<p>DCC plc（(GB:DCC)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>DCC plc 在最新的财报电话会议中传达了总体积极的语气，指出尽管收入略有下降，但利润上升、现金生成强劲和资本回报率良好。管理层承认能源销量疲软以及能源服务业务表现不佳，但强调了其对能源的聚焦所带来的好处，以及在周期中持续投资的能力。</p>
<h2>调整后营业利润增长</h2>
<p>总调整后营业利润增长 3.6%，达到 6.34 亿英镑，第二季度表现显著强劲，增长 7.9%，而第一季度表现较弱。管理层强调这一反弹是集团在波动市场中韧性的证据，以及在条件正常化时恢复势头的能力。</p>
<h2>调整后每股收益和股东回报</h2>
<p>持续基础上的调整后每股收益增长 9.9%，达到 438.1 便士，远超利润增长，突显了资本配置的纪律性。董事会提议将股息提高 5% 至 216.72 便士，并通过回购和要约返还 7 亿英镑，预计在 2028 财年再返还 1 亿英镑，进一步巩固了集团对股东友好的立场。</p>
<h2>优秀的现金转化和资产负债表强度</h2>
<p>自由现金流转化率在集团层面达到令人印象深刻的 108%，DCC Energy 更高，达到 113%，支持投资和资本回报。净债务为 6.9 亿英镑，相当于 EBITDA 的 0.9 倍，为进一步的有机举措和收购留出了充足的资产负债表空间。</p>
<h2>高资本回报率</h2>
<p>资本回报率为 16.8%，DCC Energy 为 18.8%，与近十年的平均水平接近 19% 一致。管理层强调其在能源收购中中高十几的回报记录，使公司在分散市场中定位为一个有纪律的整合者。</p>
<h2>移动部门表现优异</h2>
<p>移动部门的营业利润增长 8.6%，达到 1.344 亿英镑，按固定汇率计算的有机增长约为 5.8%。非燃料毛利润激增超过 17%，得益于扩展的车队服务，如燃料和电动车卡、远程信息处理和数字停车解决方案，深化了客户关系。</p>
<h2>能源产品和解决方案的强劲表现</h2>
<p>解决方案的营业利润增长 1.9%，达到 4.198 亿英镑，得益于能源产品的 11% 增长。管理层归功于定价纪律、采购节省和近期液化气收购的成功整合，这些共同帮助抵消了投资组合其他部分的疲软。</p>
<h2>战略简化和增长空间</h2>
<p>集团通过出售 DCC Healthcare 和其信息技术业务重新塑造了自己，技术部门现在已重新品牌并准备出售。DCC 计划采用 DCC Energy plc 的名称，并已承诺投资 1.1 亿英镑用于液化气收购，指向一个大型可寻址市场，目前仅占约 5% 的市场份额。</p>
<h2>收入下降和销量疲软</h2>
<p>集团收入下降 2.9%，至 154 亿英镑，反映出 DCC Energy 的交付量下降 3.2%。管理层提到温和的天气、某些地区商业活动减少和需求疲软的局部现象，尽管下半年销量略有改善，下降幅度为 1.8%。</p>
<h2>能源服务表现不佳</h2>
<p>能源服务经历了一个艰难的年份，面临项目延误、英国等市场需求疲软和激烈竞争导致的利润侵蚀。该业务在下半年还承担了数百万英镑的一次性重组和能力升级成本，旨在随着时间的推移恢复增长和盈利能力。</p>
<h2>2026 财年并购贡献有限</h2>
<p>尽管持续的交易活动和承诺支出，净并购对当年利润增长的贡献仅约 0.5%。这使得 2026 财年主要是有机表现的故事，但管理层强调了可观的项目管道和在适当机会出现时加大收购的能力。</p>
<h2>市场波动和商品通胀</h2>
<p>这一年受到能源市场剧烈波动的影响，包括年末危机和显著的商品成本通胀，扰乱了正常模式。这些条件导致需求在三月份短期提前，并使营运资本趋势复杂化，突显了强有力的风险管理和定价控制的重要性。</p>
<h2>技术业务出售过程和剩余不确定性</h2>
<p>技术部门现在已重新品牌为 Nexora，仍在正式出售路径上，产生了 7980 万英镑的营业利润，尽管被标记为待售，但仍增长 4.3%。管理层承认在计划退出完成之前存在一些执行风险和剩余不确定性，但认为这一举措对其纯能源战略至关重要。</p>
<h2>对前瞻性指引的限制</h2>
<p>持续的收购要约和相关的爱尔兰收购规则限制了管理层对未来计划的详细说明或对该要约的评论。这暂时降低了投资者的可见度，即使公司继续报告强劲的当前表现并重申其战略方向。</p>
<h2>前瞻性指引和战略目标</h2>
<p>管理层重申其到 2030 年将利润翻倍的雄心，目标是中期有机增长 3-4%，并通过收购再增长 6-8%，以维持两位数的收益增长。集团旨在将约 90% 的利润转化为现金，保持高十几的资本回报率，加深在大型液化气市场的地位，并完成 Nexora 的出售，当前已有 87% 的利润来自能源业务。</p>
<p>DCC plc 最近的财报电话会议描绘了一个在短期逆风与长期机遇之间保持平衡的商业图景，得益于强劲的利润、现金生成和资本纪律。尽管销量疲软、能源服务面临挑战以及指导方针受限仍然是关注点，但投资者听到了一个清晰的信息，即以能源为主导的增长、积极的投资组合重塑以及持续的有序收购能力。</p>

<p>DCC plc 第四季度的财报电话会议强调，调整后的营业利润增长了 3.6%，达到 6.34 亿英镑，尽管由于能源需求疲软，收入下降了 2.9%，降至 154 亿英镑。调整后的每股收益增长了 9.9%，达到 438.1 便士，并提议增加 5% 的股息。公司强调了强劲的现金流转化和稳健的资产负债表，同时重组工作旨在提升增长。移动业务表现优异，公司计划专注于能源业务，并重新品牌为 DCC Energy plc。市场波动和即将进行的技术业务出售为未来的指引增添了不确定性</p>

<p>DCC plc ((GB:DCC)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>DCC plc（(GB:DCC)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>DCC plc struck a broadly positive tone in its latest earnings call, pointing to rising profits, robust cash generation and strong returns on capital despite a modest revenue decline. Management acknowledged softer energy volumes and a disappointing year for Energy Services, but underlined the benefits of its sharpened focus on energy and its capacity to keep investing through the cycle.</p>
