INVESTED

IN ENERGY

ANNUAL REPORT AND ACCOUNTS 2025

Highlights of the Year

We are transforming from a diversified group

with activities in three sectors to a leading

multi-energy business with a clear and

resilient strategy.

PROGRESS

WITH PURPOSE

Highlights of the Year

WWW.DCC.IE • Visit our website to find out more and see the latest news

Total adjusted operating

profit by sector

Volumes (litres)

15.2bn

+0.1%

Adjusted operating profit

£535.5m

+6.5%

Employees

9,168

READ MORE • PAGES 24 TO 25

Employees

3,262

Revenue

£849.4m

-1.2%

Adjusted operating profit

£86.1m

-2.3%

DCC Healthcare is a leading provider of

high-quality medical devices and other

healthcare products to acute and primary

care settings. We also partner with brands

to create and manufacture high quality

health and beauty products.

In April 2025, we announced an agreement

to sell DCC Healthcare.

12%

76%

12%

DCC plc Annual Report and Accounts 2025 1

Governance Financial Statements Supplementary InformationStrategic Report

1. 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 257 to 261.

2. Continuing operations.

3. Return on capital employed excludes the impact of IFRS 16 Leases. See APMs on page 260 for

further information.

Contents

STRATEGIC REPORT

1 Highlights of the Year

2 Chair’s Statement

4 Chief Executive’s Review

8 Business Model

10 Strategy

14 Business Reviews

14 DCC Energy

24 DCC Technology

26 Key Performance Indicators

30 Financial Review

39 Sustainability Review

76 Risk Report

GOVERNANCE

88 Chair’s Introduction

90 Board of Directors

92 DCC Leadership Team

94 Corporate Governance

Statement

106 Nomination and Governance

Committee Report

110 Audit Committee Report

118 Remuneration Report

143 Report of the Directors

FINANCIAL STATEMENTS

148 Statement of Directors’

Responsibilities

149 Independent Auditor’s Report

156 Financial Statements

SUPPLEMENTARY INFORMATION

238 Principal Subsidiaries and

Associates

242 Shareholder Information

244 Corporate Information

245 Supplementary Sustainability

Information

255 Independent Assurance

Statement

257 Alternative Performance

Measures

262 5 Year Review

263 Index

Governance Financial Statements Supplementary InformationStrategic Report

2025

2024

2023

£600.2m

£617.5m

XXXm

Adjusted operating profit 1

£617.5m

+2.9%

2025

2024

2023

£462.4m

£396.3m

XXX

Operating profit

£396.3m

-14.3%

2025

2024

2023

74.4

73.4

XX.X

Carbon intensity

73.4gCO

e/MJ

2025

2024

2023

£681.1m

£588.8m

XXX

Free cash flow

£588.8m

2025

2024

2023

455.0p

470.2p

XXXp

Total adjusted EPS 1

470.2p

+3.3%

2025

2024

2023

276.9p

210.8p

XXX

EPS

210.8p

-23.9%

2025

2024

2023

196.57p

206.40p

XXX.Xp

Dividend per share

206.40p

+5.0%

2025

2024

2023

15.5%

15.3%

XX%

Return on capital employed

2, 3

15.3%

INVESTED

IN ENERGY

“ DCC will be a simpler, leaner

and more focused business, with

a clear and resilient strategy,

delivering exceptional returns on

capital employed.”

MARK BREUER

CHAIR

Dear Shareholders, Colleagues and

other Stakeholders

I am pleased to present, on behalf of the Board, DCC plc’s

Annual Report and Accounts for the year ended 31 March

2025: a year that saw an important change in strategy that

aims to highlight and unlock the value of the Group to the

benefit of our shareholders.

Sharpening our Strategic Focus

In November 2024, we announced that DCC would

concentrate its activities on the energy sector, divesting

DCC Healthcare and reviewing strategic options for

DCC Technology. This decision was the result of extensive

discussion at Board level over the course of the year.

This strategy will create value in three main ways:

• First, divesting DCC Healthcare at a multiple in excess

of the Group’s trading multiple.

• Secondly, divesting businesses in DCC Technology at

a time and in a manner that maximises their value.

• And, throughout, demonstrating the exceptional strengths

of DCC Energy.

DCC Energy has a clear and resilient strategy that is

aligned with net zero but is also not dependent on the

energy transition taking a specific path. With a strong

presence in existing essential energy markets and a growing

business providing cleaner and renewable energy and

related services, DCC will be meeting customers’ energy

needs for decades to come.

DCC will also, following the current period of change, be a

simpler, leaner and more focused business, with a clear and

resilient strategy, delivering exceptional returns on capital

employed and free cash flows and with an investment

grade balance sheet.

This strategic shift reflects principles that have been core to

DCC for many years and which will not change as we evolve:

• We aim to generate a consistent return on capital

employed that is well ahead of the Company’s cost of

capital – aiming for at least 15%. We do this by owning,

improving and growing businesses with innovative and

agile management teams and opportunities to grow

both organically and by acquisition in carefully selected

markets. We aim to achieve 10% growth in adjusted

operating profit annually.

Chair’s Statement

DCC plc Annual Report and Accounts 20252

Dividend (pence) Years ended 31 March

2019201820172016

2015

2020 2021 2022 2023 2024

2025

84.5

9 7. 2

111.8

123.0

138.4

145.3

159.8

175.8

206.4

187.2

196.67

• We maintain high rates of cash conversion and a strong

and liquid balance sheet, enabling continued investment

to enhance the Company’s existing operations, in M&A

and, where the circumstances are right, in the Company’s

own shares.

• As we have demonstrated this year, where we see

opportunities to redeploy capital and create shareholder

value by divesting businesses within the Group, we will

take them.

Progress Against Strategy

The Board is pleased with the progress that has already

been made in the implementation of this strategy.

On 22 April 2025, we announced the sale of DCC Healthcare,

subject to customary regulatory approvals, at an enterprise

value of £1,050 million, with the sale expected to complete

in the third quarter of this calendar year. The transaction

was immediately value enhancing for shareholders,

valuing DCC Healthcare at approximately 12 times 2024

adjusted operating profits, significantly above the Group’s

trading multiple.

We have also been making progress in integrating and

improving operations in DCC Technology, following a

number of major acquisitions in recent years, and in reviewing

strategic options for the businesses in that division.

And finally, DCC Energy continues to advance its Cleaner

Energy in Your Power Strategy, with continued growth in the

energy services sector a highlight of the year.

Financial Performance and

Returns to Shareholders

DCC delivered another solid financial performance in

the year, largely due to the strength of DCC Energy.

The Company achieved good growth, with adjusted

operating profit increasing to £617.5 million, a 2.9% increase

over the prior year. Free cash flow conversion was 84%.

The Group’s return on capital employed remained strong

at 15.3%, with return on capital employed in DCC Energy of

18.5%.

This robust performance allowed the Board to recommend

a final dividend to shareholders of 140.21p per share which,

when added to the interim dividend paid in December 2024,

provides a total dividend of 206.40p, representing an

annual increase of 5%.

DCC has now increased its dividend to shareholders in

every one of the 31 years since it listed, with a compound

annual dividend growth rate over that period of 12.9%.

In addition to this strong dividend stream, the Company

will this year return up to £800 million in capital to

shareholders.

Evolving Leadership

To support DCC’s updated strategy, we have made

important changes to the Company’s leadership.

Kevin Lucey has been appointed to the new role of Chief

Operating Officer, responsible for driving the performance

of our energy activities, with effect from the conclusion of

our AGM on 10 July 2025. Conor Murphy, who has been the

Finance Director of our energy activities for many years,

has been appointed as the new Chief Financial Officer

from the same point. The Company’s wider Leadership

Team continues to contain deep and extensive experience

from across the energy sector.

More recently, Mark Ryan, who has been a Director of the

Company since November 2014 advised me of his intention

to retire from the Board at the conclusion of our AGM in

July 2026. Mark’s retirement will see the proportion of female

Directors on the Board, which will reduce to 36% following

the changes referred to above, return to 40%.

David Jukes, who retired from the Board and as Chair of

our Remuneration Committee at the conclusion of our AGM

on 11 July 2024 was succeeded at that point as Chair of the

Remuneration Committee by Katrina Cliffe.

The recruitment of directors with experience in areas that

are relevant to the Company remains an area where I,

as Chair, continue to invest a considerable amount of time.

In the coming year, as part of the normal cycle of Board

renewal, we will be seeking Board members who can bring

insights to Board discussions on the evolution of the energy

industry and on business transformation more generally,

including through the use of technology.

Priorities for the Year Ahead

Our priorities for the year that commenced on 1 April 2025

are to drive growth within the energy sector both through

organic initiatives and acquisitions, to complete the

divestment of our Healthcare division and to advance our

strategic review of DCC Technology. In all this, our core

objective – to deliver returns on capital employed ahead

of the Company’s cost of capital – will remain unchanged.

Conclusion

I would like to thank our employees across DCC – led by

Donal Murphy our Chief Executive – for their continued

dedication and customer focus, at a time of significant

change.

I also thank our shareholders for their ongoing support

as DCC enters a new phase focused on the exciting

opportunities in energy.

We are confident that DCC’s re-focused strategy will create

a leading and resilient multi-energy business that meets

long-term customer needs and generates significant and

sustainable value for our shareholders and wider

stakeholders.

MARK BREUER

CHAIR

12 MAY 2025

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 3

On 12 November 2024 DCC announced a strategic

plan to maximise shareholder value by:

ENERGISING

OUR FUTURE

Chief Executive’s Review

“ We are taking decisive action

to simplify our Group, pursue

our largest growth and returns

opportunity and unlock

substantial shareholder value.”

DONAL MURPHY

CHIEF EXECUTIVE

DCC plc Annual Report and Accounts 20254

FOCUSING SOLELY ON OUR

COMPELLING OPPORTUNITY

IN ENERGY

SIMPLIFYING THE GROUP’S

OPERATIONS THROUGH

PORTFOLIO ACTIONS

We are taking decisive action, from positions of strength,

to simplify our Group, pursue our largest growth and returns

opportunity in energy and unlock substantial shareholder

value. This aligns with our long-held philosophy of

disciplined capital allocation.

As Chief Executive of DCC for the past seven years, I have

been very proud of the growth and development of the

Group. However, I firmly believe that to maximise

shareholder value we needed to change the strategic

direction of the Group.

Our plan to maximise shareholder value has three actions:

• First, we believe that our energy business provides our

most compelling growth opportunity, and at strong returns.

Reflecting the scale of the opportunity and the progress we

have made with our Cleaner Energy in Your Power strategy,

the Group will now focus solely on the energy sector.

• Secondly, we launched a process to sell DCC Healthcare

in November 2024. DCC Healthcare is an excellent business

with a long-term record of growth.

• Thirdly, within the next 18 months, as we complete our

operational improvement programme for our North

American business, we will review options to sell businesses

within DCC Technology.

As ever, we remain committed to maintaining a strong

balance sheet and our investment grade credit rating.

Given the significant cash generation of the Group,

we anticipate that any surplus cash arising from the

simplification of the Group will be returned to our

shareholders in due course.

The change in our strategic direction demonstrates the

Board’s continued focus on active capital management

and our commitment to delivering value for shareholders

and other stakeholders. I have committed to the Board

to lead the transformation and to continue to deliver

our strategy.

So Why Focus on Energy?

In May 2022, we updated our strategy for DCC Energy,

focusing on the 2030 objectives of doubling profits while

significantly reducing our customers’ carbon emissions.

The key components of our strategy include growing our

customer base in new and existing markets, converting our

customers to renewable and other lower carbon alternative

fuels and building a leading and complementary energy

management services capability. Our strategy aligns

with the positive structural trends in the energy sector

and the necessity for secure, affordable, efficient, and

lower carbon energy.

Since 2022, we have made excellent progress, scaling our

business in existing markets, delivering strong organic growth

in biofuels and enhancing our capability in new energies.

Our proven M&A skills have accelerated the strategy

over the same period, during which we have deployed

approximately £650 million of capital at attractive returns.

In the year ending 31 March 2025, DCC Energy represented

87% of the Group’s continuing operating profits and

delivered 18.5% return on capital employed, the highest

return of the Group’s three divisions. The business has a long

track record of high growth and high returns. Over the last

decade DCC Energy has grown its operating profits by 16.4%

CAGR. DCC Energy is a business of real scale, with market

leading positions in 12 countries. The business supports

the energy needs of approximately 10 million customers

annually, across commercial, industrial, domestic and

transport uses.

DCC has a near 50-year heritage in the off-grid sector,

bringing energy, and the capability to consume it, to our

customers’ homes and businesses. We have a competitive

advantage in solving the transition needs of our customers,

founded on relationships that typically last for more than

a decade.

We have already made significant progress in reducing the

carbon intensity of our customers’ energy: in the year to

31 March 2025 our carbon intensity was 73.4% down from

79.3% in the year to 31 March 2020. We believe that solving

the energy transition needs of our current and future

customers is the greatest growth opportunity that DCC

has ever had.

“ We are building a unique, safe,

sustainable, multi-energy business

delivering an excellent customer

experience and supporting our

customers with their energy transition.”

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 5

Chief Executive’s Review Continued

Simplifying the Group

Our Healthcare and Technology divisions have a long and

successful heritage in DCC. From modest beginnings, we

have grown both into international businesses of scale.

They are high quality businesses, with excellent operational

capability, led by strong, entrepreneurial management

teams. Through our actions we will ensure that these

businesses, and most importantly our people, will have

the best opportunity to grow and progress.

DCC Healthcare has grown strongly over the last decade.

The business has market-leading positions across both its

patient health and consumer health businesses. Each of

these business units operates in attractive end markets

with significant consolidation opportunities. After careful

consideration, the Board of DCC concluded that a sale

would provide an opportunity for continued success for the

business, while also unlocking substantial value for DCC

shareholders.

On 22 April 2025, DCC announced that it had entered into

a definitive agreement for the sale of DCC’s healthcare

division to HealthCo Investment Limited, an independently-

managed investment subsidiary of funds managed and/or

advised by Investindustrial Advisors Limited, subject to

customary regulatory approvals. The transaction values

DCC Healthcare at a total enterprise value of £1,050 million

on a cash-free, debt-free basis. The transaction is expected

to complete in the third quarter of this calendar year.

DCC Healthcare represented approximately 13% of the

Group’s adjusted operating profit in the year ended 31 March

2024. The total enterprise value for DCC Healthcare of

£1,050 million, represented approximately 22% of DCC’s

market capitalisation on the day of announcement. The

transaction represents a multiple of around 12 times 2024

adjusted operating profit, significantly above the Group’s

multiple on the day. The total expected net cash proceeds

are £945 million, including an unconditional deferred amount

of £130 million receivable within two years. Completion and

receipt of the initial cash proceeds is expected in the third

quarter of this calendar year. DCC anticipates a significant

return of capital to shareholders following completion.

The disposal of DCC Healthcare is a material step in

simplifying DCC’s operations and focusing on our high-

growth, high-return energy business. The profitable sale

creates immediate value for our shareholders, and we are

confident that Investindustrial will take DCC Healthcare

forward in the best long-term interests of its employees,

customers and suppliers.

DCC Technology has also grown strongly over the last

decade. The business provides a wide range of products

and services across three product areas: Pro Tech, Info Tech

and Life Tech. DCC Technology is a global leader in Pro

Tech and has established a particularly strong footprint in

both Pro Tech and Life Tech in North America. The Info Tech

business has operated in a challenging market in Europe

in recent years but has improved its profitability through an

operational improvement programme. Given the potential

for further improvements in profitability, our initial focus is

delivering our operational integration programme in

North America and then reviewing options for the sale

of businesses in DCC Technology. That review will take

place over the next 18 months.

Leadership Changes

On 9 April 2025, we announced changes to the DCC

Leadership Team to align our management structure with

our single sector strategy. Kevin Lucey, who has been the

Chief Financial Officer (‘CFO’) and an executive Director

since July 2020, will become Chief Operating Officer (‘COO’)

with effect from the conclusion of our AGM on 10 July. In this

newly-created role Kevin will continue to partner with me in

the overall management of the Group, will be responsible

for driving the performance of our energy activities in line

with our Cleaner Energy in Your Power strategy and will

lead our regional management teams. Kevin will remain

a member of the Board.

Conor Murphy will succeed Kevin as CFO and will be

appointed as an executive Director, again from the

conclusion of our AGM on 10 July. Conor joined DCC in 1998.

He has held many senior leadership roles, both within our

energy business and at Group level, including Director of

Group Finance. He is currently the CFO of DCC Energy.

Fabian Ziegler, CEO of DCC Energy, will leave DCC in

July 2025. Since joining DCC in 2022, Fabian has made

a considerable contribution to the development of our

Cleaner Energy in Your Power strategy and the growth of our

energy services business. I would like to thank Fabian for his

significant contribution during his tenure as CEO of DCC

Energy and wish him every success in the future.

DCC plc Annual Report and Accounts 20256

The new DCC Leadership Team will drive growth, customer

focus and commercial execution. It will include our five

DCC Energy MDs and I am delighted to welcome Matt

Dantinne, Andrew Graham, Christian Heise, Steve Taylor

and Emmanuel Trivin to the DCC Leadership Team.

I was also delighted to announce a number of internal

promotions with Mandy O’Sullivan being promoted to Group

Director of Corporate Development and Yvonne Holmes

being promoted to Group Director of Sustainability &

Corporate Affairs.

Eddie O’Brien’s role has been expanded to Chief Strategy

and Transformation Officer. As well as responsibility for

strategy and major transformation, Eddie will also take

overall responsibility for the key enabler of IT and digital.

Darragh Byrne continues in his role as Chief Risk Officer

and General Counsel which includes responsibility for

Group HSE, Risk, Legal and Compliance. Darragh also

acts as the Group Company Secretary. Nicola McCracken

continues in her role as Chief People Officer, with

responsibility for people-related matters across the Group.

Our new DCC Leadership Team has extensive experience

in the energy sector and the commercial agility and drive

to build DCC into a global energy leader. Further details

of the DCC Leadership Team are available on our website

and on pages 92 to 93.

Thank You to My Colleagues Across DCC

We are going through a period of considerable change,

which is not always easy for my colleagues working across

our organisation. But as has been a hallmark of DCC over

many decades, our people have never skipped a beat.

They have continued to deliver, showed great commitment

and agility and are embracing changes while continuing to

deliver top-quality service for our customers and suppliers.

Our people are our greatest asset and I would like to thank

every one of my colleagues for embracing change and

delivering a strong result for our shareholders.

What Won’t Change

While we have announced a significant change in our

strategy, we are not changing the DNA of the DCC Group.

Safety will remain our first core value and our first priority.

We will continue to focus on delivering high growth at

high returns on capital employed. We will continue to be

a compounder, focusing on value creation through both

driving organic growth and deploying capital in the highly

attractive energy sector. We believe that simplifying the

Group to focus solely on our energy business, presents

the greatest opportunity for DCC to deliver high growth

at high returns. We are building a unique, safe, sustainable,

multi-energy business delivering an excellent customer

experience and supporting our customers with their

energy transition.

Conclusion

We are taking clear and compelling action to focus on

our highest growth opportunity in energy. This will simplify

the Group and maximise value for our stakeholders.

I believe that DCC has a bright future and I am energised

to lead it.

DONAL MURPHY

CHIEF EXECUTIVE

12 MAY 2025

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 7

DCC plc Annual Report and Accounts 20258

WE INVEST, SUPPORT,

AND ENABLE

We Allocate Capital

We Empower our Teams

We Optimise Performance

We Connect Suppliers

and Customers

OUR BUSINESS

MODEL TODAY

People

A multinational, multicultural and skilled

workforce of 16,700 colleagues, with

shared values and a common purpose.

Partnerships

A trusted partner to millions of

customers and the world’s leading

energy, technology and healthcare

companies.

Financial

A strong and liquid balance sheet,

enabling us to react quickly to

commercial opportunities.

Infrastructure

Robust and agile operating platforms

in a diverse range of markets.

Intellectual

Extensive expertise, know-how and

other intellectual property, providing

lasting competitive advantage.

OUR RESOURCES

AND CAPABILITIES

Our compounding business

model combines organic growth

with leading M&A capability.

Our devolved structure supports

our local management teams

with central expertise.

We promote a culture of best

practice and high performance.

We operate globally, locally.

We are a compounder: resilient, asset light,

cash generative and returns focused. This will

not change as our strategy is implemented.

Business Model

DCC plc Annual Report and Accounts 2025 9

Governance Financial Statements Supplementary InformationStrategic Report

THE SHARED VALUE

WE CREATE

ENERGY SOLUTIONS

ENERGY MOBILITY

Our Businesses Today

Goods and services supplied

Suppliers

£16.4bn

Employee engagement score

Employees

79%

Return on capital employed

Investors

15.3%

Reduction in scope 3 emissions

Communities and the Environment

2.6%

Corporate taxes

Governments and Regulators

£80m

+ READ MORE • PAGES 12 TO 23

+ READ MORE • PAGES 24 TO 25

FINANCIAL REVIEW PAGES 30 TO 38

SUSTAINABILITY REVIEW PAGES 39 TO 75

Note: all above numbers relate to continuing operations

DCC plc Annual Report and Accounts 202510

OUR FOCUS ON ENERGY

WILL DRIVE GROWTH

AND RETURNS

We are taking decisive action to simplify

our Group, pursue our largest growth

and returns opportunity and unlock

substantial shareholder value.

+ READ MORE • PAGES 12 TO 23

FOCUS ON

OPPORTUNITY

IN ENERGY

SIMPLIFY

OUR GROUP

Sale in 2025

+ READ MORE • PAGES 24 TO 25

Strategic Review

WE MAKE

FUTURE-FOCUSED

DECISIONS

Market

Leadership

Financial Discipline, Strong Balance

Sheet, Investment Grade Rating

Key

Enabler

Develop Future-

Focused Skills

Strategy

DCC plc Annual Report and Accounts 2025 11

Governance Financial Statements Supplementary InformationStrategic Report

by providing them with

essential energy products

across on-site energy

management and mobility

WE GROW

FUTURE-FOCUSED

BUSINESSES

WE CREATE

SUSTAINABLE

VALUE

Excellence in Safety

and Operations

Support for Innovation

and Use of Technology

Focus on

Decarbonisation

GROW CUSTOMERS

SELL NEW SERVICES

Cleaner Energy

in Your Power

Double our Energy profits

to c.£830m by 2030

Organic growth of 3-4% p.a.

Accelerate growth through M&A

Increase return on capital employed

Reduce our Scope 3 carbon

by at least 35% by 2030

Divest DCC Healthcare in 2025

Agreement reached with completion

expected by Q3 2025

Review strategic options for

DCC Technology over next 18 months

Initial divestments underway, with

North American transformation progressing

Unlock value for shareholders

Return surplus cash and

minimise value leakage

Organise for energy-focused future

Evolving ways of working

and leadership roles

DCC plc Annual Report and Accounts 202512

WHY ENERGY

NOW?

We aim to be a global leader in

the sales, marketing and distribution

of energy products and services.

FY15

119

19.8%

21.0%

21.6%

205

255

281

336

369

376

407

458

503

536

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

17.9%

17.7%

18.4%

18.1%

18.6%

19.0%

18.7%

18.5%

DCC Energy EBITA (FY15-FY25), £M

OUR ENERGY BUSINESS HAS DRIVEN THE GROWTH OF THE GROUP...

DCC Energy ROCE

Strategy Continued

Key characteristics:We focus on meeting our customers’ needs – providing

the essential energy they need to run their businesses

and homes. At the same time, we are offering more

innovative and cleaner products and services, including

solar, to enable the energy transition.

Our strategy delivers long-term sustainable value by

combining organic growth with leading M&A capability.

We invest and reinvest in a diversified range of energy

businesses, with a financial discipline that creates

efficiencies, stability and resilience, to drive organic

growth. Our devolved structure ensures deep local

knowledge and focus, inspiring a culture of innovation

and allowing local teams to be more agile.

No.1 or No.2

in our markets

10+ year

customer relationships

Strong

operator and M&A consolidator

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 13

* Estimate only. These numbers may be subject to change.

Our energy business has driven the growth of our Group for

over 10 years. Energy now represents 76% of our operating

profits and generated an 18.5% return on capital employed

in 2025. DCC is a compounder, building resilient, cash-

generative and asset-light businesses that deliver high

growth at high returns on capital employed.

The opportunity in energy is compelling, offering highly

attractive and diverse sectors where we can deliver value

creation through both organic growth and disciplined

capital deployment. We believe that simplifying the Group

to focus solely on our energy business, presents the greatest

opportunity for DCC to deliver high growth at high returns.

DCC Energy has a near 50-year heritage in the off-gas-grid

energy sector, operating with market-leading positions

across 12 countries and serving approximately 10 million

customers annually across a diverse range of sectors. We

bring energy, and the capability to consume it, directly to

our customers with a deep understanding of their energy

needs built over long relationships that typically last more

than a decade. We believe supporting our customers

to navigate the energy transition is the greatest growth

opportunity that DCC has ever had. We updated our

energy strategy in May 2022, aiming to empower our

customers to choose a cleaner energy future, doubling

our profits and significantly reducing our customers’ carbon

emissions by 2030. Since then, we have delivered strong

organic growth in biofuels and enhanced capabilities in

new energy solutions. Our proven M&A approach has

strengthened and scaled our strategy further, with around

c.£650 million of capital deployed at attractive returns.

We continue to execute against our strategy and are on

track to deliver our ambition. Alongside significant

opportunities within Mobility and biofuels, we are focused

on two scale growth opportunities: growing our liquid gas

share in selected European markets and in the US and

consolidating fast-growing commercial and industrial (‘C&I’)

energy services business in Europe.

407

2-4% CAGR

8-10% CAGR

2-4% CAGR

c.175 c.830

129

FY22 FY23-25

ENERGY

PRODUCTS

ENERGY

SERVICES

MOBILITY FY30

TARGET

ACQUISITION

GROWTH

EBITA Bridge (FY22-FY30), £M*

...WE ARE ON TRACK TO DOUBLE OUR 2022 ENERGY EBITA BY 2030

Organic growth c.125

OUR OPPORTUNITY IN ENERGY

Cleaner Energy in Your Power

GROW CUSTOMERS

by providing them with

essential energy products

SELL MORE SERVICES

across on-site energy

management and mobility

DRIVE

Doubling

of 2022 profits

by 2030

10%+ Growth

annually at

high-teens returns

35% Reduction

in 2022 Scope 3 carbon

emissions by 2030

SOLUTIONS

We provide energy that is secure,

cleaner and competitive

CLEANER

ENERGY IN

YOUR POWER

DCC plc Annual Report and Accounts 202514

Business Review Continued

SOLUTIONS MOBILITY

Governance Financial Statements Supplementary InformationStrategic Report

15 DCC plc Annual Report and Accounts 2025

ENERGY PRODUCTS

We sell and distribute liquid gas

and fuels, including biofuel and

biogas, to commercial and

industrial, and domestic

customers for intense

energy needs

Major brands

Benegas*, Brogan*, Butagaz*, Castrol,

Certas*, DCC Energi*, Energie Direct*,

Flogas*, Gaz de Paris*, Gulf, Hicksgas*,

Progas*, QStar*, Scottish Fuels*, Shell,

TEGA*, United Propane Gas*

* DCC own brand

ENERGY SERVICES

We design, install and

maintain on-site solar and

energy systems for power

customers; and provide energy

efficiency sol

utions

Major brands

AEI*, Centreco*, DTGen*, Ekivolt*,

Equity Energies*, Isolatiespecialist*,

Next Energy* (in UK), Protech*,

Secundo Photovoltaik*, Wewise*,

Wirsol*

* DCC own brand

SERVICE STATIONS

AND FLEET SERVICES

We own or operate service

stations (gas stations) for vehicles

and trucks, and provide fleet

payment, digital parking and

telemati

c services

Major brands

Retail brands

Certa*, Esso, Gulf, QStar*, Shell,

Spritkonig.

Fuel Card brands

Able*, Allstar, BP, Certas*, Diesel

Direct, Esso, Fastfuels, Gulf, Key Fuels,

Motia*, QStar*, Shell, Texaco, TruXtop*,

UK Fuels

* DCC own brand

DCC plc Annual Report and Accounts 202516

WHAT

WE DO

DCC plc Annual Report and Accounts 202516

We have 1.5 million direct products customers within our

European and US markets. Our liquid gas and fuels

customers tend to be off the natural gas grid and typically

use our products to run industrial processes, heat buildings

or heat their homes. They often have intensive energy

needs, such as running mobile machinery, high temperature

manufacturing processes or heating large buildings.

In energy products, we sell and distribute products to

commercial and industrial, and domestic customers. Our

offering includes liquid gas, liquid fossil fuels, biofuels and

biogas, on-grid gas and power, and renewable power

purchase agreements. We do not produce this energy

ourselves: we partner with refiners to source our liquid

gas and fuels.

ENERGY PRODUCTS

SOLUTIONS

For a factory with intense

energy needs or a hotel with a

pool and large space heating

requirements, liquid gas is an

ideal lower-carbon solution.

To complement liquid gas

and fuel sales, we also sell

solar power solutions for

less-intense energy needs.

Business Reviews Continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 17 DCC plc Annual Report and Accounts 2025 17

ENERGY SERVICES

We are scaling a leading European energy services

business, led by on-site solar generation. We design, install

and maintain solar photovoltaic and other energy systems

such as combined heat and power units and heat pumps.

We also have a growing business to help commercial and

industrial customers optimise their energy usage through

metering, battery storage, retrofit and energy efficiency

consulting. Through these energy services platforms, we

provide a more integrated offering for our customers.

In the year under review, we served almost 10,000

services’ customer sites across eight geographies.

We provide solar solutions to many

repeat customers such as

hypermarkets and property

development businesses in France.

HYPERMARKET

By selling solar

power to customers

with lower-intensity

energy needs, we

gain a share of

wallet from utilities

We have a 10%+ share of the

agricultural market in France, where

many customers generate income by

selling excess power to the grid.

FARM

We offer smart energy

management solutions

to help optimise energy

usage and reduce costs.

We are integrating our energy services

to provide solar, battery storage,

energy efficiency and

software solutions.

WAREHOUSE

BACK UP

GENERATOR

BATTERY

HVO

Our Geographic Footprint: Energy Solutions

Europe

France: No.2 in liquid gas distribution

UK: No.2 in liquid gas distribution and No. 1 in oil

distribution

Ireland: No.2 in liquid gas and No. 1 in oil distribution

Germany: No.2 in refrigerants and a leading

distributor of liquid gas

Denmark: No.2 in oil distribution and No. 2 in aviation

fuels

Austria: No.2 in oil distribution

The Netherlands: Joint No.1 in liquid gas distribution

Sweden: No.1 in liquid gas distribution

Norway: No.1 in liquid gas distribution

North America

USA: Leading distributor in the liquid gas distribution

market

Governance Financial Statements Supplementary InformationStrategic Report

CONVENIENCE STORE

BIO

ROAD HAULAGE

TELEMATICS

For fleet operators, we offer

fuel cards, a truck parking

app and telematics (data to

help operators to manage

their fleet). We are integrating

these fast-growing solutions.

Over the next decade we will

enhance about one-third of our

service stations with electric

vehicle charging, convenience

retail and biofuel, while we

maximise fuel contribution

from the rest.

Service stations Fleet services

€1.80

€1.90

CAR WASH

CONVENIENCE STORE

BIO

ROAD HAULAGE

TELEMATICS

For fleet operators, we offer

fuel cards, a truck parking

app and telematics (data to

help operators to manage

their fleet). We are integrating

these fast-growing solutions.

Over the next decade we will

enhance about one-third of our

service stations with electric

vehicle charging, convenience

retail and biofuel, while we

maximise fuel contribution

from the rest.

Service stations Fleet services

€1.80

€1.90

CAR WASH

Service Stations

Fleet Services

MOBILITY

SERVICE STATIONS AND FLEET SERVICES

In our Mobility business, we own or operate service stations

(gas stations) and refuelling sites for trucks. We are also

growing our digitally-led fleet service business which

provides fuel/electric vehicle cards, telematics and truck

parking services. Unlike our Solutions customers where we

serve the customers’ sites, our Mobility customers visit our

service stations sites or use our digital fleet services.

Service Stations

We operate a network of service stations and truck

refuelling sites. We have c.100 million customer transactions

annually across our service stations. We conduct annual

network planning to see which services best fit the 1,173

stations that we operate (we own almost half of the these;

the remainder are leased). We have well-located forecourts

for the future of mobility close to cities and towns: c.80%

are urban or suburban. We also have 46 motorway sites

in France, which are high traffic locations. We have invested

in capital expenditure to upgrade almost 200 sites to

forecourts of the future over the last four years. The

investment centres on electric vehicle charging,

convenience retail, car wash and biofuel to provide a more

attractive offering to our customers.

Our Geographic Footprint: Energy Mobility

Europe

UK: Leading operator of unmanned retail petrol

stations and leading reseller of fuel cards

Denmark: Leading operator of retail petrol stations

Sweden: Leading operator of unmanned retail

petrol stations

France: No.1 operator of unmanned retail petrol

stations

Norway: No.3 operator of retail petrol stations

Luxembourg: Leading operator of retail petrol

stations

Fleet Services

We are also growing our digitally-led fleet service business

in fuel/electric vehicle (‘EV’) cards, telematics and truck

parking services. We have c.67,000 direct customers across

our fleet service business. Our typical fleet customers

operate fleets of vans and long-haul trucks, relying on these

vehicles to effectively operate their businesses. Fuel and EV

cards facilitate easy tracking of expenditure for fleet

owners, as well as saving time for drivers. We launched a

new brand, ‘Motia’, for this business in the year under review.

Additionally, we provide telematics and a truck parking

app that help fleet owners and drivers to plan their routes

across Europe for parking, rest and sustenance.

DCC plc Annual Report and Accounts 202518

Business Reviews Continued

DCC plc Annual Report and Accounts 202518

ENERGY STRATEGY

We aim to be a global leader in the sales,

marketing and distribution of energy

products and services.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 19

Governance Financial Statements Supplementary InformationStrategic Report

Our strategy puts customers first

The evolving energy system of today presents three main

challenges for customers, the ‘energy trilemma’: energy

competitiveness, security of energy and reducing the

carbon content of energy. We recognise the reliance and

trust that our customers place in DCC Energy to provide the

essential energy they need to run their operations or homes.

We are committed to empowering customers with cleaner,

essential energy solutions.

Many of our customers have complex energy needs and

have historically been able to rely upon a single,

competitive energy source to meet their energy needs.

As the energy system continues to evolve, our customers

are looking for a partner to help them choose cleaner and

secure energy solutions that address the energy trilemma.

We give all customers the power to choose a clean energy

future today with innovative, competitive energy options

that put cleaner energy in their power.

We do energy differently

DCC will support customers in navigating the energy

trilemma through our strong B2B and B2C business models

across our markets, depth of product expertise and

customer service quality.

The key components of our strategy include growing our

customer base in new and existing markets, converting our

customers to renewable and other lower carbon alternative

fuels and building a leading and complementary energy

services capability.

We will deliver our strategy by reducing the carbon intensity

of our essential liquid fuels and scaling our electron-led

transition solutions for customers, enabling us to grow our

customers and sell more services to them.

Providing essential liquid fuels while reducing their

carbon intensity

We expect customers to require essential liquid fuels for

years to come. We enable customers to choose lower

carbon fuels through lower intensity hydrocarbons such

as liquid gas, and leading biofuel products. This drives

the scale opportunity to grow our liquid gas share in

Europe and the US.

Scaling our electron-led transition solutions

Our B2B and B2C customers are also navigating the shift

towards efficiency and electrification. We are scaling our

existing energy services platforms to support customers

with new offerings that empower customers to generate

and manage their own energy. This includes solar, energy

controls and associated services.

Solar power is central to the EU’s Green Deal and plan to

get to net zero. The share of electricity generated by solar

in the European power market has seen a significant

increase, from 2% in 2012 to over 7% in 2022. This upward

trend is expected to continue, with Solar Power Europe

forecasting that this share will continue to grow by 5-7% of

power generation per year to 2028. This rapid growth is

a compelling opportunity for DCC.

MOBILITY

Our Mobility business brings secure, competitive and

cleaner energy to our forecourt, fleet service and fuel

card customers, while growing new services and

maximising efficiency.

SOLUTIONS

Our Solutions business aims to be the provider

of choice for secure, essential, and cleaner

energy solutions.

DCC plc Annual Report and Accounts 202520

Business Reviews Continued

ENERGY PRODUCTS

In energy products, we believe in liquid gas as an important

lower carbon transition fuel for many of our customers.

It enables an integrated approach to energy transition,

providing a cleaner and reliable option for customers

who cannot electrify. By supporting more customers with

essential and cleaner energy, we will grow our customer

base in liquid gas.

We are well positioned to strengthen our existing leadership

positions in our energy products markets. Our strong local

brands position us as a trusted long-term partner to our

customers. Operationally, we have well-invested distribution

capabilities that create route density and deliver cost

synergies and enable scale. This allows us to drive growth

in more mature liquid fuel markets by maximising efficiency.

Within the supply chain, we benefit from centralised

procurement, a focus on margin management and long-

term partnerships with suppliers. Our leadership in biofuels

positions DCC Energy as a unique partner for leading bio

producers. This extends our fossil distribution infrastructure

and reduces customers’ carbon footprints.

ENERGY SERVICES

We are consolidating fragmented solar and energy services

markets from our existing platforms in core European markets.

We are expanding our offerings to provide complementary

energy solutions, empowering customers to take control of

their power needs. These offerings complement our liquid

gas and fuels offer, allowing us to compete with utility

power providers.

We are confident in our continued ability to consolidate and

scale in energy services, building upon our existing

platforms within our markets. These platforms draw upon

50 years’ experience in off-gas-grid-energy as we improve

and scale our newer business area in energy services. We

have first-mover advantage in France, in consolidating a

fragmented market since 2021, where we have 10-15% share

of the consumer and industrial/agricultural on-site solar

market, and our EBIT margin reached 20% in the year under

review. We will develop and strengthen our offering over the

next five years in this and other markets.

SERVICE STATIONS

We operate a network of service stations that provide

essential fuel to customers across our European sites.

We leverage our deep knowledge of mobility networks,

our existing partnerships and growing suite of value-added

services to create distinctive sites and services for these

customers.

Our right to win lies in our competitive margin management

and optimised network planning. We have a centralised

pricing operation in Ireland delivering real time pricing for

two-thirds of our sites. Our annual network planning

identifies which services best fit the 1,200 stations that

we operate.

We have invested in capital expenditure to upgrade almost

200 sites to forecourts of the future over the last four years.

This includes new convenience options, car wash and lower

carbon alternative fuels including biofuels and EV charging,

which we see as highly relevant for customers in the future.

We will continue to maximise cash contribution on these

sites.

FLEET SERVICES

Our fleet customers are increasingly seeking services that

enable efficient and cost-effective management of their

fleets. We are building upon our extensive customer base

to offer more integrated services that combine our existing

truck stop, fleet payment services and digital parking

solutions with emerging telematics and data-driven tools.

We have an opportunity to grow this offering, building upon

our deep customer expertise and trusted relationships.

We execute our strategy through our Solutions and Mobility businesses.

THE OPPORTUNITIES AHEAD

1. GROW OUR LIQUID

GAS BUSINESS

2. CONSOLIDATE ENERGY

SERVICES

STRATEGY IN ACTION: LIQUID GAS

Liquid Gas Consolidation

in the US

In 2018 we entered the US propane market by

acquiring a business headquartered in Illinois. We

have since added to this with numerous bolt-on

acquisitions.

These acquisitions create immediate scale. Within

a geographic area, we aim to increase route

density and efficiency. That means reducing the

number of depots, offices and trucks on the road,

servicing a greater area from each point of supply.

We create efficiency and enhance returns in other

ways:

1. We benefit from economies of scale in

procurement, both in-state and nationwide.

2. After 50 years in the energy business, our margin

management is a core competency.

3. We share systems and processes in our Chicago

office to eliminate administrative duplication. We

have invested in data and analytics to enable us

drive efficiency and improve customer

experience.

We have a scale opportunity to create leadership

positions in many other US states: we currently

have double digit market shares in only Kansas,

Tennessee and Kentucky and continue to pursue

M&A opportunities on an ongoing basis in these

and other regions.

STRATEGY IN ACTION: ENERGY SERVICES

Consolidating Energy Services

in France

We have acquired seven business in France since

our first acquisitions of Solewa and Soltea in May

2021. The business has been a successful test case

for energy services, led by on-site solar power

generation. In the year under review, we recorded

revenue growth of 22% and we grew EBIT margins to

20%.

We focus primarily on agricultural and C&I

customers, and our first mover advantage has

enabled us to capture 10-15% share of the C&I/

agricultural on-site solar market.

Our strategy to develop our energy services

business in France has had four key elements:

1. Build out of our Butagaz business via M&A and

then scale organically by harnessing our existing

systems, expertise and customer proposition.

2. Deliver operational excellence.

3. Share best practice.

4. Create an integrated European brand: Wewise.

We will grow to 2030 by driving higher margins,

while we scale customer numbers. We will do so

by increasing our cross-selling of more services

and leveraging our new solar-as-a-service offering,

strengthening the relationship with our customers.

Critical for

customers long

term energy

resilience

Lower carbon

intensity pathway

for transition

Growing power

demands, with

significant

electrification

Role of renewables

critical, with solar

leading the way

Winning market

positions where

we play

Significant

M&A growth

opportunity in

Europe and US

Partner for C&I

customers, with

increasing needs

Proven ability to

consolidateand

deliver at scale

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 21

DCC plc Annual Report and Accounts 202522

PERFORMANCE

Performance for the year ended 31 March 2025

2025

2024

2023

15.2bn

X.Xbn

Volume (litres)

15.2bn

+0.1%

2025

2024

2023

16.4%

16.2%

X.X%

10-year adj. operating profit CAGR

16.2%

2025

2024

2023

£503.0m

£535.5m

XX.Xm

Adjusted operating profit

£535.5m

+6.5%

2025

2024

2023

3.31ppl

3.52ppl

X.X%

Adjusted operating profit per litre

3.52ppl

2025

2024

2023

£769.8m

£679.6m

XX.Xm

Operating cash flow

£679.6m

2025

2024

2023

18.7%

18.5%

X.X%

Return on capital employed

18.5%

DCC Energy Performance by Business

Liquid Gas and Fuel

Distribution

Energy Management

Services

Service Stations and

Fleet Services

2025 2024 % change 2025 2024 % change 2025 2024 % change

Volume (bn litre equivalent) 10.9 10.7 +2.3% 4.3 4.5 -5.1%

Revenue (£’m) (non-volume sales) 336.4 170.8 +96.9%

Gross profit (£’m) 1,325.3 1,310.9 +1.1% 142.5 70.4 +102.4% 382.3 375.4 +1.8%

- Fuel 278.3 275.9 +0.9%

- Non-fuel services 104.0 99.5 +4.5%

Gross margin (pence per litre (ppl)) 12.2 12.3 8.9 8.3

Adj. operating profit/EBITA (£’m) 363.5 358.3 +1.5% 48.3 25.1 +92.6% 123.7 119.6 +3.5%

Operating margin (ppl/%) 3.3 3.4 14.3% 14.7%

DCC Energy volumes

by geography

33%

13%

22%

29%

Solutions – CE

Solutions – UK&I

Solutions – Nordics

Solutions – US

Mobility

DCC Energy volumes

by geography

33%

13%

22%

29%

Solutions – CE

Solutions – UK&I

Solutions – Nordics

Solutions – US

Mobility

DCC Energy volumes

by customer segment

58%

11%

31%

Commercial & Industrial

Domestic

Mobility

DCC Energy volumes

by customer segment

58%

11%

31%

Commercial & Industrial

Domestic

Mobility

DCC Energy volumes by customer segment DCC Energy volumes by geography

SOLUTIONS MOBILITY

Business Reviews Continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 23

DCC Energy

DCC Energy recorded operating profit growth of 6.5% (8.5%

on a constant currency basis) to £535.5 million. Organic

growth in the year was 1.8%, which was modestly ahead

of expectation given the very strong organic growth in the

prior year.

In delivering our Cleaner Energy in Your Power strategy,

the carbon intensity of our profits continued to improve and

reduced by 8.5%.

Capital allocation continued to support execution of

strategy during the year. We sold a majority stake in our

lower returning business in Hong Kong & Macau and

committed approximately £100 million to seven new

acquisitions during the period, which add to our energy

services across both Solutions and Mobility.

Solutions

Our Solutions business delivered strong growth in the current

year. Operating profit increased by 7.4% (9.5% on a constant

currency basis) to £411.8 million (77% of DCC Energy operating

profit). The growth was mostly driven by acquisitions completed

in the current and prior year, with organic growth of 0.7%.

Volumes increased by 2.3%, driven by the performance of the

businesses in Continental Europe and the UK & Ireland.

We operate our Solutions business, across four geographic

regions: Continental Europe, the UK & Ireland, the Nordics and

the US. We provide customers with Solutions across both

energy products (68% of DCC Energy operating profit) and

energy services (9% of DCC Energy operating profit). Our energy

services are most mature and material in Continental Europe

and the UK & Ireland.

We delivered excellent profit growth in Continental Europe, the

largest region in our Solutions business. In energy products, we

achieved strong growth in Germany, where we benefited from

the full year contribution of Progas, acquired in March 2024. In

France, we generated very strong organic growth. The business

continued to deliver market share growth (particularly in liquid

gas cylinders) and recorded an excellent performance in

natural gas to commercial customers. Across our energy

services we also delivered excellent growth, with profitability

more than doubling. This reflected very strong organic growth,

particularly in France where the business is now long

established and operates primarily under the ‘Wewise’ brand.

It also reflected very strong acquisitive growth, driven in

particular by the acquisitions in France of Coprodiag, Acteam

and MG Habitat. In Germany we acquired Wirsol and, while

the market conditions in Germany were weaker than France,

we have integrated the business into the Group.

Our Solutions business in the UK & Ireland delivered very strong

profit growth. In the UK & Ireland we offer multi-energy solutions

across both products and services. In energy products, the

business generated good volume growth in a competitive

market. The volume growth was driven by our natural gas &

power business in Ireland where we exceeded 250,000

customers for the first time.

Volumes in the UK were robust, although there was some

impact from a more difficult UK economy. In liquid gas, our

business benefited from significant improvements in the

resilience of the supply chain due to the recent investments in

both our Avonmouth and Teesside liquid gas facilities. We

developed our energy services over the course of the last year.

Profits increased significantly, mainly due to the completion of

the acquisition of Next Energy. Despite the challenging

economic backdrop, our business has performed well.

In the Nordic region, where our business is primarily involved in

the sale of energy products, profits declined modestly following

a very strong performance in the prior year. In liquid gas,

volumes declined as natural gas pricing normalised. Across

fuels categories, the business achieved volume growth. Profit

growth was held back by a more competitive market, in

particular in the aviation sector. This resulted in lower margins,

impacting overall profit growth in the region.

In the US, our business is focused on selling energy products,

predominantly liquid gas, to residential and commercial

customers. As reported at the half year, our business

experienced a difficult first half, due to the very mild weather

conditions. Milder than average temperatures continued to

impact the business and trading remained difficult up to the

third quarter. As a result, profits declined for the year as a

whole. However, the business saw demand return during the

Christmas period as more seasonal weather returned and

recorded a better final quarter. Margins remained robust

through the winter. We continue to invest in the development

of our business which remains a focus for growth.

Mobility

Our Mobility business (23% of DCC Energy operating profit),

performed well during the year and delivered operating profit

growth of 3.5% (5.4% on a constant currency basis). The good

constant currency growth achieved was almost entirely

organic. After a more difficult performance in the prior year,

particularly in France where the business was impacted by

competitive headwinds, the business delivered good growth

in each region in the current year. We delivered good growth

in both fuel and non-fuel profitability.

The volume decline of 5.1% was largely driven by the cessation

of a lower margin contract in Denmark, which impacted 56

sites, but without a notable profitability impact. Volumes

recovered well in France, following the disruption experienced

in the market in the prior year.

In France and Luxembourg, the business delivered good

volume and strong profit growth as we continued to develop

our on-site offering, including further development of our EV

charging capability. In the Nordic region our strong growth was

driven by continued strong progress in Norway and good profit

growth in Denmark, notwithstanding the contract volume

decline mentioned above. We also agreed to acquire the Esso

fuelcard operations in Norway which both secures fuelcard

volume through our existing network and adds to our energy

services in targeting new fleet customers into the future. The

acquisition is expected to complete during 2025.

Across our fleet service offering we generated very good

growth and continued to develop our non-fuel service offering

during the year. We delivered very strong growth in fuel cards

and benefited from the maodest acquisition of Cubo, which

adds to our service offering for fleet services customers in

telematics. In addition, we delivered good growth in our

SNAP digital fleet services business.

Business Reviews Continued

PROGRESS

MAKERS

We are progress makers. Whatever the industry. Whatever the challenge. We make technology provide the whole

solution. Acting as an enabler between global technology brands and the people and businesses who use their

products, we create solutions that enhance experiences, save time, and improve lifestyles.

Pro Tech

What we do

We bring technologies together to

create elevated experiences.

How we do it

The world needs more ways to

display, process and store

information. Pro Tech enables the

seen and unseen management and

transmission of data and content,

be it solution design and building,

or installation and on-going support,

we bring them to market and make

them work for vendors, integrators,

and customers.

Key brands

Allen & Heath, Barco, Chauvet, Dell

OEM, Focusrite, Harman,Kioxia,

Micron, LG, Nvidia, Poly, Samsung,

Sharp, NEC, SuperMicro, WD.

Info Tech

What we do

We put the latest technology in

people’s hands, quickly.

How we do it

From laptops to mobile phones,

tablets to trackpads: when the world

decides it needs the latest piece of

tech kit, it needs it immediately. We

serve B2C and B2B markets with the

latest technology, swiftly and

efficiently.

Key brands

Acer, Apple, Asus, Dell, Epson, HP,

Huawei, Lenovo, LG, Logitech,

Microsoft, Netgear, Meta, Samsung,

Toshiba.

Life Tech

What we do

We provide technology solutions

that enrich people’s lives.

How we do it

Technology has the power to

improve lifestyles in many ways –

from the enjoyment of using smart

kitchen appliances to the excitement

of playing advanced musical

instruments. Life Tech offers products

and services designed to enhance

our quality of life.

Key brands

Electrolux (Frigidaire), LG, Marshall,

Midea, On Stage, Washburn, Zephyr.

DCC plc Annual Report and Accounts 202524

DCC Technology

DCC Technology recorded an operating profit of

£82.0 million, a decline of 15.7% (14.2% constant currency).

Our business was affected primarily by continued soft

demand for consumer technology products in our Info

Tech operations, particularly in the UK and Continental

Europe. Divisional revenue increased by 0.3% (1.7%

constant currency), mainly driven by revenue growth in

Pro Tech. This offset revenue decline in Info Tech where

demand for consumer technology products was weak,

notably in Continental Europe.

In North America, our Pro Tech business performed

robustly. We gained market share through a strong

performance in the specialist AV product segment,

and through a modest bolt-on acquisition during the

year. In Life Tech, we faced similar challenges to the

market conditions in Europe. Profit declined as a result

of weak consumer demand.

We progressed our integration and operational efficiency

programme in North America where we anticipate

improvement in profitability and returns over the next 18

months. Our main focus is to integrate our two businesses

to drive higher profitability by reducing freight and

transport costs, improve warehouse efficiency and

increase revenue through digital development and

improved customer experience. We continued our

operational improvement programme in our Info Tech

business in the UK. The programme delivered cost

reductions and enhanced revenue growth potential for

the medium-term.

Pro Tech

In Pro Tech, DCC Technology is the leading specialist

distributor of AV products globally, centred on our

business in North America. We grew operating profit

and gained market share in the specialist AV segment

in North America. During the period we acquired MDM

Commercial Inc, a bolt-on acquisition which broadens

our professional AV capabilities in North America.

Operating profit declined in our smaller European Pro

Tech business, as market conditions remained soft in

France and Germany.

Info Tech

Our Info Tech business distributes high-volume consumer

and business IT products to the retail and reseller

channels in Europe. Our largest markets are in the UK and

Ireland. Consumer demand continued to remain soft in

line with trends over the prior years. We delivered cost

improvements in the UK business, while the business in

Ireland performed well. Operating profit declined in our

other Info Tech businesses in Continental Europe,

reflecting the weak consumer demand environment. We

exited our Info Tech operations in France, the Middle East

and a small division of our Nordics business.

Life Tech

In Life Tech we distribute consumer appliances and

lifestyle technology products to the retail and etail

channels in North America. The business was affected by

overstocking in certain market segments and operating

profit declined due to lower demand for consumer

electronics and musical products.

Performance for the year ended 31 March 2025

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 25

*continuing operations

2025

2024

2023

8.2%

6.0%

9.8%

10-year adj. operating profit CAGR*

6.0%

2025

2024

2023

£97.2m

£82.0m

XX.Xm

Adjusted operating profit*

£82.0m

-15.7%

2025

2024

2023

£125.1m

£69.9m

XX.Xm

Operating cash flow

£69.9m

2025

2024

2023

2.1%

1.8%

X.X%

Operating margin*

1.8%

2025

2024

2023

8.3%

7.2%

X.X%

Return on capital employed*

7.2%

2025

2024

2023

£4.629bn

£4.645bn

X.XXbn

Revenue*

£4.645bn

+0.3%

FINANCIAL KPIs

The Group employs financial key performance indicators (‘KPIs’)

to measure progress against strategy. Each division has its own

KPIs which are directly aligned with those of the Group and are

included in the divisional Business Reviews on pages 14 to 25.

2025

2024

2023

15.5%

15.3%

XX.X%

Return on capital employed (excl. IFRS 16)

15.3%

Description and Basis of Calculation

Return on capital employed (‘ROCE’) is

defined as adjusted operating profit

expressed as a percentage of the average

capital employed. The Group calculates

ROCE both including and excluding the

impact of IFRS 16 Leases as detailed in the

Group’s ‘Alternative Performance Measures’

on page 260. ROCE is presented on a

continuing basis.

Link to Strategy

ROCE is the key financial benchmark we

use when evaluating both the performance

of existing businesses and potential

investments and is a key component of

our executive bonus plans and Long-Term

Incentive Plan.

2025 Comment

The Group continued to generate strong

returns on capital employed,

notwithstanding the substantial increase

in the scale of its Energy business in recent

years. The modest decrease in return on

capital employed in DCC Energy reflects

the timing of the disposal of the business

in Hong Kong & Macau which occurred early

in the current year. Excluding the impact of

sale of this business, returns in DCC Energy

were in line with the prior year. The Group’s

returns also reflect the organic decline in

operating profit in DCC Technology. We

remain very focused on both reducing the

capital in DCC Technology and driving

operational improvements which we expect

will see returns recover in the coming years.

Outlook and Aims

The achievement of returns on capital

employed in excess of the Group’s cost of

capital will continue to be a key focus in

order to ensure the efficient generation of

cash to fund organic growth, acquisitions

and dividend growth.

Description and Basis of Calculation

The change in adjusted operating profit

achieved in the current year compared to

the prior year. Growth in adjusted operating

profit is presented on a continuing basis.

Link to Strategy

Adjusted operating profit measures the

underlying operating performance of the

Group’s businesses and is an indicator of our

revenue generation, margin management,

cost control and performance efficiency.

2025 Comment

Group adjusted operating profit increased

by 2.9% (4.8% on a constant currency basis)

to £617.5 million. Strong growth in DCC

Energy was partly offset by a more difficult

trading environment in DCC Technology.

Organically, profits increased by 1.8% in

DCC Energy and declined by 15.8% in

DCC Technology.

The net impact of currency translation in

the current year was a headwind of 1.9%,

or £11.7 million, in the growth in continuing

adjusted operating profit. The headwind

was 2.0% in DCC Energy and 1.6% in DCC

Technology. This reflects average sterling

exchange rates strengthening against

most of the Group’s reporting currencies

during the year.

Acquisitions completed in the current and

prior year contributed 5.9% of the continuing

operating profit growth. The material

contribution came in DCC Energy from

the prior year acquisition of Progas and

the current year acquisition of Next Energy,

offset somewhat by the disposal of our liquid

gas business in Hong Kong & Macau.

Outlook and Aims

DCC expects that the year ending 31 March

2026 will be a year of good operating profit

growth on a continuing basis.

Description and Basis of Calculation

The change in adjusted earnings per share

(‘EPS’) achieved in the current year

compared to the prior year.

Link to Strategy

Adjusted EPS is a widely accepted metric

used in determining corporate profitability.

It also represents an important metric in

determining the generation of superior

shareholder returns and is a key component

of our Long-Term Incentive Plan.

2025 Comment

Adjusted EPS increased by 3.3% (+5.2% on a

constant currency basis) to 470.2 pence,

broadly in line with the operating profit

growth.

Outlook and Aims

The main driver of growth in EPS is the

Group’s operating profit performance which,

as noted above, is expected to continue

to grow.

£600.2m

£617.5m

£X.Xm

2025

2024

2023

£617.5m

+2.9% (+4.8% constant currency)

Growth in adjusted operating profit

455.0p

470.2p

XXX.Xp

2025

2024

2023

470.2p

+3.3% (+5.2% constant currency)

Growth in adjusted earnings per share

DCC plc Annual Report and Accounts 202526

Key Performance Indicators

Description and Basis of Calculation

Cash generated from operations before

exceptional items and after net capital

expenditure.

Link to Strategy

Free cash flow represents the funds

available for reinvestment, acquisitions and

dividends, so maintaining a high level of free

cash flow is key to maintaining a strong,

liquid balance sheet.

2025 Comment

The Group’s free cash flow amounted to

£588.8 million versus £681.1 million in the prior

year, representing an 84% conversion of

adjusted operating profit into free cash flow.

This strong result, when taken with the

excellent 100% conversion in the prior year,

reflects 92% cumulatively across both

periods.

Following a very strong working capital

performance in the prior year, working

capital increased, as anticipated, by

£93.7 million (2024: £56.6 million decrease).

Net capital expenditure amounted to

£169.1 million for the year. The level of net

capital expenditure reflects continued

investment in organic initiatives across the

Energy business, supporting its continued

growth and development.

Outlook and Aims

Cash generation and working capital

management will remain a key focus of

the Group.

Description and Basis of Calculation

Cash spent and acquisition-related

consideration committed during the year.

Committed acquisition expenditure is

presented on a continuing basis.

Link to Strategy

The Group constantly seeks to add

value-enhancing acquisitions in order to

provide shareholders with returns on capital

well in excess of our cost of capital.

2025 Comment

DCC continues to be active from a

development perspective, committing

approximately £154 million to eight new

acquisitions during the period.

DCC Energy has committed approximately

£100 million to seven new acquisitions which

support its Cleaner Energy in Your Power

strategy. The largest of these included the

acquisitions of Wirsol, Acteam and Cubo

whilst DCC Technology completed the

acquisition of MDM.

Outlook and Aims

The Group will continue to pursue attractive

opportunities in our traditional markets as

well as looking to extend our business into

selected new geographic markets. We

continue to pursue a strong pipeline of

opportunities, but acquisition targets must

meet our demanding criteria and we will

remain disciplined in our approach to

acquisition spend.

£681.1m

£588.8m

£XX.Xm

2025

2024

2023

£588.8m

Free cash flow

£489.6m

£153.5m

£XXX.Xm

2025

2024

2023

£153.5m

Committed acquisition expenditure

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 27

Non-financial KPIs are presented on a Group basis, including Energy, Technology and Healthcare divisions, unless otherwise stated.

NON-FINANCIAL KPIs

Description and Basis of Calculation

The Group’s carbon intensity metric is

calculated by dividing total Scope 3

emissions in a given period (as defined in

the Greenhouse Gas Criteria document

at www.dcc.ie) 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.

Carbon intensity emissions for 2025 are

presented on a like for like comparison

basis. The carbon intensity figure based

on updated emission factors is 74.4Δ for

2025. Please see Scope 3 Emissions Metrics

table on page 51 for more detail on our

approach.

Link to Strategy

The carbon intensity metric is one of the

key measures the Group uses to measure

progress in energy transition.

2025 Comment

The reduction in the carbon intensity of the

energy we sold was driven by increased

biogenic content in liquid fuels, a rise in the

sale of low and zero carbon fuels such as

HVO, and an increase in renewable energy

as part of the overall mix of energy sales.

Description and Basis of Calculation

Total Scope 1 and 2 (market basis) carbon

emissions expressed in kilotonnes (kts)

of CO

e. The figures for the current and

prior years have been presented using a

market basis.

Link to Strategy

The Group has put in place Scope 1 and 2

carbon reduction targets to achieve a 50%

reduction in emissions by 2030.

2025 Comment

Overall, there was a 4.4% decrease in

absolute carbon emissions. This decrease

was primarily driven by an increase in the

use of HVO in our HGV fleet and energy

efficiency measures across the Group.

Description and Basis of Calculation

Absolute Scope 3 emissions (Category

3 and 11 emissions) are the emissions

generated when customers use the energy

products sold by DCC Energy plus the

upstream well to tank emissions. The figures

s are expressed in millions of tons of CO

Link to Strategy

The Group has Scope 3 emission reduction

targets to achieve a 35% reduction by 2030.

2025 Comment

There has been a 2.6% reduction in

absolute scope 3 carbon emissions

reflecting an increase in renewable fuel

sales as a percentage of overall sales

volume.

*These Scope 3 figures are restated based on

updated emissions factors. Please see Scope

3 Emissions Metrics Table on page 51 for more

detail on our approach. Δ Refer to EY report

on page 255.

The Group employs non-financial KPIs to assess activities that

are important in conducting our operations responsibly and

achieving our strategic objective of building a sustainable

business which delivers long-term value to stakeholders.

2025

2024

2023

74.4

73.4

74.9

48.75

73.4

gCO

e/MJ

Scope 3 Carbon Intensity

Target: Ongoing Reduction

2025

2024

2023

38.9

37.9

0.0 25.5

37.9

mtCO

Scope 3 GHG Emissions*

Target:

35% Reduction

(2022 baseline)

2025

2024

2023

42.5

KtCO

Scope 1 & 2 GHG Emissions

Target:

50% Reduction

(2019 baseline)

CLIMATE CHANGE

Our goal is net zero

DCC plc Annual Report and Accounts 202528

Key Performance Indicators Continued

Description and Basis of Calculation

Measures overall employee engagement

incorporating employee satisfaction and

employee net promoter score among other

questions. In 2025, all of our colleagues

across our businesses were given the

opportunity to have their voices heard by

participating in the survey.

Link to Strategy

We strive to provide an employee

experience where everyone can feel

safe, valued and included, and where

every colleague can make their unique

contribution. We have a target of improving

and retaining our score above 80%

by 2030.

2025 Comment

We have again seen another year-on-year

increase in our employee engagement

score and are focused on action planning

to improve again next year.

Description and Basis of Calculation

Lost Time Injury Frequency Rate (‘LTIFR’)

measures the number of lost time incidents

per 200,000 hours worked.

Link to Strategy

The safety of our employees and the wider

community is one of our core values and

central to everything we do. A continually-

improving occupational and process safety

culture is a key element in this.

2025 Comment

We have achieved an LTIFR rate lower

than 1.0 for the past four years and in

FY25 we recorded an improvement in the

overall rate to 0.78. This reflects the overall

commitment to safety across the Group.

2025

2024

2023

0.89

0.78

0.97

58.75

0.78

Health & Safety LTIFR

Target: <1 Lost time incident

for every 200,000 hours

worked

2025

2024

2023

77%

79%

76%

0.0 51.3

79%

Employee Engagement Survey

Target:

Score > 80%

ZERO

Ethics & Integrity

Target: Highest Standards

External ESG Ratings

Target: Leadership Ratings

HEALTH & SAFETY

Our goal is no accidents

OUR PEOPLE

Our goal is to provide a vibrant

and innovative place to work

BUSINESS CONDUCT

Our goal is to operate

in accordance with the

highest standards

Incidents of Bribery & Corruption

Material Data Privacy Breaches

2025 Comment

We maintained high standards of

corporate governance, with full compliance

with the UK Corporate Governance Code.

CDP Score

Top rated

Sustainalytics ESG Performer

MSCI ‘AAA’

Rated

2025 Comment

In the year under review, DCC’s B rating by

CDP was maintained. We were awarded

‘Top rated’ ESG performer by Sustainalytics

and one of ‘Europe’s Climate Leaders’ by

the Financial Times.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 29

DCC plc Annual Report and Accounts 202530

“ DCC will retain a very strong

balance sheet which, combined

with our strong cash generation,

provides DCC with the financial

strength to continue to pursue

our growth opportunity in energy.”

