFORMANCE CRITERIA AND EXPECTED VESTING LEVELS

The extent of vesting of these awards is as set out in the table below.

PERFORMANCE

CONDITION

% OF

TOTAL AWARD

(POTENTIAL) VESTING RULE

THRESHOLD

TARGET

MAXIMUM

TARGET

ACTUAL

PERFORMANCE

VESTING

LEVEL

ROCE

1,2

40% Threshold vesting is 25% of maximum, with

vesting determined on a straight-line basis

between 25% and100% for performance

between threshold andmaximum.

11.5% 15.5% 15.8% 40%

EPS growth

40% 3% p.a. 9% p.a. 6% 25%

TSR 20% Median of

FTSE100

Upper quartile

of FTSE100

Below median 0%

TOTAL VESTING 65%

1. ROCE targets include the impact of IFRS 16 Leases.

2. ROCE and EPS were calculated on a continuing basis over the three-year period.

The LTIP value shown in the table on page 114 is based on the vesting percentage and the share price at 31 March 2026, net of the

exercise cost. The Committee considered whether an adjustment should be applied to reflect any windfall gains and concluded

that no such adjustment was required. The Committee also considered the impact of the share buyback and tender offer

undertaken by the Company in the year ended 31 March 2026 on EPS over the three-year performance period. The Committee

was satisfied that no material benefit was derived and therefore no adjustment should be made.

LTIP: GRANTS IN 2025

LTIP awards granted in November 2025 in respect of the performance period 1 April 2025 to 31 March 2028 were made under

the 2021 LTIP at face values of 250% (Chief Executive), 225% (COO) and 200% (CFO) of salary.

LTIP GRANTS IN THE YEAR ENDED 31 MARCH 2026 AND RELATED PERFORMANCE CRITERIA

EXECUTIVE

DIRECTOR DATE OF GRANT

% OF

SALARY

MARKET PRICE

AT DATE OF

AWARD

NUMBER

OF SHARES

FACE VALUE

OF AWARD

£’000

% VESTING

ATTHRESHOLD

PERFORMANCE

VESTING DETERMINED BY

PERFORMANCEPERIOD

CEO 13 November 2025 250% £48.40 46,625 £2,256 25% Three years to 31 March

2028, with a 2-year

post-vest sale restriction

COO 13 November 2025 225% £48.40 26,045 £1,261 25%

CFO 13 November 2025 200% £48.40 19,141 £926 25%

The extent of vesting of these awards will be determined in accordance with the table below.

PERFORMANCE

CONDITION

% OF TOTAL AWARD

(POTENTIAL) VESTING RULE THRESHOLD TARGET MAXIMUM TARGET

ROCE

40% Threshold vesting is 25% of maximum, with

vesting determined on a straight-line basis

between 25% and 100% for performance

between threshold andmaximum.

10.5% 15.0%

EPS growth 40% 3% p.a. 9% p.a.

TSR 20% Median of FTSE 100 Upper quartile of FTSE 100

1. ROCE targets include the impact of IFRS 16 Leases. Details of previous year’s awards are set out on page 122.

PAYMENT FOR LOSS OF OFFICE

No payments for loss of office and no payments to past Directors were made during the year.

NON-EXECUTIVE DIRECTORS’ REMUNERATION DETAILS

The remuneration paid to the non-executive Directors for the year ended 31 March 2026 is set out below. Non-executive

Directors were paid a basic fee, with additional fees paid to the Board Chair, Board Committee Chairs, the Senior Independent

Director and the Workforce Engagement Director.

BASIC FEE OTHER FEES

TOTAL

2026

€’000

2025

€’000

2026

€’000

2025

€’000

2026

€’000

2025

€’000

Mark Breuer 95 91 318 287 413 378

Laura Angelini 95 91 – – 95 91

Katrina Cliffe 95 91 17 12 112 103

Caroline Dowling 95 91 21 21 116 112

Steven Holland

95 66 – – 95 66

David Jukes

– 26 – 5 – 31

Lily Liu 95 91 – – 95 91

Alan Ralph 95 91 20 20 115 111

Mark Ryan 95 91 13 13 108 104

TOTAL 760

729 389 358 1,149 1,087

1. Other fees include Chair, Committee Chair, Senior Independent Director

andWorkforce Engagement director fees.

2. All the above fees are considered fixed remuneration under the Shareholder

Rights Directive II.

3. Steven Holland joined the Board on 11 July 2024.

4. David Jukes retired from the Board on 11 July 2024

5. Compares to the current shareholder limit of €950,000.

117DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SALARY

For the year ending 31 March 2027, the Committee agreed salary increases of 4% to each of the Chief Executive, COO and CFO.

In determining these changes, the Committee considered retention and leadership continuity at a time of significant strategic

change and the expected range of workforce increases (c.2%–4%) for the same period.

The Committee noted that the CFO’s salary remains below market median. The Committee will keep this under review, and any

future increases above the workforce average (if any) will be performance-based, market-supported and fully explained.

BENEFITS

Benefits payable to the Executive Directors for the year ending 31 March 2027 include the use of a company car and related costs,

life/disability cover, health insurance and club subscriptions.

RETIREMENT BENEFIT EXPENSE

Donal Murphy’s retirement benefits comprise a cash allowance, paid in lieu of contributions to a defined contribution pension plan,

at a rate of 15% of base salary. Kevin Lucey is entitled to contributions to a defined contribution pension plan at a rate of 14% of

base salary. Conor Murphy’s retirement benefits comprise a cash allowance, paid in lieu of a 14% contribution to a defined

contribution pension plan.

BONUS

Maximum opportunities remain unchanged for the year ending 31 March 2027: 200% of salary for the Chief Executive and COO

and 150% for the CFO. The 70/30 split between financial and strategic objectives remains, with the CEO and CFO’s financial

measure based on Group performance and the COO’s financial measure based on DCC Energy performance. The ROCE

underpin and the Committee’s discretion to moderate outcomes remain in place.

LTIP

LTIP grant levels are expected to remain up to 250% (Chief Executive), 225% (COO) and 200% (CFO) of salary for the core award,

measured over three years with a two-year post-vest holding period. Performance measures remain ROCE 40%, EPS 40% and

relative TSR 20%. Subject to shareholder approval, the LTIP will incorporate the absolute TSR Kicker described in detail in the

Chair’s Introduction on pages 101 to 103.

LTIP awards granted in 2026 will be subject to the performance criteria set out in the table below.

PERFORMANCE

CONDITION

% OF TOTAL AWARD

(POTENTIAL) VESTING RULE THRESHOLD TARGET MAXIMUM TARGET

ROCE

40% Threshold vesting is 25% of

maximum, with vesting determined

on a straight-line basis between 25%

and 100% for performance between

threshold andmaximum.

10.5% 15.0%

EPS growth 40% 3% p.a 9% p.a

TSR 20% Median of FTSE 100 Upper quartile of FTSE 100

1. ROCE targets include the impact of IFRS 16 Leases.

NON-EXECUTIVE DIRECTOR FEES

Fee changes for the year ending 31 March 2027 are set out in the table below. The basic fee and Chair fee will increase by 4%. The

Audit and Remuneration Committee Chair fees as well as the Senior Independent Director fee will increase by 10%.

TOTAL FEE

YEAR ENDING

31 MARCH 2027

TOTAL FEE

YEAR ENDING

31 MARCH 2026

Chair Fee €429,018 €412,517

Basic Fee €98,425 €94,640

Additional Fees:

Audit Committee Chair Fee €22,000 €20,000

Remuneration Committee Chair Fee €18,700 €17,000

Senior Independent Director Fee €23,100 €21,000

Workforce Engagement Director Fee €13,500 €13,500

EXPECTED APPLICATION OF REMUNERATION POLICY IN

THE YEAR ENDING 31 MARCH 2027

118 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

PAY RATIOS

For the year ended 31 March 2026, the ratio of the Chief Executive’s total remuneration to the median UK employee’s total

remuneration was 69 times. The ratio of Chief Executive total remuneration to the average employee across the Group was

56times.

These ratios primarily reflect:

• Changes in variable pay outcomes, with higher (or lower) annual bonus and LTIP vesting directly affecting the Chief

Executive’s total remuneration relative to employees whose pay is more heavily weighted toward fixed elements;

• Normal workforce pay progression, including increases across major geographies and differences in workforce composition

following the divestments in DCC Healthcare and part of DCC Technology; and

• The Group’s operating model, which results in a diverse employee population across multiple countries, sectors and pay

structures.

The Committee reviewed the pay ratio as part of its wider consideration of workforce pay trends, fairness and proportionality.

The Committee is satisfied that:

• the ratio remains within a reasonable range for a company of DCC’s size, scale and international footprint;

• changes year on year are explained by underlying business performance and variable pay outcomes rather than structural

changes in executive pay; and

• the Chief Executive’s remuneration continues to reflect the scope and complexity of the role, particularly during a period of

significant strategic transition for the Group.

The Committee will continue to monitor the pay ratio annually, taking into account workforce pay, market practice and the

sustainability of performance-based outcomes, to ensure the ratio remains appropriate over time.

ADDITIONAL INFORMATION

119DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

CHANGES IN REMUNERATION OF DIRECTORS AND EMPLOYEES

Details of the percentage change in the salary, benefits and annual bonus of each individual who served as a Director during the

year under review, along with the average total remuneration of Group employees, for each of the last five years, are set out in the

table below.

Those Directors who did not serve as a Director at any point during the year under review have not been included. The

percentage changes in their remuneration for prior years (and in which they were a Director) are disclosed in the relevant

previous Annual Reports.

% CHANGE BETWEEN

FY25AND FY26

% CHANGE BETWEEN

FY24AND FY25

% CHANGE BETWEEN

FY23 AND FY24

% CHANGE BETWEEN

FY22AND FY23

% CHANGE BETWEEN

FY21ANDFY22

SALARY/

FEES BENEFITS BONUS

SALARY/

FEES BENEFITS BONUS

SALARY/

FEES BENEFITS BONUS

SALARY/

FEES BENEFITS BONUS

SALARY/

FEES BENEFITS BONUS

EXECUTIVE DIRECTORS

Donal Murphy +4% 0% -20% +4% +9% +53% +4% +19% +25% +3% 0% -39% +3% +3% +7%

Kevin Lucey +8% +12% -22% +4% +8% +91% +9% -12% +31% +8% 0% -39% +5% +35% +11%

Conor Murphy

n/a n/a n/a

NON-EXECUTIVE DIRECTORS

Mark Breuer +9% +4% -100% +9% +30% +187%

Laura Angelini +4% +4% +6% +6% n/a

Katrina Cliffe +8% +29% n/a n/a n/a

Caroline Dowling +3% +3% +4% +7% +14%

Steven Holland

+43% n/a n/a n/a n/a

Lily Liu +4% +4% +4% +4% n/a

Alan Ralph +3% +3% +8% +26% n/a

Mark Ryan +3% +4.5% +14% +5% +4%

AVERAGE REMUNERATION OFGROUP EMPLOYEES

+4% +4% +5% +6% +4%

1. Conor Murphy joined the Board on 10 July 2025 (during FY26).

2. Steven Holland joined the Board on 11 July 2024. The fee increase reflects the fact that FY25 was a partial year.

3. This is the average increase for all Group employees as a whole.

ADDITIONAL INFORMATION CONTINUED

120 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

RELATIVE IMPORTANCE OF SPEND ON PAY

To provide context for the Committee’s decisions, the chart below shows the relative importance of spend on pay by comparing total

remuneration for all Group employees with dividends paid to shareholders for FY26 and FY25.

The Committee considers this information when assessing remuneration decisions to ensure that executive pay outcomes remain

proportionate in the context of the wider business and shareholder returns.

The chart below shows the amount paid in remuneration to all Group employees compared to dividends to shareholders for 2026

and 2025.

100m

200m

300m

400m

500m

600m

700m

800m

Dividends Remuneration received by all employees

£207m

£197m

£802m

£889m

900m

2026 2025

EXECUTIVE AND NON-EXECUTIVE DIRECTORS’ AND COMPANY SECRETARY’S INTERESTS

The interests of the Directors and the Company Secretary (including shares held by connected persons) in the share capital of

DCC plc at 31 March 2026 (together with their interests at 31 March 2025) are set out below:

NO. OF

ORDINARY

SHARES AT

31 MARCH 2026

NO. OF

ORDINARY

SHARES AT

31 MARCH 2025

Directors

Mark Breuer 5,697 5,697

Donal Murphy

186,721 174,075

Laura Angelini – –

Katrina Cliffe 1,097 1,097

Caroline Dowling 800 800

Steven Holland – –

Lily Liu – –

Kevin Lucey

27,291 22,534

Conor Murphy³ 33,435 –

Alan Ralph 1,500 1,500

Mark Ryan 9,696 9,696

Company Secretary

Darragh Byrne 15,424 11,993

1. Donal Murphy’s 2026 and 2025 holdings include 11,036 and 9,575 shares respectively, held under the deferred bonus arrangement as detailed on page 108.

2. Kevin Lucey’s 2026 and 2025 holdings include 5,761 and 4,366 shares respectively, held under the deferred bonus arrangement as detailed on page 108.

3. Conor Murphy was appointed on 10 July 2025.

All of the above interests were beneficially owned. Apart from the interests disclosed above, the Directors and the Company

Secretary had no interests in the Company’s share capital or loan stock or any other Group undertaking at 31 March 2026.

There were no changes in the above Directors’ and Secretary’s interests between 31 March 2026 and 18 May 2026. Details of the

shareownership guidelines that apply to the Executive Directors are set out on page 112 of this Report.

The Company’s Register of Directors’ Interests (which is open to inspection) contains full details of the Directors’ shareholdings

andshareoptions.

121DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

ADDITIONAL INFORMATION CONTINUED

EXECUTIVE DIRECTORS’ AND COMPANY SECRETARY’S LONG-TERM INCENTIVES

DCC PLC LONG-TERM INCENTIVE PLAN

Details of the Executive Directors’ and the Company Secretary’s awards, in the form of nominal cost (€0.25) options, under the

Company’s LTIP are set out below:

NUMBER OF OPTIONS

DATE OF

GRANT

MARKET

PRICE ON

GRANT

THREE-YEAR

PERFORMANCE

PERIOD END NORMAL EXERCISE PERIOD

MARKET

PRICE AT

DATE OF

EXERCISE

31 MARCH

2025*

GRANTED

IN YEAR

EXERCISED

IN YEAR

LAPSED

IN YEAR

31 MARCH

2026

Executive Directors

Donal

Murphy 15,441 – (15,441) – – 15.11.18 £60.65 31 Mar 2021 15 Nov 2023–14 Nov 2025 £45.41

13,786 – – – 13,786 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026

18,433 – – – 18,433 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027

13,283 – – – 13,283 11.11.21 £61.42 31 Mar 2024 11 Nov 2024 –10 Nov 2028

35,068 – – (15,465) 19,603 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029

31,501 – – – 31,501 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030

37,606 – – – 37,606 14.11.24 £54.55 31 Mar 2027 14 Nov 2027-13 Nov 2031

– 46,625 – – 46,625 13.11.25 £48.40 31 Mar 2028 13 Nov 2028-12 Nov 2032

165,118 46,625 (15,441) (15,465) 180,837

Kevin

Lucey 3,458 – (3,458) – – 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026 £45.41

8,466 – – – 8,466 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027

7,107 – – – 7,107 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028

19,675 – – (8,677) 10,998 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029

18,524 – – – 18,524 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030

19,902 – – – 19,902 14.11.24 £54.55 31 Mar 2027 14 Nov 2027-13 Nov 2031

– 26,045 – – 26,045 13.11.25 £48.40 31 Mar 2028 13 Nov 2028-12 Nov 2032

77,132 26,045 (3,458) (8,677) 91,042

Conor

Murphy 5,362 – – – 5,362 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027

10,796 – (4,762) – 6,034 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029

9,791 – – – 9,791 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030

9,621 – – – 9,621 14.11.24 £54.55 31 Mar 2027 14 Nov 2027–13 Nov 2031

– 19,141 – – 19,141 13.11.25 £48.40 31 Mar 2028 13 Nov 2028–12 Nov 2032

35,570 19,141 (4,762) – 49,949

Company Secretary

Darragh

Byrne 3,225 – (3,225) – – 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027 £48.57

7,291 – (4,075) (3,216) – 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029 £48.57

6,676 – – – 6,676 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030

6,376 – – – 6,376 14.11.24 £54.55 31 Mar 2027 14 Nov 2027–13 Nov 2031

– 8,209 – – 8,209 13.11.25 £48.40 31 Mar 2028 13 Nov 2028–12 Nov 2032

23,568 8,209 (7,300) (3,216) 21,261

*or date of appointment if later.

122 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

The LTIP awards made on and after 11 November 2021 were granted under the DCC plc Long-Term Incentive Plan 2021. Previous

years’ awards (up to and including awards granted on 12 November 2020) were granted under the DCC plc Long-Term Incentive

Plan 2009. The primary change under the 2021 LTIP was that awards have a three-year vesting period, with a two-year post-

vest sale restriction forthe Executive Directors.

The extent of vesting of the LTIP awards granted in November 2025 will be based on the three-year performance period from

1April 2025 to 31 March 2028. The requirements/ranges set by the Remuneration Committee regarding these performance

conditions are summarised on page 117.

As at 31 March 2026, the total number of options granted under the LTIP, net of options lapsed, amounted to 2.5% of issued share

capital, of which 0.9% is currently outstanding.

For the purposes of Section 305 of the Irish Companies Act 2014, the aggregate gains by Directors on the exercise of share

options during the year ended 31 March 2026 was €1.015

million (2025: €0.3 million).

COMPARISON OF COMPANY PERFORMANCE AND CHIEF EXECUTIVE REMUNERATION

The chart below shows the trend in EPS, and DCC’s TSR relative to the FTSE 100 Index and the median of DCC’s selected peer

group, over the last ten years (using a base of 100 for 2016 for comparative purposes).

The table underneath the chart summarises the Chief Executive’s single figure of remuneration, annual bonus and LTIP payouts as

a percentage of the maximum opportunity for the year ended 31 March 2026 and the previous nine years.

The Committee is satisfied that, over time, there is a reasonable correlation between Chief Executive pay and returns to

shareholders.

2016 - 2017 - 2018 - 2019 - 2020 - 2021 - 2022 - 2023 - 2024 - 2025 - 2026

Value of £100 invested on 31 March 2016

£100

£50

£150

£200

£300

£250

£0

DCC EPS FTSE100 PEER MEDIAN

The selected peer group companies comprise RELX, Bunzl, Compass Group, Experian, Brenntag, Sodexo, Inchcape, RS Group,

Ashtead Group, Rexel, Henry Schein, Insight Enterprises, LKQ Corp, Avnet, CDW Corp and IMCD Group.

YEARS ENDED 31MARCH 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Total remuneration €5.32m €2.92m €3.09m €2.61m €3.73m €3.70m €3.11m €3.32m €4.35m €3.89m

Bonus payout (% max) 100% 84% 88% 53% 100% 98% 55% 67% 98% 75%

LTIP vesting (% max) 100% 100% 80% 63% 64% 64% 69% 54% 56% 65%

EXECUTIVE DIRECTOR SHAREHOLDINGS

The Executive Directors’ shareholdings as of 31 March 2026 are shown below.

EXECUTIVE

NUMBER OF

SHARES HELD

AS AT

31 MARCH 2026

SHAREHOLDING

AS A MULTIPLE OF

BASE SALARY FOR

THE YEAR ENDED

31 MARCH 2026

OWNERSHIP

GUIDELINE

(MULTIPLE

OF SALARY)

Donal Murphy 186,721 9.7 3

Kevin Lucey 27,291 2.3 2

Conor Murphy 33,435 3.4 2

The shareholdings in the table comprise the shares held by the Executive Directors (including those shares held in trust as part of

the deferred bonus arrangement), valued based on the share price at 31 March 2026 of €53.37 (£46.34). Unvested and

unexercised share options are not included.

123DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

The Committee is satisfied that remuneration outcomes for the year ended 31 March 2026 appropriately reflect the Group’s

performance and that the remuneration framework continues to promote long-term value creation and alignment with

shareholder interests. The Committee recommends that shareholders vote in favour of the advisory resolution on this Report

andsupport the proposed Policy amendment to introduce the LTIP absolute TSR Kicker at the 2026 AGM.

On behalf of the Remuneration Committee

KATRINA CLIFFE, CHAIR

18 May 2026

CONCLUSION AND RECOMMENDATION

124 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

REMUNERATION REPORT CONTINUED

SHARE CAPITAL AND TREASURY SHARES

DCC’s authorised share capital is 152,368,568 ordinary

sharesof €0.25 each, of which 85,424,135 shares (excluding

treasury shares) and 2,185,094 treasury shares were in issue

at31March 2026. All of these shares are of the same class.

With the exception of treasury shares, which have no voting

rights and no entitlement to dividends, all shares carry equal

voting rights and rank equally for dividends. In accordance

with section 320 of the Companies Act 2014, the consideration

paid for these shares is deducted from shareholders’ funds

and results in a corresponding restriction on the Company’s

profits available for distribution. The amount of this restriction

at the balance sheet date was £527,409 (2025: £320,846.

Further details of treasury share movements and

consideration paid are set out in note 4.1 to the financial

statements.

The number of shares held as treasury shares at the beginning

of the year (and the maximum number held during the year)

was 2.367,725 (2.39% of the then-issued share capital

(excluding treasury shares)) with a nominal value of

€0.592million.

A total of 182,631 shares (0.2% of the issued share capital

(excluding treasury shares)) with a nominal value of €0.045

million were re-issued during the year consequent to the

exercise of share options under the DCC plc Long-Term

Incentive Plan 2009 and Long-Term Incentive Plan 2021

(174,127 shares at a price of €0.25 per share) and the deferred

bonus arrangements for Executive Directors (8,504 shares at

a price of €56.90 per share), leaving a balance held as

treasury shares at 31 March 2026 of 2,185,094 shares (2.56%

of the then-issued share capital (excluding treasury shares))

with a nominal value of €0.546 million.

At the Annual General Meeting (‘AGM’) held on 10 July 2025:

• The Company was granted authority to purchase on

market up to 9,882,351 of its own shares (10% of the

then-issued share capital (excluding treasury shares)) with

a nominal value of €2.47 million.

• The Directors were given authority to exercise all the

powers of the Company to allot shares up to an aggregate

amount of €8.24 million, representing approximately

one-third of the then-issued share capital (excluding

treasury shares) of the Company. They were also given

authority to allot shares for cash, other than strictly

pro-rata to existing shareholdings. This authority was

PRINCIPAL ACTIVITIES

DCC plc is a leading multi-energy solutions business

headquartered in Dublin with operations in Europe and North

America. At 31 March 2026 DCC employed 11,700 people in

16countries. DCC plc’s shares are listed on the London Stock

Exchange and are included in the FTSE 100 Index.

RESULTS AND REVIEW OF ACTIVITIES

Continuing revenue for the year amounted to £15,442.0 million

(2025: £15,904.0 million). Continuing profit for the year

attributable to owners of the Company amounted to £13.4

million (2025: £206.5 million). Adjusted earnings per share

amounted to 440.4 pence (2025: 470.2 pence). Further details

of the results for the year are set out in the Group Income

Statement on page 138.

The Chair’s Statement on pages 2 and 3, the Chief Executive’s

Review on pages 4 to 7, the Operating Review on pages 21 to

25, the Financial Review on pages 26 to 31 and the Risk Report

on pages 70 to 77 containa review of the development and

performance of the Group’s business during the year, of the

state of affairs of the business at 31 March 2026, of recent

events and of likely future developments. Key Performance

Indicators are set out on pages 32 to 33. Information in respect

of events since the year end is included in these sections and in

note 5.8 on page205.

DIVIDENDS

An interim dividend of 69.50 pence per share, amounting to

£66.480million, was paid on 12 December 2025. The

Directors recommend the payment of a final dividend for the

year ended 31March 2026 of 147.22 pence per share,

amounting to £125.8 million (based on the number of shares in

issue at 18 May 2026). Subject to shareholders’ approval at the

AGM on 16 July 2026, this dividend will be paid on 23 July 2026

to shareholders on the register at the close of business on

29May 2026. The ex-dividend date is 28 May 2026. The total

dividend for the year ended 31 March 2026 amounts to 216.72

pence per share, a total of £192.2 million. This represents an

increase of 5% on the prior year’s total dividend per share.

The profit attributable to owners of the Company, which has

been transferred to reserves, and the dividends paid during

the year ended 31 March 2026 are shown in note 4.3 on

page192.

The Directors of DCC plc present their report and audited

financial statements for the financial year ended 31 March 2026.

REPORT OF

THE DIRECTORS

125DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

REPORT OF

THE DIRECTORS

CONTINUED

The Directors will have due regard to the Pre-Emption Group

2022 Statement of Principles for the disapplication of

pre-emption rights in relation to any exercise of this power

and in particular:

• As regards the first 5%, the Directors will take account of

the requirement for advance consultation and explanation

before making any non-pre-emptive cash issue pursuant

to this resolution which exceeds 7.5% of the Company’s

issued share capital in any rolling three-year period; and

• As regards the second 5%, the Directors confirm that they

intend to use this power only in connection with an

acquisition or specified capital investment of a kind

contemplated by the most recent Statement of Principles

for the disapplication of pre-emption rights most recently

published by the Pre-Emption Group.

Details of the share capital of the Company are set out in note

4.1 to the financial statements and are deemed to form part of

this Report.

NON-FINANCIAL INFORMATION STATEMENT

The Company has included a non-financial statement in

accordance with the European Union (Disclosure of

Non-Financial and Diversity Information by certain large

undertakings and groups) Regulations 2017. This statement

isset out in the following areas:

• The Strategic Report (including the Sustainability Review

and Risk Report) on pages 1 to 69 addresses environmental,

social and employee matters, human rights, and

anti-corruption and bribery matters, as well as the Group’s

business model, policies, outcomes, risks and key

performance indicators in these areas.

• The Governance Report on pages 70 to 128 addresses

Board diversity.

limited to the allotment of shares in specific circumstances

relating to rights issues, and other issues up to

approximately 5% of the issued share capital (excluding

treasury shares) of the Company.

• The Directors were given authority to allot additional

shares for cash other than strictly pro-rata to existing

shareholdings. This authority was limited to the allotment

of shares for cash up to approximately 5% of the issued

share capital (excluding treasury shares) and would only

beused in connection with an acquisition or other capital

investment of a kind contemplated by

the Statement of

Principles for the disapplication of pre-emption rights most

recently published by the Pre-Emption Group prior to the date

of the notice of the 2025 AGM.

• In addition, shareholders resolved, subject to and

conditional on the confirmation of the Irish High Court

(which confirmation was obtained) to reduce the

Company’s capital by the entire balance of the Company’s

share premium account as at 31 March 2025, or such other

lesser amount as the Board or the Irish High Court may

determine.

At the 2026 AGM:

• Shareholders will be asked to change the name of the

Company from DCC plc to DCC Energy plc.

• The Directors will seek authority to purchase on market up

to 10% of its own shares (the issued share capital (excluding

treasury shares)) with a nominal value of €2.135 million.

• The Directors will seek authority to exercise all the powers

of the Company to allot shares up to an aggregate amount

of €7.12 million, representing approximately

one-third of the

issued share capital (excluding treasury shares).

• The Directors will also seek authority to allot shares for

cash, other than strictly pro-rata to existing shareholdings.

This proposed authority is limited to the allotment of shares

in specific circumstances relating to rights issues, and other

issues up to approximately 5% of the issued share capital

(excluding treasury shares).

• In addition, the Directors will seek authority to allot

additional shares for cash other than strictly pro-rata to

existing shareholdings. This proposed authority is limited

tothe allotment of shares for cash up to approximately

5%of the issued share capital (excluding treasury shares)

and willonly be used in connection with an acquisition or

other capital investment of a kind contemplated by the

Statement of Principles for the disapplication of

pre-emption rights most recently published by the

Pre-Emption Group prior to the date of the notice of

the2026 AGM.

126 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

GOVERNANCE CONTINUED

SUBSTANTIAL HOLDINGS

The Company has been notified of the following shareholdings of 3% or more in the issued share capital (excluding treasury

shares) of the Company as at 31 March 2026 and 18 May 2026.

As at 31 March 2026 As at 18 May 2026

No. of €0.25

Ordinary

% of Issued

Share Capital

(excluding

treasury shares

No. of €0.25

Ordinary

% of Issued

Share Capital

(excluding

treasury shares)

FIL Limited 6,586,433 7.71% 6,940,388 8.12%

FMR LLC 6,285,658 7.36% 6,344,327 7.43%

UBS Group AG 5,568,247 6.52% 5,568,247 6.52%

Blackrock Inc. 4,289,926 5.02% 4,289,926 5.02%

Allianz Global Investors GmbH 3,028,794 3.55% 2,766,444 3.24%

Ninety One UK Limited 2,888,448 3.38% 2,889,256 3.38%

Jim Flavin 2,750,000 3.22% 2,750,000 3.22%

Royal Bank of Canada 2,571,522 3.01% 2,602,659 3.05%

shareholders present and voting at the AGM are added to

theproxy votes received in advance of the AGM and the total

number of votes for, against and withheld for each resolution

are announced.

All other general meetings are called Extraordinary General

Meetings (‘EGM’). An EGM called for the passing of a special

resolution must be called by at least 21 clear days’ notice.

A quorum for an AGM or an EGM of the Company is

constituted by two persons entitled to vote upon the business

to be transacted, each being a member or a proxy for a

member or a duly authorised representative of a corporate

member. The passing of resolutions at a general meeting,

other than special resolutions, requires a simple majority of

thevotes cast. To be passed, a special resolution requires a

majority of at least 75% of the votes cast.

Shareholders have the right to attend, speak, ask questions

and vote at general meetings. In accordance with Irish

company law, the Company specifies record dates for general

meetings, by which date shareholders must be registered in

the Register of Members of the Company to be entitled to

attend, speak, ask questions and vote. Record dates are

specified in the notes to the Notice convening the meeting.

Shareholders may exercise their right to vote by appointing

aproxy or proxies, by electronic means or in writing, to vote on

some or all of their shares. The requirements for the receipt

ofvalid proxy forms are set out in the notes to the Notice

convening the meeting.

A shareholder, or a group of shareholders, holding at least 10%

of the issued share capital of the Company, has the right to

requisition a general meeting.

The 2026 AGM will be held at 2.00 pm on 16 July 2026 at The

Clayton Hotel Leopardstown, Central Park, Sandyford

Business Park, Co. Dublin, D18 K2P1, Ireland. Shareholders

should monitor the Company’s website for further information

in this regard.

MEMORANDUM AND ARTICLES OF ASSOCIATION

The Company’s Memorandum of Association sets out the

objects and powers of the Company. The Articles of

Association detail the rights attaching to shares, the method

by which the Company’s shares can be purchased or

PRINCIPAL RISKS AND UNCERTAINTIES

Under Section 327(1)(b) of the Companies Act 2014 and Rule

4.1.8R of the UK Disclosure Guidance and Transparency Rules,

DCC is required to give a description of the principal risks and

uncertainties facing the Group.

These are addressed in the Risk Report on pages 70 to 77,

which shall be treated as forming part of this Report.

DIRECTORS

The names of the Directors and a short biographical note on

each Director appear on pages 82 and 83. In accordance with

the UK Corporate Governance Code, all Directors submit to

re-election at each AGM. Donal Murphy has a service

agreement with the Company with a notice period of six

months. Kevin Lucey and Conor Murphy each have a letter of

appointment providing for a six-month notice period. Details

of the Directors’ and Company Secretary’s interests in the

share capital of the Company are set out in the Remuneration

Report on pages 100 to 124.

CORPORATE GOVERNANCE

The Governance Report on pages 70 to 128 sets out the

Company’s application of the principles and compliance with

the provisions of the UK Corporate Governance Code and

theGroup’s system of risk management and internal control.

The Governance Report shall be treated as forming part of

this Report.

The Company was fully compliant with the 2024 version of

theUK Corporate Governance Code, which applied to the

Company for the year ended 31 March 2026.

Details concerning the appointment and the re-election of

Directors are set out in the Governance Report.

GENERAL MEETINGS

The Company’s AGM provides shareholders the opportunity

toquestion the Chair, the Board and the Chairs of the Audit,

Remuneration and Nomination and Governance Committees.

The Chief Executive presents at the AGM on the Group’s

business and its performance during the prior year and

answers questions from shareholders.

Notice of the AGM, the Form of Proxy and the Annual Report

are sent to shareholders at least 20 working days before the

AGM. At the AGM, resolutions are voted on a poll. The votes of

127DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

DIRECTORS’ COMPLIANCE STATEMENT

It is the policy of the Company to comply with its relevant

obligations (as defined in the Companies Act 2014).

The Directors confirm that there is a Compliance Policy

Statement in place, as defined in Section 225(3)(a) of the

Companies Act 2014.

The Directors confirm that the arrangements and structures

that have been put in place are, in the Directors’ opinion,

designed to secure material compliance with the Company’s

relevant obligations and that these arrangements and

structures were reviewed by the Directors during the

financialyear.

As required by Section 225(2) of the Companies Act 2014,

theDirectors acknowledge that they are responsible for the

Company’s compliance with the relevant obligations. In

discharging their responsibilities under Section 225, the

Directors relied on the advice of persons employed by the

Company and of third parties, whom the Directors believe

have the requisite knowledge and experience to advise the

Company on compliance with its relevant obligations.

AUDIT COMMITTEE

The Company has an Audit Committee, the members of which

are set out on page 96.

DISCLOSURE OF INFORMATION TO THE AUDITORS

Each of the Directors individually confirms that:

• In so far as they are aware, there is no relevant audit

information of which the Company’s auditors are unaware;

and

• That they have taken all the steps that they ought to have

taken (as defined in Section 330(3) of the Companies Act

2014) as Directors in order to make themselves aware of

any relevant audit information and to establish that the

Company’s auditors are aware of such information.

AUDITORS

The auditors, Deloitte Ireland LLP, who were appointed on

10July 2025, will continue in office in accordance with

provisions of Section 383 of the Companies Act 2014.

As required under Section 381 (1)(b) of the Companies Act

2014, a resolution authorising the Directors to determine

theremuneration of the auditors will be proposed at the

2026AGM.

MARK BREUER, DONAL MURPHY

DIRECTORS

18 May 2026

re-issued, the provisions which apply to the holding of and

voting at general meetings and the rules relating to the

Directors, including their appointment, retirement, re-election,

duties and powers.

The Company’s Articles of Association may be amended by

aspecial resolution passed by the shareholders at an AGM

orEGMof the Company. A copy of the Memorandum and

Articles ofAssociation can be obtained from the Company’s

website, www.dcc.ie.

UK DISCLOSURE GUIDANCE AND TRANSPARENCY RULES

The UK Disclosure Guidance and Transparency Rules require

certain information to be included within this Annual Report.