<div class="lb-trans"><p>DCC plc 在最新的财报电话会议中传达了总体积极的语气，指出尽管收入略有下降，但利润上升、现金生成强劲和资本回报率良好。管理层承认能源销量疲软以及能源服务业务表现不佳，但强调了其对能源的聚焦所带来的好处，以及在周期中持续投资的能力。</p>
</div><h2>Adjusted operating profit growth</h2>
<div class="lb-trans"><h2>调整后营业利润增长</h2>
</div><p>Total adjusted operating profit rose 3.6% to £634.0m, with a notably stronger second half that delivered 7.9% growth after a weaker first half. Management highlighted the rebound as evidence of the group’s resilience in volatile markets and its ability to recover momentum as conditions normalized.</p>
<div class="lb-trans"><p>总调整后营业利润增长 3.6%，达到 6.34 亿英镑，第二季度表现显著强劲，增长 7.9%，而第一季度表现较弱。管理层强调这一反弹是集团在波动市场中韧性的证据，以及在条件正常化时恢复势头的能力。</p>
</div><h2>Adjusted EPS and shareholder returns</h2>
<div class="lb-trans"><h2>调整后每股收益和股东回报</h2>
</div><p>Adjusted EPS on a continuing basis climbed 9.9% to 438.1p, comfortably outpacing profit growth and underscoring disciplined capital allocation. The Board proposed a 5% dividend increase to 216.72p and returned £700m via buybacks and a tender, with another £100m expected in FY ’28, reinforcing the group’s shareholder-friendly stance.</p>
<div class="lb-trans"><p>持续基础上的调整后每股收益增长 9.9%，达到 438.1 便士，远超利润增长，突显了资本配置的纪律性。董事会提议将股息提高 5% 至 216.72 便士，并通过回购和要约返还 7 亿英镑，预计在 2028 财年再返还 1 亿英镑，进一步巩固了集团对股东友好的立场。</p>
</div><h2>Excellent cash conversion and balance sheet strength</h2>
<div class="lb-trans"><h2>优秀的现金转化和资产负债表强度</h2>
</div><p>Free cash flow conversion reached an impressive 108% at group level, with DCC Energy even higher at 113%, supporting both investment and capital returns. Net debt stood at £690m, equating to just 0.9x EBITDA, leaving substantial balance sheet headroom for further organic initiatives and acquisitions.</p>
<div class="lb-trans"><p>自由现金流转化率在集团层面达到令人印象深刻的 108%，DCC Energy 更高，达到 113%，支持投资和资本回报。净债务为 6.9 亿英镑，相当于 EBITDA 的 0.9 倍，为进一步的有机举措和收购留出了充足的资产负债表空间。</p>
</div><h2>High returns on capital</h2>
<div class="lb-trans"><h2>高资本回报率</h2>
</div><p>Return on capital employed came in at 16.8% for the group and 18.8% for DCC Energy, consistent with a decade-long average near 19%. Management stressed its track record of mid-to-high-teen returns on energy acquisitions, positioning the company as a disciplined consolidator in fragmented markets.</p>
<div class="lb-trans"><p>资本回报率为 16.8%，DCC Energy 为 18.8%，与近十年的平均水平接近 19% 一致。管理层强调其在能源收购中中高十几的回报记录，使公司在分散市场中定位为一个有纪律的整合者。</p>
</div><h2>Mobility segment outperformance</h2>
<div class="lb-trans"><h2>移动部门表现优异</h2>
</div><p>The Mobility division delivered operating profit growth of 8.6% to £134.4m, with constant-currency organic gains of about 5.8%. Nonfuel gross profit surged more than 17%, driven by expanding fleet services such as fuel and EV cards, telematics and digital parking solutions that deepen customer relationships.</p>
<div class="lb-trans"><p>移动部门的营业利润增长 8.6%，达到 1.344 亿英镑，按固定汇率计算的有机增长约为 5.8%。非燃料毛利润激增超过 17%，得益于扩展的车队服务，如燃料和电动车卡、远程信息处理和数字停车解决方案，深化了客户关系。</p>