KEVIN LUCEY

CHIEF FINANCIAL OFFICER

STRATEGIC PROGRESS

TO FOCUS ON ENERGY

Financial Review

This year has seen a very significant change in the strategic

direction of DCC. While for many years we have operated as

a diversified group, having operated as one since our listing in

1994, we have made the decision to pursue our largest growth

and returns opportunity in energy.

The agreed sale of DCC Healthcare post year-end has had

a material impact on how we present the financial statements

for the year ended 31 March 2025. Both DCC Healthcare, and

our exit of a smaller component of DCC Technology, are

presented as discontinued operations. The related assets

and liabilities are presented on the balance sheet as ‘held

for sale’. The sale of DCC Healthcare, for an enterprise value

of £1.05 billion, is a very material transaction for the Group.

It followed an extensive and wide ranging sale process, that

concluded in April 2025. The significant cash proceeds are

likely to be received during the summer of 2025. We will

ensure, as always, that the balance sheet of DCC remains

strong, but we also intend on returning a significant

proportion, £800 million, of the proceeds back to

shareholders. Despite the significant return, DCC will retain

a very strong balance sheet which, combined with our strong

cash generation, provides DCC with the financial strength

to continue to pursue our growth opportunity in energy.

Among the other highlights of the year was another year of

strong operating growth in DCC Energy. After a very strong

organic growth performance last year, it was very pleasing

to see the division continue to grow organically this year. In

addition, we benefited materially from the acquisition activity

in the prior and current year and this accounted for the

majority of the 8.5% constant currency growth in DCC Energy.

This growth was net of the reduction in profits associated

with the sale of our liquid gas business in Hong Kong & Macau.

We had a material FX translation headwind across the Group

during the year due to the strengthening of sterling.

DCC Technology had a difficult year, due to the adverse

market conditions that prevailed during the year. Consumer

and business confidence in Europe was particularly weak

and this influenced demand across the Info Tech business.

We also saw some weakness for consumer products in the

Life Tech segment in North America. However, our Pro Tech

operations in North America continued to perform well and

we continued to take market share. In DCC Technology we

recognised an impairment on the exit of our operations in

France and Iberia and also recognised a non-cash

impairment in our Info Tech operations in the UK due to the

low returns on capital being generated by the business and

the difficult market conditions slowing their recovery.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 31

Income statement review

Group revenue

Group revenue decreased by 4.5% (2.7% on a constant

currency basis) to £18.0 billion, due to lower revenue in DCC

Energy where average commodity prices were lower.

DCC Energy sold 15.2 billion litres of product, in line with the

prior year (+0.1%). Volumes in Solutions increased by +2.3%,

despite the headwind of mild weather conditions. This was

offset by a decline in Mobility volumes of 5.1%. This reduction

was largely driven by an anticipated reduction in volumes

in Denmark, where a lower margin contract for 56 sites

expired. Revenue in DCC Energy was £13.4 billion, a

decrease of 6.0% (4.1% on a constant currency basis). With

volumes flat on the prior year, the decrease in revenue was

due to the lower wholesale cost of energy commodities

during the year. Services revenue in DCC Energy increased

by 96.9% to £336.4 million, reflecting acquisition activity and

strong organic growth in France.

Revenue in DCC Technology was £4.6 billion, an increase

of 0.3% (1.7% on a constant currency basis) mainly driven

by revenue growth in Pro Tech. This offset revenue decline

in Info Tech where demand for consumer technology

products was weak.

Group adjusted operating profit

Group adjusted operating profit increased by 2.9% (4.8%

on a constant currency basis) to £617.5 million. Strong growth

in DCC Energy was partly offset by a more difficult trading

environment in DCC Technology. Organically, profits

increased by 1.8% in DCC Energy and declined by 15.8% in

DCC Technology. The impact on both DCC Energy and DCC

Technology continuing Group adjusted operating profit of

foreign exchange (FX) translation, M&A growth and organic

growth was as follows:

2025

translation M&A Organic

Total

growth

DCC Energy -2.0% +6.7% +1.8% +6.5%

DCC Technology -1.6% +1.7% -15.8% -15.7%

Total -1.9% +5.9% -1.1% +2.9%

Continuing operations

2025

£’000

Restated

2024

£’000 % change

Revenue 18,011 18,854 -4.5%

Adjusted operating profit

DCC Energy 535.5 503.0 +6.5%

DCC Technology 82.0 97.2 -15.7%

Group adjusted operating profit 617.5 600.2 +2.9%

Finance costs (net) and other (101.1) (102.4)

Profit before net exceptionals, amortisation of intangible assets and tax 516.4 497.8 +3.7%

Net exceptional charge before tax and non-controlling interests (40.1) (35.1)

Amortisation and impairment of intangible assets (181.4) (103.5)

Profit before tax 294.9 359.2 -17.9%

Tax (72.0) (71.7)

Profit after tax – continuing operations 222.9 287.5

(Loss)/profit after tax – discontinued operations

(1.7) 53.0

Total profit after tax 221.2 340.5

Non-controlling interests (14.7) (14.2)

Attributable profit 206.5 326.3

Adjusted earnings per share – continuing 402.3p 390.2p +3.1%

Total adjusted earnings per share 470.2p 455.0p +3.3%

1. Refer to Discontinued operations commentary on page 32

We have material operational and infrastructure efficiency

projects running in both the UK and North America to ensure

the businesses are best positioned as we review the strategic

options for the division.

The Group continued to generate strong cash flow during the

year, with free cash flow conversion of 84%. Following a very

strong prior year performance, of 100% conversion, we have

converted 92% of our operating profits into cash cumulatively

across both years.

We continued to prepare for the increased reporting required

under CSRD, which although now delayed for DCC and many

other companies, allowed us to significantly expand our

Sustainability Report this year. Our Sustainability performance

during the year continued to show progress. We again

reduced our Group Scope 1 and 2 emissions and Scope 3

carbon emissions in DCC Energy.

Following our achievement of a strong investment grade

public credit rating for the Group in the prior year, we

accessed the public debt market for the first time, raising

€500 million under our EMTN program. Together with our long

standing relationships with the private debt markets and the

support of our banking partners, the Group has substantial

liquidity and funding optionality into the future. We ended the

year in a strong financial position with a net debt to EBITDA

ratio of 0.9x.

The strategic and operational progress during the year

was delivered by our engaged teams around the Group,

who continue to go above and beyond to deliver for all of

our stakeholders. I’d particularly like to thank them for the

support they have provided to me in my five years as CFO

and I look forward to working with them in a different context

as I transition to COO during the summer.

2. All references are to continuing operations unless otherwise stated.

DCC plc Annual Report and Accounts 202532

Financial Review Continued

Adjusted operating profit

FY25 FY24 % change

Year ended 31 March

£’m

DCC Energy 182.6 352.9 535.5 170.6 332.3 502.9 +7.0% +6.2% +6.5%

DCC Technology

38.5 43.5 82.0 41.3 55.9 97.2

-6.8% -22.3% -15.7%

Group 221.1 396.4 617.5 211.9 388.2 600.1 +4.4% +2.1% +2.9%

1. Continuing, excluding net exceptionals and amortisation of intangible assets.

The net impact of currency translation in the current year

was a headwind of 1.9%, or £11.7 million, on the growth in

continuing adjusted operating profit. The headwind was

2.0% in DCC Energy and 1.6% in DCC Technology. This reflects

average sterling exchange rates strengthening against

most of the Group’s reporting currencies during the year.

Acquisitions completed in the current and prior year

contributed 5.9% of the continuing operating profit growth.

The material contribution came in DCC Energy from the

prior year acquisition of Progas and the current year

acquisition of Next Energy, offset somewhat by the disposal

of our liquid gas business in Hong Kong & Macau.

Further commentary on the trading performance of DCC

Energy and DCC Technology is included in the Business

Reviews on pages 14 to 25.

Discontinued operations

As announced on 22 April 2025, the Group entered into a

definitive agreement to dispose of the Healthcare division.

The disposal is expected to complete in the third quarter

of this calendar year. In addition, having decided earlier in

the year to exit or close the loss-making Exertis France

consumer product business and Exertis Iberia, DCC

Technology signed an exclusivity agreement for their sale

in April 2025. The transaction is expected to close within

three months, subject to regulatory approvals.

The conditions for the Healthcare division and Exertis

France & Iberia 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 and the

associated assets and liabilities are classified as assets

held for sale at the balance sheet date. The prior year

comparatives have been restated accordingly.

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/loss of

associated businesses, decreased modestly to £101.1 million

(2024: £102.4 million). At 31 March 2025 approximately 75% of

the Group’s gross debt is at fixed rates (2024: 60%).

Average net debt, excluding lease creditors, was £1.3 billion,

compared to an average net debt of £1.2 billion in the prior

year. Interest was covered 9.3 times by Group adjusted

operating profit before depreciation and amortisation

of intangible assets (2024: 8.9 times).

Profit before net exceptional items,

amortisation of intangible assets and tax

Profit before net exceptional items, amortisation of

intangible assets and tax increased by 3.7% to £516.4 million.

Net exceptional charge (including

impairments)

The Group incurred a net exceptional charge after tax of

£166.7 million (2024: net exceptional charge of £33.3 million)

as follows:

£’m

Restructuring and integration costs and other (37.0)

Acquisition and related costs (9.1)

Profit on disposal of subsidiary undertaking 3.3

Adjustments to contingent acquisition consideration 3.0

IAS 39 mark-to-market charge (0.3)

(40.1)

Impairment of goodwill (73.9)

Net exceptional items before tax – continuing (114.0)

Tax attaching to exceptional items 8.2

Net exceptional items after tax – continuing (105.8)

Net exceptional items after tax – discontinued (60.9)

Net exceptional charge (166.7)

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 33

Restructuring and integration costs and other of

£37.0 million mainly relates to the restructuring of operations

across a number of businesses and recent acquisitions.

The majority of the cost relates to the optimisation and

integration of operations in the Technology division in

respect of large projects in both the UK and the North

American businesses.

Acquisition and related costs include the professional fees

and tax costs relating to the evaluation and completion of

acquisition opportunities and amounted to £9.1 million.

During the year DCC Energy completed the sale of a

majority stake in its liquid gas business in Hong Kong &

Macau to an industrial group already operating in Hong

Kong. The transaction valued DCC’s business at an initial

enterprise value of c.US$150 million (c.£117 million), on a

debt-free, cash-free basis. With the two businesses being

merged post completion, DCC has retained a minority stake

in the combined business. The transaction resulted in a

modest profit on disposal of £3.3 million.

Adjustments to contingent acquisition consideration of

£3.0 million reflects movements in provisions associated with

the expected earn-out or other deferred arrangements that

arise through the Group’s corporate development activity.

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 2025, this amounted to an

exceptional non-cash charge of £0.3 million. The cumulative

net exceptional credit taken in respect of IAS 39

ineffectiveness is £0.2 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.

A non-cash goodwill impairment has been recognised with

respect to the UK component of DCC Technology’s Info

Tech segment. While trading in the business has improved in

recent years, the recovery to historic levels has taken longer

than anticipated. Given the longer recovery trajectory and

market conditions showing little signs of improving in the UK,

a non-cash impairment of £73.9 million was recognised.

The charge for net exceptional items on discontinued

operations primarily relates to the Exertis France consumer

product business and Exertis Iberia within the Info Tech

segment of DCC Technology. In April 2025 the Group

agreed to sell this business and the proceeds on disposal

are expected to give rise to a non-cash impairment loss of

approximately £52.2 million which has been recognised in

the current year. The balance of £8.7 million relates to

restructuring and costs of disposal for discontinued

operations.

Amortisation and impairment of

intangible assets

The charge for the amortisation and impairment of

acquisition-related intangible assets increased to

£181.4 million from £103.5 million in the prior year. £73.9 million

of the increase relates to a non-cash impairment of

goodwill in DCC Technology’s Info Tech segment described

above. The balance of £107.5 million relates to amortisation

of intangible assets, with the increase on the prior year

reflecting acquisitions completed in the prior and current

year.

Profit before tax

Profit before tax decreased by 17.9%, on a continuing basis,

to £294.9 million.

Taxation

The effective tax rate for the Group increased as expected

to 20.3% (2024: 19.7%). 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.

Adjusted earnings per share

Adjusted earnings per share (continuing operations)

increased by 3.1% (+5.0% on a constant currency basis) to

402.3 pence, broadly in line with the operating profit growth.

Dividend

The Board is proposing a 5.0% increase in the final dividend

to 140.21 pence per share, which, when added to the interim

dividend of 66.19 pence per share, gives a total dividend for

the year of 206.40 pence per share. This represents a 5.0%

increase over the total prior year dividend of 196.57 pence

per share. The dividend is covered 2.3 times by adjusted

earnings per share (2024: 2.3 times). It is proposed to pay

the final dividend on 17 July 2025 to shareholders on the

Over its 31 years as a listed company, DCC has an unbroken

record of dividend growth at a compound annual rate of 12.9%.

DCC plc Annual Report and Accounts 202534

Financial Review Continued

Cash flow and capital deployment

Free cash flow generation and conversion

The Group’s free cash flow amounted to £588.8 million

versus £681.1 million in the prior year, representing an 84%

conversion of adjusted operating profit into free cash flow.

This strong result, when taken with the excellent 100%

conversion in the prior year, reflects 92% cumulatively

across both periods.

Working capital

As anticipated, working capital increased relative to prior

year. Following a very strong working capital performance

in the prior year, working capital increased by £93.7 million

(2024: £56.6 million decrease). The outflow was predominantly

driven by higher working capital requirements in DCC Energy,

where the lower oil price had a negative impact on the

absolute value of working capital, given the negative working

capital operating model across our product sales in both

Mobility and Solutions. Working capital also increased in DCC

Technology, where the relatively weak market over Christmas

and the holiday gifting season for consumer products

impacted retailer demand and resulted in the seasonal

unwind of working capital taking longer than typical to

realise.

The absolute value of working capital in the Group at

31 March 2025 was £313.5 million. Overall working capital

days were 5.7 days sales, compared to 4.0 days sales in

the prior year.

DCC Technology selectively uses supply chain financing

solutions to sell, on a non-recourse basis, a portion of its

receivables relating to certain higher volume supply chain/

sales and marketing activities in our UK Info Tech business.

The level of supply chain financing at 31 March 2025

increased modestly to £156.0 million (2024: £145.4 million),

reflecting a more efficient use of the facility. Supply chain

financing had a positive impact on Group working capital

days of 2.8 days (31 March 2024: 2.5 days).

Net capital expenditure

Net capital expenditure amounted to £169.1 million for the

year (2024: £221.0 million) and was net of disposal proceeds

(£44.8 million) and government grants received (£0.3 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 £166.5 million (excluding right-of-use

leased assets) in the period by £2.6 million.

Capital expenditure in DCC Energy primarily comprised

expenditure on tanks, cylinders and installations within

Solutions with a continued focus on supporting new and

existing liquid gas customers. In Mobility, there was

continued investment to maintain our retail sites in the

Nordics and France and upgrades across the business,

including adding further lower emission product capability,

electric vehicle fast charging and related forecourt services.

In DCC Technology, capital expenditure focused on

continued enterprise resource planning investment in North

America and Europe and was net of the sale of a premises

in North America as part of the ongoing optimisation of our

operational infrastructure. DCC Technology will continue to

focus on optimising the capital base of the business in the

coming year.

2025

£’m

2024

£’m

DCC Energy 159.5 177.6

DCC Technology (11.9) 8.8

Net capital expenditure – continuing 147.6 186.4

Net capital expenditure – discontinued 21.5 34.6

Total 169.1 221.0

Year ended 31 March

2025

£’m

2024

£’m

Group adjusted operating profit 703.6 682.8

(Increase)/decrease in working capital (93.7) 56.6

Depreciation (excluding ROU leased assets) and other 159.5 173.6

Operating cash flow (pre add-back for depreciation on ROU leased assets) 769.4 913.0

Capital expenditure (net) (169.1) (221.0)

600.3 692.0

Depreciation on ROU leased assets 87.4 82.8

Repayment of lease creditors (98.9) (93.7)

Free cash flow 588.8 681.1

Interest and tax paid, net of dividend from equity accounted investments (194.0) (214.8)

Free cash flow (after interest and tax) 394.8 466.3

Acquisitions (242.5) (338.5)

Disposal of subsidary 61.4 –

Dividends (206.7) (189.1)

Exceptional items (55.8) (13.3)

Share issues – 0.2

Net outflow (48.8) (74.4)

Opening net debt (1,147.1) (1,113.9)

Translation and other 43.8 41.2

Closing net debt (including lease creditors) (1,152.1) (1,147.1)

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 35

Impact of Climate Risk on Investment

Decisions

DCC has a clear framework for capital allocation, which

is directly aligned with our strategy and our assessment of

climate-related risks and opportunities. More detail on our

strategy is set out in the Strategy section on page 10 and

the DCC Energy Business Review on page 14. More detail

on our assessment of physical and transitional climate risks,

which we updated during the year under review, is

contained in the Sustainability Review on page 39.

Individual capital investment decisions that are made

over the course of each year take place within this decision

framework, with each investment subject to specific review

and assessment by senior management or the Board.

Total cash spend on acquisitions for the year

ended 31 March 2025

The total cash spend on acquisitions in the year was

£242.5 million, including deferred and contingent acquisition

consideration previously provided of £75.2 million. The

remaining spend of £167.3 million primarily reflects

acquisitions committed to and completed during the

current year, and includes the completion of the acquisition

of Next Energy, Secundo Photovoltaik and Copropriétés

Diagnostic in DCC Energy which were announced in the

prior year Results Announcement in May 2024.

Committed acquisitions

– continuing operations

DCC has committed £115.3 million to new acquisitions since

the prior year Results Announcement.

Committed acquisitions – continuing

2025

£’m

2024

£’m

DCC Energy 101.6 485.8

DCC Technology 13.7 3.8

Total 115.3 489.6

DCC continues to be active from a development

perspective, committing approximately £115 million to eight

new acquisitions during the period. Recent acquisition

activity of the Group includes:

DCC ENERGY

DCC Energy has committed approximately £100 million to

seven new acquisitions which support its Cleaner Energy

in Your Power strategy. In addition to some small bolt-on

acquisitions, DCC Energy has acquired:

• In July 2024, DCC Energy completed the acquisition of

WIRSOL Roof Solutions (‘Wirsol’) in Germany. Wirsol has

been providing high quality solar photovoltaic (PV) and

battery storage solutions for more than 20 years. Based

in Waghäusel, Germany, the business employs 120 people

and has planned and installed over 16,000 solar systems

for commercial and private customers throughout

Germany. Following the recent acquisition of Progas in

the liquid gas market, Wirsol provides a platform to now

develop our Energy Services offering in the German energy

market—the largest in Europe.

• In July 2024, DCC Energy completed the acquisition of

Cubo, a fleet telematics business providing integrated

telematics & communication solutions in the UK & Ireland.

The complementary acquisition provides additional digital

solutions to our fleet service customers.

• DCC Energy acquired Acteam ENR (‘Acteam’) in September

2024, a French solar PV business based in Toulouse.

Acteam provides project development, engineering,

project management along with construction support and

supervision services for commercial solar PV projects. The

acquisition is geographically complementary to our

Wewise French business and will enable us to develop our

energy management services capability in the south of

France.

Performance Metrics

2025 2024

Growth (continuing opearations):

DCC Energy adjusted operating profit growth (%) +6.5% +9.9%

DCC Technology adjusted operating profit growth (%) -15.7% -9.8%

Group adjusted operating profit growth (%) +2.9% +6.1%

Group adjusted operating profit growth (constant currency) (%) +4.8% +7.4%

Adjusted earnings per share growth (%) +3.1% +1.8%

Adjusted earnings per share growth (constant currency) (%) +4.9% +3.1%

Return:

Return on capital employed – excluding IFRS 16 (%) – continuing 15.3% 15.5%

Return on capital employed – including IFRS 16 (%) – continuing 14.4% 14.5%

Operating cash flow (£’m) 769.4 913.0

Free cash flow (£’m) 588.8 681.1

Conversion of adjusted operating profit to free cash flow (%) 84% 100%

Working capital days (days) 5.7 4.0

Debtor days (days) 38.2 38.1

Financial Strength/Liquidity/Financial Capacity for Development:

EBITDA: net interest (times) 9.3x 8.9x

Cash balances (net of overdrafts and short-term debt) (£’m) 1,033.7 740.7

Net debt – excluding lease creditors (£’m) (795.9) (784.7)

Net debt – including lease creditors (£’m) (1,152.1) (1,147.1)

Net debt (excluding lease creditors) as a % of total equity (%) 25.1% 24.7%

Net debt: EBITDA (times) 0.9x 0.9x

DCC plc Annual Report and Accounts 202536

Financial Review Continued

• In November 2024, DCC Energy completed the acquisition

of MG Habitat, a French energy services business providing

design, installation and maintenance services for solar

photovoltaic, heat-pumps and other energy installations.

• In November 2024, DCC Energy agreed to acquire Wex

Europe Services AS, the Norwegian branch of Wex Europe

Services. Wex Europe Services AS services both fleet and

truck commercial customers in the Norwegian market with

the Esso branded fuel card and is a complimentary

business to our existing service station portfolio in Norway.

The acquisition is expected to complete in the third quarter

of this calendar year.

DCC TECHNOLOGY

DCC Technology completed the acquisition of MDM

Commercial Inc, a distributor of hospitality and healthcare

professional AV equipment in the US. The business is

headquartered in Jacksonville, Florida with 40 employees.

Disposals

LIQUID GAS BUSINESS IN HONG KONG & MACAU

In July 2024, DCC Energy completed the profitable sale of a

majority stake in its liquid gas business in Hong Kong &

Macau to CITADEL Pacific Ltd, an Asian industrial group with

an existing and complementary business in the region. The

transaction valued DCC’s business at an initial enterprise

value of c.US$150 million (c.£117 million), on a debt-free,

cash-free basis and DCC retained a minority stake in the

combined business. The business represented DCC’s only

energy operation in Asia. Further details on the transaction

can be found in DCC’s stock exchange announcement of

11 July 2024.

STRATEGIC UPDATE: FOCUS ON ENERGY

Earlier this year we announced our intention to simplify DCC,

maximise shareholder value and accelerate the growth of

our energy business, the Group’s largest and highest-

returning division. That evolution is under way and we have

made the following divestments in line with our strategy:

DCC HEALTHCARE

In April 2025, DCC announced that we had entered into a

definitive agreement for the sale of DCC Healthcare to

HealthCo Investment Limited, an independently managed

investment subsidiary of funds managed and/or advised by

Investindustrial Advisors Limited. The proposed transaction

values DCC Healthcare at a total enterprise value of

£1,050 million on a cash-free, debt-free basis. The transaction

is subject to receipt of customary regulatory approvals and is

expected to complete in the third quarter of this calendar

year. Further details on the transaction can be found in our

stock exchange announcement of 22 April 2025.

EXERTIS FRANCE

Having made the decision to exit the Info Tech market in

France during the year, in April 2025, DCC Technology

signed an exclusivity agreement with We.Connect for the

sale of its unprofitable consumer products operations in

France and Iberia for a modest consideration. We.Connect

is a respected B2B distributor in France, founded in 2003

and listed on Euronext Growth. The transaction is expected

to close within three months, subject to regulatory approvals.

Return on capital employed

– continuing operations

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:

2025

excl.

IFRS 16

Restated

2024

excl.

IFRS 16

2025

incl.

IFRS 16

Restated

2024

incl.

IFRS 16

DCC Energy 18.5% 18.7% 17.3% 17.4%

DCC Technology 7.2% 8.3% 6.8% 7.8%

Group 15.3% 15.5% 14.4% 14.5%

The Group continued to generate strong returns on capital

employed, notwithstanding the substantial increase in the

scale of its Energy business in recent years. The modest

decrease in return on capital employed in DCC Energy

reflects the timing of the disposal of the business in Hong

Kong & Macau which occurred early in the current year.

Excluding the impact of sale of this business, returns in DCC

Energy were in line with the prior year. The Group’s returns

also reflect the organic decline in operating profit in DCC

Technology. We remain very focused on both reducing the

capital in DCC Technology and driving operational

improvements which we expect will see returns recover in

the coming years.

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 2025, the Group had

net debt (including lease creditors) of £1.2 billion, net debt

(excluding lease creditors) of £795.9 million, cash resources

(net of overdrafts) of £1.1 billion and total equity of £3.2 billion.

Key financial ratios 2025

Lender

covenants 2024

Net debt: EBITDA (times) 0.9x 3.5x 0.9x

EBITDA: net interest (times) 9.3x 3.0x 8.9x

Total equity (£'m) 3,168.3 425.0 3,183.0

Historically, the Group raised its term debt in the US private

placement market. During the year, the Group has

become an issuer for the first time in the public debt markets.

The Group’s term debt has an average maturity of 4.8 years.

The Group repaid £263 million of private placement debt in

May 2024 along with a further £25.5 million in September

2024 and £72.0 million in April 2025.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 37

KEVIN LUCEY

CHIEF FINANCIAL OFFICER

12 May 2025

Selected Sustainability Performance Metrics 2030 Target 2025 2024 % change

% change

vs. baseline

Scope 1 & 2 (market based)

(ktCO

e, Group, 2019 baseline)

50%

reduction

65 68 -4.4% -48%

Customer Scope 3 carbon emissions

(mtCO

e, DCC Energy, 2022 baseline)

35%

reduction

37.9 38.9 -2.6% -11%

Biogenic content of energy sold (GJ) 7.2% 6.7%

Health & Safety – Lost time Incident frequency rate

(LTIFR per 200k hours worked)

LTIFR <1 0.78 0.89

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 has built up a

robust and well diversified funding portfolio, with a balanced

maturity profile. DCC’s long-term banking partners, investors

and suppliers have always appreciated the strong credit

quality of the Company. In November 2023 S&P Global

Ratings issued a BBB rating and Fitch issued a BBB rating for

DCC in the first public credit rating opinions of the Company.

In June 2024 DCC established a Euro Medium Term Note

(‘EMTN’) programme and issued its inaugural public market

debt instrument, a benchmark €500 million seven-year senior

unsecured bond. The bond refinanced maturing private

placement debt.

Sustainability

DCC’s ambition remains to enable the growth and progress

of all our stakeholders, across our four sustainability pillars:

Climate Change and Energy Transition, Health and Safety,

People and Social, and Governance and Compliance.

The vast majority of the Group’s Scope 3 carbon emissions

derive from DCC’s sales of energy products to customers.

During the year, DCC set a scope 3 target to reduce

emissions by 35% by 2030 against a FY22 baseline. In the

year, DCC Energy reduced these emissions by 2.6%,

equating to a reduction of 1 million tons of CO

e, and

cumulatively 11% against the FY22 baseline. DCC lowered its

Scope 1 and 2 emissions by 4.4% and cumulatively by 48%

versus the 2019 baseline and just under the target to

reduce emissions by 50% by 2030.

Related to Scope 3, DCC Energy increased the renewable

content of energy products supplied to customers (in

Gigajoules, ‘GJ’) to 7.2%, up from 6.7% in 2024. Due to growth

in operating profit and the 2.6% reduction in Scope 3 carbon

emissions, the carbon intensity of DCC Energy’s operating

profit reduced by 8.5%. During the course of the year DCC

continued to invest strongly in energy services businesses

in order to support our customers with energy transition.

We committed c.£100 million during the year, building on

the £346 million committed last year.

The Group retained its B rating with CDP reflecting its

progress on emissions reduction and delivering on DCC’s

strategy. DCC also retained an AAA rating from MSCI,

remaining among the top 10% of peer companies.

DCC has invested significantly in sustainability reporting

and the associated control framework to deliver against

regulatory and wider stakeholder requirements. A number

of key projects and assessments were completed including

a double materiality assessment, biodiversity assessment

of own operations, climate physical and transition risk

assessment , and the rollout of new Group systems for

Health and Safety and Learning Management.

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 2025.

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 subject to review by the Group Internal

Audit function.

Further detail in relation to the Group’s financial risk

management and its derivative financial instrument position

is provided in note 5.7 to the financial statements.

Foreign Exchange Risk Management

DCC’s presentation currency is sterling. Exposures to other

currencies, principally euro and US dollar, arise in the course

of ordinary trading

A significant proportion of the Group’s profits is

denominated in currencies other than sterling.

Approximately 74% of the Group’s adjusted operating

profit for the year ended 31 March 2025 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 most relevant currencies during the year, including

the US dollar, a reversal of what was experienced in the

prior year. The net impact of currency translation in the

current year was a negative impact of £12.7 million in the

reported growth in total adjusted operating profit.

The Group has investments in non-sterling, primarily euro

and US dollar denominated, operations which are cash-

generative, and a significant proportion of the 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 loss of £43.7 million arising on the

translation of DCC’s non-sterling denominated net asset

position at 31 March 2025 as set out in the Group Statement

of Comprehensive Income mainly reflects the weakening in

the value of the euro and US dollar against sterling with the

impact of movements against other currencies largely

offsetting each other. 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 transacts with a variety of high credit-rated financial

institutions for the purpose of placing deposits and entering

into derivative contracts. The Group actively monitors its

credit exposure to each counterparty to ensure compliance

with limits approved by the Board.

Interest Rate Risk and Debt/Liquidity

Management

DCC maintains a strong balance sheet with long-term debt

funding and cash balances with deposit maturities up to

three months. In addition, the Group maintains both

committed and uncommitted credit lines with our

relationship banks and borrows at both fixed and floating

rates of interest. At 31 March 2025, 25% of the Group’s term

debt, including drawn committed credit lines, was at or

swapped to floating interest rates, using interest rate and

cross currency interest rate swaps which qualify for fair

value hedge accounting under IAS 39. The Group mitigates

interest rate risk on its borrowings by matching, to the extent

possible, the maturity of its cash balances with the interest

rate reset periods on the swaps related to its borrowings.

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.

DCC plc Annual Report and Accounts 202538

Financial Review Continued

SUSTAINABILITY

REVIEW

GENERAL DISCLOSURES

40 Creating Sustainable Value

42 Our Sustainability Framework

44 Revised Double Materiality

Assessment

46 Our Sustainability Performance

ENVIRONMENTAL

Climate Change

48 Introduction

48 Energy Strategy and Value Chain

50 Emissions Targets and

Performance

52 Energy Transition Plan

and Progress

54 Climate Risks

56 Energy Products and Services

57 Just Transition

Pollution

58 Introduction

58 Managing Pollution Controls

and Procedures

Biodiversity

60 Introduction

61 Managing Biodiversity Risk

SOCIAL

Own Workforce

62 Introduction

63 Our Workforce Characteristics

63 Engaging With Our People

64 Inclusion

64 Culture and Engagement

65 Working Conditions

65 Developing our Workforce

67 Community Support

Health and Safety

68 Safety in DCC

68 Performance in the Year

Workers in the Value Chain

70 Introduction

70 Our Supply Chain Policies

71 Third Party Management

GOVERNANCE

Business Conduct

72 Introduction

73 Supplier Relationship

Management

73 Anti-Bribery and Anti-Corruption

73 Political Influence and Lobbying

Activities

74 Cyber Security and IT

System Resilience

Supplementary Sustainability

Information

245 Double Materiality

Assessment Process

246 Sustainability Related Policies

247 Interests and Views of

Stakeholders

248 Additional GHG and Energy

Consumption Metrics

249 EU Taxonomy

250 TCFD

252 References Relevant to

EU Sustainability Reporting

Legislation

As an Irish company that is listed on a stock exchange

outside the European Union, DCC was due to first report in

line with the EU Corporate Sustainability Reporting Directive

(‘CSRD’) in 2026, in respect of our financial year commencing

1 April 2025. A good deal of work had been undertaken over

the course of the year, and reported on to the Board, to

prepare for that. The recent announcement by the EU

Commission on a proposed EU Sustainability Omnibus

Directive appears likely to move this reporting deadline to

2028, with adjusted reporting standards expected to issue

later this year.

Rather than waiting for the new Directive and standards

to come into effect, we have chosen to enhance our

sustainability reporting this year. We have structured our

sustainability disclosures using the European Sustainability

Reporting Standards (‘ESRS’) as a guide as we prepare to

comply with CSRD. However, the sustainability disclosures

are not compliant with CSRD for this year.

The non-financial KPIs are presented on a Group basis,

including Energy, Technology and Healthcare divisions,

unless otherwise stated.

DCC plc Annual Report and Accounts 2025 39

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 202540

Sustainability Review

CREATING

SUSTAINABLE VALUE

Sustainability is core to our strategy and underpins our

long-term commitment to responsible growth and value

creation. We recognise that integrating sustainable

practices into every aspect of our operations is essential

not only for environmental stewardship, but also for

maintaining stakeholder trust, driving innovation and

ensuring business resilience.

FOCUS ON ENERGY

TO DRIVE RETURNS

We aim to be a global leader in the sales, marketing and

distribution of energy products and services.

OUR ENERGY

STRATEGY

GROW

CUSTOMERS

By providing them with

essential energy products

SELL MORE

SERVICES

Across on-site energy

management and mobility

READ MORE • PAGES 10 TO 21

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 41

OUR PRODUCTS

AND SERVICES

OUR SUSTAINABILITY

PILLARS

CLIMATE

CHANGE

HEALTH AND

SAFETY

OUR PEOPLE

BUSINESS

CONDUCT

ENERGY

PRODUCTS

Liquid gas, liquid

fossil fuels, biofuels

and biogas, on-grid

gas and power

ENERGY

SERVICES

On-site solar, energy

systems and energy

efficiency solutions

MOBILITY

Service stations,

fleet payment,

digital parking and

telematic services

Challenges &

Opportunities

Strategic

Priorities

The world needs to transition to lower carbon forms

of energy. We are working to achieve net zero across

our Group. In particular, DCC Energy is reducing the

carbon in the energy it sells to its customers.

Our people drive trucks and operate machinery.

They work in energy facilities and warehouses. Some

of our products can be dangerous if not stored and

transported carefully. We are focused on keeping our

people and the communities where we operate safe

at all times.

DCC is a people business. Developing our people is

critical to our current and future success. We do this

by investing in training, actively developing careers

and building a supportive culture that values

inclusion and innovation. We also value the

relationships that we have with the many local

communities where we operate and that we serve.

Good governance and compliance with the laws

and ethical standards that apply to our activities are

fundamental to how we do business. We also

recognise the positive contribution to society that

can be made by working with suppliers and

customers who share our values.

DECARBONISING

OUR CUSTOMERS

CLIMATE

CHANGE

KEEPING OUR

PEOPLE SAFE

HEALTH

AND

SAFETY

REINFORCING

OUR STRONG

CULTURE

OUR

PEOPLE

ENSURING

STRONG

GOVERNANCE &

COMPLIANCE

BUSINESS

CONDUCT

ENVIRONMENTALGOVERNANCE SOCIAL

DCC plc Annual Report and Accounts 202542

Sustainability Review Continued

OUR SUSTAINABILITY

FRAMEWORK

We aim to enable the growth and progress of all our

stakeholders, in line with our Purpose. We are clear on the

best ways to achieve this and how to measure progress.

Objectives

SDGs

2030

Targets

Additional

Areas of Focus

50% reduction

Scope 1 and 2 GHG emissions

(2019 baseline)

LTIFR < 1

Lost Time Incident Rate

of <1 for every 200,000

hours worked

>80%

Engagement score

Ethics and

Integrity

Highest standards

BIODIVERSITY

CONSUMERS AND

END USERS

WORKERS IN THE

VALUE CHAIN

JUST TRANSITION

POLLUTION

Our goal is to reduce our

Scope 3 emissions to net

zero by 2050

We will decarbonise our

operations to net zero

by 2050 or sooner

Our goal is no accidents and

keeping our 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

35% reduction

Scope 3 GHG emissions

(2022 baseline)

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 43

DCC plc Annual Report and Accounts 202544

Sustainability Review Continued

REVISED DOUBLE

MATERIALITY ASSESSMENT

We completed a refresh of our Double Materiality

Assessment (‘DMA’) during the year. This exercise identified

and assessed our impacts on the environment and society

as well as the sustainability-related financial risks and

opportunities we face.

We completed the DMA in line with applicable European

Sustainability Reporting Standards (‘ESRS’). An overview of

the process we followed is set out on page 245.

In total, 33 IROs have been assessed as material, comprising

11 positive impacts, ten negative impacts, 11 risks, and one

opportunity.

Strategic Focus Areas

A number of topics were deemed material in our last double

materiality exercise and have been a core part of our

strategy and 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 pillars.

• 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.

New Material Topics

We identified a number of new material topics in this DMA

process:

• Biodiversity was deemed material from an upstream value

chain perspective because of the impact of the extraction

of raw materials.

• Pollution was deemed material from a financial

perspective, due to the potential impact of

non-compliance with environmental regulations and

related remediation costs.

• Consumers and End Users was deemed a material focus

area from a downstream perspective because of both the

risk and opportunity created by quality of communications

and customer service.

Out of Scope

Three topics, namely Water and Wastewater, Circular

Products and Services and Local Communities and

Economic Support, while recognised as important, were

deemed not material in terms of impact in our most recent

review.

Double Materiality Assessment Outputs

Double materiality considers both impact materiality (the entity’s impacts on people and the environment)

and financial materiality (sustainability matters that affect the entity financially). Nine topics were deemed

material, with six of these topics having ‘double materiality’, i.e. they have both material impacts and present

material financial risks or opportunities. The associated impacts, risks and opportunities (‘IROs’) relating to

each material topic are outlined on the next page.

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

Not Material

Material

Impact Materiality

Financial Materiality

Material

• Water and Wastewater

• Circular Products and Services

• Local Communities and Economic Support

• 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

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 45

Value Chain Time Horizon

Material Topic and

ESRS Reference

Impact Type

IRO

Type

IRO U O D ST MT LT

ENVIRONMENTAL

E1: CLIMATE

CHANGE

Risks

€

Climate transition risk

• • • • • •

€

Climate physical risk

• • • •

Opportunities

€

Acquisitions supporting transition opportunities

• • •

Impacts

P+

Increased use of renewable energy sources

• • • • • •

A-

Indirect emissions of customers

• • • •

P-

Failure to achieve carbon targets

• • • •

Just Transition

to Lower Carbon

Economy

Impacts

A+

Empowering society to act in reducing emissions

• • • • • •

P+

Social inclusion of consumers

• • • •

A- Secure employment

• • •

E2: Pollution

Risks

€

Pollution related regulations

• • • • • •

Impacts

P-

Pollution from improper waste disposal

• • •

P-

Air pollution from GHG emissions

• • • • •

E4: Biodiversity

Impacts

A-

Reliance on raw materials leading to land

degradation

• • • •

SOCIAL

OUR PEOPLE

S1: Own Workforce

Risks

€

Financial and reputational risk due to employee

health and safety incidents

• • • •

HEALTH

AND SAFETY

S1: Own Workforce

Impacts

P+

Culture and engagement

• • • •

P+

Work related rights

• • • • • •

P+

Inclusion

• • • •

A- Employee health and safety accidents

• • • •

S2: Workers in

the Value Chain

Risks

€

Regulatory risk

• • • •

Impacts

P-

Human rights

• • • •

P+

Supply chain transparency

• • • • • •

P-

Health and safety

• • • • •

S4: Consumers

and End Users

Risks

€

Consumer health and safety

• • •

€

Reputational risk relating to irresponsible

messaging

• • •

Opportunities

€

Customer service

• • •

Impacts

P+

Consumer health and safety

• • •

A+

Access to quality information in product

marketing

• • •

GOVERNANCE

G1: BUSINESS

CONDUCT

Risks

€

Corruption and bribery

• • • • •

€

Regulatory risk

• • • • •

€

IT system failure risk

• • • • • •

Impacts

P-

Consumer privacy and data protection

• • • • • •

P+

Corporate governance

• • • •

A+

Whistleblowing

• • • • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

1. This is a new material topic which is not addressed in this report and will be covered in future reporting.

Our Material Impacts, Risks and Opportunities (IROs)

DCC plc Annual Report and Accounts 202546

Sustainability Review Continued

Strategic

Priorities 2030 Targets Key Performance Indicators 2025 2024 %

CLIMATE

CHANGE

50% reduction

Scope 1 and 2 GHG

emissions (2019 baseline)

Scope 1 GHG emissions (1,000 tCO

e) 64

67 -4.5

Scope 2 GHG emissions market-based

(1,000 tCO

1 0

35% reduction

Scope 3 GHG emissions

(2022 baseline)

Scope 3 GHG emissions

(million tCO

e) 37.9

38.9 -2.6

Cumulative Scope 3 GHG emissions

reduction since 2022 baseline

11% 8%

Carbon intensity (gCO

e/MJ)

73.4 74.4

Biogenic content (% biogenic content of

energy sold)

7. 2% 6.7%

Capital committed to new Energy

Services businesses

£100m £346m

HEALTH AND

SAFETY

LTIFR <1

Lost Time Incident Rate

of <1 for every 200,000

hours worked

Total recordable injuries per 200,000

working hours (‘TRIR’)

1.27 1.16

Lost time injuries per 200,000 working

hours (‘LTIFR’)

0.78 0.89

Lost time injury severity rate (‘LTISR’) 23 days 29 days

OUR

PEOPLE

>80%

Employee

Engagement Score

Employee Engagement Survey results 79% 77%

Employees at the end of the period

(‘FTEs’)

16,777 16,649

BUSINESS

CONDUCT

Ethics & Integrity

Highest standards

Code of Conduct training by employees

7,736

7,9 79

Number of convictions for violation of

anti-corruption and anti-bribery laws

0 0

Political contributions

0 0

Material data privacy breaches

0 0

1. These Scope 3 figures are based on updated emissions factors. Please see Scope 3 Emissions Metrics table and GHG emissions targets

table on page 51 for more detail on our approach.

2. Carbon intensity and biogenic emissions for 2025 are presented on a like-for-like comparison basis. Carbon intensity and % biogenic figures based

on updated emission factors are 74.4Δ and 7.1%Δ for 2025. Please see Scope 3 Emissions Metrics table on page 51 for more detail on our approach.

3. Employees are required to refresh Code of Conduct training every 24 months.

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

5. These are defined as breaches that result in a significant regulatory sanction or financial penalty.

OUR SUSTAINABILITY

PERFORMANCE

We made further progress in our journey

towards a more sustainable future during

the year under review.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 47

Additional Areas of Focus 2025 2024

JUST TRANSITION

We have a significant opportunity to positively impact our

customers with our efforts to make decarbonisation more

accessible. Our strategy is focused on simplifying the

transition process and providing affordable energy

solutions for processes, heating and transport. We can

also lead the transition for off-grid homes, making

decarbonisation simple and affordable. We do this

through our range of transition solutions and supports for

vulnerable customers. More information on this is set out

on page 57.

POLLUTION

Number of spills requiring remediation 2 0

Number of spills per 10,000 deliveries 3.7 3.1

BIODIVERSITY

We have undertaken an exercise to identify our sites that

are in close proximity to Key Biodiversity Areas (‘KBAs’) and

our sites that have a heightened potential of biodiversity

related risk. More information on this is set out on page 60.

WORKERS IN THE

VALUE CHAIN

We have robust third-party management processes in

operation across the Group that are audited as part of our

compliance reviews on an ongoing basis.

During 2024, we invested in a new system to help in the

assessment of our suppliers’ sustainability credentials.

ESG RATINGS

MSCI AAA AAA

Sustainalytics Med Low

CDP B B

DCC plc Annual Report and Accounts 202548

Sustainability Review Continued

Introduction

Reaching net zero greenhouse gas emissions is essential for

a sustainable future. We will continue to decarbonise our

own operations and help our customers to do the same

where we can. In particular, we provide solutions to migrate

our customers’ homes and businesses to low-carbon energy

while ensuring their existing supplies are safe, reliable and

efficient.

Climate change and energy transition is core to our strategy,

and capturing the opportunities and managing the risks

from the transition to a low-carbon economy is fully

integrated within this (Please see pages 10 to 21 for more

detail on our strategy).

CDP REPORTING

In the year under review, our B rating by CDP for climate

change was maintained.

Material Impacts, Risks and Opportunities

As part of our DMA a number of climate related IROs were

identified.

The energy transition presents a significant financial

opportunity. We can grow our renewable energy, solar

panel installation, heat pump installation and energy

services businesses. The increased provision and use of

renewable energy products and services has a positive

impact on climate change. The shift away from fossil fuels

will result in a positive impact on the environment and

climate change.

Scope 3 emissions associated with our fossil fuel products

used by customers downstream in the value chain have a

negative impact on the environment and society. Transition

risk, caused by changing weather patterns and reduced

customer demand for heating fuels, could impact

profitability. Evolving regulatory requirements, carbon taxes

and energy efficiency standards also present a risk of

potential fines and penalties being imposed on businesses

that do not reduce emissions, as well as presenting the

potential for other legal consequences.

We understand and take very seriously the potential negative

impact on the environment and society of failing reach net

zero carbon emissions by 2050.

Reducing these emissions while continuing to meet our

customers’ needs for reliable and efficient forms of energy

is a core component of our energy strategy. The transition

risks and opportunities identified are addressed through

our Energy transition plan outlined on page 52.

We also identified the financial impact of acute physical risk

due to changing weather conditions caused by climate

change, which may affect raw material availability, 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 54.

Energy Strategy and Value Chain

Our strategy supports our customers with energy transition,

growing our business and reducing the carbon intensity of

liquid fuels through liquid gas, biofuel solutions and building

a scalable energy services business. Please see pages 10

to 21 for more details on our strategy. This strategy brings

decarbonisation closer for our customers. We intend to

reduce our Scope 3 emissions by 35% in 2030, from a

2022 baseline.

E1: CLIMATE CHANGE

CLIMATE CHANGE AND ENERGY TRANSITION: IMPACTS, RISKS AND OPPORTUNITIES

Value Chain Time Horizons

Impact Type

IRO

Type

IRO U O D ST MT LT

Risks

€

Climate transition risk

• • • • • •

€

Climate physical risk

• • • •

Opportunities

€

Acquisitions supporting transition opportunity

• • •

Impacts

P+

Increased use of renewable energy sources

• • • • • •

A-

Indirect emissions of customers

• • • •

P-

Failure to achieve carbon targets

• • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

ENVIRONMENTAL

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 49

Our business is focused on three key areas:

• Energy Products: we believe in liquid gas as an important

lower carbon transition fuel for many of our customers. It

enables an integrated approach to energy transition,

providing a cleaner and reliable option for customers who

cannot electrify. By supporting more customers with

essential and cleaner energy, we will grow our customer

base in liquid gas.

• Energy Services: We are consolidating fragmented solar

and energy services markets from our existing platforms

in core European markets. We are expanding our

offerings to provide complementary energy solutions,

empowering customers to take control of their power needs.

• Mobility: Our Mobility strategy brings secure, essential

and cleaner energy to our forecourt, fleet service and

fuel card customers, while growing new services and

maximising efficiency. Within our Retail networks, we have

been investing in EV charging capability and new site

formats focused on multi-fuel solutions. Our Mobility

services business is building more capabilities to advise

customers on the transition of their fleets.

Key Positive Impacts or Opportunities

Impact arising from the distribution of renewable energy

products

Impact on society through empowering people to play their part

in reducing emissions

Positive impact on employees due to the implementation of

effective working conditions

Equal treatment and opportunities for employees

Impact due to DCC’s focus on strong corporate governance

Opportunity to expand product demand through superior

customer service

Key Negative Impacts or Risks

Negative impact to the environment and society as a result of

Scope 3 emissions

Negative impact on the environment and society by failing to

achieve commitment to reach net zero carbon emissions

Pollution of air due to the combustion of fossil fuels during the

general use of motorised vehicles, trucks, non-road vehicles

Pollution of water and soil through the accidental release of

hazardous chemicals (e.g. spills, leakages, etc.) into soil and/or

water

Negative impact on biodiversity and ecosystems through

reliance on the extraction of natural resources

Negative impact on employees due to the occurrence of health

and safety accidents and incidents

Impact on child labour, forced labour and working conditions

through possible human rights infringements

OUR VALUE CHAIN: ENERGY

1 2

ENERGY

SERVICES

RESOURCE

EXTRACTION

AND PROCESSING

WASTE

FEEDSTOCK

MANUFACTURING:

RENEWABLE

ENERGY EQUIPMENT

WAREHOUSING

EV ENERGY

MOBILITY

DOMESTICCOMMERCIAL

& INDUSTRIAL

FLEET

MANAGEMENT

MOBILITY

HUBS

OIL HEATING

LIQUID GAS HEATING

BIOFUELS

INSTALLATION

EXPANDING

CENTRAL

ENERGY

CAPABILITIES

SUPPLIER

MANAGEMENT

DISTRIBUTION

STORAGE (TERMINAL)

DCC BUSINESSES

UPSTREAM

LOGISTICS

LIQUID GAS, LIQUID

FUELS, BIOFUELS

PRODUCTION

WORKERS IN

THE VALUE CHAIN

4 6

1 3

4 3

2 1

3 4 6

STORAGE AND FILLING

FORECOURTS

REFINERY

(BIO/NON-BIO)

Energy Services

Energy Products

Mobility

UPSTREAM OWN OPERATIONS DOWNSTREAM

DCC ActivitiesNon-DCC Activities

DCC plc Annual Report and Accounts 202550

Sustainability Review Continued

Emissions Targets and Performance

Scope 1 and 2 Emissions Targets

and Performance

We used 1.6 million gigajoules of energy this year, which was

a 5% increase over the prior year. This limited increase

reflects a mix of new acquisitions and underlying business

activity. Over time we expect energy efficiency initiatives,

including improved logistics efficiencies and the use of

energy management controls and systems to reduce our

energy use.

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

based) emissions reduced by 4% against the prior year, and

overall we have achieved a 48%

reduction against our 2019

baseline: just under our target of a 50% reduction by 2030.

The key drivers of this reduction have been increased use of

HVO across our businesses, renewable electricity contracts

and general improvements in energy efficiency.

Over 97% of all electricity procured (see chart below) by our

businesses is now from renewable sources or matched with

Renewable Energy Certificates (‘RECs’) in the US. Scope 2

emissions (using the GHG Protocol market-based approach)

are below 1,000 tonnes per annum. DCC businesses

generated 3 million kWhs of electricity from installed

renewable energy capacity as part of our own operations in

the year to 31 March 2025.

Scope 2 emissions, using the location-based approach,

which uses the grid average emission factors in each

jurisdiction, was 20 ktCO

GHG EMISSIONS INVENTORY

Unit 2019 2020 2021 2022 2023 2024 2025

Scope 1 GHG emissions

Gross Scope 1 GHG emissions ktCO

e 78 78 77 84 77 67 64

Scope 2 GHG emissions

Gross market-based Scope 2 GHG emissions ktCO

e 16 16 14 2 1 1 1

Gross location-based Scope 2 GHG emissions ktCO

e 16 16 19 20 19 21 20

Significant Scope 3 GHG emissions (based on previously reported emissions factors)

Total Gross indirect Scope 3 GHG emissions MtCO

41.5 3 9. 8 35.9 41.2 3 9. 1 37.9 36.9*

3. Fuel and energy-related activities

(not included in Scope 1 or Scope 2)

MtCO

e NR NR NR NR NR NR 6.4

11. Use of sold products MtCO

e NR NR NR NR NR NR 30.5

Total Scope 3 GHG Emissions

(updated emissions factors)

42.5 40.8 36.9 42.4 40.3 38.9 3 7.9

Total GHG emissions

Total GHG emissions (market-based) MtCO

41.6 3 9.9 36.0 41.3 3 9. 2 38.0 3 7.0*

Total GHG emissions (location-based) MtCO

41.6 3 9.9 36.0 41.3 3 9. 2 38.0 3 7.0*

* The 2025 figure presented is based on historically consistent emissions factors. The Scope 3 figures based on updated emissions factors are also

included in the table for comparison

Δ Refer to EY report on page 255.

140

120

100

FY19

Baseline Year

Scope 2

Switch to Renewable Electricity

Scope 1

Diesel to HVO Switch

FY25

Current Year

Scope 1

Diesel Blend Rate Efficiency

Scope 1

Energy Efficiency Initiatives

Scope 1

Kerosene Heating Reduction

125

-21

Scope 1 and 2 Emissions Reductions (ktCO2e)

-24

-3

-12

-1

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 51

Energy Scope 3 Targets and Performance

We have undertaken extensive work on benchmarking and

measuring Scope 3 emissions over the last number of years.

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.

Building on previous work and our energy transition strategy,

we have 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 have been reviewed and

approved by the Board and are considered to be both

science-based* and compatible with a 1.5-degree climate

pathway, as demonstrated by the International Energy

Agency Net Zero Emissions by 2050 Scenario (‘IEA Net Zero

2050’), in the diagram below.

* The targets have not been externally validated by the SBTi, but have

been benchmarked against both IPCC and IEA net zero scenarios

that are based on climate science

External Decarbonisation Scenarios

Emissions in 2020 indexed to 100

IEA Net Zero 2050

(Global)

IEA Announced

Pledges (Global)

IPCC (Global)

IEA Stated Policies

(Global)

DCC stated targets

100

110

120

130

2020 2025 2030 2035 2040 2045 2050

-35%

Net Zero

-38%

-62%

-81%

-93%

Indicative range

for Paris Aligned

pathway

-11%

100%

GHG EMISSIONS TARGETS

Baseline

Year

Baseline

Emissions

Target

Year

Target

Reduction

2025

Reduction

vs Baseline

Net Zero

Target

Year

DCC Group own operations emissions

Scope 1 and 2 GHG emission reduction (ktCO

e) 2019 125 2030 50% 48%

2050

Energy customer emissions

Scope 3 GHG emission reduction (MtCO

e) 2022 42.4 2035 35% 11% 2050

Reporting Principles Baseline: Our Scope 3 target is from an updated baseline of FY22 within three years of the reported period. 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. DCC is using the industry best

practice guideline of 5% guiding principle when considering if acquisitions or divestments should lead to an update to the baseline or targets. In addition, we

have updated the FY22 baseline to take into account the latest updates to the GHG Protocol and other emissions factors. Due to changes in density conversion

factors for fuel types such as diesel, these emission factor updates have had a material impact on DCC’s Scope 3 emissions. Going forward, the baseline and

targets will be reviewed by management on a periodic basis to ensure that the baseline and targets remain appropriate and representative of the business.

SCOPE 3 EMISSIONS METRICS

Unit 2022 2023 2024 2025

YOY %

change

DCC Energy Scope 3 metrics

Scope 3 GHG emissions

MtCO

41.2 3 9. 1 3 7.9 36.9 -2.6%

Scope 3 GHG emissions

(updated emissions factors*)

MtCO

42.4 40.3 38.9 3 7.9

-2.6%

Carbon intensity**

gCO

e/MJ

76.4 74.9 74.4 73.4

Biogenic content**

% biogenic content of energy soId

4.0% 5.7% 6.7% 7. 2%

Reporting Principles Emissions Factors: Δ Refer to EY report on page 255. *We have included additional data points for Scope 3 emissions and for carbon

intensity to take into account the latest updates to the GHG Protocol and other emissions factors. Due to changes in density conversion factors for fuel

types such as diesel, these updates have had a material impact on DCCs Scope 3 emissions. We have therefore presented the additional figures to allow

for like for like comparison. **Carbon intensity and biogenic content based on updated emissions factors are 74.4

& 7.1%

for 2025.

Note: Description and basis of calculation: The Group’s carbon intensity metric is calculated by dividing total Scope 3 emissions in a given period (as defined

in the Greenhouse Gas Criteria document at https://www.dcc.ie/ 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.

DCC plc Annual Report and Accounts 202552

Sustainability Review Continued

Energy Transition Plan and Progress

We have a clear plan to deliver on our targets. This includes

a reduction in demand for fossil fuels as the availability and

use of lower carbon products increases and the

electrification of our customers’ heating systems. These

levers are outlined in more detail below. We have also

accounted for some growth in liquid gas which we see as

an important transition fuel.

Since 2022 a reduction of 11% or 4.5 MtCO

e (-3.5 Mt from

FY22-24) has been achieved across the key levers including

general fossil fuel volume declines, increasing sales of

biofuels and reduced demand from higher carbon products,

such as heavy fuel oil.

We remain committed to doubling our profits from Energy

by 2030. See page 13 for more detail on the updated DCC

Energy profit bridge. The model factors in the expected

growth in the business over the period to 2030.

FY22 FY24

Biofuels

Acquired

Growth

in the

Liquid Gas

Sector

High

Grading

of Product

Portfolio Mix

Fossil

Volume

Decline

Market

Decline

Stated

Policies

Pathway

FY30 Target

42.4

-3.5

38.9

2.7

-3.7

-4.6

-3.5

-2.2

2 7. 6

Energy Scope 3 Target: Key Levers, FY22 – FY30, MtCO

35%

Key Reduction Lever

Total Carbon

Reduction by

FY30 (MtCO

e) Description

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

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

High grading of product portfolio mix (3.5) • Review of product portfolio to identify high grading

opportunities

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 an IEA ‘Stated Policies’ pathway

Acquired growth in the liquid gas sector 2.7 • Expand offering in distribution of lower-carbon liquid gas

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 53

In 2022 we announced a significant change to our

organisational structure, establishing DCC Energy, focused

on helping our customers through the energy transition. As

part of this we have developed a range of activities

including solar, residential and commercial retrofits and

broader energy services.

In 2024 we announced that the Group would concentrate

its activities on the energy sector, in order to capture the

significant opportunity from the energy transition.

Since May 2022, we have cumulatively deployed

£446 million of capital in line with our energy strategy.

In our markets, we continue to build a more integrated

offering to provide customers with a range of transition

solutions. In 2024 we launched our umbrella brand ‘Wewise’

in France to highlight our nationwide offering for French

commercial and industrial customers – a sector where we

have built a market leadership position.

We continue to invest in and adopt partnerships with a

number of leading providers of biofuels, including SHV

Energy to drive the production of renewable liquid gas and

rDME at scale across Europe.

Stakeholder Engagement

We engage with multiple stakeholders, working on behalf

of customers to identify opportunities to reduce emissions

across the value chain. DCC, as an experienced

consolidator, is well positioned to engage across a

significant portion of the fragmented solar and energy

services value chain.

By engaging with investors, customers, value chain partners,

regulators, civil society and our employees, we will help to

decarbonise our value chain:

• Provide carbon reduction products and services for all of

our customers.

• Develop and market attractive products and services for

our customers.

• Partner with first movers to help achieve scale.

• Participate in projects to accelerate biofuels and

renewables.

• Maintain a watching brief on emerging technologies.

• Engage with industry and policy makers to advocate for

regulatory and policy supports.

May

May 2022 May 2023 May 2024Jan 2024 Mar 2025

FY22 results FY23 results FY24 resultsEuropean

brand launch

Solar

financing

launch

Jul Dec Jun Oct

Nov Feb Jul Aug Sep Nov Feb Apr Jul Sep

SINCE ANNOUNCING OUR LEADING WITH ENERGY STRATEGY IN MAY 2022,

WE HAVE ACCELERATED THE PACE OF OUR ENERGY SERVICES ACQUISITIONS

1. ENTERING

ON-SITE SOLAR

2. EXPANSION INTO ENERGY SERVICES

3. ACCELERATION

OF ON-SITE SOLAR

4. ACCELERATION

DCC plc Annual Report and Accounts 202554

Sustainability Review Continued

Climate Risks

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, and assess our level of

resilience to be robust.

Climate risks and opportunities are assessed and managed

as a fundamental part of our governance and business

management processes. Our DMA, outlined on page 44,

confirms climate physical and transition risk as key

considerations for us. 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. Within this framework, 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 activities. This analysis

informs the strategic choices we make regarding the future

development of the Group.

Climate Transition Risk

FINANCIAL IMPACT OF POLICY AND REGULATION RISK

Analysis has been completed to consider the key transition

risks and to quantify the level of potential financial impact

for our business to 2030. There are a range of transition risks

that can be considered including legal, policy and

regulation, technology, market, consumer and reputational.

We have a comprehensive energy transition strategy in

place to manage these risks and to capture the significant

opportunities from the long-term transition to a low carbon

economy. We have completed a deep dive on the potential

transition risk associated with policy and regulation through

to 2030 to quantify the potential impact.

There are a range of methodologies and approaches that

can be used to assess this policy and regulation transition

risk (see diagram below).

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.

EXPOSURE TO FOSSIL FUELS

Although we have a significant level of exposure to fossil

fuels, 63% of FY25 Energy revenues, there is a clear strategy

and energy transition plan in place to manage this. In

addition, over the last two years’ our exposure to low

carbon Energy Services has increased from 5% of energy

profits in financial year 2024 to 9% in financial year 2025.

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 re-

purposed for use with biofuels, including HVO.

CALCULATION METHODOLOGY OF FINANCIAL IMPACT OF

POLICY/REGULATION TRANSITION RISKS

DELTA IN

EMISSIONS

PASS

THROUGH

RATE

COST OF

CARBON

CREDITS

FINANCIAL

IMPACT OF

TRANSITION

RISKS

e emissions gap to

IEA Net Zero scenario

are calculated

Gap to IEA Net Zero

can be compensated

by Carbon credits/

Emissions Trading

Scheme (‘ETS’)

Resulting costs of

carbon can largely be

passed through to

customers.

Level of passthrough is

based on proprietary

research and modelling

Result corresponds to

the financial impact

of compensating

e emissions

above targets

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 55

DCC Group Climate Physical Risk Impact by IPCC Scenario

RCP

8.5

RCP

2.6

% operating cost impact

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Negative

scenario

Positive

scenario

Largely consistent

climate outcomes

until beyond 2040

1.2% by 2050

under RCP 8.5

2020 2030 2040 2050 2060 2070 2080 2090

IPCC Climate

Scenario 2020 2030 2040 2050 2090

Lowest (RCP 2.6)

Medium (RCP 4.5)

Highest (RCP 8.5)

Level of Risk (Low to High)

DCC Risk register RAG rating

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 (RCP 2.6) to significant changes involving

a c. 4°C increase (RCP 8.5).

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, physical climate risk does not currently

appear to be a material risk for our own operations.

The overall MAAL for the 100 sites is 1.2% by 2050 under the

most extreme climate scenario, rising to 3.6% by 2090 under

the same scenario. Indicatively, and based on 2024 asset

figures as a proxy, the financial impact could be in the

range of c. 1% of total Group property, plant and equipment

or a c. £10 million to £20 million annual impact by 2050.

Given the very 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.

Butagaz has completed an exercise to consider the impact

of climate risks and appropriate climate adaptations that

can be put in place to manage the impacts of climate

change on its activities. The analysis was consistent with

the Group exercise and identified the risk of extreme heat

at the Rognac site in Southern France as a key risk area.

Subsequently, the Butagaz management team developed

a detailed climate adaptation plan with options to address

the impacts of climate change in relevant areas.

Climate Physical Risk Assessment

Building on previous work, over the last year we completed

an exercise to significantly enhance our scope and

approach to assessing and managing physical climate risk

within our own operations. During 2025, we completed an

assessment, using a recognised third-party tool, to review

climate physical risk for 100 key operational sites.

The tool considers the latest 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

DCC ENERGY REVENUE FY25* (£BN)

Natural gas

£0.6bn

Liquid gas

£1.6bn

Oil

£8.4bn

Lower carbon

energy

products and

services

£2.7bn

*figures are subject to rounding and de minimis Electricity category is not split out

DCC plc Annual Report and Accounts 202556

Sustainability Review Continued

Energy Products and Services

We want to make energy transition accessible for our

customers. We support customers to reduce the carbon

intensity of their liquid fuels and transition to alternatives

where possible, e.g. heat pumps and battery storage.

REDUCING THE CARBON INTENSITY OF LIQUID FUELS

• We expect customers to require essential liquid fuels for

many years to come. Our product mix enables

decarbonisation by supporting customers to shift to lower

intensity hydrocarbons and leading in the biofuel products

we have available.

• Liquid gas is the least carbon intensive hydrocarbon

energy available to many of our customer segments and

plays a critical role as an immediate, scaled, cleaner

burning energy for customers who do not have the option

of grid connected natural gas. We are committed to

building credible transition pathways for liquid gas

customers.

• Our bio molecules product portfolio provides renewable

drop-in alternatives to liquid gas and fuels customers,

including HVO, rLPG, rDME, biomass and other bio

products.

BUILDING AN ENERGY SERVICES BUSINESS

• For those customers who are looking to transition from

liquid energy sources to hybrid or full electrification, we

are building a growing portfolio of electron-based

propositions.