That information can be found in the following sections: the

Chair’s Statement on pages 2 and 3, the Chief Executive’s

Review on pages 4 to 7, the Business Model on pages 12 and

13, the Financial Review on pages 26 to 31, the Principal Risks

and Uncertainties on pages 72 to 75, the Transparency Report

in the Statement of Directors’ Responsibilities on page 130, the

earnings per ordinary share in note 2.11 on page 161, the Key

Performance Indicators on pages 32 and 33 and the note on

derivative financial instruments in note 3.11 on pages 172 to174.

PRINCIPAL SUBSIDIARIES

Details of the Company’s principal operating subsidiaries are

set out on pages 224 to 226.

RESEARCH AND DEVELOPMENT

Certain Group companies are involved in ongoing

development work aimed at improving the quality,

competitiveness, technology and range of their products.

POLITICAL CONTRIBUTIONS

There were no political contributions which require to be

disclosed under the Electoral Act, 1997.

ACCOUNTING RECORDS

The Directors are responsible for ensuring that adequate

accounting records, as outlined in Section 281 to 285 of the

Companies Act 2014, are kept by the Company. The Directors

believe that they have complied with this requirement by

providing adequate resources to maintain proper books and

accounting records throughout the Group, including the

appointment of personnel with appropriate qualifications,

experience and expertise. The books and accounting records

of the Company are maintained at the Company’s registered

office, DCC House, Leopardstown Road, Foxrock, D18 PK00,

Ireland.

TAKEOVER REGULATIONS

The Company has certain financing facilities which may

require repayment in the event that a change in control occurs

with respect to the Company. In addition, the Company’s

long-term incentive plans contain change-of- control

provisions, which can allow for the acceleration of the exercise

of share options or awards in the event that a change-of-

control occurs with respect to the Company.

REPORT OF

THE DIRECTORS

CONTINUED

128 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

GOVERNANCE CONTINUED

FINANCIAL

STATEMENTS

In this section

130 Statement of Directors’ Responsibilities

131 Independent Auditor’s Report

138 Group Income Statement

139 Group Statement of Comprehensive Income

140 Group Balance Sheet

141 Group Statement of Changes in Equity

142 Group Cash Flow Statement

143 Notes to the Financial Statements

143 Section 1: BasisofPreparation

146 Section 2: ResultsfortheYear

163 Section 3: AssetsandLiabilities

190 Section 4: Equity

193 Section 5: AdditionalDisclosures

216 Company Balance Sheet

217 Company Statement of Changes in Equity

218 Company Cash FlowStatement

219 Section 6: NotestotheCompany Financial Statements

129DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report

and the Group and Parent Company financial statements, in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and

Company financial statements for each financial year. Under

that law, the Directors are required to prepare the Group

financial statements in accordance with IFRS as adopted by

the European Union. The Directors have elected to prepare

the Company financial statements in accordance with IFRS as

adopted by the European Union and as applied in accordance

with the provisions of Companies Act 2014.

Under company law the Directors must not approve the

Group and Company financial statements unless they are

satisfied that they give a true and fair view of the assets,

liabilities and financial position of the Group and Company

and of the Group’s profit or loss for that year.

In preparing the Group and Company financial statements,

the Directors are required to:

• select suitable accounting policies and then apply them

consistently;

• make judgements and estimates that are reasonable and

prudent;

• state whether applicable Accounting Standards have been

followed, subject to any material departures disclosed and

explained in the financial statements;

• assess the Group and Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to

going concern; and

• use the going concern basis of accounting unless they

either intend to liquidate the Group or Company or to

cease operations, or have no realistic alternative but to

doso.

The Directors are responsible for keeping adequate

accounting records which disclose with reasonable accuracy

at any time the assets, liabilities, financial position of the Group

and Company and the profit and loss of the Group and which

enable them to ensure that the financial statements are

prepared in accordance with the applicable accounting

framework and comply with the provisions of the Companies

Act 2014. The Directors are also responsible for taking all

reasonable steps to ensure such records are kept by its

subsidiaries which enable them to ensure that the financial

statements of the Group comply with the provisions of the

Companies Act 2014. They are responsible for such internal

controls as they determine is necessary to enable the

preparation of financial statements that are free from

material misstatement, whether due to fraud or error, and

have a general responsibility for safeguarding the assets

of the Company and the Group, and hence for taking

reasonable steps for the prevention and detection of fraud

and other irregularities.

The Directors are also responsible for preparing a Directors’

report that complies with the requirements of the Companies

Act 2014.

The Directors are responsible for the maintenance and

integrity of the corporate and financial information included

on the Group’s and Company’s website (www.dcc.ie).

Legislation in the Republic of Ireland concerning the

preparation and dissemination of financial statements may

differ from legislation in other jurisdictions.

RESPONSIBILITY STATEMENT OF THE DIRECTORS

INRESPECT OF THE ANNUAL FINANCIAL REPORT

We confirm that to the best of our knowledge:

• the financial statements, prepared in accordance with the

applicable set of accounting standards, give a true and fair

view of the assets, liabilities, financial position and profit or

loss of the Company and the undertakings included in the

consolidation taken as a whole; and

• the Directors’ report includes a fair review of the

development and performance of the business and the

position of the issuer and the undertakings included in the

consolidation taken as a whole, together with a description

ofthe principal risks and uncertainties that they face. We

consider the annual report and financial statements, taken

as a whole, isfair, balanced and understandable and

provides the information necessary for shareholders to

assess the group’s position and performance, business

model and strategy.

On behalf of the Board

MARK BREUER DONAL MURPHY

NON-EXECUTIVE CHAIR CHIEF EXECUTIVE

130 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION ON THE FINANCIAL STATEMENTS OF DCC PLC (THE ‘COMPANY’)

In our opinion the Group and Company financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Group and Company as at 31 March 2026 and of

the profit of the Group for the financial year then ended; and

• have been properly prepared in accordance with the relevant financial reporting frameworks and, in particular, with the

requirements of the Companies Act 2014.

The financial statements we have audited comprise:

• the Group Income Statement;

• the Group Statement of Comprehensive Income;

• the Group Balance Sheet;

• the Group Statement of Changes in Equity;

• the Group Cash Flow Statement; and

• the Company Balance Sheet;

• the Company Statement of Changes in Equity;

• the Company Cash Flow Statement; and

• the related notes, including material accounting policy information as set out in note 5.9.

The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and IFRS

Accounting Standards as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union

(“the relevant financial reporting framework”).

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our

responsibilities under those standards are described below in the “Auditor’s responsibilities for the audit of the financial

statements” section of our report.

We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the

financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority

(IAASA), as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF DCC PLC

131DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SUMMARY OF OUR AUDIT APPROACH

Key audit

matters

The key audit matter that we identified in the current financial year was:

• Impairment of Goodwill & Intangible Assets (Group Key Audit Matter).

Materiality

The materiality that we used for the Group financial statements in the current financial year was £24.7m which was

determined on the basis of approximately 3.9% of adjusted operating profit pre-exceptionals of the Group.

The materiality that we used for the Company financial statements in the current financial year was £14.2m which was

determined on the basis of approximately 1% of total assets of the Company.

Scoping

We followed a risk-based approach when performing our Group audit scoping. We determined the scope of our audit by

obtaining an understanding of the Group and its environment and assessing the risks of material misstatement at the

Group level.

We focused primarily on the audit work of 22 components which were subject to further audit procedures, where the

extent of our testing was based on our assessment of the associated risks of material misstatement at each individual

component and the component performance materialities.

We also carried out analytical procedures at the Group level to contribute to the overall audit evidence that the Group

financial statements are free from material misstatement and that audit risk for a significant class of transaction, account

balance or disclosure, has been reduced to an acceptably low level.

First year

transition

This was our first year audit since being appointed as auditors. We undertook a number of transitional procedures to

prepare for the audit including assessing our independence.

We reviewed the predecessor auditor’s working papers to obtain evidence regarding the opening balances as well as to

gain an understanding of the Group and Company’s processes. We also reviewed the audit risk assessment performed by

the predecessor auditor including obtaining an understanding of the controls on which they relied, as well as

understanding the evidence obtained on the significant judgements made by the Group and Company.

We followed a phased approach to the audit commencing with a series of meetings with management, to gain further

understanding of the processes and controls in place including those over areas of significant risk to build our

understanding of the Group and Company.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the

preparation of the financial statements is appropriate.

Our evaluation of the directors’ assessment of the Group and Company’s ability to continue to adopt the going concern basis of

accounting included:

• We challenged the directors’ assumptions used in their going concern assessment for a period of at least twelve months from

the date of signing of the financial statements, the basis for their evaluation and inclusion of sensitivities to incorporate the

risks and uncertainties related to macro-economic factors such as supply chain disruption, labour challenges, inflationary

pressures, and climate risk on future trading.

• We performed a retrospective review of the historical forecasts prepared by management to ensure their accuracy.

• We have evaluated the directors’ assessment of the risks and uncertainties related to macro-economic factors and the

adequacy of disclosures in relation to the specific risks these pose.

• We considered throughout the audit any contradictory information to the directors’ confirmation that the Group and

Company is a going concern, including evaluating whether the assumptions are realistic, achievable and consistent with the

external and internal environment.

• We performed a sensitivity analysis using alternative, reasonably possible assumptions and other market trading challenges

such as inflation and recessionary pressures. We compared outputs from the Group’s cash flow projections and from our

sensitivity analysis to the directors’ proforma covenant compliance calculations.

• We evaluated the completeness and accuracy of the relevant disclosures made in the financial statements by reference to the

understanding we had obtained of the Group and Company’s financial performance during 2026, our assessment of the

directors’ cash flow projections and our reading of the Group and Company’s financing agreements.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,

individually or collectively, may cast significant doubt on the Group and Company’s ability to continue as a going concern for a

period of at least twelve months from when the financial statements are authorised for issue.

In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add

or draw attention to in relation to the directors’ statement in the financial statements about whether the directors considered it

appropriate to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of

this report.

132 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

INDEPENDENT AUDITOR’S REPORT CONTINUED

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial

statements of the current financial year and include the most significant assessed risks of material misstatement (whether or not

due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources

in the audit; and directing the efforts of the engagement team.

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these matters.

IMPAIRMENT OF GOODWILL & INTANGIBLE ASSETS (GROUP KEY AUDIT MATTER)

Key audit

matter

description

The Group’s goodwill and intangible assets amounted to £1,679.3 million and £617.0 million respectively at year-end,

which were held across 19 individual Cash Generating Units (CGUs). During the current financial year, there was a

reduction of the CGUs identified across the Group due to the sale of the DCC Healthcare business and DCC Technology’s

UK and Ireland Info Tech business.

When a review for impairment is carried out, the recoverable amount of the CGU is compared to its carrying value. In

carrying out the impairment review, significant judgement is required by the directors in identifying indicators of

impairment, and estimation is required in determining the recoverable amount of DCC’s groups of CGUs and individual

CGUs.

The recoverable amount used in the impairment assessment is determined based on value in use calculations which rely

on directors’ assumptions and estimates of future trading performance. These assumptions and estimates may be

impacted by new risks and uncertainties arising from geopolitical factors, and other macro-economic factors including

inflationary and recessionary pressures, resulting in reduced headroom, and potentially impairment in the carrying value

of goodwill and other intangible assets.

The key assumptions utilised by the directors in the impairment reviews are CGU-specific discount rates, future

profitability, working capital movements and long-term growth rates. A small change in these specific assumptions could

have a significant impact on the value in use calculation.

Due to the high degree of judgement and increased audit effort, including the need to involve our valuation specialists, we

have identified this as a key audit matter. Our risk has been pinpointed to the recoverability of the carrying value of three

CGUs within the Technology business as our sensitivity analysis identified an indicator of impairment.

Refer also to page 99 (Audit Committee Report), pages 209-210 (Goodwill & Intangible Assets accounting policy), note 1.4

(Critical Accounting Estimates and Judgements – Goodwill) and note 3.3 (Intangible Assets and Goodwill) to the financial

statements.

How the scope

of our audit

responded to

the key audit

matter

In order to address the key audit matter, our procedures included the following:

We evaluated and challenged the judgements applied by the directors in determining the Group’s CGUs and groups of

CGUs (for Goodwill & Intangible assets impairment testing).

In conjunction with our valuation specialists, we evaluated the Group’s impairment review methodology applied by the

directors in preparing the value in use calculations.

We performed a retrospective review of assumptions used in prior period value in use calculations and compared these

to actual outturn.

We understood and challenged the underlying key assumptions within the Group’s impairment model, by developing an

independent view of the discount rates and long-term growth rates where, in conjunction with our valuation specialists,

we benchmarked the rates used by the directors against market data and comparable organisations.

We held discussions with management to understand the key inputs into specific CGU budget assumptions to achieve the

targets set in the strategic plans. We challenged the appropriateness of the directors’ cash flow projections by comparing

them to historic growth rates and the Group’s strategic plans. We challenged the Group’s forecasts with reference to

recent performance and macro-economic factors including inflationary and recessionary pressures and trend analysis

including comparing recent historic CGU performance to budgets. We evaluated the directors’ sensitivity analysis and

performed our own sensitivity analysis on the key assumptions used.

We evaluated the completeness and accuracy of the relevant disclosures in relation to goodwill and other intangible

assets for compliance with the relevant financial reporting framework.

Key

observations

On the basis of the audit work performed, we concurred with the directors’ conclusions from their annual impairment

review in relation to impairment of goodwill and intangible assets.

Our audit procedures relating to these matters were designed in the context of our audit of the financial statements as a whole,

and not to express an opinion on individual accounts or disclosures. Our opinion on the financial statements is not modified with

respect to any of the risks described above, and we do not express an opinion on these individual matters.

Due to the nature of the Company’s activities, we have determined that there are no key audit matters to communicate in our

report for the Company financial statements.

133DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

OUR APPLICATION OF MATERIALITY

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic

decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope

of our audit work and in evaluating the results of our work.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Group financial statements Company financial statements

Materiality

£24.7 million £14.2 million

Basis for

determining

materiality

Approximately 3.9% of adjusted operating profit

pre-exceptionals.

Approximately 1% of total assets.

Rationale for

the benchmark

applied

We considered adjusted operating profit pre-exceptionals

to be the critical component for determining materiality

because it is considered to be the most important measure

for the shareholders as the primary users of theGroup’s

financial statements and the impact of exceptional items

is excluded to avoid distortion of this critical component

on an annual basis.

We considered total assets to be the critical component

for determining materiality because the Company is a

non-trading company, which does not generate revenues,

incurs minimal costs and holds investment in subsidiaries

that are revenue generating. Total assets are, therefore,

deemed to be of principal importance to the shareholders

as the primary users of the Company financial statements.

DCC ADJUSTED OPERATING PROFIT

Adjusted operating proﬁt pre-exceptionals

Group materiality

Adjusted operating proﬁt

pre-exceptionals £634m

Group materiality £24.7m

Component performance

materiality range £7.8m to £9.4m

Reporting threshold to those charged

with governance £1.2m

In respect to the financial year ended 31 March 2025, the predecessor auditor determined materiality at £20 million based on 5%

of the Group profit before tax from continuing operations pre-exceptionals and £12 million based on 0.8% of the Company total

assets for the Group and Company financial statements respectively.

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and

undetected misstatements exceed the materiality for the financial statements as a whole.

Group financial statements Company financial statements

Performance

materiality

70% of Group materiality 70% of Company materiality

Basis and

rationale for

determining

performance

materiality

In determining performance materiality, we considered the following factors:

a. our understanding of the Group and Company, and their environment and the impact of various macro-economic

factors;

b. the financial performance of the Group and Company since last year;

c. our knowledge of the Group and Company’s control environment and the quality of the control environment and our

ability to rely on controls;

d. the nature, volume, and size of misstatements (corrected and uncorrected) in the previous audit; and

e. the likelihood of the prior year misstatements reoccurring in the current year audit.

We agreed with the Audit Committee that we would report to them all audit differences in excess of £1.2 million as well as

differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit

Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.

134 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

INDEPENDENT AUDITOR’S REPORT CONTINUED

AN OVERVIEW OF THE SCOPE OF OUR AUDIT

We followed a risk-based approach when performing our Group audit scoping by taking into account our understanding of the

Group and Company and their environment, Group-wide internal financial controls, identifying significant classes of transactions,

account balances or disclosures and assessing the risks of material misstatement at the Group level. Based on that assessment,

we focused our Group audit scope primarily on the audit work in components which were subject to further audit procedures,

where the extent of our testing was based on our assessment of the associated risks of material misstatement at each individual

component and component performance materialities.

Our audit work for all components was executed at levels of performance materiality applicable to each individual component

which were lower than the Group performance materiality and ranged from £7.8 million to £9.4 million.

At the Group level, we performed audit work over a number of centralised areas, tested the consolidation process and carried out

analytical procedures to contribute to the overall audit evidence that the Group financial statements are free from material

misstatement and that audit risk for a significant class of transaction, account balance or disclosure, has been reduced to an

acceptably low level.

The Group audit team exercised direction, supervision and review over the audit work performed by component audit teams in

scope for the Group audit. The Group audit team adopted a hybrid approach and held planning discussions in person and/or

virtually with the component audit teams during the current financial year and visited a number of locations, including in the

United States, France, Sweden, Denmark, the United Kingdom and Ireland as part of our audit planning.

In addition to our planning meetings, we sent detailed instructions to our component audit teams, included them in our team

briefings, discussed and provided input into their component level risk assessment, attended client planning and closing meetings,

and reviewed their relevant audit working papers, including those for significant risks and judgmental areas. Throughout the audit

we had continuous interaction with the component audit teams through meetings, status update calls and ad hoc queries.

OTHER INFORMATION

The other information comprises the information included in the Annual Report and Accounts 2026, other than the financial

statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual

Report and Accounts 2026.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated

in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a

material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we

have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the

financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act

2014, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group and Company’s ability to continue as

agoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting

unless the directors either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but

to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a

high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in

the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at: https://iaasa.

ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements. This description forms

part of our auditor’s report.

135DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which

our procedures are capable of detecting irregularities, including fraud is detailed below.

IDENTIFYING AND ASSESSING POTENTIAL RISKS RELATED TO IRREGULARITIES

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with

laws and regulations, we considered the following:

• the nature of the industry and sector, control environment and business performance including the design of the Group

andCompany’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

• results of our enquiries of management, internal audit, general counsel and legal and compliance, company secretary

andthe Audit Committee about their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the Group and Company’s documentation of their policies and

procedures relating to:

– identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-

compliance;

– detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

– the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed among the audit engagement team including component audit teams and relevant internal specialists,

including tax, valuation and retirement benefit specialists, regarding how and where fraud might occur in the financial

statements and any potential indicators of fraud.

In common with all audits under ISAs (Ireland), we are also required to perform specific procedures to respond to the risk of

management override.

We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions of

those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial

statements. The key laws and regulations we considered in this context included the Companies Act 2014, UK Corporate

Governance Code 2024, London Stock Exchange Listing Rules, Irish tax laws and UK tax laws.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but

compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included the

environmental regulations.

AUDIT RESPONSE TO RISKS IDENTIFIED

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-

compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions

of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management, the Audit Committee, company secretary, internal audit, and in-house legal counsel concerning

actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material

misstatement due to fraud;

• reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing

correspondence with relevant tax authorities;

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and

other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias;

and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of

business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members

including tax, valuation and retirement benefit specialists and component audit teams, and remained alert to any indications

offraud or non-compliance with laws and regulations throughout the audit.

136 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

INDEPENDENT AUDITOR’S REPORT CONTINUED

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2014

Based solely on the work undertaken in the course of the audit, we report that:

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and

properly audited.

• The Company Balance Sheet is in agreement with the accounting records.

• In our opinion the information given in the Directors’ report is consistent with the financial statements.

• In our opinion, those parts of the Directors’ report specified for our review, which does not include sustainability reporting

when required by Part 28 of the Companies Act 2014, have been prepared in accordance with the Companies Act 2014.

CORPORATE GOVERNANCE STATEMENT

The Listing Rules and ISAs (Ireland) require us to review the directors’ statement in relation to going concern, longer-term viability

and the part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of the UK Corporate

Governance Code specified for our review.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit:

• the directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any

material uncertainties identified, set out on pages 76,77 and 143;

• the directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the

period is appropriate, set out on pages 76 and 77;

• the directors’ statement on fair, balanced and understandable, set out on page 97;

• the board’s confirmation that it has carried out a robust assessment of the emerging and principal risks and the disclosures in

the annual report that describe the principal risks and the procedures in place to identify emerging risks and an explanation

of how they are being managed or mitigated, set out on pages 70 to 75;

• the section of the annual report that describes the review of effectiveness of risk management and internal control systems,

set out on pages 70 to 75; and

• the section describing the work of the Audit committee, set out on pages 96 to 99.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

Based on the knowledge and understanding of the Group and Company and their environment obtained in the course of the

audit, we have not identified material misstatements in the Directors’ report.

The Companies Act 2014 requires us to report to you if, in our opinion, the Company has not provided the information required by

Regulation 5(2) to 5(7) of the European Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings

and groups) Regulations 2017 (as amended). We have nothing to report in this regard.

We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our

opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

USE OF OUR REPORT

This report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014.

Ouraudit work has been undertaken so that we might state to the Company’s members those matters we are required to state

tothem in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report,

orfor the opinions we have formed.

As required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R,

these financial statements will form part of the Electronic Format Annual Financial Report filed on the National Storage

Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over whether

the Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R.

Daniel Murray

For and on behalf of Deloitte Ireland LLP

Chartered Accountants and Statutory Audit Firm

Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2

18 May 2026

Notes:

An audit does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular on whether any changes

may have occurred to the financial statements since first published. These matters are the responsibility of the directors but no control procedures can provide absolute

assurance in this area. Legislation in Ireland governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.

137DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

						Restated*
			2026			2025
		Pre-	Exceptionals		Pre-	Exceptionals
		exceptionals	(note 2.5)	Total	exceptionals	(note 2.5)	Total
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	2.1	15, 44 1,862	–	15, 44 1,862	15, 904,204	–	15 , 904 ,204
Cost of sales	2.2	(13 ,0 79 ,865)	–	(13,0 79 ,865)	(13 ,68 2,540)	–	(13 ,68 2,540)
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)	(22,6 75)	(1, 632,269)
Adjusted operating profit	2.1	6 3 3,9 7 2	(28, 743)	605,229	612, 07 0	(22, 6 75)	589 ,395
Intangible asset amortisation		(101,031)	–	(101,031)	(10 7 ,527)	–	(10 7 ,527)
Impairment of intangible assets and goodwill	2.5	–	(43 , 158)	(43, 158)	–	–	–
Operating profit	2.1	532, 94 1	(71, 901)	461, 040	504 ,543	(22,6 75)	481,868
Finance costs	2.6	(104,821)	–	(104,821)	(116,832)	(340)	(117 , 172)
Finance income	2.6	13, 143	166	13 ,309	13 , 115	–	13 , 115
Share of equity accounted investments’ profit
after tax	2.7	4,590	–	4 ,590	3,39 2	–	3,392
Profit before tax		44 5,853	(71, 735)	3 74, 1 1 8	404 ,218	(23, 015)	381,203
Income tax expense	2.8	(95,662)	8,508	(87 , 154)	(7 9 ,246)	5,069	(7 4 , 177)
Profit for the year from continuing operations		350, 191	(63 ,227)	286, 964	324 , 972	(17 , 946)	30 7 ,0 26
Profit/(loss) from discontinued operations	2.9	(1,862)	(256,854)	(258, 716)	62, 96 9	(148, 77 4)	(85,805)
Profit after tax for the financial year		348,329	(320 ,081)	28,248	3 8 7,9 41	(166, 720)	221,221
Profit attributable to:
Owners of the Parent Company		333, 439	(320,08 1)	13 ,358	37 3,210	(166, 720)	206, 490
Non-controlling interests		14 ,890	–	14 ,890	14 , 731	–	14 , 731
		348,329	(320 ,081)	28,248	3 8 7,9 41	(166, 720)	221,221
Earnings per ordinary share
Basic earnings per share	2.11			14 . 16p			208. 7 8p
Diluted earnings per share	2.11			14. 12p			208. 44p
Earnings per ordinary share – continuing operations
Basic earnings per share	2.11			288.52p			295.8 7p
Diluted earnings per share	2.11			287 . 76p			295 .38p

*See note 2.9

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

138 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL STATEMENTS

			Restated
		2026	2025
	Note	£’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, 5 7 7	(43 ,68 9)
– recycled to the Income Statement on disposal	2.9	(14 ,370)	(13 ,04 1)
Movements relating to cash flow hedges		109 ,275	25,323
Movement in deferred tax on cash flow hedges	2.8	(23, 97 4)	(5 , 140)
		80,508	(36,54 7)
Items that will not be reclassified to profit or loss
Group defined benefit pension obligations:
– remeasurements	3.16	(453)	(332)
– movement in deferred tax	2.8	420	28
		(33)	(304)
Other comprehensive expense for the financial year, net of tax		80, 475	(36,851)
		108, 723	184 ,37 0
Attributable to:
Owners of the Parent Company		90,23 7	171,820
Non-controlling interests		18,486	12,550
		108, 723	184 ,37 0
Attributable to:
Continuing operations		373,6 2 2	294 ,237
Discontinued operations		(264 ,899)	(109 ,86 7)
		108, 723	184 ,37 0

GROUP STATEMENT OF

COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

139DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

		2026	2025
	Note	£’000	£’000
ASSETS
Non-current assets
Property, plant and equipment	3.1	1,2 79 ,306	1,262,386
Right-of-use leased assets	3.2	374,7 2 2	298, 032
Goodwill	3.3	1,6 79 ,282	1, 716,684
Intangible assets	3.3	617 ,044	69 6,819
Equity accounted investments	3.4	79 , 168	71, 428
Long-term receivables	3.5	122,595	–
Post-employment benefit surplus	3.16	18, 985	–
Deferred income tax assets	3.15	8 9, 4 7 7	8 7, 4 4 6
Derivative financial instruments	3.11	18, 954	24 ,871
		4 ,279 ,533	4 , 157 , 666
Current assets
Inventories	3.6	782,56 7	940 , 159
Trade and other receivables	3.7	1, 982, 136	1,975,444
Derivative financial instruments	3.11	140, 026	25,321
Cash and cash equivalents	3.10	1,085, 607	1, 088, 175
		3, 990,336	4 , 029 ,099
Assets classified as held for sale		–	1, 0 70 ,864
		3, 990,336	5,0 9 9 ,963
Total assets		8,269 ,869	9 ,25 7 ,629
EQUITY
Capital and reserves attributable to owners of the Parent Company
Share capital	4.1	14 ,460	1 7, 4 2 2
Share premium	4.1	449	88 3 , 909
Share based payment reserve	4.2	74,782	71,350
Cash flow hedge reserve	4.2	87 ,384	2, 083
Foreign currency translation reserve	4.2	1, 935	10 ,324
Other reserves	4.2	3,89 4	932
Retained earnings	4.3	2,0 78, 025	2,08 7 , 40 7
Equity attributable to owners of the Parent Company		2,260, 929	3,073,427
Non-controlling interests	4.4	102, 666	94,869
Total equity		2,363 ,595	3 , 168,296
LIABILITIES
Non-current liabilities
Borrowings	3.12	1,653 , 726	1,849 ,217
Lease creditors	3.13	311,593	24 9 , 726
Derivative financial instruments	3.11	14, 684	19 ,224
Deferred income tax liabilities	3.15	235,85 7	223 , 94 9
Post-employment benefit obligations	3.16	24, 649	5,884
Provisions and other liabilities	3.18	30 7 ,7 00	283 ,39 7
Acquisition related liabilities	3.17	40,595	83 ,54 7
Government grants	3.19	2 ,9 61	2,513
		2,591, 765	2, 717 , 45 7
Current liabilities
Trade and other payables	3.8	2, 798, 144	2, 7 63 , 181
Current income tax liabilities		65,36 9	73 ,7 8 1
Borrowings	3.12	231,7 26	116,825
Lease creditors	3.13	78, 188	64,24 5
Derivative financial instruments	3.11	34 , 924	11,348
Provisions and other liabilities	3.18	93 ,004	68,660
Acquisition related liabilities	3.17	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 ,371,8 7 6
Total liabilities		5, 906,27 4	6, 089 ,333
Total equity and liabilities		8,269 ,869	9 ,25 7 ,629

On behalf of the Board: Mark Breuer (Non-Executive Chair), Donal Murphy (Chief Executive)

GROUP BALANCE SHEET

AS AT 31 MARCH 2026

140 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL STATEMENTS CONTINUED

				Attributable to owners of the Parent Company		Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Total	(note 4.4)	Total equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2025	17 ,422	883 , 909	2,08 7 ,40 7	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 ,9 81	5,9 8 1	3,5 96	9, 5 7 7
– recycled to the Income Statement
ondisposal	–	–	–	(14 ,370)	(14 ,370)	–	(14 ,37 0)
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, 97 4)	(23 , 97 4)	–	(23, 9 74)
Total comprehensive income	–	–	13,325	76, 912	90,23 7	18,486	108, 723
Share buyback	(2, 962)	–	(700 ,000)	2,9 62	(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	–	–	(206,6 16)	–	(206,6 16)	(10,4 55)	(217 ,0 71)
Disposal of non-controlling interest	–	–	–	–	–	(234)	(234)
At 31 March 2026	14 ,460	449	2,0 78,025	167 ,995	2,260, 929	102,666	2,363 ,595

FOR THE YEAR ENDED 31 MARCH 2025

				Attributable to owners of the Parent Company		Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Total	(note 4.4)	Total equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2024	1 7, 4 2 2	883 ,890	2,0 78,568	111,511	3 ,09 1,391	9 1,64 1	3, 183,032
Profit for the financial year	–	–	206,4 90	–	206,4 90	14 , 731	221,221
Other comprehensive income:
Currency translation:
– arising in the year	–	–	–	(41,508)	(4 1,508)	(2, 181)	(43 ,68 9)
– recycled to the Income Statement on disposal	–	–	–	(13, 04 1)	(13 ,04 1)	–	(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)	171,8 20	12,550	184 ,37 0
Re-issue of treasury shares	–	19	–	–	19	–	19
Share based payment	–	–	–	7 ,544	7 ,544	–	7 ,544
Dividends	–	–	(19 7 ,34 7)	–	(19 7 ,34 7)	(9 ,322)	(206,66 9)
At 31 March 2025	1 7, 4 2 2	883, 909	2,08 7 ,40 7	84 ,68 9	3,073,427	94 ,869	3, 168,296

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

141DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

		2026	2025
	Note	£’000	£’000
Operating activities
Cash generated from operations before exceptionals	5.3	958,340	856, 76 1
Exceptionals		(62,220)	(55 ,858)
Cash generated from operations		89 6, 120	800, 903
Interest paid (including lease interest)		(96, 050)	(102, 998)
Income tax paid		(127 ,569)	(115,8 7 6)
Net cash flow from operating activities		67 2,501	582, 029
Investing activities
Inflows:
Proceeds from disposal of property, plant and equipment		40,548	44,839
Dividends received from equity accounted investments	3.4	356	8 57
Government grants received in relation to property, plant and equipment	3.19	817	340
Proceeds on disposal of subsidiaries	2.9	600,889	61, 406
Interest received		11,244	11, 17 8
Outflows:		653,854	118, 620
Purchase of property, plant and equipment		(209 ,4 72)	(214 ,295)
Acquisition of subsidiaries	5.2	(71,46 7)	(167 ,294)
Payment of accrued acquisition related liabilities		(16,399)	(75, 17 0)
		(297 ,338)	(456, 759)
Net cash flow from investing activities		356,516	(338, 139)
Financing activities
Inflows:
Proceeds from issue of shares	4.1	449	19
Cash inflow on derivative financial instruments		15,242	51,552
Increase in interest-bearing loans and borrowings		–	809 ,050
Outflows:		15,6 91	860, 621
Share buyback	4.3	(700 ,000)	–
Repayment of interest-bearing loans and borrowings		(85, 7 41)	(748,840)
Cash outflow on derivative financial instruments		(34 ,600)	–
Repayment of lease creditors (principal)		(86,643)	(86, 005)
Dividends paid to owners of the Parent Company	2.10	(206,6 16)	(197 ,34 7)
Dividends paid to non-controlling interests	4.4	(10, 455)	(9 ,322)
		(1, 124 ,055)	(1,04 1,514)
Net cash flow from financing activities		(1, 108,364)	(180 ,893)
Change in cash and cash equivalents		(79 ,34 7)	62, 99 7
Translation adjustment		23,35 7	(16,4 14)
Cash and cash equivalents at beginning of year		1, 119 ,429	1, 0 72,846
Cash and cash equivalents at end of year	3.10	1,06 3, 439	1, 119 , 429
Cash and short-term deposits	3.10	1,085 ,60 7	1,088, 175
Overdrafts	3.10	(22, 168)	(31,084)
Cash and short-term deposits attributable to assets held for sale	3.10	–	62,338
		1,06 3, 439	1, 119 , 429

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

142 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

FINANCIAL STATEMENTS CONTINUED

SECTION 1 BASIS OF PREPARATION

1.1 STATEMENT OF COMPLIANCE

International Financial Reporting Standards (‘IFRS’) require an entity whose financial statements comply with IFRS to make an

explicit and unreserved statement of such compliance in the notes to the financial statements.

The consolidated financial statements of DCC plc have been prepared in accordance with International Financial Reporting

Standards (‘IFRS’) and their interpretations approved by the International Accounting Standards Board (‘IASB’) as adopted by

the European Union (‘EU’) and those parts of the Companies Act 2014 applicable to companies reporting under IFRS. IFRS as

adopted by the EU differ in certain respects from IFRS as issued by the IASB. Both the Parent Company and the Group financial

statements have been prepared in accordance with IFRS as adopted by the EU and references to IFRS hereafter should be

construed as references to IFRS as adopted by the EU. In presenting the Parent Company financial statements together with the

Group financial statements, the Parent Company has availed of the exemption in Section 304(2) of the Companies Act 2014 not

to present its individual Income Statement and related notes that form part of the approved Parent Company financial

statements. The Parent Company has also availed of the exemption from filing its individual Income Statement with the Registrar

of Companies as permitted by Section 304(2) of the Companies Act 2014.

The Going Concern Statement on page 76 forms part of the Group financial statements. The Directors acknowledge that

based on their review of the Group’s activities, cash flows, liquidity position and borrowing facilities for the financial year ended

31 March 2026, and having assessed the principal risks facing the Group, the Board of Directors has a reasonable expectation

that DCC plc, and the Group as a whole, has adequate financial and other resources to continue in operational existence and will

be able to meet its liabilities as they fall due over the 12-month going concern period.

DCC plc, the ultimate Parent Company, is a publicly traded limited company incorporated and domiciled in the Republic of

Ireland. The registered number is 54858 and registered office address is DCC House, Leopardstown Road, Foxrock, Dublin 18,

D18 PK00, Ireland. DCC plc is listed in the commercial companies’ category of the London Stock Exchange Main Market.

1.2 BASIS OF PREPARATION

This section includes information on new accounting standards, amendments and interpretations, whether they are effective for

the current year or in later years, and how they are expected to impact the financial position and performance of the Group.