</div><h2>Energy Products and Solutions strength</h2>
<div class="lb-trans"><h2>能源产品和解决方案的强劲表现</h2>
</div><p>Solutions operating profit increased 1.9% to £419.8m, supported by an 11% uplift in Energy Products. Management credited pricing discipline, procurement savings and the successful integration of recent liquid gas acquisitions, which together helped offset weakness elsewhere in the portfolio.</p>
<div class="lb-trans"><p>解决方案的营业利润增长 1.9%，达到 4.198 亿英镑，得益于能源产品的 11% 增长。管理层归功于定价纪律、采购节省和近期液化气收购的成功整合，这些共同帮助抵消了投资组合其他部分的疲软。</p>
</div><h2>Strategic simplification and growth runway</h2>
<div class="lb-trans"><h2>战略简化和增长空间</h2>
</div><p>The group has reshaped itself around energy by selling DCC Healthcare and its information technology activities, with the tech arm now rebranded and being prepared for disposal. DCC plans to adopt the name DCC Energy plc and has already committed £110m to liquid gas acquisitions, pointing to a large addressable market where it currently holds only about a 5% share.</p>
<div class="lb-trans"><p>集团通过出售 DCC Healthcare 和其信息技术业务重新塑造了自己，技术部门现在已重新品牌并准备出售。DCC 计划采用 DCC Energy plc 的名称，并已承诺投资 1.1 亿英镑用于液化气收购，指向一个大型可寻址市场，目前仅占约 5% 的市场份额。</p>
</div><h2>Revenue decline and volume weakness</h2>
<div class="lb-trans"><h2>收入下降和销量疲软</h2>
</div><p>Group revenue slipped 2.9% to £15.4bn, reflecting softer energy volumes as DCC Energy deliveries fell 3.2% for the year. Management cited milder weather, reduced commercial activity in certain regions and pockets of weak demand, though volumes improved slightly in the second half with a 1.8% decline.</p>
<div class="lb-trans"><p>集团收入下降 2.9%，至 154 亿英镑，反映出 DCC Energy 的交付量下降 3.2%。管理层提到温和的天气、某些地区商业活动减少和需求疲软的局部现象，尽管下半年销量略有改善，下降幅度为 1.8%。</p>
</div><h2>Energy Services underperformance</h2>
<div class="lb-trans"><h2>能源服务表现不佳</h2>
</div><p>Energy Services suffered a difficult year marked by project delays, weaker demand in markets such as the U.K. and intense competition that eroded margins. The business also absorbed mid–single-digit millions of one-off costs in the second half for restructuring and capability upgrades, which are intended to restore growth and profitability over time.</p>
<div class="lb-trans"><p>能源服务经历了一个艰难的年份，面临项目延误、英国等市场需求疲软和激烈竞争导致的利润侵蚀。该业务在下半年还承担了数百万英镑的一次性重组和能力升级成本，旨在随着时间的推移恢复增长和盈利能力。</p>
</div><h2>Modest M&amp;A contribution in FY ’26</h2>
<div class="lb-trans"><h2>2026 财年并购贡献有限</h2>
</div><p>Despite ongoing deal activity and committed spending, net M&amp;A contributed only about 0.5% to profit growth in the year. This left FY ’26 largely a story of organic performance, but management emphasized a substantial pipeline and the capacity to step up acquisitions as suitable opportunities arise.</p>
<div class="lb-trans"><p>尽管持续的交易活动和承诺支出，净并购对当年利润增长的贡献仅约 0.5%。这使得 2026 财年主要是有机表现的故事，但管理层强调了可观的项目管道和在适当机会出现时加大收购的能力。</p>
</div><h2>Market volatility and commodity inflation</h2>
<div class="lb-trans"><h2>市场波动和商品通胀</h2>