• This includes solar and heat pump installation, battery

storage, back-up generators and Power Purchase

Agreements (‘PPAs’).

• We support customers to manage their overall energy

demand through energy efficiency measures, insulation,

energy advisory and demand management.

• We are also rolling out EV charge points at high traffic

mobility sites.

To further demonstrate this, we have developed an energy

product and service matrix that outlines our key activities.

ENERGY PRODUCT MATRIX BY BUSINESS SEGMENT – INDICATIVE

Energy Products Energy Services Mobility

Traditional

(>65 kgCO

e/GJ)

Lower carbon

(<=65 kgCO

e/GJ)

Services and

Renewables

(<=10kgCO

e/GJ)

Oil

LPG Natural

Gas

HVO HVO

Autogas

(LPG for

vehicles)

Road fuels

(Diesel,

Petrol)

rDME EV

Charging

Bio

propane

Bio CNG

E85

Electricity

(Renewable)

Convenience

retail

Biomethane

Solar

install

Energy

mgmt.

services

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 57

Empowering society to reduce emissions

We make a positive impact on society by enabling people

to reduce emissions; improving quality of living through

warmer, more insulated homes, self generating energy and

better air quality.

Enabling our customers to achieve net zero requires a deep

understanding of their energy needs. We expect customers

to require essential liquid fuels for many years to come. We

enable decarbonisation through shifting to lower intensity

hydrocarbons and leading in the biofuel products we have

available. In addition, efficiency and electrification are key

requirements for all of our B2B and B2C segments. We are

providing new offers for customers to navigate the shift to

electrification. See our Energy strategy on pages 10 to 21.

Social Inclusion of Customers*

We have a significant opportunity to positively impact our

customers with our efforts to make decarbonisation more

accessible, by simplifying the transition process and

providing competitive energy solutions for processes,

heating, and fleets. We can also lead the transition for

off-grid homes, making decarbonisation simple and

competitive.

• Range of transition solutions: Our ambition is to give all

customers the power to choose a cleaner energy future,

with inclusive and independent energy solutions.

• Vulnerable customers: We are conscious of our role in

ensuring that our customers have access to critical

heating fuels when they most need them. We have

implemented a priority delivery process in some of our

businesses for customers who are vulnerable due to their

age, location or health to ensure their needs are

addressed as a priority. We also have payment plan

option arrangements for financially-vulnerable customers

to agree a payment plan over a specific time period that

is workable for the customer.

For instance, Next Energy is a market-leading provider of

retrofit energy transition solutions with an emphasis on the

UK government funded market. The business supports

domestic customers to improve the energy ratings of their

houses. Next Energy has an addressable market of

c.16 million homes (more than half of the UK’s housing stock),

of which up to c.14.5 million have either full or partial funding

for retrofit. Services include installation of heat pumps,

heating controls, insulation, solar PV and batteries.

Secure Employment

Changes in the business model of companies in the fossil

fuel sectors could result in a potential negative impact on

jobs and economic prosperity in specific locations. However,

for DCC, as a distributor of fuels who is migrating customers

to lower emissions fuels using the same infrastructure, we do

not expect to realise this impact.

* Note: The related material topic Consumers and End Users is a new

material topic which is not addressed in this report and will be covered

in our future reporting.

JUST TRANSITION

JUST TRANSITION TO LOWER CARBON ECONOMY: IMPACTS, RISKS AND OPPORTUNITIES

Value Chain Time Horizons

Impact Type

IRO

Type

IRO U O D ST MT LT

Impacts

A+

Empowering society to act in reducing emissions

• • • • • •

P+

Social inclusion of consumers

• • • •

A- Secure employment

• • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

DCC plc Annual Report and Accounts 202558

Sustainability Review Continued

E2: POLLUTION

Introduction

DCC strives for zero harm to the environment and

communities in which we operate. The most material risk to

the environment in the communities where Group

businesses operate is the occurrence of a material

hydrocarbon spill. In contrast to liquid fuels, the loss of liquid

gas can present a significant safety risk but does not

typically damage the local environment. Operations in our

Healthcare and Technology divisions do not generate

material risks of local environmental damage.

Material Impacts, Risks and Opportunities

Given the nature of DCC’s business, there is a potential

negative impact on the environment from a loss of

containment of hazardous fuels such as diesel and petrol.

In addition, as DCC has acquired businesses that distribute

fuels, we have taken on certain site remediation obligations.

Provisions for these environmental and remediation

obligations are included in the financial statements and can

be referenced on page 204.

The air pollution that results from the mobile and stationary

combustion of the fuels that DCC sells has also been

identified as a material impact. This impact specifically

refers to the release of Nitrous Oxides (‘NOx’) into the

atmosphere that occurs when customers use transport fuel

products, such as diesel, sold by DCC, in their vehicles.

There has been significant progress to limit the levels of NOx

that are released in motorised vehicles and machinery

through industry-led technological advancements, but

harmful levels are still emitted when these transport fuels

are combusted.

Managing Pollution, Controls

and Procedures

Asset management, employee training and competence

are critical to spill prevention, as is our ability to respond

quickly and appropriately to such incidents should they

occur. We have actions and controls in place to assess,

maintain and upgrade our fixed and mobile assets,

including storage facilities and delivery infrastructure.

Depending on the business, this may involve the use of

bunded storage and leak detection systems for liquid fuels,

while automated monitoring and controlled dispensing

procedures help support the safe management of liquefied

gases. In addition, regular environmental assessments are

conducted across our businesses to ensure compliance with

local laws and regulations, including those applicable to

COMAH and Seveso-listed facilities.

Our Energy division experienced an overall spill rate,

regardless of significance, of 3.7 spills per 10,000 deliveries

made, compared to a spill rate of 3.1 spills per 10,000

deliveries made in the prior year. For spills rated ‘serious’ or

above, based on consideration of the material, quantity

and receptor, the rate was 0.02 spills per 10,000 deliveries

made, compared to a rate of 0.01 spills per 10,000 deliveries

made in the prior year. There were two spills in the year

under review that required remediation. The first was a spill

of heating oil due to a tank overfill at one of our depots.

The second was a spill of diesel at a customer location that

infiltrated the soil via a drain. Total remediation costs

amounted to £171,500.

POLLUTION: IMPACTS, RISKS AND OPPORTUNITIES

Value Chain Time Horizon

Impact Type

IRO

Type

IRO U O D ST MT LT

Risks

€

Pollution related regulations

• • • • • •

Impacts

P-

Pollution from improper waste disposal

• • •

P-

Air pollution from GHG emissions

• • • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 59

Environmental Management –

Certas Energy UK

The environmental management procedures and controls

across our businesses are tailored to the unique needs of

each operation, reflecting variations in geography, scale,

and specific business requirements. The following case

study showcases several key recent initiatives that have

been instrumental in advancing Certas UK’s environmental

management efforts.

1. DCC Energy mobility businesses have been using a

Soil and Groundwater Environmental Risk Assessment

(‘SoGwERA’) tool to manage pollution related risk from

the storage of transport fuels at their facilities. Certas

UK have implemented an upgraded version of this tool

with the new model incorporating additional information

on environmental setting, engineering controls, site

investigation and environmental risk assessment data. This

enhanced modelling ensures that environmental risks are

effectively managed at their forecourts across the UK.

2. Certas UK have undertaken extensive work to

ensure that two of their recently closed depots were

appropriately assessed from an environmental risk

perspective before closing the facilities down. This

process included detailed quantitative risk assessments,

remediation option appraisals, completion of any

remediation where required and final verification –

ensuring that no residual environmental or pollution

related risks exist at the depots.

Air Pollution

The Energy transition plan (refer to page 52) outlines a clear

set of actions to reduce Scope 3 emissions and the carbon

intensity of the products we sell. A key lever in this strategy is

the reduction in sales of fossil-based fuels, which aims to

lower both greenhouse gas emissions and air pollutants,

such as NOx. In addition to this, the strategy includes the

development of a leading electron-based energy services

business, helping to significantly reduce NOx emissions by

switching from combustion to electron-based solutions.

Finally, our commitment to providing customers with

renewable molecular energy through biofuels, such as HVO,

leads to a substantial reduction in overall greenhouse gas

emissions and positively impacts pollution levels, relative to

traditional fuels such as diesel.

In general, biofuels such as HVO emit lower levels of NOx

than fossil-based fuels such as diesel, although the extent

of reduction varies depending on factors such as engine

type, operating conditions, and after-treatment

technologies. Further work is required to understand the

specific impacts that our products have on the levels of

NOx emitted into the environment, however, our strategy

to reduce the carbon intensity of our fuels and provide

customers with electron-based energy management

solutions and biofuels supports our broader efforts to

enhance air quality by reducing the emissions of harmful

gases such as NOx.

3. A detailed environmental risk modelling approach

has been used to identify Certas UK sites at material

risk of flooding. Following this assessment, a compliance

programme is being developed and deployed to mitigate

flood risks that could have a material impact on business

operations.

SUSTAINABILITY IN ACTION

DCC plc Annual Report and Accounts 202560

Sustainability Review Continued

E4: BIODIVERSITY

Introduction

As an energy distribution and services company, we

depend on natural resources such as the raw materials for

solar panels, fossil fuels and biofuels, and it is essential that

extraction is undertaken in a sustainable way that limits

the impact on the environment and minimises the impact

on biodiversity.

We also operate infrastructure, managing storage and

distribution facilities for fuel products. We have a network of

terminals, pipelines, fuel stations and forecourts to support

efficient and reliable energy delivery. Given the nature of our

operations, the most significant potential impact on habitats

and species relates to spills or loss of containment.

* The IBAT boundary for the IUCN Red list is within 50km of where the species is located. The categories included within this analysis are

Critical Endangered (‘CR’), Endangered (‘EN’) and Vulnerable (‘VU’).

including Protected Areas (‘PA’), Key Biodiversity Areas (‘KBA’),

and habitats of species listed on the International Union for

Conservation of Nature (‘IUCN’) Red List.

Evaluate

The assessment provided insights into our operations’

interactions with biodiversity-sensitive areas. Our most

significant potential biodiversity-related risk stems from

accidental spills or loss of containment of fuel products.

Given the nature of our operations within the energy sector,

there is an inherent level of risk associated with storing and

transporting fuels. However, this risk is carefully managed and

mitigated through robust control frameworks and established

processes. Unlike some activities which have a constant and

BIODIVERSITY: IMPACTS, RISKS AND OPPORTUNITIES

Value Chain Time Horizon

Impact Type

IRO

Type

IRO U O D ST MT LT

Impacts

A- Reliance on raw materials leading to land degradation

• • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

The topic of biodiversity is closely linked to pollution, as

emissions to water, soil, and air contribute to biodiversity loss.

Our approach to managing these risks, including pollution

mitigation, is covered on pages 58 to 59.

Material Impacts, Risks and Opportunities

In our Double Materiality Assessment, we identified an actual

negative impact to biodiversity and ecosystems through

reliance on the extraction of natural resources and raw

materials (e.g. metals, oil, gas, solar panels) upstream in the

value chain.

We have assessed the impact on biodiversity relating to our

own operations and also the impacts that arise from our

upstream supply chain.

OWN OPERATIONS

We recognise the importance of understanding and

managing our nature-related dependencies and impacts

across our operations. To strengthen our approach, we have

adopted the LEAP (Locate, Evaluate, Assess, Prepare)

approach in line with Taskforce on Nature-related Financial

Disclosures (‘TNFD’) recommendations. This structured

framework enables us to systematically assess biodiversity-

related risks and opportunities and integrate them into our

sustainability strategy.

Locate

We have undertaken an assessment using the Integrated

Biodiversity Assessment Tool (‘IBAT’)* to evaluate and

establish a baseline of potential biodiversity-related impacts

across 828 operational sites, representing over 80% of our

locations across the Group. This assessment focuses on the

proximity of our sites to areas of importance for biodiversity,

direct impact on biodiversity loss, our operations do not

appear to have a material consistent impact. Further work to

continue exploring the potential impacts that our operations

could have on habitats and species is required but the most

material impact that we are focused on is preventing spills of

our fuel products while they are being stored or transported.

Assess

By mapping our operational footprint against areas of

significant biodiversity importance, we have identified our

sites that are in proximity to a KBA and our sites that have a

heightened potential biodiversity-related risk.

49 sites in the Energy division were identified as being within

1km of a KBA. Of these, 31 sites store and distribute oil-based

fuels, where the risk to biodiversity is higher due to the

potential impact on species and habitats in the event of a

loss of containment. The remaining 18 sites handle gas-

based products such as liquid gas, which present a lower

biodiversity risk due to their rapid evaporation, minimal soil

and water contamination, lower toxicity, and reduced

long-term environmental persistence.

11 sites across the UK, Ireland, France and Austria were

identified as having a heightened potential biodiversity-

related risk. These sites are within 1km of areas that are of

particular importance for the preservation of habitats and

the species that exist within them. As such, it is essential that

appropriate controls are put in place to ensure that spills or

losses of containment do not occur at these sites. The sites

where significant volumes of fuel are held are regulated by

Seveso (Europe) and COMAH (UK) which impose strict safety

and environmental management requirements on high-risk

sites, ensuring robust spill prevention, containment, and

emergency response measures to mitigate the risk of major

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 61

accidents involving hazardous substances. Of these 11 sites,

six handle oil fuels but are not classified as Seveso/COMAH,

partly due to their smaller size and lower product volumes.

The remaining five are gas-related, with all but one regulated

under Seveso/COMAH.

828

DCC sites included in the

analysis covering Energy,

Technology and Healthcare

Energy sites within 1km of a Key

Biodiversity Area

Energy sites at Heightened

Potential Biodiversity Risk

Prepare

This biodiversity assessment has provided a robust

foundation for understanding the potential impact of our

operations on areas of biodiversity importance. By utilising

IBAT, we have established a baseline of biodiversity-related

risks across our operational footprint, particularly in relation

to accidental spills and loss of containment near KBAs and

areas of heightened biodiversity related risk.

Biodiversity risk is managed at the business level with local

procedures and processes in place to prevent spills from

occurring but also to respond to them efficiently should a loss

of containment occur. The higher risk sites which store large

volumes of fuel are further controlled by Seveso and COMAH

regulation which mandate that certain standards and

emergency response procedures are in place. In addition,

Energy Mobility sites are required to use the Soil and

Groundwater Environmental Risk Assessment (SoGwERA) tool,

further strengthening our ability to assess and mitigate

potential biodiversity related impacts.

To date, there have been no material spills that could not be

fully remediated, reinforcing the finding that biodiversity-

related risk for DCC’s own operations remains low.

As we progress, we aim to enhance site-specific risk

mitigation measures, integrate additional assessment tools,

and refine our approach to biodiversity risk management. We

will also continue to explore opportunities for collaboration

with industry and environmental partners to strengthen our

understanding and management of biodiversity-related

risks. By embedding these principles into our operations, we

are committed to ensuring that our biodiversity strategy

remains aligned with evolving best practices and regulatory

expectations.

Upstream

As part of our DMA process (see pages 44 to 45), we

assessed the materiality of biodiversity upstream risk and

concluded that, given the reliance on raw materials that can

impact land degradation, this was deemed material for our

energy business. The negative impact on ecosystems

through land degradation can lead to habitat loss and

cause a decrease in species population, and potentially

extinction.

Managing Biodiversity Risk

We consider and manage environmental risk within the

Group’s risk management framework, and the risk from

environmental incidents is captured within the risk register.

Any material environmental spills or loss of containment are

tracked, monitored and remediated as appropriate.

DCC has a range of policies and procedures in place,

particularly for Energy sites, to ensure compliance with existing

laws and regulations concerning environmental standards and

protection. This includes mandatory environmental

assessments for Seveso/COMAH sites and the use of the

SoGwERA tool for Energy mobility sites. If it is clear during an

audit that a business has not conducted an environmental

impact assessment (regardless of regulatory requirements)

then it is raised as an audit action for completion.

There is an inherent risk associated with transporting and

storing fuels, given the nature of DCC’s businesses in the

energy sector. However, this risk is carefully managed and

mitigated through robust control frameworks and

established processes.

The impact on biodiversity upstream was confirmed as

a material impact as part of the double materiality

assessment. We have however, been considering the

importance of biodiversity in our business practices for the

last number of years. These include:

Fossil fuels: Many companies must conduct an

Environmental Impact Assessment when undertaking any

extraction of fossil fuels. We deal with large producers of

fossil fuel, who are, in the main, listed companies who must

abide by environmental regulations.

Biofuels: We closely manage the materials that are used in our

biofuels to ensure that they do not contain virgin materials. Our

HVO supply to replace diesel and heating oil is made from

used vegetable oil. Used vegetable oil does not have an

impact on biodiversity given its recycled nature. If virgin

materials, such as palm oil or rapeseed oil, were used in the

production of HVO, then there could be a biodiversity impact

if those feedstocks were grown in areas that were previously

natural habitats. The resulting displacement of wildlife,

decrease in plant diversity and disruption to ecosystems

would contribute to biodiversity loss. We ensure that there is

International Sustainability and Carbon Certification (‘ISCC’)

for all raw materials used.

Solar panels: We undertake supply chain assessments to

assess the impact of our suppliers on the environment. The

majority of solar panels for our energy services businesses

come from PVO, a DCC Group business, who have a robust

process to review and audit the high-risk suppliers further up

the supply chain. While it is difficult to get visibility on the

practices around the extraction of materials like polysilicon,

this is an area where we undertake factory audits with a

partner. The integrity of the supply chain in terms of its ESG

impacts is a commitment that PVO makes to its customers.

We are currently reviewing our Group Environment Policy to

incorporate our practices for protecting biodiversity in our

own operations and upstream in our supply chain, and

expect to complete this work in the coming year.

We do not anticipate any material financial effects from

biodiversity risk upstream. However, we will be undertaking an

assessment to further validate this assumption.

DCC plc Annual Report and Accounts 202562

Sustainability Review Continued

S1: OWN WORKFORCE

OUR PEOPLE

SOCIAL

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 16,777 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

the Group. 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.

One key risk area is health and safety, which is critical, as

accidents or incidents can have serious consequences for

the wellbeing of those directly and indirectly impacted.

These events can also lead to financial and reputational

risks for the Group. Recognising the importance of

safeguarding people first and foremost, we are committed

to continuously fostering safe working environments.

We also identified a number of potential positive impacts

on our people, which are all central to our people strategy.

One key area is the promotion of equal treatment and

opportunities for all employees. By fostering a workplace

culture that supports fairness and embraces different

cultures and abilities, we build an environment that drives

positive morale, a strong organisational culture and

improved productivity.

We also recognise the value of high employee engagement,

which contributes to a positive culture and supports

retention and attraction of talent. We measure engagement

annually through our Employee Engagement Survey, and

we dedicate significant time and investment to reviewing

the results and implementing action plans to address areas

of focus.

Another important area is the implementation of robust

labour and human rights related policies, which foster

inclusion and diversity, culture and engagement, and safe

overall working conditions. Our workforce is guided by a

comprehensive suite of policies, designed to prevent risks,

injuries and any harm in the workplace, while ensuring fair

and equitable treatment and protection of human rights.

Our Group Code of Conduct and Group Human Rights

Policy reflect our strong commitment to upholding these

standards across all our operations.

OWN WORKFORCE: IMPACTS, RISKS AND OPPORTUNITIES

Value Chain Time Horizon

Impact Type

IRO

Type

IRO U O D ST MT LT

Risks

€

Financial and reputational risk due to employee health and safety

incidents

• • • •

Impacts

P+

Culture and engagement

• • • •

P+

Work related rights

• • • • • •

P+

Inclusion

• • • •

A- Employee health and safety accidents

• • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 63

Our Workforce Characteristics

As of 31 March 2025, our total number of FTEs stood at 16,777

representing a small increase compared to the prior year’s

total of 16,649.

Our FTE turnover rate during the year was 22% and new

joiners amounted to 21% 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.

ENERGY DIVISION WORKFORCE

Headcount Permanent Temporary

Non-guaranteed

Hours

Male 6,429 6,222 207 29

Female 3,302 3,144 158 12

Total 9,731 9,366 365 41

As of 31 March 2025, 4% of our workforce are temporary

employees supporting our administrative and clerical

functions and specialist projects across our businesses.

These employees also include our seasonal workforce, who

support our businesses in peak periods of trading, many of

whom return year after year to work with us.

Less than 0.5% of our workforce are employed under a non

guaranteed hours arrangement predominantly in seasonal

roles.

Note: The Energy and Corporate office data references employee

Headcount and illustrates total population as of the 31 March 2025,

rather than FTE.

Note: The FTE figures presented here are as at 31 March, whereas the

FTE figures in the financial statements are based on an average over

the period.

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

the Group.

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 ‘lived experience’ of our

colleagues. Further information on our Employee

Engagement Survey is covered on page 64.

EMPLOYEE RESOURCE GROUPS

In financial year 2025, a number of our businesses rolled out

ERGs which provide colleagues with a supportive space to

connect and share experiences.

COMMUNITIES OF PRACTICE

We have established several communities of practice to

connect specialisms from across our businesses fostering

continuous learning, collaboration and innovative problem

solving. These communities serve as dynamic platforms for

sharing experience and best practices in key functional

areas including Health and Safety, Human Resources,

Finance, Compliance 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 function

are effectively communicated and shared.

LEADERSHIP CONFERENCES

Each year, we host a series of Leadership in Action

conferences, bringing together representatives from key

functions across our businesses for several days of in-

person collaboration and knowledge sharing. These

conferences provide a dedicated forum for sharing

strategic direction, cross functional learning and open

dialogue, ensuring alignment on priorities and direction

across the Group.

The events span a range of functional areas including

Finance, Corporate Development, Health and Safety,

Human Resources, IT and Leadership and serve as a

powerful platform to strengthen connections, drive

innovation and shape the future of our businesses.

WORKFORCE ENGAGEMENT DIRECTOR

Mark Ryan, a member of our Board, serves as the

designated Workforce Engagement Director and plays an

active role in engaging with the Group HR community and

the wider workforce. In his capacity, he attends the Group

HR Forum, where over 50 HR professionals from across the

Group come together to discuss key people related themes

and share insights.

See more detail on the role of the Workforce Engagement

Director in Corporate Governance section on page 103.

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 wellbeing, 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 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 of

Directors. Please reference page 246 for an overview of our

policies.

DCC plc Annual Report and Accounts 202564

Sustainability Review Continued

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.

Our focus has been on supporting broader diversity by

investing in the development of a strong and diverse

pipeline of talented future leaders for the Group. 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 2025, 36% of our global

workforce are women.

64% 36%

27%

40%

Senior Management 73%

Board

60%

Male Female

Gender Diversity as at 31 March 2025

Group

OUR PROGRESS

We continued to advance our efforts to foster a diverse and

inclusive workplace throughout the year.

In October 2024, we conducted our second global Inclusion

and Diversity pulse survey building on the insights gained

from our initial survey in 2023. The survey was open to all

employees, and we were pleased to see strong

engagement, with over 9,700 colleagues participating.

Encouragingly, 84% of respondents reported that they feel

they can be themselves at work, and more than 83% believe

their managers actively support inclusion. While we

recognise there is still work to do to build a more inclusive

environment, the feedback has provided valuable direction

on how each of our businesses can continue to evolve into

workplaces that are even more supportive and welcoming

to all.

During FY25, several of our businesses introduced ERGs,

creating dedicated spaces where colleagues can connect,

share experiences, and support one another. These ERGs

play a key role in fostering 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, helping to foster a sense of inclusion, belonging and

pride among our colleagues.

Over the past year, we marked a number of key events

including World Mental Health Day, International Women’s

Day, International Men’s Day and Black History Month

— each serving as an opportunity to reflect, celebrate, and

engage in open dialogue across the Group.

We recognise that diversity and inclusion must be reflected

at all levels of the organisation. At a Board level, we are fully

compliant with 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 96.

Culture and Engagement

Our clear purpose, strong culture and shared values form

the foundation of the Group’s success and everything we

do. Our commitment to our core values of Safety, Integrity,

Partnership and Excellence remains central to both our

achievements to date and our future growth.

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, all of our colleagues across 21

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 87% which is reflective of how much our colleagues value

the chance to share their insights and feedback. We are

delighted to report that we have seen a continued year-

on-year improvement in our overall engagement score

across the Group. Our engagement score rose from 77% in

financial year 2024 to 79% in financial year 2025.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 65

Colleagues gave us feedback on a number of areas which

allows us to identify common themes across the Group, as

well as compare progress year-on-year and gain insights

where our action planning is making a difference and where

we need to continue to improve. In line with our devolved

operating model, our process enables our businesses to

seek feedback on additional areas that are of particular

importance locally.

The results highlighted that our colleagues have a strong

sense of purpose and understand why their work matters.

Our people are also invested in the future of the Group 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 DCC.

Every people manager across our business with five or more

team members receives the feedback and results for their

team. To support our managers in sharing results with their

teams, leading conversations and agreeing actions, training

and materials were rolled out across the Group. Our ability

to monitor the impact of the actions through movements in

engagement scores continues to be an important tool,

reinforcing trust among our colleagues that their feedback

leads to meaningful action.

While the results were very positive overall, we also

identified a number of areas that need improvement. Our

businesses and managers have implemented action plans

at a local and team level to ensure that DCC businesses

continue to be great places to work.

Working Conditions

Good working conditions are essential for retaining skilled

talent. At DCC we view quality working conditions as both

an important opportunity and an ongoing focus area.

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 regarding working

conditions and other work-related rights topics. While we

are deeply committed to ensuring good working conditions

and safeguarding work-related rights, reporting on these

actions would merely reflect our compliance with existing

regulations and recognised human rights standards and

would not be a response to an actual identified impact. Our

focus remains on maintaining a high standard of workplace

practices that align with legal requirements and ethical

guidelines, ensuring that all employees are treated fairly

and with respect.

Developing Our Workforce

TRAINING AND SKILLS DEVELOPMENT

At DCC, 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.

Every member of our business management teams actively

engages in our annual performance review process.

DCC GRADUATE PROGRAMME

The DCC Graduate Programme is a core element of the

Group’s talent development process, designed to create

a pipeline of high potential, internationally mobile, early

career talent. We recruit graduates from a wide range of

academic, cultural and national backgrounds, ensuring

diversity of potential hires in this talent pool at this early

career stage.

Graduates are placed based on genuine business needs,

allowing them to make real contributions from the start.

Operating in a dynamic and fast-paced environment, our

graduates benefit from a wide range of learning and

development opportunities over the two year programme.

Many are offered international work placements, gaining

valuable experience across the diverse markets and

geographies in which we operate. We are committed to

providing continuous on-the-job training, coaching and

support throughout the programme, ensuring graduates

are set up for success and are equipped for growth.

TALENT PLANNING AND CAREER PATHING

DCC has a strong record of developing its talent; many of

our senior leadership have progressed their careers through

a series of exciting and diverse roles across the Group.

Throughout the year, we continued to identify and develop

talent to meet the future needs of our businesses 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

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 the

Group. Currently 74% of our management positions 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.

DCC plc Annual Report and Accounts 202566

Sustainability Review Continued

TALENT MANAGEMENT SYSTEM

We continue to invest in our Group-wide talent platform to

help us identify internal talent and ensure talent management

processes are embedded consistently across the Group.

The platform currently supports the automation of

succession planning, reward, learning and performance

management processes.

This year, we successfully rolled out a global learning

management system to over 1,700 colleagues in the UK,

Ireland and The Netherlands, providing a consistent

platform for learning, development, and compliance

training. The system enhances accessibility to high quality

learning content and enables better tracking of training

across the Group. Building on this momentum, we plan to

extend the rollout further in the coming year, continuing

to strengthen our learning culture and supporting the

development of our people globally.

As more of our businesses have recognised the value of the

system and we leverage more functionality, we have had a

21% increase in the number of 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

business within DCC is empowered to create and deliver

customised training and development programmes,

addressing local requirements, with the goal of boosting

performance at local business level.

At DCC we recognise that continuous learning and

development are essential to fostering a skilled, engaged,

and future-ready workforce. As part of our commitment to

employee growth and long-term employability, we invest in

learning and development for our colleagues that

enhances both technical and soft skills, ensuring our people

remain adaptable in a rapidly evolving business landscape.

Our programmes are delivered through a combination of

in-person workshops, e-learning platforms, and blended

learning approaches to accommodate different learning

styles and schedules.

During the year, we launched a series of Sustainability

Thought Leadership webinars for over two hundred senior

leaders across the Group. The series ran over a six-month

period covering a range of topics including

decarbonisation, sustainable supply chains, sustainability

performance measurement, sustainability communication

and sustainable leadership. The sessions featured a range

of internal leaders and practitioners as well as external

industry experts and featured practical examples to

leverage best practice sharing.

To assess the impact of our training programmes, we

employ feedback mechanisms such as post-training

surveys, skills assessments, and performance evaluations.

Employee engagement and career growth indicators

further guide our strategy for continuous improvement in

learning and development initiatives.

Looking ahead, we strive to ensure that training

opportunities are accessible to all employees, regardless of

job function, location, or level. The ongoing global roll out of

our Learning Management System will facilitate this and

enable more comprehensive record keeping.

PROCESSES TO REMEDIATE IMPACTS

AND RAISE CONCERNS

Employees across the Group 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. Concerns can be raised with a member of

management in the business where the employee works,

with the Head of Group Compliance, or externally with

Safecall, a third-party facility which is independent of DCC

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. Where concerns are raised,

they are investigated in an appropriate and independent

manner. The Audit Committee has oversight responsibility

for our whistleblowing facilities and how they operate. This is

referred to on page 114, as part of the Audit Committee

Report.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 67

Supporting the communities in which we operate is an

important part of our commitment to social responsibility

and advancement. We support a number of social causes

at Group level and our businesses also support various

causes directly in their local communities.

Social Entrepreneurs Ireland

DCC plc is a long-term supporter of Social Entrepreneurs

Ireland (‘SEI’), a not-for-profit organisation that partners with

people to help turn solutions to social problems into reality.

By running an Ideas Academy, an Impact Programme, a

Changing Ireland Accelerator Programme and much more,

SEI helps entrepreneurs develop solutions and take action.

They supply the rocket fuel so entrepreneurs can take the

important first steps from start-up to scale-up.

Butagaz Group Foundation

Playing an active role in the local energy transition is at the

heart of the Butagaz Group’s raison d’être. That’s why they

created their own Foundation. The Foundation’s objective is

to launch various projects with an environmental and social

impact.

The Foundation’s goal is to make the energy transition

accessible to all by taking tangible action as close as

possible to the French people and regions in order to help

each household, each community and each company to

take concrete control of its own energy transition.

Flogas Powers Team Ireland for Paris 2024

Flogas Ireland was the official Energy Partner of Team

Ireland for the Paris 2024 Olympic Games. They supported

the team through sponsorship and launched the ‘Energy

Behind The Athletes’ campaign, which included a

docuseries highlighting the athletes and their communities.

Community Support

DCC plc Annual Report and Accounts 202568

Sustainability Review Continued

Safety in DCC

Safety is a core value across DCC. We believe that a

successful approach to safety must be grounded in a

culture that encourages every employee and member of

our wider workforce to identify and raise concerns about

safety. As we evolve to focus on the energy sector, in line

with the strategy we announced in November 2024, our

focus on safety will become more important than ever.

Our Health and Safety Policy includes a requirement that

Group businesses maintain appropriate health and safety

management systems and operating procedures for their

activities. It is expected as part of this that employees

provide input into risk assessments and the development of

safe procedures.

Responsibility for monitoring and overseeing safety sits with

the Board. The Board receives a report on safety from the

Chief Executive at each of its meetings. In addition, the

Head of Group Health, Safety and Environmental (‘HSE’)

reports in person to the Board several times a year.

Safety Culture

Maintaining a strong safety culture is key to everything we

do. It starts with the declaration from our Chief Executive

that “nothing is so important that it cannot be done safely”.

All leaders at DCC, regardless of their role or professional

background, are expected to take every opportunity to

reinforce our focus on safety. More generally, all employees

and other members of the workforce are expected to play

an active role in maintaining a safe workplace, including the

proactive reporting of near misses, unsafe acts and unsafe

conditions. They are empowered to stop work when they

consider it unsafe to continue.

Training in risk assessment and incident investigation

includes the consideration of human, organisational and

cultural factors, both in terms of how the process is

conducted and, in the case of incident investigation, the

assessment of why an incident took place.

We also use technology to support our processes in this

area in suitable cases. For instance, our HGV fleet

operations in the Energy division employ in-vehicle

technology to monitor driver actions and performance.

This is then used to support driver coaching.

Our Employee Engagement Surveys allow us to monitor

progress in this area and identify opportunities for

improvement. Responses to the Survey are assessed in

detail each year and the results of these assessments then

inform health and safety action plans for the following year.

Process Safety

Process safety management focuses on high-consequence,

low-frequency events such as such as fire or explosion

during the movement of fuel, fire within fuel vapour recovery

systems, loss of containment leading to the formation of a

vapour cloud, or a hydrocarbon spill. It is particularly

relevant in businesses in DCC Energy and forms a crucial

part of our health and safety management systems there.

The focus of process safety management is on applying

sound design principles, engineering controls and

management practices in relevant circumstances.

Significant focus is placed on the identification of process

safety hazards and maintaining suitable controls over them.

Over the past year we have made further progress in this

area, including as a result of the work of our Process Safety

Working Group, comprised of specialists from across the

Group, to enhance our standards and best practices and

share learnings from events.

As a result of this work, a new Group-led review process has

been developed and initiated, which will be completed in

the early part of the current financial year. This will support

the next phase of our continuous improvement programme

for Process Safety, and further develop our existing audit

and assurance processes in this area.

Occupational Safety

Occupational safety focuses on protecting employees and

other members of the workforce from hazards in the

immediate workplace environment. Relevant examples in

Group businesses include working at height, working in

confined spaces, the use of machinery, driving at work and

slips and trips.

Every business across the Group maintains risk-based

processes to reduce the risk of incidents in this area.

Health and Safety Reporting

The Group HSE Reporting Standard sets out detailed

standards for the reporting of health & safety incidents,

including near misses. Over the last few years, we have put

in place a Group-wide HSE reporting system to facilitate

timely and consistent reporting in this area across the

Group. More detail on this is available in the Risk in Action

case study in the Risk Report on page 79.

Performance in the Year

We recorded a further improvement in our primary

occupational safety metric – the frequency of Lost-Time

Injuries (‘LTIs’) – in the year under review.

LTIs, which are accidents resulting in at least one day lost

after the date of the accident, remain an essential indicator

of occupational safety performance. Most LTIs recorded in

HEALTH AND SAFETY

S1: OWN WORKFORCE

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 69

DCC are relatively minor, including slips, trips, and manual

handling injuries such as sprains and strains.

In the year under review our Lost-Time Injury frequency rate

(LTIFR) was 0.78 incidents per 200,000 hours worked. This

was an improvement on the rate in prior year of 0.89 and

represented a further continuation of the positive trend in

LTIFR we have reported over the last few years. This

significant improvement reflects the continued focus on

safety right across the Group.

The LTI severity rate (LTISR) in the year under review was 23

days per 200,000 hours worked, which compares to a

reported rate of 29 days in the prior year. We recorded three

occupational illness cases this year, which were related to

the short-term respiratory effects of unexpected workplace

exposures.

Our total recordable injury rate (TRIR) in the year under

review was 1.27, compared to 1.16 in the prior year. A

recordable injury is one that results in a fatality, days away

from work, restricted work or job transfer, medical treatment

beyond first aid, loss of consciousness, or a diagnosed

significant injury/illness, as defined by the US Occupational

Safety and Health Administration (‘OSHA’).

There were 24 accidents at our facilities resulting in personal

injury to third-party contractors during the reporting period.

Although the overall health and safety performance of the

Group, as measured by LTIFR and LTISR, in the year was

strong, we very sadly lost a colleague in a work-related

accident during the year. In December 2024, an employee

of Certas Energy UK, which is part of our Energy division,

was fatally injured when a heavy goods vehicle driven by a

third party, crossed the centre line of the road and collided

with our vehicle. Thorough internal and external

investigations were completed and concluded that the

incident was not attributable to any fault of Certas Energy

UK or our driver.

In our 2024 Annual Report, we reported that an employee

fatality had occurred in May 2023 at a warehouse in the

Netherlands operated by a business in DCC Technology.

During the year under the review, the regulatory

investigation into that incident concluded, resulting in a fine

of €60,000 being imposed on the DCC Group business. The

business was able to demonstrate that a robust internal

investigation had been undertaken and improvement plans

implemented following the incident.

The health and safety performance figures reported above

and in the table below include DCC employees, agency-

supplied staff and self-employed contractors.

2025

Workforce Covered by Health and Safety

Management System (%)

99.3%

Total recordable injuries per one million hours

worked (TRIR)

6.3

Lost Time Injuries per one million hours worked 3.9

Total recordable injuries (number) 214

– of which Lost Time Injuries (number) 132

– of which fatal injuries of own workforce

(number)

Fatal injuries of workers outside DCC supervision 0

Progress Against Improvement Plans

Our Three-Year Plan for HSE outlines our priorities and

objectives in specific areas such as leadership, culture and

governance, operational execution, competence and

training, knowledge sharing and management reporting.

This year, good progress was made in line with the current

plan, including in the following areas:

• Implementation of a new market-leading HSE IT platform

across the Group, initially focused on incident

management, action management, inspections and

audits, and risk assessment. More detail on this is available

in the Risk in Action case study in the Risk Report on

page 79.

• Development of an updated Group HSE Reporting

Standard to support the new platform and incorporate

CSRD reporting requirements.

• A very successful Group HSE Conference attended by

members of the health and safety team and business

leaders from across the Group.

• Review of Process Safety management arrangements in a

number of Group businesses, which identified a number of

improvement opportunities.

• Addition to our central HSE team with the recruitment of a

Group HSE Systems Manager.

• A review of our safety management structures to align our

team with the Company’s updated strategy.

• Safety stand downs held in each division to raise

awareness of the importance of safety in every area of our

operations.

• 16 health and safety audits were carried out.

Priorities for the Year Ahead

We have a clear view of our key health and safety targets

for the current year. These include:

• Completing our programme of Process Safety reviews and

implementing agreed improvement actions.

• Further enhancing our safety culture through safety

leadership and psychological safety initiatives.

• Gaining the full benefit of recently-introduced IT systems,

including through the expanded use of safety performance

analytics and related reporting.

DCC plc Annual Report and Accounts 202570

Sustainability Review Continued

S2: WORKERS IN THE VALUE CHAIN

Introduction

DCC’s dedication to integrity and sustainability extends to

our supply chains. We expect our suppliers, distributors and

other business partners to share our commitment to ethical

business practices, as articulated in our Supply Chain

Integrity Policy and Supplier Code of Practice. The Supply

Chain Integrity Policy and Supplier Code of Practice

emphasise crucial areas such as human rights, health and

safety standards and environmental stewardship.

We engage closely with our partners and have detailed due

diligence processes that underpin our integrity-driven

approach to these relationships.

Material Impacts, Risks and Opportunities

In carrying out our Double Materiality Assessment, we

identified a number of impacts, risks and opportunities

relating to our upstream value chain.

We identified a risk relating to suppliers not complying with

human rights regulations which could result in reputational

damage and cause potential financial and legal

repercussions.

We need to consider the impact of child labour, forced

labour and working conditions, including possible human

rights infringements, particularly in higher-risk geographies

resulting in a negative impact to workers in the value chain

and society (e.g. solar panels and metal sourcing).

There is also a potential negative impact on workers in the

value chain from potential workplace accidents within

facilities, resulting in a negative impact on employee health

and safety.

We also recognise a potential positive impact on value

chain workers due to supplier relationship management,

transparency and traceability which promotes better working

conditions.

We expect the partners we work with to run their businesses

and supply chains in compliance with national laws and with

respect for international labour and human rights standards.

We need to make sure that we respect labour and human

rights in everything we do, and that we reduce the risk of

people in our value chain being adversely impacted.

Our businesses involve a diverse range of workers across the

value chain, including those in upstream activities (such as

refining, manufacturing, logistics, transportation, and mining

and extraction of minerals and metals). There are also

workers at our operational sites who are not part of our own

workforce, such as sub-contractors or temporary workers.

These workers are impacted by our activities due to the

nature of their work.

Our Supply Chain Policies

Code of Conduct: The DCC Code of Conduct outlines the

Group’s commitment to ethical behaviour and integrity in all

business relationships. It emphasises fair employment

practices, compliance with laws and regulations, and the

prevention of unethical activities such as bribery and

corruption. Employees are expected to understand and

adhere to these standards.

Supply Chain Integrity Policy: DCC’s Supply Chain Integrity

Policy ensures that all products sold by DCC businesses meet

applicable legal and ethical standards. It addresses product

quality, supplier integrity, and compliance with laws, including

those related to modern slavery. The policy mandates due

diligence and risk assessments to identify and mitigate

potential risks in the supply chain.

Human Rights Policy: DCC’s Human Rights Policy commits

the company to internationally-recognised human rights

standards. It focuses on preventing forced labour, child

labour, and unsafe working conditions. The policy extends

to suppliers and business partners, ensuring fair treatment

and safe working environments throughout the supply chain.

Supplier Code of Practice: The Supplier Code of Practice

sets out the ethical, social, and environmental standards

expected from DCC plc’s suppliers. It covers areas such as

labour rights, health and safety, environmental

responsibility, and anti-corruption measures. Suppliers are

required to operate in accordance with these expectations.

Anti-Bribery & Corruption Policy: This policy establishes

DCC’s zero-tolerance stance on bribery and corruption. It

requires employees to avoid any form of bribery, whether

direct or indirect, and to conduct business transparently

and ethically. The policy includes measures for due

diligence, risk assessment, and monitoring to safeguard

the company’s reputation and uphold ethical business

practices.

WORKERS IN THE VALUE CHAIN: MATERIAL IMPACTS RISKS AND OPPORTUNITIES

Value Chain Time Horizon

Impact Type

IRO

Type

IRO U O D ST MT LT

Risks

€

Regulatory risk

• • • •

Impacts

P-

Human rights

• • • •

P+

Supply chain transparency

• • • • • •

P-

Health and safety

• • • • •

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 71

Third Party Management

Supply chain risk management is a top priority for the Group,

and we understand the importance of effective management

of the environmental and social impacts in our supply chain.

To address potential adverse impacts and risks within our

value chain, DCC focuses on suppliers with whom we have a

contractual relationship through our supplier due diligence

framework. Our due diligence process is designed to identify

and mitigate risks within our supply chain. Each of our business

units manages their own procurement and sourcing process

within the Group framework.

This framework is underpinned by our Supply Chain Integrity

Policy which outlines our expectations for suppliers to Do the

Right Thing. Our Supply Chain Integrity Policy, coupled with our

Human Rights Policy, establishes requirements concerning

product quality, human rights and supplier integrity, and

provides sample risk assessment procedures for our Group

businesses to adapt.

As part of our onboarding process, the due diligence process

requires screening of potential new third parties, with

consideration generally given to the expected value of trade,

the jurisdiction in which the supplier is located, and the nature

of the relationship between the parties. The outcome of this

assessment will in turn determine the level of due diligence

undertaken in respect of the third party.

We use third parties to complete due diligence and screening

checks on certain partners in respect of sanctions, trade

compliance and other legal, compliance and financial risks.

This process is often undertaken in conjunction with a supplier

assessment questionnaire completed by the third party.

Suppliers are assessed via a desktop review and in some

cases for higher risk customers, the assessment is supported

with an onsite audit or an in-country due diligence

assessment.

The broader due diligence process also covers data

protection procedures, IT security controls and product

certifications.

Our third party management also monitors controversies and

issues that may arise with suppliers for review and action. Our

framework also incorporates ongoing risk-based due

diligence.

Some Group businesses have enhanced due diligence

processes for key suppliers which include auditing of production

facilities. For example, PVO has an ESG and traceability process

for the solar panels they source and supply. See the example

below for more details.

In 2024, we selected a leading third party supplier to support us

in gaining greater transparency in our supply chain

management and to ensure our suppliers’ standards follow best

practice. This will enable further enhancements to our due

diligence process in the future.

Processes to Remediate Negative Impacts

and Channels for Value Chain Workers

to Raise Concerns

Our Human Rights Policy 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. Where concerns are raised, they are

investigated in an appropriate and independent manner.

The Audit Committee has oversight responsibility for our

whistleblowing facilities and how they operate. This is referred

to on page 114, as part of the Audit Committee Report.

Sustainable Solar: PVO’s

ESG and Traceability Promise

As a procurement partner specialised in solar energy

systems, PVO values transparency, sustainability and quality

throughout the supply chain.

ESG Compliance

PVO has implemented a yearly audit process carried out by

SA8000-certified auditors across all their partners’ factories.

This audit ensures real-time compliance with ESG standards,

including SA8000, GRI, and the UN Global Compact.

General Qualification Factory Audit

A comprehensive yearly supply chain audit is undertaken on

each location. This audit, executed by IRCA-accredited

auditors and aligned with regulatory requirements, provides

a reference picture of PVO’s suppliers’ supply chain processes.

Batch Tracking

PVO further streamlines the process by batch tracking every

order purchased. The batch tracking involves a thorough

inspection that analyses and verifies the origin of materials

for each solar panel. The assessment is made by verifying

raw material information such as serial numbers, purchase

orders and purchase contracts from the suppliers. The results

are registered in a report, offering customers transparency

into the product’s journey.

Quality Assurance: Quality Checks on 100%

of Products

In addition to thorough batch-tracking practices, PVO has

implemented quality checks on solar panels that are

purchased on a project basis, involving pre-shipment

inspections, and continuous production monitoring.

Additionally, 100% of PVO’s solar panels undergo a

software-based Electroluminescence Image Analysis,

reinforcing their quality assurance. By subjecting each order

to inspection and checks which are beyond standard industry

practices, PVO ensures that customers receive reliable and

high-quality solar panels.

Operational Transparency: PVO’s Code

of Conduct

PVO operates its own Code of Conduct, reflecting the

business’s dedication to transparency and responsible business

practices. This Code of Conduct emphasises key principles

including fundamental human and labour rights, decent

working conditions, anti-corruption and anti-bribery policies,

and a robust environment and safety policy.

Benefit from our ESG & Traceability Promise

By following these strict guidelines, PVO ensures that their

supply chain is audited and that each solar panel is

checked, providing customers with products that meet, and

often exceed, ethical, environmental and safety standards.

SUSTAINABILITY IN ACTION

DCC plc Annual Report and Accounts 202572

Sustainability Review Continued

GOVERNANCE

G1: BUSINESS CONDUCT

Introduction

Good governance and compliance with the laws and

ethical standards that apply to our activities are

fundamental to how we do business. We also recognise the

positive contribution to society that can be made by

working with suppliers and customers who share our values.

The fostering of a corporate culture that seeks to protect

employees and other stakeholders from potential human

rights impacts, prevent incidents of corruption, and protect

whistleblowers who report on these or any other issues, is

vital to the success of our business.

We have several policies to support our corporate culture,

including our Group Code of Conduct, Group Supply Chain

Integrity Policy and Supplier Code of Practice. These set out

the standards to be met by our own employees and our

business partners.

Material Impacts, Risks and Opportunities

Our DMA identified several impacts and financial risks

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 (‘BCPs’). This could result

in disruption of operations, financial losses and damage to

DCC’s reputation.

Another risk noted in the DMA process was the risk to

privacy and personal data that would be generated by

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

First, we recognise the importance of our overarching

commitment to high standards of corporate governance.

For more detail on our corporate governance, see the

Corporate Governance Statement on page 94.

We also seek to operate to the highest legal and ethical

standards. Our Group Code of Conduct, available on our

website, sets out the standards that are expected of our

employees in a range of areas, including anti-bribery and

corruption, supply chain integrity, the protection of personal

information and competition law. The Code reflects our

values and our desire to do things the right way for each

other and in accordance with the law. It helps to ensure we

operate in accordance with our core value of Integrity.

Aligned with our commitment to uphold exemplary

standards of business conduct, we constantly refine and

enhance our awareness. Training is provided to employees

when they join the Group along with a copy of the Code.

Code of Conduct training is then provided to employees

every two years. The Code also explains how employees

can ask questions about compliance issues and raise

concerns if they believe that something wrong is happening.

IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact

Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term

BUSINESS CONDUCT: MATERIAL RISKS, IMPACTS AND OPPORTUNITIES

Value Chain Time Horizon

Impact Type

IRO

Type

IRO U O D ST MT LT

Risks

€

Corruption and bribery

• • • • •

€

Regulatory risk

• • • • •

€

IT system failure risk

• • • • • •

Impacts

P-

Consumer privacy and data protection

• • • • • •

P+

Corporate governance

• • • •

A+

Whistleblowing

• • • • • •

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 73

The Group then maintains more detailed policies on a range

of relevant areas, complementing the general requirements

set out in the Code of Conduct. The areas covered by more

detailed policies include health and safety, anti-bribery and

corruption, supply chain integrity, human rights, competition

law, data protection, information security and share

dealing. Depending on the nature of their role, employees of

the Group may receive more detailed training on those

policies.

Whistleblowing

We maintain a variety of channels for employees to raise

concerns about something that is happening at work.

Where concerns are raised, they are investigated in an

balanced and independent manner.

The Audit Committee has oversight responsibility for our

whistleblowing facilities and how they operate. This is

referred to on page 114, as part of the Audit Committee

Report.

Supplier Relationship Management

Our commitment to integrity and sustainability extends to

our supply chains and business partners. We expect our

suppliers, distributors and other business partners to share

our commitment to ethical business practices, as set out in

our Supplier Code of Practice. Our Supplier Code of

Practice emphasises crucial areas such as human rights,

health and safety standards and environmental

stewardship. We also have detailed due diligence

processes that underpin our integrity-driven approach to

these relationships.

Supplier and customer relationships were reviewed with

management of the Group’s three divisions as part of their

strategy updates to the Board during the year. The

Directors also discussed supplier and customer relationships

with management in Group businesses as part of their site

visits.

More detail on how we manage our supplier relationships

can be found in the Workers in the Value Chain section on

pages 70 to 71.

Anti-Bribery and Anti-Corruption

We take active steps to enhance colleagues’ awareness of

key supply chain, human rights, corruption and privacy risks.

During the year under review, over 7,000 colleagues

completing online compliance training on these or related

subjects.

DCC has a detailed Anti-Bribery & Corruption Policy in

place, which states that no employee or representative of

any Group business is to offer or accept any bribe, including

small facilitation payments, or engage in any other form of

corrupt practice. During the year, over 6,000 employees

completed training on the prevention of bribery and

corruption.

Anti-bribery and corruption training is available to all

employees of DCC Group businesses and is required to be

completed on a regular basis by employees identified as

being in functions at risk, for instance because they deal

with business partners in countries where corruption is an

increased risk. The percentage of employees in functions at

risk who received training during the year under review was

over 85%.

Corruption Incidents

No incidents of bribery and corruption were identified during

the year. No Group business was involved in any public legal

case regarding corruption during the year. No employee

was dismissed and none were disciplined for corruption or

bribery-related incidents. No contracts with business

partners were terminated or not taken up due to concerns

about violations relating to corruption or bribery.

Information giving rise to concerns relating to corruption or

bribery, including issues raised in supplier due diligence or in

whistleblowing reports, was investigated appropriately,

including as part of the supplier due diligence processes

referred to above.

Political Influence and Lobbying

Activities

DCC Energy engages with several bodies in relation to

energy transition matters, including advocating for policies

to support the availability of secure, affordable, resilient and

lower carbon energy solutions. Specifically, DCC Energy

promotes alternative sources of energy and biofuels, such

as hydrotreated vegetable oil, as a source of lower carbon

energy solutions. DCC Energy is involved with a number of

representative bodies including Liquid Gas Ireland, the

Renewable Gas Forum Ireland, the Irish Solar Energy

Association, and Deutscher Verband Flüssiggas (‘DVFG’).

DCC Energy is registered in the EU Transparency Register

under registration number 061156295421-53. DCC plc is

registered on the Irish Register of Lobbying maintained by

the Standards in Public Office Commission.

No members of the Board of DCC plc held a position in

public administration or regulation that was directly

relevant to the Company’s energy activities in the two years

preceding their appointment.

DCC plc Annual Report and Accounts 202574

Sustainability Review Continued

Cyber Security and IT System

Resilience

The personal data we hold may be affected by accidental

exposure or deliberate theft, which could result in a

regulatory breach, or financial or reputational damage.

Emerging risks in this area include the increased

sophistication of cyberthreats because of artificial

intelligence (‘AI’).

As global cybercrime trends continue to evolve, the Group

has strengthened its mitigation measures and resources in

this area.

In the year under review, we implemented an internal policy

on the Acceptable Use of Generative AI applications for

Group and divisional employees, in order to ensure that our

IT integrity and data protection standards continue to

reflect technological developments, while also allowing the

benefits of AI to be explored.

Cyber Security Measures

Our Group IT Security team guides our approach to cyber

security. This includes detailed and specific technical

guidance for each Group business on what cyber tools

should be in place. This guidance is designed to protect

Group businesses from attack and, in the event of any

breach, to ensure that they have the capability to respond.

This approach is coupled with user training and awareness

programmes to educate users on relevant threats such as

social engineering techniques that aim to bypass system-

level security.

We protect our businesses with mandatory weekly

vulnerability scanning and a risk-based remediation

approach to ensure timely mitigation. Access to remote

applications is protected by an industry-leading multi-

factor authentication tool, and VPN access is similarly

controlled.

We respond to potential threats using a mandated 24x7

monitoring service. Our businesses are continuously

monitored for suspicious activity and, when identified,

threats can be contained and the local IT team advised on

how best to remediate them.

We provide training and awareness through a central

platform that delivers mandatory training content on cyber

best practice. New employees are automatically enrolled.

This platform also allows us to run a continuous phishing

test programme where users are sent test emails of varying

levels of sophistication. Users that click on the phishing

emails are given an instant refresh of the points to be

mindful of and enrolled in more training if deemed

appropriate.

Formal reporting of compliance on cyber measures is

produced monthly for each business and is part of the local

management review process. An annual review of cyber

policy, risks, compliance and remediation performance is

presented to the Audit Committee by the Chief Information

Officer and independently through the Group Internal Audit

team. As part of our governance process, we have an

Information Security Policy that covers cybersecurity, data

protection and business resilience. At a more detailed level

we maintain a NIST 2.0-aligned framework of IT security

controls that each business must adhere to. We require that

businesses implement layers of defence to deter, prevent

and identify insider threats though compliance training, and

business-level Acceptable Use Policies.

Each business has a cyber incident response plan (‘CIRP’) in

place that defines the workflows and contact points for a

variety of scenarios that might arise and is designed to

ensure an effective response. We also have a standby

service with a leading cyber security firm to support our

businesses with immediate expertise in the event of an

incident. After any incident a comprehensive lessons-

learned process is carried out.

Our IT Assurance team, which forms part of the Group

Internal Audit function, carries out regular assessments of

compliance with our internal standards. There is a well-

established process in place to track the completion of

improvement actions agreed in this area.

System Failure Risk

Each Group business is required to complete a business

impact assessment (‘BIA’) on their critical systems on a

regular basis. Each Group business is then also required to

maintain an associated disaster recovery plan (‘DRP’) that

sets out the specific steps to be taken by that business in

the event of significant failure so that critical systems can

be recovered. These plans are tested at a suitable

frequency.

An increasing proportion of DCC’s key IT platforms are now

cloud-based. This reduces the complexity of managing

system failure risk within the Group.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 75

External Cybersecurity Assessments

All Group businesses are required to undergo periodic

penetration testing to determine the adequacy of their

cybersecurity defences. We have appointed an external

third party to support our penetration testing programme.

Tests undertaken as part of this programme include internal,

external and web application testing. The scope and

frequency of penetration testing on Group businesses is

risk-based. Processes are in place to identify and share

lessons learned from testing done in individual businesses

across the Group.

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.

Data Security and Privacy Metrics

During the year, the Group maintained robust data security

and privacy controls in line with applicable regulatory

requirements. While there were a small number of

immaterial incidents, only two of these required notification

to the UK Information Commissioner’s Office (‘ICO’) and one

to the Irish Data Protection Commission (‘DPC’). No incidents

resulted in significant regulatory action or financial impact.

The Group continues to enhance its data protection

measures to mitigate risks and ensure compliance with

evolving legislation.

Bribery Metrics

PREVENTION AND DETECTION OF CORRUPTION AND

BRIBERY

Functions at Risk

The functions deemed at risk for the purposes of anti-

bribery and corruption training are defined as:

• Employees who deal with the public sector.

• Employees who manage agents and intermediaries.

Prevention and Detection of Corruption

or Bribery 2025

Functions-at-risk assigned to training

programmes

At least 85%

completed,

100% assigned

INCIDENTS OF BRIBERY AND CORRUPTION

Corruption and Bribery Incidents 2025 2024

Number of convictions for violation of

anti-corruption and anti-bribery laws

0 0

Fines for violation of anti-corruption

and anti-bribery laws (GBP)

0 0

POLITICAL INFLUENCE AND LOBBYING ACTIVITIES*

Political Contributions Financial In-kind

Direct 0 0

Indirect 0 0

* There were no political contributions which were required to be

disclosed under the Irish Electoral Act, 1997

Risk Report

EFFECTIVE RISK

MANAGEMENT ENABLING

STRATEGIC PROGRESS

Overall Risk Management Approach

Our risk management processes are evolving to enable the

updated strategy that we announced in November 2024,

which will see us focus our activities on the energy sector.

The effective management of risk will remain a key objective

as this change takes place.

Core components of our operating model will support the

implementation of our strategy and our future focus on

the energy sector. For example:

• The disposal of our Healthcare division and strategic

review of our Technology division are being enabled by our

deep M&A capabilities.

• We will retain our devolved management structure,

with talented, experienced and highly-motivated teams

leading businesses across the Group, remaining close

to our customers and trends in individual markets.

• Within the energy sector, we will remain very well diversified,

with limited exposure to individual customers or suppliers

and a presence in a wide range of product and

geographic markets.

• We will reinforce our strong culture, focused on our core

values of Safety, Integrity, Partnership and Excellence,

in every area of our operations.

• Our financial strength, built on the profitable and

cash-generative nature of the businesses in the Group,

our focus on generating returns from all capital invested,

and our strong and liquid balance sheet, will be

maintained.

• We will also maintain strong internal controls that are

aligned to the principal risks facing the Group.

This Risk Report concentrates on the final of these

components – formal risk management processes and

related internal controls. Our strategy and business models

are addressed in more detail in the Strategy section on

page 10, the summary of our Business Model on page 8

and the Business Reviews on pages 14 to 25. Our culture

is covered in the Social section of the Sustainability Review

on page 62 and in the Governance Report on page 102.

Our financial position is addressed in the Financial Review

on page 30.

RISK IN ACTION

Updated Physical Climate Risk Assessment

During the year, we updated our assessment of the risk of

physical impacts on our operations due to climate change,

based on a detailed analysis of key sites across the Group.

This exercise was designed to estimate the financial impact

of climate change under a range of scenarios and

to consider what actions we should take as a result.

The exercise was performed using a recognised third-party

risk assessment tool, which considers the latest climate

science from the Intergovernmental Panel on Climate

Change (‘IPCC’).

For each site, the tool analysed and quantified the potential

operational cost and impact of chronic and acute climate

change, expressed as the Modelled Average Annual Loss

(‘MAAL’), against four climate scenarios ranging from

benign climate outcomes (c. 1.5°C temperature increase)

to significant changes (c. 4°C temperature increase).

The testing considered the impact of these scenarios

over the short, medium and long term.

The analysis confirmed that, under all scenarios, the risk of

a material impact on the Group is low to medium, principally

due to the widespread nature of our operations and

individual site characteristics.

READ MORE • SUSTAINABILITY REVIEW • PAGE 39

DCC plc Annual Report and Accounts 202576

DCC plc Board

The Board is ultimately responsible for ensuring that appropriate risk management and

internal control structures are in place across the Group. The Board has approved a Risk

Management Policy and Risk Appetite Statement which respectively set out the Group’s

approach to the overall assessment and management of risk and appetite for specific

forms of risk. The Board receives regular reports from management on the Group’s

principal current and emerging risks, on mitigation actions and internal controls, on the

effectiveness of existing controls and opportunities for their development. Strategic risks

and opportunities and HSE risks are overseen by the Board directly; other risks are first

considered by the Audit Committee before also being considered by the Board.

Leadership Team

The Leadership Team oversees the operations of the Group. This includes ensuring that

existing and emerging risks are assessed, managed and reported on effectively in line

with the Risk Management Policy and Risk Appetite Statement approved by the Board.

First Line of Defence

Management teams in Group

businesses are responsible for

day-to-day risk management

activity including maintaining

risk registers, identifying emerging

risks and designing, implementing

and maintaining effective internal

controls.

Second Line of Defence

Group functional teams ensure

the first line of defence is operating

as designed. They advise on

Group policies, provide oversight

of operations, and give technical

support and advice to colleagues

in Group businesses. These Group

functions include Finance, HSE,

Legal & Compliance, IT and Risk.

Third Line of Defence

The Group Internal Audit function

(including IT Assurance) provides

independent assurance over the

Group’s control environment.

The team reviews risk management

and control processes in businesses

across the Group, in accordance with

a risk-based audit plan approved

by the Audit Committee. The team

then reports on those audits to

the Executive Risk Committee and

the Audit Committee.

Risk Management Governance

Audit Committee

The Audit Committee assists the Board in assessing

relevant risks and by reviewing the Group’s risk

management and internal control systems in detail.

The Committee considers for this purpose reports

from management on relevant areas of risk,

including from the Group Internal Audit, Group

Risk and Group Legal & Compliance functions.

Strategic risks and opportunities and HSE risks are

considered by the Board.

Executive Risk Committee

Chaired by the Chief Executive and comprised

of senior members of Group management, this

Committee oversees the Group’s risk management

processes in detail, including through the review

of detailed reports from relevant Group functions

such as Group HSE, Group Legal & Compliance,

Group Risk and Group Internal Audit.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 77

Risk Report continued

Risk Identification and Analysis

Risk identification and analysis is built into the Group’s

core management processes. This facilitates the

frequent review and updating of risk registers, including

the Group Risk Register.

The risk management process involves an assessment

and evaluation of the impact and likelihood of

occurrence of each risk. New or emerging risks are

added to risk registers when they are considered

to have become material.

The principal risks and uncertainties relating to the Group’s

strategic priorities, based on this risk identification and

analysis process, are set out on pages 80 to 84.

Determination of Risk Appetite

The assessment of risk appetite involves setting

tolerance levels for each principal area of risk and

then agreeing and monitoring relevant key risk indicators

in those areas.

Risk appetite and key risk indicators are reviewed

and updated periodically to reflect changes in the

Group’s risk environment.

Management of Risks

Individual risks are managed as part of the Group’s

core management processes, including the strategy

review process and the oversight of operations within

Group businesses.

Internal controls are designed to ensure that risks are

managed within the risk appetite defined for each

area of risk.

Compliance with internal controls is reviewed by

the functions that operate in the second and third

lines of defence as outlined on the previous page.

The Group has a process in place to track the

completion of actions agreed as part of internal audits.

The Group’s culture, based on our Values, is an important

part of our risk management framework. It supports

good decision making by management teams across the

Group, within the context of the Group’s internal control

framework. Further details on how culture is monitored

are set out on page 102.

Risk Monitoring and Reporting

Risk reporting includes reports from first, second

and third-line functions, using the key risk indicators

defined for each risk area.

The Executive Risk Committee considers detailed

reports on risks and related internal controls, in particular

reports from the Group HSE, Group Legal & Compliance,

Group Risk, and Group Internal Audit teams. It meets six

times annually.

In addition, the Leadership Team considers the

development of the Group’s overall risk environment and

related mitigating actions, including internal controls, on

a regular basis. This process is supported by reports from

and discussions with the Group’s key second and third

line functions and discussions on the Group Risk Register.

The work of the Executive Risk Committee and the

Leadership Team on risks and internal controls is

then presented to the Audit Committee and the

Board, as part of the risk management governance

structures outlined on the previous page. Relevant

risks are considered further as part of the Group’s

strategy processes.

Communications to support risk management include

guidance on risk management frameworks and

processes for Group businesses, alerts issued by first,

second and third-line functions, the publication of

learnings from events and discussions at management

meetings and conferences on relevant areas of risk.

Risk Management Processes

Risk management processes are in place across the Group to enable risk-informed decision making.

The principal elements of these processes are summarised below.