The consolidated financial statements, which are presented in sterling, rounded to the nearest thousand, have been prepared on

a going concern basis under the historical cost convention, as modified by the measurement at fair value of share-based

payments at the date of grant, post-employment benefit obligations and certain financial assets and liabilities including derivative

financial instruments. The carrying values of recognised assets and liabilities that are hedged via fair value hedges are adjusted to

record changes in the fair values attributable to the risks that are being hedged.

The material accounting policies applied in the preparation of the financial statements for the year ended 31 March 2026 are set

out in note 5.9. These policies have been applied consistently by the Group’s subsidiaries and equity accounted investments for all

periods presented in these consolidated financial statements.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. In

addition, it requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas

involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated

financial statements are detailed in note 1.4.

NOTES TO THE FINANCIALSTATEMENTS

Notes to the financial statements provide additional information required by statute,

accounting standards or Listing Rules. For clarity, each note begins with a simple

introduction outlining the purpose of the note.

143DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

ADOPTION OF IFRS AND INTERNATIONAL FINANCIAL REPORTING INTERPRETATIONS COMMITTEE (‘IFRIC’) INTERPRETATIONS

The following changes to IFRS became effective for the Group during the year but did not result in a material change to the

Group’s 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 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.

1.3 BASIS OF CONSOLIDATION

This section details how the Group accounts for the different types of interests it has in subsidiaries and equity accounted

investments.

SUBSIDIARIES

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the

Group has power over its relevant activities, is exposed to, or has rights to, variable returns from its involvement with the entity

and has the ability to affect those returns through its power over the entity.

The results of subsidiary undertakings acquired or disposed of during the year are included in the Group Income Statement from

the date of their acquisition or up to the date of their disposal. Where necessary, adjustments are made to the financial

statements of subsidiaries to bring their accounting policies into line with those used by the Group.

EQUITY ACCOUNTED INVESTMENTS

The Group’s interests in equity accounted investments comprise interests in associates. Associates are those entities in which the

Group has significant influence, but not control or joint control, over the financial and operating policies. They are initially

recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements

include the Group’s share of the profit or loss and other comprehensive income of the equity accounted investments, until the

date on which significant influence ceases.

1.2 BASIS OF PREPARATION CONTINUED

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

144 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

TRANSACTIONS ELIMINATED ON CONSOLIDATION

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are

eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to

the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only

to the extent that there is no evidence of impairment.

1.4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

This section sets out the key areas of judgement and estimation that management has identified as having a potentially material

impact on the Group’s consolidated financial statements.

The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and assumptions. It also

requires management to exercise its judgement in the process of applying the Group’s accounting policies. The Group’s material

accounting policies affecting its results of operations and financial condition are set out in note 5.9. The Group has considered the

impact of climate change on the financial statements including impairment of non-financial and financial assets, the useful lives of

assets, and provisions. Further details are included in note 3.1 Property, Plant and Equipment and note 3.3 Intangible Assets and

Goodwill. The Group also considers the impact of climate change as part of the annual budget and strategic plans to ensure

consistency with achieving the Group’s carbon reduction targets.

We continually evaluate our estimates, assumptions and judgements based on available information and experience. As the use

of estimates is inherent in financial reporting, actual results could differ from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis and management has discussed its critical accounting estimates and associated

disclosures with the Audit Committee.

Management considers that there are no major sources of estimation uncertainty at the end of the current reporting period that

could have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next

financial year.

The Group’s principal area of estimation and uncertainty is detailed below.

GOODWILL

The Group has capitalised goodwill of £1,679.3 million at 31 March 2026. Goodwill is required to be tested for impairment at least

annually or more frequently if changes in circumstances or the occurrence of events indicating potential impairment exist. The

Group uses the present value of future cash flows to determine recoverable amount. In calculating the value in use, management

judgement and estimation is required in forecasting cash flows of cash-generating units, in determining terminal growth values

and in selecting an appropriate discount rate.

Sensitivities to changes in assumptions are detailed in note 3.3.

1.3 BASIS OF CONSOLIDATION CONTINUED

145DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

SECTION 2 RESULTS FOR THE YEAR

2.1 SEGMENT INFORMATION

The Group is organised into two operating segments. This section provides information on the financial performance for the

year on both a segmental and geographic basis.

SEGMENTAL ANALYSIS

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.

The Group announced on 14 July 2025 that it had entered into a definitive agreement for the sale of DCC Technology’s Info Tech

business. The Group subsequently announced the completion of this sale on 3 November 2025. Consequently, this business is

presented as a discontinued operation in the Group Income Statement. The prior year segmental disclosures have been restated

as required under IFRS 8.

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.

146 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The segment results for the year ended 31 March 2026 are as follows:

INCOME STATEMENT ITEMS

	Year ended 31 March 2026
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’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 2.5)	(12,470)	(16,273)	(28,743)
Operating profit	418,230	42,810	461,040
Finance costs			(104,821)
Finance income			13,309
Share of equity accounted investments’ profit after tax			4,590
Profit before income tax			374,118
Income tax expense			(87,154)
Profit for the year (continuing operations)			286,964

		Year ended 31 March 2025 (Restated)
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
Segment revenue	13,366,607	2,537,597	15,904,204
Adjusted operating profit	535,556	76,514	612,070
Intangible asset amortisation and impairment	(85,405)	(22,122)	(107,527)
Net operating exceptionals (note 2.5)	(9,847)	(12,828)	(22,675)
Operating profit	440,304	41,564	481,868
Finance costs			(117,172)
Finance income			13,115
Share of equity accounted investments’ profit after tax			3,392
Profit before income tax			381,203
Income tax expense			(74,177)
Profit for the year (continuing operations)			307,026

2.1 SEGMENT INFORMATION CONTINUED

147DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

BALANCE SHEET ITEMS

		As at 31 March 2026
	DCC	DCC
	Energy	Technology	Total
	£’000	£’000	£’000
Segment assets	5,549,007	1,185,035	6,734,042
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments			79,168
Long-term receivables			122,595
Derivative financial instruments (current and non-current)			158,980
Deferred income tax assets			89,477
Cash and cash equivalents			1,085,607
Total assets as reported in the Group Balance Sheet			8,269,869
Segment liabilities	2,827,565	395,867	3,223,432
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)			1,885,452
Lease creditors (current and non-current)			389,781
Derivative financial instruments (current and non-current)			49,608
Income tax liabilities (current and deferred)			301,226
Acquisition related liabilities (current and non-current)			53,749
Government grants (current and non-current)			3,026
Total liabilities as reported in the Group Balance Sheet			5,906,274

	As at 31 March 2025 (Restated)
	DCC	DCC
	Energy	Technology	Total
	£’000	£’000	£’000
Segment assets	5,113,541	1,775,983	6,889,524
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments			71,428
Derivative financial instruments (current and non-current)			50,192
Deferred income tax assets			87,446
Cash and cash equivalents			1,088,175
Assets classified as held for sale			1,070,864
Total assets as reported in the Group Balance Sheet			9,257,629
Segment liabilities	2,356,524	764,575	3,121,099
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)			1,966,042
Lease creditors (current and non-current)			313,971
Derivative financial instruments (current and non-current)			30,572
Income tax liabilities (current and deferred)			297,730
Acquisition related liabilities (current and non-current)			94,458
Government grants (current and non-current)			2,536
Liabilities associated with assets classified as held for sale			262,925
Total liabilities as reported in the Group Balance Sheet			6,089,333

2.1 SEGMENT INFORMATION CONTINUED

148 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

OTHER SEGMENT INFORMATION

		Restated
	2026	2025
	£’000	£’000
Capital expenditure – additions
DCC Energy	195,126	182,946
DCC Technology (continuing)	8,320	5,663
Total (continuing)	203,446	188,609
DCC Technology (discontinued)	1,291	2,459
	204,737	191,068
DCC Healthcare (discontinued)	7,552	20,602
Total	212,289	211,670
Capital expenditure – business combinations
DCC Energy	12,432	3,690
DCC Technology (continuing)	–	396
Total (continuing)	12,432	4,086
DCC Technology (discontinued)	11	–
	12,443	4,086
DCC Healthcare (discontinued)	7,682	221
Total	20,125	4,307
Depreciation (excluding right-of-use assets)
DCC Energy	139,236	133,819
DCC Technology (continuing)	5,022	5,599
Total (continuing)	144,258	139,418
DCC Technology (discontinued)	4,981	10,675
	149,239	150,093
DCC Healthcare (discontinued)	7,372	16,427
Total	156,611	166,520
Total consideration on business combinations
DCC Energy	57,728	206,237
DCC Technology (continuing)	4,240	13,697
Total (continuing)	61,968	219,934
DCC Technology (discontinued)	494	–
	62,462	219,934
DCC Healthcare (discontinued)	14,307	15,556
Total	76,769	235,490
Goodwill and intangible assets acquired
DCC Energy	60,435	206,473
DCC Technology (continuing)	–	5,478
Total (continuing)	60,435	211,951
DCC Technology (discontinued)	539	–
	60,974	211,951
DCC Healthcare (discontinued)	1,820	15,752
Total	62,794	227,703

2.1 SEGMENT INFORMATION CONTINUED

149DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

GEOGRAPHICAL ANALYSIS

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, goodwill and equity accounted investments.

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 March 2026
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
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
	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
	12,990,355	2,451,507	15,441,862

2.1 SEGMENT INFORMATION CONTINUED

150 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

		Year ended 31 March 2025 (Restated)
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
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
	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
	13,366,607	2,537,597	15,904,204

2.2 OPERATING EXPENSES AND INCOME

This note provides an analysis of amounts charged/(credited) in arriving at continuing operating profit in the Group Income

Statement.

The following amounts have been charged/(credited) in arriving at continuing operating profit:

		Restated
	2026	2025
	£’000	£’000
Cost of sales	13,079,865	13,682,540
Employee costs (note 2.3)	801,742	761,482
Outbound freight costs	106,844	110,141
Depreciation on property, plant and equipment	144,258	139,418
Depreciation on right-of-use assets	78,126	69,698
Repairs and maintenance	80,010	75,192
Net profit on disposal of property, plant and equipment	(11,891)	(17,361)
Other operating expenses	528,936	471,024
Net operating expenses included in adjusted operating profit	14,807,890	15,292,134
Intangible asset amortisation	101,031	107,527
Impairment of intangible assets and goodwill	43,158	–
Net operating exceptional items (note 2.5)	28,743	22,675
Total net operating expenses	14,980,822	15,422,336

During the year the Group obtained the following services from the Group’s auditor Deloitte (2025: KPMG) which include amounts

relating to discontinued operations:

	2026	2025
	£’000	£’000
Statutory auditor: Audit fees	3,177	2,063
Other assurance services	111	100
Other non-audit services	259	–
	3,547	2,163
Other network firms: Audit fees	969	2,458
Other assurance services	72	71
Tax advisory services	30	–
	1,071	2,529

2.1 SEGMENT INFORMATION CONTINUED

151DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

2.3 EMPLOYMENT

This section provides an analysis of the average number of employees in the Group by segment together with their related

payroll expense for the year. Further information on the compensation of key management personnel is included in note 5.6,

Related Party Transactions.

The average number of persons (including executive Directors) employed by the Group in continuing and discontinued operations

during the year, analysed by class of business, was:

		Restated
	2026	2025
	Number	Number
DCC Energy	8,820	9,027
DCC Technology	2,491	2,249
Continuing operations	11,311	11,276
Discontinued operations	2,368	5,503
	13,679	16,779

The employee benefit costs for the above, all of which were expensed, were:

	2026	2025
	£’000	£’000
Wages and salaries	801,961	889,460
Social welfare costs	89,073	100,873
Share based payment expense (note 2.4)	3,432	7,544
Pension costs – defined contribution plans	22,460	25,895
Pension costs – defined benefit plans (note 3.16)	733	410
	917,659	1,024,182
The employee benefit expense is analysed as:
Continuing operations	801,742	761,482
Discontinued operations	115,917	262,700
	917,659	1,024,182

Directors’ emoluments (which are included in operating costs) and interests are presented in the Remuneration Report on pages

100 to 124. Details of the compensation of key management personnel for the purposes of the disclosure requirements under

IAS 24 and Companies Act 2014 are provided in note 5.6.

152 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.4 EMPLOYEE SHARE OPTIONS AND AWARDS

Share options and awards are used to incentivise Directors and employees of the Group. A charge is recognised over the vesting

period in the Income Statement to record the cost of these share options and awards, based on the fair value of the share option/

award at the grant date.

The Group’s employee share options and awards are equity-settled share-based payments as defined in IFRS 2 Share-based

Payment. The IFRS requires that a recognised valuation methodology be employed to determine the fair value of share options

granted. The expense reported in the Income Statement of £3.432 million (2025: £7.544 million) has been arrived at by applying a

Monte Carlo simulation technique for share awards issued under the DCC plc Long-term Incentive Plans.

IMPACT ON INCOME STATEMENT

The total share option expense is analysed as follows:

	Share price	Minimum	Number of	Weighted		Expense in Income Statement
	at date of	duration of	share awards/	average	2026	2025
Date of grant	grant	vesting period	options granted	fair value	£’000	£’000
15 November 2018	£60.65	5 years	167,567	£46.13	(1,026)	–
14 November 2019	£68.80	5 years	147,939	£53.32	(581)	590
12 November 2020	£57.08	5 years	170,152	£44.63	827	1,076
11 November 2021	£61.42	3 years	171,974	£46.39	–	(654)
10 November 2022	£45.53	3 years	271,759	£31.82	(1,056)	2,470
16 November 2023	£52.36	3 years	243,181	£41.10	2,185	3,137
14 November 2024	£54.55	3 years	211,720	£39.33	2,251	925
13 November 2025	£48.40	3 years	220,981	£32.84	785	–
16 December 2025	£51.15	3 years	12,847	£32.84	47	–
Total expense					3,432	7,544

DCC PLC LONG-TERM INCENTIVE PLANS

At 31 March 2026, Group employees hold awards to subscribe for 767,245 ordinary shares under the DCC plc Long-term

Incentive Plans.

The general terms of the DCC plc Long-term Incentive Plans are set out in the Remuneration Report on page 117.

The DCC plc Long-term Incentive Plans contain both market and non-market based vesting conditions. Accordingly, the fair

value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is adjusted to reflect the

anticipated likelihood at the grant date of achieving the market based vesting conditions. The cumulative non-market based

charge to the Income Statement is reversed where entitlements do not vest because non-market performance conditions have

not been met or where an employee in receipt of share entitlements relinquishes service before the end of the vesting period.

A summary of activity under the DCC plc Long-term Incentive Plans during the year is as follows:

	2026	2025
	Number of	Number of
	share awards	share awards
At 1 April	913,287	919,259
Granted	233,828	211,720
Exercised	(174,127)	(109,429)
Expired and forfeited	(205,743)	(108,263)
At 31 March	767,245	913,287

The weighted average share price at the dates of exercise for share awards exercised during the year under the DCC plc

Long-term Incentive Plans was £47.80 (2025: £55.99). The share awards outstanding at the year-end have a weighted average

remaining contractual life of 5.5 years (2025: 4.9 years).

The weighted average fair values assigned to share awards granted under the DCC plc Long-term Incentive Plan, which were

computed in accordance with the Monte Carlo valuation methodology, were as follows:

Granted during the year ended 31 March 2026	£32.84
Granted during the year ended 31 March 2025	£39.33

153DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

The fair values of share awards granted under the DCC plc Long-term Incentive Plan were determined taking account of peer

group total share return volatilities and correlations together with the following assumptions:

	2026	2025
Risk-free interest rate (%)	3.93	4.24
Dividend yield (%)	4.25	3.70
Expected volatility (%)	22	23
Expected life in years	5.0	5.0
Share price at date of grant	£48.40	£54.55

The risk free rate of return is the yield on government bonds of a term consistent with the assumed option life. The dividend yield

is based on historic dividend rates. The expected volatility is based on historic volatility over the past three years. The expected life

is the average expected period to exercise.

Analysis of closing balance:

		2026	2025
		Number of	Number of
Date of grant	Date of expiry	share awards	share awards
15 November 2018	15 November 2025	–	22,750
14 November 2019	14 November 2026	18,951	36,282
12 November 2020	12 November 2027	54,813	110,581
11 November 2021	11 November 2028	25,345	40,894
10 November 2022	10 November 2029	57,697	253,620
16 November 2023	16 November 2030	204,156	237,440
14 November 2024	14 November 2031	178,350	211,720
13 November 2025	13 November 2032	215,086	–
16 December 2025	16 December 2032	12,847	–
Total outstanding at 31 March		767,245	913,287
Total exercisable at 31 March		156,806	99,926

2.4 EMPLOYEE SHARE OPTIONS AND AWARDS CONTINUED

154 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.5 EXCEPTIONALS

Exceptional items are those items which, in the judgement of the Directors, need to be disclosed separately by virtue of their

scale and nature. These exceptional items, detailed below, could distort the understanding of our underlying performance for the

year and comparability between periods and are therefore presented separately.

			Restated
		2026	2025
	Note	£’000	£’000
Restructuring and integration costs and other	(a)	(45,680)	(20,484)
Acquisition and related costs	(b)	(7,483)	(8,469)
Adjustments to contingent acquisition consideration	(c)	24,420	3,023
Profit on disposal of subsidiary undertaking	(h)	–	3,255
		(28,743)	(22,675)
Impairment of goodwill and intangible assets	(d)	(43,158)	–
Net operating exceptional items		(71,901)	(22,675)
Mark-to-market of swaps and related debt (note 2.6)	(e)	166	(340)
Net exceptional items before tax from continuing operations		(71,735)	(23,015)
Income tax and deferred tax attaching to exceptional items	(f)	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	(g)	(256,854)	(148,774)
Net exceptional items attributable to owners of the Parent Company		(320,081)	(166,720)

(a) Restructuring and integration costs and other of £45.680 million (2025: £20.484 million) mainly relates to the restructuring

of operations 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 £7.483 million (2025: £8.469 million).

(c) 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.

(d) 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.

(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 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.

(f) There was a related income tax credit of £8.508 million (2025: credit of £5.069 million) in relation to certain exceptional

charges.

(g) 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.

(h) The profit on disposal of subsidiary undertakings in the prior year of £3.255 million related to the disposal of the Group’s

majority stake in its liquid gas business in Hong Kong.

The net cash flow impact in the current year for exceptional items was an inflow of £538.669 million (2025: an inflow of

£5.548 million).

155DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

2.6 FINANCE COSTS AND FINANCE INCOME

This note details the interest income generated by our financial assets and the interest expense incurred on our financial

liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency

swaps whilst finance costs mainly comprise interest on unsecured notes, bank borrowings and lease creditors.

		Restated
	2026	2025
	£’000	£’000
Finance costs
On bank loans, overdrafts and unsecured notes	(83,632)	(90,105)
Net cost on interest rate and currency swaps	–	(9,741)
Lease interest 1	(12,979)	(10,727)
Unwinding of discount applicable to acquisition related liabilities 2	(2,424)	(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)	(831)	(783)
Facility fees	(2,308)	(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)	(75)	(168)
Other interest	(2,572)	(1,761)
	(104,821)	(116,832)
Mark-to-market of swaps and related debt 3	–	(340)
	(104,821)	(117,172)
Finance income
Interest on cash and term deposits	8,935	13,115
Net income on interest rate swaps and currency swaps	1,339	–
Notional interest on proceeds receivable (note 3.5)	2,869	–
	13,143	13,115
Mark-to-market of swaps and related debt 3	166	–
	13,309	13,115
Net finance cost	(91,512)	(104,057)
1 The Group’s lease interest is analysed as follows:
Continuing operations	(12,979)	(10,727)
Operations discontinued in the current year	(367)	(729)
Total (note 3.13)	(13,346)	(11,456)
Operations discontinued in the prior year	(620)	(1,425)
Total	(13,966)	(12,881)
2 The Group’s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is analysed as follows:
Continuing operations (note 3.17)	(2,424)	(1,803)
Discontinued operations	(215)	(342)
Total	(2,639)	(2,145)
3 Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges	4,021	9,166
Cross currency interest rate swaps designated as fair value hedges	–	1,407
Adjusted hedged fixed rate debt	(3,855)	(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt	166	(340)
Movement on cross currency interest rate swaps designated as cash flow hedges	(462)	(6,392)
Transferred to cash flow hedge reserve	462	6,392
Total mark-to-market of swaps and related debt	166	(340)

156 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.7 SHARE OF EQUITY ACCOUNTED INVESTMENTS’ PROFIT AFTER TAX

Share of equity accounted investments’ profit after tax represents the results of businesses we do not control, but instead

exercise significant influence and generally have an equity holding of up to 50%.

The Group’s share of equity accounted investments’ (i.e. associates) profit after tax is equity accounted and presented as a single

line item in the Group Income Statement. The profit after tax generated by the Group’s equity accounted investments is analysed

as follows under the principal Group Income Statement captions:

	2026	2025
Group share of:	£’000	£’000
Revenue	208,611	267,828
Profit before tax	5,918	3,687
Income tax	(1,328)	(295)
Profit after tax	4,590	3,392

2.8 INCOME TAX EXPENSE

Tax is payable in the jurisdictions in which we operate. This note details the current tax charge which is the tax payable on this

year’s taxable profits and the deferred tax charge which represents the tax expected to arise in the future due to differences in

the accounting and tax bases of assets and liabilities.

(I) INCOME TAX EXPENSE RECOGNISED IN THE INCOME STATEMENT

		Restated
	2026	2025
	£’000	£’000
Current tax
Irish corporation tax at 12.5%	6,719	10,102
United Kingdom corporation tax at 25%	22,610	23,543
Other overseas tax	86,651	85,204
Income tax credit attaching to exceptional items	(3,696)	(4,998)
(Over)/under provision in respect of prior years	(3,751)	764
Total current tax	108,533	114,615
Deferred tax
Irish at 12.5%	(2,380)	(873)
United Kingdom at 25%	(8,341)	(8,577)
Other overseas deferred tax	(5,903)	(26,501)
Deferred tax credit attaching to exceptional items	(4,812)	(71)
Under/(over) provision in respect of prior years	57	(4,416)
Total deferred tax	(21,379)	(40,438)
Total income tax expense	87,154	74,177

(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME

	2026	2025
	£’000	£’000
Deferred tax relating to defined benefit pension obligations	(420)	(28)
Deferred tax relating to cash flow hedges	23,974	5,140
Total deferred tax charge recognised in Other Comprehensive Income	23,554	5,112

157DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

(III) RECONCILIATION OF EFFECTIVE TAX RATE

		Restated
	2026	2025
Continuing operations	£’000	£’000
Profit before tax	374,118	381,203
Less: share of equity accounted investments’ profit after tax	(4,590)	(3,392)
Add back: amortisation of intangible assets	101,031	107,527
Profit before share of equity accounted investments’ profit after tax and amortisation of intangible assets	470,559	485,338
Add back: net exceptional items before tax	71,735	23,015
Profit before share of equity accounted investments’ profit after tax, amortisation of intangible assets and net
exceptionals	542,294	508,353
Profit before tax	374,118	381,203
At the standard rate of corporation tax in Ireland of 12.5%	46,765	47,650
Amortisation and share of equity accounted investments at the standard rate of corporation tax in Ireland
of 12.5%	12,055	13,017
Adjustments in respect of prior years	(3,694)	(3,652)
Effect of earnings taxed at higher rates	46,403	38,720
Differences arising from impairment	9,452	–
Other differences	7,781	7,461
Income tax expense	118,762	103,196
Income tax and deferred tax attaching to exceptional items	(8,508)	(5,069)
Deferred tax attaching to amortisation of intangible assets	(23,100)	(23,950)
Total income tax expense	87,154	74,177

	2026	2025
	%	%
Income tax expense as a percentage of profit before share of equity accounted investments’ profit after tax, amortisation of intangible assets and net exceptionals	21.9%	20.3%
Impact of share of equity accounted investments’ profit after tax, amortisation of intangible assets and net
exceptionals	1.4%	–0.8%
Total income tax expense as a percentage of profit before tax	23.3%	19.5%

(IV) FACTORS THAT MAY AFFECT FUTURE TAX RATES AND OTHER DISCLOSURES

No change has been enacted to the standard rate of corporation tax in the Republic of Ireland which is currently 12.5%.

On 18 December 2023, the Republic of Ireland enacted legislation, under which the Group is subject to the Global Anti-Base

Erosion Model Rules (‘Pillar 2’) from 1 April 2024. In respect of the year ended 31 March 2026, the Group is expected to qualify

for the transitional safe harbour exemptions in the majority of the jurisdictions in which it operates.

The Group’s Pillar 2 tax charge is immaterial for the year ended 31 March 2026 and is included in the total income tax expense.

The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to

Pillar 2 income taxes, as provided in the amendments to IAS 12 issued in May 2023.

2.8 INCOME TAX EXPENSE CONTINUED

158 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.9 DISCONTINUED OPERATIONS

In the current financial year, the Group completed the disposals of the Healthcare division and DCC Technology’s Info Tech

business. These units are treated as discontinued operations, the results of which are detailed separately below.

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 items	4,696	91,530
Amortisation of intangible assets	(5,373)	(10,629)
Net operating exceptionals (including impairments and profit/loss on disposals)	(258,030)	(151,100)
Operating loss	(258,707)	(70,199)
Net finance costs	(1,787)	(2,153)
Loss before tax	(260,494)	(72,352)
Income tax expense	1,778	(13,453)
Loss 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)

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)

159DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

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 (note 3.5)	119,726
Costs of disposal	(41,777)
Total net consideration	914,418
Assets and liabilities disposed of:
Non current asset	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 reserve	14,370
Loss on disposal of discontinued operations before asset impairments	(428)
Asset impairments	(228,568)
Loss on disposal of discontinued operations	(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 flow 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.

2.9 DISCONTINUED OPERATIONS CONTINUED

160 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.10 DIVIDENDS

Dividends represent one type of shareholder return and are paid as an amount per ordinary share held. The Group retains part

of the profits generated in the year to meet future growth plans.

	2026	2025
Dividends paid per ordinary share	£’000	£’000
Final: paid 140.21 pence per share on 17 July 2025 (2025: paid 133.53 pence per share on 18 July 2024)	140,136	131,181
Interim: paid 69.50 pence per share on 12 December 2025 (2025: paid 66.19 pence per share on 13 December 2024)	66,480	66,166
	206,616	197,347

The Directors are proposing a final dividend in respect of the year ended 31 March 2026 of 14 7 .22p pence per ordinary share

(£125 . 76 1 million). This proposed dividend is subject to approval by the shareholders at the Annual General Meeting.

2.11 EARNINGS PER ORDINARY SHARE

Earnings per ordinary share (‘EPS’) is the amount of post-tax profit attributable to each ordinary share. Basic EPS is the amount

of profit for the year divided by the weighted average number of shares in issue during the year.

Diluted EPS shows what the impact would be if all outstanding and exercisable options were exercised and treated as ordinary

shares at year end.

	Discontinued			Discontinued
	Continuing operations			Continuing operations
	operations	(note 2.9)	Total	operations	(note 2.9)	Total
	2026	2026	2026	2025	2025	2025
	£’000	£’000	£’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 2.5)	63,227	256,854	320,081	17,946	148,774	166,720
Adjusted profit after tax and non-controlling interests	413,400	2,104	415,504	394,140	70,912	465,052

	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
	2026	2026	2026	2025	2025	2025
Basic earnings per ordinary share	pence	pence	pence	pence	pence	pence
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 ordinary share is calculated by dividing the profit attributable to owners of the Parent Company 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.

	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
	2026	2026	2026	2025	2025	2025
Diluted earnings per ordinary share	pence	pence	pence	pence	pence	pence
Basic diluted earnings/(loss) per ordinary share*	287.76p	(274.36p)		295.38p	(87.09p)
Dilutive effect on losses per share*	–	0.72p		–	0.15p
	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.

161DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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NOTES TO THE FINANCIALSTATEMENTS

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.

2.11 EARNINGS PER ORDINARY SHARE CONTINUED

162 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

SECTION 3 ASSETS AND LIABILITIES

3.1 PROPERTY, PLANT AND EQUIPMENT

This note details the tangible assets utilised by the Group to generate revenues and profits. The cost of these assets primarily

represents the amounts originally paid for them. All assets are depreciated over their useful economic lives.

			Fixtures,
		Plant &	fittings
	Land &	machinery	& office	Motor	Capital work
	buildings	& cylinders	equipment	vehicles	in progress	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2026
Opening net book amount	332,257	639,491	149,211	67,952	73,475	1,262,386
Exchange differences and other	7,504	12,647	2,125	300	2,108	24,684
Arising on acquisition (note 5.2)	205	3,209	8,242	777	10	12,443
Additions	28,725	89,811	31,257	31,037	23,907	204,737
Disposals	(4,486)	(3,789)	(766)	(18,361)	(707)	(28,109)
Depreciation charge	(18,098)	(88,429)	(29,146)	(13,566)	–	(149,239)
Impairment charge	–	(1,790)	(45,692)	(114)	–	(47,596)
Reclassification	7,181	9,892	6,384	2,452	(25,909)	–
Closing net book amount	353,288	661,042	121,615	70,477	72,884	1,279,306
At 31 March 2026
Cost	481,410	1,610,517	288,875	199,326	72,884	2,653,012
Accumulated depreciation and impairment losses	(128,122)	(949,475)	(167,260)	(128,849)	–	(1,373,706)
Net book amount	353,288	661,042	121,615	70,477	72,884	1,279,306

			Fixtures,
		Plant &	fittings
	Land &	machinery	& office	Motor	Capital work
	buildings	& cylinders	equipment	vehicles	in progress	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2025
Opening net book amount	409,408	693,262	172,185	65,335	90,323	1,430,513
Exchange differences and other	(4,408)	(6,710)	(1,032)	(1,152)	(1,421)	(14,723)
Arising on acquisition (note 5.2)	1,291	698	974	1,200	144	4,307
Disposal of subsidiary	–	(15,439)	(306)	–	(1,099)	(16,844)
Additions	16,684	110,502	26,773	20,017	37,694	211,670
Disposals	(17,682)	(4,144)	(1,400)	(4,371)	(17)	(27,614)
Depreciation charge	(21,041)	(96,533)	(34,249)	(14,697)	–	(166,520)
Impairment charge	–	(620)	(2,469)	–	–	(3,089)
Assets classified as held for sale	(70,151)	(53,504)	(15,760)	(371)	(15,528)	(155,314)
Reclassification	18,156	11,979	4,495	1,991	(36,621)	–
Closing net book amount	332,257	639,491	149,211	67,952	73,475	1,262,386
At 31 March 2025
Cost	448,573	1,499,621	353,648	187,476	73,475	2,562,793
Accumulated depreciation and impairment losses	(116,316)	(860,130)	(204,437)	(119,524)	–	(1,300,407)
Net book amount	332,257	639,491	149,211	67,952	73,475	1,262,386

USEFUL ECONOMIC LIVES OF ASSETS

The Group’s assessment of the risks and opportunities created by climate change to its existing and future operations is outlined in

the Risk Report on pages 70 to 77 and the Sustainability Review on pages 34 to 69. The Group’s energy strategy has allowed the

Group to commit to reducing its carbon emissions from its own activities (Scope 1 and 2) and from the energy it sells (Scope 3) to

net zero by 2050 or sooner. Due consideration is given to these factors when determining the useful lives of the Group’s assets.

Importantly, many of the Group’s existing assets, such as depots, storage equipment and trucks will continue to be used for the

distribution of lower carbon forms of fuel, such as biofuels. Capital expenditure will continue to be required in relation to these

assets in the short and medium-term.

The Group therefore considers that these assets will continue to be an integral part of the total asset portfolio of the Group in the

short and medium-term. Further information is included in note 3.3 Intangible Assets and Goodwill on page 167.

163DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

There remains a risk that the useful lives of the assets created by future capital expenditure may differ from current assumptions.

For instance, governments in some of the Group’s operating locations could take measures to restrict the use of certain fossil-

based assets which could affect the estimated useful lives of those assets. However, for the reasons stated, there were no

significant changes in the estimates of useful lives during the current financial year.

Included in the land and buildings are investment properties with a carrying value of £38.3 million. These properties, which were

retained on the disposal of the Info Tech business, have been measured initially at cost, including any directly attributable

expenditure, and subsequently measured using the cost model in accordance with IAS 40. The fair value of the investment

properties are consistent with their current carrying values.

3.2 RIGHT-OF-USE LEASED ASSETS

This note details the right-of-use leased assets utilised by the Group to generate revenues and profits. All assets are depreciated

over their lease term (see note 3.12).

			Fixtures,
		Plant &	fittings
	Land &	machinery	& office	Motor
	buildings	& cylinders	equipment	vehicles	Total
	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2026
Opening net book amount	244,470	3,177	6,072	44,313	298,032
Exchange differences and other	5,674	86	3	1,040	6,803
Arising on acquisition (note 5.2)	2,331	–	–	2,351	4,682
Additions	98,575	99	38	69,031	167,743
Terminations	(2,962)	–	–	(2,162)	(5,124)
Depreciation charge	(52,186)	(511)	(1,775)	(26,802)	(81,274)
Impairment charge	(15,253)	(262)	–	(625)	(16,140)
Closing net book amount	280,649	2,589	4,338	87,146	374,722
Year ended 31 March 2025
Opening net book amount	293,271	3,576	525	52,553	349,925
Exchange differences and other	(3,838)	(72)	(69)	(279)	(4,258)
Arising on acquisition (note 5.2)	2,945	–	12	386	3,343
Disposal of subsidiary	(7,552)	–	–	–	(7,552)
Additions	53,086	3,183	7,917	22,202	86,388
Terminations	(1,399)	(92)	(383)	(702)	(2,576)
Depreciation charge	(58,914)	(1,352)	(1,652)	(25,481)	(87,399)
Impairment charge	(384)	–	–	–	(384)
Assets classified as held for sale	(32,745)	(2,066)	(278)	(4,366)	(39,455)
Closing net book amount	244,470	3,177	6,072	44,313	298,032

3.1 PROPERTY, PLANT AND EQUIPMENT CONTINUED

164 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.3 INTANGIBLE ASSETS AND GOODWILL

The Group Balance Sheet contains significant intangible assets and goodwill. Goodwill, customer and supplier relationships and

brands can arise on the acquisition of a business. Goodwill arises when we pay an amount which is higher than the fair value of

the net assets acquired (primarily due to expected synergies). This goodwill is not amortised but is subject to annual impairment

reviews whereas customer and supplier relationships and brands are amortised over their useful economic lives.