</div><p>The year was shaped by sharp swings in energy markets, including a late-year crisis and significant commodity cost inflation that disrupted normal patterns. These conditions led to a short-term pull-forward of demand into March and complicated working capital trends, underlining the importance of strong risk management and pricing controls.</p>
<div class="lb-trans"><p>这一年受到能源市场剧烈波动的影响，包括年末危机和显著的商品成本通胀，扰乱了正常模式。这些条件导致需求在三月份短期提前，并使营运资本趋势复杂化，突显了强有力的风险管理和定价控制的重要性。</p>
</div><h2>Technology business sale process and residual uncertainty</h2>
<div class="lb-trans"><h2>技术业务出售过程和剩余不确定性</h2>
</div><p>The technology arm, now rebranded Nexora, remains on a formal sale path and generated £79.8m of operating profit, up 4.3% despite being earmarked for disposal. Management acknowledged some execution risk and residual uncertainty until the planned exit is completed, but views the move as integral to its pure-play energy strategy.</p>
<div class="lb-trans"><p>技术部门现在已重新品牌为 Nexora，仍在正式出售路径上，产生了 7980 万英镑的营业利润，尽管被标记为待售，但仍增长 4.3%。管理层承认在计划退出完成之前存在一些执行风险和剩余不确定性，但认为这一举措对其纯能源战略至关重要。</p>
</div><h2>Restrictions on forward guidance</h2>
<div class="lb-trans"><h2>对前瞻性指引的限制</h2>
</div><p>An ongoing takeover offer and associated Irish takeover rules constrained management’s ability to elaborate on future plans or comment on the offer. This has temporarily reduced visibility for investors, even as the company continues to report robust current performance and reiterate its strategic direction.</p>
<div class="lb-trans"><p>持续的收购要约和相关的爱尔兰收购规则限制了管理层对未来计划的详细说明或对该要约的评论。这暂时降低了投资者的可见度，即使公司继续报告强劲的当前表现并重申其战略方向。</p>
</div><h2>Forward-looking guidance and strategic ambitions</h2>
<div class="lb-trans"><h2>前瞻性指引和战略目标</h2>
</div><p>Management reiterated its ambition to double profits by 2030, targeting medium-term organic growth of 3–4% and a further 6–8% from acquisitions to sustain double-digit earnings growth. The group aims to convert about 90% of profits into cash, maintain returns on capital in the high teens, deepen its position in a large liquid gas market and complete the Nexora sale, with 87% of profits already coming from energy activities.</p>
<div class="lb-trans"><p>管理层重申其到 2030 年将利润翻倍的雄心，目标是中期有机增长 3-4%，并通过收购再增长 6-8%，以维持两位数的收益增长。集团旨在将约 90% 的利润转化为现金，保持高十几的资本回报率，加深在大型液化气市场的地位，并完成 Nexora 的出售，当前已有 87% 的利润来自能源业务。</p>
</div><p>DCC plc’s latest earnings call painted a picture of a business balancing near-term headwinds with long-term opportunity, backed by strong profits, cash generation and capital discipline. While volume softness, Energy Services challenges and restricted guidance remain watchpoints, investors heard a clear message of energy-led growth, active portfolio reshaping and continued capacity for disciplined acquisitions.</p>
<div class="lb-trans"><p>DCC plc 最近的财报电话会议描绘了一个在短期逆风与长期机遇之间保持平衡的商业图景，得益于强劲的利润、现金生成和资本纪律。尽管销量疲软、能源服务面临挑战以及指导方针受限仍然是关注点，但投资者听到了一个清晰的信息，即以能源为主导的增长、积极的投资组合重塑以及持续的有序收购能力。</p>
</div>

DCC plc 财报电话会议重点突出其以能源为核心的增长战略