Risk Management

Processes

MONITOR AND

REPORT

IDENTIFY AND

ANALYSE RISKS

DETERMINE RISK APPETITE

MANAGE

RISKS

DCC plc Annual Report and Accounts 202578

Emerging Risks

The Group recognises that it faces certain emerging risks

that have the potential to become principal risks in the

future. In some cases, there may be insufficient information

to understand or quantify the impact or likelihood of a risk.

This uncertainty may limit management’s ability to define a

response to the risk. Emerging risks are regularly reviewed

and reported on as part of our overall risk process.

Key emerging risks at present include how AI will impact

the way work is done within DCC and with our suppliers,

customers and other stakeholders. New risks are also

continuing to emerge as a result of the unstable geopolitical

situation, with direct impacts on certain markets where the

Group operates, on the supply chains maintained by Group

businesses and on regulatory priorities.

Assessment of the Effectiveness of

Risk Management and Internal Controls

The governance framework and processes summarised

above support the Directors and senior management in

assessing the Group’s risks and ensuring that suitable

mitigating measures and controls are in place in respect

of them.

As well as receiving reports on specific areas of risk and

internal control, the Leadership Team, Audit Committee and

Board receive reports from the Group Risk function on the

Group’s overall risk environment, mitigation measures and

internal controls. As part of this process, the Leadership

Team, Audit Committee and Board review the effectiveness

of the Group’s risk management and internal control

systems annually.

The review of the Group’s risk management and internal

control processes that was undertaken during the year

concluded that our risk management and internal control

framework continues to operate effectively. As usual, it

identified some opportunities for enhancement. Those

enhancements will be actioned over the course of the year,

and reported to the Leadership Team, Audit Committee

and Board in due course.

Opportunities to enhance our overall risk management

processes are also regularly considered. In the year under

review, we appointed advisors to support an external

quality review of our enterprise risk management

programme. That review will take place over the first half

of our current financial year. The recommendations from the

review are then expected to be put into effect over the

remainder of the financial year.

RISK IN ACTION

Group-wide HSE Reporting System

Safety is our first priority and the first of our core

values. We continuously take steps to improve in this

area, with key Health, Safety and Environmental (‘HSE’)

initiatives within Group businesses identified and

tracked through our Three-Year HSE Planning Process.

As DCC evolves to focus on the energy sector, the

emphasis we place on HSE will remain as high as ever.

In the year under review, we completed the transition

of every business in the Group to a new cloud-based

HSE IT system.

The system allows us to standardise key HSE

processes within Group businesses relating to,

for example, risk assessments, audits, incident

management and action tracking.

Having a single HSE system also simplifies the

consolidation of HSE data, allowing more consistent

and timely reporting, whether this is across the Group

or within specific regions or areas of operations.

Access to better data provides an opportunity for

enriched trend analysis. Those insights can then

inform our Three-Year HSE Plans and other HSE

initiatives that take place across the Group.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 79

Risk Report continued

Principal Risks and Uncertainties

The table on pages 80 to 84 summarises the principal risks and uncertainties to the successful achievement of the Group’s

strategic objectives.

Risk and Link to Strategy Trend Principal Mitigation Measures Developments and Areas of Focus

Strategic Risks

Changing Markets

and Supply Chains

External factors outside the direct

influence of the Group, such as

changes in market regulation,

technological changes and market

cycles could significantly impact

on performance. Specifically, the

impacts of inflation, fluctuations

in energy prices and tariffs could

result in changes in customer

demand and to supply chains.

The impact of changing market

forces is mitigated through the

Group’s diversified activities,

our devolved operating model,

and a focus on strong financial

management.

The level of inherent risk in

this area is trending upward,

as a result of increasing

geopolitical and trade

tensions and resulting

economic uncertainty.

In many cases, the direct cost

of tariffs can be passed on

and is not borne by Group

businesses. As tariffs affect

customer confidence and

underlying demand more

generally, Group businesses

will continue to focus on

meeting and anticipating

customer needs and

maintaining strong financial

control.

Emerging Risks

Emerging risks in this area include new

tariffs, their impact on supply chains and

the effects of new technology such as AI.

Climate Change

Transitional climate change risks

and opportunities, including

changes in policy, regulation,

technology and societal views,

could impact demand for some

of the Group’s products.

Physical climate change risks, such

as extreme weather events and the

related loss of biodiversity, could

affect the activities of a large

proportion of Group businesses.

We are enabling our customers’

energy transition, including by

introducing lower carbon

forms of energy. Progress in the

implementation of our strategy

for the energy sector is set out in

the DCC Energy Business Review

on page 14.

We are also making progress in

reducing our Scope 1 and 2 carbon

emissions. The Sustainability

Review on page 39 covers this

in more detail.

Group businesses have business

continuity and crisis management

plans in place in the event they

are affected by adverse weather.

In the year under review we

updated our Climate Scenario

Analysis (‘CSA’) which assesses

the transitional and physical

implications of climate change

on the Group’s operations.

More detail on this is contained

in the Risk in Action case

study on page 76 and in the

Sustainability Review on

pages 39 to 75.

We will continue to monitor

transitional and physical

climate change risks to

consider their impact on the

Group and ensure appropriate

mitigation measures are

maintained.

Emerging Risks

Emerging risks in this area include the risk

that the political focus on addressing

climate change diminishes.

Strategic Risks Operational Risks Financial and Compliance Risks

Internal or external factors that

threaten the viability of the Group’s

strategy and its ability to achieve

its long-term objectives.

Potential disruptions arising from

internal processes, people, systems,

or external events that could

negatively impact our efficiency,

profitability or reputation.

Potential for inadequate financial

controls or non-compliance with

applicable regulations resulting

in financial impacts and

reputational damage.

DCC plc Annual Report and Accounts 202580

Risk and Link to Strategy Trend Principal Mitigation Measures Developments and Areas of Focus

Recruitment and Retention

of Talented People

The Group’s devolved management

structure has been fundamental

to our success. A failure to attract,

retain and develop talent,

particularly in new markets and

in recent acquisitions, could

impact the attainment of strategic

objectives.

The Group maintains a constant

focus on this area, supporting

the development of our people

and ensuring that our workplaces

are inclusive.

Key mitigation measures include:

• Our annual succession planning

cycle which focuses on business

continuity risk;

• Our talent review process which

identifies high-performing and

high-potential talent;

• Our international mobility practices

which support the transfer of talent

across the Group for professional

development purposes as well

as business need, particularly

supporting the integration of

new acquisitions;

• Our core leadership development

programmes which support

development at key career stages;

and

• Our annual remuneration cycle,

which ensures incentives are

competitive from a retention

perspective and aligned with

the Group’s culture of long-term

performance.

These programmes form part of the

overall Group Talent and People

Strategy, which is reviewed regularly

by management and the Board.

The change in our strategy

that we announced in

November 2024 inevitably

creates some uncertainty

for our people. Through the

transition, we are focused

on supporting our people

with clear leadership and

regular engagement.

We remain focused on

ensuring that DCC remains a

great place to work for all of

our colleagues. HR initiatives

support key areas of culture

and engagement, inclusion

and employee experience.

The impact of AI on key

business processes and on

working practices is being

actively considered.

The development of our

people is described in more

detail in the Sustainability

Review on page 62.

Emerging Risks

Emerging risks in this area include how

new technology, such as AI, will affect the

scale and nature of skills needed within

the Group and the steps the Group

should take to develop and retain these.

Acquisitions and Disposals

Failure to successfully divest our

Healthcare and Technology

divisions could undermine the

successful implementation of our

strategy.

A failure to identify and execute

suitable acquisitions could impact

profit targets, returns targets and

impede the strategic development

of the Group.

M&A execution remains a core

competency of the Group. Processes

and resources for planned

divestments are in place.

Our management teams engage in

a continuous and active review of

potential acquisitions and disposals.

Potential acquisitions are subject

to an assessment of their ability

to generate a return on capital

employed well in excess of the

Group’s cost of capital and of their

strategic fit within the Group.

The Group conducts a stringent

internal evaluation process and

due diligence before completing

any acquisition or disposal.

The performance of each recent

acquisition against the original

proposal made in respect of it is

reported to the Board annually, with

account taken of lessons learned.

We will continue to monitor

the processes and resources

that we have in place to

support the divestment of

our Healthcare division and

the strategic review of

businesses in DCC Technology.

The Group continues to be

active from a development

perspective. Acquisition

activity in the current financial

year will continue to be subject

to robust internal evaluation

and due diligence.

Emerging Risks

Emerging risks in this area include

the impact of political and economic

uncertainty on M&A activity generally.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 81

Risk Report continued

Risk and Link to Strategy Trend Principal Mitigation Measures Developments and Areas of Focus

Operational Risks

Project and Change

Management

A failure to effectively complete

change management programmes

or other significant projects,

including the integration of

acquisitions, could impact profit

targets, returns targets and impede

the overall strategic development

of the Group.

Projects and change management

programmes, including the

integration of acquisitions, are

resourced by dedicated and

appropriately qualified internal

personnel and supported where

needed by external expertise.

Significant projects or programmes

are subject to oversight by senior

management and the Board.

A number of important

change management

initiatives and other projects

will be underway across the

Group at any stage.

The implementation of

business improvement

initiatives that are underway

within DCC Technology and

progress against DCC Energy’s

strategic goals will continue to

be a priority in the current

year. More detail on those

subjects is contained in the

DCC Energy Business Review

on page 14 and the DCC

Technology Business Review

on page 24.

Emerging Risks

Emerging risks in this area arise

principally from change processes

undertaken as part of the strategic

development of the Group.

Major Safety or

Environmental Incident

Our principal HSE risks relate to

fires, explosions or multiple vehicle

accidents or incidents resulting in

significant environmental damage.

These incidents could give rise to

injuries or fatalities, legal liability,

significant costs and damage to

our reputation.

HSE management systems are

maintained in proportion to the

nature and scale of applicable risks.

Inspection and auditing of those

HSE management systems are

conducted by subsidiary

management, by the Group HSE

team, and by external assurance

providers, as appropriate.

There is a strong focus on process

safety within our energy activities.

Emergency response and business

continuity plans are in place and

tested to minimise the impact of

any significant incident.

Insurance cover is maintained

at Group level for significant

insurable risks.

We have recently consolidated

our HSE management

structures to reflect our

updated strategy which will

see us focus on the energy

sector. These changes are

designed to provide continued

strong support for Group

businesses on HSE matters as

well as more efficient decision

making and oversight.

Further development of our

HSE management systems

will continue in the current year

in line with our Three-Year

HSE Plans.

Emerging Risks

Emerging risks in this area include the

safety risks generated as our energy

businesses expand into new markets

and/or types of activity, such as the

installation of solar panels.

DCC plc Annual Report and Accounts 202582

Risk and Link to Strategy Trend Principal Mitigation Measures Developments and Areas of Focus

Major IT Failure, Cybercrime

Incident or Data Loss

Our IT systems and infrastructure

could be affected by a loss of

service or system availability,

significant system changes or

upgrades that do not work as

planned or cybercrime, resulting

in an adverse impact on our

operations, the loss of personal or

confidential data, financial loss or

reputational damage.

IT personnel in Group businesses

implement our Group IT Standards,

oversee IT security and are provided

with technical expertise and support

from Group IT.

Cybersecurity reviews are performed

by a specialist internal IT Assurance

team and external technical experts

to provide independent assurance

over the Group’s controls in this area.

Group businesses maintain

appropriate business continuity, IT

disaster recovery and crisis

management plans. DCC also

maintains a level of cyber insurance.

Our Group Data Protection Policy,

supported by detailed guidelines,

requires Group businesses to ensure

appropriate controls over personal

data.

We will continue to monitor

our internal controls in light of

cybercrime trends and make

adjustments to them as

necessary.

Emerging Risks

Emerging risks in this area include the

increased sophistication of cyber attacks

because of AI.

Geopolitical and Naturally-

Occurring Events

Geopolitical confrontation, military

conflict, a systemic financial crisis,

major adverse public policy

change, or the emergence of a new

public health emergency such as a

further pandemic could have a

significant impact on the Group’s

operations.

The Group’s crisis management and

business continuity plans would be

implemented in response to sudden

adverse events.

Key elements of the Group’s

operating model, including our

diversified operations and financial

strength, enhance our resilience to

external shocks should they occur.

Management monitors

emerging risks in this area on

a continuous basis. Changes

to the Group’s risk environment

will continue to be reflected

in changes to the Group’s

operations as they arise. The

Group has and will continue to

adapt to new ways of working

and doing business while

protecting, as far as possible,

our employees, customers,

suppliers, and other

stakeholders.

Emerging Risks

Emerging risks in this area include

fluctuating geopolitical tensions, with

the potential for wide-ranging and

unpredictable consequences.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 83

Risk Report continued

Risk and Link to Strategy Trend Principal Mitigation Measures Developments and Areas of Focus

Financial And Compliance Risks

Corporate Reporting and

Financial Management

Failure to accurately report

financial or non-financial

performance through error or fraud

could result in regulatory sanctions

and reputational damage.

Failure to manage exposure to

financial risks resulting from the

Group’s transactions, such as tax

or foreign exchange risks, could

negatively impact on financial

performance.

Group financial risks are managed

by experienced Group finance

teams and governed by policies

which are reviewed and approved

annually by the Audit Committee

and the Board.

Standard reporting packs are

prepared, including weekly forecasts

and monthly submissions, and are

subject to review by management

as well as Group Internal Audit.

Group businesses are subject to

regular review by our Group Internal

Audit team and annual external

audit.

The recently-proposed EU

Sustainability Omnibus

Directive appears likely to

result in a reduction in the

sustainability reporting

obligations that apply to

the Group under EU law.

We intend to continue to

develop our sustainability

reporting systems in line with

good practice and any revised

EU sustainability reporting

obligations that enter into

force in due course.

Emerging Risks

Emerging risks in this area include

proposed changes to EU non-financial

reporting obligations and related

assurance requirements.

Compliance with Legal

and Ethical Standards

A material failure to comply

with applicable legal and

ethical standards could result

in regulatory sanctions and

reputational damage.

The Group promotes a culture of

compliance and ‘Doing the Right

Thing’ in all activities, consistent

with our value of Integrity.

Staff surveys include an assessment

of the Group’s compliance culture.

A Code of Conduct is in place and is

supported by more detailed policies

where needed, including a Supply

Chain Integrity Policy, a Human

Rights Policy, an Anti-Bribery and

Corruption Policy and a Data

Protection Policy.

Training programmes are provided

for employees on key compliance

risks.

All employees can raise concerns

using the Group’s whistleblowing

facilities.

Compliance controls are audited by

the Group Legal & Compliance and

Group Internal Audit teams.

As we implement our updated

strategy, Group businesses will

continue to actively manage

compliance with relevant

requirements within the

framework of our existing

compliance procedures.

Emerging Risks

Emerging risks in this area include

changes in international trade laws

such as sanctions, restrictions on dual

use products and tariffs because of

wider geopolitical tensions.

DCC plc Annual Report and Accounts 202584

Going Concern and

Viability Statement

In accordance with the relevant provisions set out in the UK

Corporate Governance Code, the Board has taken account

of the principal risks and uncertainties, as set out in the

table on pages 80 to 84, in considering the statements to

be made in regard to the going concern basis of

accounting and the viability statement. These statements

are set out below:

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, which reflects the

impact of the Company’s November 2024 announcement to

concentrate its activities on the energy sector, divesting DCC

Healthcare and reviewing strategic options for

DCC Technology.

The financial position of the Company, its cash flows,

liquidity position and borrowing facilities are described in

the Financial Review on page 30. In addition, note 5.7 to the

financial statements includes 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 exposures to

credit risk and liquidity risk.

The Company has very considerable financial resources

and a broad spread of businesses with a large number of

customers and suppliers across different geographic areas

and industries.

Having assessed the relevant business risks, the Directors

believe that the Company is well placed to manage its

business risks successfully.

The Directors have a reasonable expectation that the

Company, and the Group as a whole, have adequate

resources to continue in operational existence for the

foreseeable future. For this reason, they continue to

adopt the going concern basis in preparing the financial

statements, notwithstanding the turbulent economic

and political environment.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 85

Risk Report continued

Viability Statement

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 next three years

to 31 March 2028. The Directors’ assessment has been made

with reference to the resilience of the Group and its strong

financial position, the Group’s current strategy, the Board’s

risk appetite and the Group’s principal risks and how these

are managed and, again, with regard to ongoing economic

and political uncertainty globally.

Period of Viability Statement

In accordance with Provision 31 of the UK Corporate

Governance Code, the Directors have considered the

length of time to be reviewed in the context of the

Viability Statement.

The Directors believe that the three-year period to 31 March

2028 represents an appropriate period. The length of this

period aligns with the Group’s annual strategic review

period, which is a bottom-up review prepared business

by business, which considers the risks, opportunities and

development plans for each business and is ultimately

approved by the Board. The period also aligns with the

period used for a number of other Group matters, including

the performance period for the Group’s Long-Term Incentive

Plan. Finally, inherent uncertainty increases with regard to

longer-term financial forecasting as time horizons extend.

A three-year period is deemed to provide an appropriate

balance between near-term and medium- to long-term

influences.

Approach to Assessing Viability

In making a viability statement, the Directors are required

to consider DCC’s ability to meet its liabilities as they fall

due, taking into account the Group’s current position and

principal risks.

The Group operates a devolved operational structure

and has sales, marketing and support services operations

across a mix of industry sectors. The Group has an extensive

spread of customers and suppliers across 21 countries, four

continents and distinct market sectors. Importantly, the

Group is supported by a very well-funded, liquid balance

sheet and strong operational cash flows.

A robust financial model of the Group is built on a business-

by-business basis. This model is subjected to sensitivity

analysis, and those sensitivities are reviewed periodically

to ensure they remain appropriate given changing

circumstances in relevant business, markets and economies.

This sensitivity review focuses on the Group’s liquidity,

solvency and gearing metrics, with particular consideration

given to the Group’s principal debt covenants, including its

Net Debt: EBITDA and Interest Cover covenants.

Given the nature of the Group’s activities, the principal

sensitivities considered in the review are those where

negative economic and other impacts could be

experienced across the entire range of the Group’s

activities. These sensitivities consider situations from

depressed activity levels globally to material and persistent

rebasing of the Group’s profitability due to a range of

factors. The Group also assessed the potential impact of a

very material shock which would have a significant and

immediate impact on profitability and cash flows and where

recovery would take a number of years. Finally, the review

considered a reverse stress test to determine what level of

disruption would need to be experienced before a breach

of the Group’s debt covenants was unavoidable.

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 reviewing strategic options for DCC

Technology. The assessment also considered the principal

risks facing the Group, as described on pages 80 to 84, and

the potential impacts these risks would have on the Group’s

business model, future performance, solvency or liquidity

over the assessment period.

The Board considers that the nature of the sectors and

geographies in which the Group operates acts significantly

to mitigate the impact any of these risks might have on

the Group.

DCC plc Annual Report and Accounts 202586

DCC plc Annual Report and Accounts 2025 87

GOVERNANCE

88 Chair’s Introduction

90 Board of Directors

92 DCC Leadership Team

94 Corporate Governance Statement

106 Nomination and Governance Committee Report

110 Audit Committee Report

118 Remuneration Report

143 Report of the Directors

Dear Shareholder,

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

Governance Report for the year ended 31 March 2025.

Key Developments

The key corporate governance developments in DCC during

the year under review were:

• The approval of an important change to the Group’s

strategy in November 2024, following extensive discussions

at Board and senior management level.

• Continued progress against existing strategic goals –

including growth and diversification in DCC Energy,

reaching agreement for the divestment of DCC Healthcare,

and business improvement initiatives in DCC Technology

– with oversight and support from the Board.

• Important changes at senior management level, consistent

with existing people development and succession plans, to

support the delivery of our strategy.

• Strong shareholder approval for an updated Remuneration

Policy at our 2024 AGM.

• Further progress against our sustainability objectives,

including carbon reduction and safety and updating our

sustainability materiality assessment.

• Strong engagement with the Company’s workforce,

including through several Board site visits.

Strategy

The Board’s primary aim when considering the Group’s

strategy has always been the creation of sustainable value

for our shareholders and other stakeholders.

In November 2024, we announced an update to our strategy

which will see us divest our Healthcare division, undertake a

strategic review of options for our Technology division and

focus our resources on the significant growth opportunities

that we see within the energy sector. That decision received

unanimous support from the Directors following detailed

analysis and discussion at Board and senior management

level over the course of the last year.

The revised strategy for the Group builds on work

undertaken by management and the Board over a number

of years to ensure our growth strategy for the energy sector

was focused on the Company’s strengths and aligned with

energy transition trends. We set out a revised strategy for

that area of our activities in May 2022 and have provided

regular progress reports against it since then. That strategy

is based on expanding the range of lower carbon energy

and related services that we provide to customers while

continuing to meet their need for reliable, safe and cost-

effective forms of energy. More detail on the progress we

are making in this area is set out in the Strategy section on

pages 10 and 12 and the DCC Energy Business Review on

page 14.

Risk Management

The Board, strongly supported by the Audit Committee,

continues to invest significant time in discussing the

principal risks and uncertainties facing the Group and how

they are being addressed. The effective but efficient

management of risk remains a core component of our

governance framework. Health, Safety and Environment

(‘HSE’) matters are overseen directly by the Board; other risks

are considered by the Audit Committee in the first instance

and then by the Board. More detail on the Group’s

processes in this area, and how they are developing to

reflect our updated strategy, is contained in the Audit

Committee’s Report on page 110 and in the Risk Report on

page 76.

Sustainability

The Board, including myself as Chair, have ultimate

responsibility for the long-term sustainability of DCC.

Reflecting the importance of this subject and the priority

that we place on it, the oversight of sustainability matters

rests with the Board directly. This year, the Board approved

updated sustainability targets and metrics for the Group.

The Board, again supported by the Audit Committee, also

oversaw the Company’s preparations to report under new

EU sustainability reporting standards. Further information

on the governance of sustainability within DCC, including

climate change, is set out on page 39.

Purpose, Values and Culture

Our clear purpose and values are the foundation for the

Group’s activities. They have played an essential part of the

success of the Group to date and will continue to guide our

actions as we implement our strategy.

CHAIR’S

INTRODUCTION

DCC plc Annual Report and Accounts 202588

As in previous years, the Board invested a good deal of time

during the year under review considering aspects of the

Group’s culture, including how well it has been embedded

across the Group’s operations. More detail on this is

provided on page 102.

Board Visits to Group Businesses

The entire Board undertook several visits to Group businesses

in Ireland during the year. These visits included a tour of

facilities at the business in question as well as a discussion

with colleagues on plans for strategic development, safety,

and customer relationships. Smaller groups of Directors also

undertook visits to other Group businesses over the course of

the year, including a number of Directors visiting some of our

US businesses in the Technology and Healthcare divisions.

The Directors invariably find the additional engagement with

the workforce provided by these visits extremely useful. More

detail on the Board visits undertaken this year is set out on

page 105.

Board Composition

On 11 July 2024, David Jukes retired as a non-executive

Director and as Chair of the Remuneration Committee.

On the same date, we welcomed Steven Holland as an

independent non-executive Director and Katrina Cliffe

became Chair of the Remuneration Committee. Steven

Holland was appointed to the Remuneration Committee

and the Nomination and Governance Committee on

12 December 2024. On behalf of the Board, I wish to extend

my sincere appreciation to David for his contribution to the

Board and Remuneration Committee during his tenure.

Steven’s experience, outlined on page 91, complements and

expands the skills of the Board in important areas.

On 9 April 2025, we announced that Kevin Lucey, our current

CFO, will take up a new role as Chief Operating Officer for

the Group at the conclusion of our AGM on 10 July. We also

announced on the same date that Conor Murphy will

succeed Kevin as CFO. These appointments were approved

by the Board following a thorough process that was itself

grounded in our established talent development and

succession planning processes. More detail on these

appointments is provided on page 106 of the Nomination

and Governance Committee Report.

The Board recognises the benefits that different

perspectives bring to our discussions and decision making.

At 12 May 2025, the Board met the requirements of the

Listing Rules in relation to Director diversity.

Board and Committee Evaluation

The Board and its Committees review their performance

each year and consider where improvements can be made.

The process this year was particularly important in light of

the change in the Company’s strategy and, in keeping with

other years, it identified a number of opportunities to

enhance our governance processes. A summary of the

process, the areas for improvement identified and the steps

we are taking in relation to them are set out on page 104.

All of our Board Committees continued to perform very

effectively during the year. The reports from each Committee

contained in this Report provide details on their activities

over this period and their priorities for the current year.

Compliance with the UK

Corporate Governance Code

DCC complied fully with the UK Corporate Governance

Code during the year under review.

Priorities for the Year Ahead

Having reset the Company’s strategy, both for our energy

activities and for the Group as a whole, the Board’s primary

focus for the year ahead will be on delivery against

strategic objectives, including:

• Completing the divestment of DCC Healthcare.

• Completing the business improvement initiatives that we

have underway in DCC Technology and concluding our

review of strategic options for businesses in that division.

• Delivering continued growth and progress in our energy

activities, with organic growth complemented by

value-adding acquisitions.

• Making continued progress against our sustainability

objectives.

MARK BREUER

CHAIR

12 May 2025

“ The Board’s primary focus

for the year ahead will be

on delivery against stated

strategic objectives.

”

MARK BREUER

CHAIR

DCC plc Annual Report and Accounts 2025 89

Governance Financial Statements Supplementary InformationStrategic Report

BOARD OF

DIRECTORS

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 financier 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 finance advice to

both domestic and international clients.

Mark’s wide-ranging corporate finance

experience is particularly relevant given

DCC’s acquisition focus and current strategy.

Key external appointments: Chair and

non-executive director of Derwent

London plc.

KEVIN LUCEY

Chief Financial Officer and

Chief Operating Officer Designate

Date of appointment: July 2020

Expertise: Kevin joined DCC in 2010 as

Finance & Development Director of the

Technology division and since then has held

a number of senior Group finance roles,

including, most recently, Head of Capital

Markets. Kevin is a chartered accountant

and has extensive international M&A, capital

markets and operational finance experience.

Prior to joining DCC, Kevin was CFO and a

principal of a leading Irish private equity firm.

Kevin was appointed Chief Financial Officer

in July 2020.

Kevin will become Chief Operating Officer in

July 2025.

Key external appointments: None.

DONAL MURPHY

Chief Executive

Date of appointment: December 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 significant 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.

Governance Continued

Audit Committee member

Nomination and Governance Committee member

COMMITTEE MEMBERSHIP KEY:

Remuneration Committee member

Committee Chair

DCC plc Annual Report and Accounts 202590

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.

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 Officer 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.

ALAN RALPH

Non-executive Director

Date of appointment: November 2021

Expertise: Alan is a very experienced

business and finance leader having spent

almost 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 Officer

for five years.

Alan’s financial expertise, business

leadership experience and knowledge of

the healthcare sector complements the

Board’s knowledge.

Key external appointments: Non-executive

director of Origin Enterprises plc and

J & E Davy.

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,

specifically 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.

LILY LIU

Non-executive Director

Date of appointment: July 2021

Expertise: Lily has more than 20 years’

experience in finance roles and is the current

Chief Financial Officer 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

Officer, having previously been Chief

Financial Officer of Essentra plc, Xaar plc

and Smiths Detection.

Lily’s current role as CFO in a global business

brings international financial experience to

the Board and Audit Committee.

Key external appointments: Chief Financial

Officer of Synthomer plc.

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

financial 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 Committee 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: Non-executive

director of International Personal Finance plc

and Vue International.

R RN

AC NA

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 91

DCC LEADERSHIP

TEAM

DARRAGH BYRNE

Chief Risk Officer and General Counsel

Darragh joined DCC in 2012. He held a

number of senior legal roles within the

Group before being appointed to his

present position of Chief Risk Officer and

General Counsel in October 2020. He has

responsibility for the Group HSE, Risk, Legal,

Compliance and Company Secretarial

teams, and acts as the Group Company

Secretary. Before joining DCC, Darragh

established and led legal teams in several

other organisations and worked as a lawyer

in private practice. He is qualified as a

solicitor in Ireland and in England and Wales.

CONOR MURPHY

Chief Financial Officer, DCC Energy

and Chief Financial Officer Designate

Conor has held the role of DCC Energy

CFO since July 2022, having moved from his

previous role of Director of Group Finance.

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. Prior to joining DCC, Conor trained

as a chartered accountant with KPMG.

Conor will become Chief Financial Officer in

July 2025.

DONAL MURPHY

Chief Executive

See Donal’s biography

on page 90.

EDDIE O’BRIEN

Chief Strategy & Transformation Officer

Eddie became DCC’s Chief Strategy &

Transformation Officer in April 2025, a role

which also incorporates IT and Digital.

He was previously the Chief Strategy &

Sustainability Officer, having been Managing

Director of DCC Retail & Oil from 2018 to

2022. He joined DCC in 2012 as the Managing

Director of Oil and was subsequently

Managing Director of Retail & Fuel Cards.

Prior to joining DCC, Eddie was CEO at Topaz

Energy. Before this he spent 13 years at Statoil

across a number of senior finance, pricing,

commercial and leadership roles.

YVONNE HOLMES

Group Director of Sustainability

& Corporate Affairs

Yvonne was appointed Group Director of

Sustainability & Corporate Affairs in April

2025. Yvonne joined DCC in 2023 as Head

of Group Sustainability. Yvonne was the

Chief Sustainability Officer for AIB Group

from 2019 to 2023 and had responsibility for

the development and implementation of

the Group’s sustainability strategy. Prior to

that, Yvonne was a member of the AIB Retail

Leadership Team and has held leadership

roles across Strategy, Data & Analytics,

Business Transformation and Operations.

KEVIN LUCEY

Chief Financial Officer and

Chief Operating Officer

Designate

See Kevin’s biography

on page 90.

NICOLA MCCRACKEN

Chief People Officer

Nicola has been the Chief People Officer

since she joined DCC in May 2016. Prior to

joining DCC, Nicola was the HR Director

responsible for Talent and Reward globally

at CRH plc from 2007 to 2016. Prior to that,

she enjoyed a consulting career with PwC in

Europe and North America where she helped

global organisations from multiple industry

sectors adapt their human capital strategies

to improve business performance.

MANDY O’SULLIVAN

Group Director of Corporate

Development

Mandy joined DCC in 2017. She has held a

number of senior leadership roles in DCC

across Investor Relations and Corporate

Finance, before being appointed to her

current position as Group Director of

Corporate Development in April 2025, where

she oversees all development activity for

the Group. Mandy has over 25 years of M&A

advisory and in-house experience in Dublin

and London, and qualified as a chartered

accountant with Arthur Andersen.

FUNCTIONAL LEADERS

DCC plc Annual Report and Accounts 202592

Group Executive Committee

KEY:

Governance Continued

E E

ANDREW GRAHAM

MD Mobility

Andrew was appointed Managing Director

of Mobility for DCC Energy in April 2024,

having previously been the Managing

Director of Certa Ireland since January 2021.

Andrew joined DCC in 2014 as Operations

Director, Retail, and led the design and

development of a central retail operations

hub that provides commercial, financial

and operational support from Ireland to

c.1,000 service stations today. Prior to joining

DCC, Andrew held various senior leadership

commercial and financial roles in both Topaz

Energy and Statoil.

MATT DANTINNE

MD Energy Solutions, North America

Matt is Managing Director of Energy

Solutions, North America, having joined

DCC in June 2020 as the Chief Executive

Officer of DCC Propane, which is one of

the top retailers in the US propane industry.

Prior to joining DCC, Matt held a variety of

senior leadership, strategy and corporate

development roles over a 20-year span with

Lafarge-Holcim in the construction materials

sector.

CHRISTIAN HEISE

MD Energy Solutions, Nordics

Christian has been Managing Director of

Energy Solutions Nordics since May 2024.

He has overall responsibility for our Nordics

energy businesses, including DCC Energi,

Flogas Scandi, and Solcellekraft, and driving

transformation and continued development

across the region. Prior to this role he served

as CEO of our Danish business, DCC Energi

Danmark, since its acquisition by DCC in

August 2009. Previously, Christian spent 20

years at Shell, where he held various senior

roles in retail, commercial, lubricants and

customer service.

EMMANUEL TRIVIN

MD Energy Solutions,

Continental Europe

Emmanuel Trivin is the Managing Director

of Energy Solutions, Continental Europe. He

also serves as the CEO of Groupe Butagaz,

a position he has held since DCC acquired

Butagaz from Shell in 2015. Prior to joining

DCC, Emmanuel held various leadership

positions at Shell, including General Manager

roles in Global Specialties and Distributor

Markets across Europe and Africa.

STEVE TAYLOR

MD Energy Solutions, UK & Ireland

Steve Taylor is Managing Director of Energy

Solutions in the UK and Ireland, a position

he has held for the past three years. Prior to

his current role he was MD of Certas Energy

UK since joining DCC in 2015. Steve has over

30 years of senior executive experience,

including European Marketing Director of

GE Plastics, MD of GE Capital Fleet Services,

CEO of Vita Foam and President, EMEA of

Houghton.

BUSINESS LEADERS

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 93

DCC is subject to the UK Corporate Governance

Code. This statement details how DCC applied

the principles and met the provisions of the

Code during the year under review.

CORPORATE

GOVERNANCE

STATEMENT

HIGHLIGHTS OF THE YEAR

Board Leadership and

Company Purpose

• Assessed the Group’s strategy

and made key decisions on

divesting the Healthcare division

and conducting a strategic

review of the Technology division

• Continued growth and progress

against clear strategic objectives

• Growth in profits and reduction

in carbon emissions

• Focus on culture and employee

engagement

Division of

Responsibilities

• Clear delineation of

responsibilities between

Board and management

• Enhanced Board focus on

sustainability

Composition, Succession

and Evaluation

• Approved changes to the Board

and DCC Leadership Team to

align our management structure

with our strategy

• Continued Board renewal, with

Steven Holland appointed as

a non-executive Director in

July 2024

• Internally-facilitated Board

evaluation process undertaken

Audit, Risk and

Internal Control

• Robust internal control

framework maintained

• Appointment of Deloitte

as external auditor

• Preparations underway for

new corporate governance

and sustainability reporting

requirements

Remuneration

• Review of Executive Director

and Senior Group Management

Remuneration

• Remuneration Oversight for

senior management

READ MORE • FURTHER DETAILS

ON REMUNERATION ARE SET

OUT ON PAGES 118 TO 142.

READ MORE • FURTHER DETAILS

ON COMPOSITION, SUCCESSION

AND EVALUATION ARE SET OUT

ON PAGES 106 TO 109.

READ MORE • FURTHER DETAILS

ON AUDIT, RISK AND INTERNAL

CONTROLS ARE SET OUT ON

PAGES 76 TO 87 AND 110 TO 117.

READ MORE • FURTHER DETAILS

ON OUR BOARD ARE SET OUT

ON PAGES 90 TO 91.

READ MORE • FURTHER DETAILS

ON DIVISION OF RESPONSIBILITIES

ARE SET OUT ON PAGES 102

TO 103.

Full Compliance

with UK Corporate

Governance Code

DCC plc Annual Report and Accounts 202594

Board of Directors

The Board is collectively responsible for the long-term success of the Group. Its role is to provide leadership, to establish

purpose, values and strategy, to oversee management and to ensure that the Company provides its stakeholders with

a balanced and understandable assessment of the Group’s current position and prospects.

It is also responsible for establishing a framework to assess and manage risk, including climate risk.

The Board receives reports at its meetings from the Chair of each of the Committees and from the Workforce

Engagement Director on their current activities.

Chief Executive

The responsibilities of the Chief Executive are set out on page 96.

Executive Risk

Committee

The responsibilities of the

Executive Risk Committee

are set out in the Risk Report

on pages 76 to 86.

Nomination and

Governance Committee

• Considers the composition

and structure of the Board and

succession planning

• Reviews leadership needs of

the organisation, both

executive and non-executive

• Monitors the Company’s

compliance with legal and

regulatory requirements in

relation to corporate

governance

READ MORE • FURTHER

DETAILS OF THE ACTIVITIES

OF THE NOMINATION AND

GOVERNANCE COMMITTEE

ARE SET OUT IN ITS REPORT

ON PAGES 106 TO 109.

Remuneration

Committee

• Monitors the Company’s

Remuneration Policy

• Determines the remuneration

packages of the Chair,

executive Directors and senior

management

• Oversees the remuneration of

other Group executives and

subsidiary remuneration

structures

• Oversees the operation of the

Company’s long-term

incentive schemes

READ MORE • FURTHER

DETAILS OF THE ACTIVITIES

OF THE REMUNERATION

COMMITTEE ARE SET OUT

IN THE REMUNERATION

REPORT ON PAGES 118

TO 142.

Audit

Committee

• Assists the Board in assessing

the principal and emerging

risks facing the Company and

monitoring the effectiveness

of risk management and

internal control systems

• Monitors the integrity of the

Group’s financial statements,

including reviewing significant

financial reporting

judgements contained in

them

• Reviews the operation of the

Group Internal Audit function

• Oversees the relationship with

the external auditor

READ MORE • FURTHER

DETAILS OF THE ACTIVITIES

OF THE AUDIT COMMITTEE

ARE SET OUT IN ITS REPORT

ON PAGES 110 TO 117.

DCC Leadership

Team

Supports the Chief Executive

and other Executive Directors in

executing their responsibilities.

Reports to the Chief Executive at

regular management meetings.

Executive Sustainability

Committee

Supervises and makes

operational decisions in relation

to the Group’s sustainability

activities.

CORPORATE GOVERNANCE FRAMEWORK

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 95

Activities of the Board of Directors

Composition

The Board of DCC currently comprises the non-executive

Chair, seven other non-executive Directors and two

executive Directors, including the Chief Executive.

With effect from the conclusion of the Company’s AGM on

10 July 2025, the Board will include three executive Directors:

the Chief Executive, the Chief Financial Officer and the

Chief Operating Officer. The Board has concluded that the

addition of a third executive Director with responsibility for

operations is in the best interests of the Company as it

evolves to focus wholly on the energy sector.

Independence

The Board carried out an evaluation of the independence

of each of its non-executive Directors, taking account of

the relevant provisions of the Code, namely whether the

Directors are independent in character and judgement and

free from relationships or circumstances which are likely to

affect, or could appear to affect, the Directors’ judgement.

The Board is satisfied that each of the current

non-executive Directors fulfils the independence

requirements of the Code.

Mark Breuer was appointed Chair of the Company on

16 July 2021. On his appointment as a non-executive

Director in 2019, the Board was satisfied he was

independent. While Mr Breuer holds another directorship

outside of the DCC Group, the Board is satisfied that it has

not interfered with the performance of his duties to DCC.

Leadership

The Board’s leadership responsibilities involve working with

management to monitor the Group’s purpose and values,

and to develop strategy, including deciding which risks it

is prepared to take in pursuing its strategic objectives.

Oversight

The Board’s oversight responsibilities involve it constructively

challenging the management team in relation to

operational aspects of the business, including the approval

of budgets, and probing whether risk management and

internal controls are sound. It is also responsible for ensuring

that accurate, timely and understandable information is

provided about the Group to investors, regulators and the

Group’s other stakeholders.

Appointment of Directors

The Nomination and Governance Committee agrees criteria

for new non-executive Director appointments, including

experience of the industry sectors and geographies in

which the Group operates, and professional background,

and has regard to the need for a balance in relation to

diversity. More detail on the appointment process is set

out in the Nomination and Governance Committee Report

on page 106.

Following appointment by the Board, all Directors are,

in accordance with the Articles of Association, subject

to election at the following AGM.

In accordance with the provisions of the Code, all Directors

submit to re-election at each AGM.

Corporate Governance Statement Continued

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.

The Senior Independent Director led the

annual Board evaluation process this year.

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.

Roles and Responsibilities

Non-Executive

Directors

Executive Directors

& Company Secretary

DCC plc Annual Report and Accounts 202596

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 97

Schedule of Matters Reserved for Board Decision

The table below summarises the key matters that are required to be decided by the Board:

Group Strategy

and Investment

• The Group’s strategic objectives

• Annual operating and capital expenditure budgets

• Material acquisitions

Structure and Capital

• Changes to the Group’s capital structure including reduction of capital, share issues

and share buybacks

• Changes to the Company’s listing arrangements

Corporate Reporting

• Final and interim results announcements

• Annual Report and Accounts

• Dividends

• Significant changes in accounting policies or practices

• Oversight of internal control and risk management frameworks, including to reflect

climate-related risks

Sustainability,

including

Climate Change

• Oversight of the Group Sustainability Programme and related objectives that are material

to the Group as a whole, including climate change and energy transition

• Considering climate-related issues when reviewing and guiding Group and divisional

strategy, investment proposals, budgets, and management objectives

Leadership

and People

• Composition of the Board, including the CEO and CFO

• Succession planning for the Board and senior management

• Board Committee constitution

• Appointment of the Company Secretary

Stakeholders

• Oversight of engagement with shareholders and other stakeholders

• Reviewing mechanisms for engagement with other stakeholders

• Designating a non-executive Director for engagement with the workforce

Attendance at Meetings during the Year Ended 31 March 2025

Board

Audit

Committee

Remuneration

Committee

Nomination and

Governance

Committee

Meetings held during the

year ended 31 March 2025

7 6 5 5

Mark Breuer 7 – – 5

Laura Angelini 7 – 5 5

Katrina Cliffe 7 – 5 –

Caroline Dowling

7 6 4 –

Steven Holland

4 – 1 1

David Jukes

3 – 1 –

Lily Liu 7 6 – –

Kevin Lucey 7 – – –

Donal Murphy 7 – – –

Alan Ralph 7 6 – –

Mark Ryan

7 5 – 5

1. Steven Holland was appointed as a

Director on 11 July 2024. He was appointed

to the Remuneration Committee and the

Nomination and Governance Committee

on 12 December 2024. He has had full

attendance since he joined.

2. David Jukes retired as non-executive

Director and as Chair of the Remuneration

Committee on 11 July 2024. He was unable

to attend one Remuneration Committee

meeting due to pre-existing personal

commitments.

3. Mark Ryan and Caroline Dowling were

unable to attend one Audit Committee

meeting and one Remuneration Committee

meeting respectively due to pre-existing

personal commitments.

Corporate Governance Statement Continued

Board

Independence

Independent

Non-independent

(Chair and Executive Directors)

70%

30%

Executive and

Non-executive Directors

Non-executive

Executive

20%

80%

Gender

Diversity

Male

Female

60%

40%

Geographic Location

of Directors

Ireland

50%

40%

10%

Experience and Skills of the Directors as at 31 March 2025

Enterprise Leadership

Sustainability/ESG

Other Supply Chain ⁄ Distribution

Financial Expertise

Capital Markets

Mergers & Acquisitions

Digital

Remuneration

Other Board Experience

Relevant Industry

Years on Board as at 31 March 2025

Mark Breuer

NON-EXECUTIVE

EXECUTIVE

Caroline Dowling

Katrina Cliffe

Steven Holland

Lily Liu

Alan Ralph

Mark Ryan

Donal Murphy

Kevin Lucey

Laura Angelini

16.3

4.7

7. 5

3.4

3.7

0.7

5.8

1.9

3.7

6.4

DCC plc Annual Report and Accounts 202598

After three years’ service, and again after six years’ service,

each non-executive Director’s performance is reviewed by

the Nomination and Governance Committee, with a view to

recommending to the Board whether a further period of

service is appropriate, subject to the usual annual approval

by shareholders at the AGM.

The terms and conditions of appointment of non-executive

Directors are set out in their letters of appointment, which

are available for inspection at the Company’s registered

office during normal office hours and at the AGM of the

Company.

Details of the length of tenure of each Director on the Board

as at 31 March 2025 are set out in the chart on the

page opposite.

Induction and Development

New non-executive Directors undertake a structured

induction process which includes a series of meetings with

Group and divisional management, detailed divisional

presentations, visits to key subsidiary locations and a

briefing with the external auditor.

The Board encourages visits to Group businesses, including

meetings with local management and meetings with

members of the wider workforce, as these are instrumental

in gaining a better understanding of the Group’s diverse

businesses, their culture and the environments in which

they operate.

External experts are invited to attend certain Board

meetings to address the Directors on relevant matters,

including developments in relevant product or geographic

markets, corporate governance, investor relations, risk

management and executive remuneration.

The Chair and Company Secretary review Directors’ training

needs, in conjunction with individual Directors, at least

annually, and match those needs with appropriate external

seminars and speakers. The Chair also discusses individual

training and development requirements for each Director as

part of the annual evaluation process, and Directors are

encouraged to undertake appropriate training on relevant

matters. In addition, all Directors have access to online

resources, which are regularly updated to include relevant

publications.

All Directors are encouraged to avail of opportunities to

hear the views of and meet with the Group’s shareholders

and analysts.

There is an established procedure for Directors to take

independent professional advice in the furtherance of their

duties, if they consider this to be necessary.

Strategy

DCC’s Group strategy is set out on pages 10 and 11, with

detail on the Energy division’s strategy provided on pages 12

to 13. The Board’s responsibilities in regard to strategy are

summarised on page 88.

Risk Management and Internal Control

The Board is responsible for the Group’s system of risk

management and internal control. It is designed to manage

rather than eliminate the risk of failure to achieve business

objectives and provides reasonable but not absolute

assurance against material misstatement or loss. Details on

the Group’s risk management structures are set out in the

Risk Report on page 76.

The Board has delegated responsibility for the detailed

monitoring of the effectiveness of this system to the Audit

Committee. Details of the Audit Committee’s work in this

regard are set out in the Audit Committee Report on page 110.

There is an ongoing process for identifying, evaluating and

managing any significant risks faced by the Group, including

climate-related risks, which was in place for the year under

review and up to the date of approval of the financial

statements. This process is regularly reviewed by the Board.

The Board has considered a report from the Audit

Committee on the conduct of and the findings and agreed

actions from the annual assessment of risk management

and internal control. Further details on this annual

assessment are set out in the Risk Report on page 79 and in

the Audit Committee Report on page 110.

The consolidated financial statements are prepared subject

to the oversight and control of the Chief Financial Officer,

ensuring correct data is captured from Group locations and

all required information for disclosure in the consolidated

financial statements is provided. A control framework has

been put in place around the recording of appropriate

eliminations and other adjustments. The consolidated

financial statements are reviewed by the Audit Committee

and approved by the Board.

Board Meetings

The table of Board attendance is set out on page 97. All of

the Board meetings held during the year were in person.

Site Visits

Board members visit Group businesses each year in order

to meet local management teams, members of the wider

workforce, see operations and experience the culture of the

business in question.

These visits include a tour of the business as well as a

presentation from local management teams, allowing time

for questions and answers.

In advance of a visit, the Directors are provided with

information on the business covering financial performance,

development areas, risks and opportunities, safety and

compliance and employee engagement.

Details of the principal site visits undertaken by the Board

during the year are set out on page 105.

Share Ownership and Dealing

Details of the Directors’ interests in DCC shares are set out

in the Remuneration Report on page 136.

The DCC Securities Dealing Code (‘the Dealing Code’)

applies to dealings in DCC securities by the Directors and

Company Secretary of DCC and certain employees. Under

the Dealing Code, Directors and relevant executives are

required to obtain clearance from the Chair or Chief

Executive before dealing in DCC shares and are prohibited

from dealing in the shares during prohibited periods, as

defined by the Dealing Code.

In addition, the Dealing Code specifies preferred periods for

share dealing by Directors and relevant executives, being the

four 21-day periods following the updating of the market on

the Group’s trading position through the preliminary results

announcement in May, the Trading Statement in July (at the

AGM), the interim results announcement in November and the

Trading Statement in February.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 99

Compliance Statement

DCC has complied, throughout the year ended 31 March

2025, with the provisions set out in the Code.

Board Discussions During the Year

A detailed calendar of subjects for discussion at Board

meetings is in place to ensure that the Directors discuss a

suitable range of topics throughout the year, linked to the

key opportunities and risks facing the Group. This is

reviewed by the Nomination and Governance Committee

and by the Board in advance of the commencement of the

financial year. Board papers are circulated one week in

advance of meetings.

The Board met seven times during the year. Additional

meetings are arranged if necessary for the Board to

properly discharge its duties.

Stakeholder Engagement

Creating value for all of DCC’s stakeholders is a key aim

of the Group’s purpose and strategy. Maintaining strong

engagement and clear communication with those

stakeholders is therefore an essential part of the Group’s

current activities and future success.

Employees and the Wider Workforce

DCC’s greatest asset is its experienced, diverse and

dedicated workforce. The Board invests a considerable

amount of time each year in considering the views of the

workforce, the culture of the Group and how these can be

developed. More detail on these subjects is available in

the following sections of this Report:

• Sustainability Review on page 39.

• How the Board Monitors Culture on page 102.

• Report of the Workforce Engagement Director on page 103.

The Board considered and discussed the interests of the

Company’s workforce when reviewing the Company’s

strategy over the course of the year under review.

Suppliers and Customers

The interests of suppliers and customers are central to the

market strategies of the Group’s businesses and divisions.

Detailed reports from each of the Group’s divisions on the

evolution of their strategy and progress against it are

provided to the Board over the course of the year. These

reports address factors such as developments in supplier

and customer needs and how businesses within the division

are developing to meet and exceed them.

More detail on the strategy of DCC’s Energy division is

contained in the Energy Business Review on page 14.

Governments and Regulators

Our key strategic objectives are strongly aligned with public

policy aims in all of the countries where we operate.

Examples of this include supporting the transition to lower

carbon forms of energy, while also meeting current energy

demand, and providing efficient access to healthcare

products and services for ageing populations.

DCC Group businesses engage with policy makers and

regulators in these areas to ensure that markets are

effective in providing these essential products and services.

The Board discusses relevant changes in public policy and

regulation over the course of the year, including as part of

strategy updates from each of the Group’s divisions. The

Audit Committee also reviews a detailed report twice a year

on notable dealings with relevant regulators, including any

enforcement activity.

Communities and the Environment

We aim to be a force for good in the communities we serve.

The transition to lower carbon forms of energy and

achieving net zero emissions is an issue of critical

importance for every community we serve.

The Board actively oversees the implementation of DCC

Energy’s strategy to deliver continued growth while also

moving to lower carbon forms of energy. The Board also

receives reports during the year from the Group

Sustainability team on the Group’s overall carbon emissions

and measures being taken to reduce them. The Board is

also briefed during the year on DCC’s support for selected

community organisations, such as our longstanding support

for Social Entrepreneurs Ireland.

Investors

The Board actively encourages engagement with investors,

including the Company’s major shareholders and

shareholder representative bodies.

Members of management held 205 meetings with investors

over the course of the year.

In addition to meetings with management, shareholders

were also offered the opportunity to engage with non-

executive Directors during the year. The Chair of the Board

wrote to the Company’s top ten shareholders in July 2024

and offered them a meeting with him. Seven shareholders

accepted this offer.

The Board was kept informed of investor views throughout

the year through reports from the executive Directors

and the Company’s brokers. The Chair of the Board also

briefed the Board on their engagements with shareholders.

The Board considered the interests of the Company’s

shareholders extensively when determining the change in the

Company’s strategy that was announced in November 2024.

The Company’s AGM provides shareholders with an

opportunity to raise questions with the Board. As usual,

several questions were raised and addressed at the 2024

AGM. All of the resolutions put to shareholders at the AGM

were strongly supported.

Corporate Governance Statement Continued

Engagements with

Institutional Investors

Meetings

212

Capital market conferences

Sales desk briefings

Number of Meetings

Held During the Year

Group Management and

Investor Relations (125)

Investor Relations (80)

Chair and Company Secretary (7)

59%

38%

DCC plc Annual Report and Accounts 2025100

Principal Activities Key Topics Discussed During the Year

Strategy

• The Board announced an update to the Company’s strategy during the year, informed by detailed reports from

advisors and discussions with management.

• The Board also considered specific aspects of the Group’s strategy, including its long-term financing, attracting

and retaining talented employees and supporting the effective use of technology.

Budgets and

Financial

Performance

• Having approved in March 2024 the Group’s budget for the year commencing 1 April 2024, the Board reviewed

reports on the Group’s financial performance, covering performance across the Group’s divisions and principal

business units, over the course of the year, including at every Board meeting.

• The Board approved the Group budget for the year commencing 1 April 2025 at its meeting in April 2025.

Acquisitions

and

Development

• Key development opportunities are discussed by the Board as part of the strategy updates outlined above.

Approved initiatives are then reflected in each annual budget, which is also approved by the Board.

• The divestment of the Healthcare division was a priority for the Board since the announcement of the new Group

strategy in November 2024.

• Individual development opportunities of a material nature or value are brought to the Board over the course of the

year as they arise. The majority of these are M&A opportunities. For instance, the Board approved during the year

the divestment by DCC Energy of its majority stake in its Hong Kong & Macau liquid gas business.

• The Board received a report at each Board meeting on M&A opportunities that are being considered by

management and on progress against key internal projects.

Risk

Management

and Internal

Control

• The Board considered reports on the Group’s principal risks and related internal controls in advance of approving

the Company’s Interim Results in November and Preliminary Results and Annual Report and Accounts in May.

• Over the course of the year, the Board also considered reports from Group functions on relevant risks and related

controls, including the Group HSE team (on safety and environmental risk management), the Group Sustainability

team (on physical and transitional climate-related risks), the Group HR team (on attracting and retaining skilled

employees), the Group IT team (on IT and cyber risk management) and the Group Legal & Compliance team (on

legal and compliance risks).

• In addition, the Board considered reports from the management teams in the Group’s three divisions on key risks

and related internal controls as part of the divisional strategy updates described above.

• The Chair of the Audit Committee provided updates to the Board after each meeting of the Committee in relation

to the Committee’s detailed assessment of risks and related internal controls, including financial and operational

controls, IT controls and compliance controls.

Leadership

Development

and Succession

Planning

• We announced changes to the DCC Leadership Team to align our management structure with our new Group

strategy.

• Reports from the Chief People Officer on the Group’s talent development processes, succession planning for key

roles and the wider ability of the Group to attract and retain the talented people needed to ensure its future

success were provided to the Board over the course of the year.

• Strategy updates from each division to the Board, described above, addressed how management structures are

aligned with the overall strategic objectives of the division.

Culture and

Stakeholder

Engagement

• The Board discussed the results of the annual Employee Engagement Survey, including a discussion on results

within individual Group businesses, with management.

• The Board received an update at each meeting from the Workforce Engagement Director on his activities.

• The Board also considered reports from management, the Company’s brokers and the Chair on investor relations

at several meetings during the year. The Board considered and approved the interim and final dividend.

• Supplier and customer relationships were reviewed with management of the Group’s three divisions as part of their

strategy updates to the Board during the year. The Directors also discussed supplier and customer relationships

with management in Group businesses as part of their site visits.

• Relationships with key regulators, for instance safety regulators, were reviewed by the Board in the context of

discussions with relevant members of management.

Governance

and Reporting

• The Board carried out a detailed annual review of its performance, including the performance of its Committees,

which was internally facilitated, in accordance with the UK Corporate Governance Code.

• The Board also considered the impact of relevant external developments on the Company’s governance, including

the revised UK Corporate Governance Code and evolving sustainability reporting requirements.

• The Board received a report at each meeting from the Chair of the Nomination and Governance Committee.

• The Board also reviewed and approved the Company’s key external communications, including the Annual Report

and Accounts, Preliminary Results Announcement, Interim Results Announcement and Trading Statements.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 101

Corporate Governance Statement Continued

Methods How this Allows the Board to Monitor Culture

Outcomes in the Financial

Year Ended 31 March 2025

Employee Surveys,

including the

annual Employee

Engagement

Survey

The primary survey carried out during the year is the annual

employee engagement survey. In addition, online compliance

training undertaken by several thousand employees across

the Group each year also surveys employees’ views on

relevant compliance questions. The results of these surveys,

including results that are outside the norm, are reported to the

Board and Audit Committee. Action plans are put in place to

deliver improvements where this is needed.

The Board received a detailed report on the

results of the most recent employee

engagement survey during the year.

Businesses across the Group put in place

tailored plans to address any matters identified

by their employee engagement survey.

Workforce

Engagement

Director

Mark Ryan, in his role as Workforce Engagement Director, is

actively engaged with the Group HR community and with the

wider workforce and reports on his activities to the Board at

each meeting. In the year under review, Mark visited a number

of Irish businesses from each division.

A report from Mark Ryan, as Workforce

Engagement Director, is set out on the opposite

page.

Audit Reports

Audits on individual Group businesses are conducted across

the year by members of the Group Internal Audit, Group HSE

and Group Legal & Compliance teams. These audits give the

Board an insight into not just the specific controls addressed

by each report, but also the wider control environment and

culture within the businesses in question.

During the year, the Audit Committee received

reports from divisional management teams on

the key risks and internal controls within their

divisions. This provided an additional

perspective on the culture and control

framework within the relevant division.

Site Visits

Visits to Group businesses, involving discussions with senior

management and with wider members of the workforce,

provide a very valuable opportunity for the Directors to assess

the culture within the businesses in question.

During the year, the Board visited Group

businesses in Ireland and the US. More

information on that visit are set out in the

Case Study on page 105.

Meetings with

Management

In addition to visiting Group businesses, a number of events

are held during the year which are attended by members of

senior management from within the Group as well as Board

members. These provide a further opportunity for informal

discussion regarding the activities of individual divisions,

businesses and functions.

Directors attended events over the year and

discussed various aspects of the Group’s

current performance and future development

with members of management.

Whistleblowing

The Audit Committee receives a report three times each year

on the rate of whistleblowing reports made from within the

Group. Where any business or function is the source of an

unusual number of reports, this is stated. The Committee also

reviews individual reports, and the action that has been taken

to address them.

The number and nature of reports received

during the year was consistent with prior years.

The Audit Committee concluded that the

Group’s whistleblowing facilities operate

effectively.

Safety Incidents

and Performance

The approach taken to safety is one of the most critical

aspects of the Group’s culture. Every member of the workforce

should be clear that nothing is ever more important than

acting safely. The Board receives reports on leading and

lagging safety indicators and is briefed on safety every

quarter by the Head of Group HSE. Divisional Strategy

Updates to the Board also address safety performance.

The Board continued to monitor safety KPIs over

the course of the year. Safety performance was

also discussed with management at relevant

opportunities during the year.

Disputes and

Regulatory

Matters

The Audit Committee receives a detailed report twice a year

on all legal disputes and regulatory matters in which Group

businesses are involved. This provides a further perspective to

the members of the Committee on where tensions may exist

between Group businesses and their stakeholders.

The Committee discussed a number of the

matters covered by this report in detail with

members of management.

Fostering our Culture

The Board promotes the Group’s purpose and values through its interactions with management, including discussions

as part of Board and Board Committee meetings, and site visits to Group businesses throughout the year.

The Board monitors the culture within the Group’s divisions and within individual businesses to ensure that is it is aligned

with the Group’s purpose, values and overall culture.

The following table summarises the principal methods used by the Board in monitoring the culture of the Group and the

businesses within it.

DCC plc Annual Report and Accounts 2025102

Introduction

Over the past year DCC has continued to make good

progress on our people engagement focus and associated

improvement initiatives. Employee engagement remains a key

priority for the Company and the Board and provides us with

important insight and feedback around areas like culture,

training, career development and strategy.

The year under review saw the Board approve an important

change in the Company’s strategy. The impact of this change

on our employees was an important part of our discussions.

Board visit at DCC Vital, Ireland

Employee Engagement

Our employee engagement focus is enabled through the

commitment of the Board and strong HR leadership. The HR

team has a relentless focus on key people support initiatives

in businesses right across DCC.

One of the ways we measure the impact of these support

initiatives on our people is through our annual employee

engagement survey. This survey elicits feedback directly

from employees across a range of areas including:

Customer Service, Careers, Collaboration, Communications,

Learning, Fairness & Equality and Safety.

Our 2024 survey results saw the highest ever participation

rate from our employees across the Group and more

importantly also showed an improvement in our overall

employee engagement scores. This improvement in the

engagement scores is a key indicator that our people

support initiatives are making a real impact with our

employees on the ground. Our overall employee

engagement score is one of the Company’s core

sustainability metrics.

In addition, the survey provided us with important feedback

on the areas where we can focus going forward. This

feedback will help shape our people support priorities for

2025. Through this feedback we continue to get a better

understanding of the things that matter to our people and

where we should focus our HR efforts.

Throughout the past year I have continued my ongoing

engagement with Nicola McCracken, Chief People Officer.

This ensures that I am up to speed not only on the status of

our people support initiatives but also any other people

engagement-related feedback that I should be aware of.

Through these Chief People Officer meetings, I can provide

the Board members with relevant employee engagement

updates throughout the year.

In October the Board site visits focused on the DCC

businesses in Ireland, where we met and engaged with

employees from different companies across our three

divisions. In addition to these visits, Board members also

visited other Group businesses in both the US and Europe

over the course of the year and engaged directly with a

range of different employees. These Board engagement

sessions are hugely useful as we discuss a range of priorities

with our people.

Change in Strategy

The decision to change the Company’s strategy in

November 2024, to focus on our energy activities, divesting

DCC Healthcare and undertaking a strategic review in

relation to DCC Technology, affects many of DCC’s existing

employees. We recently announced an agreement to divest

DCC Healthcare and employees there will operate under

new ownership when that sale completes later this year.

We also made some important management changes

during the year, simplifying our organisational structure.

The impact of these changes on employees was an

important part of the Board’s discussions during the last

year and will remain a central consideration as the strategy

is implemented.

Conclusion

The Board invests a good deal of time over the course of

each year considering aspects of DCC’s culture – rooted

in our core values of Safety, Integrity, Partnership and

Excellence – and how to ensure it is embedded across the

Group. Employee engagement is one of the most important

measures of this.

The Board also recognises the importance of employee

engagement to the delivery of our overall business

strategy. There is an unwavering Board commitment

to the implementation of the people support initiatives

which really make a difference to our people. This progress

is evidenced by the commitment of our HR Leadership

team and by our Group survey showing improving overall

engagement scores combined with the direct feedback

which the Board gets from our people.

I am delighted to serve as the Workforce Engagement

Director and continue to use the opportunity provided to

me at every Board meeting to report directly on the status

of employee engagement, other related HR matters and our

overall progress on people support initiatives across DCC.

STRENGTHENING ENGAGEMENT

WITH OUR EMPLOYEES

Mark Ryan,

Workforce Engagement Director

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 103

2025 Board Evaluation Process

This year’s Board evaluation was led by Caroline Dowling as

the Senior Independent Director. It followed the principles set

out in the UK Corporate Governance Code and best practice

in board evaluation. A combination of methods were

employed in the review. The key steps in the process were:

• A questionnaire covering key aspects of Board

effectiveness was completed by all Directors and

relevant members of management.

• Discussions were held with each of the Directors

individually by the Senior Independent Director.

• The Senior Independent Director then prepared a

report setting out the findings of the process, which

was discussed at the Board meeting in April.

• The Chair, on behalf of the Board, conducted evaluations

of performance individually with each of the non-executive

and executive Directors.

• The Senior Independent Director conducted an evaluation

of the performance of the Chair.

• The non-executive Directors also evaluated the

performance of each executive Director.

• Each of the Audit Committee, the Remuneration

Committee and the Nomination and Governance

Committee considered the relevant parts of the report as

part of the review of its own performance and terms of

reference and recommended any changes it considered

necessary to the Board for approval.

The Directors concluded that the Board and its Committees

continued to operate effectively during the year under review.

The Board discussions that led to a change in the Company’s

strategy in November 2024 were highlighted as a good

example of good governance during the year, with

constructive debate supported by detailed analysis and

relevant external advice.

The importance of the Board continuing to evolve to reflect

the Company’s revised strategy was emphasised by the

Directors in the evaluation process, both through deepening

the skills of existing Directors in relevant areas and adding

new skills as new Board members are recruited.

The following table summarises the principal

recommendations from the process and the steps that

will be taken in response over the course of the current

financial year.

All of the principal actions identified in the 2024 Board

evaluation process were completed over the course of

the year under review.

MARK BREUER, DONAL MURPHY

DIRECTORS

12 May 2025

Topic Area Identified for Action

Board Skills and

Composition

Following the decision to set an updated strategy for the Company in November 2024, the Board will

take active steps to ensure that it has a suitable blend of skills and experience, including maintaining

an awareness of emerging energy-related technologies and business models. In addition, the

recruitment of new Directors will reflect the Company’s revised strategy.

Board Processes The appointment of a third Executive Director with effect from 10 July 2025 will add an additional

perspective from the Company’s management to Board discussions. Board discussions will be

adjusted to fully facilitate this.