		Customer &
		supplier
		related	Brand related
	Goodwill	intangibles	intangibles	Total
	£’000	£’000	£’000	£’000
Year ended 31 March 2026
Opening net book amount	1,716,684	488,252	208,567	2,413,503
Exchange differences	26,277	5,451	6,237	37,965
Arising on acquisition (note 5.2)	27,304	26,326	7,344	60,974
Adjustments to contingent consideration (note 3.17)	(7,763)	–	–	(7,763)
Amortisation charge	–	(88,736)	(12,295)	(101,031)
Impairment charge	(83,220)	(24,102)	–	(107,322)
Closing net book amount	1,679,282	407,191	209,853	2,296,326
At 31 March 2026
Cost	1,687,109	1,091,499	293,004	3,071,612
Accumulated amortisation and impairment losses	(7,827)	(684,308)	(83,151)	(775,286)
Net book amount	1,679,282	407,191	209,853	2,296,326

		Customer &
		supplier
		related	Brand related
	Goodwill	intangibles	intangibles	Total
	£’000	£’000	£’000	£’000
Year ended 31 March 2025
Opening net book amount	2,190,147	708,551	238,247	3,136,945
Exchange differences	(30,638)	(13,513)	(5,007)	(49,158)
Arising on acquisition (note 5.2)	137,893	85,410	4,400	227,703
Disposal of subsidiary	(54,407)	(56,066)	–	(110,473)
Adjustments to contingent consideration (note 3.17)	(25,892)	–	–	(25,892)
Amortisation charge	–	(105,308)	(12,848)	(118,156)
Impairment charge	(79,619)	–	–	(79,619)
Assets classified as held for sale	(420,800)	(130,822)	(16,225)	(567,847)
Closing net book amount	1,716,684	488,252	208,567	2,413,503
At 31 March 2025
Cost	1,803,884	1,100,952	277,444	3,182,280
Accumulated amortisation and impairment losses	(87,200)	(612,700)	(68,877)	(768,777)
Net book amount	1,716,684	488,252	208,567	2,413,503

Customer and supplier related intangible assets principally comprise contractual and non-contractual customer and supplier

relationships arising from business combinations and are amortised over their estimated useful lives. The weighted average

remaining amortisation period for customer related intangibles is 7.3 years (2025: 7.2 years). Brand related intangible assets

comprise registered trade names and logos which are well established and recognised within the industries in which the Group

operates. The weighted average remaining amortisation period for brand related intangibles is 20.6 years (2025: 21.5 years).

There are no internally generated brand related intangibles recognised on the Group Balance Sheet.

165DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

In accordance with IAS 38 Intangible Assets, details of individually significant intangible assets and their remaining amortisation

periods are as follows:

At 31 March 2026

		Customer &
		supplier	Remaining		Remaining
		related	amortisation	Brand related	amortisation
		intangibles	period in	intangibles	period in
CGU	Segment	£’000	years	£’000	years
Butagaz	DCC Energy	57,746	4.2 years	106,880	28.6 years
Nexora North America	DCC Technology	95,752	5.4 years	1,175	12.4 years
DCC Propane	DCC Energy	56,422	6.7 years	24,663	12.2 years
Energy Solutions Germany	DCC Energy	49,020	10.7 years	36,017	12.7 years
Mobility Continental Europe	DCC Energy	33,812	10.4 years	–	–
Others		114,439		41,118
Closing net book amount		407,191		209,853

At 31 March 2025

		Customer &
		supplier	Remaining		Remaining
		related	amortisation	Brand related	amortisation
		intangibles	period in	intangibles	period in
CGU	Segment	£’000	years	£’000	years
Butagaz	DCC Energy	75,581	4.8 years	106,526	29.6 years
Nexora North America	DCC Technology	118,233	6.4 years	1,297	13.4 years
DCC Propane	DCC Energy	66,835	7.6 years	27,354	13.2 years
Energy Solutions Germany	DCC Energy	53,844	11.3 years	37,399	13.6 years
Others		173,759		35,991
		488,252		208,567
Discontinued operations		130,822		16,225
Closing net book amount		619,074		224,792

CASH-GENERATING UNITS

Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (‘CGUs’) that are expected to

benefit from that business combination. A CGU is the smallest identifiable group of assets that generates cash inflows that are

largely independent of the cash inflows from other assets or group of assets. The CGUs represent the lowest level within the

Group at which the associated goodwill is assessed for internal management purposes and are not larger than the operating

segments determined in accordance with IFRS 8 Operating Segments.

A total of 19 CGUs (2025: 30 CGUs) have been identified and these are analysed between the Group’s operating segments below

together with a summary of the allocation of the carrying value of goodwill by segment.

	Cash-generating units		Goodwill
	2026	2025	2026	2025
	number	number	£’000	£’000
DCC Energy	15	16	1,477,747	1,453,844
DCC Technology	4	7	201,535	262,840
	19	23	1,679,282	1,716,684
Discontinued operations	–	7	–	420,800
	19	30	1,679,282	2,137,484

3.3 INTANGIBLE ASSETS AND GOODWILL CONTINUED

166 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are

as follows:

		2026	2025
CGU	Segment	£’000	£’000
Certas Energy UK Group	DCC Energy	407,786	413,822
Butagaz	DCC Energy	268,565	257,355
Nexora North America	DCC Technology	180,734	184,866
Mobility Continental Europe	DCC Energy	157,260	151,120
DCC Propane	DCC Energy	123,931	126,765
Energy Solutions Germany	DCC Energy	106,630	104,428
Flogas Britain	DCC Energy	94,931	91,740
Others		339,445	386,588
		1,679,282	1,716,684
Discontinued operations		–	420,800
Closing net book amount		1,679,282	2,137,484

For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which significant amounts of

goodwill have been allocated were 11.3% (2025: 10.8%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and

DCC Propane, and 12.7% (2025: 12.2%) for Nexora North America. The long-term growth rates assumed for the Certas Energy UK

Group was 1.4% (2025: 1.3%), a long-term growth rate of 1.8% (2025: 2.1%) was assumed for Nexora North America and DCC

Propane and a long-term growth rate of 1.2% (2025: 1.3%) was assumed for Mobility Continental Europe. No growth was assumed

for Butagaz (2025: no growth). The remaining goodwill balance of £339.445 million is allocated across 12 CGUs (2025: £386.588

million across 16 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in

the range 11.3% to 12.7% (2025: 10.8% to 12.2%).

IMPAIRMENT TESTING OF GOODWILL

Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing. Impairment

of goodwill occurs when the carrying value of a CGU is greater than the present value of the cash that it is expected to generate

(i.e. the recoverable amount). The Group reviews the carrying value of each CGU at least annually or more frequently if there is

an indication that the CGU may be impaired.

The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for this

computation are based on divisional forecasts that have been formally approved by the Board of Directors and specifically

excludes future acquisition activity. These cash flow forecasts are consistent with those used for the Group’s going concern and

viability assessments. Cash flows are forecasted up to 5 years using the assumptions underlying the divisional forecasts. Cash flow

forecasts include consideration of past performance along with reflecting management’s best estimates of future developments

in each of the Group’s markets. Net cash flows include consideration of the Group’s 2030 and 2050 emissions commitments. A

long-term growth rate reflecting the lower of the extrapolated cash flow projections and the long-term GDP rate for the country

of operation is applied to the year five cash flows. The weighted average long-term growth rate used in the impairment testing

was 1.1% (2025: 1.4%).

The assumptions behind the cash flow projections also take account of the Group’s assessment of the transitional and physical

impacts of climate change on its operations that are described in the Sustainability Review on page 45.

In relation to transitional risks, the assessment considered the impact of changing societal responses to climate change on our

energy activities in a number of scenarios, including one consistent with 1.5°C warming by 2050. The assessment considered that

while there will be evolution in the legal environment, the pace of technological change and the introduction of new forms of

energy, which may see a reduction in demand for fossil fuels over the medium to long-term, there is also a significant opportunity

available to our energy businesses to support existing and new customers as they reduce their use of fossil fuels over the coming

decades. In particular, our energy businesses can add to the range of products and services that we offer while continuing to use

the assets that we currently own.

In relation to physical risks, such as increased frequency of extreme weather events, the Group’s risk assessment considered the

impacts of climate change on certain of the Group’s assets in an adverse scenario consistent with 4.0°C warming by 2050. This

risk assessment considered both the risk of physical damage to assets and the potential disruption to our wider operations that

would be caused if sites were inoperable for a certain period because of more frequent adverse weather conditions. The Group

concluded that whilst there is a risk in the medium-term to these assets, these risks can be fully mitigated through increased

physical mitigation measures and business continuity planning. In addition, the Group maintains insurance cover against physical

damage and/or business interruption.

The geographical diversity of the Group and potential alternative sources of supply also means that the risk to the Group as

a whole is unlikely to be material.

3.3 INTANGIBLE ASSETS AND GOODWILL CONTINUED

167DCC PLCANNUAL REPORT AND ACCOUNTS 2026

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NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

Having assessed these scenarios the Group continues to conclude that, while climate change is an existing and evolving risk,

it does not warrant any amendments to the assumptions used in the Group’s impairment testing.

A present value of the future cash flows is calculated using a before-tax discount rate representing the Group’s estimated

before-tax weighted average cost of capital, adjusted to reflect risks associated with each CGU. The range of discount rates

applied ranged from 11.3% to 12.7% (2025: 10.8% to 12.2%).

Key assumptions include discount rates, long-term growth rates, management’s estimates of future profitability, working capital

movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts are generally

determined based on historical performance together with management’s expectation of future trends affecting the industry and

other developments and initiatives in the business.

The Group recognised an impairment charge of £107.322 million (2025: £79.619 million). An impairment charge was 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 Group also recognised an 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. In

addition, the Group recognised an impairment charge in relation to DCC Technology’s Info Tech business following its classification

as an asset held for sale at 30 September 2025. The Group completed the sale of this business in the second half of this financial

year.

SENSITIVITY ANALYSIS

Sensitivity analysis was performed by increasing the discount rate by 1%, reducing the long-term growth rate by 0.3% and

decreasing cash flows by 10% which resulted in an excess in the recoverable amount of 18 CGUs over their carrying amount under

each approach. Management believes that any reasonable change in any of the key assumptions would not cause the carrying

value of goodwill to exceed the recoverable amount except in the case of one CGU below.

In relation to a CGU which forms part of the DCC Technology segment, the value in use of £80.1 million represented an excess of

£2.3 million over its carrying value of £77.8 million. The table below identifies the amounts by which each of the key assumptions

must change in order for the recoverable amount of the CGU to be equal to its carrying amount:

Increase in discount rate	0.3 percentage points
Reduction in long-term growth rate	0.5 percentage points
Reduction in cash flow	3%

This CGU exhibited an excess of carrying value over value in use of £5.2 million by applying a premium of 1% to the discount rate

and a deficit of £12.0m by applying a decrease in cash flows of 10%.

3.4 EQUITY ACCOUNTED INVESTMENTS

Equity accounted investments represent the Group’s interests in certain entities where we exercise significant influence and

generally have an equity holding of up to 50%.

	2026	2025
	£’000	£’000
At 1 April	71,428	32,825
Share of profit after tax	4,590	3,392
Acquisition of equity accounted investments (note 5.2)	156	35,346
Dividends received	(356)	(857)
Exchange and other	3,350	722
At 31 March	79,168	71,428

Investments in associates at 31 March 2026 include goodwill and intangible assets of £68.272 million (2025: £56.919 million).

3.3 INTANGIBLE ASSETS AND GOODWILL CONTINUED

168 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Summarised financial information for the Group’s share of its investment in associates which are accounted for using the equity

method is as follows:

	2026	2025
	£’000	£’000
Non-current assets	104,311	124,288
Current assets	56,790	36,929
Non-current liabilities	(45,537)	(57,689)
Current liabilities	(36,396)	(32,100)
	79,168	71,428

The Group’s principal associate is its 36% shareholding in IP&E GBA Limited. This business is engaged in the procurement, sales,

marketing and distribution of liquid gas and is based in Hong Kong.

Details of the Group’s other principal associates are included in the Group Directory on page 226.

3.5 LONG-TERM RECEIVABLES

The Group disposed of DCC Healthcare during the year ended 31 March 2026. The consideration received included an

unconditional deferred amount of £130 million receivable within two years.

The movement in the Group’s long-term receivables is as follows:

	2026	2025
	£’000	£’000
At 1 April	–	–
Arising on disposal (note 2.9)	119,726	–
Unwinding of discount (note 2.6)	2,869	–
At 31 March	122,595	–

3.6 INVENTORIES

Inventories represent assets that we intend to convert or sell in order to generate revenue in the short-term. The Group’s

inventory consists primarily of finished goods, net of an allowance for obsolescence.

	2026	2025
	£’000	£’000
Raw materials	22,428	22,712
Work in progress	7,998	14,299
Finished goods	752,141	903,148
	782,567	940,159

Write-downs of inventories recognised as an expense within cost of sales amounted to £6.548 million (2025: £4.803 million) and

arose in the normal course of activities.

3.7 TRADE AND OTHER RECEIVABLES

Trade and other receivables mainly consist of amounts owed to the Group by customers, net of an allowance for bad and

doubtful debts, together with prepayments and accrued income.

	2026	2025
	£’000	£’000
Trade receivables	1,635,462	1,590,328
Allowance for impairment of trade receivables	(105,501)	(107,216)
Accrued income	212,647	194,260
Prepayments	160,147	137,577
Value-added tax recoverable	27,395	28,939
Other debtors	51,986	131,556
	1,982,136	1,975,444

3.4 EQUITY ACCOUNTED INVESTMENTS CONTINUED

169DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

Information about the Group’s exposure to credit and market risks, and impairment losses for trade receivables is included in note

5.7. The aged analysis of these balances is as follows:

				Trade receivables net of
	Gross trade receivables			allowance for impairment
	2026	2025	2026	2025
	£’000	£’000	£’000	£’000
Not overdue	1,286,004	1,245,696	1,268,648	1,226,678
Less than 1 month overdue	221,769	194,623	217,991	190,914
1 – 3 months overdue	53,311	81,149	22,209	50,587
3 – 6 months overdue	31,323	20,425	17,986	13,257
Over 6 months overdue	43,055	48,435	3,127	1,676
	1,635,462	1,590,328	1,529,961	1,483,112

The movement in the allowance for impairment of trade receivables during the year is as follows:

	2026	2025
	£’000	£’000
At 1 April	107,216	86,025
Allowance for impairment recognised in the year	17,757	35,956
Subsequent recovery of amounts previously provided for	(2,050)	(2,045)
Amounts written off during the year	(19,483)	(10,617)
Arising on acquisition	2,027	2,243
Disposal of subsidiary	(3,910)	(1,598)
Exchange	3,944	(1,281)
Provision for impairment of trade receivables attributable to assets held for sale	–	(1,467)
At 31 March	105,501	107,216

3.8 TRADE AND OTHER PAYABLES

The Group’s trade and other payables mainly consist of amounts we owe to our suppliers that have been either invoiced or

accrued and are due to be settled within 12 months.

	2026	2025
	£’000	£’000
Trade payables	1,812,789	1,715,189
Accruals	767,620	823,817
Deferred income	55,243	39,748
PAYE and National Insurance or equivalent	14,158	24,988
Value-added tax	86,873	110,404
Government grants (note 3.19)	65	23
Interest payable	44,340	35,154
Amounts due in respect of property, plant and equipment	17,056	13,858
	2,798,144	2,763,181

3.7 TRADE AND OTHER RECEIVABLES CONTINUED

170 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.9 MOVEMENT IN WORKING CAPITAL

Working capital represents the net of inventories, trade and other receivables and trade and other payables. This note details

the overall movement in the year under each of these headings.

		Trade	Trade
		and other	and other
	Inventories	receivables	payables	Total
	£’000	£’000	£’000	£’000
Year ended 31 March 2026
At 1 April 2025	940,159	1,975,444	(2,763,181)	152,422
Assets and liabilities classified as held for sale at 31 March 2025	111,718	132,798	(127,716)	116,800
Translation adjustment	6,684	39,864	(59,198)	(12,650)
Arising on acquisition – continuing operations (note 5.2)	9,235	17,625	(14,565)	12,295
Arising on acquisition – discontinued operations	4,049	3,696	(2,704)	5,041
Disposal of subsidiaries and asset impairments	(312,516)	(342,855)	428,028	(227,343)
Exceptional items, interest accruals, capital accruals and other	–	(148)	(8,443)	(8,591)
Increase/(decrease) in working capital (note 5.3)	23,238	155,712	(250,365)	(71,415)
At 31 March 2026	782,567	1,982,136	(2,798,144)	(33,441)
Year ended 31 March 2025
At 1 April 2024	1,072,061	2,172,422	(3,054,108)	190,375
Translation adjustment	(15,325)	(26,884)	32,996	(9,213)
Arising on acquisition (note 5.2)	29,548	42,973	(42,751)	29,770
Disposal of subsidiary	(2,180)	(12,956)	10,098	(5,038)
Exceptional items, interest accruals, capital accruals and other	(17,172)	(49,828)	36,565	(30,435)
(Decrease)/increase in working capital (note 5.3)	(15,055)	(17,485)	126,303	93,763
Assets and liabilities classified as held for sale	(111,718)	(132,798)	127,716	(116,800)
At 31 March 2025	940,159	1,975,444	(2,763,181)	152,422

3.10 CASH AND CASH EQUIVALENTS

The majority of the Group’s cash and cash equivalents are held in current accounts and deposit accounts with maturities of up to

three months.

	2026	2025
	£’000	£’000
Cash at bank and in hand	512,228	632,087
Short-term deposits	573,379	456,088
	1,085,607	1,088,175

Cash at bank earns interest at floating rates based on daily bank deposit rates. The short-term deposits, which include bank and

money market deposits, are for periods up to three months on date of origination and earn interest at the respective short-term

deposit rates. Cash and cash equivalents include the following for the purposes of the Group Cash Flow Statement:

	2026	2025
	£’000	£’000
Cash and short-term deposits	1,085,607	1,088,175
Bank overdrafts	(22,168)	(31,084)
Cash and short-term deposits attributable to assets held for sale	–	62,338
	1,063,439	1,119,429

Bank overdrafts are included within current borrowings (note 3.12) in the Group Balance Sheet.

171DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

3.11 DERIVATIVE FINANCIAL INSTRUMENTS

Derivatives are financial instruments that derive their value from the price of underlying items such as interest rates, foreign

exchange rates, commodities or other indices. This note details the derivative financial instruments used by the Group to hedge

certain risk exposures arising from operational, financing and investment activities. These derivatives are held at fair value.

	Contractual	Carrying amount
	notional
	amount	Asset	Liability
At 31 March 2026	£’000	£’000	£’000
Derivatives designated as cash flow or fair value hedges:
Cash flow hedges:
- Cross currency interest rate swaps	190,601	25,199	–
- Forward foreign exchange contracts	33,177	198	(218)
- Commodity price forward contracts	399,988	107,160	(13,096)
Fair value hedges:
- Interest rate swaps	314,185	598	(12,848)
		133,155	(26,162)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps	375,312	5,058	(356)
Forward foreign exchange contracts	1,986	25	(5)
Commodity price forward contracts	54,203	20,742	(23,085)
		25,825	(23,446)
		158,980	(49,608)
Analysed as:
Non-current asset/(liability)		18,954	(14,684)
Current asset/(liability)		140,026	(34,924)
		158,980	(49,608)

172 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	Contractual	Carrying amount
	notional
	amount	Asset	Liability
At 31 March 2025	£’000	£’000	£’000
Derivatives designated as cash flow or fair value hedges:
Cash flow hedges:
- Cross currency interest rate swaps	256,380	38,337	–
- Forward foreign exchange contracts	124,100	620	(439)
- Commodity price forward contracts	340,576	10,071	(9,705)
Fair value hedges:
- Interest rate swaps	307,111	–	(16,869)
		49,028	(27,013)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps	461,541	433	(2,825)
Forward foreign exchange contracts	13,730	276	(22)
Commodity price forward contracts	58,166	455	(712)
		1,164	(3,559)
		50,192	(30,572)
Analysed as:
Non-current asset/(liability)		24,871	(19,224)
Current asset/(liability)		25,321	(11,348)
		50,192	(30,572)

The tables below shows the effects of hedge accounting on the statement of comprehensive income:

	Net carrying	Change in value used for calculating
	amount included	hedge ineffectiveness		Hedge
	in derivative			ineffectiveness
	financial		Hedging	recognised in
Derivatives designated as cash flow	instruments	Hedged item	instrument	Income Statement
or fair value hedges at 31 March 2026:	£’000	£’000	£’000	£’000
Cash Flow Hedges:
Cross currency interest rate swaps	25,199	462	(462)	–
Forward foreign exchange contracts	(20)	3,183	(3,183)	–
Commodity price forward contracts	94,064	(89,758)	90,930	1,172
	119,243	(86,113)	87,285	1,172
Fair Value Hedges:
Interest rate swaps	(12,250)	(4,123)	4,289	166
	(12,250)	(4,123)	4,289	166

	Net carrying	Change in value used for calculating
	amount included	hedge ineffectiveness		Hedge
	in derivative			ineffectiveness
	financial		Hedging	recognised in
Derivatives designated as cash flow	instruments	Hedged item	instrument	Income Statement
or fair value hedges at 31 March 2025:	£’000	£’000	£’000	£’000
Cash Flow Hedges:
Cross currency interest rate swaps	38,337	6,392	(6,392)	–
Forward foreign exchange contracts	181	(794)	794	–
Commodity price forward contracts	366	(23,162)	23,162	–
	38,884	(17,564)	17,564	–
Fair Value Hedges:
Interest rate swaps	(16,869)	(9,109)	8,877	(232)
Cross currency interest rate swaps	–	40,571	(40,679)	(108)
	(16,869)	31,462	(31,802)	(340)

3.11 DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED

173DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

The effects of fair value hedges on hedged items are as follows:

			Hedge
	Financial		ineffectiveness
	statement line		recognised in
	item that		Income
	includes	Carrying amount	Statement
	hedged item	£’000	£’000
Year ended 31 March 2026
Fair Value Hedges:
- Interest rate swaps	Borrowings	(300,968)	166
- Cross currency interest rate swaps	Borrowings	–	–
		(300,968)	166
Year ended 31 March 2025
Fair Value Hedges:
- Interest rate swaps	Borrowings	(290,043)	(232)
- Cross currency interest rate swaps	Borrowings	–	(108)
		(290,043)	(340)

The full fair value of a hedging derivative is classified as a non-current asset or non-current liability if the remaining maturity of

the hedged item is more than 12 months and as a current asset or current liability if the maturity of the hedged item is less than

12 months.

INTEREST RATE SWAPS

At 31 March 2026, the fixed interest rates vary from 1.96% to 2.86% and the floating rates are based on sterling SONIA and

EURIBOR.

CROSS CURRENCY INTEREST RATE SWAPS

The Group utilises cross currency interest rate swaps to swap fixed rate US dollar denominated debt into fixed rate sterling debt

and fixed rate euro debt. At 31 March 2026 the fixed US dollar interest rates vary from 4.68% to 4.78% and the average swapped

fixed rates for sterling and euro were 4.69% and 3.66% respectively. These swaps are designated as cash flow hedges under

IAS 39.

CURRENCY SWAPS

During the year ended 31 March 2026, the Group entered into currency swaps to manage currency risk related to the funding of

certain acquisitions.

FORWARD FOREIGN EXCHANGE CONTRACTS

Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2026 on forward foreign exchange

contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to 12 months

after the reporting date.

COMMODITY PRICE FORWARD CONTRACTS

Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2026 on forward commodity contracts

designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to five years after the

reporting date.

3.11 DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED

174 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.12 BORROWINGS AND LEASE CREDITORS

The Group utilises long-term debt funding together with committed credit lines with our relationship banks. We use derivatives to

manage risks associated with interest rates and foreign exchange.

	2026	2025
At 31 March	£’000	£’000
Non-current
Unsecured notes	1,653,726	1,849,217
Total borrowings	1,653,726	1,849,217
Lease creditors (note 3.13)	311,593	249,726
Total non-current borrowings and lease creditors	1,965,319	2,098,943
Current
Unsecured notes	209,558	85,741
Bank borrowings	22,168	31,084
Total borrowings	231,726	116,825
Lease creditors (note 3.13)	78,188	64,245
Total current borrowings and lease creditors	309,914	181,070
Total borrowings and lease creditors	2,275,233	2,280,013

The maturity of non-current borrowings is as follows:

	2026	2025
At 31 March	£’000	£’000
Between one and two years	386,620	263,767
Between two and five years	561,958	780,810
Over five years	1,016,741	1,054,366
	1,965,319	2,098,943

BANK BORROWINGS

Interest on bank borrowings is at floating rates set in advance for periods ranging from overnight to six months by reference to

inter-bank interest rates (EURIBOR, sterling SONIA and US$ SOFR) and consequently fair value approximates carrying amounts.

The Group has a £800 million committed revolving credit facility with ten relationship banks: Barclays, BNP Paribas, Danske Bank,

HSBC, ING, J.P. Morgan, National Westminster Bank, Bank of Ireland, Citibank and Toronto Dominion. The facility matures in

March 2029 and £800 million remained undrawn at 31 March 2026 (FY25: £800 million). The Group had various other

uncommitted bank facilities available at 31 March 2026.

175DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

UNSECURED NOTES

The Group’s unsecured notes fall due between 2026 and 2034 and are comprised of fixed and floating debt denominated in

sterling, euro and US dollar.

The Group utilises cross currency interest rate swaps and interest rate swaps to manage currency risk and interest rate risk on

funding for acquisitions. A summary of the Group’s unsecured notes is as follows:

		Principal amount *	2026	2025
Unsecured notes	Note	‘000	£‘000	£‘000
4.19% USD due April 2025	1, CF	111,000	–	85,741
1.83% EUR due April 2026		20,000	17,366	16,708
4.55% USD due April 2026		115,500	87,223	89,217
4.68% USD due May 2026	2, CF	87,000	65,700	67,202
4.78% USD due September 2026	3, CF	52,000	39,269	40,167
Floating EUR due September 2027	6	70,000	60,781	58,478
1.96% EUR due September 2027	4, FV	185,000	155,995	149,162
2.74% GBP due September 2027	5, FV	107,500	102,530	99,725
5.89% USD due December 2028		201,500	152,167	155,647
Floating USD due December 2028	7	50,000	37,759	38,622
2.18% EUR due April 2029		30,000	26,049	25,062
4.67% USD due April 2029		72,500	54,750	56,002
Floating EUR due September 2029	6	45,000	39,074	37,593
2.17% EUR due September 2029	4, FV	30,000	24,439	23,566
2.86% GBP due September 2029	5, FV	20,000	18,003	17,588
4.98% USD due September 2029		28,000	21,145	21,628
6% USD due December 2030		80,000	60,414	61,795
2.39% EUR due April 2031		20,000	17,366	16,708
4.77% USD due April 2031		64,500	48,709	49,822
4.38% EUR EMTN due June 2031		500,000	434,150	417,700
6.7% GBP due December 2032		50,000	50,000	50,000
Floating USD due December 2032	7	50,000	37,759	38,622
6.12% USD due December 2032		282,000	212,959	217,828
2.66% EUR due April 2034		30,000	26,048	25,062
4.92% USD due April 2034		97,500	73,629	75,313
At 31 March		1,863,284	1,934,958
Analysed as:
Non-current liabilities			1,653,726	1,849,217
Current liabilities			209,558	85,741
			1,863,284	1,934,958

* Amounts are displayed in the currency of the note

1 Swapped to fixed EUR and GBP ($66m and $45m respectively, cross currency interest rate swap)

2 Swapped to fixed EUR (cross currency interest rate swap)

3 Swapped to fixed GBP (cross currency interest rate swap)

4 Swapped to floating (interest rate swap), half yearly EURIBOR

5 Swapped to floating (interest rate swap), half yearly SONIA

6 Half yearly EURIBOR

7 Quarterly SOFR

CF Designated as cash flow hedge (IAS 39)

FV Designated as fair value hedge (IAS 39)

3.12 BORROWINGS AND LEASE CREDITORS CONTINUED

176 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The maturity and interest profile of the unsecured notes is as follows:

At 31 March	2026	2025
Average maturity	4.0 years	4.8 years
Average fixed interest rates*:
– US dollar denominated	5.40%	5.29%
– sterling denominated	3.87%	3.87%
– euro denominated	3.49%	3.49%
Average floating rate including swaps:
– US dollar denominated	5.99%	6.66%
– sterling denominated	5.77%	6.64%
– euro denominated	3.41%	3.60%

* Issued and repayable at par.

3.13 LEASE CREDITORS

Lease creditors represent the present value of the Group’s lease commitments. Lease creditors are initially measured at the

present value of the future minimum lease payments, discounted using the incremental borrowing rate over the remaining

lease term.

The movement in the Group’s lease creditors during the year ended 31 March 2026 is as follows:

	2026	2025
	£’000	£’000
At 1 April	313,971	362,383
Exchange differences	7,003	(4,423)
Additions	167,743	88,474
Terminations	(5,737)	(3,645)
Arising on acquisition (note 5.2)	4,682	3,343
Disposal of subsidiary	(15,678)	(3,983)
Lease repayments	(95,549)	(98,886)
Lease interest (note 2.6)	13,346	12,881
Lease creditors attributable to assets held for sale	–	(42,173)
At 31 March	389,781	313,971

An analysis of the maturity profile of the discounted lease creditor arising from the Group’s leasing activities as at 31 March 2026 is

as follows:

	2026	2025
At 31 March	£’000	£’000
Within one year	78,188	64,245
Between one and two years	64,314	50,473
Between two and five years	128,158	97,736
Over five years	119,121	101,517
At 31 March	389,781	313,971
Analysed as:
Non-current liabilities	311,593	249,726
Current liabilities	78,188	64,245
	389,781	313,971

3.12 BORROWINGS AND LEASE CREDITORS CONTINUED

177DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

The Group has availed of the exemption from capitalising lease costs for short-term leases and low-value assets where the

relevant criteria are met. Wholly variable lease payments directly linked to sales or usage are also expensed as incurred. The

following lease costs have been charged to the Income Statement as incurred:

		2026			2025
	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
For year ended 31 March	£’000	£’000	£’000	£’000	£’000	£’000
Short-term leases	5,061	211	5,272	6,205	659	6,864
Leases of low-value assets	82	4	86	458	24	482
Wholly variable lease payments	59,096	–	59,096	56,471	–	56,471
Total	64,239	215	64,454	63,134	683	63,817

The total cash outflow for lease payments during the period was as follows:

		2026			2025
	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
For year ended 31 March	£’000	£’000	£’000	£’000	£’000	£’000
Cash outflow for short-term leases, leases of low
value assets and wholly variable lease payments	64,239	215	64,454	63,134	683	63,817
Lease payments relating to capitalised right-of-use
leased assets	92,261	8,348	100,609	86,832	12,054	98,886
Total cash outflow for lease payments	156,500	8,563	165,063	149,966	12,737	162,703

Lease commitments for short-term leases at the Balance Sheet date are not materially different to the short-term lease costs

expensed during the year.

The Group’s business model is that of a distributor and, therefore, maintaining flexibility in the Group’s cost base is of significant

importance. Substantially all of the Group’s variable lease payments arise from two types of contracts which give rise to the

following costs:

(i) transport costs (primarily for the transport of liquid gas) which vary depending on kilometers and hours of truck travel (i.e.

deliveries outside of normal working hours can incur a premium). Given that the variable costs arising on liquid gas transport

contracts are linked to hours and distance travelled by the trucks, these costs will vary in line with demand patterns.

(ii) third party petrol forecourts costs which vary based primarily on volume of fuel sold and margin achieved. These costs will vary

in line with demand patterns.

There are no other significant factors that can influence the variability of the Group’s variable lease payments other than those

mentioned above.

The effect of excluding future cash outflows arising from termination options and leases not yet commenced from lease creditors

was not material for the Group. Income from subleasing and gains/losses on sales and leaseback transactions were not material

for the Group.

3.13 LEASE CREDITORS CONTINUED

178 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.14 ANALYSIS OF NET DEBT

Net debt is a key metric of the Group and represents cash and cash equivalents less borrowings, derivative financial instruments

and lease creditors.

RECONCILIATION OF OPENING TO CLOSING NET DEBT

The reconciliation of opening to closing net debt for the year ended 31 March 2026 is as follows:

				Fair value adjustment
				Cash Flow
	At 1 April	Cash/debt	Income	Hedge	Translation	At 31 March
	2025	movements	Statement	Reserve	adjustment	2026
	£’000	£’000	£’000	£’000	£’000	£’000
Cash and short-term deposits	1,150,513	(88,064)	–	–	23,158	1,085,607
Overdrafts	(31,084)	8,717	–	–	199	(22,168)
	1,119,429	(79,347)	–	–	23,357	1,063,439
Unsecured notes	(1,934,958)	85,741	(3,855)	–	(10,212)	(1,863,284)
Derivative financial instruments	19,620	(17,392)	5,192	103,503	(1,551)	109,372
Group net debt (excl. lease creditors)	(795,909)	(10,998)	1,337	103,503	11,594	(690,473)
Lease creditors	(356,144)	(26,323)	–	–	(7,314)	(389,781)
Group net debt (incl. cash attributable to assets
classified as held for sale)	(1,152,053)	(37,321)	1,337	103,503	4,280	(1,080,254)
Group net debt (excl. cash attributable to assets
classified as held for sale)	(1,172,218)	(16,750)	1,337	103,503	3,874	(1,080,254)
Financing liabilities	(2,271,220)	44,176	166	(462)	(19,355)	(2,246,695)

The reconciliation of opening to closing net debt for the year ended 31 March 2025 is as follows:

				Fair value adjustment
				Cash Flow
	At 1 April	Cash/debt	Income	Hedge	Translation	At 31 March
	2024	movements	Statement	Reserve	adjustment	2025
	£’000	£’000	£’000	£’000	£’000	£’000
Cash and short-term deposits	1,109,446	57,745	–	–	(16,678)	1,150,513
Overdrafts	(36,600)	5,252	–	–	264	(31,084)
	1,072,846	62,997	–	–	(16,414)	1,119,429
Bank loans and loan notes	(34,205)	33,181	–	–	1,024	–
Unsecured notes	(1,872,713)	(93,391)	(10,913)	–	42,059	(1,934,958)
Derivative financial instruments	49,374	(52,045)	10,573	14,932	(3,214)	19,620
Group net debt (excl. lease creditors)	(784,698)	(49,258)	(340)	14,932	23,455	(795,909)
Lease creditors	(362,383)	1,816	–	–	4,423	(356,144)
Group net debt (incl. cash attributable to assets
classified as held for sale)	(1,147,081)	(47,442)	(340)	14,932	27,878	(1,152,053)
Group net debt (excl. cash attributable to assets
classified as held for sale)	(1,156,908)	(57,454)	(340)	14,932	27,552	(1,172,218)
Financing liabilities	(2,209,276)	(99,274)	(340)	(6,392)	44,062	(2,271,220)

179DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

CURRENCY PROFILE

The currency profile of net debt (excluding cash/debt attributable to assets held for sale) is as follows:

		Borrowings
	Cash and cash	and lease
	equivalents	creditors*	Derivatives	Total
	£’000	£’000	£’000	£’000
At 31 March 2026
Euro	437,813	(959,962)	67,741	(454,408)
Sterling	164,750	(310,606)	33,231	(112,625)
US dollar	267,368	(930,297)	6,317	(656,612)
Danish krone	83,022	(44,585)	2,135	40,572
Swedish krona	71,279	(9,809)	–	61,470
Norwegian krone	52,620	(17,617)	(53)	34,950
Other	8,755	(2,357)	1	6,399
At 31 March 2026	1,085,607	(2,275,233)	109,372	(1,080,254)
At 31 March 2025
Euro	485,288	(904,327)	11,646	(407,393)
Sterling	177,921	(301,217)	7,420	(115,876)
US dollar	196,847	(1,030,962)	403	(833,712)
Danish krone	85,951	(14,848)	121	71,224
Swedish krona	83,576	(8,633)	–	74,943
Norwegian krone	47,630	(16,417)	3	31,216
Other	10,962	(3,609)	27	7,380
At 31 March 2025	1,088,175	(2,280,013)	19,620	(1,172,218)

* Euro, sterling and US dollar borrowings reflect the cross currency interest rate swaps referred to in note 3.11.