Evolution of

Operating Model

Important changes in the Company’s management structures and processes have been made since

the change in strategy was announced in November 2024. The Board will continue to support

management in developing and embedding this revised operating model over the course of the

coming year.

Corporate Governance Statement Continued

DCC plc Annual Report and Accounts 2025104

GOVERNANCE IN ACTION

BOARD VISIT TO GROUP BUSINESSES

IN IRELAND AND US

In October 2024, the full Board visited a number of Irish

businesses including Flogas Ireland and Certas Retail in

the Energy division, DCC Vital in the Healthcare division

and Exertis Ireland in the Technology division. These visits

provided an important opportunity for the Board to meet

with management teams and the wider workforce and

to gain a deeper understanding of key operations.

During each visit, the Board focused on several key issues,

including strategic objectives and progress against them,

employee engagement and culture, and safety.

A number of Directors, including our Chair, also visited Ion

Labs, our contract manufacturing Healthcare business in

Florida and Exertis North America, our US Technology

business in Philadelphia.

Overall, these visits provide a valuable opportunity for the

Board to engage with the businesses and to gain a deeper

understanding of their operations, opportunities and

challenges. The insights gained help to inform the Board’s

wider decision making and ensure that the Group

continues to support the growth and success of the

businesses within it.

Board visit at DCC Vital, Ireland

Board visit at Flogas, Ireland

Board visit at Certas Retail, Ireland

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 105

NOMINATION AND

GOVERNANCE

COMMITTEE REPORT

Mark Breuer

(Chair)

Laura Angelini

Steven Holland

Years on the Nomination and Governance Committee

as at 31 March 2025

3.7

0.3

Mark Ryan

3.4

Chair’s Introduction

I am pleased to present the report of the Nomination and

Governance Committee for the year ending 31 March 2025.

The Nomination and Governance Committee was

responsible during the year under review for monitoring the

composition and development of the Board, reviewing the

leadership needs of the Group and monitoring the

Company’s compliance with corporate governance

requirements. Compliance with sustainability reporting

requirements sits with the Board and the Audit Committee.

This report summarises the Committee’s activities during the

year ended 31 March 2025 and sets out the Committee’s

priorities for the current year ending 31 March 2026.

Board Succession

In the year under review, there were a number of changes

to the Board. David Jukes retired as Director and Chair

of the Remuneration Committee at the conclusion of the

Company’s AGM on 11 July 2024. Katrina Cliffe succeeded

David as Chair of the Remuneration Committee.

On the same date, we welcomed Steven Holland as

a non-executive Director. Mr Holland also joined the

Remuneration Committee and the Nomination and

Governance Committee on 12 December 2024.

The Board will continue to evolve to ensure it has the

expertise and experience needed to oversee the

successful implementation of the Company’s strategy

over the coming years.

In terms of overall Board succession planning, we intend

to recruit Directors with relevant experience in a number

of key areas: the energy industry, the use of technology to

drive performance and business transformation projects.

A recruitment process for directors who can add to the

Board’s work in these areas and more generally will take

place over the course of the current year.

In relation to Executive Director membership, we were very

pleased to announce, on 9 April 2025, the following changes

to the Board.

• Kevin Lucey, who as been a Director of the Company since

2020, will remain the Company’s Chief Financial Officer until

the conclusion of our AGM on 10 July 2025. At that point he

will become the Company’s Chief Operating Officer. He will

remain an executive Director.

DCC plc Annual Report and Accounts 2025106

“ While the interests of our

shareholders were a key

consideration in the Board’s

discussions, the interests of the

Company’s workforce, suppliers

and customers were also

carefully considered.

”

MARK BREUER

CHAIR

• Conor Murphy will succeed Kevin Lucey as the Company’s

Chief Financial Officer from the conclusion of our AGM on

10 July 2025. Conor will also join the Board at that point.

These appointments to the Board were made on foot

of our existing succession planning processes for senior

management roles, which are formal, rigorous and

transparent. The Board was advised on the process by

Russell Reynolds Associates. Russell Reynolds Associates do

not have any connection with the Directors or the Company.

Conor Murphy has held senior finance and investor relations

roles over his 27 years within DCC. For ten of those years,

he has been the Finance Director of our energy activities.

He therefore brings not only deep financial expertise but

also a detailed knowledge of the energy sector and our

energy activities to his new role.

Board Diversity

The Board supports and values the benefits that a diverse

range of views brings to our discussions. The Board meets

the requirements of the UK Listing Rules in this area, with

40% female Directors and one Director from an ethnic

minority background.

The appointment of Conor Murphy to the Board from 10 July

2025 will result in the proportion of female Directors on the

Board reducing to 36%. This is the right step for the Board at

this point in the Company’s development. Mark Ryan, who

will have served nine years as a Director in November 2026,

has expressed his intention to retire as a Director from the

conclusion of our AGM in July 2026. That change will result

in the Board again meeting the 40% threshold.

More detail on the Board’s overall expertise and capabilities

is set out on page 98. Biographical details for all the

Directors are contained on page 90.

Board Evaluation

Following an externally-facilitated evaluation in 2024,

the Committee oversaw an internal evaluation of the

effectiveness of the Board and its Committees in early

2025, which was led by Caroline Dowling as the

Senior Independent Director.

More information on the Board evaluation, including an

update on actions identified last year and improvements

to be implemented this year, is set out on page 104 as part

of the Corporate Governance Statement.

Stakeholder Interests

The Board reached important conclusions during the

year under review in relation to the future direction of the

Company. We were very conscious throughout those

discussions of the effect that a change in the strategy

of the Company – not only the decision to divest certain

parts of the Group but also to then rationalise management

structures within our existing business – would have on

our stakeholders. While the interests of the Company’s

shareholders were a key consideration in our discussions,

the interests of the Company’s workforce, suppliers and

customers were also carefully considered.

The Corporate Governance Statement on page 100

provides more detail on how the Board considered

stakeholder interests overall during the year.

Corporate Governance

In addition to considering regulatory developments in

relation to sustainability reporting, the Committee and the

Board also considered developments in relation to corporate

governance more generally. These included changes to the

new UK Corporate Governance Code which will largely apply

to DCC from our financial year commencing 1 April 2025.

Priorities

The priorities for the Committee in the financial year ending

31 March 2026 will be:

• Implementing the recommendations of this year’s Board

evaluation process;

• Monitoring the continued evolution of the Board and its

Committees; and

• Overseeing compliance with the new UK Corporate

Governance Code.

On behalf of the Committee.

MARK BREUER

CHAIR

12 May 2025

DCC plc Annual Report and Accounts 2025 107

Governance Financial Statements Supplementary InformationStrategic Report

Role of the Committee

Responsibilities

The responsibilities of the Committee are set out in full in its

Terms of Reference which are available on the Company’s

website. There was a change in the Committee’s Terms of

Reference with effect from 1 April 2024 to reflect the fact

that the Board now addresses all sustainability matters

directly.

Committee Composition,

Attendance and Tenure

The members of the Nomination and Governance

Committee are Mark Breuer (Chair) and three independent

non-executive Directors: Laura Angelini, Steven Holland and

Mark Ryan.

Biographical details for the members of the Committee are

set out on pages 90 to 91.

The Company Secretary is the Secretary to the Committee.

Meetings

The Committee met five times during the year ended

31 March 2025 and there was full attendance by all

members of the Committee.

The Chief Executive and the Company Secretary are invited

to attend all meetings of the Committee. Other Directors,

executives and external advisors are invited to attend as

necessary.

The Committee may also meet separately, as required, to

discuss matters in the absence of any invitees. No such

meetings took place during the year under review.

Annual Evaluation of Performance

The Board conducts an annual evaluation of its own

performance and that of its Committees, Committee Chairs

and individual Directors in accordance with the UK

Corporate Governance Code.

In 2025, this evaluation was internally facilitated. The 2024

evaluation was externally facilitated by Independent Audit.

A report on the principal findings of the 2025 evaluation is

contained on page 104, as part of the Corporate

Governance Statement.

The Committee as part of the Board evaluation process

reviewed its own performance and Terms of Reference

during the year. No changes to the Committee’s Terms

of Reference were considered necessary.

Reporting to the Board

The Chair of the Nomination and Governance Committee

reports to the Board at each meeting on the activities of

the Committee.

Consultation with Shareholders

The Chair of the Committee is available at the Annual

General Meeting to answer questions on the report on the

Committee’s activities and matters within the scope of the

Committee’s responsibilities.

Principal Activities

Board Composition and Renewal

The Committee reviews the composition of the Board and

its Committees to ensure that they have an appropriate

balance of skills, knowledge, experience, gender and

ethnicity, taking account of the nature, scale and location

of the Group’s operations and the tenure of existing

Directors.

Extensive and tailored induction programmes for each new

Director are put in place at the time of their appointment.

These inductions include reviewing information on the

Company, meetings with fellow Directors, members of the

DCC Leadership Team and the senior management in

significant Group businesses.

External Commitments

Directors can bring valuable perspectives to the Board as

a result of other appointments, such as directorships of

other companies. In accordance with the UK Corporate

Governance Code, Directors must seek the prior approval

of the Board in advance of accepting any additional

external appointments.

This requirement has been included in all letters of

appointment and in the list of Matters Reserved for Board

Decision. Before the Board approves any additional

external appointment, the Committee considers the impact

on the Company, including the time required for the role

and any conflicts of interest that might arise from it.

The Committee is satisfied that the existing external

commitments of the Directors do not conflict in any way

with their duties and commitments to the Company

and that all Directors dedicate appropriate time to their

responsibilities to the Company and are also available

at short notice for any unscheduled Board meetings.

Diversity

In reviewing the composition of the Board and giving

consideration to the appointment of new non-executive

Directors, the Committee takes into account the benefits

that diverse skills, experience and backgrounds, including

gender and ethnic diversity, bring to the Board.

Since 1 May 2023, the Board has been comprised of 40%

female Directors and has had one Director from an ethnic

minority background. This meets the current requirements

of the UK Listing Rules. A table detailing the diversity of the

Board and senior management is set out on page 109 and

the current Board Diversity Policy is available on the

Company’s website.

As noted in the Chair’s Introduction, from 10 July 2025, the

proportion of female Directors will drop to 36%, following the

appointment of Conor Murphy to the Board. The Board

considers that this temporary decline in diversity is

acceptable and in the best interests of the Company at this

stage in its development. The proportion of female Directors

is expected to return to 40% in July 2026 when Mark Ryan

will retire from the Board.

Nomination and Governance Committee Report Continued

DCC plc Annual Report and Accounts 2025108

Succession Planning

In addition to its work on the development of the Board,

the Nomination and Governance Committee considers

succession planning for executive Director positions. This

is done within the context of the Group’s overall talent

development and succession planning structures. Those

structures have been developed over the last few years

to reflect the Group’s greater scale. The Directors receive

an update annually from the Chief People Officer on Group

talent development and succession planning process. This

covers in detail succession planning for senior

management roles.

As part of this process, the Committee supported the Board

during the year in considering the potential appointments

of Kevin Lucey as the Company’s Chief Operating Officer

and Conor Murphy as the Company’s Chief Financial Officer.

The work of the Committee in this area was supported by

leading external search firms.

Gender Representation as at 31 March 2025

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 2025.

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 40% female directors on the Board throughout 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.

Number of

Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

Men 6 60% 3 8 89%

Women 4 40% 1 1 11%

Other – – – – –

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

Number of

Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

White British or other White (including minority-white groups) 9 90% 4 9 100%

Mixed/Multiple Ethnic Groups – – – – –

Asian/Asian British 1 10% – – –

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

Other ethnic group, including Arab – – – – –

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

Tenure of Directors

A number of recommendations in respect of renewed

Board and Committee membership were made to the

Board by the Committee during the year. Those

recommendations were all accepted. The changes to

the Board made as a result are covered in the Introduction

to this Committee Report.

The tenure of the Directors on the Board is set out on

page 98. The tenure of members of Committees is dealt

with in the relevant Committee reports.

Corporate Governance

The Committee advises the Board on significant

developments in corporate governance and monitors

the Company’s compliance with corporate governance

best practice.

During the year, the Committee considered a number of

corporate governance developments, including the new UK

Corporate Governance Code. Work is underway within the

Company on ensuring that we will be in a position to report

under Provision 29 of the revised UK Code when it comes

into effect for our financial year ending 31 March 2027.

The Company operated in full compliance with the Code

during the year ended 31 March 2025.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 109

AUDIT COMMITTEE

REPORT

As the Group implements its updated strategy,

the focus of the Audit Committee remains on

ensuring sound risk management and internal

controls across the Group.

Highlights of the year

• Deloitte appointed as the Company’s external auditor

from the financial year commencing 1 April 2025,

following a competitive tender process.

• Progress made in preparing for EU Corporate

Sustainability Reporting Directive (CSRD).

Alan Ralph (Chair)

Caroline Dowling

Lily Liu

Mark Ryan

Years on the Audit Committee

as at 31 March 2025

3.4

4.8

3.7

7.0

Chair’s Introduction

I am pleased to present the report of the Audit Committee

for the year ended 31 March 2025.

This report summarises the work of the Committee during

the year and sets out our priorities for the year ahead.

Role of the Committee

The Committee supports the Board in meeting a number of

its principal corporate governance responsibilities, including

overseeing the relationship with the Company’s external

auditor, supporting the activities of the Group Internal Audit

(‘GIA’) team, ensuring the Group’s risk management and

internal control processes are fit for purpose, and monitoring

the Company’s external reporting, including in relation to

sustainability matters.

External Audit

During the year under review, the Committee carried out a

rigorous and competitive process to select the Company’s

auditor. The process followed by the Committee was

outlined in the Audit Committee Report in our 2024 Annual

Report. It included inviting a number of firms to submit

proposals to act as the Company’s auditor, including

firms outside the ‘Big Four’, providing access to relevant

information and discussions with management. The two

leading firms made presentations on their proposals to

the Audit Committee.

Following this process, the Board, on the recommendation

of the Committee, approved the appointment of Deloitte

as the Company’s auditor with effect from the financial

year commencing 1 April 2025, subject to approval at the

2025 AGM. The decision to move away from KPMG, who

performed strongly as the Company’s auditor for ten

years, was made only after a detailed assessment by the

Committee and the Board. On behalf of the Committee,

I would like to thank KPMG for their ongoing support to

the work of the Committee and to the Company.

A detailed induction plan has been agreed to ensure Deloitte

operate effectively from the outset of their appointment.

This included shadowing the work of KPMG on the 2025 audit.

The Committee looks forward to developing a deep working

relationship with Deloitte over the coming years.

DCC plc Annual Report and Accounts 2025110

“ The focus of the Audit Committee

remains on ensuring sound

risk management and internal

controls across the Group as

important strategic changes

are implemented.

”

ALAN RALPH

CHAIR

Turning to the 2025 audit process, the Committee approved

KPMG’s audit plan in November last year. The Committee

then reviewed progress against that plan with KPMG at

Committee meetings in January and April. At our meeting

in May we received a detailed report from KPMG on their

audit findings.

Further details on the audit process, including the principal

areas considered, are set out on pages 115 to 117.

Internal Audit

The Committee received detailed reports from the GIA

team at each of its meetings over the course of the year.

These included a summary of key themes emerging from

the team’s audit work, progress in completing audit actions

and the results of recent audits, including steps agreed

with management to improve controls where needed.

The Group Internal Audit plan for the year under review

was implemented in full and a suitable plan for the year

commencing 1 April 2025 has been approved by the

Committee.

The Committee met with the Head of GIA in private session

several times over the course of the year. The Head of GIA

has a direct reporting line to me as Chair of the Committee.

EY were recently appointed to undertake a scheduled

external quality assessment (‘EQA’) of the GIA function.

That process is underway and will be reported on to the

Committee at its meeting in July.

Risk Management and Internal Control

The Committee supports the Board in considering the

principal risks and uncertainties, including emerging risks,

facing the Group. These include changes to market

conditions and supply chains, climate change, IT and

cyber risks and changes in the Group’s legal and regulatory

environment. This year, risks associated with the Company’s

change in strategy were also considered. Safety matters

are addressed directly by the Board.

In fulfilling this role, the Committee reviewed key

components of the Group’s internal control framework

during the year, including financial reporting and control,

compliance and IT security.

This work was supported by reports from the management

teams in the Group’s three divisions on key risks and related

internal controls within their businesses.

In addition to these specific assessments, the Committee

reviewed reports on the Group’s principal risks and internal

controls as a whole. These overviews provided a useful

additional lens on DCC’s risk management framework.

The risks and internal control implications of the change

in the Company’s strategy that was announced in

November 2024 have been, and will continue to be, closely

monitored by the Committee, and by the Board. DCC’s

established expertise in M&A will support the divestment of

the Company’s Healthcare and Technology divisions.

Similarly, the depth of management experience in the energy

sector will support the continued effective management of

risks in that area.

The Committee is overseeing work taking place to ensure

that the Company will be in a position to report in line with

Provision 29 of the 2024 UK Corporate Governance Code

which will first apply in respect of our financial year

commencing 1 April 2026.

More details on the Group’s risk management processes are

set out in the Risk Report on page 76.

Reporting

Monitoring the integrity of the Company’s reporting

processes and its external reporting is a core component

of the Committee’s work.

In the year under review, this included a detailed

assessment by the Committee of the work done to support

the Company’s Going Concern and Viability Statements,

including the impact of climate change.

The Committee also reviewed the principal accounting

judgements and estimates reflected in the Company’s

consolidated financial statements. More details on the

principal matters considered as part of this process are

set out on page 117.

DCC plc Annual Report and Accounts 2025 111

Governance Financial Statements Supplementary InformationStrategic Report

Audit Committee Report Continued

As a result of this work, the Committee was satisfied, and

advised the Board, that the Annual Report and Financial

Statements are fair, balanced and understandable and

provide the information necessary for shareholders to

assess the Group’s performance, business model and

strategy.

UK Corporate Governance Code

During the year, the Committee considered with

management the impact of the changes made to the UK

Corporate Governance Code which will, with the exception

of Provision 29, apply to the Company from our financial

year commencing 1 April 2026.

EU Corporate Sustainability

Reporting Directive

As an Irish company that is listed on a stock exchange

outside the European Union, DCC was due to first report in

line with the EU Corporate Sustainability Reporting Directive

(‘CSRD’) in 2026, in respect of our financial year commencing

1 April 2025. A good deal of work had been undertaken over

the course of the year, and reported on to the Committee,

to prepare for that. The recent announcement by the EU

Commission on a proposed EU Sustainability Omnibus

Directive appears likely to move this reporting deadline to

2028, with adjusted reporting standards expected to issue

later this year. Rather than waiting for the new Directive and

standards to come into effect, we have chosen to enhance

our sustainability reporting this year, with additional detail

being made available on 39.

Compliance with Audit

Committee Minimum Standard

The Committee complied with the requirements of the FRC

Audit Committee Minimum Standard during the period

under review.

Priorities for the Year Ahead

The financial year that commenced on 1 April 2025 will be

a particularly important one for the Committee.

The Committee will oversee the induction of Deloitte as the

Company’s auditor and ensure that the first year of their

transition to this role is as seamless as possible.

The change in Group strategy will be a key area of focus,

including the divestment of the Healthcare division and

preparations for the divestment of the Technology division.

The Committee will continue to oversee the Company’s

ongoing preparations to report under CSRD.

These initiatives will be undertaken while maintaining strong

systems of risk management and internal control across

the Group.

I trust this report is helpful for shareholders in understanding

the activities of the Committee.

On behalf of the Audit Committee.

ALAN RALPH

CHAIR

Audit Committee

12 May 2025

DCC plc Annual Report and Accounts 2025112

Principal Activities Key Topics Discussed During the Year

Risk

Management

and Internal

Control

• The Committee considered and approved in November 2024 the audit plan prepared by the

Company’s external auditor in respect of the financial year ending 31 March 2025, including areas

on which the external audit would focus and the materiality levels to be applied in the audit.

• The external auditor then reported to the Committee on progress in its audit at Committee

meetings in February and April before presenting its final report in May.

• The Committee considered reports on the Group’s principal risks and related internal controls

at a number of meetings during the year, in advance of recommending to the Board that the

Company’s Interim Results, Preliminary Results and Annual Report and Accounts be approved.

This included discussions on the risk and internal control implications of the change in the

Company’s strategy that was announced in November 2024 and on relevant external trends

such as geopolitical changes and developments in artificial intelligence (AI).

• The Committee considered reports from the Group Finance team, the Group Legal & Compliance

team, the Group IT team and from divisional management teams on compliance with applicable

standards and the management of risks within their areas of responsibility.

• In addition, members of management from each of the Group’s divisions reported to the

Committee on key risks and related internal controls within their divisions.

Governance

and Reporting

• Having considered the Group’s financial and non-financial reporting and key risks and internal

controls, the Committee considered the Company’s Interim Results Announcement in November

and Preliminary Results Announcement and Annual Report and Accounts in May and

recommended to the Board that they be approved.

• The Committee also reviewed work underway within the Company to report in line with the

EU CSRD, following the announcement of the EU Sustainability Omnibus, and to meet the

requirements of the 2024 UK Corporate Governance Code.

External Audit

• With the initial term of the Company’s existing auditor coming to an end in 2025, the Committee

oversaw a tender process for the Company’s external audit, which resulted in the appointment

of Deloitte.

• In addition to approving the external auditor’s annual audit plan and overseeing the annual audit,

the Committee received updates from the external auditor on relevant developments relating to

the Company’s activities, including on the new UK Corporate Governance Code and on new

sustainability reporting requirements.

• The Committee oversaw the annual review of the efficacy of the external audit process, including

a report from management on the process.

Internal Audit

• The Committee approved the annual audit plan of the GIA team before the commencement

of the financial year and reviewed progress against it over the course of the year.

• The Committee received a report from the GIA team at each meeting with the results of recent

audits, progress in closing actions from previous audits, and wider recommendations in relation

to the Group’s internal control framework.

Whistleblowing

• The Committee received reports from the Group Legal & Compliance team in April, May and

November on any whistleblowing reports received and steps taken to address them.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 113

Audit Committee Report Continued

Role of the Committee

Responsibilities

The responsibilities of the Committee are set out in its Terms

of Reference, which are available on the Company website.

Composition, Attendance and Tenure

The Audit Committee comprises four independent non-

executive Directors: Alan Ralph (Chair), Caroline Dowling,

Lily Liu, and Mark Ryan. Biographical details for the

members of the Committee are set out on pages 90 and 91.

The tenure of the members of the Committee is set out at

the start of this report.

The Board is satisfied that the members of the Committee

bring a suitably diverse range of skills, expertise and

experience in commercial, financial and audit matters

arising from the senior positions they hold or held in other

organisations and that the Committee as a whole has

competence relevant to the sectors in which DCC operates.

The Board is also satisfied that Alan Ralph and Lily Liu meet

the specific requirements of the UK Corporate Governance

Code for recent and relevant financial experience.

The Company Secretary is the Secretary to the Committee.

Meetings

The Committee met five times during the year ended

31 March 2025 and there was full attendance by all

members of the Committee.

The Chief Executive, Chief Financial Officer, Company

Secretary, Group Financial Controller, Head of Group

Internal Audit, Head of Group IT Assurance, Head of

Group Compliance, and representatives of the external

auditor are typically invited to attend all meetings of the

Committee. The Chair of the Board attends a number of

the Committee’s meetings every year. Other Directors

and executives are invited to attend as necessary.

The Committee meets a number of times each year

with the Company’s external auditor and with the Head

of Group Internal Audit without other members of

management being present. The Committee also holds

discussions after most of its meetings in the absence of

any invitees.

Evaluation of Performance

The 2025 Board evaluation process, which was internally

facilitated, concluded that the Audit Committee and the

Chair of the Committee continue to operate effectively.

The Committee, as part of the Board evaluation process,

reviewed its Terms of Reference during the year. No material

changes were made to the Committee’s Terms of Reference

as a result of this review.

All actions from the 2024 Board evaluation process in relation

to the Committee were progressing during the year.

Reporting to the Board

The Chair of the Audit Committee reports to the Board at

each meeting on the activities of the Committee since the

previous Board meeting.

Consultation with Shareholders

The Chair of the Audit Committee attends the Annual

General Meeting to answer questions from shareholders on

the report on the Committee’s activities and matters within

the Committee’s areas of responsibility.

Principal Activities

Risk Management and Internal Control

The Committee reviews, on behalf of the Board, the key

processes for managing risk across the Group. These

include the use of risk registers at Group, divisional and

business-level, reports on the Group’s principal risks and

related internal controls and regular reports from relevant

functions such as Finance, Legal & Compliance and Group

Internal Audit (‘GIA’). In addition, complementary reports

on key risks and internal controls were presented to the

Committee during the year by the management teams of

each of the Group’s three divisions. The Committee monitors

a range of emerging risks as part of this process.

The Committee’s work in this area includes an assessment

of whether relevant risks are subject to suitable internal

controls and where existing internal controls should be

adjusted to reflect new or emerging risks.

An annual review of the Group’s risks and related internal

controls, including recommendations for their development,

is prepared by management and reviewed by the

Committee each year as part of the risk management

process described above.

Key areas of risk and internal control considered as part of

this process during the year included project implementation

and the management of IT recovery and cyber risks.

The Chair of the Committee reports to the Board on risk

management and internal controls after each Committee

meeting. The Board also considers the annual review of risks

and internal controls referred to above.

More details on the Group’s system of risk management and

internal control are set out in the Risk Report on pages 76 to

86. The Board’s statement on Risk Management and

Internal Control is included in the Corporate Governance

Statement on page 99.

Whistleblowing

The Board has delegated responsibility to the Audit

Committee for ensuring that the Group maintains suitable

whistleblowing arrangements for its workforce. Those

arrangements are outlined in the Sustainability Review on

page 73 and are also described in our Code of Conduct,

which is available on the Company’s website.

The Committee reviewed the operation of the Group’s

whistleblowing facilities, including the matters raised and

how they were resolved, during the year.

A summary of whistleblowing reports received is provided to

the Committee each April and November. A detailed report

on concerns raised and the steps taken to address them is

also presented to the Committee in May.

DCC plc Annual Report and Accounts 2025114

External Audit

The Audit Committee is responsible for overseeing and

assessing DCC’s external audit, including the work of the

Company’s external auditor, KPMG. The Committee seeks

to create a culture that recognises the work of, and

encourages challenge by, the external auditor.

The Committee monitors KPMG’s independence and

objectivity throughout the year.

The Committee considers and approves the annual audit

plan at the commencement of the external audit process.

Details of the areas considered as part of the approval of

the audit plan for the year under review are set out in the

Chair’s Introduction on page 88.

The Committee also reviews and approves the annual

audit fee.

The Audit Committee meets with the external auditor

without the presence of management during the year.

EXTERNAL AUDIT TENDER PROCESS

The Committee’s Report in 2024 noted that KPMG’s initial

ten-year term as the Company’s external auditor would

come to an end in 2025 and that a tender process to

identify the Company’s auditor would be undertaken.

The Committee undertook that process between May and

December 2024. The process was conducted in accordance

with relevant regulatory standards.

An initial request for information was sent to six external

audit firms in May 2024, with a subsequent request for

detailed proposals being sent to three firms in June 2024.

Detailed tender proposals were received from the three

firms in August 2024. Each of these firms then made

presentations to senior management.

The Committee invited two of the firms to make final

presentations to the Committee in November and

December 2024.

Following these presentations, the Audit Committee

decided to recommend to the Board that Deloitte be

appointed as the Company’s external auditor, subject

to approval at the 2025 AGM. The Board accepted this

recommendation and appointed Deloitte with effect

from the financial year commencing 1 April 2025.

The lead audit partner for Deloitte on appointment will

be Mr Daniel Murray.

This appointment will be put to shareholders for their

approval at the 2025 AGM.

KPMG have confirmed that there are no matters in

connection with their resignation as auditors which need

to be brought to the attention of shareholders.

EFFECTIVENESS

The Committee received a report from management on the

effectiveness of the 2024 external audit process during the

year. Based on its consideration of this report and its own

interactions with KPMG, the Audit Committee considers

whether the external audit process remains effective.

Its conclusions are then conveyed to the Board.

The Committee concluded on the basis of this process that

the external audit process in respect of the year ended

31 March 2024 was effective.

INDEPENDENCE

The Audit Committee has processes in place to ensure that

the independence of the external audit is not compromised.

These include monitoring the nature and extent of services

provided by the external auditor through an annual review

of fees paid to the external auditor for non-audit work,

which is described in more detail below. In addition, the

Committee obtains confirmation from the external auditor

that they are in compliance with relevant ethical and

professional guidance and that, in their professional

judgement, they remain independent.

On the basis of these processes, the Committee was

satisfied that KPMG remain independent and have

communicated this to the Board.

The Audit Committee has also approved a policy on the

employment of employees or former employees of the

external auditor. This policy provides that the Chief

Executive will consult with the Chair of the Audit Committee

prior to appointing to a senior financial reporting position,

to a senior management role or to a Company officer role

any employee or former employee of the external auditor,

where such a person was a member of the external audit

team in the previous two years.

No person who was a member of the KPMG external audit

team in the previous two years was appointed to such a

role during the period under review.

NON-AUDIT SERVICES

The Audit Committee has approved a policy on the

engagement of the external auditor to provide non-audit

services. This provides that the external auditor is permitted

to provide non-audit services that are not, or are not

perceived to be, in conflict with external auditor

independence, providing they have the competence to

carry out the work and are the most appropriate to

undertake it. A number of specific types of non-audit

services are prohibited under the policy.

The policy also provides that any non-audit services that

would result in the aggregate of non-audit fees paid to the

external auditor exceeding 50% of annual audit fees must

be approved in advance by the Chief Executive and the

Chair of the Audit Committee.

Non-audit assignments undertaken by the external auditor

during the year under review were subject to appropriate

review and approval.

Audit vs Non-Audit Fees

2025

4,558 253

4,521 171

Non-Audit

as % of Audit

2024

3,671 159

2023

3,594 140

2022

3,267 111

2021

Audit £’000 Non-Audit £’000

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 115

Audit Committee Report Continued

Details of the amounts paid to the external auditor during

the year for non-audit services are set out in note 2.3 on

page 170. The chart above sets out the audit and non-audit

fees paid to the external auditor over the five-year period

from 2021 to 2025 inclusive. All of the non-audit services

undertaken during the year by the external auditor were

directly related to the audit services they provided.

Internal Audit

GROUP INTERNAL AUDIT

The Audit Committee approves the Group Internal Audit

annual plan and reviews reports on audits undertaken by the

GIA team. The Head of GIA and the Head of IT Assurance,

together with other executives from the GIA team as needed,

report at each meeting of the Committee on:

• the findings from each audit, IT audit and any special

investigations completed;

• reviews undertaken on newly-acquired businesses;

• audits in progress;

• the timely implementation of agreed audit actions; and

• progress on other projects including the implementation

of improvements agreed under the most recent External

Quality Assessment.

Actions agreed as part of GIA team audits are tracked.

The timely completion of audit actions is then tracked as

part of the normal management process and is also linked

to management bonuses. The Audit Committee reviews

progress on the completion of these actions with the

Head of GIA and other members of management at

each of its meetings.

External Quality Assessments (‘EQAs’) by independent

external consultants are conducted at least every five

years to confirm compliance by the GIA team with the

International Standards for the Professional Practice of

Internal Auditing (IIA Standards). An internal review against

the same standards is completed on an annual basis.

The current EQA is being undertaken by EY.

The Audit Committee ensures co-ordination between GIA

and the external auditor, with regular meetings held each

year between them to maximise the benefits of clear

communication and co-ordination of their activities.

The Head of GIA has direct access to the Chair of the Audit

Committee and the Audit Committee meets with the Head

of GIA on a regular basis without other members of

management.

IT ASSURANCE

The IT Assurance team forms part of the wider GIA team.

In addition to IT audit reports, the Head of GIA and Head

of IT Assurance report to the Audit Committee on initiatives

being undertaken around the Group in relation to

cybersecurity and IT project management. This includes

compliance with the Group Information Security Policy.

Reporting

REPORTING PROCESSES

An important part of the Committee’s role is to ensure that

the Company’s reporting, including its half-year unaudited

accounts and Annual Report and Accounts, are supported

by suitably detailed records and analysis. The Committee

reports its findings and makes recommendations to the

Board on the Company’s external reporting accordingly.

KPMG, as the Company’s external auditor, supports the

Committee in this role. In the course of its annual audit,

it considers whether accounts have been prepared in

accordance with IFRS and whether adequate accounting

records have been kept. The independent auditor’s report

to shareholders can be found on pages 149 to 155.

The GIA team also contributes to this assurance process

by reviewing compliance with internal financial reporting

processes.

As part of its review of the 2025 Annual Report and

Accounts, the Committee assessed whether suitable

accounting policies had been adopted and whether

management had made appropriate estimates and

judgements in applying them. The Committee obtained

support from the external auditor in making these

assessments.

The Committee focused on matters it considered to

be important by virtue of their impact on the Group’s

results and particularly those which involved a relatively

higher level of complexity, judgement or estimation by

management. The table on the opposite page sets out the

significant matters considered by the Committee in relation

to the financial statements for the year ended 31 March

2025.

Management confirmed to the Committee that they were

not aware of any material misstatements in the financial

statements for the year ended 31 March 2025 and KPMG

confirmed that they had found no material misstatement

in the course of their work.

DISTRIBUTABLE RESERVES

The Committee reviews the position regarding distributable

reserves in order to recommend payment of the interim and

final dividends.

GOING CONCERN AND VIABILITY STATEMENT

The Audit Committee reviews the draft Going Concern

and Viability Statements prior to recommending them for

approval by the Board. These statements are included in

the Risk Report on pages 85 and 86.

FAIR, BALANCED AND UNDERSTANDABLE

As required by the Code, the Board should present a fair,

balanced and understandable assessment of the

Company’s position and prospects, and specifically

confirm that it considers that the Annual Report and

Accounts, taken as a whole, is fair, balanced and

understandable and provides the information necessary

for shareholders to assess the Company’s performance,

business model and strategy.

At the request of the Board, the Committee considered

whether the 2025 Annual Report and Accounts met these

requirements.

The Committee considered and discussed with

management the processes followed in the preparation

of the 2025 Annual Report and Accounts, in particular

planning, co-ordination and review processes. The

Committee also noted the formal review of the Annual

Report and Accounts undertaken by KPMG. This enabled

the Committee and then the Board to conclude that the

Annual Report and Accounts, taken as a whole, is fair,

balanced and understandable and that it provides the

necessary information for shareholders to assess the

Group’s performance, business model and strategy.

DCC plc Annual Report and Accounts 2025116

Significant Matters in Relation to the Financial Statements

for the Year Ended 31 March 2025

Goodwill and

Intangible Assets

As set out in note 3.3 to the financial

statements, the Group had goodwill

and intangible assets of £2,414 million

at 31 March 2025 (2024: £3,136.9 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 2024

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 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 in particular, considered

and discussed with management the

assumptions in relation to two CGUs

in the DCC Technology division:

i. Given the slower than anticipated

return to growth in the UK

technology market, the value in

use of the Exertis UK CGU was

lower than its carrying value and

an impairment of £73.9 million

was recognised;

ii. Following the decision to dispose

of Exertis France and Iberia, the

recoverable amount (being its fair

value less costs of disposal) was

less than the carrying value and

an impairment of £5.8 million was

recognised.

The Committee was satisfied that

the significant assumptions used for

determining the recoverable amounts

had been appropriately examined,

challenged and were sufficiently

robust. The Committee agreed

with management’s conclusion that,

having made the adjustments noted

above, the cash flow forecasts

supported the carrying value of

goodwill and intangible assets.

Impact of Climate Change

The Committee considered the

Company’s approach to the

reporting of the impact of climate

change on its activities in the

financial statements for the

year ended 31 March 2025,

including compliance with the

recommendations of the Taskforce

on Climate-related Financial

Disclosures (‘TCFD’). More detail on

the climate risk assessment activities

undertaken during the year is

contained in the Sustainability

Review on page 39. Detail on the

compliance with TCFD is contained

in the Supplementary Sustainability

Information Section on page 250.

Other Matters

The Committee considered and is

satisfied with a number of other

judgements which have been made

by management including business

combinations, revenue recognition,

exceptional items, lease accounting,

provisioning for impairment of

trade receivables and inventories,

tax provisioning and the carrying

amounts of the parent company’s

investments in subsidiary

undertakings and the amounts owed

by these subsidiary undertakings.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 117

REMUNERATION

REPORT

Executive remuneration in DCC is designed

to reward business performance and

progress against strategic goals.

Highlights of the year

• Katrina Cliffe succeeded David Jukes as

Chair of the Remuneration Committee.

• Approval of the Company’s new Remuneration

Policy by shareholders at the 2024 AGM.

Katrina Cliffe (Chair)

Laura Angelini

Caroline Dowling

1.8

5.8

Steven Holland

0.3

Years on the Remuneration Committee

as at 31 March 2025

2.5

Chair’s Introduction

On behalf of the Remuneration Committee, I am pleased to

present the Directors’ Remuneration Report for the year ended

31 March 2025.

The Report is comprised of this Introduction, a Remuneration

at a Glance section, a statement of our Remuneration Policy,

a review of remuneration outcomes for the year ended

31 March 2025 and finally a section on how our Policy is

expected to operate in the year ending 31 March 2026.

Performance for the Year

DCC delivered another strong financial performance over the

course of the year. Group adjusted operating profit was 4.8%

ahead of the prior year, on a continuing constant currency

basis. Return on capital employed, a key metric for DCC, was

14.4% (15.3% excluding IFRS 16), on a continuing basis, and was

again substantially in excess of the Group’s cost of capital. It is

proposed that the total dividend for the year will be increased

by 5%.

Remuneration of Executive Directors in the Year

SALARIES

As set out in last year’s Report, the executive Directors’ salaries

were increased by 4% for the year ended 31 March 2025.

BONUSES

Annual bonus payments for the executive Directors in respect

of the year ended 31 March 2025 were based on performance

against targets for growth in adjusted operating profit (up to

70% of maximum potential), along with overall contribution and

attainment of strategic and sustainability targets (up to 30% of

maximum potential).

Group and individual Director performance against these

targets has been reflected in a bonus outcome for the

Chief Executive of 196% of salary (compared to a maximum

potential of 200%). For the current CFO the bonus outcome is

also 196% of salary (compared to a maximum potential

of 200%).

The Committee reviewed the calculated outcomes in the

context of the strong performance of the Group and

determined that the bonus payouts were appropriate

at that level and that, while a formulaic adjustment should be

made to the Group Adjusted Operating Profit to reflect

divestments during the year, no discretion should be exercised

when approving the bonus outcome.

DCC plc Annual Report and Accounts 2025118

“The focus of the Remuneration

Committee will remain on ensuring

that executive remuneration,

strategy and value creation

are strongly aligned.

”

KATRINA CLIFFE

CHAIR

The Committee considered in particular in this context the

Group’s safety performance in the year under review and over

the last few years. As set out in the Health and Safety section

of the Sustainability Review on page 68, the Board was

saddened by the fatality of an employee in a road traffic

accident in the UK in December 2024. The Committee takes

seriously such incidents and considered whether to exercise

downward discretion in relation to bonus payments in the year

as a result. We concluded not to make such an adjustment

based on the finding of the investigation into the incident that

it resulted from the actions of a third party as well as the good

overall safety performance of the Group, as evidenced by a

further reduction this year in the number of lost-time injuries.

Details of the Executive Directors’ performance targets and

achievement against them in the year under review are set out

on pages 131 to 133.

LONG-TERM INCENTIVES

Vesting of Long-Term Incentive Plan (‘LTIP’) awards granted in

November 2022 was based on DCC’s Return on Capital

Employed (‘ROCE’), Earnings per Share (‘EPS’) and Total

Shareholder Return (‘TSR’) performance over the three-year

period ended 31 March 2025. While the extent of vesting will be

formally determined by the Remuneration Committee in

November 2025, it is expected that 55.9% of the share options

granted will vest. The earliest exercise date of these options

will be November 2025, with a two-year post-vest sale

restriction (to November 2027) for the executive Directors.

Regarding the prior year, the Remuneration Committee

determined that the LTIP awards granted in November 2021

would vest at 54%, based on DCC’s ROCE, EPS and TSR

performance over the three-year period ended 31 March 2024.

This was consistent with the estimated vesting of 54%

disclosed in last year’s Report. The earliest exercise date for

the awards granted in November 2021 was November 2024,

with a two-year post-vest sale restriction (to November 2026)

for the executive Directors.

Further details on this subject are set out on page 133.

Details of LTIP awards granted to the executive Directors in

November 2024 are contained in the table on page 137.

The Committee is satisfied that the executive Directors’

remuneration reflects the Group’s performance in the year.

Remuneration for the Year Ahead

EXECUTIVE DIRECTOR CHANGES

In April 2025, we announced that our current Chief Financial

Officer (‘CFO’), Kevin Lucey, will become Chief Operating

Officer (‘COO’) with effect from the conclusion of our AGM

on 10 July 2025. Conor Murphy will succeed Kevin as CFO

and will be appointed as an executive Director, again from

the conclusion of our AGM on 10 July 2025.

Details of the remuneration for all three executive Directors,

summarised below and set out in detail on page 139, are in line

with Remuneration Policy.

SALARIES

For the year ending 31 March 2026, the Committee agreed to

increase the Chief Executive’s salary by 4%. The CFO’s salary

will also increase by 4% on 1 April 2025 and on his appointment

as COO, Kevin Lucey’s salary will increase by a further 5.5%.

On his appointment as CFO, Conor Murphy’s salary will be

set at €525,000.

In determining these changes the Remuneration Committee

focused on the importance to the Company and its shareholders

of retaining and incentivising senior executives with a deep

knowledge of the Company’s activities at a time of significant

strategic change. The Committee also considered salary

increases for the general workforce, which are expected to be

circa 2%-5% in the year commencing 1 April 2025.

DCC

2015 2016 2017 2018 2019 2020 2021 2022 2023

2024 2025

FTSE 100

£150

£100

£50

DCC’s 10 year TSR performance versus the FTSE 100

Value of £100 invested on 31 March 2015

£200

DCC plc Annual Report and Accounts 2025 119

Governance Financial Statements Supplementary InformationStrategic Report

Remuneration Report Continued

The Committee has positioned the salary for the new CFO

below market median for this role and below Kevin’s salary in

that role, and will therefore keep the matter under review and,

in this context, future increases are likely to be higher than the

workforce average, subject to performance in the role, and will

be fully explained in the relevant Remuneration Report.

BONUSES

For the year ending 31 March 2026, bonus levels for the

executive Directors will be in line with the Remuneration Policy,

with the maximum award opportunity for the year being 200%

of salary for both the Chief Executive and COO. The new CFO’s

maximum award opportunity will be set at 150% of salary.

Again, this is likely to increase in the future to align with the

other executive Directors and market practice.

Outcomes will be based 70% on growth in Group adjusted

operating profit and 30% on strategic objectives for the Chief

Executive and the new CFO. For the new COO, his financial

element of 70% will be solely based on the performance of the

Energy business, with 30% being based on strategic objectives.

LONG-TERM INCENTIVES

In the year ending 31 March 2026, the executive Directors will

be granted LTIP awards consistent with the Remuneration

Policy. The grant value is expected to be up to 250% of salary

for the Chief Executive, up to 225% of salary for the COO and

up to 200% of salary for the new CFO.

The vesting will be based on performance over the three

financial years ending 31 March 2028, with a further two-year

post-vesting sale restriction also applying for the executive

Directors. As in recent years, vesting will be based 40% on

ROCE, 40% on Adjusted EPS growth, and 20% on TSR

compared to the FTSE 100.

The Committee took a decision to postpone the setting of the

threshold and maximum target ranges for each of the

performance conditions until later in the year, to allow

additional clarity in relation to certain divestments taking

place as part of the Company’s revised strategy to emerge.

The target ranges will be announced later in the year once

they have been determined.

Further details on this subject are set out on page 139.

NON-EXECUTIVE DIRECTOR FEES

For the year ending 31 March 2026, the non-executive

Director’s basic fee will increase by 4%. The Board considered

this increase appropriate in order to retain and attract

directors with the experience and expertise needed to

guide a company of DCC’s scale at an important stage

in its development. The Committee also considered salary

increases for the general workforce which are expected

to be circa 2%-5%.

Following a review of the fees paid to comparable listed

companies, which indicated that the current fee payable to

the Chair was below relevant benchmarks, and also having

regard to the significant changes taking place within the

Company, which place additional demands on the role, the

Board, on the recommendation of the Remuneration Committee,

determined that the Chair’s fee should increase by 9%.

Full details of these fees are set out on page 135.

Shareholder Engagement

The Committee engages with major shareholders on

remuneration matters, particularly on significant policy

changes, and considers the views of shareholder

organisations and proxy voting agencies.

Last year, we engaged with our largest shareholders to offer

them the opportunity to give us their views on proposed

changes to our Remuneration Policy. The support for the new

Policy was strong with 95% voting in favour of the new Policy at

our 2024 AGM.

As an Irish-incorporated company, DCC is not subject to the

2018 Regulations. However, given our listing on the London

Stock Exchange, we continue our practice of substantially

applying these regulations voluntarily.

Following the implementation of the EU Shareholder Rights

Directive II (‘SRD II’) into Irish law in March 2020, Irish company

law requires an advisory shareholder vote on remuneration

reports and remuneration policies at AGMs.

However, the SRD II requirements only apply to companies

whose shares are admitted to trading on an EU-regulated

market, which, following Brexit, does not include DCC. As in

prior years, in this year’s Report we have substantially reported

against SRD II requirements as a matter of good practice.

More generally, the Committee welcomes input from our

investors and other stakeholders on the Company’s approach

to remuneration. Specifically, the Committee recognises that

shareholders have a right to a ‘say on pay’. At the 2025 AGM,

an advisory resolution on the Remuneration Report will again

be put to shareholders. As we are not making any changes to

the Remuneration Policy, we will not be putting this to a

shareholder vote.

Employee Engagement

The Remuneration Committee considers broader company

pay policies at various meetings throughout the year. The

Committee considers these and more general pay practices

and trends when making compensation decisions for

executive Directors.

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.

Further details on the Committee’s approach to employee

engagement are included on page 127.

Group Strategy

The change in strategy that was announced in November

2024 was an important milestone in the Company’s

development. The objective of that strategy is the creation of

sustainable long-term value for shareholders. The focus of the

Remuneration Committee will remain on ensuring that

executive remuneration, strategy and value creation are

strongly aligned.

Conclusion

I believe that the Remuneration Committee has implemented

the Remuneration Policy in a way that suitably reflects the

performance of the Group in the year.

I strongly recommend that shareholders vote in favour of the

2025 Remuneration Report at the 2025 AGM.

On behalf of the Remuneration Committee

KATRINA CLIFFE

CHAIR

REMUNERATION COMMITTEE

12 May 2025

DCC plc Annual Report and Accounts 2025120

Remuneration at a Glance

Components of Executive Remuneration

Fixed Pay Short-Term Incentive Long-Term Incentive Total Pay

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.

Annual Bonus

A variable remuneration

which rewards the

achievement of annual

pre-determined

performance targets,

including Group adjusted

operating profit and

strategic objectives.

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.

+ + =

Annual Bonus Outcome for Year Ended 31 March 2025

Chief Executive (Donal Murphy) Chief Financial Officer (Kevin Lucey)

Bonus Potential (200% of Salary of €983,726) Bonus Potential (200% of Salary of €578,476)

Group 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:

70%

Performance:

15%

Performance:

13%

Performance:

70%

Performance:

15%

Performance:

13%

Total Performance:

98% of Bonus Potential

196% of salary = €1,928,103

Total Performance:

98% of Bonus Potential

196% of salary = €1,133,813

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

READ MORE • FURTHER DETAILS ON BONUS OUTCOMES ARE SET OUT ON PAGE 131.

ROCE

(40% weight)

15.5%11.5%

Actual: 14.6%

MAXMIN

Extent of vesting

33.4%

EPS Growth

(40% weight)

Extent of vesting

22.5%

MAXMIN

Actual: 5.5%

Total amount of 2022 LTIP awards that will vest in November 2025: 55.9%.

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 2027 for the executive Directors.

READ MORE • FURTHER DETAILS ON LTIP ARE SET OUT ON PAGE 133.

2022 LTIP Award Outcome Based on Results in Three-Year Period Ended 31 March 2025

TSR Outperformance of FTSE 100

(20% weight)

Upper Quartile

Extent of vesting

MAXMIN

Actual: NIL

Median

READ MORE • FURTHER DETAILS ON REMUNERATION POLICY ARE SET OUT ON PAGE 123

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 121

Executive Directors’ Shareholdings

Policy requirement

This graph shows DCC plc shares held by the executive

Directors, including shares held as part of the deferred

bonus arrangement outlined above, as at 31 March 2025.

In both cases, the executive Directors’ shareholdings are in

excess of policy requirements.

READ MORE • FURTHER DETAILS ON SHARE OWNERSHIP

ARE SET OUT ON PAGE 138.

Chief Executive CFO

Policy requirement

Multiple of salary

Holding = 10.9x

Holding = 2.4x

Multiple of salary

Fixed Pay (Salary, Benefits,

Pension)

READ MORE • FURTHER

DETAILS ON TOTAL

REMUNERATION ARE

SET OUT ON PAGE 131.

Annual Bonus

LTIP

Year 1 Year 2 Year 3 Year 4 Year 5

Salary, Benefits,

Pension

2/3rd Paid

in Year 1

1/3rd Invested in DCC Shares for Three Years

This diagram illustrates in which financial years the various payments in the charts above are made or released to

executive Directors.

Total pay over five years

Fixed Pay

Payment Schedule

Annual Bonus

Long-Term Incentive

Three-Year Vesting Period Two-Year Holding Period

Executive Directors’ Total Remuneration

4,349

2025

0 1,000 2,000 3,000 5,0004,000€’000

2025

2024

2,508

3,319

1,741

Remuneration Report Continued

DCC plc Annual Report and Accounts 2025122

Remuneration Policy Report

DCC’s Remuneration Policy (‘the 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 Board recognises

the need for our remuneration policies, practices and

reporting to reflect best corporate governance practice

and has substantially applied these regulations.

As such, we submitted this Remuneration Policy to an

advisory, non-binding vote at the 2024 AGM, reflecting the

changes outlined in detail on pages 133 to 139 of last year’s

Annual Report.

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 2018 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.

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.

The design of executive Director remuneration concerning the application of the Code is laid out in the table below:

Clarity

Our Remuneration Policy and the approach to its implementation are clearly communicated to

shareholders and well understood by participants.

Simplicity We operate a simple market-aligned salary and benefits structure, with annual and long-term

performance-based incentives with payouts linked to only a small number of performance

measures.

Risk We manage risk by carefully setting performance targets in the context of a wide range of

reference points. The Committee retains the discretion to moderate outcomes in the context of

underlying performance. The senior executive remuneration structure is heavily weighted to

longer-term or deferred elements of pay, helping to ensure our pay structure reinforces a long time

horizon.

Predictability There are defined threshold and maximum pay scenarios described on page 129.

Proportionality Remuneration is weighted towards financial and non-financial performance, measures for which

are selected to align with strategy. We set challenging performance targets that are

commensurate with the incentive opportunities awarded.

Alignment to Culture The remuneration design aligns closely with DCC’s performance culture and values, which reinforce

longer-term decision making and collective efforts. Our annual bonus plan includes sustainability/

ESG targets.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 123

Remuneration Report Continued

Element and Link to Strategy Operation Maximum Opportunity

Base Salary

Attract and retain skilled

and experienced senior

executives.

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.

Benefıts

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

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.

DCC plc Annual Report and Accounts 2025124

Element and Link to Strategy Operation Maximum Opportunity

Annual Bonus

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 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 127.

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 in the Annual Report on

Remuneration.

A defined target level of performance has

been set for which 50% of the maximum bonus

is payable.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 125

Remuneration Report Continued

Element and Link to Strategy Operation Maximum Opportunity

Long-Term Incentive Plan (‘LTIP’)

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 in the Annual Report on Remuneration.

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 in the Annual Report on

Remuneration each year.

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 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 clawback policy are set out

on page 127.

The market value of the shares subject to

the options granted in respect of any

accounting period may not normally

exceed 250% of base salary.

In exceptional circumstances, the market

value of the shares subject to the options

granted in respect of any accounting

period may not exceed 300% of base

salary. This higher limit will only be used in

exceptional circumstances, for example, in

the case of external recruitment.

DCC plc Annual Report and Accounts 2025126

Remuneration Committee Discretion

The discretion available to the Committee in respect of the various elements of executive remuneration is summarised below.

Pay Element Discretion Available

Bonus The Committee can apply appropriate discretion regarding the financial and non-financial/strategic targets in

specific circumstances. In particular, the Committee has the discretion to reduce bonuses if a pre-determined

target return on capital employed is not achieved.

LTIP Vesting is determined by the Remuneration Committee, at its absolute discretion, based on certain performance

conditions.

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.

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 LTIP allows the Remuneration Committee to reduce or impose further conditions on awards prior to vesting in some

circumstances as outlined above.

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

the 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 of the Policy if required in particular circumstances and if in the Company’s and the 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 16,700 people in 21 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 of our businesses 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 decentralised business 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.

Given the divergent nature of our businesses, the Committee does not believe that a standardised approach to

remuneration is appropriate. However, it does pay particular attention to whether each element of remuneration is

consistent with the Company’s remuneration philosophy.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 127

Remuneration Report Continued

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.

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.

Kevin Lucey has a letter of appointment which provides for a six-month notice period. This letter of appointment 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 Lucey 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.

Conor Murphy’s letter of appointment will include similar provisions to the other executive Directors.

DCC plc Annual Report and Accounts 2025128

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 2026 at minimum, median and maximum performance (assuming (i) a constant share price and (ii) an uplift

of 50% in the share price). Kevin Lucey will take up the position of COO on 10 July 2025, having previously served as CFO up to

that date. Conor Murphy will take up the position of CFO on 10 July 2025 and the figures disclosed here in relation to his

remuneration are on a full year basis.

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.

Donal Murphy, Chief Executive

Fixed

Minimum

€

Median Maximum

(constant

share price)

Maximum

(share price

+50%)

Long-Term Incentive PlanAnnual Bonus

100%

€1.26m

€3.57m

€5.87m

€7.15m

35%

29%

36%

21%

44%

35%

17%

54%

29%

8.0m

7.0 m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

Fixed Long-Term Incentive PlanAnnual Bonus

Kevin Lucey, Chief Operating Officer

Minimum Median Maximum

(constant

share price)

Maximum

(share price

+50%)

€0.75m

€2.09m

€3.43m

€4.15m

€

8.0m

7.0 m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

100% 36%

30%

34%

22%

42%

36%

18%

52%

30%

Fixed Long-Term Incentive PlanAnnual Bonus

Conor Murphy, Chief Financial Officer

Minimum Median Maximum

(constant

share price)

Maximum

(share price

+50%)

€0.63m

€1.55m

€2.47m

€2.99m

€

8.0m

7.0 m

6.0m

5.0m

4.0m

3.0m

2.0m

1.0m

100% 41%

25%

34%

25%

43%

32%

21%

53%

26%

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 CE and

COO and 75% for CFO.

• 50% vesting of LTIP i.e. 125% of salary for CE, 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 CE and

COO and 150% for CFO.

• 100% vesting of LTIP, i.e. 250% of salary for CE, 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 CE and

COO and 150% for CFO.

• 100% vesting of LTIP and 50% uplift in share price, equating

to 375% of salary for CE, 337.5% of salary for COO and 300%

for CFO.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 129

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 3 x

Other Executive Directors 2 x

Senior Group Executives 1 x

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 3 x

Other executive Directors 2 x

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.

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.

Remuneration Report Continued

DCC plc Annual Report and Accounts 2025130

Annual Report on Remuneration in the Year Ended 31 March 2025

This section of the Remuneration Report gives details of remuneration outcomes for the year ended 31 March 2025. It also

sets out how the Remuneration Policy will operate in the year ending 31 March 2026, and provides additional information on

the operation of the Remuneration Committee.

Remuneration Outcomes for the Year Ended 31 March 2025

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 2025, 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 Audited Total

Sub-

Total of

Fixed

Pay

Sub-

Total of

Variable

Pay

Sub-

Total of

Fixed

Pay

Sub-

Total of

Variable

Pay

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2025

€’000

2024

€’000

2024

€’000

Donal

Murphy

984 946 87 80 148 142 1,928 1,260 1,202 891 4,349 3,319 1,219 3,130 1,168 2,151

Kevin

Lucey

578 556 40 37 81 78 1,134 593 675 477 2,508 1,741 699 1,809 671 1,070

1,562 1,502 127 117 229 220 3,062 1,853 1,877 1,368 6,857 5,060 1,918 4,939 1,839 3,221

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 2025 for Mr Murphy and for My Lucey

was 28:72.

Salary

As explained in detail in last year’s Annual Report on Remuneration, the executive Directors’ salaries for the year ended

31 March 2025 were increased from the prior year, as shown in the table below.

Salary

€

Increase

Donal Murphy 983,726 4%

Kevin Lucey 578,476 4%

Benefits

Benefits included the use of a company car and related costs, life/disability cover, health insurance and club subscriptions.

Determination of Bonuses for the Year Ended 31 March 2025

For the year ended 31 March 2025, the executive Directors participated in the bonus plan, as per the Remuneration Policy,

as follows:

Executive Director Maximum bonus potential Deferral of bonus

Donal Murphy 200% of salary

33% of any bonus earned is deferred

into DCC shares for three years.

Kevin Lucey 200% of salary

Bonuses were based 70% on growth in Group operating profit and 30% on strategic and ESG objectives, subject also to a

discretionary underpin based on achieving a minimum ROCE performance.

FINANCIAL TARGETS – GROUP ADJUSTED OPERATING PROFIT

Group adjusted operating profit, for the purposes of bonus calculations, was measured against a pre-determined range,

with zero payment below the threshold (1% growth) up to full payment at the maximum of the range (7% growth). While Group

Adjusted Operating Profit increased by 4.8% on a continuing constant currency basis, the outturn was negatively impacted

by the prior year comparatives including a full year’s contribution of DCC Energy’s business in Hong Kong & Macau, which

was disposed of during the year. Accordingly, to calculate the Group Adjusted Operating 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 of 7.8%.

The table below summaries the outcome agreed by the Remuneration Committee, following which it determined that 100%

of the bonuses relating to this performance target should be paid.

Target

Minimum (below

which nil payout)

Maximum

(full payout) Result

Group adjusted operating profit for bonus calculations 1% 7% 7.8%

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 131

Remuneration Report Continued

NON-FINANCIAL TARGETS – STRATEGIC AND ESG

Regarding the achievement of targets set for strategic and ESG objectives, the Remuneration Committee carefully

considered the achievement of the objectives outlined in the table below. It concluded that 93% of this element of the bonus

should be awarded to both the Chief Executive and CFO.

Chief Executive – Donal Murphy

Category Objective Measure of Success Outcome

Strategic

Objectives

Maximum of

15% bonus

payable

Drive Progress Against Strategy Progress against Strategic Plans Focused on Shareholder

Value Creation, including DCC Energy’s Cleaner Energy in

Your Power Strategy

Drive Adoption of Digital Technologies,

including AI

Successful Pilots run in a number of Group Businesses

and Pipeline of Further Projects 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

Lost Time Injury Frequency Rate (‘LTIFR’)

Safety Leadership Initiatives

Continue to Improve the Group’s Culture Employee Engagement

Pipeline of Future Talent

Deliver Group-wide Improvement in

Closing Internal Audit Actions on Time

Rate of Internal Audit Actions Closed on Time

CFO – Kevin Lucey

Category

Objective Measure of Success Outcome

Strategic

Objectives

Maximum of

15% bonus

payable

Drive Progress Against Strategy Progress against Strategic Plans Focused on

Shareholder Value Creation, including DCC Energy’s

Cleaner Energy in Your Power Strategy

Group Financing Successfully establish Public Bond Programme

Drive Adoption of Digital Technologies,

including AI

Successful Pilots run in a number of Group Businesses

and Pipeline of Further Projects 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

Lost Time Injury Frequency Rate (‘LTIFR’)

Safety Leadership Initiatives

Continue to Improve the Group’s Culture Employee Engagement

Pipeline of Future Talent

Deliver Group-wide Improvement in

Closing Internal Audit Actions on Time

Rate of Internal Audit Actions Closed on Time

Fully met Partially met Not met

The resultant bonus payout levels for the year ended 31 March 2025 were therefore calculated as follows:

Chief Executive – % of Salary CFO – % of Salary

Component % of Max % of Salary % of Max % of Salary

Group Adjusted Operating Profit 100% 140% 100% 140%

Strategic and ESG Performance 93% 56% 93% 56%

Total 98% 196% 98% 196%

DCC plc Annual Report and Accounts 2025132

Retirement Benefit Expense

Retirement Benefit Expense for Donal Murphy comprised 15% of base salary in the form of a cash allowance, in lieu of

contribution to a defined contribution pension scheme. Kevin Lucey is part of a defined contribution pension scheme in which

a 14% of salary employer contribution is in place.

Vesting under Long-Term Incentive Plan

The value of the LTIP, as shown in the table on page 131 for 2025, is explained in further detail below.

The LTIP award granted in November 2022 was subject to performance over the three-year period ended 31 March 2025. The

performance conditions attached to this award and actual performance against these conditions were as follows:

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% 14.6% 33.4%

EPS growth

40% 3% p.a 9% p.a 5.5% 22.5%

TSR 20%

Median of

FTSE 100

Upper quartile

of FTSE 100 Below median 0%

Total vesting 55.9%

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.

As a result, vesting of the 2022 LTIP award is 55.9%. The earliest exercise date will be November 2025. The executive Directors

have a two-year hold period as a post-vest sale restriction to November 2027.

The value of the LTIP as recorded in the table on page 131 for the year ended 31 March 2025 is based on the vesting

percentage of 55.9% and the share price at 31 March 2025 of €61.59 (£51.45) less the amount payable to purchase the shares

(i.e. the exercise cost). The number of options originally granted to the executive Directors is included at page 137. As the

share price at the end of the performance period on 31 March 2025 was higher than the share price at the date of grant, the

values attributable to the share price uplift are €0.19 million for Donal Murphy and €0.11 million for Kevin Lucey. The Committee

considered that there was no need to apply a discount to reflect windfall gains.

Grants under Long-Term Incentive Plan

The following awards were granted during the year ended 31 March 2025 under the 2021 LTIP.

Executive Director Date of grant % of salary

Market price at

date of award

Number of

Face value of

award £’000

% vesting at

threshold

performance

Vesting determined by

performance period

Chief Executive 14 November

2024 250% £54.55 37, 606 £2,051 25%

Three years to

31 March 2027, with

a 2-year post-vest

sale restriction

CFO 14 November

2024 225% £54.55 19,902 £1,086 25%

The extent of vesting of these awards will be determined 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. Further details of previous year’s awards are set out on page 137.

The Remuneration Committee considered the outcomes as set out above and satisfied itself that the pre-determined target

ROCE was also achieved. It considered in particular in this context the Group’s safety performance in the year under review

and in general over the last few years and concluded that no downward discretion should be applied. Further details on this

are contained in the Chair’s Introduction on page 118. Overall, the Committee concluded that the outcomes were

appropriate in the circumstances and reflected the Group’s performance in the year.

In accordance with the Remuneration Policy, 33% of bonuses for the Chief Executive and CFO, net of tax and social security

deductions, will be invested in DCC shares. These shares and accrued dividends will be made available to them after three

years or earlier if their employment terminates.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 133

Remuneration Report Continued

Changes in Remuneration of the Directors

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 four 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

FY24 and FY25

% change between

FY23 and FY24

% change between

FY22 and FY23

% change between

FY21 and FY22

% change between

FY20 and FY21

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% +9% +53% +4% +19% +25% +3% 0% -39% +3% +3% +7% 0% -1% +89%

Kevin Lucey +4% +8% +91% +9% -12% +31% +8% 0% -39% +5% +35% +11% n/a n/a n/a

Non-executive Directors

Mark Breuer +4% -100% +9% +30% +187% +16%

Laura Angelini +4% +6% +6% n/a n/a

Katrina Cliffe

+29% n/a n/a n/a n/a

Caroline Dowling +3% +4% +7% +14% +19%

David Jukes

-70% +6% +2% +7% +14%

Steven Holland

n/a n/a n/a n/a n/a

Lily Liu +4% +4% +4% n/a n/a

Alan Ralph +3% +8% +26% n/a n/a

Mark Ryan +4.5% +14% +5% +4% 0%

Average remuneration

of Group employees

+4% +5% +6% +4% +1%

1. The increases for the non-executive Directors primarily reflect Committee membership and role changes and to a lesser extent fee increases.