INTEREST RATE PROFILE

Cash and cash equivalents at 31 March 2026 and 31 March 2025 have maturity periods up to three months (note 3.10).

Bank borrowings are at floating interest rates for periods up to six months while the Group’s unsecured notes due 2026 to 2034

comprises debt swapped to a combination of fixed rates and floating rates which reset on a quarterly and semi-annual basis, and

debt at fixed rates which has not been swapped.

3.14 ANALYSIS OF NET DEBT CONTINUED

180 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.15 DEFERRED INCOME TAX

Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of differences in the

accounting and tax bases of assets and liabilities.

The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by the Group

for the year ended 31 March 2026:

						Short-term
	Property,			Retirement	Derivative	temporary
	plant and	Intangible	Tax losses	benefit	financial	differences
	equipment	assets	and credits	obligations	instruments	and other	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2025	44,910	161,385	(13,952)	(357)	572	(56,055)	136,503
Consolidated Income Statement	1,549	(24,411)	1,972	397	38	3,859	(16,596)
Recognised in Other Comprehensive Income	–	–	–	(420)	23,974	–	23,554
Arising on acquisition (note 5.2)	928	8,418	(243)	(71)	–	(1)	9,031
Disposal of subsidiary	(3,084)	(6,076)	–	–	–	(1,365)	(10,525)
Exchange differences and other	176	5,009	(322)	339	–	(789)	4,413
At 31 March 2026	44,479	144,325	(12,545)	(112)	24,584	(54,351)	146,380
Analysed as:
Deferred tax asset	(4,871)	(101)	(12,821)	(2,675)	–	(69,009)	(89,477)
Deferred tax liability	49,350	144,426	276	2,563	24,584	14,658	235,857
	44,479	144,325	(12,545)	(112)	24,584	(54,351)	146,380

The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by the Group

for the year ended 31 March 2025:

						Short-term
	Property,			Retirement	Derivative	temporary
	plant and	Intangible	Tax losses	benefit	financial	differences
	equipment	assets	and credits	obligations	instruments	and other	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2024	47,900	217,306	(12,318)	(233)	(4,497)	(43,199)	204,959
Consolidated Income Statement	3,056	(27,368)	(1,557)	248	(71)	(14,523)	(40,215)
Recognised in Other Comprehensive Income	–	–	–	(28)	5,140	–	5,112
Arising on acquisition (note 5.2)	107	22,796	(366)	–	–	361	22,898
Disposal of subsidiary	(1,683)	(9,251)	–	–	–	–	(10,934)
Exchange differences and other Deferred tax attributable to assets	33	(4,306)	278	20	–	730	(3,245)
held for sale	(4,503)	(37,792)	11	(364)	–	576	(42,072)
At 31 March 2025	44,910	161,385	(13,952)	(357)	572	(56,055)	136,503
Analysed as:
Deferred tax asset	(4,301)	(132)	(14,091)	(2,935)	–	(65,987)	(87,446)
Deferred tax liability	49,211	161,517	139	2,578	572	9,932	223,949
	44,910	161,385	(13,952)	(357)	572	(56,055)	136,503

181DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised. In particular,

significant judgement is used when assessing the extent to which deferred tax assets should be recognised, with consideration

given to the timing and level of future taxable income in the relevant jurisdiction. The majority of the deferred tax asset at

31 March 2026 of £89.477 million is expected to be settled/recovered more than 12 months after the reporting date. The Group

has not recognised a deferred tax asset in respect of unutilised interest deductions of £173.2 million as at 31 March 2026 (2025:

£443.0 million).

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against

current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred income tax has not been

recognised for withholding and other taxes that may be payable on the unremitted earnings of certain subsidiaries and equity

accounted investments as the timing of the reversal of these temporary differences is controlled by the Group and it is probable

that these temporary differences will not reverse in the foreseeable future.

The deferred tax assets and liabilities related to leases are offset on an individual entity basis and presented net in the statement

of financial position. The Group has a deferred tax asset of £93.4 million (2025: £85.8 million) and a deferred tax liability of

£89.8 million (2025: £81.3 million) in respect of lease liabilities and right-of-use assets at 31 March 2026.

3.16 POST-EMPLOYMENT BENEFIT OBLIGATIONS

The Group operates a number of defined benefit and defined contribution pension schemes for our employees. All of the Group’s

defined benefit pension schemes are closed to new members.

The Group operates defined benefit and defined contribution schemes. The pension scheme assets are held in separate trustee

administered funds.

The Group operates five defined benefit pension schemes in the Republic of Ireland (‘ROI’), three in the UK and six in Germany.

The projected unit credit method has been employed in determining the present value of the defined benefit obligation arising,

the related current service cost and, where applicable, past service cost.

Full actuarial valuations were carried out between 1 January 2022 and 31 March 2026. In general, actuarial valuations are not

available for public inspection, although the results of valuations are advised to the members of the various pension schemes.

Actuarial valuations have been updated to 31 March 2026 for IAS 19 by a qualified actuary.

The schemes expose the Group to a number of risks, the most significant of which are as follows:

DISCOUNT RATES

The calculation of the present value of the defined benefit obligation is sensitive to changes in the discount rate. The discount rate

is based on the interest yield at the reporting date on high-quality corporate bonds of a currency and term consistent with the

currency and term of the post-employment benefit obligation. Changes in the discount rate can lead to volatility in the Group’s

Balance Sheet, Income Statement and Statement of Comprehensive Income.

ASSET VOLATILITY

The scheme assets are reported at fair value using bid prices where relevant. The majority of the Group’s scheme assets comprise

of bonds. A decrease in corporate bond yields will increase the value of the Group’s bond holdings although this will be partially

offset by an increase in the value of the scheme’s liabilities. The Group also holds a significant proportion of equities which are

expected to outperform corporate bonds in the long-term while providing some volatility and risk in the short-term. External

consultants periodically conduct investment reviews to determine the most appropriate asset allocation, taking account of asset

valuations, funding requirements, liability duration and the achievement of appropriate returns.

INFLATION RISK

The majority of the Group’s defined benefit obligations are linked to inflation and higher inflation will lead to higher scheme

liabilities although caps are in place to protect the schemes against extreme inflation.

3.15 DEFERRED INCOME TAX CONTINUED

182 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

MORTALITY RISK

The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of plan

participants. An increase in the life expectancy of the plan participants will increase the defined benefit obligation.

The principal actuarial assumptions used were as follows:

	2026	2025
Republic of Ireland schemes
Rate of increase in salaries	n/a*	n/a*
Rate of increase in pensions in payment	1.25% – 3.00%	1.25% – 2.50%
Discount rate	4.35%	3.90%
Inflation assumption	2.20%	2.10%
UK schemes
Rate of increase in salaries	0.00% – 3.45%	0.00% – 3.15%
Rate of increase in pensions in payment	3.30% – 4.00%	2.95% – 4.00%
Discount rate	6.20%	5.85%
Inflation assumption	3.45%	3.15%
German schemes
Rate of increase in salaries	3.20%	3.10%
Rate of increase in pensions in payment	2.20%	2.10%
Discount rate	4.25%	3.80%
Inflation assumption	2.20%	2.10%

* There is no future service accrual for the Irish schemes.

The post-retirement mortality assumptions employed in determining the present value of scheme liabilities under IAS 19 are set

based on advice from published statistics and experience in the relevant geographic regions and are in accordance with the

underlying funding valuations.

The mortality assumptions disclosed for ‘current retirees’ relate to assumptions based on longevity, in years, following retirement

at the balance sheet date, with ‘future retirees’ being that relating to an employee retiring in 25 years’ time. The mortality

assumptions are as follows:

	2026	2025
	Years	Years
Current retirees
Male	21.8	22.0
Female	24.8	24.9
Future retirees
Male	24.5	24.6
Female	27.3	27.3

The Group does not operate any post-employment medical benefit schemes.

3.16 POST-EMPLOYMENT BENEFIT OBLIGATIONS CONTINUED

183DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

The net pension liability recognised in the Balance Sheet is analysed as follows:

		2026
	ROI	UK	Germany	Total
	£’000	£’000	£’000	£’000
Equities	6,445	1,163	–	7,608
Bonds	33,632	4,335	–	37,967
Insurance contracts	–	6,128	–	6,128
Cash	2,333	483	1,138	3,954
Total fair value at 31 March 2026	42,410	12,109	1,138	55,657
Present value of scheme liabilities	(26,224)	(9,310)	(25,787)	(61,321)
Net pension asset/(liability) at 31 March 2026	16,186	2,799	(24,649)	(5,664)

		2025
	ROI	UK	Germany	Total
	£’000	£’000	£’000	£’000
Equities	6,570	1,002	–	7,572
Bonds	32,721	12,119	–	44,840
Property	19	–	–	19
Cash	1,994	1,897	1,030	4,921
Total fair value at 31 March 2025	41,304	15,018	1,030	57,352
Present value of scheme liabilities	(27,976)	(9,467)	(25,793)	(63,236)
Net pension asset/(liability) at 31 March 2025	13,328	5,551	(24,763)	(5,884)

The amounts presented on the Group Balance Sheet are analysed as follows:

	2026	2025
	£’000	£’000
Non-current assets: post-employment benefit surplus	18,985	–
Non-current liabilities: post-employment benefit obligations	(24,649)	(5,884)
Net pension liability at 31 March	(5,664)	(5,884)

The amounts recognised in the Group Income Statement in respect of defined benefit pension schemes are as follows:

	2026	2025
	£’000	£’000
Current service cost	(338)	(229)
Past service cost	(135)	–
Administration expenses	(260)	(181)
Total, included in employee benefit expense (note 2.3)	(733)	(410)
Interest cost on scheme liabilities	(2,599)	(2,555)
Interest income on scheme assets	2,524	2,387
Net interest expense, included in net finance costs (note 2.6)	(75)	(168)

Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2026, the net charge in the Group

Income Statement in the year ending 31 March 2027 is expected to be broadly in line with the current year figures.

3.16 POST-EMPLOYMENT BENEFIT OBLIGATIONS CONTINUED

184 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Remeasurements recognised in Other Comprehensive Income are as follows:

	2026	2025
	£’000	£’000
Return on scheme assets excluding interest income	(2,871)	(4,147)
Experience variations	(35)	(142)
Actuarial gain from changes in demographic assumptions	165	–
Actuarial gain from changes in financial assumptions	2,288	3,957
Total, included in Other Comprehensive Income	(453)	(332)

Cumulatively since transition to IFRS on 1 April 2004, £46.811 million has been recognised as a charge in the Group Statement of

Comprehensive Income.

The movement in the fair value of plan assets is as follows:

	2026	2025
	£’000	£’000
At 1 April	57,352	62,428
Interest income on scheme assets	2,524	2,387
Remeasurements:
– return on scheme assets excluding interest income	(2,871)	(4,147)
Contributions by employers	1,867	1,303
Contributions by members	30	33
Administration expenses	(260)	(181)
Benefit and settlement payments	(4,654)	(3,431)
Exchange	1,669	(1,040)
At 31 March	55,657	57,352

The actual return on plan assets was a loss of £0.347 million (2025: loss of £1.760 million).

The movement in the present value of defined benefit obligations is as follows:

	2026	2025
	£’000	£’000
At 1 April	63,236	68,985
Current and past service cost	473	229
Interest cost	2,599	2,555
Remeasurements:
– experience variations	35	142
– actuarial gain from changes in demographic assumptions	(165)	–
– actuarial gain from changes in financial assumptions	(2,288)	(3,957)
Contributions by members	30	33
Benefit and settlement payments	(4,654)	(3,431)
Exchange	2,055	(1,320)
At 31 March	61,321	63,236

The weighted average duration of the defined benefit obligation at 31 March 2026 was 11.8 years (2025: 12.6 years).

Employer contributions for the forthcoming financial year are estimated at £2.0 million. The actual employer contributions paid in

the current year of £1.9 million were in line with the expectation included in the 2025 Annual Report.

3.16 POST-EMPLOYMENT BENEFIT OBLIGATIONS CONTINUED

185DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

SENSITIVITY ANALYSIS FOR PRINCIPAL ASSUMPTIONS USED TO MEASURE SCHEME LIABILITIES

There are inherent uncertainties surrounding the financial assumptions adopted in calculating the actuarial valuation of the

Group’s defined benefit pension schemes. The following table analyses, for the Group’s Irish, UK and German pension schemes,

the estimated impact on plan liabilities resulting from changes to key actuarial assumptions, whilst holding all other assumptions

constant.

Assumption	Change in assumption	Impact on Irish plan liabilities	Impact on UK plan liabilities	Impact on German plan liabilities
Discount rate	Increase/decrease by 0.25%	Decrease/increase by 3.2%	Decrease/increase by 3.4%	Decrease/increase by 2.5%
Price inflation	Increase/decrease by 0.25%	Increase/decrease by 1.3%	Increase/decrease by 3.3%	Increase/decrease by 2.2%
Mortality	Increase/decrease by 1 year	Increase/decrease by 3.0%	Increase/decrease by 2.9%	Increase/decrease by 3.3%

SPLIT OF SCHEME ASSETS

		Republic of Ireland	UK		Germany		Total
	2026	2025	2026	2025	2026	2025	2026	£’000
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	2025
Investments quoted in active markets:
Equity instruments:
– developed markets	5,710	6,542	1,163	1,002	–	–	6,873	7,544
– emerging markets	735	28	–	–	–	–	735	28
Debt instruments:
– non government debt instruments	2,663	4,105	526	2,848	–	–	3,189	6,953
– government debt instruments	30,969	28,616	3,809	9,271	–	–	34,778	37,887
Insurance contracts	–	–	6,128	–	–	–	6,128	–
Cash and cash equivalents	2,333	1,994	483	1,897	1,138	1,030	3,954	4,921
Unquoted investments:
Property	–	19	–	–	–	–	–	19
	42,410	41,304	12,109	15,018	1,138	1,030	55,657	57,352

3.16 POST-EMPLOYMENT BENEFIT OBLIGATIONS CONTINUED

186 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3.17 ACQUISITION RELATED LIABILITIES

Acquisition related liabilities arising on business combinations comprise debt like items and contingent consideration. Contingent

consideration arises when a portion of the purchase price is deferred into the future and represents the fair value of the estimate

of amounts payable to acquire the remaining shareholding.

The Group’s acquisition related liabilities of £53.749 million (2025: £94.458 million) as stated on the Balance Sheet are payable

as follows:

	2026	2025
	£’000	£’000
Within one year	13,154	10,911
Between one and two years	26,727	38,056
Between two and five years	13,868	45,491
	53,749	94,458
Analysed as:
Non-current liabilities	40,595	83,547
Current liabilities	13,154	10,911
	53,749	94,458

The currency profile of the Group’s acquisition related liabilities, which are stated at fair value, is as follows:

	2026	2025
	£’000	£’000
Euro	31,064	53,848
Sterling	17,344	34,004
US dollar	4,842	6,418
Other	499	188
	53,749	94,458

The movement in the Group’s acquisition related liabilities is as follows:

	2026	2025
	£’000	£’000
At 1 April	94,458	141,777
Arising on acquisition	1,608	68,196
Unwinding of discount applicable to acquisition related liabilities (note 2.6)	2,424	2,145
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3)	(7,763)	(25,892)
Adjustments to contingent consideration (recognised in the Income Statement) (note 2.5)	(24,420)	(5,079)
Paid during the year	(14,388)	(75,170)
Exchange and other	1,830	(1,655)
Acquisition related liabilities attributable to assets held for sale	–	(9,864)
At 31 March	53,749	94,458

187DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

3.18 PROVISIONS AND OTHER LIABILITIES

A provision is recorded when an obligation exists, resulting from a past event and it is probable that cash will be paid to settle

it but there is uncertainty over either the amount or timing of the outflow. The main provisions and other liabilities held by the

Group are in relation to reorganisation programmes, environmental obligations, cylinder and tank deposits and insurance

liabilities.

The reconciliation of the movement in provisions and other liabilities for the year ended 31 March 2026 is as follows:

	Rationalisation,
	restructuring	Environmental	Cylinder and	Insurance
	and redundancy	and remediation	tank deposits	and other	Total
	£’000	£’000	£’000	£’000	£’000
At 1 April 2025	21,695	81,911	188,137	60,314	352,057
Provided during the year	1,826	5,907	17,183	43,627	68,543
Unwinding of discount applicable to provisions for liabilities
(note 2.6)	–	501	300	30	831
Utilised during the year	(3,600)	(1,802)	(6,509)	(15,246)	(27,157)
Unutilised/reversed during the year	–	–	(25,037)	(1,654)	(26,691)
Arising on acquisition (note 5.2)	721	–	13,142	2,339	16,202
Disposal of subsidiary	(2,845)	–	–	–	(2,845)
Exchange and other	3,714	5,594	6,637	3,819	19,764
At 31 March 2026	21,511	92,111	193,853	93,229	400,704
Analysed as:
Non-current liabilities	11,350	85,513	170,412	40,425	307,700
Current liabilities	10,161	6,598	23,441	52,804	93,004
	21,511	92,111	193,853	93,229	400,704

The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2025 is as follows:

	Rationalisation,
	restructuring	Environmental	Cylinder and	Insurance
	and redundancy	and remediation	tank deposits	and other	Total
	£’000	£’000	£’000	£’000	£’000
At 1 April 2024	25,693	90,176	200,913	56,596	373,378
Provided during the year	34,396	5,401	8,095	14,414	62,306
Unwinding of discount applicable to provisions for liabilities
(note 2.6)	–	428	355	–	783
Utilised during the year	(16,117)	(686)	(8,800)	(7,877)	(33,480)
Unutilised/reversed during the year	(11)	(7,007)	(1,176)	(2,492)	(10,686)
Arising on acquisition (note 5.2)	–	–	–	1,274	1,274
Disposal of subsidiary	–	(1,950)	(6,761)	(82)	(8,793)
Exchange and other	(2,123)	(2,385)	(4,489)	(923)	(9,920)
Provisions for liabilities attributable to assets held for sale	(20,143)	(2,066)	–	(596)	(22,805)
At 31 March 2025	21,695	81,911	188,137	60,314	352,057
Analysed as:
Non-current liabilities	11,988	76,746	167,225	27,438	283,397
Current liabilities	9,707	5,165	20,912	32,876	68,660
	21,695	81,911	188,137	60,314	352,057

188 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

RATIONALISATION, RESTRUCTURING AND REDUNDANCY

This provision relates to various rationalisation and restructuring programmes across the Group. The Group expects that the

majority of this provision will be utilised within two years.

ENVIRONMENTAL AND REMEDIATION

This provision relates to obligations governing site remediation and improvement costs to be incurred in compliance with

environmental regulations together with the costs associated with removing liquid gas tanks from customer sites. The net present

value of the estimated costs is capitalised as property, plant and equipment. The unwinding of the discount element on the

provision is reflected in the Income Statement. Ongoing costs incurred during the operating life of the sites are written off directly

to the Income Statement and are not charged to the provision. The majority of the obligations will unwind over a 30-year

timeframe but the exact timing of settlement of these provisions is not certain.

CYLINDER AND TANK DEPOSITS

This liability relates to DCC Energy’s operations where an obligation arises to refund deposits received from customers in respect

of liquid gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This deposit

will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank together with the original

deposit receipt. The deposit liability reflects the expected amount refundable to customers, having regard to the expected rate

of return and estimated number of cylinders and tanks in circulation. Cylinder and tank deposits acquired through business

combinations are measured initially at their fair value at the acquisition date (i.e. net present value) and the unwinding of the

discount element is reflected in the Income Statement.

INSURANCE AND OTHER

The Group operates a level of self-insurance for motor liability and public and products liability. Under these arrangements the

Group retains certain insurance exposure up to pre-determined self-insurance thresholds. This provision reflects an estimation of

claims that are classified as incurred but not reported and also the outstanding loss reserve. A significant element of the provision

is subject to external assessments. The utilisation of the provision is dependent on the timing of settlement of the outstanding claims.

Historically, the average time for settlement of outstanding claims ranges from one to three years from the date of the claim.

3.19 GOVERNMENT GRANTS

Government grants relate to capital grants received by the Group and are amortised to the Income Statement over the

estimated useful lives of the related capital assets.

	2026	2025
	£’000	£’000
At 1 April	2,536	2,740
Government grants received in year	817	340
Arising on acquisition (note 5.2)	–	1
Amortisation in year	(419)	(323)
Exchange	92	(39)
Government grants attributable to assets held for sale	–	(183)
At 31 March	3,026	2,536
Analysed as:
Non-current liabilities	2,961	2,513
Current liabilities (note 3.8)	65	23
	3,026	2,536

3.18 PROVISIONS AND OTHER LIABILITIES CONTINUED

189DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

SECTION 4 EQUITY

4.1 SHARE CAPITAL AND SHARE PREMIUM

The ordinary shareholders of DCC plc own the Company. This note details how the total number of ordinary shares in issue has

changed during the year and how many of these ordinary shares are held as treasury shares.

	2026	2025
	£’000	£’000
Authorised
152,368,568 ordinary shares of €0.25 each	25,365	25,365

Issued

	Number of	Share capital	Share premium	Total
Year ended 31 March 2026	shares	£’000	£’000	£’000
At 31 March 2025 (including 2,367,725 ordinary shares held as treasury shares)	101,333,904	17,422	883,909	901,331
Share buyback	(13,724,675)	(2,962)	–	(2,962)
Reduction in share premium	–	–	(883,909)	(883,909)
Premium arising on re-issue of treasury shares	–	–	449	449
At 31 March 2026 (including 2,185,094 ordinary shares held as treasury shares)	87,609,229	14,460	449	14,909

	Number of	Share capital	Share premium	Total
Year ended 31 March 2025	shares	£’000	£’000	£’000
At 31 March 2024 (including 2,481,405 ordinary shares held as treasury shares)	101,333,904	17,422	883,890	901,312
Premium arising on re-issue of treasury shares	–	–	19	19
At 31 March 2025 (including 2,367,725 ordinary shares held as treasury shares)	101,333,904	17,422	883,909	901,331

As at 31 March 2026, the total authorised number of ordinary shares is 152,368,568 shares (2025: 152,368,568 shares) with a par

value of €0.25 per share (2025: €0.25 per share). Share premium relates to the share premium arising on the issue of shares.

During the year the Company re-issued 182,631 treasury shares for a consideration of £0.449 million.

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.

All shares, with the exception of ordinary shares held as treasury shares, whether fully or partly paid, carry equal voting rights and

rank for dividends to the extent to which the total amount payable on each share is paid up.

Details of share options and awards granted under the Company’s share option and award schemes and the terms attaching

thereto are provided in note 2.4 to the financial statements and in the Remuneration Report on pages 100 to 124.

RESTRICTION ON TRANSFER OF SHARES

The Directors may, at their absolute discretion and without giving any reason, refuse to register the transfer of a share, or any

renunciation of any allotment made in respect of a share, which is not fully paid, or any transfer of a share to a minor or a person

of unsound mind.

The Directors may also refuse to register any transfer (whether or not it is in respect of a fully paid share) unless (i) it is lodged at

the Company’s Registered Office or at such other place as the Directors may appoint and is accompanied by the certificate (if

any) for the shares to which it relates and such other evidence as the Directors may reasonably require to show the right of the

transferor to make the transfer (ii) it is in respect of only one class of shares and (iii) it is in favour of not more than four transferees.

190 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

RESTRICTION OF VOTING RIGHTS

If at any time the Directors determine that a ‘Specified Event’ as defined in the Articles of Association of DCC plc has occurred in

relation to any share or shares, the Directors may serve a notice to such effect on the holder or holders thereof. Upon the expiry

of 14 days from the service of any such notice, for so long as such notice shall remain in force, no holder or holders of the share or

shares specified in such notice shall be entitled to attend, speak or vote either personally, by representative or by proxy at any

general meeting of the Company or at any separate general meeting of the holders of the class of shares concerned or to

exercise any other right conferred by membership in relation to any such meeting. The Directors shall, where the specified shares

represent not less than 0.25% of the class of shares concerned, be entitled to withhold payment of any dividend or other amount

payable (including shares issuable in lieu of dividends) in respect of the shares specified in such notice and/or, in certain

circumstances, to refuse to register any transfer of the specified shares or any renunciation of any allotment of new shares or

debentures made in respect thereof unless such transfer or renunciation is shown to the satisfaction of the Directors to be an

arm’s length transfer or a renunciation to another beneficial owner unconnected with the holder or any person appearing to have

an interest in the specified shares.

4.2 OTHER RESERVES

This note details the movement in the Group’s other reserves which are treated as different categories of equity as required by

accounting standards.

			Foreign
	Share based	Cash flow	currency
	payment	hedge	translation	Other
	reserve 1	reserve 2	reserve 3	reserves 4	Total
	£’000	£’000	£’000	£’000	£’000
At 31 March 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)
Cash flow hedges:
– fair value loss in year: private placement debt	–	(7,978)	–	–	(7,978)
– fair value: transferred to the Income Statement	–	3,474	–	–	3,474
– fair value gain in year: other	–	25,542	–	–	25,542
– tax on fair value net gains	–	(4,270)	–	–	(4,270)
– transfers to sales	–	(73)	–	–	(73)
– transfers to cost of sales	–	(3,970)	–	–	(3,970)
– transfers to operating expenses	–	8,328	–	–	8,328
– tax on transfers	–	(870)	–	–	(870)
Share based payment	7,544	–	–	–	7,544
At 31 March 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)
Cash flow hedges:
– fair value loss in year: private placement debt	–	(3,418)	–	–	(3,418)
– fair value: transferred to the income statement	–	(15,242)	–	–	(15,242)
– fair value gain in year: other	–	89,531	–	–	89,531
– tax on fair value net loss	–	(15,563)	–	–	(15,563)
– transfers to sales	–	414	–	–	414
– transfers to cost of sales	–	20,096	–	–	20,096
– transfers to operating expenses	–	17,894	–	–	17,894
– tax on transfers	–	(8,411)	–	–	(8,411)
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

1. The share-based payment reserve comprises the amounts expensed in the Income Statement in connection with share based payments.

2. The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged

transactions that have not yet occurred.

3. The Group’s foreign currency translation reserve represents foreign exchange differences arising from the translation of the net assets of the Group’s non-sterling

denominated operations, including the translation of the profits and losses of such operations from the average rate for the year to the closing rate at the reporting date.

4. The Group’s other reserves principally comprises a capital conversion reserve fund.

4.1 SHARE CAPITAL AND SHARE PREMIUM CONTINUED

191DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

4.3 RETAINED EARNINGS

Retained Earnings represents the accumulated earnings of the Group not distributed to shareholders and is shown net of the cost

to the Group of acquiring shares held as treasury shares.

	2026	2025
	£’000	£’000
At 1 April	2,087,407	2,078,568
Net income recognised in Income Statement	13,358	206,490
Net income recognised in Other Comprehensive Income:
– remeasurements of defined benefit pension obligations	(453)	(332)
– deferred tax on remeasurements	420	28
Share buyback	(700,000)	–
Reduction in share premium	883,909	–
Dividends	(206,616)	(197,347)
At 31 March	2,078,025	2,087,407

The cost to the Group and the Company of €32.860 million (2025: €35.600 million) to acquire the 2,185,094 shares (2025:

2,367,725 shares) held in Treasury has been deducted from the Group and Company Retained Earnings. These shares were

acquired at prices ranging from €12.80 to €17.90 each (average: €15.04) between 17 May 2004 and 19 June 2006 and are

primarily held to satisfy exercises under the Group’s share options and awards schemes.

4.4 NON-CONTROLLING INTERESTS

Non-controlling interests principally comprises the 40% equity interest in our Danish subsidiary DCC Holding Denmark A/S which

is not controlled by the Group.

	2026	2025
	£’000	£’000
At 1 April	94,869	91,641
Share of profit for the financial year	14,890	14,731
Dividends to non-controlling interests	(10,455)	(9,322)
Disposal of non-controlling interest	(234)	–
Exchange and other	3,596	(2,181)
At 31 March	102,666	94,869

192 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

SECTION 5 ADDITIONAL DISCLOSURES

5.1 FOREIGN CURRENCY

This note details the exchange rates used to translate non-sterling Income Statement and Balance Sheet amounts into sterling,

which is the Group’s presentation 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

5.2 BUSINESS COMBINATIONS

The Group acquired a number of businesses during the year. This note provides details on the consideration paid and/or payable

as well as the provisional fair values of the net assets acquired.

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 year, 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.

193DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

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.

	Total	Total
	2026	2025
At 31 March	£’000	£’000
Assets
Non-current assets
Property, plant and equipment (note 3.1)	12,443	4,307
Right-of-use leased assets (note 3.2)	4,682	3,343
Intangible assets (note 3.3)	33,670	89,810
Equity accounted investments (note 3.4)	156	–
Deferred income tax assets	243	5
Total non-current assets	51,194	97,465
Current assets
Inventories (note 3.9)	9,235	29,548
Trade and other receivables (note 3.9)	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 (note 3.19)	–	(1)
Total non-current liabilities	(27,750)	(26,004)
Current liabilities
Trade and other payables (note 3.9)	(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 (note 3.3)	27,304	137,893
Identifiable net assets acquired in the current year associated with assets held for sale in the prior year	12,487	–
Goodwill in the current year associated with assets held for sale in the prior year	1,820	–
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

5.2 BUSINESS COMBINATIONS CONTINUED

194 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS 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:

		Fair value
	Book value	adjustments	Fair value
Total	£’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 12 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 and related costs included in other operating expenses (continuing operations) in the Group Income Statement

amounted to £7.483 million (note 2.5).

No contingent liabilities were recognised on the acquisitions completed during the financial 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

(continuing operations). 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 in the current year range from nil to £1.325 million.

The post-acquisition impact of business combinations completed during the year on the Group’s continuing revenue and profit for

the financial year was as follows:

	2026
	£’000
Revenue	51,674
Profit for the financial year attributable to owners of the Parent Company	5,314

The revenue and profit of the Group for the financial year on a continuing basis determined in accordance with IFRS as though

the acquisition date for all business combinations effected during the year had been the beginning of that year would be as follows:

	2026
	£’000
Revenue	15,463,421
Profit for the financial year attributable to owners of the Parent Company	14,390

5.2 BUSINESS COMBINATIONS CONTINUED

195DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

5.3 CASH GENERATED FROM OPERATIONS

This note reconciles how the Group’s profit for the year translates into cash flows generated from operating activities.

	2026	2025
	£’000	£’000
Profit for the financial year	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
Operating profit before exceptionals	532,264	585,444
– share-based payments expense (note 2.4)	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 Changes in working capital (excluding the effects of acquisition and exchange	15,708	3,009
differences on consolidation):
– inventories (note 3.9)	(23,238)	15,055
– trade and other receivables (note 3.9)	(155,712)	17,485
– trade and other payables (note 3.9)	250,365	(126,303)
Cash generated from operations before exceptionals	958,340	856,761

5.4 COMMITMENTS

A commitment represents an obligation to make a payment in the future as long as the counterparty meets its obligations, and

mainly relates to agreements to buy capital assets. These amounts are not included in the Group’s Balance Sheet as we have not

yet received the goods or services from the supplier.

CAPITAL EXPENDITURE COMMITMENTS

	2026	2025
	£’000	£’000
Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the financial statements	57,453	63,704
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for	86,534	86,221
	143,987	149,925

196 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

5.5 CONTINGENCIES

Contingent liabilities include guarantees given in respect of borrowings and other obligations arising in the ordinary course

of business.

GUARANTEES

The Company has given guarantees of £2,020.037 million (2025: £2,100.531 million) in respect of borrowings and other

obligations arising in the ordinary course of business of the Company and other Group undertakings.

OTHER

Pursuant to the provisions of Section 357 of the Companies Act 2014, the Company has guaranteed the commitments of the

following Irish subsidiaries and, as a result, these companies will be exempted from the filing provisions of Sections 347 and 348

of the Companies Act 2014:

Alvabay Unlimited Company, DCC Corporate Funding Unlimited Company, DCC Corporate Partners Unlimited Company, DCC

Corporate 2007 dac, DCC Corporate Services dac, DCC Energy Limited, DCC Finance Limited, DCC Finance Holdings Limited,

DCC Finance & Treasury dac, DCC Financial Services Unlimited Company, DCC Financial Services Holdings Unlimited Company,

DCC Financial Services International dac, DCC Financial Services International Holdings Limited, DCC Financial Services

Investments CLG, DCC Financial Services Ireland Unlimited Company, DCC Funding 2007 dac, DCC Fund Services Unlimited

Company, DCC Group Finance (Ireland) dac (formerly DCC Treasury Ireland 2013 dac), DCC Healthcare Limited, DCC

Management Services Limited, DCC Nominees Unlimited Company, DCC Technology Limited, DCC Treasury 2010 dac, DCC

Treasury Management Unlimited Company, DCC Treasury Services Unlimited Company, DCC Treasury Solutions Unlimited

Company, SerCom (Holdings) Limited and Starata Limited.

Five of the Group’s German subsidiaries EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik GmbH, DCC

Energy Germany GmbH (formerly DCC Germany Holding GmbH), Progas Holding GmbH and PROGAS GmbH (formerly Progas

GmbH & Co. KG) availed of disclosure exemptions pursuant to Section 264 of the German Commercial Code (HGB) and are

therefore exempted from the obligations to prepare and disclose audited financial statements.

5.6 RELATED PARTY TRANSACTIONS

The Group’s principal related parties are the Group’s subsidiaries, associates and key management personnel of the Group.

The principal related party relationships requiring disclosure in the consolidated financial statements of the Group under IAS 24

Related Party Disclosures relate to the existence of subsidiaries and associates and transactions with these entities entered into

by the Group and the identification and compensation of key management personnel as addressed in more detail below.

SUBSIDIARIES AND ASSOCIATES

The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries and associates

as documented in the accounting policies in note 5.9 and the basis of consolidation in note 1.3. A listing of the principal subsidiaries

and associates is provided in the Group Directory on pages 224 to 226 of this Annual Report.

Transactions are entered into in the normal course of business on an arm’s length basis. Sales to and purchases from, together

with outstanding payables and receivables to and from subsidiaries are eliminated in the preparation of the consolidated financial

statements.

COMPENSATION OF KEY MANAGEMENT PERSONNEL

For the purposes of the disclosure requirements under IAS 24, the term ‘key management personnel’ (i.e. those persons having

authority and responsibility for planning, directing and controlling the activities of the Company) comprises the Board of Directors

which manages the business and affairs of the Company. Key management remuneration amounted to:

	2026	2025
	£’000	£’000
Short-term benefits (salaries, fees and other short-term benefits)	5,345	4,910
Post-employment benefits	249	193
Share-based payment charge	1,785	1,416
	7,379	6,519

Retirement benefit charges of £0.249 million (2025: £0.193 million) arise under a defined contribution scheme relating to one

Director (2025: one Director) and a cash allowance in lieu of pension contributions relating to two Directors (2025: one Director).