2. Katrina Cliffe joined the Board on 1 May 2023. Some of the fee increase reflects the fact that FY24 was a partial year and FY25 was a full year.

3. David Jukes retired from the Board on 11 July 2024. The fee decrease reflects the fact that FY25 was a partial year.

4. Steven Holland joined the Board on 11 July 2024.

5. This is the average increase for all Group employees as a whole.

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 2015 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 2025 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.

DCC plc

2015 2016 2017 2018 2019 2020 2021 20232022 20252024

300

200

250

150

100

Peer medianFTSE 100 Index EPS

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Total remuneration €4.29m €5.32m €2.92m €3.09m €2.61m €3.73m €3.70m €3.11m €3.32m €4.35m

Bonus payout (% max) 100% 100% 84% 88% 53% 100% 98% 55% 67% 98%

LTIP vesting (% max) 100% 100% 100% 80% 63% 64% 64% 69% 54% 56%

DCC plc Annual Report and Accounts 2025134

Chief Executive Pay Ratio

As an Irish registered company, DCC is not subject to the Companies (Miscellaneous Reporting) Regulations 2018 in the UK

which stipulate how a CE pay ratio is determined.

That said, we take account of these regulations and based on available information, we are disclosing the ratio of the

Chief Executive’s total pay to the median UK employee’s total pay of 102 times. The median employee for this analysis

was selected based on UK gender pay gap data.

In addition, the Chief Executive’s total remuneration for the year ended 31 March 2025 is 67 times that of the average

employee across the entire Group for the same period.

RELATIVE IMPORTANCE OF SPEND ON PAY

The chart below shows the amount paid in remuneration to all Group employees compared to dividends to shareholders for

2025 and 2024.

2025

Dividends

£’m

Remuneration received

by all employees

2024

100

200

300

400

500

600

700

800

900

£197m

£189m

£889m

£827m

NON-EXECUTIVE DIRECTORS’ REMUNERATION DETAILS

The remuneration paid to the non-executive Directors for the year ended 31 March 2025 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

Benefits

Other Fees

1, 3

Audited Total

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

Mark Breuer 91 88 – 16 287 276 378 380

Laura Angelini 91 88 – – – – 91 88

Katrina Cliffe

91 80 – – 12 – 103 80

Caroline Dowling 91 88 – – 21 21 112 109

Steven Holland

66 – – – – – 66 –

David Jukes

26 88 – – 5 15 31 103

Lily Liu 91 88 – – – – 91 88

Alan Ralph 91 88 – – 20 20 111 108

Mark Ryan 91 88 – – 13 12 104 100

Total 729

696 – 16 358 344 1,087 1,056

1. The non-executive Director fee structure is set out in the table on page 140.

2. Benefits include payments made to reconcile income tax on Directors’ fees, which have been grossed up for Irish tax purposes.

3. Other fees include Chair, Committee Chair, Senior Independent Director and Workforce Engagement director fees.

4. All the above fees are considered fixed remuneration under the Shareholders Rights Directive II.

5. Katrina Cliffe joined the Board on 1 May 2023.

6. Steven Holland joined the Board on 11 July 2024.

7. David Jukes retired from the Board on 11 July 2024

8. Compares to the current shareholder limit of €950,000.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 135

Remuneration Report Continued

Total Directors’ Remuneration

Audited Total

2025

€’000

2024

€’000

Executive Directors

Salary 1,562 1,502

Benefits 127 117

Retirement Benefit Expense 229 220

Bonus 3,062 1,853

LTIP 1,877 1,368

Total executive Directors’ remuneration 6,857 5,060

Non-executive Directors

Basic Fees 729 696

Benefits 0 16

Other Fees 358 344

Total non-executive Directors’ remuneration 1,087 1,056

Total Directors’ remuneration 7,944 6,116

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 2025 (together with their interests at 31 March 2024) are set out below:

No. of Ordinary

Shares at

31 March 2025

No. of Ordinary

Shares at

31 March 2024

Directors

Mark Breuer 5,697 5,697

Donal Murphy

174,075 171,184

Laura Angelini – –

Katrina Cliffe 1,097 1,097

Caroline Dowling 800 800

Steven Holland

– –

David Jukes

– 94

Lily Liu – –

Kevin Lucey

22,534 19,341

Alan Ralph 1,500 1,500

Mark Ryan 9,696 9,696

Company Secretary

Darragh Byrne 11,993 9,724

1. Donal Murphy’s 2025 and 2024 holdings include 9,575 and 10,061 shares respectively, held under the deferred bonus arrangement as detailed on page 125.

2. Steven Holland was appointed on 11 July 2024.

3. David Jukes held 94 shares in DCC plc when he retired from the Board on 11 July 2024.

4. Kevin Lucey’s 2025 and 2024 holdings include 4,366 and 4,041 shares respectively, held under the deferred bonus arrangement as detailed on page 125.

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 2025.

There were no changes in the above Directors’ and Secretary’s interests between 31 March 2025 and 12 May 2025. Details of

the share ownership guidelines that apply to the executive Directors are on page 138 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.

DCC plc Annual Report and Accounts 2025136

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 Market

price at

date of

exercise

31 March

2024

Granted

in year

Exercised

in year

Lapsed

in year

31 March

2025

Date

of grant

Market

price on

grant

Three-year

performance

period end Normal exercise period

Executive Directors

Donal

Murphy

15,441 – – – 15,441 15.11.18 £60.65 31 Mar 2021 15 Nov 2023–14 Nov 2025

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

24,598 – – (11,315) 13,283 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028

35,068 – – – 35,068 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

138,827 37,606 – (11,315) 165,118

Kevin

Lucey

3,873 – (3,873) – – 15.11.18 £60.65 31 Mar 2021 15 Nov 2023–14 Nov 2025 £56.10

3,458 – – – 3,458 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026

8,466 – – – 8,466 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027

13,162 – – (6,055) 7,107 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028

19,675 – – – 19,675 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

67,158 19,902 (3,873) (6,055) 77,132

Company Secretary

Darragh

Byrne

2,015 - (2,015) – – 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026 £55.40

3,225 – – – 3,225 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027

5,114 – (2,762) (2,352) – 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028 £55.40

7,291 – – – 7,291 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029

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

24,321 6,376 (4,777) (2,352) 23,568

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 with 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 2024 will be based on the three-year performance period from

1 April 2024 to 31 March 2027 The requirements/ranges set by the Remuneration Committee regarding these performance

conditions are summarised on page 133.

As at 31 March 2025, the total number of options granted under the LTIP, net of options lapsed, amounted to 2.2% of issued

share capital, of which 0.9% is currently outstanding.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 137

Remuneration Report Continued

Other Information

The market price of DCC shares on 31 March 2025 was £51.45 and the range during the year was £48.48 to £60.35.

Additional information in relation to the DCC plc Long-Term Incentive Plan 2009 and the DCC plc Long-Term Incentive Plan

2021 appears in note 2.5 to the financial statements on page 171.

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 2025 was €0.3 million (2024 €1.5 million).

Share Ownership Guidelines

The executive Directors’ shareholdings as of 31 March 2025 are shown below.

Executive

Number of

shares held as

at 31 March 2025

Shareholding as a

multiple of base salary

for the year ended

31 March 2025

Share ownership

guideline

(multiple of salary)

Donal Murphy 174,075 10.9 3

Kevin Lucey 22,534 2.4 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 2025 of €61.59 (£51.45). Unvested and

unexercised share options are not included.

DCC plc Annual Report and Accounts 2025138

Expected Application of Remuneration Policy

in the Year Ending 31 March 2026

Salary

The salaries of the executive Directors for the year ending 31 March 2026, together with comparative figures, are as follows:

Executive Director

From

10 July 2025

€ Increase %

From

1 April 2025

€ Increase %

Year ending

31 March 2025

€

Donal Murphy 1,023,075 n/a 1,023,075 4% 983,726

Kevin Lucey 635,000 5.5% 601,615 4% 578,476

Conor Murphy 525,000 n/a n/a n/a n/a

Kevin Lucey’s salary will increase by 4% on 1 April 2025 and on his appointment as COO on 10 July 2025 his salary will increase

by a further 5.5%. Conor Murphy’s salary will commence on his appointment as CFO on 10 July 2025.

In determining the increases, the Committee took into account expected workforce salary increases of circa 2-5%.

Benefits

Benefits payable to the executive Directors for the year ending 31 March 2026 include the use of a company car and related

costs, life/disability cover, health insurance and club subscriptions.

Bonus

For the year ending 31 March 2026, the bonuses for the executive Directors will, consistent with the Remuneration Policy, be

based as follows:

Executive Director Maximum Bonus Potential Deferral of Bonus

Donal Murphy, Chief Executive 200% of salary

33% of any bonus earned will be deferred

into DCC shares for three years.

Kevin Lucey, COO 200% of salary

Conor Murphy, new CFO 150% of salary

Bonuses will be based 70% on growth in Group adjusted operating profit and 30% on strategic objectives for the Chief

Executive and the new CFO. For the new COO, his financial element of 70% will be solely based on the performance of the

Energy business, with 30% being based on strategic objectives. In addition, the Committee has the discretion to reduce

bonuses in the event that pre-determined target returns on capital employed are not achieved. Growth in adjusted

operating profit will be measured against a pre-determined range, with zero payment below threshold up to full payment at

the maximum of the range. The strategic objectives are aligned with DCC’s short-term and medium-term strategic

objectives that promote long-term performance and include sustainability/ESG targets.

The adjusted operating profit range and details of the strategic objectives are commercially confidential, but, to the extent

no longer commercially confidential, will be disclosed on a retrospective basis in next year’s Annual Report.

The Committee will keep the performance targets under review in light of acquisitions and divestments and other

development activity during the year ending 31 March 2026.

Retirement Benefits

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 contributions to a

defined contribution pension plan, at a rate of 12.6% of base salary.

Long-Term Incentives

For the year commencing 1 April 2025, LTIP awards of up to 250% of salary will be granted to the executive Directors. The

grant value is expected to be up to 250% of salary for the Chief Executive, up to 225% of salary for the COO and up to 200%

of salary for the new CFO. The extent of vesting will be based on performance over the three financial years ending 31 March

2028, with a further two-year post-vesting sale restriction also applying. The performance conditions and their weighting are

set out below.

Performance Condition % of Total Award (Potential) Vesting Rule

ROCE 40% Threshold vesting is 25% of maximum, with vesting determined on a straight-line

basis between 25% and 100% for performance between the Threshold and the

Maximum

EPS 40%

TSR 20%

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 139

Remuneration Report Continued

The Committee took a decision to postpone the setting of the threshold and maximum target ranges for each of the

performance conditions until later in the year, to allow additional clarity in relation to certain divestments taking place as

part of the Company’s revised strategy to emerge. The threshold and maximum target ranges for each of the performance

conditions will be announced later in the year once they have been determined.

Non-executive Directors’ Remuneration

The Remuneration Committee reviews the fee for the Board Chair. The Chief Executive and the Board Chair review the fees

for the other non-executive Directors. This means that no Director is involved in reviewing his/her own remuneration.

The Board has agreed the following changes for the year ending 31 March 2026:

• The non-executive Director’s basic fee will be increased by 4%.

• The Chair’s total fee will be increased by 9% having regard to the level of engagement required of the Chair at a time of

significant strategic change for the Company and having regard to market benchmarks.

The Additional Fees payable will remain unchanged.

The following table summarises the fee structure for the year ending 31 March 2026 with that of the current year.

Total fee

Year ending

31 March 2026

Total fee

Year ending

31 March 2025

Chair €412,517 €378,456

Basic Fee €94,640 €91,000

Additional Fees:

Audit Committee Chair €20,000 €20,000

Remuneration Committee Chair €17,000 €17,000

Senior Independent Director Fee €21,000 €21,000

Workforce Engagement Director Fee €13,500 €13,500

DCC plc Annual Report and Accounts 2025140

Governance

Committee Composition, Attendance and Tenure

At the date of this Report, the Remuneration Committee comprised four independent non-executive Directors: Katrina Cliffe

(Chair), Laura Angelini, Steven Holland and Caroline Dowling.

The members of the Committee have significant financial and business experience, including in executive remuneration.

Each member’s length of tenure at 31 March 2025 is set out in the chart on page 118. Further biographical details regarding

the members of the Remuneration Committee are set out on pages 90 and 91.

The Committee met five times during the year ended 31 March 2025 and attendance details are set out in the table on

page 97 of the Corporate Governance Statement.

The Company Secretary is the Secretary to the Remuneration Committee.

Meetings

The principal activities of the Committee and key topics discussed during the year ended 31 March 2025 are summarised in

the table below.

Typically, the Chief Executive, the Chief People Officer and representatives of the remuneration advisors to the Committee

are invited to attend all meetings of the Committee. Other Directors and executives may also be invited to attend meetings

of the Committee, except when their remuneration is being discussed. No Director is involved in the consideration of their

remuneration. Other external advisors are invited to attend meetings when required.

The Committee also meets separately, as required, to discuss matters in the absence of any invitees.

Principal Activities Key Topics Discussed During the Year

Executive

Remuneration

• The Committee considered the alignment of executive remuneration with the Company’s strategy.

• The Committee approved changes in remuneration, including base salary, bonus potential, and

long-term incentives for the Company’s executive Directors and other members of the Group

Management Team.

• The Committee exercised oversight of executive remuneration for other members of senior

management within the Group. This included transaction incentives for members of management

involved in significant transactions, including the divestment of DCC Healthcare.

Non-Executive

Director

Remuneration

• The Committee considered and approved the fee payable to the Chair of the Board.

Governance

and Reporting

• The Committee reviewed and approved the Remuneration Report to be included in the 2025

Annual Report and Accounts.

• The Committee considered a number of reports from the Committee’s independent remuneration

advisors in relevant trends and regulatory changes.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 141

Remuneration Report Continued

Reporting

The Chair of the Remuneration Committee reports to the Board at each meeting on the activities of the Committee.

The Chair of the Remuneration Committee attends the AGM to answer questions on the Report and the Committee’s

activities and matters within the scope of its responsibilities. The Committee welcomes any feedback from shareholders

on this Report, the remuneration structure and Policy, and decisions taken by the Committee.

Role and Responsibilities

The role and responsibilities of the Committee are set out in full in its Terms of Reference, which are available on the

Company’s website.

Annual Evaluation of Performance

The 2025 Board evaluation process concluded that the performance of the Remuneration Committee and of the Chair of

the Committee was satisfactory. The Committee will focus on a small number of agreed actions arising from the 2025 Board

evaluation process.

Gender Pay Gap Reporting

Under Gender Pay Gap Regulations, UK and Irish employers with more than 250 and 150 employees respectively publish key

metrics on their gender pay gap every year. The Remuneration Committee reviewed a report on affected Group businesses

during the year under review.

Provision 37 of 2024 UK Corporate Governance Code

The Company has malus and clawback provisions in place that meet the requirements of Provision 37 of the 2024 UK

Corporate Governance Code.

External Advice

During the year under review, Ellason advised the Remuneration Committee in relation to market trends, competitive

positioning and developments in remuneration policy and practice. Ellason is a signatory to the Remuneration Consultants

Group Code of Conduct and any advice was provided in accordance with this code. In light of this and the nature of the

service received, the Committee was satisfied that the advice was objective and independent.

In the year ended 31 March 2025, Ellason received fees of €49,804 in respect of advice provided to the Committee regarding

executive Director remuneration. They also provided services to the Group on market trends, incentive design and the

Remuneration Report.

In the year ended 31 March 2025, Mercer received fees of €1,230 as pension advisors to the Committee. Mercer also provides

specific advice on pension practice and developments and act as actuaries and pension advisors to a number of

companies in the Group.

AGM Votes on the 2024 Annual Report on Remuneration and on the 2024 Remuneration Policy

This table shows the voting outcome at the 2024 AGM in relation to the Annual Report on Remuneration and the

Remuneration Policy.

Vote

Total votes

cast

Total votes

for

Total votes

against

Total

abstentions

Advisory vote on 2024 Annual Report on Remuneration 77,360,408 67,986,862 9,373,546 1,334,768

(88%) (12%)

Advisory vote on 2024 Remuneration Policy 78,694,444 75,149,891 3,544,553 732

(95%) (5%)

DCC plc Annual Report and Accounts 2025142

Report of the Directors

The Directors of DCC plc present their report and the audited

financial statements for the year ended 31 March 2025.

Principal Activities

DCC plc is an international sales, marketing and support

services group headquartered in Dublin with operations in

Europe, North America and South America. At 31 March 2025

DCC has three divisions – DCC Energy, DCC Healthcare

and DCC Technology and employs 16,700 people in 21

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

Revenue for the year amounted to £18,011.0 million (2024:

£18,854.0 million). The profit for the year attributable to

owners of the Parent Company amounted to £206.49 million

(2024: £326.3 million). Adjusted earnings per share amounted

to 470.2 pence (2024: 455.01 pence). Further details of the

results for the year are set out in the Group Income

Statement on page 156.

The Chair’s Statement on pages 2 and 3, the Chief

Executive’s Review on pages 4 to 7, the Business Reviews on

pages 14 to 25 and the Financial Review on pages 30 to 37

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 2025, of recent events and of

likely future developments. Key Performance Indicators are

set out on pages 26 to 29. Information in respect of events

since the year end is included in these sections and in note

5.8 on page 220.

Dividends

An interim dividend of 66.19 pence per share, amounting to

£66.166 million, was paid on 13 December 2024. The

Directors recommend the payment of a final dividend for

the year ended 31 March 2025 of 140.21 pence per share,

amounting to £138.76 million (based on the number of shares

in issue at 12 May 2025). Subject to shareholders’ approval

at the AGM on 10 July 2025, this dividend will be paid on

17 July 2025 to shareholders on the register at the close of

business on 23 May 2025. The ex-dividend date is 22 May

2025. The total dividend for the year ended 31 March 2025

amounts to 206.40 pence per share, a total of

£204.92 million. This represents an increase of 5% on the

prior year’s total dividend per share.

The profit attributable to owners of the Parent Company,

which has been transferred to reserves, and the dividends

paid during the year ended 31 March 2025 are shown in note

4.3 on page 207.

Share Capital and Treasury Shares

DCC’s authorised share capital is 152,368,568 ordinary

shares of €0.25 each, of which 98,966,179 shares (excluding

treasury shares) and 2,367,725 treasury shares were in issue

at 31 March 2025. 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, they all carry equal

voting rights and rank for dividends.

The number of shares held as treasury shares at the

beginning of the year (and the maximum number held

during the year) was 2,481,405 (2.51% of the then issued

share capital (excluding treasury shares)) with a nominal

value of €0.620 million.

A total of 113,680 shares (0.1% of the issued share capital

(excluding treasury shares)) with a nominal value of

€0.028 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

(109,429 shares at a price of €0.25 per share) and the

deferred bonus arrangements for executive Directors (4,251

shares at a price of €69.04 per share), leaving a balance

held as treasury shares at 31 March 2025 of 2,367,725 shares

(2.39% of the issued share capital (excluding treasury

shares)) with a nominal value of €0.591 million.

At the Annual General Meeting (‘AGM’) held on 11 July 2024:

• The Company was granted authority to purchase on

market up to 9,887,492 of its own shares (10% of the 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 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 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.

• In addition, 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

2024 AGM.

These authorities were not exercised up to 12 May 2025.

At its meeting on 12 May the Board approved that the

Company would shortly commence a £100 million share

buyback programme as part of an intention to return

£800 million of DCC Healthcare divestment proceeds to

shareholders.

At the 2025 AGM:

• The Directors will seek certain authorities in relation to the

capital return referred to above and details of this will be

set out in the notice of the 2025 AGM.

• 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 €2.47 million.

• The Directors will seek authority to exercise all the powers

of the Company to allot shares up to an aggregate

amount of €8.25 million, representing approximately

one-third of the issued share capital (excluding treasury

shares).

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 143

Report of the Directors Continued

• 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

2025 AGM.

The Directors will have due regard to the Pre-Emption Group

2022 Statement of Principles for the dis-application 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 on page 205 and are deemed to form part of

this Report.

Non-Financial Information

Pursuant to the European Union (Disclosure of Non-Financial

and Diversity Information by certain large undertakings and

groups) Regulations 2017, the Group is required to report on

certain non-financial information to provide an

understanding of its development, performance, position

and the impact of its activities, relating to, at least,

environmental matters, social matters, employee matters,

respect for human rights, and bribery and corruption.

Information on these matters can be found in the following

sections of the Annual Report, which are deemed to form

part of this Report: the Sustainability Review on pages 39 to

75, the Business Model on pages 8 and 9, the Risk Report on

pages 76 to 86 and the Key Performance Indicators on

pages 26 to 29.

The Board has approved a formal Board Policy on Diversity,

which applies to the Board of DCC plc. Details of the policy,

its objectives and its application in the current financial year

are set out in the Nomination and Governance Committee

Report on pages 106 to 109.

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 76 to 86

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 90 and 91.

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 has a letter of

appointment which provides 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 118 to 142.

Corporate Governance

The Corporate Governance Statement on pages 94 to 104

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 Corporate

Governance Statement shall be treated as forming part

of this Report.

DCC plc is fully compliant with the 2018 version of the UK

Corporate Governance Code, which applied to the

Company for the year ended 31 March 2025.

Details concerning the appointment and the re-election

of Directors are set out in the Corporate Governance

Statement.

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 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.

DCC plc Annual Report and Accounts 2025144

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 2025 and 12 May 2025.

As at 31 March 2025 As at 12 May 2025

No. of €0.25

Ordinary

% of Issued

Share Capital

(excluding

treasury

shares)

No. of €0.25

Ordinary

% of Issued

Share Capital

(excluding

treasury

shares)

FMR LLC and FIL Limited on behalf of its direct

and indirect subsidiaries 11,627,821 11.75% 11,613,452 11.73%

Blackrock Inc. 9,819,597 9.92% 9,856,065 9.96%

Allianz Global Investors GmbH 4,546,074 4.59% 4,547,991 4.60%

Setanta Asset Management 3,147,427 3.18% 2,980,580 3.01%

Royal Bank of Canada 3,054,015 3.09% 3,084,441 3.21%

T. Rowe Price Associates, Inc. 3,007,854 3.04% 3,030,819 3.06%

These entities have indicated that the shareholdings are not ultimately beneficially owned by them.

Shareholders may exercise their right to vote by appointing

a proxy/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 AGM will be held at 2.00 pm on 10 July 2025 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 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

and Accounts. 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

Reviews on pages 14 to 25, the Financial Review on

pages 30 to 37, the Principal Risks and Uncertainties on

pages 80 to 84, the Transparency Report in the Statement

of Directors’ Responsibilities on page 148, the earnings per

ordinary share in note 2.12 on page 178, the Key Performance

Indicators on pages 26 to 29 and the derivative financial

instruments in note 3.10 on pages 188 to 190.

Principal Subsidiaries

Details of the Company’s principal operating subsidiaries

are set out on pages 238 to 241.

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.

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.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 145

The Directors confirm that the arrangements and structures

that have been put in place are, in the Directors’ opinion,

designed to secure a material compliance with the

Company’s relevant obligations and that these

arrangements and structures were reviewed by the

Company 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 110.

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

During the 2025 financial year, the Company carried out

an audit tender process, details of which are set out on

page 115 of this Annual Report. As a result of this process,

the Company’s auditors, KPMG Chartered Accountants, will,

in accordance with Section 383(2) of the Companies Act 2014,

continue in office and will retire following the conclusion

of the audit for the 2025 financial year. The Board has

selected, subject to approval at the 2025 AGM, Deloitte

Ireland LLP, as the external auditor for the financial year

ending 31 March 2026 and subsequent years.

MARK BREUER, DONAL MURPHY

DIRECTORS

12 May 2025

Report of the Directors Continued

DCC plc Annual Report and Accounts 2025146

DCC plc Annual Report and Accounts 2025

147

DCC plc Annual Report and Accounts 2025 147

FINANCIAL

STATEMENTS

148 Statement of Directors’ Responsibilities

149 Independent Auditor’s Report

156 Group Income Statement

157 Group Statement of Comprehensive Income

158 Group Balance Sheet

159 Group Statement of Changes in Equity

160 Group Cash Flow Statement

161 Notes to the Financial Statements

161 Section 1: Basis of Preparation

164 Section 2: Results for the Year

180 Section 3: Assets and Liabilities

205 Section 4: Equity

208 Section 5: Additional Disclosures

230 Company Balance Sheet

231 Company Statement of Changes in Equity

232 Company Cash Flow Statement

233 Section 6: Notes to the Company Financial Statements

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 provision 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.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 accounts, 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

DCC plc Annual Report and Accounts 2025

148

Financial Statements Continued

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF DCC PLC

Report on the audit of the financial statements

OPINION

We have audited the financial statements of DCC Plc (‘the Company’) and its consolidated undertakings (‘the Group’) for the

year ended 31 March 2025 set out on pages 156 to 236, which comprise the Group and Company Balance Sheet, the Group

Income Statement, the Group Statement of Comprehensive Income, the Group and Company Cash Flow Statement, the Group

and Company Statement of Changes in Equity and related notes, including the material accounting policies set out in note 5.9.

The financial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting

Standards (‘IFRS’) as adopted by the European Union and, as regards the Company financial statements, as applied in

accordance with the provisions of the Companies Act 2014.

In our opinion:

• the financial statements give a true and fair view of the assets, liabilities and financial position of the Group and Company as

at 31 March 2025 and of the Group’s profit for the year then ended;

• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union;

• the Company financial statements have been properly prepared in accordance with IFRS as adopted by the European

Union, as applied in accordance with the provisions of the Companies Act 2014; and

• the Group and Company financial statements have been properly prepared in accordance with the requirements of the

Companies Act 2014.

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 further described in the Auditor’s Responsibilities for the Audit of the Financial

Statements section of our report. We have fulfilled our ethical responsibilities under, and we remained independent of the

Group in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the

Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (‘IAASA’), as applied to listed entities.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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’s and

Company’s ability to continue to adopt the going concern basis of accounting included:

• Obtaining, inspecting and challenging management’s assessment of going concern and underlying budgets and forecasts.

• Obtaining debt covenant calculations as at 31 March 2025 and inspecting the headroom available under those covenants.

• Inquiring about any legal claims with those charged with governance, Head of Legal, management, as well as local finance

teams.

• Inquiring as to any subsequent events from those charged with governance, management, and local finance teams.

• Assessing the adequacy of the disclosures included within the Annual Report relating to going concern.

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 or the Company’s ability to continue as a going concern for

a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections

of this report.

In relation to the Group and the Company’s reporting on how they have 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.

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DCC plc Annual Report and Accounts 2025

149

DETECTING IRREGULARITIES INCLUDING FRAUD

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial

statements and risks of material misstatement due to fraud, using our understanding of the entity’s industry, regulatory

environment and other external factors and inquiry with the Directors. In addition, our risk assessment procedures included:

• Inquiring with the Directors and other management as to the Group’s policies and procedures regarding compliance with

laws and regulations, identifying, evaluating and accounting for litigation and claims, as well as whether they have

knowledge of non-compliance or instances of litigation or claims.

• Inquiring of Directors, the Audit Committee, internal audit as to the Group’s policies and procedures to prevent and detect

fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.

• Inquiring of Directors, the Audit Committee and internal audit regarding their assessment of the risk that the financial

statements may be materially misstated due to irregularities, including fraud.

• Inspecting selected regulatory and legal correspondence.

• Reading Board and sub-committee meeting minutes.

• Considering remuneration incentive schemes and performance targets for management and Directors including the

earnings per share target for management remuneration.

• Performing planning analytical procedures to identify any usual or unexpected relationships.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team. This

included communication from the Group audit team to component audit teams of relevant laws and regulations and any fraud

risks identified at the Group level and request to component audit teams to report to the Group audit team any instances of

fraud that could give rise to a material misstatement at Group.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including companies and

financial reporting legislation, taxation legislation and distributable profits legislation. We assessed the extent of compliance

with these laws and regulations as part of our procedures on the related financial statement items, including assessing the

financial statement disclosures and agreeing them to supporting documentation when necessary.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a

material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.

We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law,

environmental law, competition law, regulatory capital and liquidity and certain aspects of company legislation recognising the

financial and regulated nature of the Group’s activities and its legal form.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations

to inquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. These limited

procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to

commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of

controls and the risk of fraudulent revenue recognition. We did not identify any additional fraud risks.

In response to the fraud risks, we also performed procedures including:

• identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation;

• assessing significant accounting estimates for bias; and

• assessing the disclosures in the financial statements.

As the Group is regulated, our assessment of risks involved obtaining an understanding of the legal and regulatory framework

that the Group operates in and gaining an understanding of the control environment including the entity’s procedures for

complying with regulatory requirements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material

misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with

auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the

events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by

auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion,

forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing

non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

DCC plc Annual Report and Accounts 2025

150

Financial Statements Continued

Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial

statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by

us, 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.

In 2025, acquisition accounting on business combinations is not considered to be a key audit matter as the quantum of

acquisitions and the relative complexity associated with the identification of acquired intangible assets has decreased when

compared with 2024. In arriving at our audit opinion above, the key audit matters, in decreasing order of audit significance,

were as follows:

GROUP KEY AUDIT MATTERS

Valuation of goodwill and intangible assets £2,414 million (2024: £3,137 million)

Refer to note 5.9 (Summary of Material Accounting Policies) and note 3.3 (Intangible Assets and Goodwill)

The key Group audit matter How the matter was addressed in our audit

The Group has goodwill and intangible

assets arising from acquisitions.

There is a risk that the carrying amounts

of goodwill and intangible assets will be

more than the estimated recoverable

amount.

The recoverable amount of goodwill

and intangible assets is arrived at by

forecasting and discounting future cash

flows to determine value in use

calculations for each Cash Generating

Unit (‘CGU’).

These cash flows are inherently

judgemental and rely on certain key

assumptions including future trading

performance, future long-term growth

rates and CGU specific discount rates.

For the reasons outlined above the

engagement team determine this

matter to be a key audit matter.

To assess the Group’s cash flow forecasts used in the determinations of the values in

use we:

• performed inquiries of the Group to develop an understanding of the process for

goodwill impairment assessment and gained an understanding of the Group’s

process to assess the goodwill and intangible assets for indicators of impairment;

• considered how the Group calculated the value in use at a CGU level, gaining an

understanding of the key assumptions made, changes in the model from prior

periods, and why the Group concluded that the key assumptions are reasonable;

• recalculated the Group’s projections to evaluate the mathematical accuracy of

the cash flow forecasts and the accuracy of the Group’s cash flow estimates in

previous years by comparing historical forecasts to actual outturns;

• used data and analytics procedures to perform scenario analysis over each of

the CGUs, flexing key assumptions in the model through a series of iterations

identifying CGUs that were most sensitive to movements in assumptions;

• compared the value in use for the Group as a whole to the Group’s market

capitalisation;

• for CGUs which contain a risk of material misstatement, we:

– assessed the appropriateness of the CGU-specific discount rates applied in

determining the value in use of each CGU with the assistance of our in-house

valuation specialist;

– evaluated and challenged the key assumptions used to develop the projected

financial information regarding future profitability and long-term economic

growth rates applied;

– performed an evaluation of the key assumptions made in the discounted cash

flow models of certain CGUs based on our knowledge of the Group and our

reading of the Group’s forecasts combined with external data where

considered relevant;

• where an impairment is identified, we recalculated the impairment charge; and

• evaluated whether the disclosures as set out in the financial statements are

appropriate and in compliance with IAS 36 including the disclosures related to

estimation uncertainty, significant judgements and assumptions made.

Based on evidence obtained, we found that the key assumptions applied in the

Group’s cash flow forecast models used in the determination of value in use were

appropriate. We read the disclosures of significant judgements made and found

them to be appropriate.

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151

COMPANY KEY AUDIT MATTER

Investment in subsidiary undertakings £1,141 million (2024: £1,142 million)

Refer to note 5.9 (Summary of Material Accounting Policies) and note 6.4 (Investment in Subsidiary Undertakings)

The key Company audit matter How the matter was addressed in our audit

The investment in subsidiary

undertakings is carried in the Balance

Sheet of the Company at cost less

impairment. At 31 March 2025, the

investment carrying value was

£1,141 million.

There is a risk in respect of the carrying

value of these investments if the future

cash flows and trading performance of

these subsidiaries are not sufficient to

support the Balance Sheet value.

We focus on this area due to the

significance of the balance to the

Company Balance Sheet and the

inherent uncertainty involved in

forecasting and discounting future cash

flows for the subsidiary businesses.

For the reasons outlined above the

engagement team determine this

matter to be a key audit matter.

• We made inquiries of the Company to understand their process for assessing the

recoverability of the investment carrying value in the Company and we tested the

design and implementation of the key control in this process;

• we considered the Company’s assessment of impairment indicators across the

Group;

• we compared the carrying value of investments in the Company’s Balance Sheet

to the net assets of the subsidiary financial statements;

• we considered the audit work performed in respect of current year results of

subsidiaries and the valuation of goodwill and intangible assets; and

• we compared the carrying value of subsidiaries to the market capitalisation of the

Company at 31 March 2025.

Based on evidence obtained, we found the Company’s assessment of the carrying

value of the investment in subsidiary undertakings to be appropriate.

Our application of materiality and an overview of the scope of our audit

Materiality for the Group financial statements as a whole was set at £20.0 million. This has been calculated based on 5% of the

Group profit before tax from continuing operations pre exceptionals of £409 million which we consider to be one of the principal

considerations for members of the Company in assessing the financial performance of the Group. The materiality for the prior

year Group financial statements as a whole was set at £22.0 million. This was calculated based on 5% of the forecasted Group

profit before tax. The change in materiality benchmark to Group profit before tax from continuing operations pre exceptionals

is as a result of the impact of one off exceptional items in the current year arising from the agreement to dispose of certain

elements of the business and an exceptional impairment charge on one particular cash generating unit. In applying our

judgement in determining the percentage to be applied to the benchmark, the following qualitative factors had the most

significant impact:

• the Group has a high public profile and operates in a regulated environment.

• the stability of the business environment in which it operates.

Performance materiality for the Group financial statements was set at 75% (2024: 75%) of materiality for the financial statements

as a whole, which equates to £15.0m (2024: £16.5m). We use performance materiality to reduce to an appropriately low level the

probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. In applying our

judgement in determining performance materiality, we considered a number of factors including; the low number and value of

misstatements detected and the low number and severity of deficiencies in control activities identified in the prior year financial

statement audit.

We report to the Audit Committee all corrected and uncorrected misstatements we identified through our audit with a value in

excess of £1 million (2024: £1 million), in addition to other audit misstatements below that threshold that we believe warranted

reporting on qualitative grounds.

Materiality for the Company financial statements as a whole was set at £12 million (2024: £12 million), determined with reference

to a benchmark of Company total assets of which it represents 0.8% (2024: 0.8%). Our approach to audit scoping is consistent

with that applied in previous years. In determining the percentage applied to the benchmark, our judgement was significantly

influenced by the following qualitative factors:

• the Company has a high public profile and operates in a regulated environment.

• the stability of the business environment in which its underlying investments operate.

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Financial Statements Continued

Performance materiality for the Company financial statements was set at 75% (2024: 75%) of materiality for the financial

statements, which equates to £9 million (2024: £9 million).

This year, we applied the revised group auditing standard in our audit of the consolidated financial statements. The revised

standard changes how an auditor approaches the identification of components, and how the audit procedures are planned

and executed across components.

In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information

to how we, as the group auditor, plan to perform audit procedures to address group risks of material misstatement (‘RMMs’).

Similarly, the group auditor has an increased role in designing the audit procedures as well as making decisions on where these

procedures are performed (centrally and/or at component level) and how these procedures are executed and supervised. As a

result, we assess scoping and coverage in a different way and comparisons to prior period coverage figures are not

meaningful. In this report we provide an indication of scope coverage on the new basis.

The components in scope covered 91% of total revenues and 85% of total assets.

We applied materiality to assist us in determining what risks were significant risks and the Group audit team instructed

component auditors as to the significant areas to be covered, including the relevant risks detailed above and the information

to be reported back. The Group audit team approved the performance materiality for components, which ranged from

£2.6 million to £6.0 million, having regard to the mix of size and risk profile of the Group across the components. The work on

thirty three in-scope components was performed by the Group team and component auditors. Fifteen component audits were

performed by KPMG Dublin, fifteen performed by KPMG overseas offices and three performed by non-KPMG member firms.

As part of establishing the overall Group audit team strategy and plan, we conducted the risk assessment and planning

discussion meetings with component auditors to discuss Group audit risks relevant to the components.

Video and telephone conference meetings were held with these component auditors, throughout the audit process where the

results fo the planning and further audit procedures communicated to us were discussed in more detail, and any further work

required by us was then performed by the component auditors.

We inspected the work performed by the component auditors for the purpose of the Group audit and evaluated the

appropriateness of conclusions drawn from the audit evidence obtained and consistencies between communicated findings

and work performed.

OTHER INFORMATION

The Directors are responsible for the preparation of the other information presented in the Annual Report together with the

financial statements. The other information comprises the information included in the Directors’ report, the non-financial

statement included on the Company’s website at www.dcc.ie, and the Strategic Report and Governance sections of the

Annual Report and Supplemental Information.

The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the

financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as

explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit

work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based

solely on that work we have not identified material misstatements in the other information.

Based solely on our work on the other information undertaken during the course of the audit we report that, in those parts of

the Directors’ report specified for our consideration, which does not include the information required by the European Union

(Disclosure of Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017:

• we have not identified material misstatements in the Directors’ report;

• in our opinion, the information given in the Directors’ report is consistent with the financial statements; and

• in our opinion, 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.

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CORPORATE GOVERNANCE STATEMENT

We have reviewed the Directors’ statement in relation to going concern, longer-term viability, that part of the Corporate

Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code

specified for our review by the Listing Rules of the UK Listing Authority.

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:

• Directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any material

uncertainties identified;

• Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period

is appropriate;

• Director’s statement on whether it has a reasonable expectation that the Group will be able to continue in operation and

meets its liabilities;

• Directors’ statement on fair, balanced and understandable and the information necessary for shareholders to assess the

Group’s position and performance, business model and strategy;

• 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 explain how

they are being managed or mitigated;

• section of the annual report that describes the review of effectiveness of risk management and internal control systems; and

• section describing the work of the Audit Committee.

OUR OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2014 ARE UNMODIFIED

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 and the financial statements are in agreement with the accounting records.

We have nothing to report on other matters on which we are required to report by exception.

The Companies Act 2014 requires us to report to you if, in our opinion:

• the disclosures of Directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made.

• the Company has not provided the information required by section 5(2) to (7) of the European Union (Disclosure of

Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017 for the year ended

31 March 2024 as required by the European Union (Disclosure of Non-Financial and Diversity Information by certain large

undertakings and groups) (amendment) Regulations 2018.

We have nothing to report in this regard.

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Financial Statements Continued

Respective responsibilities and restrictions on use

RESPONSIBILITIES OF DIRECTORS FOR THE FINANCIAL STATEMENTS

As explained more fully in the Directors’ responsibilities statement set out on page 148, the Directors are responsible for: the

preparation of the financial statements including being satisfied that they give a true and fair view; 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; 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 they either intend to

liquidate the Group or the 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 fuller description of our responsibilities is provided on IAASA’s website at:

https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/.

THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES

Our 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.

Patricia Carroll

for and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

12 May 2025

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						Restated*
			2025			2024
		Pre-	Exceptionals		Pre-	Exceptionals
		exceptionals	(note 2.6)	Total	exceptionals	(note 2.6)	Total
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	2.1	18,011,111	–	18,011,111	18,854,051	–	18,854,051
Cost of sales		(15,612,712)	–	(15,612,712)	(16,513,269)	–	(16,513,269)
Gross profit		2,398,399	–	2,398,399	2,340,782	–	2,340,782
Administration expenses		(668,475)	–	(668,475)	(584,106)	–	(584,106)
Selling and distribution expenses		(1,160,554)	–	(1,160,554)	(1,184,875)	–	(1,184,875)
Other operating income/(expenses)	2.2	48,152	(39,824)	8,328	28,391	(34,222)	(5,831)
Adjusted operating profit	2.1	617,522	(39,824)	577,698	600,192	(34,222)	565,970
Intangible asset amortisation and impairment	2.1	(107,527)	(73,835)	(181,362)	(103,525)	–	(103,525)
Operating profit		509,995	(113,659)	396,336	496,667	(34,222)	462,445
Finance costs	2.7	(118,791)	(340)	(119,131)	(119,342)	(873)	(120,215)
Finance income	2.7	14,270	–	14,270	16,379	–	16,379
Share of equity accounted investments’
profit after tax	2.8	3,392	–	3,392	604	–	604
Profit before tax		408,866	(113,999)	294,867	394,308	(35,095)	359,213
Income tax expense	2.9	(80,189)	8,240	(71,949)	(76,225)	4,558	(71,667)
Profit for the year from continuing operations		328,677	(105,759)	222,918	318,083	(30,537)	287,546
Profit for the year from discontinued
operations	2.10	59,264	(60,961)	(1,697)	56,219	(3,227)	52,992
Profit after tax for the financial year		387,941	(166,720)	221,221	374,302	(33,764)	340,538
Profit attributable to:
Owners of the Parent Company		373,210	(166,720)	206,490	359,570	(33,315)	326,255
Non-controlling interests		14,731	–	14,731	14,732	(449)	14,283
		387,941	(166,720)	221,221	374,302	(33,764)	340,538
Earnings per ordinary share
Basic earnings per share	2.12			208.78p			330.24p
Diluted earnings per share	2.12			208.44p			329.85p
Earnings per ordinary share – continuing operations
Basic earnings per share	2.12			210.82p			276.94p
Diluted earnings per share	2.12			210.48p			276.61p

* See note 2.10

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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Financial Statements Continued

			Restated
		2025	2024
	Note	£’000	£’000
Group profit for the financial year		221,221	340,538
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Currency translation:
– arising in the year		(43,689)	(66,207)
– recycled to the Income Statement on disposal		(13,041)	–
Movements relating to cash flow hedges		25,323	37,117
Movement in deferred tax on cash flow hedges	2.9	(5,140)	(6,937)
		(36,547)	(36,027)
Items that will not be reclassified to profit or loss
Group defined benefit pension obligations:
– remeasurements	3.15	(332)	24
– movement in deferred tax	2.9	28	(117)
		(304)	(93)
Other comprehensive expense for the financial year, net of tax		(36,851)	(36,120)
Total comprehensive income for the financial year		184,370	304,418
Attributable to:
Owners of the Parent Company		171,820	292,686
Non-controlling interests		12,550	11,732
		184,370	304,418
Attributable to:
Continuing operations		198,202	266,410
Discontinued operations		(13,832)	38,008
		184,370	304,418

GROUP STATEMENT OF

COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

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		2025	2024
	Note	£’000	£’000
ASSETS
Non-current assets
Property, plant and equipment	3.1	1,262,386	1,430,513
Right-of-use leased assets	3.2	298,032	349,925
Goodwill	3.3	1,716,684	2,190,147
Intangible assets	3.3	696,819	946,798
Equity accounted investments	3.4	71,428	32,825
Deferred income tax assets	3.14	87,446	81,258
Derivative financial instruments	3.10	24,871	42,760
		4,157,666	5,074,226
Current assets
Inventories	3.5	940,159	1,072,061
Trade and other receivables	3.6	1,975,444	2,172,422
Derivative financial instruments	3.10	25,321	55,064
Cash and cash equivalents	3.9	1,088,175	1,109,446
		4,029,099	4,408,993
Assets classified as held for sale	2.10	1,070,864	–
		5,099,963	4,408,993
Total assets		9,257,629	9,483,219
EQUITY
Capital and reserves attributable to owners of the Parent Company
Share capital	4.1	17,422	17,422
Share premium	4.1	883,909	883,890
Share based payment reserve	4.2	71,350	63,806
Cash flow hedge reserve	4.2	2,083	(18,100)
Foreign currency translation reserve	4.2	10,324	64,873
Other reserves	4.2	932	932
Retained earnings	4.3	2,087,407	2,078,568
Equity attributable to owners of the Parent Company		3,073,427	3,091,391
Non-controlling interests	4.4	94,869	91,641
Total equity		3,168,296	3,183,032
LIABILITIES
Non-current liabilities
Borrowings	3.11	1,849,217	1,574,775
Lease creditors	3.12	249,726	284,856
Derivative financial instruments	3.10	19,224	27,536
Deferred income tax liabilities	3.14	223,949	286,217
Post-employment benefit obligations	3.15	5,884	6,557
Provisions for liabilities	3.17	283,397	306,367
Acquisition related liabilities	3.16	83,547	72,009
Government grants	3.18	2,513	2,704
		2,717,457	2,561,021
Current liabilities
Trade and other payables	3.7	2,763,181	3,054,108
Current income tax liabilities		73,781	81,095
Borrowings	3.11	116,825	368,743
Lease creditors	3.12	64,245	77,527
Derivative financial instruments	3.10	11,348	20,914
Provisions for liabilities	3.17	68,660	67,011
Acquisition related liabilities	3.16	10,911	69,768
		3,108,951	3,739,166
Liabilities associated with assets classified as held for sale	2.10	262,925	–
		3,371,876	3,739,166
Total liabilities		6,089,333	6,300,187
Total equity and liabilities		9,257,629	9,483,219

Mark Breuer, Donal Murphy

Directors

GROUP BALANCE SHEET

AS AT 31 MARCH 2025

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Financial Statements Continued

				Attributable to owners of the Parent Company		Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests	Total
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Total	(note 4.4)	equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2024	17,422	883,890	2,078,568	111,511	3,091,391	91,641	3,183,032
Profit for the financial year	–	–	206,490	–	206,490	14,731	221,221
Other comprehensive income:
Currency translation:
– arising in the year	–	–	–	(41,508)	(41,508)	(2,181)	(43,689)
– recycled to the Income Statement on disposal	–	–	–	(13,041)	(13,041)		(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)	171,820	12,550	184,370
Re-issue of treasury shares	–	19	–	–	19	–	19
Share based payment	–	–	–	7,544	7,544	–	7,544
Dividends	–	–	(197,347)	–	(197,347)	(9,322)	(206,669)
At 31 March 2025	17,422	883,909	2,087,407	84,689	3,073,427	94,869	3,168,296

FOR THE YEAR ENDED 31 MARCH 2024

				Attributable to owners of the Parent Company		Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests	Total
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Total	(note 4.4)	equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2023	17,422	883,669	1,941,223	135,777	2,978,091	80,219	3,058,310
Profit for the financial year	–	–	326,255	–	326,255	14,283	340,538
Other comprehensive income:
Currency translation	–	–	–	(63,656)	(63,656)	(2,551)	(66,207)
Group defined benefit pension obligations:
– remeasurements	–	–	24	–	24	–	24
– movement in deferred tax	–		(117)	–	(117)	–	(117)
Movements relating to cash flow hedges	–	–	–	37,117	37,117	–	37,117
Movement in deferred tax on cash flow hedges	–	–	–	(6,937)	(6,937)	–	(6,937)
Total comprehensive income	–	–	326,162	(33,476)	292,686	11,732	304,418
Re-issue of treasury shares	–	221	–	–	221	–	221
Share based payment	–	–	–	9,210	9,210	–	9,210
Dividends	–	–	(188,817)	–	(188,817)	(310)	(189,127)
At 31 March 2024	17,422	883,890	2,078,568	111,511	3,091,391	91,641	3,183,032

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

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		2025	2024
	Note	£’000	£’000
Operating activities
Cash generated from operations before exceptionals	5.3	856,761	995,793
Exceptionals		(55,858)	(30,934)
Cash generated from operations		800,903	964,859
Interest paid (including lease interest)		(102,998)	(118,780)
Income tax paid		(115,876)	(124,057)
Net cash flow from operating activities		582,029	722,022
Investing activities
Inflows:
Proceeds from disposal of property, plant and equipment		44,839	6,666
Dividends received from equity accounted investments	3.4	857	1,261
Government grants received in relation to property, plant and equipment	3.18	340	2,669
Proceeds on disposal of subsidiaries and equity accounted investments		61,406	17,668
Interest received		11,178	15,285
		118,620	43,549
Outflows:
Purchase of property, plant and equipment		(214,295)	(230,354)
Acquisition of subsidiaries	5.2	(167,294)	(288,155)
Payment of accrued acquisition related liabilities	3.16	(75,170)	(50,334)
		(456,759)	(568,843)
Net cash flow from investing activities		(338,139)	(525,294)
Financing activities
Inflows:
Proceeds from issue of shares	4.1	19	221
Net cash inflow on derivative financial instruments		51,552	69,182
Increase in interest-bearing loans and borrowings		809,050	–
		860,621	69,403
Outflows:
Repayment of interest-bearing loans and borrowings		(748,840)	(270,836)
Repayment of lease creditors (principal)		(86,005)	(82,187)
Dividends paid to owners of the Parent Company	2.11	(197,347)	(188,817)
Dividends paid to non-controlling interests	4.4	(9,322)	(310)
		(1,041,514)	(542,150)
Net cash flow from financing activities		(180,893)	(472,747)
Change in cash and cash equivalents		62,997	(276,019)
Translation adjustment		(16,414)	(22,341)
Cash and cash equivalents at beginning of year		1,072,846	1,371,206
Cash and cash equivalents at end of year	3.9	1,119,429	1,072,846
Cash and short-term bank deposits	3.9	1,088,175	1,109,446
Overdrafts	3.9	(31,084)	(36,600)
Cash and short-term bank deposits attributable to assets held for sale	3.9	62,338	–
		1,119,429	1,072,846

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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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 85 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 2025, 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. DCC plc’s shares have a Premium Listing on the Official List of the United Kingdom Listing

Authority and are traded solely on the London Stock Exchange.

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

2025 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.

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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:

• Classification of Liabilities as Current or Non-current – Amendments to IAS 1

• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

• Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7

• 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

• 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. While the adoption of IFRS 18 will not affect the totals of the Group’s assets, liabilities, equity, income and

expenses, there will likely be changes as to how the make-up of these principal categories are presented both in the

primary statements and the notes together with additional disclosures around management performance measures.

Otherwise, the standards outlined above are not expected to result in a net material change to the Group’s financial

statements.

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.

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.

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Notes to the Financial Statements Continued

1.2

Basis Of Preparation continued

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 the

accounting estimates and assumptions discussed below to be its critical accounting estimates (‘E’) and

judgements (‘J’):

GOODWILL (E,J)

The Group has capitalised goodwill of £1,716.7 million at 31 March 2025. 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.

BUSINESS COMBINATIONS (E)

Business combinations are accounted for using the acquisition method which requires that the assets and liabilities

assumed are recorded at their respective fair values at the date of acquisition. The application of this method

requires certain estimates and assumptions particularly concerning the determination of the fair values of the

acquired assets and liabilities assumed at the date of acquisition.

For intangible assets acquired, the Group bases valuations on expected future cash flows. This method employs a

discounted cash flow analysis using the present value of the estimated after-tax cash flows expected to be

generated from the purchased intangible asset using risk adjusted discount rates and revenue forecasts as

appropriate. The period of expected cash flows is based on the expected useful life of the intangible asset acquired.

The Group engages a specialist valuation expert to assist with this process where appropriate.

TAXATION (E,J)

The Group is subject to income taxes in a number of jurisdictions. Provisions for tax liabilities require management to

make judgements and estimates in relation to tax issues and exposures. Amounts provided are based on

management’s interpretation of country-specific tax laws and the likelihood or probability of settlement. Where the

final tax outcome is different from the amounts that were initially recorded, such differences will impact the current tax

and/or deferred tax provisions in the period in which such determination is made.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against

which the unused tax losses and unused tax credits can be utilised. The Group estimates the most probable amount

of future taxable profits, using assumptions consistent with those employed in impairment calculations, and taking

into account applicable tax legislation in the relevant jurisdiction. These calculations require the use of estimates.

USEFUL LIVES FOR PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (E,J)

Long-lived assets comprising primarily of property, plant and equipment and intangible assets represent a significant

portion of the Group’s total assets. The annual depreciation and amortisation charge depend primarily on the

estimated lives of each type of asset and, in certain circumstances, estimates of residual values. Management

regularly review these useful lives and residual values and change them if necessary to reflect current conditions. In

determining these useful lives management consider technological change, patterns of consumption, the impact of

climate change, physical condition and expected economic utilisation of the assets. Changes in the useful lives can

have a significant impact on the depreciation and amortisation charge for the period.

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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 is a leading international sales, marketing and support services group 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.

As announced on 22 April 2025, the Group entered into an agreement to dispose of its Healthcare division. Following

this change in the composition of operating segments, segmental reporting has been revised and the prior year

segmental disclosures have been restated as required under IFRS 8.

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 customer-focused energy business, specialising in the sales, marketing, and distribution of secure,

cleaner and competitive energy solutions to commercial, industrial, domestic, and transport customers. We operate

two businesses: our Solutions business brings energy products and services to customer sites, while our Mobility

business serves transport and fleet customers. The adjusted operating profit of Solutions represents approximately

77% of this segment’s adjusted operating profit in the current year and Mobility represents approximately 23%.

DCC Technology acts as an enabler between global technology brands and the people and businesses who use

their products. DCC Technology comprises Pro Tech, Info Tech and Life Tech. Through Pro Tech, we bring professional

technologies together to enhance audio and visual experiences. Through Info Tech, we put the latest technology in

people’s hands to make faster connections happen. And through Life Tech, we provide technology to improve lifestyle

quality.

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.

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Notes to the Financial Statements Continued

The segment results for the year ended 31 March 2025 are as follows:

INCOME STATEMENT ITEMS

		Year ended 31 March 2025
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
Segment revenue	13,366,607	4,644,504	18,011,111
Adjusted operating profit	535,556	81,966	617,522
Intangible asset amortisation and impairment	(85,405)	(95,957)	(181,362)
Net operating exceptionals (note 2.6)	(9,847)	(29,977)	(39,824)
Operating profit	440,304	(43,968)	396,336
Finance costs			(119,131)
Finance income			14,270
Share of equity accounted investments’ profit after tax			3,392
Profit before income tax			294,867
Income tax expense			(71,949)
Profit for the year (continuing operations)			222,918

		Year ended 31 March 2024 (Restated)
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
Segment revenue	14,224,938	4,629,113	18,854,051
Adjusted operating profit	502,961	97,231	600,192
Intangible asset amortisation	(77,236)	(26,289)	(103,525)
Net operating exceptionals (note 2.6)	(14,858)	(19,364)	(34,222)
Operating profit	410,867	51,578	462,445
Finance costs			(120,215)
Finance income			16,379
Share of equity accounted investments’ loss after tax			604
Profit before income tax			359,213
Income tax expense			(71,667)
Profit for the year (continuing operations)			287,546

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2.1

Segment Information continued

BALANCE SHEET ITEMS

			As at 31 March 2025
	DCC	DCC	Discontinued
	Energy	Technology	operations	Total
	£’000	£’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

			As at 31 March 2024 (restated)
	DCC	DCC	Discontinued
	Energy	Technology	operations	Total
	£’000	£’000	£’000	£’000
Segment assets	5,181,837	1,876,675	1,103,354	8,161,866
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments				32,825
Derivative financial instruments (current and non-current)				97,824
Deferred income tax assets				81,258
Cash and cash equivalents				1,109,446
Total assets as reported in the Group Balance Sheet				9,483,219
Segment liabilities	2,461,542	768,733	203,732	3,434,007
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)				1,943,518
Lease creditors (current and non-current)				362,383
Derivative financial instruments (current and non-current)				48,450
Income tax liabilities (current and deferred)				367,312
Acquisition related liabilities (current and non-current)				141,777
Government grants (current and non-current)				2,740
Total liabilities as reported in the Group Balance Sheet				6,300,187

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Notes to the Financial Statements Continued

2.1

Segment Information continued

OTHER SEGMENT INFORMATION

			Year ended 31 March 2025
	DCC	DCC	Discontinued
	Energy	Technology	operations	Total
	£’000	£’000	£’000	£’000
Capital expenditure – additions (note 3.1)	182,946	7,806	20,918	211,670
Capital expenditure – business combinations (note 3.1)	3,690	396	221	4,307
Depreciation (excluding right-of-use assets) (note 3.1)	133,819	15,725	16,976	166,520
Total consideration on business combinations (note 5.2)	206,237	13,697	15,556	235,490
Goodwill and intangible assets acquired (note 3.3)	206,473	5,478	15,752	227,703

			Year ended 31 March 2024 (restated)
	DCC	DCC	Discontinued
	Energy	Technology	operations	Total
	£’000	£’000	£’000	£’000
Capital expenditure – additions (note 3.1)	182,385	8,931	32,581	223,897
Capital expenditure – business combinations (note 3.1)	48,591	12	–	48,603
Depreciation (excluding right-of-use assets) (note 3.1)	124,921	16,187	16,248	157,356
Total consideration on business combinations (note 5.2)	367,182	3,782	–	370,964
Goodwill and intangible assets acquired (note 3.3)	373,868	2,499	2,768	379,135

GEOGRAPHICAL ANALYSIS

On a continuing basis, the Group has a presence in 19 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
	2025	2024	2025	2024
	£’000	£’000	£’000	£’000
Republic of Ireland (country of domicile)	1,838,531	1,963,090	205,327	230,348
United Kingdom	5,842,624	6,153,678	1,259,210	1,487,302
France	3,186,335	3,250,325	949,261	961,631
United States	1,902,926	1,806,187	622,673	860,514
Rest of World	5,240,695	5,680,771	1,008,878	1,410,413
	18,011,111	18,854,051	4,045,349	4,950,208

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2.1

Segment Information continued

* 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 2025
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
Republic of Ireland (country of domicile)	1,528,020	310,511	1,838,531
United Kingdom	4,257,283	1,585,341	5,842,624
France	3,056,871	129,464	3,186,335
North America	244,183	1,809,391	2,053,574
Rest of World	4,280,250	809,797	5,090,047
	13,366,607	4,644,504	18,011,111
Products transferred at point in time	13,366,607	4,644,504	18,011,111
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	–	4,644,504	4,644,504
	13,366,607	4,644,504	18,011,111

		Year ended 31 March 2024 (restated)
	DCC	DCC
	Energy	Technology	Total
Continuing operations	£’000	£’000	£’000
Republic of Ireland (country of domicile)	1,591,561	371,529	1,963,090
United Kingdom	4,501,053	1,652,625	6,153,678
France	3,115,534	134,791	3,250,325
North America	254,370	1,721,283	1,975,653
Rest of World	4,762,420	748,885	5,511,305
	14,224,938	4,629,113	18,854,051
Products transferred at point in time	14,224,938	4,629,113	18,854,051
Energy solutions products and services	8,871,109	–	8,871,109
Energy mobility products and services	5,353,829	–	5,353,829
Technology products and services	–	4,629,113	4,629,113
	14,224,938	4,629,113	18,854,051

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Notes to the Financial Statements Continued

2.1

Segment Information continued

2.2

Other Operating Income/(Expenses)

This note provides an analysis of the amounts included in other operating income and expenses presented in the

Group Income Statement.

Other operating income/(expenses) comprise the following credits/(charges):

	2025	2024
	£’000	£’000
Other operating income/(expenses)
Fair value gains on non-hedge accounted derivative financial instruments – commodities	207	8,741
Fair value losses on non-hedge accounted derivative financial instruments – commodities	(207)	(8,741)
Fair value gains on non-hedge accounted derivative financial instruments – forward
exchange contracts	2,765	1,408
Fair value losses on non-hedge accounted derivative financial instruments – forward
exchange contracts	(1,933)	(815)
Property and tank rental income	24,315	21,686
Net profit on disposal of property, plant and equipment	17,337	657
Expensing of employee share options and awards (note 2.5)	(7,544)	(9,210)
Other net operating income	13,212	14,665
Net other operating income before exceptional items	48,152	28,391
Other operating income included in net exceptional items	6,956	89
Other operating expenses included in net exceptional items	(46,780)	(34,311)
Total net other operating income/(expenses)	8,328	(5,831)

2.3

Group Profit for the Year

The Group profit for the year includes some key amounts which are presented separately below.

Group profit for the year has been arrived at after charging/(crediting) the following amounts:

		2025			2024
	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Depreciation on property, plant and equipment
(note 3.1)	149,544	16,976	166,520	141,108	16,248	157,356
Depreciation on right-of-use assets (note 3.2)	77,045	10,354	87,399	72,695	10,143	82,838
Amortisation of intangible assets (note 3.3)	107,527	10,629	118,156	103,525	10,550	114,075
Amortisation of government grants (note 3.18)	(314)	(9)	(323)	(367)	(9)	(376)
Foreign exchange gain	(339)	(185)	(524)	(699)	(253)	(952)

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During the year the Group obtained the following services from the Group’s auditors (KPMG) which include amounts

relating to discontinued operations:

	2025	2024
	£’000	£’000
KPMG Ireland (statutory auditor):
Audit fees	2,063	2,096
Other including non-audit, audit related and assurance services	100	22
	2,163	2,118
Other KPMG network firms:
Audit fees	2,458	2,462
Other including non-audit, audit related and assurance services	71	231
	2,529	2,693

2.4

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:

	2025	2024
	Number	Number
DCC Energy	9,027	8,229
DCC Technology	4,308	4,550
Continuing operations	13,335	12,779
Discontinued operations	3,444	3,507
	16,779	16,286

The employee benefit expense for the above were:

	2025	2024
	£’000	£’000
Wages and salaries	889,460	827,338
Social welfare costs	100,873	93,818
Share based payment expense (note 2.5)	7,544	9,210
Pension costs – defined contribution plans	25,895	27,146
Pension costs – defined benefit plans (note 3.15)	410	689
	1,024,182	958,201
The employee benefit expense is analysed as:
Continuing operations	847,059	788,473
Discontinued operations	177,123	169,728
	1,024,182	958,201

Directors’ emoluments (which are included in operating costs) and interests are presented in the Remuneration Report

on pages 118 to 142. Details of the compensation of key management personnel for the purposes of the disclosure

requirements under IAS 24 are provided in note 5.6.

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Notes to the Financial Statements Continued

2.3

Group Profit for the Year continued

2.5

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 £7.544 million (2024:

£9.210 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	2025	2024
Date of grant	grant	vesting period	options granted	fair value	£’000	£’000
15 November 2018	£60.65	5 years	167,567	£46.13		–	766
14 November 2019	£68.80	5 years	147,939	£53.32	590		1,103
12 November 2020	£57.08	5 years	170,152	£44.63	1,076		853
11 November 2021	£61.42	3 years	171,974	£46.39	(654)		2,586
10 November 2022	£45.53	3 years	271,759	£31.82	2,470		2,792
16 November 2023	£52.36	3 years	243,181	£41.10	3,137		1,110
14 November 2024	£54.55	3 years	211,720	£39.33	925		–
Total expense					7,544	9,210

DCC PLC LONG-TERM INCENTIVE PLANS

At 31 March 2025, Group employees hold awards to subscribe for 913,287 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 133.

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:

	2025	2024
	Number of	Number of
	share awards	share awards
At 1 April	919,259	842,638
Granted	211,720	243,181
Exercised	(109,429)	(101,251)
Expired and forfeited	(108,263)	(65,309)
At 31 March	913,287	919,259

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 £55.99 (2024: £52.02). The share awards outstanding at the year-end have a

weighted average remaining contractual life of 4.9 years (2024: 5.0 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 2025	£39.33
Granted during the year ended 31 March 2024	£41.10

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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:

	2025	2024
Risk-free interest rate (%)	4.24	3.96
Dividend yield (%)	3.7	3.7
Expected volatility (%)	23.0	24.0
Expected life in years	5.0	5.0
Share price at date of grant	£54.55	£52.36

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:

		2025	2024
		Number of	Number of
Date of grant	Date of expiry	share awards	share awards
15 November 2018	15 November 2025	22,750	5,163
14 November 2019	14 November 2026	36,282	44,640
12 November 2020	12 November 2027	110,581	77,379
11 November 2021	11 November 2028	40,894	115,318
10 November 2022	10 November 2029	253,620	168,810
16 November 2023	16 November 2030	237,440	264,768
14 November 2024	14 November 2031	211,720	243,181
Total outstanding at 31 March		913,287	919,259
Total exercisable at 31 March		99,926	49,803

2.5

Employee Share Options and Awards continued

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172

Notes to the Financial Statements Continued

2.6

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.