The share-based payment charge is

calculated in accordance with the principles disclosed in note 2.4.

For the purposes of Section 305 of the Companies Act 2014 (Ireland), the aggregate gains by Directors on the exercise of share

options during the year ended 31 March 2026 was £0.876 million (2025 £0.252 million).

197DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT

This note details the Group’s treasury management and financial risk management objectives and policies. Information is also

provided regarding the Group’s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest

rate risk and commodity price risk, and the policies in place to monitor and manage these risks.

CAPITAL RISK MANAGEMENT

The Group’s objectives when managing its capital structure are to safeguard the Group’s ability to continue as a going concern to

provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the

continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on

capital employed (‘ROCE’) is a key performance indicator for the Group.

To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares

or buy back existing shares, increase or reduce debt or sell assets.

The Group includes borrowings in its measure of capital. The Group’s borrowings are subject to covenants. Further details on this

are outlined in the ‘liquidity risk management’ section of this note.

The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to

three months.

The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net

debt, lease creditors and acquisition related liabilities, may be summarised as follows:

	2026	2025
	£’000	£’000
Capital and reserves attributable to the owners of the Parent Company	2,260,929	3,073,427
Net debt (excl. lease creditors) (note 3.14)	690,473	795,909
Lease creditors (note 3.14)	389,781	356,144
Acquisition related liabilities (note 3.17)	53,749	104,322
At 31 March	3,394,932	4,329,802

FINANCIAL RISK MANAGEMENT

Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board

of Directors, most recently in February 2026. These policies and guidelines primarily cover credit risk, liquidity risk, foreign

exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the

minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments,

including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in

financial instruments, nor does it enter into any leveraged derivative transactions. DCC’s Group Treasury function centrally

manages the Group’s funding and liquidity requirements.

Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with

Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance

with the policies and guidelines is reviewed by the Group Internal Audit function.

The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management

and maintaining relatively low levels of financial risk. At 31 March 2026, the Group had cash and cash equivalents of £1,085.607

million (note 3.14) and £800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital

structure, as summarised above had net debt excluding lease creditors of £690.473 million.

198 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

(I) CREDIT RISK MANAGEMENT

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its

contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including

deposits with banks and financial institutions and derivative financial instruments.

The Group’s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base

spread throughout the Group’s operations and, as such, there is no significant concentration of credit risk. The Group allocates

each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group’s credit risk

management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering

their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant

element of credit risk is covered by credit insurance.

The Group applies the simplified approach to providing for expected credit losses (‘ECL’) permitted by IFRS 9 Financial

Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables.

The Group uses an allowance matrix to measure the ECL’s of trade receivables, which comprises a very large number of small

balances. Loss rates are forward looking in nature and forecasted using actual credit loss experience.

As detailed in note 3.7, the Group’s trade receivables at 31 March 2026 (excluding assets held for sale) amount to £1,635.462 million

(2025: £1,590.328 million). Customer credit risk arising in the context of the Group’s operations is not significant and the total

allowance for impairment of trade receivables amounts to 6.5% of the Group’s gross trade receivables (2025: 6.7%). The

allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue.

Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a

framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or

institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering

into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure

to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total

cash and cash equivalents at 31 March 2026 of £1,085.607 million, 27.6% (£299.391 million) was with AAA rated money market

funds and 98.6% (£1,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term

ratings of A-1 (Standard and Poor’s) or P-1 (Moody’s). In the normal course of business, the Group operates notional cash pooling

systems, where a legal right of set-off applies. As at 31 March 2026, currency and interest rate derivative transactions were with

counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor’s or Aa1 to A1 (long-term) with Moody’s.

The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at

31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral

balances.

Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is

represented by the carrying amount of each asset.

(II) LIQUIDITY RISK MANAGEMENT

The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three

months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the

repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group

operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities

as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted

credit lines with its relationship banks. Compliance with the Group’s debt covenants is monitored continually based on management

accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/

cash. During the year to 31 March 2026, all covenants have been complied with and based on current forecasts, it is expected that

all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group’s debt covenants is

included in the Financial Review.

The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the

Group’s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows

projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates

applying at the end of the relevant financial year.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

199DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

	Less than	Between	Between	Over
	1 year	1 and 2 years	2 and 5 years	5 years	Total
As at 31 March 2026	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outflows
Trade payables	(1,812,789)	–	–	–	(1,812,789)
Interest bearing loans and borrowings	(231,726)	(328,917)	(437,406)	(900,620)	(1,898,669)
Interest payments on interest bearing loans and borrowings	(76,417)	(70,385)	(161,186)	(49,884)	(357,872)
Lease creditors	(78,188)	(64,314)	(128,158)	(119,121)	(389,781)
Interest payments on lease creditors	(7,742)	(6,138)	(13,029)	(43,316)	(70,225)
Acquisition related liabilities	(13,154)	(26,727)	(13,868)	–	(53,749)
Cross currency swaps – gross cash outflows	(93,064)	(5,681)	(17,028)	(102,802)	(218,575)
Other derivative financial instruments	(34,924)	(1,836)	–	–	(36,760)
Interest rate swaps – net cash outflows	(6,812)	(3,725)	(1,440)	–	(11,977)
	(2,354,816)	(507,723)	(772,115)	(1,215,743)	(4,850,397)
Derivative financial instruments – cash inflows
Cross currency swaps – gross cash inflows	110,850	4,559	13,663	105,283	234,355
Other derivative financial instruments	121,406	18,356	–	–	139,762
	232,256	22,915	13,663	105,283	374,117

	Less than	Between	Between	Over
	1 year	1 and 2 years	2 and 5 years	5 years	Total
As at 31 March 2025	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outflows
Trade payables	(1,715,189)	–	–	–	(1,715,189)
Interest bearing loans and borrowings	(116,825)	(213,294)	(700,143)	(952,850)	(1,983,112)
Interest payments on interest bearing loans and borrowings	(86,147)	(77,745)	(186,449)	(98,607)	(448,948)
Lease creditors	(64,245)	(50,473)	(97,736)	(101,517)	(313,971)
Interest payments on lease creditors	(9,033)	(8,847)	(16,462)	(39,626)	(73,968)
Acquisition related liabilities	(10,911)	(38,056)	(45,491)	–	(94,458)
Cross currency swaps – gross cash outflows	(81,079)	(90,989)	(17,043)	(108,483)	(297,594)
Other derivative financial instruments	(11,348)	(1,684)	(671)	–	(13,703)
Interest rate swaps – net cash outflows	(7,485)	(7,687)	(5,698)	–	(20,870)
	(2,102,262)	(488,775)	(1,069,693)	(1,301,083)	(4,961,813)
Derivative financial instruments – cash inflows
Cross currency swaps – gross cash inflows	95,426	113,108	13,158	105,679	327,371
Other derivative financial instruments	11,450	398	7	–	11,855
	106,876	113,506	13,165	105,679	339,226

The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and

other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through

a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

200 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

(III) MARKET RISK MANAGEMENT

FOREIGN EXCHANGE RISK MANAGEMENT

DCC’s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and

liabilities and net investments in foreign operations giving rise to exposure to other currencies.

Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved

policies and guidelines using forward currency contracts.

The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that

there is no commitment or intention to remit earnings.

The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative

and a significant proportion of cash generated from these operations is reinvested in development activities rather than being

repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings

denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps

related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group’s

non-sterling operations, leaving DCC with a net investment in non-sterling assets. The gain of £9.6 million arising on the

translation of DCC’s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of

Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the

weakening in the value of the US dollar against sterling.

The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in

currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local

currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90%

of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain

subsidiaries for periods ranging up to 18 months with such transactions qualifying as ‘highly probable’ forecast transactions for

IAS 39 hedge accounting purposes.

SENSITIVITY TO CURRENCY MOVEMENTS

A change in the value of other currencies by 10% against sterling would have a £28.6 million (2025: £24.9 million) impact on the

Group’s profit before tax and exceptional items, would change the Group’s equity by £147.6 million and change the Group’s net

debt by £97.8 million (2025: £188.1 million and £106.7 million respectively). The Group has an insignificant amount of transactional

currency exposure.

INTEREST RATE RISK MANAGEMENT

On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and

sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate

borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps.

Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned.

SENSITIVITY OF INTEREST CHARGES TO INTEREST RATE MOVEMENTS

Based on the composition of net debt at 31 March 2026 a one percentage point (100 basis points) change in average floating

interest rates would have a £1.4 million (2025: £1.0 million) impact on the Group’s profit before tax.

Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.11 and 3.12.

COMMODITY PRICE RISK MANAGEMENT

DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products

and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price

movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain

customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as ‘highly

probable’ for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity

instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months.

Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes

its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits

the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the

customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges

a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk

arising from a range of factors, including the weather.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

201DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory,

DCC may enter hedge contracts to manage price exposures.

Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs.

Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management

function. Regional and subsidiary management, in conjunction with the Group’s Commodity Risk Management function, manage

commodity price exposures within approved policies and guidelines.

All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are

reviewed by the Board.

SENSITIVITY TO COMMODITY PRICE MOVEMENTS

Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have

an immaterial impact on the Group’s profit before tax (2025: immaterial) and an immaterial impact on the Group’s equity (2025:

immaterial).

The impact on the Group’s profit before tax and on the Group’s equity of an increase or decrease of 10% in the commodity cost

price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying

absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material.

FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by

discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent

consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on

forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial

assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities.

The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to

their short-term maturities. The following is a comparison by category of book values and fair values of the Group’s financial

assets and financial liabilities:

	2026		2025
	Book value	Fair value	Book value	Fair value
	£’000	£’000	£’000	£’000
Financial assets
Derivative financial instruments	158,980	158,980	50,192	50,192
Trade and other receivables	1,982,136	1,982,136	1,975,444	1,975,444
Cash and cash equivalents	1,085,607	1,085,607	1,088,175	1,088,175
	3,226,723	3,226,723	3,113,811	3,113,811
Financial liabilities
Borrowings (excluding lease creditors)	1,885,452	1,910,611	1,966,042	1,996,543
Derivative financial instruments	49,608	49,608	30,572	30,572
Acquisition related liabilities	53,749	53,749	94,458	94,458
Trade and other payables	2,798,144	2,798,144	2,763,181	2,763,181
	4,786,953	4,812,112	4,854,253	4,884,754

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

202 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities

that are carried in the Balance Sheet at fair value as at the year end:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly

(as prices) or indirectly (derived from prices); and

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

	Level 1	Level 2	Level 3	Total
Fair value measurement as at 31 March 2026	£’000	£’000	£’000	£’000
Financial assets
Derivative financial instruments (note 3.11)	–	158,980	–	158,980
	–	158,980	–	158,980
Financial liabilities
Acquisition related liabilities (note 3.17)	–	–	53,749	53,749
Derivative financial instruments (note 3.11)	–	49,608	–	49,608
	–	49,608	53,749	103,357

	Level 1	Level 2	Level 3	Total
Fair value measurement as at 31 March 2025	£’000	£’000	£’000	£’000
Financial assets
Derivative financial instruments (note 3.11)	–	50,192	–	50,192
	–	50,192	–	50,192
Financial liabilities
Acquisition related liabilities (note 3.17)	–	–	94,458	94,458
Derivative financial instruments (note 3.11)	–	30,572	–	30,572
	–	30,572	94,458	125,030

LEVEL 2 FAIR VALUE MEASUREMENT:

The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation

techniques are:

• the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the

estimated future cash flows based on observable yield curves;

• the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting

date with the resulting value discounted back to present value; and

• the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date

with the resulting value discounted back to present value.

LEVEL 3 FAIR VALUE MEASUREMENT:

Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in

note 3.17. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3

valuation techniques are:

• the expected future payments are determined by forecasting the acquiree’s relevant basis for the contingent consideration

(i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and

• the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the

time value of money is material.

The significant unobservable inputs are as follows:

• forecasted average adjusted operating profit growth rate 7.0% to 96.0% (2025: 1.0% to 27.0%); and

• risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%).

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

203DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if

the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to

one of the significant unobservable inputs at 31 March 2026, holding the other inputs constant, would have the following effects:

	2026	2025
Impact on the carrying value of contingent consideration	£’000	£’000
Forecasted average adjusted operating profit growth rate (1% movement)	998	1,730
Risk adjusted discount rate (0.5% movement)	778	1,066

OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

(I) FINANCIAL ASSETS

The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:

	Net amounts of	Related amounts not set off	in the Balance Sheet
	financial assets
	presented in the	Cash collateral	Financial
	Balance Sheet	received	liabilities	Net amount
As at 31 March 2026	£’000	£’000	£’000	£’000
Derivative financial instruments	158,980	–	(42,099)	116,881
Cash and cash equivalents	397,811	–	(21,856)	375,955
	556,791	–	(63,955)	492,836

	Net amounts of	Related amounts not set off	in the Balance Sheet
	financial assets
	presented in the	Cash collateral	Financial
	Balance Sheet	received	liabilities	Net amount
As at 31 March 2025	£’000	£’000	£’000	£’000
Derivative financial instruments	50,192	–	(19,938)	30,254
Cash and cash equivalents	494,735	–	(23,401)	471,334
	544,927	–	(43,339)	501,588

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

204 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

(II) FINANCIAL LIABILITIES

The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:

	Net amounts of	Related amounts not set off	in the Balance Sheet
	financial liabilities
	presented in the	Cash collateral	Financial
	Balance Sheet	received	assets	Net amount
As at 31 March 2026	£’000	£’000	£’000	£’000
Derivative financial instruments	49,608	–	(42,099)	7,509
Bank borrowings	21,856	–	(21,856)	–
	71,464	–	(63,955)	7,509

	Net amounts of		Related amounts not set off
	financial liabilities		in the Balance Sheet
	presented in the	Financial	Cash collateral
	Balance Sheet	assets	provided	Net amount
As at 31 March 2025	£’000	£’000	£’000	£’000
Derivative financial instruments	30,572	(19,938)	–	10,634
Bank borrowings	23,402	(23,402)	–	–
	53,974	(43,340)	–	10,634

For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each

agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when

both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis

however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net

basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to

make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a

failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.

5.8 EVENTS AFTER THE BALANCE SHEET DATE

This note provides details on material events which have occurred between the year end date of 31 March and the date of

approval of the financial statements.

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.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES

This section sets out the Group’s material accounting policies which are applied in recognising and measuring transactions and

balances arising in the year

REVENUE RECOGNITION

Revenue comprises the fair value of the sale of goods and services to external customers net of applicable sales taxes, volume

and promotional rebates, allowances and discounts. Revenue is generally recognised on a duty inclusive basis where applicable.

The Group is deemed to be a principal in an arrangement when it controls a promised good or service before transferring them

to a customer, and accordingly recognises revenue on a gross basis. Where the Group is determined to be an agent in a

transaction, based on the principle of control, the net amount retained after the deduction of any costs to the principal is

recognised as revenue.

The Group operates across a wide range of business segments and jurisdictions with varying customer credit terms which are in

line with normal credit terms offered in that business segment and/or country of operation. Given the short-term nature of these

credit terms, no element of financing is deemed present. Group revenues do not include any significant level of variable

consideration.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT CONTINUED

205DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

Revenue is recorded when the collection of the amount is reasonably assured and when specific criteria have been met for each

of the Group’s activities as detailed below.

SALES OF GOODS

Revenue from the sale of goods is measured based on the consideration specified in the contract with the customer. The Group

recognises revenue when it transfers control over a good or service to a customer. This generally arises on delivery or in

accordance with specific terms and conditions agreed with individual customers. In the case of consignment stock arrangements,

revenue is recognised on the date that legal title passes. Rebates, allowances, and discounts are recorded in the same period as

the original revenue.

DCC Energy derives most of its revenue from the sale of transport and commercial fuels, heating oils and related products, liquid

gas, refrigerants, electricity and natural gas. Revenue is also derived from the sale and installation of solar panels and energy

efficiency offerings. The customer obtains control when the goods are delivered to the customer. The performance is satisfied

once the customer accepts the delivery. Products can be sold under short or long-term agreements at prevailing market prices or

at fixed prices for which DCC Energy will have fixed supply prices.

DCC Technology derives most of its revenue from the sale of consumer and SME focused technology products. The Group

recognises the revenue, generally, when dispatch occurs. The performance obligation is then deemed to have been satisfied.

Should volume and promotional rebates be granted to customers they are recognised as a reduction in sales revenue at the time

of the sale based on managements’ estimate of the likely rebate to be awarded to customers. Estimates are based on historical

results, taking into consideration the type of customer, the type of transaction and the specific facts of each arrangement.

SALES OF SERVICES

Revenue from the rendering of services is recognised in the period in which the services are rendered. Contracts do not contain

multiple performance obligations as defined by IFRS 15.

Service revenue in DCC Energy is generated from a variety of value-added services provided to customers. Revenue is recognised

when the performance obligation is met which is as the service is provided.

SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision

maker who is responsible for allocating resources and assessing performance of the operating segments. The Group has

determined that it has two reportable operating segments: DCC Energy and DCC Technology.

FOREIGN CURRENCY TRANSLATION

FUNCTIONAL AND PRESENTATION CURRENCY

The functional currency of the Company is euro. The consolidated financial statements are presented in sterling which is the

Company’s and the Group’s presentation currency, and a significant portion of the Group’s revenue and operating profit is

generated in sterling. Items included in the financial statements of each of the Group’s entities are measured using the currency

of the primary economic environment in which the entity operates.

TRANSACTIONS AND BALANCES

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and

liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Currency

translation differences on monetary assets and liabilities are taken to the Group Income Statement except when cash flow or net

investment hedge accounting is applied.

GROUP COMPANIES

Results and cash flows of the parent and its subsidiaries and associates which do not have sterling as their functional currency are

translated into sterling at average exchange rates for the year. Average exchange rates are a reasonable approximation of the

cumulative effect of the rates on the transaction dates. The related balance sheets are translated at the rates of exchange ruling

at the reporting date. Adjustments arising on translation of the results of such subsidiaries and associates at average rates, and

on the restatement of the opening net assets at closing rates, are dealt with in a separate translation reserve within equity, net of

differences on related currency instruments designated as hedges of such investments.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

206 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

On disposal of a foreign operation, such cumulative currency translation differences are recognised in the Income Statement as

part of the overall gain or loss on disposal. In accordance with IFRS 1, cumulative currency translation differences arising prior to

the transition date to IFRS (1 April 2004) have been set to zero for the purposes of ascertaining the gain or loss on disposal of a

foreign operation.

Goodwill and fair value adjustments arising on acquisition of a foreign operation are regarded as assets and liabilities of the

foreign operation, are expressed in the functional currency of the foreign operation, and are recorded at the exchange rate at

the date of the transaction and subsequently retranslated at the applicable closing rates.

FINANCE COSTS

Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses on hedging

instruments that are recognised in the Income Statement, facility fees and the unwinding of discounts on provisions and acquisition

related liabilities. The interest expense component of lease creditor payments is recognised in the Income Statement using the

effective interest rate method. The net finance cost/income on defined benefit pension scheme assets or obligations are

recognised in the Income Statement in accordance with IAS 19.

The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency swaps and related

debt are included in ‘Finance Costs’ in the case of a net loss. The mark-to-market of designated swaps and related debt

comprises the gain or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with

borrowings, together with the gain or loss on the hedged borrowings which is attributable to the hedged risk.

The mark-to-market of undesignated swaps and related debt comprises the gain or loss on currency swaps which are not

designated as hedging instruments, but which are used to offset movements in foreign exchange rates on certain borrowings,

along with the currency movement on those borrowings.

FINANCE INCOME

Finance income is recognised in the Income Statement as it accrues, using the effective interest method, and includes net gains on

hedging instruments that are recognised in the Income Statement.

The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency swaps and related

debt, both as defined above, are included in ‘Finance Income’ in the case of a net gain.

EXCEPTIONAL ITEMS

The Group has adopted an Income Statement format which seeks to highlight significant items within the Group results for the

year. Such items may include restructuring, profit or loss on disposal or termination of operations, litigation costs and settlements,

profit or loss on disposal of investments, profit or loss on disposal of property, plant and equipment, IAS 39 ineffective mark-to-

market movements together with gains or losses arising from currency swaps offset by gains or losses on related fixed rate debt,

acquisition costs, profit or loss on defined benefit pension scheme restructuring, adjustments to contingent acquisition consideration,

the impact on deferred tax balances as a result of changes to enacted corporation tax rates and impairment of assets.

Judgement is used by the Group in assessing the items, which by virtue of their scale and nature, should be presented in the

Income Statement and disclosed in the related notes as exceptional items.

INCOME TAX

CURRENT TAX

The Group’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and

reliefs available to the Group in the multiple tax jurisdictions in which it operates. The determination of the Group’s provision for

income tax requires certain judgements and estimates in relation to matters where the ultimate tax outcome may not be certain.

The recognition or non-recognition of deferred tax assets as appropriate also requires judgement as it involves an assessment of

the future recoverability of those assets. In addition, the Group is subject to tax audits which can involve complex issues that could

require extended periods to conclude, the resolution of which is often not within the control of the Group. Although management

believes that the estimates included in the consolidated financial statements and its tax return positions are correct, there is no

certainty that the final outcome of these matters will not be different to that which is reflected in the Group’s historical income tax

provisions and accruals. Whilst it is possible, the Group does not currently anticipate that any such differences could have a

material impact on the income tax provision and profit for the period in which such a determination is made nor does it expect any

significant impact on its financial position in the near term. This is based on the Group’s knowledge and experience, as well as the

profile of the individual components which have been reflected in the current tax liability, the status of the tax audits, enquiries and

negotiations in progress at each year end.

Current tax represents the expected tax payable or recoverable on the taxable profit for the year using tax rates enacted or

substantively enacted at the reporting date and considering any adjustments stemming from prior years. Any interest or penalties

arising are included within current tax. Where items are accounted for outside of profit or loss, the related income tax is

recognised either in other comprehensive income or directly in equity as appropriate.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

207DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

DEFERRED TAX

Deferred tax is provided using the liability method on all temporary differences at the reporting date which is defined as the

difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax

assets and liabilities are not subject to discounting and are measured using the tax rates that are expected to apply in the period

when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted by the end

of the reporting period.

Deferred tax liabilities are recognised for all taxable temporary differences except for the following:

• where the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or a liability in

a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the

time of the transaction; and

• where, in respect of taxable temporary differences associated with investments in subsidiaries and associates, the timing of

the reversal of the temporary difference is subject to control by the Group and it is probable that reversal will not occur in the

foreseeable future.

Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax credits and

unused tax losses to the extent that it is probable that taxable profits will be available against which to offset these items except:

• where the deferred tax asset arises from the initial recognition of an asset or a liability in a transaction that is not a business

combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and

• where, in respect of deductible temporary differences associated with investment in subsidiaries and associates, a deferred

tax asset is recognised only if it is probable that the deductible temporary difference will reverse in the foreseeable future

and that sufficient taxable profits will be available against which the temporary difference can be utilised.

The carrying amounts of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no

longer probable that sufficient taxable profits would be available to allow all or part of the deferred tax asset to be utilised.

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on a straight-line basis at the rates stated below, which are estimated to reduce each item of property,

plant and equipment to its residual value level by the end of its useful life.

	Annual Rate
Freehold buildings	2%
Plant and machinery	5% – 33 1 / 3 %
Cylinders	6 2 / 3 % – 10%
Motor vehicles	10% – 33 1 / 3 %
Fixtures, fittings & office equipment	10% – 33 1 / 3 %

Land is not depreciated. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted if

appropriate, at each reporting date.

In accordance with IAS 36 Impairment of Assets, the carrying amounts of items of property, plant and equipment are reviewed at

each reporting date to determine whether there is any indication of impairment. An impairment loss is recognised whenever the

carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.

Impairment losses are recognised in the Income Statement. Following the recognition of an impairment loss, the depreciation

charge applicable to the asset or cash-generating unit is adjusted prospectively to systematically allocate the revised carrying

amount, net of any residual value, over the remaining useful life.

Subsequent costs are included in an asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Group and the cost of the replaced item can be

measured reliably. All other repair and maintenance costs are charged to the Income Statement during the financial period in

which they are incurred.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

208 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of

those assets.

INVESTMENTS IN SUBSIDIARY UNDERTAKINGS

Investments in subsidiaries are stated at cost less any accumulated impairments and are reviewed for impairment if there are

indications that the carrying value may not be recoverable.

BUSINESS COMBINATIONS

Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent

liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an

acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. For each

business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the

proportionate share of the acquiree’s identifiable net assets. Acquisition costs are expensed as incurred.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and

designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition

date.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in

the acquiree is remeasured to fair value at the acquisition date through the Income Statement.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. The fair

value of contingent consideration is arrived at through discounting the expected payment to present value. Subsequent changes

to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in the Income

Statement or alternatively in goodwill if the subsequent change arises from a measurement period adjustment.

Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration transferred and the

amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this

consideration is lower than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the

difference is recognised in the Income Statement.

GOODWILL

Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included at its

carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1, the accounting

treatment of business combinations undertaken prior to the transition date was not reconsidered and goodwill amortisation

ceased with effect from the transition date.

Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business combination plus

any non-controlling interest, over the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill acquired

in a business combination is allocated, from the acquisition date to the cash-generating units or groups of cash-generating units

that are expected to benefit from the business combination in which the goodwill arose.

Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for

impairment annually or more frequently if events or change in circumstances indicate that the carrying value may be impaired.

The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in associates under the

equity method in the Group Balance Sheet.

Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is

considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual period. Impairment is

determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the

recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised. Impairment

losses arising in respect of goodwill are not reversed following recognition.

Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the profit or loss

arising on disposal.

Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the goodwill

associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss

on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation

disposed of and the proportion of the cash-generating unit retained.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

209DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

INTANGIBLE ASSETS

Intangible assets acquired separately are capitalised at cost. Intangible assets acquired in the course of a business combination

are capitalised at fair value being their deemed cost as at the date of acquisition.

Following initial recognition, intangible assets which have a finite life are carried at cost less any applicable accumulated

amortisation and any accumulated impairment losses. Where amortisation is charged on assets with finite lives this expense is

taken to the Income Statement.

The amortisation of intangible assets is calculated to write off the book value of intangible assets over their useful lives on a

straight-line basis on the assumption of zero residual value. In general, finite-lived intangible assets are amortised over periods

ranging from 2 to 40 years, depending on the nature of the intangible asset.

The carrying amount of finite-lived intangible assets are reviewed for indicators of impairment at each reporting date and are

subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash

flows (cash-generating units).

The Group does not have any indefinite-lived intangible assets.

INVENTORIES

Inventories are valued at the lower of cost and net realisable value.

Cost is determined on a first in first out basis and in the case of raw materials, bought-in goods and expense inventories,

comprises purchase price plus transport and handling costs less trade discounts and subsidies. Cost, in the case of products

manufactured by the Group, consists of direct material and labour costs together with the relevant production overheads based

on normal levels of activity. Net realisable value represents the estimated selling price less costs to completion and appropriate

selling and distribution costs.

Provision is made, where necessary, for slow moving, obsolete and defective inventories.

FINANCIAL INSTRUMENTS

A financial instrument is recognised when the Group becomes a party to its contractual provisions. Financial assets are

derecognised when the Group’s contractual rights to the cash flows from the financial assets expire, are extinguished, or

transferred to a third party. Financial liabilities are derecognised when the Group’s obligations specified in the contracts expire,

are discharged, or cancelled.

TRADE AND OTHER RECEIVABLES

Trade and other receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected

to be received from the satisfaction of performance obligations, and subsequently measured at amortised cost using the effective

interest method less allowance for impairment.

An allowance for impairment of trade receivables is established based on both expected credit losses and information available

that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial

difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default in payments are

considered indicators that the trade receivable is impaired. The amount of the allowance is the difference between the asset’s

carrying amount and the present value of estimated future cash flows. Changes to the amount of the allowance are recognised in

the Income Statement.

The Group derecognises a receivable only when the contractual rights to the cash flows from the receivable expire, or when it

transfers the receivable and substantially all of the risks and rewards of ownership of the asset to another entity. The Group

applies several tests to receivable purchase agreements to determine whether derecognition is appropriate or not. These tests

are applied to the entire portfolio of receivables rather than to each individual receivable as the receivables comprise ‘a group of

similar assets’ in accordance with IFRS 9. The testing procedure includes consideration of the following; whether the arrangement

represents a qualifying transfer of assets, whether substantially all of the risks and rewards of the receivable transferred from the

Group and whether the Group has lost control of the receivable.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

210 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

On derecognition of a receivable the difference between the asset’s carrying amount and the sum of the consideration received

and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in

equity is recognised in the Income Statement. Following derecognition, receivables arising from non-recourse sales are excluded

from ‘Trade and other receivables’ in the Group Balance Sheet. The Group presents cash flows arising from non-recourse sales as

part of operating activities in the Group Cash Flow Statement.

TRADE AND OTHER PAYABLES

Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, which approximates

to fair value given the short-dated nature of these liabilities.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months

or less.

For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined

above, net of bank overdrafts.

INTEREST-BEARING LOANS AND BORROWINGS

All loans and borrowings are initially recorded at fair value, net of transaction costs incurred. Loans and borrowings are

subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value

is recognised in the Income Statement over the period of the borrowings using the effective interest method.

LEASES

The Group enters leases for a range of assets, principally relating to property. These property leases have varying terms and

renewal rights, including periodic rent reviews linked with indices. The Group also leases motor vehicles, plant, machinery, and

other equipment. The terms and conditions of these leases do not impose significant financial restrictions on the Group.

A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period in exchange

for consideration, which is assessed at inception. A right-of-use asset and lease creditor are recognised at the commencement

date for contracts containing a lease, except for leases with a term of 12 months or less, leases where the underlying asset is of

low value and leases with associated payments that vary directly in line with usage or sales (such lease costs continue to be

expensed in the Income Statement as incurred). The commencement date is the date at which the asset is made available for use

by the Group.

Lease creditors are initially measured at the present value of the future lease payments, discounted using the incremental

borrowing rate over the remaining lease term. Lease payments include fixed payments, variable payments that are dependent on

an index known at the commencement date, payments for an optional renewal period and termination option payments, if the

Group is reasonably certain to exercise those options. The lease term is the non-cancellable period of the lease adjusted for any

renewal or termination options which are reasonably certain to be exercised. Management applies judgement in determining

whether it is reasonably certain that a renewal or termination option will be exercised.

Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and

the term and currency of the lease.

After initial recognition, lease creditors are measured at amortised cost using the effective interest method. They are remeasured

when there is a change in future lease payments or when the Group changes its assessment of whether it is reasonably certain to

exercise an option within the contract. A corresponding adjustment is made to the carrying amount of the right-of-use asset.

The right-of-use asset is initially measured at cost, which comprises the lease creditor adjusted for any payments made at or

before the commencement date, initial direct costs incurred, lease incentives received and an estimate of the cost to dismantle or

restore the underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset is depreciated

over the lease term and is tested periodically for impairment if an impairment indicator is considered to exist.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

211DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

DERIVATIVE FINANCIAL INSTRUMENTS

The Group uses derivative financial instruments (principally interest rate, currency and cross currency interest rate swaps and

forward foreign exchange and commodity contracts) to hedge its exposure to interest rate and foreign exchange risks and to

changes in the prices of certain commodity products arising from operational, financing and investment activities.

Derivative financial instruments are recognised at inception at fair value, being the present value of estimated future cash flows.

The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument,

and if so, the nature of the item being hedged.

Changes in the fair value of currency swaps that are hedging borrowings and for which the Group has not elected to apply hedge

accounting, along with changes in the fair value of derivatives hedging borrowings, that are part of designated fair value hedge

relationships, are reflected in the Income Statement in ‘Finance Costs’.

Changes in the fair value of other derivative financial instruments for which the Group has not elected to apply hedge accounting

are reflected in the Income Statement, in ‘Other Operating Income/Expenses’.

HEDGING

For the purposes of hedge accounting, hedges are designated either as fair value hedges (which hedge the exposure to

movements in the fair value of recognised assets or liabilities or firm commitments that are attributable to hedged risks) or cash

flow hedges (which hedge exposures to fluctuations in future cash flows derived from a particular risk associated with recognised

assets or liabilities or highly probable forecast transactions).

The Group documents, at the inception of the transactions, the relationship between hedging instruments and hedged items, as

well as its risk management objectives and strategy for undertaking various hedging transactions.

The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are

used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.

The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash flow hedge reserve in

equity are shown in note 4.2. The full fair value of a derivative is classified as a non-current asset or non-current liability if the

remaining maturity of the derivative is more than 12 months and as a current asset or current liability if the remaining maturity of

the derivative is less than 12 months.

FAIR VALUE HEDGE

In the case of fair value hedges which satisfy the conditions for hedge accounting, any gain or loss arising from the

remeasurement of the fair value of the hedging instrument is reported in the Income Statement, together with any changes in the

fair value of the hedged asset or liability that are attributable to the hedged risk. As a result, the gain or loss on interest rate swaps

and cross currency interest rate swaps that are in hedge relationships with borrowings are included within ‘Finance Income’ or

‘Finance Costs’. In the case of the related hedged borrowings, any gain or loss on the hedged item which is attributable to the

hedged risk is adjusted against the carrying amount of the hedged item and reflected in the Income Statement within ‘Finance

Costs’ or ‘Finance Income’. The gain or loss on commodity derivatives that are designated as fair value hedges of firm

commitments are recognised in the Income Statement.

Any change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability on the

Balance Sheet with a corresponding gain or loss in the Income Statement.

If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item is

amortised to the Income Statement over the period to maturity.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

212 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

CASH FLOW HEDGE

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or

a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised

as a separate component of equity. The ineffective portion is reported in the Income Statement in ‘Finance Income’ and ‘Finance

Costs’ where the hedged item is private placement debt, and in ‘Other Operating Income/Expenses’ for all other cases. When a

forecast transaction results in the recognition of an asset or a liability, the cumulative gain or loss is removed from equity and

included in the initial measurement of the asset or liability. Otherwise, the associated gains or losses that had previously been

recognised in equity are transferred to the Income Statement in the same reporting period as the hedged transaction in Revenue

or Cost of Sales (depending on whether the hedge related to a forecasted sale or purchase).

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative

gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately

recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that

was reported in equity is immediately transferred to the Income Statement.

PROVISIONS AND LIABILITIES

A provision is recognised in the Balance Sheet when the Group has a present obligation (either legal or constructive) because of a

past event, and it is probable that a transfer of economic benefits will be required to settle the obligation. Provisions are measured

at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to

present value where the effect is material.

A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and announced

its main provisions.

Provisions arising on business combinations are only recognised to the extent that they would have qualified for recognition in the

financial statements of the acquiree prior to the acquisition.