		2025	2024
	Note	£’000	£’000
Restructuring and integration costs and other	(a)	(37,042)	(20,647)
Acquisition and related costs	(b)	(9,060)	(13,664)
Profit on disposal of subsidiary undertaking	(c)	3,255	–
Adjustments to contingent acquisition consideration	(d)	3,023	89
Net operating exceptional items		(39,824)	(34,222)
Impairment of goodwill	(e)	(73,835)	–
Net operating exceptional items		(113,659)	(34,222)
Mark-to-market of swaps and related debt (note 2.7)	(f)	(340)	(873)
Net exceptional items before tax from continuing operations		(113,999)	(35,095)
Income tax and deferred tax attaching to exceptional items	(g)	8,240	4,558
Net exceptional items after tax from continuing operations		(105,759)	(30,537)
Net exceptional items after tax relating to discontinued operations	(h)	(60,961)	(3,227)
Non-controlling interest share of net exceptional items after tax		–	449
Net exceptional items attributable to owners of the Parent Company		(166,720)	(33,315)

(a) Restructuring and integration costs and other of £37.042 million (2024: £20.647 million) relates to the restructuring

of operations across a number of businesses and recent acquisitions. The majority of the cost relates to the

optimisation and integration of operations in the Technology division in respect of large projects in both the UK

and the North American businesses.

(b) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and

completion of acquisition opportunities and amounted to £9.060 million (2024: £13.664 million).

Macau to an industrial group already operating in Hong Kong. The transaction valued DCC’s business at an initial

enterprise value of c.US$150 million (c.£117 million), on a debt-free, cash-free basis. With the two businesses being

merged post completion, DCC has retained a minority stake in the combined business. The transaction resulted in

a modest profit on disposal of £3.255 million.

(d) Adjustments to contingent acquisition consideration of £3.023 million (2024: £0.890 million) reflects movements in

provisions associated with the expected earn-out or other deferred arrangements that arise through the Group’s

corporate development activity.

(e) In accordance with IAS 36 Impairment of Assets, the Group is required to assess goodwill and other intangible

assets for impairment. Accordingly, impairment reviews are performed annually, or more frequently if there is an

indication that the carrying amount may not be recoverable. A non-cash goodwill impairment charge has been

recognised in respect of the UK component of DCC Technology’s Info Tech business. While trading in the business

has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the longer

recovery trajectory and market conditions showing little signs of improving in the UK, a non-cash impairment of

£73.835 million has been recognised.

(f) 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 2025, this amounted to

an exceptional non-cash charge of £0.340 million (2024: charge of £0.873 million). The cumulative net exceptional

credit taken in respect of IAS 39 ineffectiveness is £0.199 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.

(g) There was a related income tax credit of £8.240 million (2024: credit of £4.558 million) in relation to certain

exceptional charges.

(h) The charge for net exceptional items on discontinued operations primarily relates to the Exertis France consumer

product business and Exertis Iberia within the Info Tech segment of DCC Technology. In April 2025 the Group

agreed to sell this business and the proceeds on disposal are expected to give rise to an impairment loss of

approximately £52.227 million which has been recognised in the current year. The balance of £8.734 million mainly

relates to restructuring and costs of disposal for discontinued operations.

The net cash flow impact in the current year for exceptional items was an inflow of £5.548 million (2024: an outflow of

£13.266 million).

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173

2.7

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.

	2025	2024
	£’000	£’000
Finance costs
On bank loans, overdrafts and Unsecured Notes	(91,344)	(90,204)
Net cost on interest rate and currency swaps	(9,741)	(10,316)
Lease interest 1	(11,456)	(10,001)
Unwinding of discount applicable to acquisition related liabilities 2	(1,803)	(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)	(783)	(962)
Facility fees	(1,744)	(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)	(168)	–
Other interest	(1,752)	(896)
	(118,791)	(119,342)
Mark-to-market of swaps and related debt 3	(340)	(873)
	(119,131)	(120,215)
Finance income
Interest on cash and term deposits	14,270	16,007
Net interest income on defined benefit pension schemes (note 3.15)	–	372
	14,270	16,379
Net finance cost	(104,861)	(103,836)
1 The Group’s lease interest is analysed as follows:
Continuing operations	(11,456)	(10,001)
Discontinued operations	(1,425)	(1,485)
Total (note 3.12)	(12,881)	(11,486)
2 The Group’s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is analysed as follows:
Continuing operations	(1,803)	(5,383)
Discontinued operations	(342)	–
Total (note 3.16)	(2,145)	(5,383)
3 Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges	9,166	9,416
Cross currency interest rate swaps designated as fair value hedges	1,407	2,610
Adjusted hedged fixed rate debt	(10,913)	(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt	(340)	(873)
Movement on cross currency interest rate swaps designated as cash flow hedges	(6,392)	(3,375)
Transferred to cash flow hedge reserve	6,392	3,375
	–	–
Total mark-to-market of swaps and related debt	(340)	(873)

DCC plc Annual Report and Accounts 2025

174

Notes to the Financial Statements Continued

2.8

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:

	2025	2024
Group share of:	£’000	£’000
Revenue	267,828	53,404
Operating profit before tax	3,687	623
Income tax	(295)	(19)
Profit after tax	3,392	604

2.9

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

	2025	2024
	£’000	£’000
Current tax
Irish corporation tax at 12.5%	11,807	10,866
United Kingdom corporation tax at 25% (2024: 25%)	19,716	18,605
Other overseas tax	85,944	78,515
Income tax credit attaching to exceptional items	(8,169)	(4,393)
Under/(over) provision in respect of prior years	1,064	(4,278)
Total current tax	110,362	99,315
Deferred tax
Irish at 12.5%	(873)	(1,008)
United Kingdom at 25%	(8,203)	(5,194)
Other overseas deferred tax	(26,501)	(26,640)
Deferred tax credit attaching to exceptional items	(71)	(165)
(Over)/under provision in respect of prior years	(2,765)	5,359
Total deferred tax	(38,413)	(27,648)
Total income tax expense	71,949	71,667

(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME

	2025	2024
	£’000	£’000
Deferred tax relating to defined benefit pension obligations	(28)	117
Deferred tax relating to cash flow hedges	5,140	6,937
Total deferred tax charge recognised in Other Comprehensive Income	5,112	7,054

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(III) RECONCILIATION OF EFFECTIVE TAX RATE

	2025	2024
Continuing operations	£’000	£’000
Profit before tax	294,867	359,213
Add back: share of equity accounted investments’ profit after tax	(3,392)	(604)
Add back: amortisation of intangible assets	107,527	103,525
Profit before share of equity accounted investments’ profit after tax and amortisation
of intangible assets	399,002	462,134
Add back: net exceptional items before tax	113,999	35,095
Profit before share of equity accounted investments’ profit after tax, amortisation of intangible assets and net exceptionals	513,001	497,229
Profit before tax	294,867	359,213
At the standard rate of corporation tax in Ireland of 12.5%	36,858	44,902
Amortisation and share of equity accounted investments at the standard rate of corporation tax in Ireland of 12.5%	13,017	12,865
Adjustments in respect of prior years	(1,701)	1,081
Effect of earnings taxed at higher rates	33,590	37,957
Differences arising from impairment	14,989	–
Other differences	7,386	1,149
Income tax expense	104,139	97,954
Income tax and deferred tax attaching to exceptional items	(8,240)	(4,558)
Deferred tax attaching to amortisation of intangible assets	(23,950)	(21,729)
Total income tax expense	71,949	71,667
	2025	2024
	%	%
Income tax expense as a percentage of profit before share of equity accounted
investments’ profit after tax, amortisation of intangible assets and net exceptionals	20.3%	19.7%
Impact of share of equity accounted investments’ profit after tax, amortisation of intangible assets and net exceptionals	4.1%	0.3%
Total income tax expense as a percentage of profit before tax	24.4%	20.0%

(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 2025, 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 2025 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.

2.10

Discontinued operations

Following agreements to dispose of the Healthcare division and a Technology business unit, these units are

treated as discontinued operations, the results of which are detailed separately below.

As announced on 22 April 2025, the Group entered into an agreement to dispose of the Healthcare division. The

disposal is expected to complete in the third quarter of this calendar year at which time control of the Healthcare

businesses will pass to the acquirer. The transaction is expected to give rise to an exceptional profit in the year ending

31 March 2026. In addition, DCC Technology signed an exclusivity agreement for the sale of the Exertis France

consumer product business and Exertis Iberia (‘Exertis France & Iberia’) in April 2025. The transaction is expected to

close within three months, subject to regulatory approvals.

2.9

Income Tax Expense continued

DCC plc Annual Report and Accounts 2025

176

Notes to the Financial Statements Continued

The conditions for the Healthcare division and Exertis France & Iberia 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 and the associated assets and liabilities are classified as assets held for

sale at the balance sheet date. The following table details the results of discontinued operations included in the

Group Income Statement:

	2025	2024
	£’000	£’000
Revenue	1,009,232	1,004,712
Cost of sales	(752,921)	(748,218)
Gross profit	256,311	256,494
Operating expenses	(170,233)	(173,906)
Operating profit before amortisation of intangible assets and exceptional items	86,078	82,588
Amortisation of intangible assets	(10,629)	(10,550)
Net operating exceptionals	(60,116)	(5,087)
Operating profit	15,333	66,951
Net finance costs	(1,349)	(2,413)
Profit before tax	13,984	64,538
Income tax expense	(15,681)	(11,546)
Profit from discontinued operations after tax	(1,697)	52,992
Non-controlling interests	(322)	(330)
Profit attributable to the owners of the Parent company	(2,019)	52,662

The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:

	2025	2024
	£’000	£’000
Net cash flow from operating activities	62,381	78,064
Net cash flow from investing activities	(38,282)	(28,628)
Net cash flow from discontinued operations	24,099	49,436

The fair value less costs to sell of the major classes of assets and liabilities held for sale as at 31 March 2025 are

as follows:

	2025
Assets	£’000
Property, plant and equipment	155,314
Right-of-use leased assets	39,455
Intangible assets	567,847
Deferred income tax assets	1,394
Inventories	111,718
Trade and other receivables	132,786
Interest receivable	12
Cash and cash equivalents	62,338
Assets classified as held for sale	1,070,864

	2025
Liabilities	£’000
Trade and other payables	(127,704)
Amounts due in respect of property, plant and equipment	(3)
Current income tax liabilities	(16,727)
Deferred income tax liabilities	(43,466)
Lease creditors	(42,173)
Provisions for liabilities and charges	(22,805)
Acquisition related liabilities	(9,864)
Government grants	(183)
Liabilities associated with assets classified as held for sale	(262,925)
Net assets of the disposal groups	807,939

2.10

Discontinued operations continued

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The proceeds on disposal of the Healthcare division are expected to exceed the carrying value of the related net

assets and accordingly no impairment losses have been recognised on the classification of these operations as held

for sale. The proceeds on disposal of Exertis France & Iberia are expected to give rise to an impairment loss of

approximately £52.227 million which has been recognised in the year under review.

2.11

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.

	2025	2024
Dividends paid per ordinary share	£’000	£’000
Final: paid 133.53 pence per share on 18 July 2024
(2024: paid 127.17 pence per share on 20 July 2023)	131,181	126,444
Interim: paid 66.19 pence per share on 13 December 2024
(2023: paid 63.04 pence per share on 15 December 2023)	66,166	62,373
	197,347	188,817

The Directors are proposing a final dividend in respect of the year ended 31 March 2025 of 14 0.2 1p pence per ordinary

share (£138.760 million). This proposed dividend is subject to approval by the shareholders at the Annual

General Meeting.

2.12

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 2.10)	Total	operations	(note 2.10)	Total
	2025	2025	2025	2024	2024	2024
	£’000	£’000	£’000	£’000	£’000	£’000
Profit attributable to owners of the Parent	208,509	(2,019)	206,490	273,593	52,662	326,255
Amortisation of intangible assets after tax	83,577	8,265	91,842	81,796	8,161	89,957
Exceptionals after tax (note 2.6)	105,759	60,961	166,720	30,088	3,227	33,315
Adjusted profit after tax and non-controlling interests	397,845	67,207	465,052	385,477	64,050	449,527

	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
	2025	2025	2025	2024	2024	2024
Basic earnings per ordinary share	pence	pence	pence	pence	pence	pence
Basic earnings per ordinary share	210.82p	(2.04p)	208.78p	276.94p	53.30p	330.24p
Amortisation of intangible assets after tax	84.50p	8.36p	92.86p	82.79p	8.27p	91.06p
Exceptionals after tax	106.93p	61.63p	168.56p	30.45p	3.26p	33.71p
Adjusted basic earnings per ordinary share	402.25p	67.95p	470.20p	390.18p	64.83p	455.01p
Weighted average number of ordinary shares
in issue (thousands)			98,905			98,794

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.

2.10

Discontinued operations continued

DCC plc Annual Report and Accounts 2025

178

Notes to the Financial Statements Continued

	Continuing	Discontinued		Continuing	Discontinued
	operations	operations	Total	operations	operations	Total
	2025	2025	2025	2024	2024	2024
Diluted earnings per ordinary share	pence	pence	pence	pence	pence	pence
Diluted earnings per ordinary share	210.48p	(2.04p)	208.44p	276.61p	53.24p	329.85p
Amortisation of intangible assets after tax	84.37p	8.34p	92.71p	82.70p	8.25p	90.95p
Exceptionals after tax	106.75p	61.54p	168.29p	30.42p	3.27p	33.69p
Adjusted basic earnings per ordinary share	401.60p	67.84p	469.44p	389.73p	64.76p	454.49p
Weighted average number of ordinary shares
in issue (thousands)			99,065			98,909

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

£208.509 million (2024: £273.593 million) and £397.845 million (2024: £385.477 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

£2.019 million (loss) (2024: profit of £52.662 million) and £67.207 million (2024: £64.050 million) for the purposes of the

discontinued adjusted diluted earnings per ordinary share calculations.

The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the

year ended 31 March 2025 was 99.065 million (2024: 98.909 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:

	2025	2024
	‘000	‘000
Weighted average number of ordinary shares in issue	98,905	98,794
Dilutive effect of options and awards	160	115
Weighted average number of ordinary shares for diluted earnings per share	99,065	98,909

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.

2.12

Earnings per Ordinary Share continued

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179

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.

		Plant &	Fixtures,
	Land &	machinery	fittings & 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
(note 2.10)	(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

		Plant &	Fixtures,
	Land &	machinery	fittings & office	Motor	Capital work
	buildings	& cylinders	equipment	vehicles	in progress	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2024
Opening net book amount	405,689	601,406	165,345	65,640	116,726	1,354,806
Exchange differences and other	(8,584)	(11,011)	(2,272)	(6,257)	(1,655)	(29,779)
Arising on acquisition (note 5.2)	8,002	32,483	1,436	3,478	3,204	48,603
Additions	21,422	109,090	29,512	13,572	50,301	223,897
Disposals	(706)	(2,965)	(780)	(728)	(339)	(5,518)
Depreciation charge	(19,472)	(89,960)	(33,550)	(14,374)	–	(157,356)
Impairment charge	(919)	(1,770)	(534)	(1)	(916)	(4,140)
Reclassification	3,976	55,989	13,028	4,005	(76,998)	–
Closing net book amount	409,408	693,262	172,185	65,335	90,323	1,430,513
At 31 March 2024
Cost	529,376	1,569,819	374,482	186,668	90,323	2,750,668
Accumulated depreciation and impairment losses	(119,968)	(876,557)	(202,297)	(121,333)	–	(1,320,155)
Net book amount	409,408	693,262	172,185	65,335	90,323	1,430,513

DCC plc Annual Report and Accounts 2025

180

Notes to the Financial Statements Continued

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 76 to 86 and the Sustainability Review on pages 39 to 75. 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 182.

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.

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.

		Plant &	Fixtures,
	Land &	machinery	fittings & office	Motor
	buildings	& cylinders	equipment	vehicles	Total
	£’000	£’000	£’000	£’000	£’000
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
(note 2.10)	(32,745)	(2,066)	(278)	(4,366)	(39,455)
Closing net book amount	244,470	3,177	6,072	44,313	298,032
Year ended 31 March 2024
Opening net book amount	285,119	4,299	958	45,845	336,221
Exchange differences and other	(5,448)	(339)	(421)	4,383	(1,825)
Arising on acquisition (note 5.2)	7,618	140	93	2,712	10,563
Additions	68,840	1,138	334	24,375	94,687
Terminations	(3,183)	(16)	(17)	(635)	(3,851)
Depreciation charge	(56,643)	(1,646)	(422)	(24,127)	(82,838)
Impairment charge	(3,032)	–	–	–	(3,032)
Closing net book amount	293,271	3,576	525	52,553	349,925

3.1

Property, Plant and Equipment continued

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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 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 3.16)	(25,892)	–	–	(25,892)
Amortisation charge	–	(105,308)	(12,848)	(118,156)
Impairment charge	(79,619)	–	–	(79,619)
Assets classified as held for sale (note 2.10)	(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 &
		supplier related	Brand related
	Goodwill	intangibles	intangibles	Total
	£’000	£’000	£’000	£’000
Year ended 31 March 2024
Opening net book amount	2,029,620	727,365	200,644	2,957,629
Exchange differences	(43,902)	(18,190)	(5,910)	(68,002)
Arising on acquisition (note 5.2)	222,171	102,859	54,105	379,135
Adjustments to contingent consideration (note 3.16)	(17,742)	–	–	(17,742)
Amortisation charge	–	(103,483)	(10,592)	(114,075)
Closing net book amount	2,190,147	708,551	238,247	3,136,945
At 31 March 2024
Cost	2,228,686	1,324,746	297,740	3,851,172
Accumulated amortisation and impairment losses	(38,539)	(616,195)	(59,493)	(714,227)
Net book amount	2,190,147	708,551	238,247	3,136,945

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 9.0 years (continuing operations:

7.2 years) (2024: 10.5 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 21.2 years (continuing operations: 21.5 years) (2024: 22.2 years).

There are no internally generated brand related intangibles recognised on the Group Balance Sheet.

DCC plc Annual Report and Accounts 2025

182

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 2025
		Customer &
		supplier related	Remaining	Brand related	Remaining
		intangibles	amortisation	intangibles	amortisation
CGU	Segment	£’000	period in years	£’000	period in years
Butagaz	DCC Energy	75,581	4.8 years	106,526	29.6 years
Exertis 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

At 31 March 2024
		Customer &
		supplier related	Remaining	Brand related	Remaining
		intangibles	amortisation	intangibles	amortisation
CGU	Segment	£’000	period in years	£’000	period in years
Butagaz	DCC Energy	84,793	5.9 years	112,814	30.6 years
Almo	DCC Technology	128,301	7.6 years	–	–
DCC Vital	DCC Healthcare	103,651	17.7 years	17,556	18.5 years
DCC Propane	DCC Energy	80,379	8.2 years	30,187	14.1 years
Energy Solutions Germany	DCC Energy	60,206	12.2 years	41,091	14.6 years
DSG Hong Kong & Macau	DCC Energy	57,162	18.8 years	–	–
Others		194,059		36,599
Closing net book amount		708,551		238,247

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 30 CGUs (2024: 32 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
	2025	2024	2025	2024
	number	number	£’000	£’000
DCC Energy	16	17	1,453,844	1,422,918
DCC Technology	7	8	262,840	336,789
	23	25	1,716,684	1,759,707
Discontinued operations	7	7	420,800	430,440
	30	32	2,137,484	2,190,147

As announced on 12 November 2024, the Group is integrating the operations of DCC Technology’s North American

operations in order to drive financial and operational improvements. This process will involve the integration of the

Group’s Almo and Jam businesses in North America. Management considered the new management structures,

independence of cash flows, how performance will be monitored, shared IT platforms and ongoing synergies. Arising

from this review, Management have identified a new CGU “Exertis North America” which consolidates the Group’s

former Almo and Jam CGUs. The comparative data in the table overleaf has been adjusted accordingly.

3.3

Intangible Assets and Goodwill continued

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In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been

allocated are as follows:

		2025	2024
CGU	Segment	£’000	£’000
Certas Energy UK Group	DCC Energy	413,822	377,474
Butagaz	DCC Energy	257,355	236,953
Mobility Continental Europe	DCC Energy	151,120	156,242
Exertis North America	DCC Technology	184,866	183,765
DCC Propane	DCC Energy	126,765	129,396
Others		582,756	675,877
		1,716,684	1,759,707
Discontinued operations		420,800	430,440
Closing net book amount		2,137,484	2,190,147

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 10.8% (2024: 10.4%) for the Certas Energy UK Group, Butagaz, Mobility

Continental Europe and DCC Propane, and 12.2% (2024: 11.8%) for Exertis North America. The long-term growth rates

assumed for the Certas Energy UK Group was 1.3%, a long-term growth rate of 2.1% was assumed for Exertis North

America and DCC Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No

growth was assumed for Butagaz. The remaining goodwill balance of £582.756 million is allocated across 18 CGUs

(2024: £675.877 million across 19 CGUs), none of which are individually significant, and the before-tax discount rates

applied to these CGUs were in the range 10.8% to 12.2% (2024: 10.4% to 11.8%).

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 estimated capital expenditure required to achieve 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 1.4% (2024: 1.4%).

The assumptions behind the cash flow projections also take account of the the Group’s assessment of the transitional

and physical impacts of climate change on its operations that are described in the Sustainability Review on pages 54

and 55.

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

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184

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 10.8% to 12.2% (2024: 10.4% to 11.8%).

Key assumptions include management’s estimates of future profitability, working capital movements and capital

expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts and key assumptions 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.

Applying these techniques, an impairment charge arose in 2025 of £79.619 million (2024: nil). This impairment charge

arose primarily in relation to the Exertis UK business which is part of the Group’s Technology division. While trading in

the business has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the

longer recovery trajectory and market conditions showing little signs of improving in the UK, the goodwill in this CGU

was reduced by £73.835 million as determined by a value in use computation using a pre-tax discount rate of 12.2%. In

addition, as detailed in note 2.10 the Group signed an exclusivity agreement in April 2025 for the sale of the Exertis

France consumer product business and Exertis Iberia. This disposal is subject to regulatory approvals and is expected

to give rise to a non-cash goodwill impairment loss of £5.784 million which has been provided for in the current 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 all 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.

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%.

	2025	2024
	£’000	£’000
At 1 April	32,825	47,789
Share of profit after tax	3,392	604
Acquisition of equity accounted investments	35,346	5,530
Disposals	–	(18,224)
Dividends received	(857)	(1,261)
Exchange and other	722	(1,613)
At 31 March	71,428	32,825

The acquisition of equity accounted investments in the current year of £35.346 million comprises the non-controlling

interest retained on the disposal of the group’s liquid gas business in Hong Kong & Macau (note 2.6).

Investments in associates at 31 March 2025 include goodwill and intangible assets of £56.919 million (2024:

£18.553 million).

Summarised financial information for the Group’s share of its investment in associates which are accounted for using

the equity method is as follows:

	2025	2024
	£’000	£’000
Non-current assets	124,288	49,650
Current assets	36,929	21,050
Non-current liabilities	(57,689)	(17,101)
Current liabilities	(32,100)	(20,774)
	71,428	32,825

Details of the Group’s principal associates are included in the Group Directory on page 241.

3.3

Intangible Assets and Goodwill continued

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3.5

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.

	2025	2024
	£’000	£’000
Raw materials	22,712	67,962
Work in progress	14,299	8,683
Finished goods	903,148	995,416
	940,159	1,072,061

Write-downs of inventories recognised as an expense within cost of sales amounted to £4.803 million (2024:

£14.670 million) and arose in the normal course of activities.

3.6

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.

	2025	2024
	£’000	£’000
Trade receivables	1,590,328	1,782,513
Allowance for impairment of trade receivables	(107,216)	(86,025)
Prepayments and accrued income	331,837	346,327
Value-added tax recoverable	28,939	28,510
Other debtors	131,556	101,097
	1,975,444	2,172,422

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
	Gross trade receivables		of allowance for impairment
	2025	2024	2025	2024
	£’000	£’000	£’000	£’000
Not overdue	1,245,696	1,440,447	1,226,678	1,422,526
Less than 1 month overdue	194,623	197,862	190,914	190,931
1 – 3 months overdue	81,149	83,696	50,587	69,836
3 – 6 months overdue	20,425	26,004	13,257	11,801
Over 6 months overdue	48,435	34,504	1,676	1,394
	1,590,328	1,782,513	1,483,112	1,696,488

The movement in the allowance for impairment of trade receivables during the year is as follows:

	2025	2024
	£’000	£’000
At 1 April	86,025	73,110
Allowance for impairment recognised in the year	35,956	25,242
Subsequent recovery of amounts previously provided for	(2,045)	(791)
Amounts written off during the year	(10,617)	(17,363)
Arising on acquisition	2,243	7,311
Disposal of subsidiary	(1,598)	–
Exchange	(1,281)	(1,484)
Provision for impairment of trade receivables attributable to assets held for sale	(1,467)	–
At 31 March	107,216	86,025

DCC plc Annual Report and Accounts 2025

186

Notes to the Financial Statements Continued

3.7

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.

	2025	2024
	£’000	£’000
Trade payables	1,715,189	1,953,551
Other creditors and accruals	863,565	935,151
PAYE and National Insurance or equivalent	24,988	24,896
Value-added tax	110,404	101,531
Government grants (note 3.18)	23	36
Interest payable	35,154	21,369
Amounts due in respect of property, plant and equipment	13,858	17,574
	2,763,181	3,054,108

3.8

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 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 (note 2.10)	(111,718)	(132,798)	127,716	(116,800)
At 31 March 2025	940,159	1,975,444	(2,763,181)	152,422
Year ended 31 March 2024
At 1 April 2023	1,192,803	2,312,269	(3,279,898)	225,174
Translation adjustment	(21,684)	(43,565)	57,932	(7,317)
Arising on acquisition (note 5.2)	23,708	59,945	(61,022)	22,631
Exceptional items, interest accruals, capital accruals
and other	–	855	5,603	6,458
(Decrease)/increase in working capital (note 5.3)	(122,766)	(157,082)	223,277	(56,571)
At 31 March 2024	1,072,061	2,172,422	(3,054,108)	190,375

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187

3.9

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.

	2025	2024
	£’000	£’000
Cash at bank and in hand	632,087	684,991
Short-term deposits	456,088	424,455
	1,088,175	1,109,446

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 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:

	2025	2024
	£’000	£’000
Cash and short-term deposits	1,088,175	1,109,446
Bank overdrafts	(31,084)	(36,600)
Cash and short-term deposits attributable to assets held for sale (note 2.10)	62,338	–
	1,119,429	1,072,846

Bank overdrafts are included within current borrowings (note 3.11) in the Group Balance Sheet.

3.10

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
At 31 March 2025	notional amount	Asset	Liability
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)

DCC plc Annual Report and Accounts 2025

188

Notes to the Financial Statements Continued

	Contractual		Carrying amount
At 31 March 2024	notional amount	Asset	Liability
Derivatives designated as cash flow or fair value hedges:
Cash Flow Hedges
Cross currency interest rate swaps	188,190	45,377	–
Forward foreign exchange contracts	143,709	980	(372)
Commodity price forward contracts	258,151	9,303	(20,283)
Fair Value Hedges
Interest rate swaps	414,826	–	(26,035)
Cross currency interest rate swaps	146,951	40,683	–
		96,343	(46,690)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps	21,859	143	(382)
Forward foreign exchange contracts	11,490	25	(1)
Commodity price forward contracts	43,667	1,313	(1,377)
		1,481	(1,760)
		97,824	(48,450)
Analysed as:
Non-current asset/(liability)		42,760	(27,536)
Current asset/(liability)		55,064	(20,914)
		97,824	(48,450)

The tables below shows the effects of hedge accounting on the statement of comprehensive income:

				Hedge ineffectiveness
			Change in value used for	recognised in
	Net carrying amount		calculating hedge ineffectiveness	Income Statement
Derivatives designated as cash flow	included in derivative	Hedging
or fair value hedges at March 2025:	financial instruments	instrument	Hedged item	Net finance costs
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)	8,877	(9,109)	(232)
Cross currency interest rate swaps	–	(40,679)	40,571	(108)
	(16,869)	(31,802)	31,462	(340)

				Hedge ineffectiveness
			Change in value used for	recognised in
	Net carrying amount		calculating hedge ineffectiveness	Income Statement
Derivatives designated as cash flow	included in derivative	Hedging
or fair value hedges at March 2024:	financial instruments	instrument	Hedged item	Net finance costs
Cash Flow Hedges
Cross currency interest rate swaps	45,377	(3,375)	3,375	–
Forward foreign exchange contracts	608	1,854	(1,854)	–
Commodity price forward contracts	(10,980)	(106,554)	106,554	–
	35,005	(108,075)	108,075	–
Fair Value Hedges
Interest rate swaps	(26,035)	8,898	(9,378)	(480)
Cross currency interest rate swaps	40,683	(41,561)	41,168	(393)
	14,648	(32,663)	31,790	(873)

3.10

Derivative Financial Instruments continued

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The effects of fair value hedges on hedged items are as follows:

	Financial		Hedge
	Statement line		ineffectiveness
	item that includes		recognised in
	hedged item	Carrying amount	Income Statement
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)
Year ended 31 March 2024
Fair Value Hedges
Interest rate swaps	Borrowings	(388,354)	(480)
Cross currency interest rate swaps	Borrowings	(187,526)	(393)
		575,880	(873)

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 2025, 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 2025 the fixed US dollar interest rates vary from 4.19% to 4.78% and

the average swapped fixed rates for sterling and euro were 4.47% and 3.74% respectively. These swaps are

designated as cash flow hedges under IAS 39.

The Group utilises a cross currency interest rate swap to swap fixed rate sterling denominated debt into fixed rate

euro debt. At 31 March 2025 the fixed sterling interest rate is 5.60% and the swapped fixed rate for euro Is 4.38%. This

swap is designated as a cash flow hedge under IAS 39.

CURRENCY SWAPS

During the year ended 31 March 2025, 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 2025 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 2025 on forward

commodity contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at

various dates up to 5 years after the reporting date.

3.10

Derivative Financial Instruments continued

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190

Notes to the Financial Statements Continued

3.11

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.

	2025	2024
	£’000	£’000
Non-current
Unsecured Notes	1,849,217	1,540,570
Bank borrowings	–	34,205
Total borrowings	1,849,217	1,574,775
Lease creditors (note 3.12)	249,726	284,856
Total non-current borrowings and lease creditors	2,098,943	1,859,631
Current
Unsecured Notes	85,741	332,143
Bank borrowings	31,084	36,600
Total borrowings	116,825	368,743
Lease creditors (note 3.12)	64,245	77,527
Total current borrowings and lease creditors	181,070	446,270
Total borrowings and lease creditors	2,280,013	2,305,901

The maturity of non-current borrowings is as follows:

	2025	2024
	£’000	£’000
Between 1 and 2 years	263,767	147,901
Between 2 and 5 years	780,810	867,730
Over 5 years	1,054,366	844,000
	2,098,943	1,859,631

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 2025. The Group had various other

uncommitted bank facilities available at 31 March 2025.

UNSECURED NOTES

The Group’s Unsecured Notes which fall due between 2025 and 2034 are comprised of fixed rate debt of

US$111.0 million issued in 2013 and maturing in 2025 (the ‘2025 Notes’), fixed rate debt of US$167.0 million issued in 2014

and maturing in 2026 and 2029 (the ‘2026/29 Notes’), fixed rate debt of £127.5 million and €215.0 million issued in

September 2017 and maturing in 2027 and 2029 (the ‘2027/29 Notes’), floating rate debt of €115.0 million issued in

September 2017 and maturing in 2027 and 2029 (the ‘2027/29 Notes’), fixed rate debt of US$350.0 million and

€100.0 million issued in April 2019 and maturing in 2026, 2029, 2031 and 2034 (the ‘2026/29/31/34 Notes’), fixed rate

debt of US$563.5 million and £50.0 million issued in December 2022 and maturing in 2028, 2030, and 2032 (the

‘2028/30/32 Notes’), and floating rate debt of US$100.0 million issued in December 2022 and maturing in 2028 and

2032 (the ‘2028/32 Notes’).

In June 2024 the Group established a Euro Medium Term Note (EMTN) programme and issued its inaugural public

market debt instrument, a fixed rate €500 million seven-year senior unsecured bond maturing in 2031 (the

‘2031 Notes’).

Of the 2025 Notes denominated in US dollars, $66.0 million has been swapped (using cross currency interest rate

swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates and $45.0 million has been

swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to

fixed sterling rates.

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Of the 2026/29 Notes denominated in US dollars, $87.0 million has been swapped (using cross currency interest rate

swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates, $52.0 million has been

swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to

fixed sterling rates.

The 2027/29 Notes denominated in sterling have been swapped (using interest rate swaps designated as fair value

hedges under IAS 39) to floating sterling rates, repricing half yearly based on sterling SONIA. Of the 2027/29 Notes

denominated in euro, €215.0 million has been swapped (using interest rate swaps designated as fair value hedges

under IAS 39) to floating euro rates, repricing half yearly based on EURIBOR. The remaining 2027/29 Notes are at

floating euro rates, repricing half yearly based on EURIBOR.

The 2026/29/31/34 Notes and 2028/30/32 Notes have not been swapped.

The 2028/32 Notes are at floating US rates, repricing quarterly based on SOFR.

The maturity and interest profile of the Unsecured Notes is as follows:

	2025	2024
Average maturity	4.8 years	4.5 years
Average fixed interest rates*:
– US$ denominated	5.29%	5.16%
– sterling denominated	3.87%	4.04%
– euro denominated	3.49%	2.26%
Average floating rate including swaps:
– US$ denominated	6.66%	7.66%
– sterling denominated	6.64%	7.16%
– euro denominated	3.60%	5.27%

* Issued and repayable at par.

3.12

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 2025 is as follows:

	2025	2024
	£’000	£’000
At 1 April	362,383	346,546
Exchange differences	(4,423)	(6,788)
Additions	88,474	98,892
Terminations	(3,645)	(4,029)
Arising on acquisition (note 5.2)	3,343	9,949
Disposal of subsidary	(3,983)	–
Lease repayments	(98,886)	(93,673)
Lease interest (note 2.7)	12,881	11,486
Lease creditors attributable to assets held for sale (note 2.10)	(42,173)	–
At 31 March	313,971	362,383

3.11

Borrowings and Lease Creditors continued

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192

Notes to the Financial Statements Continued

An analysis of the maturity profile of the discounted lease creditor arising from the Group’s leasing activities as at

31 March 2024 is as follows:

	2025	2024
	£’000	£’000
Within one year	64,245	77,527
Between one and two years	50,473	60,105
Between two and five years	97,736	111,929
Over five years	101,517	112,822
At 31 March	313,971	362,383
Analysed as:
Non-current liabilities	249,726	284,856
Current liabilities	64,245	77,527
	313,971	362,383

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:

		2025			2024
	Continued	Discontinued		Continued	Discontinued
	operations	operations	Total	operations	operations	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Short-term leases	6,205	659	6,864	4,297	910	5,207
Leases of low-value assets	458	24	482	443	41	484
Wholly variable lease payments	56,471	–	56,471	66,682	–	66,682
Total	63,134	683	63,817	71,422	951	72,373

The total cash outflow for lease payments during the period was as follows:

		2025			2024
	Continued	Discontinued		Continued	Discontinued
	operations	operations	Total	operations	operations	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Cash outflow for short-term leases, leases of low value assets and wholly variable lease payments	63,134	683	63,817	71,422	951	72,373
Lease payments relating to capitalised right-of-use leased
assets	86,832	12,054	98,886	82,133	11,540	93,673
Total cash outflow for lease payments	149,966	12,737	162,703	153,555	12,491	166,046

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.

3.12

Lease Creditors continued

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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

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 2025 is as follows:

				Fair value adjustment
	At 1 April	Cash/debt	Income	Cash Flow	Translation	At 31 March
	2024	movements	Statement	Hedge 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)

The reconciliation of opening to closing net debt for the year ended 31 March 2024 is as follows:

				Fair value adjustment
	At 1 April	Cash/debt	Income	Cash Flow	Translation	At 31 March
	2023	movements	Statement	Hedge Reserve	adjustment	2024
	£’000	£’000	£’000	£’000	£’000	£’000
Cash and short-term deposits	1,421,749	(289,684)	–	–	(22,619)	1,109,446
Overdrafts	(50,543)	13,665	–	–	278	(36,600)
	1,371,206	(276,019)	–	–	(22,341)	1,072,846
Bank loans and loan notes	(35,168)	–	–	–	963	(34,205)
Unsecured Notes	(2,168,904)	270,836	(12,899)	–	38,254	(1,872,713)
Derivative financial instruments (net)	65,531	(67,474)	12,026	39,594	(303)	49,374
Group net debt (excl. lease creditors)	(767,335)	(72,657)	(873)	39,594	16,573	(784,698)
Lease creditors	(346,546)	(22,625)	–	–	6,788	(362,383)
Group net debt (incl. lease creditors)	(1,113,881)	(95,282)	(873)	39,594	23,361	(1,147,081)

3.12

Lease Creditors continued

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194

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:

	Cash and cash	Borrowings and
	equivalents	lease creditors*	Derivatives	Total
	£’000	£’000	£’000	£’000
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)
At 31 March 2024
Euro	363,766	(894,903)	35,293	(495,844)
Sterling	315,144	(514,518)	14,544	(184,830)
US dollar	214,513	(841,177)	698	(625,966)
Danish krone	64,979	(15,217)	(1,164)	48,598
Swedish krona	78,724	(11,558)	–	67,166
Norwegian krone	43,878	(16,860)	(8)	27,010
Hong Kong dollar	12,734	(4,925)	–	7,809
Other	15,708	(6,743)	11	8,976
At 31 March 2024	1,109,446	(2,305,901)	49,374	(1,147,081)

* Euro, sterling and US dollar borrowings reflect the cross currency interest rate swaps referred to in note 3.10.

INTEREST RATE PROFILE

Cash and cash equivalents at 31 March 2025 and 31 March 2024 have maturity periods up to three months (note 3.9).

Bank borrowings are at floating interest rates for periods up to six months while the Group’s Unsecured Notes due

2025 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.

3.13

Analysis of Net Debt continued

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3.14

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 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 (note 2.10)	(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

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 2024:

						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 2023	36,980	205,972	(11,760)	1,651	(11,269)	(27,004)	194,570
Consolidated Income Statement	11,188	(23,808)	(1,012)	(388)	(165)	(15,958)	(30,143)
Recognised in Other Comprehensive Income	–	–	–	117	6,937	–	7,054
Arising on acquisition (note 5.2)	9	40,724	149	(1,621)	–	(702)	38,559
Exchange differences and other	(277)	(5,582)	305	8	–	465	(5,081)
At 31 March 2024	47,900	217,306	(12,318)	(233)	(4,497)	(43,199)	204,959
Analysed as:
Deferred tax asset	(5,415)	(206)	(12,523)	(3,360)	(4,497)	(55,257)	(81,258)
Deferred tax liability	53,315	217,512	205	3,127	–	12,058	286,217
	47,900	217,306	(12,318)	(233)	(4,497)	(43,199)	204,959

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 2025 of £87.446 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 £443.0 million as at 31 March 2025.

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 £85.8 million and a deferred tax liability of

£81.3 million in respect of lease liabilities and right-of-use assets at 31 March 2025.

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196

Notes to the Financial Statements Continued

3.15

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 31 August 2021 and 1 April 2024. 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 2025 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.

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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:

	2025	2024
Republic of Ireland schemes
Rate of increase in salaries	n/a*	n/a*
Rate of increase in pensions in payment	1.25% – 2.50%	1.25% – 2.50%
Discount rate	3.90%	3.60%
Inflation assumption	2.10%	2.30%
UK schemes
Rate of increase in salaries	0.00% – 3.15%	0.00% – 3.25%
Rate of increase in pensions in payment	2.95% – 4.00%	3.25% – 4.00%
Discount rate	5.85%	4.90%
Inflation assumption	3.15%	3.25%
German schemes
Rate of increase in salaries	3.10%	3.30%
Rate of increase in pensions in payment	2.10%	2.30%
Discount rate	3.80%	3.60%
Inflation assumption	2.10%	2.30%

* 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:

	2025	2024
	Years	Years
Current retirees
Male	22.0	22.0
Female	24.9	24.9
Future retirees
Male	24.6	24.6
Female	27.3	27.3

The Group does not operate any post-employment medical benefit schemes.

3.15

Post-Employment Benefit Obligations continued

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198

Notes to the Financial Statements Continued

The net pension liability recognised in the Balance Sheet is analysed as follows:

		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)

		2024
	ROI	UK	Germany	Total
	£’000	£’000	£’000	£’000
Equities	9,481	1,034	–	10,515
Bonds	34,080	11,971	–	46,051
Property	22	–	–	22
Cash	1,571	3,288	981	5,840
Total fair value at 31 March 2024	45,154	16,293	981	62,428
Present value of scheme liabilities	(30,929)	(10,743)	(27,313)	(68,985)
Net pension asset/(liability) at 31 March 2024	14,225	5,550	(26,332)	(6,557)

The amounts recognised in the Group Income Statement in respect of defined benefit pension schemes are

as follows:

	2025	2024
	£’000	£’000
Current service cost	(229)	(492)
Administration expenses	(181)	(197)
Total, included in employee benefit expense (note 2.4)	(410)	(689)
Interest cost on scheme liabilities	(2,555)	(2,362)
Interest income on scheme assets	2,387	2,734
Net interest (expense)/income, included in net finance (costs)/income	(168)	372

Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2025, the net charge in the

Group Income Statement in the year ending 31 March 2026 is expected to be broadly in line with the current

year figures.

3.15

Post-Employment Benefit Obligations continued

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Remeasurements recognised in Other Comprehensive Income are as follows:

	2025	2024
	£’000	£’000
Return on scheme assets excluding interest income	(4,147)	(1,078)
Experience variations	(142)	2,313
Actuarial gain from changes in demographic assumptions	–	652
Actuarial gain/(loss) from changes in financial assumptions	3,957	(1,863)
Total, included in Other Comprehensive Income	(332)	24

Cumulatively since transition to IFRS on 1 April 2004, £46.358 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:

	2025	2024
	£’000	£’000
At 1 April	62,428	65,569
Interest income on scheme assets	2,387	2,734
Remeasurements:
– return on scheme assets excluding interest income	(4,147)	(1,078)
Contributions by employers	1,303	615
Contributions by members	33	35
Administration expenses	(181)	(197)
Benefit and settlement payments	(3,431)	(3,932)
Exchange	(1,040)	(1,318)
At 31 March	57,352	62,428

The actual return on plan assets was a loss of £1.760 million (2024: gain of £1.656 million).

The movement in the present value of defined benefit obligations is as follows:

	2025	2024
	£’000	£’000
At 1 April	68,985	53,848
Current service cost	229	492
Interest cost	2,555	2,362
Remeasurements:
– experience variations	142	(2,313)
– actuarial gain from changes in demographic assumptions	–	(652)
– actuarial (gain)/loss from changes in financial assumptions	(3,957)	1,863
Contributions by members	33	35
Benefit and settlement payments	(3,431)	(3,932)
Arising on acquisition (note 5.2)	–	18,647
Exchange	(1,320)	(1,365)
At 31 March	63,236	68,985

The weighted average duration of the defined benefit obligation at 31 March 2025 was 12.6 years (2024: 13.3 years).

Employer contributions for the forthcoming financial year are estimated at £1.9 million. The difference between the

actual employer contributions paid in the current year of £1.3 million and the expectation of £2.1 million included in the

2024 Annual Report was primarily due to the timing of contributions and settlements in certain of the Group’s pension

schemes which could not have been anticipated at the time of preparation of the 2024 financial statements.

3.15

Post-Employment Benefit Obligations continued

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200

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.

				Impact on German plan
Assumption	Change in assumption	Impact on Irish plan liabilities	Impact on UK plan liabilities	liabilities
Discount rate	Increase/decrease by 0.25%	Decrease/increase by 3.4%	Decrease/increase by 3.7%	Decrease/increase by 2.7%
Price inflation	Increase/decrease by 0.25%	Increase/decrease by 1.6%	Increase/decrease by 3.1%	Increase/decrease by 2.3%
Mortality	Increase/decrease by 1 year	Increase/decrease by 3.2%	Increase/decrease by 3.0%	Increase/decrease by 4.5%

SPLIT OF SCHEME ASSETS

		Republic of Ireland		UK	Germany		Total
	2025	2024	2025	2024	2025	2024	2025	2024
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Investments quoted in active markets:
Equity instruments:
– developed markets	6,542	9,299	1,002	1,034	–	–	7,544	10,333
– emerging markets	28	182	–	–	–	–	28	182
Debt instruments:
– non government debt instruments	4,105	4,804	2,848	2,387	–	–	6,953	7,191
– government debt instruments	28,616	29,276	9,271	9,584	–	–	37,887	38,860
Cash and cash equivalents	1,994	1,571	1,897	3,288	1,030	981	4,921	5,840
Unquoted investments:
Property	19	22	–	–	–	–	19	22
	41,304	45,154	15,018	16,293	1,030	981	57,352	62,428

3.15

Post-Employment Benefit Obligations continued

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3.16

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 £94.458 million (2024: £141.777 million) as stated on the Balance Sheet are

payable as follows:

	2025	2024
	£’000	£’000
Within one year	10,911	69,768
Between one and two years	38,056	48,847
Between two and five years	45,491	23,162
	94,458	141,777

Analysed as:
Non-current liabilities	83,547	72,009
Current liabilities	10,911	69,768
	94,458	141,777

The currency profile of the Group’s acquisition related liabilities, which are stated at fair value, is as follows:

	2025	2024
	£’000	£’000
Euro	53,848	57,222
Sterling	34,004	66,229
US dollar	6,418	11,551
Hong Kong dollar	–	6,413
Other	188	362
	94,458	141,777

The movement in the Group’s acquisition related liabilities is as follows:

	2025	2024
	£’000	£’000
At 1 April	141,777	127,393
Arising on acquisition (note 5.2)	68,196	82,809
Unwinding of discount applicable to acquisition related liabilities (note 2.7)	2,145	5,383
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3)	(25,892)	(17,742)
Adjustments to contingent consideration (recognised in the Income Statement)
(note 2.6)	(5,079)	(3,180)
Paid during the year	(75,170)	(50,334)
Exchange and other	(1,655)	(2,552)
Acquisition related liabilities attributable to assets held for sale (note 2.10)	(9,864)	–
At 31 March	94,458	141,777

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202

Notes to the Financial Statements Continued

3.17

Provisions for 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 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 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 2.7)	–	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 Provisions for liabilities attributable to assets	(2,123)	(2,385)	(4,489)	(923)	(9,920)
held for sale (note 2.10)	(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

The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2024 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 2023	28,516	88,795	182,517	53,588	353,416
Provided during the year	2,571	3,826	13,214	9,333	28,944
Unwinding of discount applicable to provisions for liabilities (note 2.7)	–	235	727	–	962
Utilised during the year	(4,507)	(670)	(4,007)	(2,916)	(12,100)
Unutilised/reversed during the year	(280)	(403)	(3,459)	(4,182)	(8,324)
Arising on acquisition (note 5.2)	–	460	17,137	2,567	20,164
Exchange and other	(607)	(2,067)	(5,216)	(1,794)	(9,684)
At 31 March 2024	25,693	90,176	200,913	56,596	373,378
Analysed as:
Non-current liabilities	12,724	82,371	181,722	29,550	306,367
Current liabilities	12,969	7,805	19,191	27,046	67,011
	25,693	90,176	200,913	56,596	373,378

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203

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 provision relates to DCC Energy’s operations where an obligation arises from the receipt of deposit fees paid by

customers for 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. 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. The majority of this obligation will unwind

over a 25-year timeframe but the exact timing of settlement of this provision is not certain.

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.

3.18

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.

	2025	2024
	£’000	£’000
At 1 April	2,740	477
Government grants received in year	340	2,669
Arising on acquisition (note 5.2)	1	–
Amortisation in year	(323)	(376)
Exchange	(39)	(30)
Government grants attributable to assets held for sale (note 2.10)	(183)	–
At 31 March	2,536	2,740
Analysed as:
Non-current liabilities	2,513	2,704
Current liabilities (note 3.7)	23	36
	2,536	2,740

3.17

Provisions for Liabilities continued

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204

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.

	2025	2024
	£’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 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

	Number of	Share capital	Share premium	Total
Year ended 31 March 2024	shares	£’000	£’000	£’000
At 31 March 2023 (including 2,586,698 ordinary shares held
as treasury shares)	101,333,904	17,422	883,669	901,091
Premium arising on re-issue of treasury shares	–	–	221	221
At 31 March 2024 (including 2,481,405 ordinary shares held
as treasury shares)	101,333,904	17,422	883,890	901,312

As at 31 March 2025, the total authorised number of ordinary shares is 152,368,568 shares (2024: 152,368,568 shares)

with a par value of €0.25 per share (2024: €0.25 per share). Share premium relates to the share premium arising on the

issue of shares.

During the year the Company re-issued 113,680 treasury shares for a consideration of £0.019 million.

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 2.5 to the financial statements and in the Remuneration Report on pages 118

to 142.

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.

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205

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 2023	54,596	(48,280)	128,529	932	135,777
Currency translation	–	–	(63,656)	–	(63,656)
Cash flow hedges:
– fair value gain in year – private placement debt	–	(3,375)	–	–	(3,375)
– fair value – transferred to the income statement	–	(2,532)	–	–	(2,532)
– fair value loss in year – other	–	(104,700)	–	–	(104,700)
– tax on fair value net gains	–	23,046	–	–	23,046
– transfers to sales	–	90	–	–	90
– transfers to cost of sales	–	146,872	–	–	146,872
– transfers to operating expenses	–	762	–	–	762
– tax on transfers	–	(29,983)	–	–	(29,983)
Share based payment	9,210	–	–	–	9,210
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 loss	–	(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

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

DCC plc Annual Report and Accounts 2025

206

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.

	2025	2024
	£’000	£’000
At 1 April	2,078,568	1,941,223
Net income recognised in Income Statement	206,490	326,255
Net income recognised in Other Comprehensive Income:
– remeasurements of defined benefit pension obligations	(332)	24
– deferred tax on remeasurements	28	(117)
Dividends	(197,347)	(188,817)
At 31 March	2,087,407	2,078,568

The cost to the Group and the Company of €35.600 million (2024: €37.057 million) to acquire the 2,367,725 shares (2024:

2,481,405 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.

	2025	2024
	£’000	£’000
At 1 April	91,641	80,219
Share of profit for the financial year	14,731	14,283
Dividends to non-controlling interests	(9,322)	(310)
Exchange and other	(2,181)	(2,551)
At 31 March	94,869	91,641

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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
	2025	2024	2025	2024
	Stg£1=	Stg£1=	Stg£1=	Stg£1=
Euro	1.1893	1.1563	1.1970	1.1695
Danish krone	8.8706	8.6183	8.9314	8.7218
Swedish krona	13.6338	13.2851	12.9866	13.4780
Norwegian krone	13.9167	13.3529	13.6617	13.6814
US dollar	1.2767	1.2541	1.2946	1.2643
Canadian dollar	1.7722	1.6932	1.8593	1.7158

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:

• The acquisition by DCC Energy of 100% of Next Energy in April 2024, for an initial enterprise value of approximately

£90 million. Next Energy is an energy efficiency and renewable energy services provider focused on the UK

domestic sector;

• The acquisition by DCC Technology of 100% of MDM Commercial Inc (‘MDM’) in April 2024. MDM is a distributor of

hospitality and healthcare professional AV equipment in the US;

• The acquisition by DCC Energy of 100% of Secundo Photovoltaik (‘Secundo’) in June 2024. Secundo is one of

Austria’s largest solar PV businesses serving commercial customers;

• The acquisition by DCC Energy of 100% of WIRSOL Roof Solutions (‘Wirsol’) in July 2024. Wirsol is a German based

provider of solar PV and battery storage solutions;

• The acquisition by DCC Energy of 100% of Cubo in July 2024. Cubo is a fleet telematics business which provides

integrated telematics and communication storage solutions in the UK and Ireland;

• The acquisition by DCC Energy of 100% of Acteam ENR (‘Acteam’) in September 2024. Acteam is a French solar PV

business providing project development, engineering, project management along with construction support and

supervision services for commercial solar PV projects; and

• The acquisition by DCC Energy of 100% of MG Habitat in November 2024. MG Habitat is a French energy services

business providing design, installation and maintenance services for solar PV, heat-pumps and other energy

installations.

DCC plc Annual Report and Accounts 2025

208

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.

	Total	Total
	2025	2024
	£’000	£’000
Assets
Non-current assets
Property, plant and equipment (note 3.1)	4,307	48,603
Right-of-use leased assets (note 3.2)	3,343	10,563
Intangible assets (note 3.3)	89,810	156,964
Equity accounted investments (note 3.4)	–	5,530
Deferred income tax assets	5	2,467
Total non-current assets	97,465	224,127
Current assets
Inventories (note 3.8)	29,548	23,708
Trade and other receivables (note 3.8)	42,973	59,945
Total current assets	72,521	83,653
Liabilities
Non-current liabilities
Deferred income tax liabilities	(22,903)	(41,026)
Post employment benefit obligations (note 3.15)	–	(18,647)
Provisions for liabilities	(673)	(13,245)
Lease creditors	(2,427)	(6,742)
Government grants (note 3.18)	(1)	–
Total non-current liabilities	(26,004)	(79,660)
Current liabilities
Trade and other payables (note 3.8)	(42,751)	(61,022)
Provisions for liabilities	(601)	(6,919)
Current income tax liabilities	(2,117)	(8,179)
Lease creditors	(916)	(3,207)
Total current liabilities	(46,385)	(79,327)
Identifiable net assets acquired	97,597	148,793
Goodwill (note 3.3)	137,893	222,171
Total consideration	235,490	370,964
Satisfied by:
Cash	178,048	327,354
Net cash and cash equivalents acquired	(10,754)	(39,199)
Net cash outflow	167,294	288,155
Acquisition related liabilities (note 3.16)	68,196	82,809
Total consideration	235,490	370,964

5.2

Business Combinations continued

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209

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)	7,655	89,810	97,465
Current assets	78,365	(5,844)	72,521
Non-current liabilities	(3,208)	(22,796)	(26,004)
Current liabilities	(43,838)	(2,547)	(46,385)
Identifiable net assets acquired	38,974	58,623	97,597
Goodwill arising on acquisition	196,516	(58,623)	137,893
Total consideration	235,490	–	235,490

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 2026

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.

£1.108 million 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 £9.060 million (note 2.6).

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

£45.216 million. The fair value of these receivables is £42.973 million (all of which is expected to be recoverable) and is

inclusive of an aggregate allowance for impairment of £2.243 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 in the current year range from nil to £120 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:

	2025
	£’000
Revenue	204,123
Profit for the financial year attributable to owners of the Parent Company	16,465

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:

	2025
	£’000
Revenue	18,050,560
Profit for the financial year attributable to owners of the Parent Company	210,759

5.2

Business Combinations continued

DCC plc Annual Report and Accounts 2025

210

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.

	2025	2024
	£’000	£’000
Profit for the financial year	221,221	340,538
Add back non-operating expenses/(income):
– tax	87,630	83,213
– share of equity accounted investments’ profit after tax	(3,392)	(604)
– net operating exceptionals	173,775	39,309
– net finance costs	106,210	106,249
Operating profit before exceptionals	585,444	568,705
– share-based payments expense (note 2.5)	7,544	9,210
– depreciation (including right-of-use leased assets)	253,919	240,194
– amortisation of intangible assets (note 3.3)	118,156	114,075
– profit on disposal of property, plant and equipment	(17,225)	(1,148)
– amortisation of government grants (note 3.18)	(323)	(376)
– other Changes in working capital (excluding the effects of acquisition and exchange	3,009	8,562
differences on consolidation):
– inventories (note 3.8)	15,055	122,766
– trade and other receivables (note 3.8)	17,485	157,082
– trade and other payables (note 3.8)	(126,303)	(223,277)
Cash generated from operations before exceptionals	856,761	995,793

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

	2025	2024
	£’000	£’000
Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the financial statements	63,704	49,974
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for	86,221	112,375
	149,925	162,349

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 £2,100.531 million (2024: £2,133.199 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 Limited, Budget Energy Limited, Budget Energy Holdings Limited, Campus Oil Limited, CC Lubricants Limited,

Certa Ireland Limited (formerly Emo Oil Limited ), Certas Energy Ireland Limited, 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

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211

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, Energy Procurement Limited, Energy Procurement Ireland 2013 Limited, Flogas Enterprise

Solutions Limited (formerly Naturgy Limited), Flogas Ireland Limited, Flogas Natural Gas Limited, Jones Oil Limited,

SerCom (Holdings) Limited, Source LS Global Limited and Starata Limited.

Seven of the Group’s German subsidiaries, EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik

GmbH, DCC Germany Holding GmbH, Progas Holding GmbH, PROGAS GmbH & Co. KG, PROGAS GmbH and Progeha

Unterstützungseinrichtung e.V. 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 238 to 241 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:

	2025	2024
	£’000	£’000
Short-term benefits	4,910	3,916
Post-employment benefits	193	190
Share-based payment (calculated in accordance with the principles disclosed in note 2.5)	1,416	1,692
	6,519	5,798

5.5

Contingencies continued

DCC plc Annual Report and Accounts 2025

212

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:

	2025	2024
	£’000	£’000
Capital and reserves attributable to the owners of the Parent Company	3,073,427	3,091,391
Net debt (excl. lease creditors) (note 3.13)	795,909	784,698
Lease creditors (note 3.13)	356,144	362,383
Acquisition related liabilities	104,322	141,777
At 31 March	4,329,802	4,380,249

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 2025. 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 2025, the Group had cash and cash

equivalents of £1,150,513 million (note 3.13) and £800 million undrawn under its committed revolving credit facility (note

3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of

£795.909 million.

(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.

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213

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 based on actual credit loss experience.

As detailed in note 3.6, the Group’s trade receivables at 31 March 2025 (excluding assets held for sale) amount to

£1,590,328 million (2024: £1,782.513 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 6.7% of the Group’s gross trade

receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which

are over six months overdue.

Where appropriate, certain of the Group’s operations selectively utilise supply chain financing solutions to sell, on

a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing

activities. The level of supply chain financing at 31 March 2025 was £155.985 million (2024: £145.386 million) and has

been derecognised from ‘Trade and other receivables’ in accordance with the Group’s accounting policy. Revenues

relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025

amounted to £674.941 million (2024: £690.265 million).

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 2025 of

£1,150,513 million, 22.9% (£263.322million) was with money market funds, 97.1% (£1,117.233 million) was with money market

funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor’s) or P-1 (Moody’s) and 97.2%

(£1,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2

(Standard and Poor’s) or P-2 (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 2025, derivative transactions were with counterparties

with ratings ranging from A+ to A- (long-term) with Standard and Poor’s or Aa1 to A1 (long-term) with Moody’s. The

Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at

31 March 2025.

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 2025, 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

DCC plc Annual Report and Accounts 2025

214

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 2025	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outflows
Trade and other payables	(2,763,181)	–	–	–	(2,763,181)
Interest bearing loans and borrowings	(116,827)	(213,294)	(700,143)	(952,850)	(1,983,114)
Interest payments on interest bearing loans and borrowings	(86,145)	(77,745)	(186,449)	(98,607)	(448,946)
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)
	(3,150,254)	(488,775)	(1,069,693)	(1,301,083)	(6,009,805)
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

	Less than	Between	Between	Over
	1 year	1 and 2 years	2 and 5 years	5 years	Total
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outflows
Trade and other payables	(3,054,108)	–	–	–	(3,054,108)
Interest bearing loans and borrowings	(369,797)	(87,796)	(777,079)	(736,037)	(1,970,709)
Interest payments on interest bearing loans and borrowings	(77,432)	(71,113)	(165,416)	(110,728)	(424,689)
Lease creditors	(77,527)	(60,105)	(111,929)	(112,822)	(362,383)
Interest payments on lease creditors	(11,317)	(9,049)	(17,338)	(39,680)	(77,384)
Acquisition related liabilities	(69,768)	(48,847)	(21,942)	(1,220)	(141,777)
Cross currency swaps – gross cash outflows	(174,092)	(80,745)	(92,301)	(18,180)	(365,318)
Other derivative financial instruments	(20,548)	(1,294)	(573)	–	(22,415)
Interest rate swaps – net cash outflows	(3,374)	(3,142)	(6,596)	(595)	(13,707)
	(3,857,963)	(362,091)	(1,193,174)	(1,019,262)	(6,432,490)
Derivative financial instruments – cash inflows
Cross currency swaps – gross cash inflows	215,325	94,337	114,652	22,678	446,992
Other derivative financial instruments	11,000	632	132	–	11,764
	226,325	94,969	114,784	22,678	458,756

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

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DCC plc Annual Report and Accounts 2025

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(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 loss of £43.7 million arising on the translation of DCC’s non-sterling denominated net asset

position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening

in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely

offsetting each other.

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 £24.9 million (2024: £29.9 million) impact

on the Group’s profit before tax and exceptional items, would change the Group’s equity by £188.1 million and change

the Group’s net debt by £106.7 million (2024: £210.3 million and £97.2 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 2025 a one percentage point (100 basis points) change in average

floating interest rates would have a £1.0 million (2024: £4.9 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 3.10

and 3.11.

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

DCC plc Annual Report and Accounts 2025

216

Notes to the Financial Statements Continued

DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain

inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures.

Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs.

Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk

Management function. Divisional 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 (2024: immaterial) and an immaterial impact on

the Group’s equity (2024: 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:

		2025		2024
	Book value	Fair value	Book value	Fair value
	£’000	£’000	£’000	£’000
Financial assets
Derivative financial instruments	50,192	50,192	97,824	97,824
Trade and other receivables	1,975,444	1,975,444	2,172,422	2,172,422
Cash and cash equivalents	1,088,175	1,088,175	1,109,446	1,109,446
	3,113,811	3,113,811	3,379,692	3,379,692
Financial liabilities
Borrowings (excluding lease creditors)	1,966,042	1,996,543	1,943,518	1,975,789
Derivative financial instruments	30,572	30,572	48,450	48,450
Acquisition related liabilities	94,458	94,458	141,777	141,777
Trade and other payables	2,763,181	2,763,181	3,054,108	3,054,108
	4,854,253	4,884,754	5,187,853	5,220,124

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).

5.7

Financial Risk and Capital Management continued

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	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 3.10)	–	50,192	–	50,192
	–	50,192	–	50,192
Financial liabilities
Acquisition related liabilities (note 3.16)	–	–	94,458	94,458
Derivative financial instruments (note 3.10)	–	30,572	–	30,572
	–	30,572	94,458	125,030
	Level 1	Level 2	Level 3	Total
Fair value measurement as at 31 March 2024	£’000	£’000	£’000	£’000
Financial assets
Derivative financial instruments (note 3.10)	–	97,824	–	97,824
	–	97,824	–	97,824
Financial liabilities
Acquisition related liabilities (note 3.16)	–	–	141,777	141,777
Derivative financial instruments (note 3.10)	–	48,450	–	48,450
	–	48,450	141,777	190,227

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 3.16. 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 1.0% to 27.0% (2024: 5.0% to 52.0%); and

• risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%).