A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by future events

or where it is not probable that an outflow of resources will be required to settle the obligation or where the amount of the

obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow

of economic benefits is probable.

ENVIRONMENTAL PROVISIONS

The Group has certain site remediation obligations to be incurred in compliance with local or national environmental regulations

together with constructive obligations stemming from established best practice. The measurement of these provisions is based on

the evaluation of currently available facts with respect to each individual site and is adjusted periodically as remediation efforts

progress or as additional information becomes available. Inherent uncertainties exist in such measurements primarily due to

unknown timing, site conditions and changing regulations. Full provision is made for the net present value of the estimated costs in

relation to the Group’s environmental liabilities. The net present value of the estimated costs is capitalised as property, plant and

equipment and the unwinding of the discount element on the environmental provision is reflected in the Income Statement.

CYLINDER AND TANK DEPOSITS LIABILITIES

In certain DCC Energy operations, the Group has a legal or constructive obligation to refund deposits received from customers in

respect of liquid gas cylinders and tanks. A deposit is generally charged to the customer and is refundable on return of the cylinder

or tank, together with the original deposit receipt.

The Group recognises a deposit liability when such a legal or constructive obligation exists. The deposit liability reflects the

expected amount refundable to customers and is measured having regard to the estimated number of cylinders and tanks held by

customers, the expected rate of return and the applicable deposit values.

Deposit liabilities acquired as part of a business combination are recognised initially at fair value at the acquisition date, being the

present value of the expected future cash outflows. The unwinding of the discount element is recognised in the Income Statement.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

213DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

NOTES TO THE FINANCIALSTATEMENTS

CONTINUED

PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS

The Group operates defined contribution and defined benefit pension schemes.

The costs arising in respect of the Group’s defined contribution schemes are charged to the Income Statement in the period in

which they are incurred. The Group has no legal or constructive obligation to pay further contributions after payment of fixed

contributions.

The Group operates several defined benefit pension schemes which require contributions to be made to separately administered

funds. The liabilities and costs associated with the Group’s defined benefit pension schemes are assessed based on the projected

unit credit method by qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the

reporting date. The Group’s net obligation in respect of defined benefit pension schemes is calculated separately for each plan by

estimating the number of future benefits that employees have earned in return for their service in the current and prior periods.

That benefit is discounted to determine its present value, and the fair value of any plan asset is deducted. Plan assets are

measured at fair values.

The discount rate employed in determining the present value of the schemes’ liabilities is determined by reference to market yields

at the reporting date on high-quality corporate bonds of a currency and term consistent with the currency and term of the

associated post-employment benefit obligations.

The deferred tax impact of pension scheme surpluses and deficits is disclosed separately within deferred tax liabilities or assets

as appropriate. Remeasurements, comprising actuarial gains and losses and the return on plan assets (excluding net interest) are

recognised immediately in the Group Balance Sheet with a corresponding entry to retained earnings through Other

Comprehensive Income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent

periods.

The defined benefit pension asset or liability in the Group Balance Sheet comprises the total for each plan of the present value of

the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. Plan assets

are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Fair value is based on market price

information, and, in the case of published securities, it is the published bid price. The value of any defined benefit asset is limited to

the present value of any economic benefits available in the form of refunds from the plan and reductions in the future

contributions to the plan.

A curtailment arises when the Group is demonstrably committed to make a significant reduction in the number of employees

covered by a plan. A past service cost, negative or positive, arises following a change in the present value of the defined benefit

obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to, post-

employment benefits. A settlement arises where the Group is relieved of responsibility for a pension obligation and eliminates

significant risk relating to the obligation and the assets used to affect the settlement. Past-service costs, negative or positive, are

recognised immediately in the Income Statement. Losses arising on settlement or curtailment not allowed for in the actuarial

assumptions are measured at the date on which the Group becomes demonstrably committed to the transaction.

Gains arising on a settlement are measured at the date on which all parties whose consent is required are irrevocably committed

to the transaction. Settlement gains and losses are dealt with in the Income Statement.

SHARE-BASED PAYMENT TRANSACTIONS

Certain employees (including Directors) of the Group receive remuneration in the form of share-based payment transactions,

whereby employees render service in exchange for shares or rights over shares.

The fair value of share entitlements granted is recognised as an employee expense in the Income Statement with a corresponding

increase in equity. At the end of each reporting period, the Group revises its estimates of the number of options that are expected

to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original

estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The fair value at the grant date is

determined using a Monte Carlo simulation technique for the DCC plc Long-term Incentive Plan.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

214 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The DCC plc Long-term Incentive Plan contains both market and non-market based vesting conditions. Accordingly, the fair value

assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is adjusted to reflect the

anticipated likelihood at the grant date of achieving the market based vesting conditions. The cumulative non-market-based

charge to the Income Statement is reversed where entitlements do not vest because non-market performance conditions have

not been met or where an employee in receipt of share entitlements relinquishes service before the end of the vesting period.

Where the share-based payments give rise to the issue of new equity share capital, the proceeds received by the Company are

credited to Share Capital (nominal value) and Share Premium when the share entitlements are exercised. Where the share-based

payments give rise to the re-issue of shares from treasury shares, the proceeds of issue are credited to shareholders equity.

Where shares are issued by the Parent Company to employees of a subsidiary, the share based payment is recognised through

intercompany balances, which are subsequently settled rather than being recognised as a capital contribution.

The measurement requirements of IFRS 2 have been implemented in respect of share options entitlements granted after

7 November 2002. In accordance with the standard, the disclosure requirements of IFRS 2 have been applied to all outstanding

share-based payments regardless of their grant date. The Group does not operate any cash-settled share-based payment

schemes or share-based payment transactions with cash alternatives as defined in IFRS 2.

EQUITY

TREASURY SHARES

Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from total equity and

classified as treasury shares until they are cancelled. Where such shares are subsequently sold or re-issued, any consideration

received is included in share premium.

DIVIDENDS

Dividends on Ordinary Shares are recognised as a liability in the Group’s financial statements in the period in which they are

approved by the shareholders of the Company. Proposed dividends that are approved after the reporting date are not

recognised as a liability at that reporting date but are disclosed in the dividends note.

NON-CONTROLLING INTERESTS

Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the

Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,

distinguished from shareholders’ equity attributable to owners of the Parent Company. Acquisitions of non-controlling interests

are accounted for as transactions with equity holders in their capacity as equity holders and therefore no goodwill is recognised

because of such transactions. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the

acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

5.10 APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved by the Board of Directors on 18 May 2026.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED

215DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Note

2026

£’000

2025

£’000

ASSETS

Non-current assets

Investments in subsidiary undertakings 6.4 1,155,392 1,140,763

Current assets

Trade and other receivables 6.5 296,903 278,736

Cash and cash equivalents 6.7 592 660

297,495 279,396

Total assets

1,452,887

1,420,159

EQUITY

Capital and reserves

Share capital 4.1 14,460 17,422

Share premium 4.1 449 883,909

Other reserves 6.8 176,554 109,785

Retained earnings 6.9 1,177,886 353,691

Total equity

1,369,349

1,364,807

LIABILITIES

Current liabilities

Trade and other payables 6.6 83,538 55,352

Total equity and liabilities

1,452,887

1,420,159

The Company earned a profit after taxation of £846.902 million for the year ended 31 March 2026 (2025: £150.873 million).

On behalf of the Board: Mark Breuer (Non-Executive Chair), Donal Murphy (Chief Executive)

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

216 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

COMPANY FINANCIAL STATEMENTS

Share capital

(note 4.1)

£’000

Share premium

(note 4.1)

£’000

Retained

earnings

(note 6.9)

£’000

Other reserves

(note 6.8)

£’000

Total equity

£’000

At 1 April 2025 17,422 883,909 353,691 109,785 1,364,807

Profit for the financial year – – 846,902 – 846,902

Other comprehensive income:

Currency translation – – – 60,375 60,375

Total comprehensive income – – 846,902 60,375 907,277

Share buyback (2,962) – (700,000) 2,962 (700,000)

Re-issue of treasury shares – 449 – – 449

Share based payment – – – 3,432 3,432

Reduction in share premium – (883,909) 883,909 – –

Dividends – – (206,616) – (206,616)

At 31 March 2026

14,460 449 1,177,886 176,554 1,369,349

FOR THE YEAR ENDED 31 MARCH 2025

Share capital

(note 4.1)

£’000

Share premium

(note 4.1)

£’000

Retained

earnings

(note 6.9)

£’000

Other reserves

(note 6.8)

£’000

Total equity

£’000

At 1 April 2024 17,422 883,890 400,165 135,050 1,436,527

Profit for the financial year – – 150,873 – 150,873

Other comprehensive income:

Currency translation – – – (32,809) (32,809)

Total comprehensive income – – 150,873 (32,809) 118,064

Re-issue of treasury shares – 19 – – 19

Share based payment – – – 7,544 7,544

Dividends – – (197,347) – (197,347)

At 31 March 2025

17,422 883,909 353,691 109,785 1,364,807

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

217DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

Note

2026

£’000

2025

£’000

Operating activities

Cash generated from operations 6.10 21,731 65,591

Income tax paid – (11)

Net cash flow from operating activities

21,731

65,580

Investing activities

Inflows:

Interest received 8,375 10,464

Proceeds on disposal 24,943 –

Dividends received from subsidiaries 844,046 141,888

877,364 152,352

Outflows:

Acquisition of subsidiaries 6.4 – (25,225)

Net cash flow from investing activities

877,364

127,127

Financing activities

Inflows:

Proceeds from issue of shares 449 19

Outflows:

Share buyback (700,000) –

Dividends paid 2.10 (206,616) (197,347)

(906,616) (197,347)

Net cash flow from financing activities

(906,167)

(197,328)

Change in cash and cash equivalents (7,072) (4,621)

Translation adjustment 7,004 (94)

Cash and cash equivalents at beginning of year 660 5,375

Cash and cash equivalents at end of year 6.7 592 660

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

218 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

COMPANY FINANCIAL STATEMENTS CONTINUED

SECTION 6 NOTES TO THE COMPANY FINANCIAL STATEMENTS

6.1 BASIS OF PREPARATION

DCC plc, is a publicly traded limited company incorporated and domiciled in the Republic of Ireland. The registered number is

54858 and registered office address is DCC House, Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland. The financial

statements which are presented in sterling, rounded to the nearest thousand, have been prepared in accordance with

International Financial Reporting Standards (‘IFRS’) as adopted by the European Union.

The Company applies consistent accounting policies to those applied by the Group. To the extent that an accounting policy is

relevant to both Group and Parent Company financial statements, please refer to the Group financial statements for disclosure

ofthe relevant accounting policy.

6.2 AUDITOR STATUTORY DISCLOSURE

During the year the Company obtained the following services from the Company’s auditor Deloitte (2025: KPMG):

2026

£’000

2025

£’000

Statutory auditor: Audit fees 16 15

Other assurance services 111 84

127

6.3 PROFIT ATTRIBUTABLE TO DCC PLC

Profit after tax for the year attributable to owners of the Parent Company amounting to £846.902 million (2025: £150.873 million)

has been accounted for in the financial statements of the Company. In accordance with Section 304(2) of the Companies Act,

2014, the Company is availing of the exemption from presenting its individual Income Statement to the Annual General Meeting.

The Company has also availed of the exemption from filing its individual Income Statement with the Registrar of Companies as

permitted by Section 304(2) of the Companies Act, 2014.

6.4 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS

2026

£’000

2025

£’000

At 1 April 1,140,763 1,141,980

Additions – 25,225

Disposals (13,415) –

Impairments (16,648) –

Exchange and other 44,692 (26,442)

At 31 March

1,155,392

1,140,763

The Company has availed of the exemption under s.316 (1) of the Companies Act, and note that the following are the principal

undertakings of the Company. Full details of the Group’s principal operating subsidiaries are included in the Supplementary

Information section on pages 224 to 226.

The Group’s principal overseas holding company subsidiaries are DCC Limited, a company operating, incorporated and

registered in England and Wales and DCC International Holdings B.V., a company operating, incorporated and registered in the

Netherlands. The registered office of DCC Limited is at 1 Park Row, Leeds, LS1 5AB, England. The registered office of DCC

International Holdings B.V. is Zuiderzeestraatweg 1, 3882 NC, Putten, The Netherlands.

Non-wholly owned subsidiaries principally comprises DCC Holding Denmark A/S (60%) (which owns 100% of DCC Energi Danmark

A/S, DCC Energi Retail A/S and DCC Energi Center A/S).

NOTES TO THE COMPANY

FINANCIAL STATEMENTS

Notes to the financial statements provide additional information regarding the ultimate Parent

Company, DCC plc, as required by statute, accounting standards or Listings Rules.

219DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

6.5 TRADE AND OTHER RECEIVABLES

2026

£’000

2025

£’000

Amounts owed by subsidiary undertakings

296,903

278,736

All amounts owed by subsidiary undertakings are interest-free and repayable on demand. There were no past due or impaired

trade receivables in the Company at 31 March 2026 (31 March 2025: nil). The Company does not expect any material loss in

relation to trade and other receivables at 31 March 2026.

6.6 TRADE AND OTHER PAYABLES

2026

£’000

2025

£’000

Amounts due to subsidiary undertakings 80,817 54,771

Other creditors and accruals 2,721 581

83,538

55,352

6.7 CASH AND CASH EQUIVALENTS

2026

£’000

2025

£’000

Cash at bank and in hand

592

660

6.8 OTHER RESERVES

Share based

payment

reserve

£’000

Foreign currency

translation

reserve

£’000

Other

reserves

£’000

Total

£’000

At 1 April 2024 63,806 71,015 229 135,050

Share based payment 7,544 – – 7,544

Currency translation – (32,809) – (32,809)

At 31 March 2025 71,350 38,206 229 109,785

Share based payment 3,432 – – 3,432

Share buyback – – 2,962 2,962

Currency translation – 60,375 – 60,375

At 31 March 2026

74,782 98,581 3,191 176,554

1. The share based payment reserve comprises capital contributions and cash settlements for share based payments to subsidiaries.

2. The Company’s foreign currency translation reserve represents all foreign exchange differences from 1 April 2004 arising from the translation of the net assets of

the Company’s euro denominated operations into sterling (the presentation currency), including the translation of the profits and losses of the Company from the

average rate for the year to the closing rate at the balance sheet date.

3. The Company’s other reserves is a capital conversion reserve fund.

6.9 RETAINED EARNINGS

2026

£’000

2025

£’000

At 1 April 353,691 400,165

Total comprehensive income for the financial year 846,902 150,873

Reduction in share premium 883,909 –

Share buyback (700,000) –

Dividends (206,616) (197,347)

At 31 March

1,177,886

353,691

NOTES TO THE COMPANY

FINANCIALSTATEMENTS

CONTINUED

220 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

COMPANY FINANCIAL STATEMENTS CONTINUED

6.10 CASH GENERATED FROM OPERATIONS

2026

£’000

2025

£’000

Profit for the financial year 846,902 150,873

Add back/(deduct) non-operating income:

– tax 2,122 11

– net finance income (8,375) (10,464)

– net exceptional items 5,120 –

– dividend income (844,046) (141,888)

Operating profit before exceptionals 1,723 (1,468)

Changes in working capital:

– trade and other receivables (3,729) 60,534

– trade and other payables 23,737 6,525

Cash generated from operations

21,731

65,591

6.11 RELATED PARTY TRANSACTIONS

SUBSIDIARIES AND ASSOCIATES

The Company’s Income Statement includes dividends from its subsidiary companies of £844.046 million and principally comprises

dividends from DCC Financial Services Holdings Unlimited Company (£680.168 million), DCC Healthcare Limited (£82.400 million),

DCC Energy Limited (£63.540 million) and DCC Financial Services International dac (£17.938 million). Details of loan balances to/

from subsidiaries are provided in the Company Balance Sheet on page 216, in note 6.5 ‘Trade and Other Receivables’ and in note

6.6 ‘Trade and Other Payables’.

6.12 FINANCIAL RISK MANAGEMENT

A description of the Group’s financial risk management objectives and policies is provided in note 5.7 to the Group financial

statements. These financial risk management objectives and policies also apply to the Parent Company.

CREDIT RISK MANAGEMENT

Credit risk arises from credit exposure to intercompany receivables and cash and cash equivalents including deposits with banks

and financial institutions.

As detailed in note 6.5, the Group’s intercompany receivables at 31 March 2026 amount to £296.903 million (2025: £278.736

million). None of these balances include a provision for impairment and all amounts are expected to be recoverable in full.

Risk of counterparty default arising on cash and cash equivalents is controlled within a framework of dealing with high-quality

institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC plc transacts with a variety of

high credit quality financial institutions for the purpose of placing deposits. The Group actively monitors its credit exposure to each

counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. The cash and cash

equivalents balance at 31 March 2026 of £0.592 million was held with financial institutions with minimum short-term ratings of A-2

(Standard and Poor’s) or P-1 (Moody’s).

LIQUIDITY RISK MANAGEMENT

The tables below show the expected undiscounted total cash outflows (principal and interest) arising from the Company’s trade

and other payables. These projections are based on the interest and foreign exchange rates applying at the end of the relevant

financial year.

As at 31 March 2026

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Total

£’000

Financial liabilities – cash outflows

Trade and other payables 83,538 – – – 83,538

83,538 – – – 83,538

As at 31 March 2025

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Total

£’000

Financial liabilities – cash outflows

Trade and other payables 55,352 – – – 55,352

55,352 – – – 55,352

The Company has sufficient cash resources and liquid assets to enable it to meet its trade and other payables.

221DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

MARKET RISK MANAGEMENT

FOREIGN EXCHANGE RISK MANAGEMENT

The Company does not have any material assets or liabilities denominated in any currency other than euro at 31 March 2026 or

at31 March 2025 which would give rise to a significant transactional currency exposure. However, as the presentation currency

for the Company is sterling, it is exposed to fluctuations in the sterling/euro exchange rate. A change in the value of euro by 10%

against sterling would have a £0.5 million (2025: £0.8 million) impact on the Company’s profit before tax, would change the

Company’s equity by £124.5 million and change the Company’s net cash by £0.1 million (2025: £124.1 million and £0.1 million

respectively).

INTEREST RATE RISK MANAGEMENT

Based on the composition of net cash at 31 March 2026 a one percentage point (100 basis points) change in average floating

interest rates would have a £0.1 million (2025: £0.1 million) impact on the Company’s profit before tax. Finance income principally

comprises guarantee fees charged at fixed rates on intergroup loans. Finance costs comprise interest on intergroup loans payable

at variable market rates.

COMMODITY PRICE RISK MANAGEMENT

The Company has no exposure to commodity price risk.

FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The following is a comparison by category of book values and fair values of the Company’s financial assets and financial liabilities:

2026 2025

Book value

£’000

Fair value

£’000

Book value

£’000

Fair value

£’000

Financial assets

Trade and other receivables 296,903 296,903 278,736 278,736

Cash and cash equivalents 592 592 660 660

297,495 297,495

279,396 279,396

Financial liabilities

Trade and other payables 83,538 83,538 55,352 55,352

83,538 83,538

55,352 55,352

As at 31 March 2026 and 31 March 2025 the Company had no financial assets or financial liabilities which were carried at fair value.

6.13 CONTINGENCIES

Guarantees given in respect of borrowings and other obligations are detailed in note 5.5 to the Group financial statements.

NOTES TO THE COMPANY

FINANCIALSTATEMENTS

CONTINUED

6.12 FINANCIAL RISK MANAGEMENT CONTINUED

222 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

COMPANY FINANCIAL STATEMENTS CONTINUED

SUPPLEMENTARY

INFORMATION

In this section

224 Principal Subsidiaries andAssociates

227 Shareholder Information

229 Corporate Information

230 Supplementary Sustainability information

231 Sustainability-Related Policies

232 Additional GHG and Energy Consumption Metrics

233 TCFD Reference Table

234 Summary of Climate and Transition Impacts

236 References Relevant to EU Sustainability Reporting Legislation

238 Limited Assurance Report

241 Alternative Performance Measures

223DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

DCC ENERGY

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

DCC Energy Limited

DCC House, Leopardstown

Road, Foxrock, Dublin 18, D18

PK00, Ireland

Holding and divisional management

company

Ireland 100

ENERGY SOLUTIONS

DCC Energy Nederland

Zuiderzeestraatweg 1,

3882NC, Putten, The

Netherlands

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

The Netherlands 100

Butagaz SAS

47-53 Rue Raspail, 92300

Levallois – Perret, Paris,

France

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

France 100

Certa Ireland Limited

Clonminam Industrial Estate,

Portlaoise, Co. Laois, R32

YY26, Ireland

Sales, marketing and distribution of

liquid fuels, lower carbon and renewable

energy products and the provision of

energy services

Ireland 100

Certas Energy UK

Limited

1st Floor, Allday House,

Warrington Road,

Birchwood, Warrington WA3

6GR, England

Sales, marketing and distribution of

liquid fuels, lower carbon and renewable

energy products and the provision of

energy services

Britain 100

DCC Energi Danmark

A/S

Østbanegade 123, 2100

København Ø, Denmark

Sales, marketing and distribution of

liquid fuels, lower carbon and renewable

energy products and the provision of

energy services

Denmark 60

DCC Propane LLC

1001 Warrenville Road, Suite

350 Lisle, IL 60532, USA

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

USA 100

Energie Direct Austria

GmbH

Alte Poststraße 400, A-8055

Graz, Austria

Sales, marketing and distribution of

liquid fuels, lower carbon and renewable

energy products and the provision of

energy services

Austria 100

FLAGA GmbH

Rothschildplatz 3/Top 3.07.B;

1020 Wien, Austria

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

Austria 100

Flogas Britain Limited

81 Rayns Way, Syston,

Leicester LE7 1PF, England

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

Britain 100

Flogas Ireland Limited

Building 2, 3rd & 4th Floor,

The Green, Dublin Airport

Central, Dublin Airport,

Swords, Co. Dublin K67 E2H3,

Ireland

Sales, marketing and distribution of

liquid gas, natural gas, lower carbon

and renewable energy products

including electricity and the provision of

energy services

Ireland 100

PRINCIPAL SUBSIDIARIES ANDASSOCIATES

1. The information in this section relates only to the Group’s principal subsidiaries and associates. A full list of subsidiaries and associates will be annexed to the Annual

Return of the Company to be filed with the Irish Registrar of Companies.

224 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

Flogas Norge AS

Sandakerveien 116, 0484

Oslo, Norway

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products

Norway 100

Flogas Sverige AB

Brännkyrkagatan 63, 11822

Stockholm, Sweden

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products

Sweden 100

Gaz de Paris SAS

(trading as Gaz

Européen)

47-53 Rue Raspail, 92300

Levallois – Perret, Paris,

France

Sales, marketing and distribution of

natural gas and electricity and the

provision of energy services

France 100

PROGAS GmbH

Westfalendamm 84/86,

44141 Dortmund, Germany

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

Germany 100

TEGA – Technische Gase

und Gasetechnik GmbH

Werner-von-Siemens-Str. 18,

97076 Würzburg, Germany

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products, refrigerant gas and

the provision of energy services

Germany 100

Wewise France SAS

47-53 Rue Raspail, 92300

Levallois – Perret, Paris,

France

Solar PV installation company, servicing

commercial, industrial, agricultural and

residential

France 100

ENERGY MOBILITY

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

Certas Energy France

SAS

9 Avenue Edouard Belin,

92500 Rueil Malmaison,

Paris, France

Sales and marketing of liquid fuels and

related products and services including

lower carbon and renewable products to

the retail sector

France 100

Certas Energy Norway

Elias Smiths vei 24, 1337

Sandvika, Norway

Sales and marketing of liquid fuels and

related products and services including

lower carbon and renewable products to

the retail sector

Norway 100

Certas Energy UK

Limited

1st Floor, Allday House,

Warrington Road,

Birchwood, Warrington WA3

6GR, England

Sales and marketing of liquid fuels and

related products and services including

lower carbon and renewable products

to the retail sector

Britain 100

DCC Energi Mobility

A/S

Østbanegade 123, 2100

København Ø, Denmark

Sales and marketing of liquid fuels and

related products and services including

lower carbon and renewable products

to the retail sector

Denmark 60

Energy Procurement

Ireland 2013 Limited

DCC House, Leopardstown

Road, Foxrock, Dublin 18, D18

PK00, Ireland

Procurement, sales and marketing of

petroleum products

Ireland 100

Fuel Card Services

Limited (trading as

Motia)

Alexandra House,

Lawnswood Business Park,

Redvers Close, Leeds LS16

6QY, England

Sales, marketing and administration of

fleet services including fuel cards

Britain 100

Qstar Försäljning AB

Spårgatan 5, Box 633, 601 14

Norrköping, Sweden

Sales and marketing of liquid fuels and

related products and services including

lower carbon and renewable products

to the retail sector

Sweden 100

DCC ENERGY

Continued

225DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

DCC TECHNOLOGY

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

Almo Corporation

2709 Commerce Way,

Philadelphia, PA19154, USA

Sales, marketing and distribution of

professional audio visual, appliances

and lifestyle products

United States 100

Comm-Tec GmbH

Siemensstraße 14, 73066

Uhingen, Germany

Sales, marketing and distribution of

professional audio visual and technology

products

Germany 100

CUC SAS (trading as

Connect Azenn)

6 Avenue de la Durance,

78200, France

Sales, marketing and distribution of

technology products and connectivity

solutions

France 100

Captech AB

Aminogatan 17, SE- 43153

Mölndal, Göteborg, Sweden

Sales, marketing and distribution of

professional audio visual, professional

audio and technology products

Sweden 100

Hammer Consolidated

Holdings Limited

Vision 27 Stewart Road,

Basingstoke, Hampshire,

RG248NF, England

Holding company for the Hammer

group of business providing sales,

marketing and distribution of

infrastructure products and connectivity

solutions

Britain 100

Jam Industries Ltd.

21000 Trans-Canada

Highway, Baie-D’Urfe,

Quebec H9X 4B7, Canada

Sales, marketing and distribution of

professional audio products, musical

instruments and consumer electronics

Canada 100

Nexora Consolidated

Limited

Vision 27 Stewart Road,

Basingstoke, Hampshire,

RG24 8NF, England

Holding and divisional management

company

Britain 100

ASSOCIATES

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

KSG Dining Limited

McKee Avenue, Finglas,

Dublin 11, D11 NY90, Ireland

Restaurant and hospitality service

provider

Ireland 47.5

IP&E GBA Limited

Unit 2808-11, Prosperity

Millennia, Plaza, 663 King’s

Road, North Point, Hong

Kong

Sales, marketing and distribution of

liquid gas, lower carbon and renewable

energy products and the provision of

energy services

Hong Kong 36

Geogaz Lavera SA

2 Rue des Martinets, 92500

Rueil Malmaison, Paris,

France

Owns and operates a liquid gas storage

facility

France 25

Norgal (GIE)

Route de la Chimie, 76700

Gonfreville L’Orcher, France

Receiving, storage and distribution site

for liquid gas products

France 18

PRINCIPAL SUBSIDIARIES ANDASSOCIATES CONTINUED

226 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

SHARE LISTING

DCC plc is a publicly traded limited company incorporated and domiciled in Ireland. DCC plc is listed in the Commercial

Companies category of the London Stock Exchange Main Market.

Share Price Data

2026

2025

Share price at 18 May 59.50 –*

Market capitalisation at 18 May 5,083m –

Share price at 31 March 46.34 51.45

Market capitalisation at 31 March 3,939m 5,092m

Share price movement during the year

– High 52.80 60.35

– Low 43.50 48.48

* 18 May 2025 fell on a Sunday.

DCC plc’s ordinary share price information can be accessed on the Company’s website under the ‘Investors’ tab.

SHAREHOLDER INFORMATION

Details of shareholdings in excess of 3% in the Company are

set out on page 127.

DIVIDENDS

DCC normally pays dividends twice yearly, in July and in

December, to shareholders on the register of members on the

record date for the dividend. An interim dividend of 69.50

pence per share was paid on 12 December 2025.

Subject to shareholders’ approval at the Annual General

Meeting, a final dividend of 147.22 pence per share will be paid

on 23 July 2026 to shareholders on the register of members at

the close of business on 29 May 2026.

Dividends are declared in sterling and shareholders have the

option to elect to receive dividends in either sterling or euro.

Shareholders may also elect to receive dividend payments by

electronic funds transfer directly into their bank accounts,

rather than by cheque. Shareholders should contact the

Company’s Registrar for details of these options.

The Company is obliged to deduct Dividend Withholding Tax

(‘DWT’) at the rate of 25% from dividends paid to its

shareholders, unless a particular shareholder is entitled to an

exemption from DWT and has completed and returned to the

Company’s Registrar a declaration form claiming entitlement

to the particular exemption. Exemption from DWT may be

available to shareholders resident in another EU Member

State, EEA state or in a country with which the Republic of

Ireland has a double taxation agreement in place and to

non-individual shareholders resident in Ireland (for example

companies, pension funds and charities). If shares are held via

Euroclear Bank or CREST, the owners of the shares will need

to contact the intermediary through whom the shares are held

to ascertain arrangements for tax relief to be applied at

source.

The Irish Revenue Commissioners have published a tax and

duty manual entitled ‘Dividend Withholding Tax – Details of

Scheme’, which was last updated in March 2026 and can be

obtained by contacting the Company’s Registrar.

SHAREHOLDINGS AS AT 31 MARCH 2026

By location

North America

Europe (ex UK, Ireland)

Ireland

Asia

45.8%

25.6%

15.3%

12.1%

0.5%

0.7%

Rest of World

Geographic division

Number of shares

% of shares

UK 39,149,881 45.8%

North America 21,885,663 25.6%

Europe (ex UK, Ireland) 13,061,350 15.3%

Ireland 10,302,151 12.1%

Asia 589,427 0.7%

Rest of World 435,663 0.5%

Total

85,424,135

100%

Notes:

1. This represents the best estimate of the number of shares controlled by fund managers

resident in the relevant geographic regions.

2. Excludes 2,185,094 shares held as Treasury Shares.

227DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

FINANCIAL CALENDAR

19 May 2026 Final results announcement for 2026

28 May 2026 Ex-dividend date – final dividend

29 May 2026 Record date – final dividend

16 July 2026 AGM Trading Statement

16 July 2026 Annual General Meeting

23 July 2026 Proposed payment date – final dividend

10 November 2026 Interim results announcement

December 2026 Proposed payment date – interim dividend

February 2027 Q3 Trading Statement

SHAREHOLDER INFORMATION CONTINUED

ANNUAL GENERAL MEETING, ELECTRONIC PROXY

VOTING AND EUROCLEAR BANK VOTING

The Annual General Meeting will be held at 2.00 pm on

Thursday, 16 July 2026 at The Clayton Hotel Leopardstown,

Central Park, Sandyford Business Park, Co. Dublin, D18 K2P1,

Ireland. The Notice of Meeting together with an explanatory

letter from the Chair and a Form of Proxy accompany this

Annual Report.

Shareholders (being registered members) may lodge a Form

of Proxy for the 2026 Annual General Meeting electronically.

Shareholders who wish to submit their proxy in this manner

may do so by accessing the Company’s Registrar’s website,

www.eproxyappointment.com, and following the instructions

that are set out on the Form of Proxy or in the email broadcast

that you will have received if you have elected to receive

communications via electronic means.

Persons who hold their interests in ordinary shares as Belgian

law rights through the Euroclear system or as CDIs through

the CREST System should consult with their stockbroker or

other intermediary for information on the processes and

timelines for submitting proxy votes for the Annual General

Meeting through the respective systems. Further details are

contained in the notes to the Notice of Annual General Meeting.

DCC WEBSITE

Our corporate website, www.dcc.ie, provides access to share

price information through downloadable reports and

interactive share price tools. The site also provides access to

information on the Group’s activities, results, annual reports,

stock exchange announcements and investor presentations.

ELECTRONIC COMMUNICATIONS

The use of electronic communications enables the faster

receipt of documents, in an environmentally-friendly and

cost-effective manner. Shareholders who wish to alter the

method by which they receive communications should contact

the Company’s Registrar.

REGISTRAR

All administrative queries about the holding of DCC shares

should be addressed to the Company’s Registrar,

Computershare Investor Services (Ireland) Limited, 3100 Lake

Drive, Citywest Business Campus, Dublin 24, D24 AK82,

Ireland.

Tel: + 353 1 247 5698

www.investorcentre.com/ie/contactus

INVESTOR RELATIONS

For investor enquiries, please contact Hollie Daly, Director of

Group Investor Relations, DCC plc, DCC House, Leopardstown

Road, Foxrock, Dublin 18, D18 PK00, Ireland.

Tel: + 353 1 2799 400

email: investorrelations@dcc.ie

228 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

COMPANY SECRETARY

Darragh Byrne

REGISTERED AND HEAD OFFICE

DCC House

Leopardstown Road

Foxrock

Dublin 18

D18 PK00

Ireland

AUDITOR

Deloitte Ireland LLP

29 Earlsfort Terrace

Dublin 2

D02 AY28

Ireland

REGISTRAR

Computershare Investor Services (Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Ireland

CORPORATE INFORMATION

BROKERS

Davy

49 Dawson Street

Dublin 2

D02 PY05

Ireland

J.P. Morgan Cazenove

25 Bank Street

Canary Wharf

London E14 5JP

England

UBS

5 Broadgate

London EC2M 2QS

England

WEBSITE

www.dcc.ie

229DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

DOUBLE MATERIALITY

ASSESSMENT PROCESS

This section outlines the process we followed in the most recent review of our

Double Materiality Assessment. The process was supported by external advisors

and followed relevant guidance issued under the EU Corporate Sustainability

Reporting Directive (‘CSRD’).

1. UNDERSTANDING THE CONTEXT

We identified a long list of impacts, risks and

opportunities (‘IROs’) that are relevant to our business

through a landscape assessment. This included a review

of our previous Double Materiality Assessment, internal

reporting, as well as external research and publications.

The value chains of DCC Energy, DCC Technology and

DCC Healthcare were assessed individually to help in the

identification of relevant IROs.

During the DMA process, the strategic update for DCC

was announced and this was taken into account with

specific engagement with the Executive Committee and

the Board to confirm that the process was appropriate

and weighted to ensure a focus on the energy sector.

2. SUSTAINABILITY TOPICS AND IROS

A final list of topics was then reviewed and approved.

Impacts were scored by evaluating the severity and

likelihood of sustainability matters and their effects on

people and the environment across different timeframes

and their location in the relevant value chain.

Financial materiality of risks and opportunities were

assessed by scoring the likelihood and potential

magnitude a sustainability matter could have on DCC.

The assessment of financial risks and opportunities

aligned with our wider Enterprise Risk Management

(‘ERM’) framework. Impact thresholds were based on a

scale developed with external advisors and approved by

senior leadership.

3. STAKEHOLDER ENGAGEMENT

We identified affected stakeholders across the Group’s

activities and business relationships. This included

internal stakeholders (employees) and external

stakeholders (customers, investors, suppliers, other

partners and local communities). Engagement was

undertaken via surveys, interviews and focus groups.

During focus group sessions, participants debated each

impact, risk and opportunity before reaching a

consensus on scoring and likelihood across different time

horizons.