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 2025, holding the other inputs

constant, would have the following effects:

	2025	2024
Impact on the carrying value of contingent consideration	£’000	£’000
Forecasted average adjusted operating profit growth rate (1% movement)	1,730	1,814
Risk adjusted discount rate (0.5% movement)	1,066	1,478

5.7

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218

Notes to the Financial Statements Continued

OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

(i) Financial assets

The following financial assets are subject to offsetting, enforceable master netting arrangements or

similar agreements:

		Gross amounts
		of recognised	Net amounts of		Related amounts not set off in the
		financial	financial assets		Balance Sheet
	Gross amounts	liabilities set off	presented in
	of recognised	in the Balance	the Balance	Financial	Cash collateral
	financial assets	Sheet	Sheet	liabilities	received	Net amount
As at 31 March 2025	£’000	£’000	£’000	£’000	£’000	£’000
Derivative financial instruments	36,751	–	36,751	(8,428)	–	28,323
Cash and cash equivalents	494,735	–	494,735	(23,401)	–	471,334
	531,486	–	531,486	(31,829)	–	499,657

		Gross amounts
		of recognised	Net amounts of		Related amounts not set off in the
		financial	financial assets		Balance Sheet
	Gross amounts	liabilities set off	presented in
	of recognised	in the Balance	the Balance	Financial	Cash collateral
	financial assets	Sheet	Sheet	liabilities	received	Net amount
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000	£’000
Derivative financial instruments	86,060	–	86,060	(21,163)	–	64,897
Cash and cash equivalents	506,506	–	506,506	(34,274)	–	472,232
	592,566	–	592,566	(55,437)	–	537,129

(ii) Financial liabilities

The following financial liabilities are subject to offsetting, enforceable master netting arrangements or

similar agreements:

			Net amounts
		Gross amounts	of financial		Related amounts not set off in the
	Gross amounts	of recognised	liabilities		Balance Sheet
	of recognised	financial assets	presented in
	financial	set off in the	the Balance	Financial	Cash collateral
	liabilities	Balance Sheet	Sheet	assets	provided	Net amount
As at 31 March 2025	£’000	£’000	£’000	£’000	£’000	£’000
Derivative financial instruments	16,869	–	16,869	(8,428)	–	8,441
Bank borrowings	23,402	–	23,402	(23,402)	–	–
	40,271	–	40,271	(31,830)	–	8,441

			Net amounts
		Gross amounts	of financial		Related amounts not set off in the
	Gross amounts	of recognised	liabilities		Balance Sheet
	of recognised	financial assets	presented in
	financial	set off in the	the Balance	Financial	Cash collateral
	liabilities	Balance Sheet	Sheet	assets	provided	Net amount
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000	£’000
Derivative financial instruments	26,035	–	26,035	(21,163)	–	4,872
Bank borrowings	34,274	–	34,274	(34,274)	–	–
	60,309	–	60,309	(55,437)	–	4,872

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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.

As announced on 22 April 2025, the Group entered into a definitive agreement for the sale of its Healthcare division.

The proposed transaction values DCC Healthcare at a total enterprise value of £1,050 million on a cash-free,

debt-free basis. The proposed transaction is subject to receipt of customary regulatory approvals and is expected to

complete in the third quarter of this calendar year.

In April 2025, DCC Technology signed an exclusivity agreement for the sale of the Exertis France consumer product

business and Exertis Iberia. The transaction is expected to close within three months, subject to regulatory approvals.

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.

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 activities which fall under

services, renewables and other (‘SRO’) such as 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.

5.7

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Notes to the Financial Statements Continued

DCC Healthcare derives its revenue from the sale of a broad range of third-party and own-branded medical devices

and pharmaceuticals. Revenue is also generated from the manufacture of products for health and beauty brand

owners. The customer obtains control when the products are delivered to the customer and the performance is

satisfied once the customer accepts the products. Revenue is recognised at this point in the majority of cases.

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.

DCC Technology generates service revenue from providing a range of value-added services to both its customers

and suppliers including third party logistics, web site development and management, outsourced managed services,

training and certain supply chain management services such as quality assurance and compliance. Revenue relating

to these services is recognised when the performance obligation is deemed to be met which is as the service is

provided.

DCC Healthcare generates service revenue from a variety of sources such as logistics services including stock

management, distribution services to hospitals and healthcare manufacturers as well as engineering and

preventative maintenance services. Revenue is recognised as the service is rendered and completed, when the

performance obligation is deemed to be met.

Rental income

Rental income principally comprises property and liquid gas tank rental income and rental income from operating

leases is recognised on a straight-line basis over the term of the lease. The related assets are recorded within

property, plant and equipment and are depreciated on a straight-line basis over the useful lives of the assets.

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.

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.

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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.

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.

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222

Notes to the Financial Statements Continued

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.

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

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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.

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.

A financial liability is recognised in relation to the non-controlling shareholder’s option to put its shareholding back to

the Group, being the fair value of the estimate of amounts payable to acquire the non-controlling interest. The

financial liability is included in acquisition related liabilities. The discount component is unwound as an interest charge

in the Income Statement over the life of the obligation. Subsequent changes to the financial liability are 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 changes 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.

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.

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Notes to the Financial Statements Continued

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 two 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 recognised initially at fair value 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. The amount of the allowance is 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.

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.

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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.

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.

5.9

Summary of Material Accounting Policies continued

DCC plc Annual Report and Accounts 2025

226

Notes to the Financial Statements Continued

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.

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

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.

5.9

Summary of Material Accounting Policies continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025

227

Cylinder and tank deposits provisions

In certain DCC Energy operations, an obligation arises from the receipt of deposit fees paid by customers for 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. 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.

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

DCC plc Annual Report and Accounts 2025

228

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.

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 12 May 2025.

5.9

Summary of Material Accounting Policies continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025

229

Note

2025

£’000

2024

£’000

ASSETS

Non-current assets

Investments in subsidiary undertakings 6.4 1,140,763 1,141,980

Current assets

Trade and other receivables 6.5 278,736 339,191

Cash and cash equivalents 6.7 660 5,375

279,396 344,566

Total assets 1,420,159 1,486,546

EQUITY

Capital and reserves

Share capital 4.1 17,422 17,422

Share premium 4.1 883,909 883,890

Other reserves 6.8 109,785 135,050

Retained earnings 6.9 353,691 400,165

Total equity 1,364,807 1,436,527

LIABILITIES

Current liabilities

Trade and other payables 6.6 55,352 50,019

Total equity and liabilities 1,420,159 1,486,546

Mark Breuer, Donal Murphy

Directors

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

DCC plc Annual Report and Accounts 2025

230

Company Financial Statements

COMPANY STATEMENT OF CHANGES IN EQUITY

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

FOR THE YEAR ENDED 31 MARCH 2024

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 2023 17,422 883,669 360,947 165,537 1,427,575

Profit for the financial year – – 228,035 – 228,035

Other comprehensive income:

Currency translation – – – (39,697) (39,697)

Total comprehensive income – – 228,035 (39,697) 188,338

Re-issue of treasury shares – 221 – – 221

Share based payment – – – 9,210 9,210

Dividends – – (188,817) – (188,817)

At 31 March 2024 17,422 883,890 400,165 135,050 1,436,527

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025

231

Note

2025

£’000

2024

£’000

Operating activities

Cash generated from operations 6.10 65,591 (45,660)

Income tax paid (11) –

Net cash flow from operating activities 65,580 (45,660)

Investing activities

Inflows:

Interest received 10,464 12,199

Dividends received from subsidiaries 141,888 217,065

152,352 229,264

Outflows:

Acquisition of subsidiaries 6.4 (25,225) (73)

Net cash flow from investing activities 127,127 229,191

Financing activities

Inflows:

Proceeds from issue of shares 19 221

Outflows:

Dividends paid 2.11 (197,347) (188,817)

Net cash flow from financing activities (197,328) (188,596)

Change in cash and cash equivalents (4,621) (5,065)

Translation adjustment (94) (251)

Cash and cash equivalents at beginning of year 5,375 10,691

Cash and cash equivalents at end of year 6.7 660 5,375

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

DCC plc Annual Report and Accounts 2025

232

Company Financial Statements Continued

NOTES TO THE

COMPANY

FINANCIAL

STATEMENTS

Section 6 Notes to the Company Financial Statements

6.1

Basis of Preparation

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

The audit fee for the Parent Company is £15,450 and is payable to KPMG, Ireland, the statutory auditor (2024: £15,450).

6.3

Profit Attributable to DCC plc

Profit after tax for the year attributable to owners of the Parent Company amounting to £150,873 million

(2024: £228.035 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

2025

£’000

2024

£’000

At 1 April 1,141,980 1,174,092

Additions 25,225 73

Exchange and other (26,442) (32,185)

At 31 March 1,140,763 1,141,980

Details of the Group’s principal operating subsidiaries are included in the Supplementary Information section on

pages 237 to 262. 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).

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 2 New Street Square, London, EC4A 3BZ,

England. The registered office of DCC International Holdings B.V. is Zuiderzeestraatweg 1, 3882 NC, Putten,

The Netherlands.

6.5

Trade and Other Receivables

2025

£’000

2024

£’000

Amounts owed by subsidiary undertakings 278,736 339,191

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 2025 (31 March 2024: nil). The Company does not expect any

material loss in relation to trade and other receivables at 31 March 2025.

In accordance with the Companies

Act 2014, information regarding the

ultimate Parent Company, DCC plc,

is presented below.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025

233

6.6

Trade and Other Payables

2025

£’000

2024

£’000

Amounts due to subsidiary undertakings 54,771 49,420

Other creditors and accruals 581 599

55,352 50,019

6.7

Cash and Cash Equivalents

2025

£’000

2024

£’000

Cash at bank and in hand 660 5,375

6.8

Other Reserves

Share based

payment

reserve

£’000

Foreign currency

translation

reserve

£’000

Other

reserves

£’000

Total

£’000

At 1 April 2023 54,596 110,712 229 165,537

Share based payment 9,210 – – 9,210

Currency translation – (39,697) – (39,697)

At 31 March 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

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

2025

£’000

2024

£’000

At 1 April 400,165 360,947

Total comprehensive income for the financial year 150,873 228,035

Dividends (197,347) (188,817)

At 31 March 353,691 400,165

6.10

Cash Generated from Operations

2025

£’000

2024

£’000

Profit for the financial year 150,873 228,035

Add back non-operating income:

– tax 11 –

– net finance income (10,464) (12,199)

– dividend income (141,888) (217,065)

Operating profit before exceptionals (1,468) (1,229)

Changes in working capital:

– trade and other receivables 60,534 (44,763)

– trade and other payables 6,525 332

Cash generated from operations 65,591 (45,660)

DCC plc Annual Report and Accounts 2025

234

Notes to the Company Financial Statements Continued

6.11

Related Party Transactions

SUBSIDIARIES AND ASSOCIATES

The Company’s Income Statement includes dividends from its subsidiary companies of £141.888 million and principally

comprises dividends from DCC Financial Services Holdings Unlimited Company (£78.645 million), DCC Management

Services Limited (£21.021 million), DCC Financial Services International dac (£20.482 million) and DCC Energy Limited

(£16.817 million). Details of loan balances to/from subsidiaries are provided in the Company Balance Sheet on

page 230, 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 2025 amount to £278.736 million (2024:

£339.191 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 2025 of £0.660 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 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

As at 31 March 2024

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 50,019 – – – 50,019

50,019 – – – 50,019

The Company has sufficient cash resources and liquid assets to enable it to meet its trade and other payables.

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 2025 or at 31 March 2024 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 £0.8 million (2024: £1.0 million) impact on the

Company’s profit before tax, would change the Company’s equity by £124.1 million and change the Company’s net

cash by £0.1 million (2024: £130.6 million and £0.5 million respectively).

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025

235

Interest rate risk management

Based on the composition of net cash at 31 March 2025 a one percentage point (100 basis points) change in average

floating interest rates would have a £0.1 million (2024: £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:

2025 2024

Book value

£’000

Fair value

£’000

Book value

£’000

Fair value

£’000

Financial assets

Trade and other receivables 278,736 278,736 339,191 339,191

Cash and cash equivalents 660 660 5,375 5,375

279,396 279,396 344,566 344,566

Financial liabilities

Trade and other payables 55,352 55,352 50,019 50,019

55,352 55,352 50,019 50,019

As at 31 March 2025 and 31 March 2024 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.

6.12

Financial Risk Management continued

DCC plc Annual Report and Accounts 2025

236

Notes to the Company Financial Statements Continued

SUPPLEMENTARY

INFORMATION

238 Principal Subsidiaries and Associates

242 Shareholder Information

244 Corporate Information

245 Supplementary Sustainability Information

245 Double Materiality Assessment Process

246 Sustainability-Related Policies

247 Interests and Views of Stakeholders

248 Additional GHG and Energy Consumption Metrics

249 EU Taxonomy

250 TCFD

252 References Relevant to EU Sustainability Reporting Legislation

255 Independent Assurance Statement

257 Alternative Performance Measures

262 5 Year Review

263 Index

DCC plc Annual Report and Accounts 2025 237

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025238

PRINCIPAL SUBSIDIARIES AND ASSOCIATES

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

Benegas BV Zuiderzeestraatweg 1, 3882NC,

Putten, The Netherlands

Procurement, sales, marketing and

distribution of liquid gas

The

Netherlands

100

Butagaz SAS 47-53 Rue Raspail, 92300

Levallois – Perret, Paris, France

Procurement, sales, marketing and

distribution of liquid gas fuels and the

provision of lower carbon and

renewable energy products and

services

France 100

Certa Ireland Limited Clonminam Industrial Estate,

Portlaoise, Co. Laois, R32 YY26,

Ireland

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Ireland 100

Certas Energy UK Limited 1st Floor, Allday House,

Warrington Road, Birchwood,

Warrington WA3 6GR, England

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

DCC Energi Danmark A/S Naerum Hovedgade 8,

2850 Naerum, Denmark

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Denmark 60

DCC Germany Holding

GmbH

Werner-von Siemens-Str. 18,

97076 Würzburg, Germany

Holding company Germany 100

DCC Propane LLC 1001 Warrenville Road, Suite 350

Lisle, IL 6053, USA

Procurement, sales, marketing and

distribution of liquid gas

USA 100

Energie Direct Austria

GmbH

Alte Poststraße 400, A-8055

Graz, Austria

Procurement, sales, marketing and

distribution of liquid fuels, lubricant

products, natural gas and the provision

of lower carbon and renewable energy

products and services

Austria 100

Flogas Britain Limited 81 Rayns Way, Syston, Leicester

LE7 1PF, England

Procurement, sales, marketing and

distribution of liquid gas fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

Flogas Ireland Limited Building 2, 3rd & 4th Floor, The

Green, Dublin Airport Central,

Dublin Airport, Swords,Co. Dublin,

K67 E2H3, Ireland

Procurement, sales, marketing and

distribution of liquid gas fuels, natural

gas and the provision of lower carbon

and renewable energy products and

services

Ireland 100

Flogas Norge AS Sandakerveien 116, 0484 Oslo,

Norway

Procurement, sales, marketing and

distribution of liquid gas

Norway 100

Flogas Sverige AB Brännkyrkagatan 63,

11822 Stockholm, Sweden

Procurement, sales, marketing and

distribution of liquid gas

Sweden 100

Gaz de Paris SAS (trading

as Gaz Européen)

47-53 Rue Raspail, 92300

Levallois – Perret, Paris, France

Procurement, sales, marketing and

distribution of natural gas and

electricity

France 100

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.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 239

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

Progas GmbH Westfalendamm 84/86, 44141

Dortmund, Germany

Procurement, sales, marketing and

distribution of liquid gas

Germany 100

PVO International B.V. Graafsebaan 139, 5248 NL

Rosmalen, The Netherlands

Distributor of solar panels, invertors,

batteries and accessories used in the

commercial, industrial and domestic

energy sectors

The

Netherlands

100

Solcellekraft Holdings AS Idrettsvegen 103C, 5353

Straume, Norway

Solar PV installation company, servicing

residential and commercial

Norway 100

TEGA – Technische Gase

und Gasetechnik GmbH

Werner-von-Siemens-Str. 18,

97076 Würzburg, Germany

Procurement, sales, marketing and

distribution of liquid gas and refrigerant

gases

Germany 100

Wirsol Aufdach GmbH

(trading as Wirsol Roof

Solutions)

Schwetzinger Str. 22-26

68753 Waghäusel, Germany

Solar PV installation company, servicing

residential and commercial

Germany 60

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

Norway 100

Certas Energy UK Limited 1st Floor, Allday House,

Warrington Road, Birchwood,

Warrington WA3 6GR, England

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

DCC Energi Mobility A/S Naerum Hovedgade 8,

2850 Naerum, Denmark

Procurement, sales and marketing of

liquid fuels and related products and

services

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

Sale and administration of liquid fuels

and related products and services

using fuel cards

Britain 100

Qstar Försäljning AB Spårgatan 5, Box 633, 601 14

Norrköping, Sweden

Procurement, sales and marketing of

liquid fuels and related products and

services

Sweden 100

DCC TECHNOLOGY

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

DCC Technology Limited DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Holding and divisional management

company

Ireland 100

Almo Corporation 2709 Commerce Way,

Philadelphia, PA19154, USA

Sales, marketing and distribution of

technology, appliances and lifestyle

products

United States 100

Amacom Holding BV De Tweeling 24-A,

5215 MC ‘s-Hertogenbosch,

The Netherlands

Sales, marketing and distribution of

technology products and consumer

electronics

The

Netherlands

100

DCC ENERGY Continued

Principal Subsidiaries and Associates continued

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025240

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

Comm-Tec GmbH

(trading as Exertis AV)

Siemensstraße 14, 73066

Uhingen, Germany

Sales, marketing and distribution of

professional audiovisual and IT

products

Germany 100

CUC SAS (trading as

Exertis Connect)

Zone Industrielle Buchelay 3000,

BP 1126, 78204 Mantes en

Yvelines Cedex, France

Sales, marketing and distribution of

technology products and connecting

solutions

France 100

Exertis CapTech AB Aminogatan 17, SE- 43153

Mölndal, Gotëborg, Sweden

Sales, marketing and distribution of

technology products

Sweden 100

Exertis France SAS 5 Rue Pleyel, 93200 Saint Denis,

France

Sales, marketing and distribution of

technology peripherals and accessories

France 100

Exertis Ireland Limited Unit 21, Fonthill Business Park,

Fonthill Road, Dublin 22,

D22 FR82, Ireland

Sales, marketing and distribution of

technology products

Ireland 100

Exertis Supply Chain

Services Limited

Unit 21, Fonthill Business Park,

Fonthill Road, Dublin 22,

D22 FR82, Ireland

Provision of supply chain management

and outsourced procurement services

Ireland 100

Exertis (UK) Ltd Technology House,

Magnesium Way, Hapton,

Burnley BB12 7BF, England

Sales, marketing and distribution of

technology products

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

DCC HEALTHCARE

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

DCC Healthcare Limited DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Holding and divisional management

company

Ireland 100

DCC VITAL

DCC Vital Limited Fannin House, South County

Business Park, Leopardstown,

Dublin 18, D18 Y0C9, Ireland

Holding company for the operations

of the DCC Vital group of companies

Ireland 100

Fannin Limited Fannin House, South County

Business Park, Leopardstown,

Dublin 18, D18 Y0C9, Ireland

Sales, marketing and distribution of

medical and pharmaceutical products

to healthcare providers

Ireland 100

Fannin (UK) Limited Westminster Industrial Estate,

Repton Road, Measham,

Swadlincote, Derbyshire

DE12 7DT, England

Sales, marketing and distribution of

medical and pharmaceutical products

to healthcare providers

Britain 100

Medi-Globe Technologies

GmbH

Medi-Globe-Straße 1-5, 83101,

Achenmühle, Germany

Development, manufacture and

distribution of single use medical

devices

Germany 100

Medilab Medical

Equipments AG

Hauptstrasse 160a,

8274 Tägerwilen, Switzerland

Sales, marketing and distribution of

medical and laboratory supplies and

services to the Swiss primary care

healthcare market

Switzerland 100

Williams Medical Supplies

Limited

Craiglas House,

The Maerdy Industrial Estate,

Rhymney, Gwent NP22 5PY,

Wales

Sales, marketing and distribution of

medical supplies and services to UK

healthcare market, primarily GPs and

primary care organisations

Britain 100

Wörner Medizinprodukte

und Logistik GmbH

Ferdinand-Lassalle-Str. 37,

72770 Reutlingen, Germany

Sales, marketing and distribution of

medical and laboratory supplies and

services to the German primary care

healthcare market

Germany 100

DCC TECHNOLOGY Continued

Principal Subsidiaries and Associates continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 241

HEALTH & BEAUTY INNOVATIONS

Company Name Company Address Principal Activity

Incorporated

and Operating

Group

Shareholding

DCC Health & Beauty

Solutions Limited

9-12 Hardwick Road,

Astmoor Industrial Estate,

Runcorn, Cheshire WA7 1PH,

England

Outsourced solutions for the health

and beauty industry

Britain 100

Amerilab Technologies,

Inc.

2765 Niagara Lane,

North Plymouth, MN 55447, USA

Development, contract manufacture

and packing of effervescent nutritional

products in powder and tablet formats

USA 100

Design Plus Holdings

Limited

Rowan House, 3 Stevant Way,

White Lund, Morecambe,

Lancashire LA3 3PU, England

Development, contract manufacture

and packing of liquids and creams for

the beauty and consumer healthcare

sectors

Britain 100

EuroCaps Limited Crown Business Park, Dukestown,

Tredegar, Gwent NP22 4EF,

Wales

Development and contract

manufacture of nutritional products in

softgel capsule format

Britain 100

Ion Labs, Inc. 8031 114th Ave, Suite 4000, Largo,

FL 33773, USA

Development, contract manufacture

and packing of nutritional products

across a range of formats including

tablets, capsules, powders and liquids

USA 100

Laleham Health and

Beauty Limited

Sycamore Park, Mill Lane, Alton,

Hampshire GU34 2PR, England

Development, contract manufacture

and packing of liquids and creams for

the beauty and consumer healthcare

sectors

Britain 100

Thompson & Capper

Limited

9-12 Hardwick Road,

Astmoor Industrial Estate,

Runcorn, Cheshire WA7 1PH,

England

Development, contract manufacture

and packing of nutritional products in

tablet and hard shell capsule format

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

Procurement, sales, marketing and

distribution of liquid gas

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

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025242

SHAREHOLDER INFORMATION

SHARE LISTING

DCC’s shares have a Premium Listing on the Official List of the United Kingdom Listing Authority (‘UKLA Official List’) and are

traded solely on the London Stock Exchange in sterling.

Share Price Data

2025

2024

Share price at 12 May 50.70 59.05

Market capitalisation at 12 May 5,018m 5,837m

Share price at 31 March 51.45 57.60

Market capitalisation at 31 March 5,092m 5,694m

Share price movement during the year

– High 60.35 58.26

– Low 48.48 41.71

DCC plc’s ordinary share price information can be accessed on the Company’s website under the ‘Investors’ tab.

Shareholdings as at 31 March 2025

By location

North America

Continental Europe

Ireland

Asia/Rest of World

Retail

37.5%

30.1%

16.3%

12.0%

3.1%

1.0%

Geographic division

Number of

% of shares

UK 37,118,817 37.5%

North America 29,767,761 30.1%

Continental Europe 16,157,258 16.3%

Ireland 11,858,197 12.0%

Asia/Rest of World 3,109,041 3.1%

Retail

955,105 1.0%

Total 98,966,179 100%

Notes:

1. This represents the best estimate of the number of shares controlled by fund managers

resident in the relevant geographic regions.

2. Excludes 2,367,725 shares held as Treasury Shares.

3. Retail includes shareholdings of less than 5,000 shares.

Details of shareholdings in excess of 3% in the Company are set out on page 145.

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 66.19 pence per share was paid on 13 December 2024.

Subject to shareholders’ approval at the Annual General Meeting, a final dividend of 140.21 pence per share will be paid on

17 July 2025 to shareholders on the register of members at the close of business on 23 May 2025.

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 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 updated in April 2024 and can be obtained by contacting the Company’s Registrar.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 243

FINANCIAL CALENDAR

13 May 2025 Final results announcement for 2025

22 May 2025 Ex-dividend date – final dividend

23 May 2025 Record date – final dividend

10 July 2025 Trading Statement

10 July 2025 Annual General Meeting

17 July 2025 Proposed payment date – final dividend

11 November 2025 Interim results announcement

December 2025 Proposed payment date – interim dividend

February 2026 Trading Statement

ANNUAL GENERAL MEETING, ELECTRONIC PROXY VOTING AND EUROCLEAR BANK VOTING

The Annual General Meeting will be held at 2.00 pm on Thursday, 10 July 2025 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 2025 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 Rossa White, Head of Group Investor Relations and Communications, DCC plc, DCC

House, Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland.

Tel: + 353 1 2799 400

email: investorrelations@dcc.ie

Shareholder Information continued

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025244

CORPORATE INFORMATION

Company Secretary

Darragh Byrne

Registered and Head Office

DCC House

Leopardstown Road

Foxrock

Dublin 18

D18 PK00

Ireland

Auditor

KPMG

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

Ireland

Registrar

Computershare Investor Services

(Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Ireland

Solicitors

William Fry

2 Grand Canal Square

Dublin 2

D02 A342

Ireland

Pinsent Masons

1 Park Row

Leeds LS1 5AB

England

Stockbrokers

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

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 245

DOUBLE MATERIALITY

ASSESSMENT PROCESS

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.

We identified affected stakeholders across the Group’s

activities and business relationships. This included

internal (employees) and external (customers, investors,

suppliers, other partners and local communities)

stakeholders.

Engagement was undertaken via surveys, interviews

and focus groups. During focus group sessions,

participants debated each risk and opportunity before

reaching a consensus on scoring and likelihood across

different time horizons.

This section outlines the process we followed in the review of our Double

Materiality Assessment (‘DMA’) during the year under review. The process

was supported by external advisors and followed relevant guidance under

the EU Corporate Sustainability Reporting Directive (‘CSRD’).

1. UNDERSTANDING THE CONTEXT 3. STAKEHOLDER ENGAGEMENT

A final list of topics specific to each division 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

the relevant business.

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.

4. ANALYSIS AND RESULTS

In the final stage of the process, we consolidated

divisional and Group 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.

2. SUSTAINABILITY TOPICS AND IROS

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025246

SUSTAINABILITY-RELATED

POLICIES

Policy Description of Key Contents Availability

Code of Conduct • Central policy document setting out our overall compliance

framework.

• Outlines expected actions and processes across risk areas.

• Provides details of channels for Raising a Concern.

• Reinforces the Group’s Core Values and Compliance Principles.

• Establishes disciplinary actions arising from non-compliance.

www.dcc.ie

Health & Safety Policy • Establishes a framework for devolved management of H&S risks.

• Reinforces Safety as the Group’s utmost priority.

www.dcc.ie

Anti-Bribery & Corruption

Policy

• Sets out requirement for all employees to avoid corrupt practices.

• Provides details of channels for Raising a Concern.

• Outlines management responsibility for culture creation.

www.dcc.ie

Supply Chain Integrity Policy • Establishes requirements within the supply chain concerning product

quality, human rights and supplier integrity.

• Sets out risk assessment procedures for Group businesses to adapt.

• Supports human rights standards.

www.dcc.ie

Human Rights Policy • Outlines the Group’s commitment to protection of human rights in our

operations and value chains.

• Upholds legal requirements and international standards.

• Provides details on Raising a Concern about violations of human

rights for employees and non-employees.

www.dcc.ie

Supplier Code of Practice • Contains standards on numerous risk areas to ensure suppliers are

aligned with DCC’s Core Values.

• Positively influences supply chain activities by being tied into

contractual agreements.

www.dcc.ie

Data Protection Policy • Sets out processes to be established and monitored to ensure

appropriate protection of personal data.

• Ensures relevant data protection laws are followed.

Internal site

Group Environment Policy • Sets out baseline of environmental protection and sustainability. www.dcc.ie

Inclusion Policy • Outlines commitment to fostering an inclusive workplace, from hiring

through to workplace practices.

• Enshrines legal requirements and prohibits discrimination on protected

grounds.

www.dcc.ie

This section provides an overview of our policies that guide sustainable

practices across our operations, reflecting our commitment to

environmental and social responsibility and doing the right thing.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 247

INTERESTS AND VIEWS

OF STAKEHOLDERS

How Engagement is Achieved Purpose of Engagements Examples of Outcomes from Engagements

Employees

• Employee Engagement Survey

• Employee Resource Group

networks

• Leadership Conferences

• Safety Stand Down days

• Workforce Representative

engagement

• Personal development

discussions

• Including employees’ perceptions

and experiences

• Identifying areas for improvement

• Sharing best practices among

peers in other Group businesses

• Contributing to a sustainable

workplace and working life

• Improvement and action plans

• Changes in working practices

• Communications from

management

• Internal policy updates

Customers

• Customer support and guidance

• Periodic reviews

• Customer surveys

• Providing sustainable solutions

• Service improvements

• Vulnerable customer support

• Product/service improvements

• Adaptation of marketing

strategies

• Priority support for vulnerable

customers

Suppliers

• Third-party due diligence

• Workshops and industry

collaborations

• On-site audits

• Chain of custody assessments

• Compliance with our Supplier

Code of Practice

• Promoting responsible sourcing

• Protecting human and labour

rights of workers

• Ensuring a respectful working

environment

• Decarbonising our supply chain

• Pilots of low carbon solutions

• Trusted relationship with suppliers

• Supplier improvement plans

• Reduction in our Scope 3

emissions

Investors

• Investor calls, questionnaires, and

meetings

• Periodic investor updates

• AGM and investor roadshows

• ESG ratings

• Understanding sustainability

related expectations

• Attracting responsible investors

• Enhancing transparency

• Enhancements to Sustainability

Programme

• Adapted external communication

on Strategy

• ESG rating improvement plans

Governments,

Policymakers,

and Regulators

• Direct dialogue with policymakers

• Answering public consultations

• White papers, programmes, and

studies

• Ensuring regulatory compliance

• Highlighting areas for policy

changes to support just transition

• Participation in government-led

consultations on new policies

Industry and

Sustainability

Associations

• Joint initiatives and programmes

• Workshops and knowledge

sharing

• Enabling the development of

renewable energy solutions

• Enabling the industry to engage

policymakers

• Developing industry standards on

sustainability

• Endorsement of industry backed

initiatives

Local

Communities

• Partnerships for community

benefits

• Public meetings and

consultations

• Building trust and community

support

• Ensuring community benefits

• Design of community benefits

• Support of local projects

In this section, we outline how we engage with stakeholders

on sustainability matters.

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025248

Additional GHG Metrics

Metric Unit 2025

DCC Group Emissions Intensity

GHG emissions intensity

(market based)*

tCO

e/£m

revenue

2,052

Biogenic Emissions from the Combustion or Biodegradation of Biomass

Own operations (Scope 1) ktCO

e 20

DCC Energy value chain (Scope 3) MtCO

e 2.0

Renewable Energy Production from Our Operations

Metric Unit 2025

Self-generated Energy Production

Total renewable energy production MWh 3,000

Energy Consumption from Our Operations

Metric Unit 2025

Energy Consumption from Renewable Sources

Total energy consumption from renewable sources MWh 169,000

1. Energy consumption from renewable electricity MWh 82,000

2. Energy consumption from renewable fuels (fuel blends/biofuels) MWh 85,000

3. Energy consumption from self-generated renewable energy (solar PV/wind) MWh 2,000

Energy Cconsumption from Non-renewable Sources

Total energy consumption from non-renewable sources MWh 281,000

Total Energy Consumption

Total energy consumption from all sources** MWh 450,000

Share of renewable energy in overall energy consumption mix % 60%

Note: *GHG emissions intensity is based on revenue from continuing operations

**Energy intensity associated with own operations in high climate impact sectors was 26 MWh / £m revenue (2025)

ADDITIONAL GHG AND ENERGY

CONSUMPTION METRICS

In this section we set out additional GHG metrics to those covered

in the Climate Change section of the Sustainability Review covering

emissions intensity, biogenic emissions and energy consumption.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 249

EU TAXONOMY

At present the EU Taxonomy (‘the Taxonomy’) does not cover

all sustainable activities and sustainable classification

criteria are not yet available for many of our activities. For

instance, our sales of lower carbon fuels to replace higher

carbon fossil fuels and the distribution of energy efficient

products (e.g. solar panels) are activities that are not yet

covered by the Taxonomy and therefore cannot be included

as Taxonomy-eligible. Consequently, a low proportion of our

activities are currently considered Taxonomy-eligible.

We have reviewed the sustainable activities included in

the Taxonomy Regulation (2020/852) and reviewed their

application to each business activity across the Group. This

assessment was done by reviewing the economic activities

description and NACE code definitions referenced within the

Climate Delegated Act (Commission Delegated Regulation

(EU) 2021/2139 amendments 2022/1214 and 2023/2485),

Environmental Delegated Act (Commission Delegated

Regulation (EU) 2023/2486) and subsequent amendments,

annexes and FAQs supplementing the Taxonomy Regulation.

We classified each activity as either Taxonomy non-eligible

or Taxonomy eligible.

• Taxonomy non-eligible: An economic activity that is defined

in the Climate/Environmental Delegated Acts but not an

activity in the Group.

• Taxonomy eligible: An economic activity that is defined in

the Climate/Environmental Delegated Acts that is an

activity in the Group.

We also conducted a review of capital spending and

revenue across all divisions and functions against activities

relating to the Taxonomy objectives.

Our assessment determined that the primary Taxonomy-

eligible activity of the Group was ‘Installation, maintenance

and repair of energy efficiency equipment’ under the climate

change mitigation objective, reflective of the installation of

solar panels and heat pumps in the Energy division.

This primary eligible activity represents less than 1% of total

turnover and capital expenditure of the Group. The turnover

of all eligible activities is less than 10% of DCC Group

turnover.

Our analysis of operating expenditure concluded that the

amount of sustainable operating expenditure within the

meaning of the Taxonomy was not material to the business

model of the Group and we therefore availed of the

exemption to calculate the KPI in detail.

The Group intends to provide a further update on the

application of the EU Taxonomy following the

implementation of the proposed EU Sustainability Omnibus

Directive.

In this section we summarise our assessment of the

application of the EU Taxonomy to our activities.

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.

Corporate Governance Statement

pages 94 to 105

Board Report on pages 95 to 101

b) Describe management’s role in assessing

and managing climate-related risks and

opportunities.

Corporate Governance Statement

pages 94 to 105

Risk Report pages 76 to 86

Energy Business Review pages 14 to 23

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.

Chief Executive’s Review pages 4 to 7

Sustainability Review pages 48 to 56

b) Describe the impact of climate-related risks

and opportunities on the organisation’s

businesses, strategy, and financial planning.

Financial Review pages 30 to 37

Energy Business Review pages 14 to 23

Audit Committee Report pages 110 to 117

Financial Statements pages 147 to 236

Remuneration Report pages 118 to 142

c) Describe the resilience of the organisation’s

strategy, considering different climate-related

scenarios, including a 2°C or lower scenario.

Sustainability Review pages 48 to 56

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 54 to 55

Risk Report pages 76 to 86

b) Describe the organisation’s processes

for managing climate-related risks.

Sustainability Review pages 54 to 55

Risk Report pages 76 to 86

c) Describe how processes for identifying,

assessing, and managing climate-related

risks are integrated into the organisation’s

overall risk management.

Risk Report pages 76 to 86

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 46 to 47

Energy Business Review pages 22 to 23

b) Disclose Scope 1, Scope 2,

and, if appropriate, Scope 3 greenhouse

gas (‘GHG’) emissions and the related risks.

Sustainability Review pages 50 to 51

c) Describe the organisation’s targets to

manage climate-related risks, opportunities,

and performance against targets.

Sustainability Review pages 46 to 55

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025250

TCFD

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 recently

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.

See pages 54 and 55 for more detail.

Overall, there is a significant

opportunity available to the

Group to support existing and

new customers as they reduce

their use of 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

will, over the medium to

long-term, see a reduction in

demand for fossil fuels. A failure

to adapt to this change would

create a material financial risk to

our existing energy operations in

the long-term.

During the year under review we

announced that we would focus

solely on the energy sector, in order

to capture the significant

opportunity from the energy

transition, re-emphasising the

importance of transition to our

strategy and organisational design.

During the year we have developed

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 to support our

customers through the energy

transition, growing our business,

reducing the carbon intensity of

liquid fuels and building a scale

energy services business supporting

customers with efficiency and

electrification.

We invested £100 million in

acquiring four energy services

businesses in the year under review.

During the year we accelerated our

presence in the on-site solar and

complementary energy services

markets and launched the Wewise

brand across Continental Europe.

Climate

physical

impacts on

our activities

Building on previous work, over the

last year we completed an exercise to

significantly enhance our scope and

approach to assessing and

managing physical climate risk within

our own operations. We recently

completed a project using a

recognised third party assessment

tool to review climate physical risk for

100 key operational sites (60 for

Energy, 20 for Healthcare and 20 for

Technology).

The tool considers the latest 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.

This is expressed as the Modelled

Average Annual Loss (‘MAAL’) for each

site, against four climate scenarios,

ranging from benign climate outcomes

to significant changes.

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.

The overall MAAL for the 100 sites

is 1.2% by 2050 under the most

extreme climate scenario, rising

to 3.6% by 2090 under the same

scenario. Indicatively and based

on 2024 asset figures as a proxy,

the financial impact could be in

the range of c.1% of total Group

property, plant and equipment

in 2050.

In the medium to long term DCC’s

own operations are expected to

experience some impact from both

acute and chronic physical risk.

We have a range of business

continuity plans and insurance in

place to mitigate both the

operational and financial impacts

of physical climate risk.

In addition, Butagaz has completed

an exercise to consider the impact

of climate risks and appropriate

climate adaptations that can be

put in place to manage the impacts

of climate change. The analysis was

consistent with the Group exercise.

Subsequently the Butagaz

management team developed a

climate adaptation plan with

options to address the impacts of

climate change in their operations.

Summary of Key Climate and

Transition Impacts

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 251

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025252

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.

Disclosure

Requirement Data Point Description Legislation Page

ESRS 2, GOV-1 The role of the Administrative, Management and Supervisory Bodies

(AMSB)

95-101

ESRS 2, GOV-1 21 d Board’s gender diversity SFDR 98

21 e Percentage of Board members who are independent 98

ESRS 2, GOV-2 Sustainability matters addressed by the AMSB 97

ESRS 2, GOV-3 Integration of sustainability related performance in incentive schemes 118-142

ESRS 2, GOV- 4 30 Statement of due diligence SFDR NS

ESRS 2, SBM-1 Strategy, business model and value chain 10-23

48-49

ESRS 2, SBM-1 40 d I Involvement in activities related to fossil fuel activities SFDR/P3 55

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

ESRS 2, SBM-2 Interests and views of stakeholders 247

ESRS 2, SBM-3 Material IROs and their interaction with strategy and business model 44-45

ESRS 2, IRO-1 Description of the process to identify and assess material IROs 245

ESRS 2, Policies Policies adopted to manage material sustainability matters 246

ESRS 2, Targets Tracking effectiveness of policies and actions through targets 46-47

ESRS E1 Climate change 48-57

ESRS E1-1

14 Transition plan to reach climate neutrality by 2050 52-53

ESRS E1-4

34 GHG emission reduction targets SFDR/P3 50-53

ESRS E1-5

38 Energy consumption from fossil sources disaggregated by sources

(only high climate impact sectors)

SFDR 248

37 Energy consumption and mix 248

40-43 Energy intensity associated with activities in high climate impact

sectors

248

ESRS E1-6

44 Gross Scope 1, 2, 3 and total GHG emissions SFDR/P3 50-51

53-55 Gross GHG emissions intensity 51

ESRS E1-7

56 GHG removals and carbon credits NM

Key:

NR = Not relevant

NS = Not stated

NM = Not material

SFDR = Sustainable Finance Disclosure Regulation

P3 = EBA Pillar 3 disclosure requirements

REFERENCES RELEVANT TO EU

SUSTAINABILITY REPORTING LEGISLATION

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.

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 253

EU Legislation Table continued

Disclosure

Requirement Data Point Description Legislation Page

ESRS E1-9

66 Exposure of the benchmark portfolio to climate-related physical risks 55

66 a Disaggregation of monetary amounts by acute/chronic physical risk,

location of significant assets at material physical risk

P3 55

66 c P3 55

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 13, 21,

49, 54

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

ESRS E4 Biodiversity 60-61

ESRS E4, SBM-3

(ESRS 2)

16 a i Activities negatively affecting biodiversity-sensitive areas SFDR 60-61

16 b Land degradation, desertification, or soil sealing 60-61

16 c Threatened species 60-61

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 62-66

ESRS S1, SBM-3

(ESRS 2)

14 f Risk of incidents of forced labour 70-71

14 g Risk of incidents of child labour 70-71

ESRS S1-1

20 Human rights policy commitments 70-71

21 Due diligence policies on issues addressed by the fundamental ILO

conventions 1-8

SFDR 70-71

22 Processes and measures for preventing trafficking in human beings SFDR 70-71

23 Workplace accident prevention policy or management system 69

ESRS S1-3

32 c Grievance/complaints handling mechanism 246

ESRS S1-14

88 b and c Number of fatalities and number and rate of work related accidents 69

88 e Number of days lost to injuries, accidents, fatalities or illness SFDR 69

ESRS S1-16

97 a Unadjusted gender pay gap SFDR NS

97 b Excessive CEO pay ratio SFDR 118-

142

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 246

Key:

NR = Not relevant

NS = Not stated

NM = Not material

SFDR = Sustainable Finance Disclosure Regulation

P3 = EBA Pillar 3 disclosure requirements

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025254

EU Legislation Table continued

Disclosure

Requirement Data Point Description Legislation Page

ESRS S2 Workers in the value chain 70-7 1

ESRS S2, SBM-3

(ESRS 2)

11 b Significant risk of child labour or forced labour in the value chain SFDR 70-7 1

ESRS E2 Pollution 58-59

ESRS S2-1 17 Human rights policy commitments SFDR 70

18 Policies related to value chain workers SFDR 70 & 246

19 Non-respect of UNGPs on Business & Human Rights, ILO principles,

or OECD guidelines

SFDR 246

19 Due diligence policies on issues addressed by the fundamental ILO

Conventions 1 to 8

246

ESRS S2-4 36 Human rights issues and incidents connected to its upstream and

convention value chain

SFDR 70-71

ESRS S3-1 16 Human rights policy commitments SFDR 70 & 246

17 Non respect of UNGPs on Business & Human Rights, ILO principles or

OECD guidelines

SFDR 246

ESRS S3-4 36 Human rights issues and incidents SFDR NM

ESRS S4 Consumers and end users 57

ESRS S4-1 16 Policies related to consumers and end users SFDR 246

17 Non respect of UNGPs an Business and Human Rights and OECD

guidelines

SFDR 246

ESRS S4-4 35 Human rights issues and incidents SFDR NM

ESRS G1 Business Conduct 72-73

ESRS G1-1

10 b United Nations Convention Against Corruption SFDR 246

10 d Protection of whistleblowers SFDR 114

ESRS G1-4

24 a Fines for violation of anti-corruption and anti bribery laws SFDR 75

24 b Standards of anti-corruption and anti bribery SFDR 73 & 75

Key:

NR = Not relevant

NS = Not stated

NM = Not material

SFDR = Sustainable Finance Disclosure Regulation

P3 = EBA Pillar 3 disclosure requirements

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 255

INDEPENDENT ASSURANCE STATEMENT

Independent practitioner’s assurance statement to the Directors of DCC plc

Scope

We have been engaged by DCC plc (“DCC”) to perform a ‘limited assurance engagement,’ as defined by International

Standards on Assurance Engagements, here after referred to as the Engagement, to report on DCC’s (the “Company’s”)

selected subject matter information marked with the symbol Δ (the “Subject Matter”) in the DCC Annual Report (“the Report”)

for the year ended 31 March 2025.

The Subject Matter comprises the following:

• Scope 1 greenhouse gas (GHG) emissions (tCO

e): 64 ktCO

• Scope 2 greenhouse gas (GHG) emissions (tCO

e): 1 ktCO

e (market based) and 20 ktCO

e (location based)

• Scope 1 and 2 GHG emissions target reduction on 2019 baseline (%): 48%

• Scope 3 GHG emissions (tCO

e) limited to the categories listed below: 37.9 mtCO

– Category 3: upstream emissions associated with the extraction, refining, storage and distribution of products; and

– Category 11: downstream emissions from the use of sold products by customers.

• Total biogenic content of energy sold (% GJ): 7.1%; and

• Carbon intensity per megajoule of energy sold (gCO

e/MJ): 74.4 gCO

e/MJ.

Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform

assurance procedures on the remaining information included in the Report, and accordingly, we do not express a conclusion on

this information.

Criteria applied by DCC

In preparing the Subject Matter, DCC applied their internally developed GHG Emission Reporting Standard (“Criteria”). Such

Criteria were specifically designed by DCC for the purposes of reporting on the Subject Matter. As a result, the subject matter

information may not be suitable for another purpose.

DCC’s responsibilities

DCC’s management is responsible for selecting the Criteria, and for presenting the Subject Matter in accordance with that

Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls, maintaining

adequate records and making estimates that are relevant to the preparation of the subject matter, such that it is free from

material misstatement, whether due to fraud or error.

EY’s responsibilities

Our responsibility is to express a conclusion on the presentation of the Subject Matter based on the evidence we have

obtained.

We conducted our Engagement in accordance with the International Standard for Assurance Engagements Other Than Audits

or Reviews of Historical Financial Information (‘ISAE 3000 Revised’), the International Standard for Assurance Engagements on

Greenhouse Gas Statements (‘ISAE 3410’), and the terms of reference for this Engagement as agreed with DCC on 11 March

2025. Those standards require that we plan and perform our Engagement to obtain limited assurance about whether, in all

material respects, the Subject Matter is presented in accordance with the Criteria, and to issue a report. The nature, timing, and

extent of the procedures selected depend on our judgment, including an assessment of the risk of material misstatement,

whether due to fraud or error.

We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited assurance conclusions.

Our Independence and Quality Control

We have maintained our independence and confirm that we have met the requirements of the Code of Ethics for Professional

Accountants issued by the International Ethics Standards Board for Accountants and have the required competencies and

experience to conduct this assurance engagement.

EY also applies International Standard on Quality Management 1, Quality Management for Firms that Perform Audit or Reviews

of Financial Statements, or Other Assurance or Related Services Engagements and accordingly maintains a comprehensive

system of quality control including documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025256

Description of procedures performed

Procedures performed in a limited assurance engagement vary in nature and timing, 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. Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not

provide all the evidence that would be required to provide a reasonable level of assurance.

Although we considered the effectiveness of management’s internal controls when determining the nature and extent of our

procedures, our assurance engagement was not designed to provide assurance on internal controls. Our procedures did not

include testing controls or performing procedures relating to checking aggregation or calculation of data within IT systems.

The Greenhouse Gas (GHG) quantification process is subject to scientific uncertainty, which arises because of incomplete

scientific knowledge about the measurement of GHGs. Additionally, GHG procedures are subject to estimation (or

measurement) uncertainty resulting from the measurement and calculation processes used to quantify emissions within the

bounds existing scientific knowledge.

A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing the Subject Matter

and related information and applying analytical and other appropriate procedures.

Our procedures included:

• Undertaking interviews with those responsible for data collection and reporting of KPI performance to:

– get an oversight of the data collection, monitoring, management, and reporting processes; and

– understand the controls in place for maintaining the accuracy and completeness of data (e.g., second-level reviews,

trending, analysis, internal validation etc.);

• Undertaking a desktop review to assess Subject Matter and any potential risks of misstatement;

• Performing online interactive site visits at two DCC businesses selected with management to assess Subject Matter and data

collection processes at operational level;

• Undertaking analytical procedures of the data and making inquiries of management to obtain explanations for any

significant differences we identified;

• Identifying and testing assumptions supporting calculations;

• Testing, on a sample basis, underlying source information to check the accuracy of the data.

• Assessing calculation of Subject Matter in line with the Criteria; and

• Reading the final reported Subject Matter for appropriate presentation of disclosures and reviewing any limitations or

assumptions noted therein.

Conclusion

Based on our procedures and the evidence obtained, we are not aware of any material modifications that should be made to

the Subject Matter as of 12 May 2025 for the year ended 31 March 2025, in order for it to be in accordance with the Criteria.

Use of our assurance statement

Our assurance work has been undertaken so that we might state to the Directors those matters we are required to state to

them in a limited assurance 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 Entity and its Directors, as a body, for our limited assurance work, for this report,

or for the conclusions we have formed.

ERNST & YOUNG

12 May 2025

Dublin Ireland

Independent Assurance Statement continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 257

ALTERNATIVE PERFORMANCE MEASURES

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:

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

2025

£’000

2024

£’000

Operating profit – continuing operations Income Statement 396,336 462,445

Net operating exceptional items – continuing operations Income Statement 113,659 34,222

Amortisation of intangible assets – continuing operations Income Statement 107,527 103,525

Adjusted operating profit (EBITA) – continuing operations 617,522 600,192

Operating profit – discontinued operations Note 2.10 15,333 66,951

Net operating exceptional items – discontinued operations Note 2.10 60,116 5,087

Amortisation of intangible assets – discontinued operations Note 2.10 10,629 10,550

Adjusted operating profit (EBITA) – discontinued operations 86,078 82,588

Total adjusted operating profit (EBITA) 703,600 682,780

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

2025

£’000

2024

£’000

Total adjusted operating profit (‘EBITA’) Per above 703,600 682,780

Depreciation of property, plant and equipment Note 3.1 166,520 157,356

Total adjusted operating profit before depreciation (‘EBITDA’) 870,120 840,136

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025258

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

2025

£’000

2024

£’000

Finance costs before exceptional items Income Statement (118,791) (119,342)

Finance income before exceptional items Income Statement 14,270 16,379

Net interest before exceptional items – continuing operations (104,521) (102,963)

Net interest before exceptional items – discontinued operations (1,349) (2,413)

Net interest before exceptional items (105,870) (105,376)

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

2025

£’000

2024

£’000

EBITDA Per above 870,120 840,136

Less: impact of IFRS 16 (7,547) (6,970)

EBITDA for covenant purposes 862,573 833,166

Net interest before exceptional items Per above (105,870) (105,376)

Less: impact of IFRS 16 Note 2.7 12,881 11,486

Net interest for covenant purposes (92,989) (93,890)

EBITDA interest cover (times) 9.3x 8.9x

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

2025

£’000

2024

£’000

Total adjusted operating profit Per above 703,600 682,780

Net interest before exceptional items Per above (105,870) (105,376)

597,730 577,404

Income tax expense Income Statement 71,949 71,667

Income tax attaching to exceptional items – continuing operations Note 2.9 8,240 4,558

Deferred tax attaching to amortisation of intangible assets –

continuing operations Note 2.9 23,950 21,729

Income tax expense before exceptionals and deferred tax attaching

to amortisation of intangible assets – discontinued operations 17,200 15,795

Total Income tax expense before exceptionals and deferred tax

attaching to amortisation of intangible assets 121,339 113,749

Effective tax rate (%) 20.3% 19.7%

Dividend cover

Definition

The dividend cover ratio measures the Group’s ability to pay dividends from earnings.

Calculation

Reference in

Financial Statements

2025

£’000

2024

£’000

Adjusted earnings per share – continuing operations Note 2.12 402.25 390.18

Dividend Note 2.11 206.40 196.57

Dividend cover (times) 1.9x 2.0x

Alternative Performance Measures continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 259

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

2025

£’000

2024

£’000

Revenue – continuing operations Income Statement 18,011,111 18,854,051

Currency impact 334,400 –

Revenue (continuing, constant currency) 18,345,511 18,854,051

Adjusted operating profit (continuing, constant currency)

Calculation

Reference in

Financial Statements

2025

£’000

2024

£’000

Adjusted operating profit – continuing operations Per above 617,522 600,192

Currency impact 11,662 –

Adjusted operating profit (continuing, constant currency) 629,184 600,192

Adjusted earnings per share (continuing, constant currency)

Calculation

Reference in

Financial Statements

2023

£’000

2022

£’000

Adjusted profit after tax and non-controlling interests – continuing

operations Note 2.12 397,845 385,477

Currency impact 7,399 –

Adjusted profit after tax and non-controlling interests (continuing,

constant currency) 405,244 385,477

Weighted average number of ordinary shares in issue (‘000) Note 2.12 98,905 98,794

Adjusted earnings per share (continuing, constant currency) 409.73p 390.18p

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

2025

£’000

2024

£’000

Purchase of property, plant and equipment Group Cash Flow Statement 214,295 230,354

Government grants received in relation to property, plant and

equipment Group Cash Flow Statement (340) (2,669)

Proceeds from disposal of property, plant and equipment Group Cash Flow Statement (44,839) (6,666)

Net capital expenditure 169,116 221,019

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

2025

£’000

2024

£’000

Cash generated from operations before exceptionals Group Cash Flow Statement 856,761 995,793

Repayment of lease creditors Note 3.12 (98,886) (93,673)

Net capital expenditure Per above (169,116) (221,019)

Free cash flow 588,759 681,101

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).

Alternative Performance Measures continued

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025260

Calculation

Reference in

Financial Statements

2025

£’000

2024

£’000

Free cash flow Per above 588,759 681,101

Interest paid (including interest relating to lease creditors) Group Cash Flow Statement (102,998) (118,780)

Interest relating to lease creditors Note 3.12 12,881 11,486

Income tax paid Group Cash Flow Statement (115,876) (124,057)

Dividends received from equity accounted investments Group Cash Flow Statement 857 1,261

Interest received Group Cash Flow Statement 11,178 15,285

Free cash flow (after interest and tax payments) 394,801 466,296

Cash conversion ratio

Definition

The cash conversion ratio expresses free cash flow as a percentage of adjusted operating profit.

Calculation

Reference in

Financial Statements

2025

£’000

2024

£’000

Free cash flow Per above 588,759 681,101

Total adjusted operating profit Per above 703,600 682,780

Cash conversion ratio (%) 84% 100%

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

2025

£’000

Restated

2024

£’000

Total equity Group Balance Sheet 3,168,296 3,183,032

Net debt (including lease creditors) (continuing) Note 3.13 1,172,218 1,156,908

Goodwill and intangibles written off (continuing) 768,350 682,668

Right-of-use leased assets (continuing) Note 3.2 (298,032) (310,095)

Equity accounted investments (continuing) Note 3.4 (71,428) (32,825)

Acquisition related liabilities (continuing, current and non-current) Note 3.16 94,458 131,315

Net assets of the disposal group (807,939) (845,269)

Closing total capital employed (excl. IFRS 16) 4,025,923 3,965,734

Average total capital employed (excl. IFRS 16) 3,995,829 3,829,715

Adjusted operating profit – continuing operations Per above 617,522 600,192

Less: impact of IFRS 16 on continuing operating profit (6,569) (6,214)

610,953 593,978

Return on capital employed (%) excl. IFRS 16 – continuing operations 15.3% 15.5%

ROCE (incl. IFRS 16)

Calculation

Reference in

Financial Statements

2025

£’000

Restated

2024

£’000

Total capital employed Per above 4,025,923 3,965,734

Right-of-use leased assets (continuing) Note 3.2 298,032 310,095

Closing total capital employed (incl. IFRS 16) 4,323,955 4,275,829

Average total capital employed (incl. IFRS 16) 4,299,892 4,131,686

Adjusted operating profit – continuing operations Per above 617,522 600,192

Return on capital employed (%) incl. IFRS 16 – continuing operations 14.4% 14.5%

Alternative Performance Measures continued

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 261

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

2025

£’000

2024

£’000

Net cash outflow on acquisitions during the year Group Cash Flow Statement 167,294 288,155

Cash outflow on acquisitions which were committed to in the

previous year (76,639) (16,651)

Acquisition related liabilities arising on acquisitions during the year Note 3.16 68,196 82,809

Acquisition related liabilities which were committed to in the

previous year (32,539) (8,549)

Amounts committed in the current year 27,202 143,803

Committed acquisition expenditure 153,514 489,567

Committed acquisition expenditure is analysed between continuing and discontinued operations as follows:

Calculation

2025

£’000

2024

£’000

DCC Energy 101,559 485,786

DCC Technology

13,697

3,781

Committed acquisition expenditure – continuing operations

115,256

489,567

Committed acquisition expenditure – discontinued operations 38,258 –

Committed acquisition expenditure 153,514 489,567

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

2025

£’000

2024

£’000

Inventories Note 3.5 940,159 1,072,061

Add: inventories of the disposal group Note 2.10 111,718 –

Trade and other receivables Note 3.6 1,975,444 2,172,422

Add: trade and other receivables of the disposal group Note 2.10 132,786 –

Less: interest receivable (4,736) (1,391)

Trade and other payables Note 3.7 (2,763,181) (3,054,108)

Add: trade and other payables of the disposal group Note 2.10 (127,704) –

Less: interest payable Note 3.7 35,154 21,369

Less: amounts due in respect of property, plant and equipment Note 3.7 13,858 17,574

Less: government grants Note 3.7 23 36

Net working capital 313,521 227,963

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

2025

£’000

2024

£’000

Net working capital Per above 313,521 227,963

March revenue 1,708,700 1,767,388

Working capital (days) 5.7 days 4.0 days

Alternative Performance Measures continued

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025262

5 YEAR REVIEW

Group Income Statement

Year ended 31 March

2021

£’m

2022

£’m

2023

£’m

2024

£’m

2025

£’m

Revenue 13,412.5 17,732.0 22,204.8 19,858.8 19,020.3

Adjusted operating profit 530.2 589.2 655.7 682.8 703.6

Exceptional items (40.5) (46.5) (32.5) (39.3) (94.2)

Amortisation and impairment of intangible assets (66.9) (84.3) (111.2) (114.1) (197.8)

Operating profit 422.8 458.4 512.0 529.4 411.6

Finance costs (net) (57.9) (53.0) (79.7) (106.2) (106.2)

Share of equity accounted investments 0.2 0.3 (0.7) 0.6 3.4

Profit before tax 365.1 405.7 431.6 423.8 308.8

Income tax expense (62.3) (79.7) (84.8) (83.2) (87.6)

Non-controlling interests (10.2) (13.6) (12.8) (14.3) (14.7)

Profit attributable to owners of the Parent Company 292.6 312.4 334.0 326.3 206.5

Earnings per share

– basic (pence)

297.04p 316.78p 338.40p 330.24p 208.78p

– basic adjusted (pence) 386.62p 430.11p 456.27p 455.01p 470.20p

Dividend per share (pence) 159.80p 175.78p 187.21p 196.57p 206.40p

Dividend cover (times) 2.4x 2.4x 2.4x 2.3x 2.3x

Interest cover (times)* 10.6x 13.0x 9.1x 7.2x 7.5x

* excludes exceptional items.

Group Balance Sheet

As at 31 March

2021

£’m

2022

£’m

2023

£’m

2024

£’m

2025

£’m

Non-current and current assets:

Property, plant and equipment 1,137.6 1,253.3 1,354.8 1,430.5 1,262.4

Right-of-use leased assets 308.9 327.6 336.2 349.9 298.0

Intangible assets 2,206.7 2,634.4 2,957.6 3,136.9 2,413.5

Equity accounted investments 27.1 26.8 47.8 32.8 71.4

Cash/derivatives 1,948.5 1,620.2 1,570.2 1,207.3 1,138.4

Other assets 2,406.0 3,696.9 3,574.2 3,325.8 4,073.9

Total assets 8,034.8 9,559.2 9,840.8 9,483.2 9,257.6

Equity 2,705.6 2,970.6 3,058.3 3,183.0 3,168.3

Non-current and current liabilities:

Borrowings/derivatives

1,783.3 2,040.1 2,337.5 1,992.0 1,996.6

Lease creditors 315.2 336.7 346.5 362.4 314.0

Retirement benefit obligations (8.0) (7.7) (11.7) 6.6 5.9

Other liabilities 3,238.7 4,219.5 4,110.2 3,939.2 3,772.8

Total liabilities 5,329.2 6,588.6 6,782.5 6,300.2 6,089.3

Total equity and liabilities 8,034.8 9,559.2 9,840.8 9,483.2 9,257.6

Net cash/(debt) included above (excl. lease creditors) 165.1 (419.9) (767.3) (784.7) (858.2)

Group Cash Flow

Year ended 31 March

2021

£’m

2022

£’m

2023

£’m

2024

£’m

2025

£’m

Operating cash flow 903.7 628.4 860.7 995.8 856.8

Capital expenditure 147.0 170.8 206.6 221.0 169.1

Acquisitions 272.6 720.1 340.5 338.5 242.5

Other Information 2021 2022 2023 2024 2025

Return on capital employed (%) 17.1% 16.5% 15.1% 14.3% 14.3%

Working capital (days) (4.3) 2.8 4.1 4.0 5.7

Governance Financial Statements Supplementary InformationStrategic Report

DCC plc Annual Report and Accounts 2025 263

INDEX

Accounting Policies 220

Acquisition Related Liabilities 202

Alternative Performance Measures 257

Analysis of Net Debt 194

Annual General Meeting 243

Approval of Financial Statements 229

Audit Committee Report 110

Auditors 114, 115

Auditor Statutory Disclosure 233

Basis of Consolidation 170

Basis of Preparation 161, 233

Board Committees 106, 110, 118

Board of Directors 90

Board Performance Evaluation 106

Borrowings and Lease Creditors 191

Business Combinations 208

Business Model 8

Business Reviews

– DCC Energy 14

– DCC Technology 24

Carbon Emissions 1, 13, 28, 31, 48

Cash and Cash Equivalents 188, 234

Cash Generated from Operations 211, 234

Chair’s Statement 2

Chief Executive’s Remuneration 134

Chief Executive’s Review 4

Clawback Policy 127

Commitments 211

Commodity Price Risk Management 216, 236

Company Balance Sheet 230

Company Cash Flow Statement 232

Company Statement of Changes in Equity 231

Compliance 42

Contingencies 236, 211

Corporate Governance Statement 94

Corporate Information 244

Credit Risk Management 38, 213, 235

Critical Accounting Estimates and Judgements 163

DCC Leadership Team 92

Deferred Income Tax 196

Derivative Financial Instruments 188

Directors 144

Directors’ and Company Secretary’s Interests 136

Directors’ Compliance Statement 145

Discontinued Operations 176

Diversity 108

Dividends 143, 178, 242

Earnings per Ordinary Share 178

Electronic Communications 243

Employee Share Options and Awards 171

Emerging Risks 79

Employment 170

Energy Strategy 2, 5, 12

Equity Accounted Investments 185

Events After the Balance Sheet Date 220

Exceptionals 173

Executive Directors’ Remuneration 131

Executive Risk Committee 77, 95

Exit Payments Policy 128

Finance Costs and Finance Income 174

Financial Calendar 243

Financial Review 30

Financial Risk and Capital Management 38, 213, 235

Five Year Review 262

Foreign Currency 208

Foreign Exchange Risk Management 216, 235, 38

General Meetings 144, 243

Going Concern 85

Governance 87

Government Grants 204

Greenhouse Gas Emissions 1, 28, 39, 50

Group Balance Sheet 158

Group Cash Flow Statement 160

Group Income Statement 156

Group Management Team 92

Group Profit for the Year 169

Group Statement of Changes in Equity 159

Group Statement of Comprehensive Income 157

Health & Safety 68

Highlights of the Year 1

Inclusion 64

Income Tax Expense 175

Intangible Assets and Goodwill 182

Interest Rate Risk and Debt/Liquidity Management 38

Inventories 186

Investments in Subsidiary Undertakings 233

Investor Relations 243

Key Performance Indicators 26

Lease Creditors 192

Long-term Incentive Plan 126, 137

Movement in Working Capital 187

Net Zero 2, 28, 42

Nomination and Governance Committee Report 106

Non-Controlling Interests 207

Non-Executive Directors’ Remuneration 135

Non-Financial Reporting 28

Notes to the Financial Statements 161

Other Operating Income/Expenses 169

Other Reserves 206, 234

People 4, 8, 29, 40

Post-Employment Benefit Obligations 197

Principal Risks and Uncertainties 80

Principal Subsidiaries 238

Profit Attributable to DCC plc 233

Property, Plant and Equipment 180

Provisions for Liabilities 203

Purpose 1, 2, 4, 42

Supplementary Information Continued

DCC plc Annual Report and Accounts 2025264

Registrar 243

Related Party Transactions 212, 235

Remuneration Policy Report 123

Remuneration Report 118

Report of the Directors 143

Report of the Independent Auditors 149

Retained Earnings 207, 234

Return on Capital Employed 26

Right-Of-Use Leased Assets 181

Risk Management and Internal Control 99

Risk Report 76

Segment Information 164

Share Capital and Share Premium 205

Share of Equity Accounted Investments’ Profit after Tax 175

Shareholder Information 242

Share Listing 242

Share Ownership and Dealing 99

Share Price and Market Capitalisation 242

Stakeholder Engagement 100

Statement of Compliance 161

Statement of Directors’ Responsibilities 148

Strategy 10

Substantial Holdings 145

Summary of Material Accounting Policies 220

Sustainability Review 39

Takeover Regulations 145

Taskforce on Climate-Related Financial Disclosures 117, 250

Trade and Other Payables 187, 234

Trade and Other Receivables 186, 233

Transparency Rules 145

Values 88

Viability Statement 86

Website 243

Index continued

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DCC plc,

DCC House,

Leopardstown Road,

Foxrock, Dublin 18,

D18 PK00,

Ireland

Tel: + 353 1 279 9400

Email: info@dcc.ie