4. ANALYSIS AND RESULTS

In the final stage of the process, we consolidated scores

for each IRO. We conducted a number of validation

workshops with our senior leaders to review the

consolidated set of IROs and associated scores. We then

reviewed the process in detail with the Chair of the Audit

Committee and presented the process and outputs to

the Board for approval.

230 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

SUSTAINABILITY-RELATED

POLICIES

This section provides an overview of the principal internal

policies that guide sustainable practices across our operations.

Policy Description of Key Contents Availability

Code of Conduct

• Central policy document setting out our overall compliance framework. www.dcc.ie

• Outlines expected actions and processes across risk areas.

• Provides details of channels for Raising a Concern.

• Reinforces the Group’s Values and Compliance Principles.

• Establishes disciplinary actions arising from non-compliance.

Health & Safety Policy

• Establishes a framework for devolved management of health and safety risks. www.dcc.ie

• Reinforces safety as the Group’s top priority.

Anti-Bribery &

Corruption Policy

• Sets out requirement for all employees to avoid corrupt practices. www.dcc.ie

• Outlines management responsibility for culture creation.

Supply Chain Integrity

Policy

• Establishes requirements within the supply chain concerning product quality,

human rights and supplier integrity.

www.dcc.ie

• Sets out risk assessment procedures for Group businesses to adapt.

• Supports human rights standards.

Human Rights Policy

• Outlines the Group’s commitment to protection of human rights in our

operations and value chains.

www.dcc.ie

• Upholds legal requirements and international standards.

• Provides details on Raising a Concern about violations of human rights for

employees and non-employees.

Supplier Code of Practice

• Contains standards on numerous risk areas to ensure suppliers are aligned with

DCC’s Values.

www.dcc.ie

• Positively influences supply chain activities by being tied into contractual

agreements.

Data Protection Policy

• Sets out processes to be established and monitored to ensure appropriate

protection of personal data.

Internal site

• Ensures relevant data protection laws are followed.

Group Environment

Policy

• Sets out baseline of environmental protection and sustainability.

• In conjunction with the Health and Safety Policy, sets out expectations on

environmental due diligence and operational management.

www.dcc.ie

Inclusion Policy

• Outlines commitment to fostering an inclusive workplace, from hiring through to

workplace practices.

www.dcc.ie

• Enshrines legal requirements and prohibits discrimination on protected

grounds.

231DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

This section sets out additional GHG metrics to those covered

in the Climate Change section of the Sustainability Review.

ADDITIONAL GHG AND ENERGY

CONSUMPTION METRICS

ADDITIONAL GHG METRICS

Metric Unit 2026 2025

DCC Group GHG emissions intensity

GHG emissions intensity (market based)* tCO

e/£m revenue 2,154 1,996

Biogenic emissions from the combustion or biodegradation of biomass

Own operations (Scope 1) ktCO

e 24 20

DCC Energy value chain (Scope 3) MtCO

e 2.0 2.0

RENEWABLE ENERGY PRODUCTION FROM OUR OPERATIONS

Metric Unit 2026 2025

Self-generated energy production

Total renewable energy production MWh

3,000 3,000

ENERGY CONSUMPTION FROM OUR OPERATIONS

Metric Unit 2026 2025

Energy consumption from renewable sources

Total energy consumption from renewable sources MWh

154,000 169,000

1. Energy consumption from renewable electricity MWh 57,000 82,000

2. Energy consumption from renewable fuels (fuel blends/biofuels) MWh 95,000 85,000

3. Energy consumption from self-generated renewable energy (solar PV/wind) MWh 2,000 2,000

Energy consumption from non-renewable sources

Total energy consumption from non-renewable sources MWh

256,000 281,000

Total energy consumption

Total energy consumption from all sources** MWh

410,000 450,000

Share of renewable energy in overall energy consumption mix % 38% 38%***

Notes

* Financial year 2025 Scope 1 figure restated to account for improved methodology within business operations and FY 2025 and FY 2026 emissions intensity figures

presented include all businesses up until the date of divestment, which is aligned with the GHG Protocol.

** Energy intensity associated with own operations in high climate impact sectors was 27 MWh / £m revenue (2026) and 26 MWh / £m revenue (2025)

*** Financial Year 2025 figure of 60% has been restated to 38% due to a change in the underlying calculations.

232 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

TCFD REFERENCE TABLE

Core Elements Recommended Disclosures Principal Section of Annual Report

Governance

Disclose the

Organisation’s

governance around

climate-related risks and

opportunities.

a) Describe the Board’s oversight of climate-

related risks and opportunities.

Governance Statement pages 78 to 83

Board Report on pages 84 to 95

b) Describe management’s role in assessing

and managing climate-related risks and

opportunities.

Governance Statement pages 78 to 81

Risk Report pages 70 to 75

Strategic Report pages 8 to 17

Strategy

Disclose the actual and

potential impacts of

climate-related risks and

opportunities on the

organisation’s businesses,

strategy, and financial

planning where such

information is material.

a) Describe the climate-related risks and

opportunities the organisation has

identified over the short, medium, and

long-term.

Chair’s Statement page 3

Our Value Chain page 25

Sustainability Review pages 34 to 45

b) Describe the impact of climate-related

risks and opportunities on the

organisation’s businesses, strategy, and

financial planning.

Financial Review and KPIs pages 26 to 33

Strategic Report pages 12 to 17

Audit Committee Report pages 96 to 99

Financial Statements pages 129 to 222

Remuneration Report pages 100 to 124

c) Describe the resilience of the organisation’s

strategy, considering different climate-

related scenarios, including a 2°C or lower

scenario.

Sustainability Review pages 40 to 45

Supplementary Sustainability information

pages 234 to 235

Risk

Management

Disclose how the

organisation identifies,

assesses, and manages

climate-related risks.

a) Describe the organisation’s processes for

identifying and assessing climate-related

risks.

Sustainability Review pages 34 to 45

Risk Report pages 70 to 75

Supplementary Sustainability information

page 230

b) Describe the organisation’s processes for

managing climate-related risks.

Sustainability Review pages 34 to 45

Risk Report pages 70 to 75

c) Describe how processes for identifying,

assessing, and managing climate-related

risks are integrated into the organisation’s

overall risk management.

Risk Report pages 70 to 75

Metrics

& Targets

Disclose the metrics and

targets used to assess

and manage relevant

climate-related risks and

opportunities where such

information is material.

a) Disclose the metrics used by the

organisation to assess climate-related risks

and opportunities in line with its strategy

and risk management process.

Sustainability Review pages 34 to 45

Risk Report pages 70 to 75

Strategic Report pages 8 to 17

Financial Review & KPIs pages 26 to 33

Supplementary Sustainability information

page 232

b) Disclose Scope 1, Scope 2, and, if

appropriate, Scope 3 greenhouse gas

(‘GHG’) emissions and the related risks.

Sustainability Review pages 38 to 43

c) Describe the organisation’s targets to

manage climate-related risks,

opportunities, and performance against

targets.

Sustainability Review pages 42 to 43

233DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

SUMMARY OF KEY CLIMATE AND

TRANSITION IMPACTS

Risk / Opportunity Approach Impact Assessment Actions

Climate

transition

impacts on

ouractivities

Previously we undertook a detailed

assessment of the likely evolution of each of

the principal markets where we operate

(geographic and customer markets), including

a transition compatible with 1.5°C warming.

This scenario was based on SSP1/RCP 2.6.

This work included an assessment of the

evolution of our policy and legal environment

(such as the level of carbon pricing).

Building on this we completed analysis to

quantify the level of potential financial impact

from policy and regulation risk for our

operations by 2030 under an IEA net zero

scenario. The financial impact of policy and

regulation by 2030 can be approximated

using the potential cost of carbon credits

required to cover excess carbon emissions

against the IEA new zero scenario.

Using a reasonable worst case scenario, the

financial impact of policy and regulation by

2030 can be approximated using the

potential cost of carbon credits required to

cover excess carbon emissions against an IEA

net zero scenario. Our Scope 3 target to 2030

is broadly in line with the IEA net zero

scenario, with a difference of 3% in our target

against the IEA net zero profile which targets

a 38% reduction by 2030. This 3% difference

can then be used to calculate the cost of

carbon offsets based on forecast future

prices of carbon credits and assuming a high

level of passthrough to customers. Based on

this approach, the potential financial impact

of policy and regulation risk for our business is

in the range of £5 million to £30 million per

annum by 2030. Such a scenario is not

currently expected to occur.

Overall, there is a significant

opportunity available to the

Group to support existing and

new customers as they reduce

exposure to fossil fuels over the

next few decades. We can

achieve this by adding to the

range of products and services

we offer while continuing to use

our current assets to serve

existing markets.

The transition to lower carbon

forms of energy is expected,

over the medium to long-term,

to see a reduction in demand for

fossil fuels. A failure to adapt to

this change would create a

material transition financial risk

to our existing business

operations in the long-term.

We are focused solely on the

energy sector, in order to

capture the significant

opportunity from the energy

transition.

We have an absolute Scope 3

Energy target to achieve a 35%

reduction by 2030 against a

2022 emissions baseline, which

aligns with our existing target to

achieve net zero by 2050 or

sooner.

Our strategy is focused on

supporting our customers

through the energy transition.

We offer our customers

multi-energy solutions including

solar, battery storage, CPPAs

and biofuels such as HVO and

rLPG to support them through

the transition. Please see pages

8 to 21 for more detail of our

strategy.

Climate

physical

impacts on

ouractivities

We assess and manage physical climate risk

within our own operations using a recognised

third-party assessment tool to review climate

physical risk for 100 sites.

See page 235 for more detail.

The output from the tool was

reviewed against our risk matrix

to determine the level of impact

over the short, medium and long

term. Based on the analysis

completed of the 100 sites, which

are considered broadly

representative of DCC

operations, physical climate risk

does not currently appear to be

a material risk for our own

operations. This has been tested

under a range of climate

scenarios over the short, medium

and long term to 2050.

In the medium to long term

DCC’s own operations are

expected to experience some

impact from both acute and

chronic physical risk.

As part of our overall risk

management framework, we

have a range of business

continuity plans and insurance in

place to mitigate and control

both the operational and

financial impacts of physical

climate risk.

234 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

CLIMATE TRANSITION RISK ASSESSMENT

Although we have a significant level of exposure to fossil fuels

across our Solutions and Mobility businesses, we have a clear

strategy and transition plan in place to manage this flexibly

and effectively. Over the last two years’ our exposure to low

carbon Energy Services has ranged from 9% of energy

adjusted operating profits in financial year 2025 to 3% in

financial year 2026.

Our assets are regularly assessed as having a non-material

transition risk. For example, any capital investments in assets

such as cylinders, tanks and fleet can be repurposed for use

with biofuels, including HVO.

CLIMATE PHYSICAL RISK ASSESSMENT

We assess and manage physical risk within our own operations

using a recognised third-party tool, to review climate physical

risk for 100 key operational sites. The tool considers the

climate science from the Intergovernmental Panel on Climate

Change (‘IPCC’) in 10-year periods to 2090 and analyses the

operational cost and impact from chronic and acute climate

change over that period. This is expressed as the Modelled

Average Annual Loss (‘MAAL’) for each site, against four

climate scenarios, ranging from benign climate outcomes

involving a c.1.5°C increase (Representative Concentration

Pathway (‘RCP’ 2.6) to significant changes involving a c.4°C

increase (RCP8.5). The output from the tool is reviewed

against our risk matrix to determine the level of impact over

the short, medium and long-term. The DCC risk matrix

considers both the likelihood and impact of the different risks

ranging from a low to high level of risk. The MAAL associated

with the different climate scenarios was mapped against the

risk matrix. The overall MAAL for the 100 sites is 1.2% by 2050

under the most extreme climate scenario, rising to 3.6 percent

by 2090. Indicatively, and based on 2026 asset figures as a

proxy, the financial impact could be in the range of c.1 percent

of total Group property, plant and equipment (‘PPE’) or a c.

£10 million to £20 million annual impact by 2050.

Based on the 100 sites, physical climate risk does not currently

appear to be a material risk for our own operations, but we

will continue to monitor this on a regular basis. Given the

long-term nature of the impact and the inherent level of

uncertainty associated with this analysis, this has not triggered

the requirement for a provision in the Company’s financial

statements.

4.74

0.34

7.89

DCC ENERGY REVENUE FY26

(£BN)

Solutions –Products

Solutions – Services Mobility

12.97

IPCC Climate Scenario 2020 2030 2040 2050 2090

Lowest (RCP 2.6)

Medium (RCP 4.5)

Highest (RCP 8.5)

DCC RISK REGISTER RAG RATING

Level of Risk (Low to High)

235DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

The following table indicates where information relevant to selected sustainability

reporting legislation issued by the EU is located in this Annual Report. This information

is provided for reference purposes. DCC was not subject to the legislation referred

to during the year under review.

The tables indicate where the data points can be found in the Annual Report, and which data points are assessed as not material,

not stated or not relevant. Note: ESRS data points are based on the original CSRD ESRS.

Disclosure

Requirement Data Point Description Legislation Page

ESRS 2, GOV-1

The role of the Administrative, Management and Supervisory Bodies

(AMSB)

84-95

ESRS 2, GOV-1

21 d Board’s gender diversity SFDR 95

21 e Percentage of Board members who are independent 73%

ESRS 2, GOV-2

Sustainability matters addressed by the AMSB 84

ESRS 2, GOV-3

Integration of sustainability related performance in incentive schemes 104-115

ESRS 2, GOV-4

30 Statement of due diligence SFDR NS

ESRS 2, SBM-1

Strategy, business model and value chain 4-21

ESRS 2, SBM-1

40 d i Involvement in activities related to fossil fuel activities SFDR/P3 NS

40 d ii Involvement in activities related to chemical production SFDR NR

40 d iii Involvement in activities related to controversial weapons SFDR NR

40 d iv Involvement in activities related to cultivation and production of tobacco NR

ESRS 2, SBM-2

Interests and views of stakeholders 88

ESRS 2, SBM-3

Material IROs and their interaction with strategy and business model 36-37

ESRS 2, IRO-1

Description of the process to identify and assess material IROs 230

ESRS 2, Policies

Policies adopted to manage material sustainability matters 231

ESRS 2, Targets

Tracking effectiveness of policies and actions through targets 38-39

ESRS E1

Climate change 40-45

ESRS E1-1

14 Transition plan to reach climate neutrality by 2050 42-43

ESRS E1-4

34 GHG emission reduction targets SFDR/P3 41-42

ESRS E1-5

38 Energy consumption from fossil sources disaggregated by sources (only

high climate impact sectors)

SFDR 232

37 Energy consumption and mix 232

40-43 Energy intensity associated with activities in high climate impact sectors 232

ESRS E1-6

44 Gross Scope 1, 2, 3 and total GHG emissions SFDR/P3 40-42

53-55 Gross GHG emissions intensity 42

ESRS E1-7

56 GHG removals and carbon credits NM

ESRS E1-9

66 Exposure of the benchmark portfolio to climate-related physical risks 235

66 a Disaggregation of monetary amounts by acute/chronic physical risk,

location of significant assets at material physical risk

P3 235

66 c P3 235

67 c Breakdown of the carrying value of its real estate assets by energy

efficiency classes

69 Degree of exposure of the portfolio to climate related opportunities 4-21 &

40-45

ESRS E2-4

28 Amount of each pollutant listed in annex II of the E-PRTR regulation emitted

to air, water and soil

SFDR NS

ESRS E3-1

9 Water and marine resources SFDR NM

13 Dedicated policy NM

14 Sustainable oceans and seas NM

ESRS E3-4

28 c Total water recycled and re-used SFDR NM

29 Total water consumption in metre cubed per net revenue on own operations NM

REFERENCES RELEVANT TO EU

SUSTAINABILITY REPORTING LEGISLATION

236 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

Disclosure

Requirement Data Point Description Legislation Page

ESRS E4

Biodiversity 48-49

ESRS E4, SBM-3

(ESRS 2)

16 a i Activities negatively affecting biodiversity-sensitive areas SFDR 48-49

16 b Land degradation, desertification, or soil sealing 48-49

16 c Threatened species 48-49

ESRS E4-2

24 b Sustainable land/agriculture practices or policies SFDR NM

24 c Sustainable oceans/seas practices or policies NM

24 d Policies to address deforestation NM

ESRS E5-5

37 d Non-recycled waste SFDR NM

39 Hazardous waste and radioactive waste NM

ESRS S1

Own workforce 50-61

ESRS S1, SBM-3

(ESRS 2)

14 f Risk of incidents of forced labour 62-63

14 g Risk of incidents of child labour 62-63

ESRS S1-1

20 Human rights policy commitments 62-63

21 Due diligence policies on issues addressed by the fundamental ILO

conventions 1-8

SFDR 62-63

22 Processes and measures for preventing trafficking in human beings SFDR 62-63

23 Workplace accident prevention policy or management system 50-55

ESRS S1-3

32 c Grievance/complaints handling mechanism 231

ESRS S1-14

88 b and c Number of fatalities and number and rate of work related accidents 50-55

88 e Number of days lost to injuries, accidents, fatalities or illness SFDR 50-55

ESRS S1-16

97 a Unadjusted gender pay gap SFDR NS

97 b Excessive CEO pay ratio SFDR 106-124

ESRS S1-17

103 a Incidents of discrimination SFDR NS

104 a Non-respect of UNGPs on Business & Human Rights, ILO principles or

OECD guidelines

SFDR 231

ESRS S2

Workers in the value chain 62-63

ESRS S2, SBM-3

(ESRS 2)

11 b Significant risk of child labour or forced labour in the value chain SFDR 62-63

ESRS E2

Pollution 46-47

ESRS S2-1

17 Human rights policy commitments SFDR 63 & 231

18 Policies related to value chain workers SFDR 63 & 231

19 Non-respect of UNGPs on Business & Human Rights, ILO principles, or

OECD guidelines

SFDR 231

19 Due diligence policies on issues addressed by the fundamental ILO

Conventions 1 to 8

231

ESRS S2-4

36 Human rights issues and incidents connected to its upstream and

convention value chain

SFDR 62-63

ESRS S3-1

16 Human rights policy commitments SFDR 63 & 231

17 Non respect of UNGPs on Business & Human Rights, ILO principles or OECD

guidelines

SFDR 231

ESRS S3-4

36 Human rights issues and incidents SFDR NM

ESRS S4

Consumers and end users 64-67

ESRS S4-1

16 Policies related to consumers and end users SFDR 231

17 Non respect of UNGPs an Business and Human Rights and OECD guidelines SFDR 231

ESRS S4-4

35 Human rights issues and incidents SFDR NM

ESRS G1

Business Conduct 68-69

ESRS G1-1

10 b United Nations Convention Against Corruption SFDR 231

10 d Protection of whistleblowers SFDR 98

ESRS G1-4

24 a Fines for violation of anti-corruption and anti-bribery laws SFDR 68-69

24 b Standards of anti-corruption and anti-bribery SFDR 68-69

Key:

NR = Not relevant

NS = Not stated

NM = Not material

SFDR = Sustainable Finance Disclosure Regulation

P3 = EBA Pillar 3 disclosure requirements

237DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

LIMITED ASSURANCE REPORT

Independent Limited Assurance Report to the Directors of DCC plc

Limited Assurance Report by Deloitte Ireland LLP to the

Directors of DCC plc (the ‘Company’) on selected

Environmental, Social and Governance (“ESG”) metrics as

listed below (“the Selected Information”) for the Company and

its subsidiaries (together ‘the Group’) as included in the Annual

Report for the year ending 31 March 2026.

OUR ASSURANCE CONCLUSION

Based on our procedures described in this report, and

evidence we have obtained, nothing has come to our attention

that causes us to believe that the Selected Information for the

year ending 31 March 2026, has not been prepared, in all

material respects, in accordance with the Basis of Reporting

defined by DCC plc, as set out below.

SCOPE OF OUR WORK

DCC plc engaged us to provide limited assurance in

accordance with International Standard on Assurance

Engagements 3000 (Revised) Assurance Engagements Other

than Audits or Reviews of Historical Financial Information

(“ISAE 3000 (Revised), issued by the International Auditing

and Assurance Standards Board (“IAASB”) and our agreed

terms of engagement.

The Selected Information in scope of our engagement for the

year ending 31 March 2026, needs to be read and understood

together with the Basis of Reporting. A summary of the Basis

of Reporting is included below for reference.

SELECTED

INFORMATION

FOR THE YEAR ENDING

31 MARCH 2026 BASIS OF REPORTING

SCOPE 1

EMISSIONS

61 ktCO

e Prepared in accordance with the GHG Protocol Corporate Standard. Scope 1

emissions are calculated using standard conversion factors consistent with the

GHG Protocol.

SCOPE 2

EMISSIONS

(location and

market based)

2 ktCO

e (market based)

and 11 ktCO

e (location

based)

Prepared in accordance with the GHG Protocol Corporate Standard. Scope 2

emissions are calculated using standard conversion factors consistent with the

GHG Protocol.

SCOPE 1 AND 2

GHG EMISSIONS

REDUCTION ON

2019 BASELINE (%)

45% The calculation is based on the percentage reduction of Scope 1 and Scope 2

emissions compared to the 2019 baseline year.

SCOPE 3

EMISSIONS

(category 3 and

category 11)

36.4 MtCO

e Prepared in accordance with the GHG Protocol Corporate Value Chain (Scope

3) Standard and internally developed GHG emissions reporting standard for

Scope 3, Category 3 as set out in the Group’s Greenhouse Gas Reporting

Criteria. Scope 3 emissions included within this are limited to Category 3 (fuel

and energy related activities not included in Scopes 1 and 2) and Category 11

(use of sold products). Emissions are calculated using recognised emission

factors, applying category-specific methodologies consistent with the

Corporate Value Chain Standard and DCC plc internally developed standard

for Scope 3 Category 3 as set out in the Group’s Greenhouse Gas Reporting

Criteria.

TOTAL BIOGENIC

AND RENEWABLE

ENERGY

CONTENT OF

ENERGY SOLD

(%GJ)

7.5% Prepared in accordance with the GHG Protocol. Biogenic and renewable

energy content is calculated as the percentage of total biogenic content from

biofuels and renewable energy content of energy sold (measured in gigajoules).

CARBON

INTENSITY PER

MEGAJOULE OF

ENERGY SOLD

(gCO

e/MJ)

74.1 gCO

e/MJ The Group’s carbon intensity metric is calculated by dividing total Scope 3

Categories 3 and 11 emissions in the reporting year by the energy content of

energy products sold, calculated using standard conversion factors. The result

is expressed in grams of CO

e per megajoule of energy sold.

238 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

INHERENT LIMITATIONS OF THE SELECTED

INFORMATION

We obtained limited assurance over the preparation of the

Selected Information in accordance with the Basis of

Reporting. Inherent limitations exist in all assurance

engagements.

Any internal control structure, no matter how effective, cannot

eliminate the possibility that fraud, errors or irregularities may

occur and remain undetected and because we use selective

testing in our engagement, we cannot guarantee that errors

or irregularities, if present, will be detected.

The Basis of Reporting defined by DCC plc; the nature of the

Selected Information, allow for different, but acceptable,

measurement methodologies to be adopted which may result

in variances between entities. The adopted measurement

methodologies may also impact comparability of the Selected

Information reported by different organisations and from year

to year within an organisation as methodologies develop.

DIRECTORS’ RESPONSIBILITIES

The Directors of the Company are responsible for:

• Selecting and establishing the Basis of Reporting.

• Preparing, measuring, presenting, and reporting the

Selected Information in accordance with the Basis of

Reporting.

• Publishing the Basis of Reporting publicly in advance of, or

at the same time as, the publication of the Selected

Information.

• Designing, implementing, and maintaining internal

processes and controls over information relevant to the

preparation of the Selected Information to ensure that

they are free from material misstatement, including

whether due to fraud or error.

• Providing sufficient access and making available all

necessary records, correspondence, information, and

explanations to allow the successful completion of this

Limited Assurance Engagement

• Confirming to us through written representations that we

have been provided with all information relevant to our

Limited Assurance Engagement of which they are aware,

and that the measurement or evaluation of the underlying

subject matter against the Basis of Reporting, including

that all relevant matters, are reflected in the Selected

Information.

OUR RESPONSIBILITIES

We are responsible for:

• Planning and performing procedures to obtain sufficient

appropriate evidence in order to express a limited

assurance conclusion on the Selected Information.

• Communicating matters that may be relevant to the

Selected Information to the appropriate party including

identified or suspected non-compliance with laws and

regulations, fraud or suspected fraud, and bias in the

preparation of the Selected Information.

• Reporting our conclusion in the form of a limited Assurance

Report to the Directors of the Company.

OUR INDEPENDENCE AND COMPETENCE

In conducting our engagement, we complied with the

independence and other ethical requirements of the

International Code of Ethics for Professional Accountants

(including international independence standards) related to

assurance engagements issued by the International Ethics

Standards Board. This code is founded on fundamental

principles of integrity, objectivity, professional competence

and due care, confidentiality and professional behaviour. The

fundamental principles of ethics establish the standard of

behaviour expected of a professional accountant.

We applied the International Standard of Quality

Management 1 (“ISQM 1”), issued by the International Auditing

and Assurance Standards Board (IAASB). Accordingly, we

maintained a comprehensive system of quality including

documented policies and procedures regarding compliance

with ethical requirements, professional standards and

applicable legal and regulatory requirements.

KEY PROCEDURES

We are required to plan and perform our work to address the

areas where we have identified that a material misstatement

in respect of the Selected Information is likely to arise. The

procedures we performed were based on our professional

judgment. In carrying out our limited assurance engagement

on the Selected Information, our procedures included the

following:

• Through inquiries of management, obtained an

understanding of the Group, its environment, processes

and information systems relevant to the preparation of the

Selected Information sufficient to identify areas where a

material misstatement of the Selected Information is likely

to arise, and design and performed procedures to respond

to potential material misstatement and obtain limited

assurance to support our conclusion.

• Through inquiries of management, obtained an

understanding of the process used in preparing the

Selected Information, the quantification process and data

used in preparing the Selected Information, the

methodology for gathering qualitative information, and

the process for reporting the Selected Information.

• Inspected documents relating to the Selected Information,

including board committee minutes to understand the level

of management awareness and oversight of the Selected

Information.

• For the Selected Information, recalculated the relevant

formulae used in manual calculations, assessed on a

sample basis whether the Selected Information has been

prepared in accordance with the Basis of Reporting

including evaluation of emission factors applied and

assessed whether the data has been appropriately

consolidated.

• Evaluated whether the Group has appropriately applied

the requirements of the Basis of Reporting relevant to

estimates as applicable.

• Evaluated whether the methods, assumptions, and data

for developing estimates are appropriate and have been

applied consistently.

• Read the narrative accompanying the Selected

Information with regard to the Basis of Reporting, for

consistency with our findings.

239DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

EMISSIONS INDEPENDENT ASSURANCE STATEMENT

CONTINUED

For the avoidance of doubt, our procedures did not extend to any metrics outside of the Selected Information. We have provided

Limited Assurance on the “Selected Information” for the year ending 31 March 2026 only and we have excluded limited assurance

over base line year data and do not provide assurance in relation to any past date. The metrics include information provided by

suppliers and third-party sources. Our procedures did not include obtaining assurance over the information provided by suppliers

or third parties.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for,

areasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

OTHER INFORMATION

The Directors are responsible for the other information. The other information comprises the information included in the Group’s

Annual Report but does not include the Selected Information and our Limited Assurance Report thereon.

Our limited assurance conclusion on the Selected Information does not cover the other information and we do not express any

form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the

other information is materially inconsistent with the Selected Information or our knowledge obtained in the engagement or

otherwise appears to be materially misstated. We have nothing to report in this regard.

USE OF OUR REPORT

This report is made solely to the Directors of DCC plc in accordance with ISAE 3000 (Revised) and our agreed terms of

engagement. Our work has been undertaken so that we might state to the Directors of DCC plc those matters we have agreed

tostate to them in this report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DCC plc and the Directors

of DCC plc as a body, for our work, for this report, or for the conclusions we have formed.

Our report is solely for the purpose set forth in the first paragraph of this report and is not to be used for any other purpose,

recited or referred to in whole or in part in any other document.

Eileen Healy

For and on behalf of

Deloitte Ireland LLP

Dublin

18 May 2026

240 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

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:

ALTERNATIVE PERFORMANCE MEASURES

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 to assess the underlying

performance of our operations. In addition, neither metric forms part of Director or management remuneration targets.

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Operating profit – continuing operations Income Statement 461,040 481,868

Net operating exceptional items – continuing operations Income Statement 28,743 22,675

Amortisation of intangible assets – continuing operations Income Statement 101,031 107,527

Impairment of intangible assets – continuing operations Income Statement 43,158 –

Adjusted operating profit (EBITA) – continuing operations

633,972

612,070

Operating profit – discontinued operations Note 2.9 (258,707) (70,199)

Net exceptional items – discontinued operations Note 2.9 258,030 151,100

Amortisation of intangible assets – discontinued operations Note 2.9 5,373 10,629

Adjusted operating profit (EBITA) – discontinued operations

4,696

91,530

Total adjusted operating profit (EBITA)

638,668

703,600

241DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

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 Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Total adjusted operating profit (‘EBITA’) – continuing operations Per above 633,972 612,070

Depreciation of property, plant & equipment – continuing operations Note 3.1 144,258 139,418

Total adjusted operating profit before depreciation (‘EBITDA’)

778,230

751,488

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 Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Finance costs before exceptional items Income Statement (104,821) (116,832)

Finance income before exceptional items Income Statement 13,143 13,115

Net interest before exceptional items – continuing operations (91,678) (103,717)

Net interest before exceptional items – 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

arising from the adoption of IFRS 16.

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

EBITDA – continuing operations Per above 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 - continuing operations Per above (91,678) (103,717)

Less: impact of IFRS 16 - continuing operations Note 2.6 12,979 10,727

Net interest for covenant purposes - continuing operations (78,699) (92,990)

EBITDA interest cover (times)

9.8x

8.0x

ALTERNATIVE PERFORMANCE MEASURES CONTINUED

242 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION 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 Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Total adjusted operating profit – continuing operations Per above 633,972 612,070

Net interest before exceptional items – continuing operations Per above (91,678) (103,717)

542,294 508,353

Income tax expense Income Statement 87,154 74,177

Income tax attaching to exceptional items – continuing operations Note 2.8 8,508 5,069

Deferred tax attaching to amortisation of intangible assets –

continuing operations Note 2.8 23,100 23,950

Total Income tax expense before exceptionals and deferred tax

attaching to amortisation of intangible assets 118,762 103,196

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 Reference in Financial Statements

2026

pence

Restated

2025

pence

Adjusted earnings per share – continuing operations Note 2.11 438.12p 398.50p

Dividend Note 2.10 216.72p 206.40p

Dividend cover (times)

2.0x

1.9x

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. To present a better reflection of underlying performance in the period, the Group retranslates

foreign denominated current year earnings at prior year exchange rates.

REVENUE (CONTINUING, CONSTANT CURRENCY)

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Revenue – continuing operations Income Statement 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)

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Adjusted operating profit – continuing operations Per above 633,972 612,070

Currency impact (5,024) –

Adjusted operating profit (continuing, constant currency)

628,948

612,070

243DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

ADJUSTED EARNINGS PER SHARE (CONTINUING, CONSTANT CURRENCY)

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Adjusted profit after tax and non-controlling interests – continuing

operations Note 2.11 413,400 394,140

Currency impact (4,290) –

Adjusted profit after tax and non-controlling interests (continuing,

constant currency) 409,110 394,140

Weighted average number of ordinary shares in issue (‘000) Note 2.11 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 Reference in Financial Statements

2026

£’000

2025

£’000

Purchase of property, plant and equipment Group Cash Flow Statement 209,472 214,295

Government grants received in relation to property, plant and

equipment Group Cash Flow Statement (817) (340)

Proceeds from disposal of property, plant and equipment Group Cash Flow Statement (40,548) (44,839)

Net capital expenditure

168,107

169,116

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 and net capital expenditure.

Calculation Reference in Financial Statements

2026

£’000

2025

£’000

Cash generated from operations before exceptionals Group Cash Flow Statement 958,340 856,761

Repayment of lease creditors Note 3.13 (100,609) (98,886)

Net capital expenditure Per above (168,107) (169,116)

Free cash flow

689,624

588,759

ALTERNATIVE PERFORMANCE MEASURES CONTINUED

244 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED

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 Reference in Financial Statements

2026

£’000

2025

£’000

Free cash flow Per above 689,624 588,759

Interest paid (including interest relating to lease creditors) Group Cash Flow Statement (96,050) (102,998)

Interest relating to lease creditors Note 2.6 13,966 12,881

Income tax paid Group Cash Flow Statement (127,569) (115,876)

Dividends received from equity accounted investments Group Cash Flow Statement 356 857

Interest received Group Cash Flow Statement 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 Reference in Financial Statements

2026

£’000

2025

£’000

Free cash flow Per above 689,624 588,759

Total adjusted operating profit Per above 638,668 703,600

Cash conversion ratio (%)

108%

84%

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 in order 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 Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Total equity Group Balance Sheet 2,363,595 3,168,296

Net debt (including lease creditors) (continuing) Note 3.14 1,080,254 1,226,881

Goodwill and intangibles written off (continuing) 793,872 701,837

Right-of-use leased assets (continuing) Note 3.2 (374,722) (282,348)

Equity accounted investments (continuing) Note 3.4 (79,168) (71,428)

Long-term receivables (continuing) Note 3.4 (122,595) –

Acquisition related liabilities (continuing, current and non-current) Note 3.17 53,749 94,458

Assets associated with discontinued operations – (1,108,542)

Closing 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 Per above 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%

245DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

ROCE (INCL. IFRS 16)

Calculation Reference in Financial Statements

2026

£’000

Restated

2025

£’000

Total capital employed Per above 3,714,985 3,729,154

Right-of-use leased assets (continuing) Note 3.2 374,722 282,348

Closing 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 Per above 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 Reference in Financial Statements

2026

£’000

2025

£’000

Net cash outflow on acquisitions during the year Group Cash Flow Statement 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 Note 5.2 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

£’000

2025

£’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

ALTERNATIVE PERFORMANCE MEASURES CONTINUED

246 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION 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 current

government grants).

Calculation Reference in Financial Statements

2026

£’000

2025

£’000

Inventories Note 3.6 782,567 940,159

Add: inventories of the disposal group – 111,718

Trade and other receivables Note 3.7 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 Note 3.8 (2,798,144) (2,763,181)

Add: trade and other payables of the disposal group – (127,704)

Less: interest payable Note 3.8 44,340 35,154

Less: amounts due in respect of property, plant and equipment Note 3.8 17,056 13,858

Less: government grants Note 3.8 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 Reference in Financial Statements

2026

£’000

2025

£’000

Net working capital Per above 23,229 313,521

March revenue 1,776,228 1,708,700

Working capital (days)

0.4 days

5.7 days

247DCC PLCANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION

248 DCC PLCANNUAL REPORT AND ACCOUNTS 2026

SUPPLEMENTARY INFORMATION CONTINUED