<p>DCC plc（(GB:DCC)）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>DCC plc 在最新的財報電話會議中傳達了總體積極的語氣，指出儘管收入略有下降，但利潤上升、現金生成強勁和資本回報率良好。管理層承認能源銷量疲軟以及能源服務業務表現不佳，但強調了其對能源的聚焦所帶來的好處，以及在週期中持續投資的能力。</p>
<h2>調整後營業利潤增長</h2>
<p>總調整後營業利潤增長 3.6%，達到 6.34 億英鎊，第二季度表現顯著強勁，增長 7.9%，而第一季度表現較弱。管理層強調這一反彈是集團在波動市場中韌性的證據，以及在條件正常化時恢復勢頭的能力。</p>
<h2>調整後每股收益和股東回報</h2>
<p>持續基礎上的調整後每股收益增長 9.9%，達到 438.1 便士，遠超利潤增長，突顯了資本配置的紀律性。董事會提議將股息提高 5% 至 216.72 便士，並通過回購和要約返還 7 億英鎊，預計在 2028 財年再返還 1 億英鎊，進一步鞏固了集團對股東友好的立場。</p>
<h2>優秀的現金轉化和資產負債表強度</h2>
<p>自由現金流轉化率在集團層面達到令人印象深刻的 108%，DCC Energy 更高，達到 113%，支持投資和資本回報。淨債務為 6.9 億英鎊，相當於 EBITDA 的 0.9 倍，為進一步的有機舉措和收購留出了充足的資產負債表空間。</p>
<h2>高資本回報率</h2>
<p>資本回報率為 16.8%，DCC Energy 為 18.8%，與近十年的平均水平接近 19% 一致。管理層強調其在能源收購中中高十幾的回報記錄，使公司在分散市場中定位為一個有紀律的整合者。</p>
<h2>移動部門表現優異</h2>
<p>移動部門的營業利潤增長 8.6%，達到 1.344 億英鎊，按固定匯率計算的有機增長約為 5.8%。非燃料毛利潤激增超過 17%，得益於擴展的車隊服務，如燃料和電動車卡、遠程信息處理和數字停車解決方案，深化了客户關係。</p>
<h2>能源產品和解決方案的強勁表現</h2>
<p>解決方案的營業利潤增長 1.9%，達到 4.198 億英鎊，得益於能源產品的 11% 增長。管理層歸功於定價紀律、採購節省和近期液化氣收購的成功整合，這些共同幫助抵消了投資組合其他部分的疲軟。</p>
<h2>戰略簡化和增長空間</h2>
<p>集團通過出售 DCC Healthcare 和其信息技術業務重新塑造了自己，技術部門現在已重新品牌並準備出售。DCC 計劃採用 DCC Energy plc 的名稱，並已承諾投資 1.1 億英鎊用於液化氣收購，指向一個大型可尋址市場，目前僅佔約 5% 的市場份額。</p>
<h2>收入下降和銷量疲軟</h2>
<p>集團收入下降 2.9%，至 154 億英鎊，反映出 DCC Energy 的交付量下降 3.2%。管理層提到温和的天氣、某些地區商業活動減少和需求疲軟的局部現象，儘管下半年銷量略有改善，下降幅度為 1.8%。</p>
<h2>能源服務表現不佳</h2>
<p>能源服務經歷了一個艱難的年份，面臨項目延誤、英國等市場需求疲軟和激烈競爭導致的利潤侵蝕。該業務在下半年還承擔了數百萬英鎊的一次性重組和能力升級成本，旨在隨着時間的推移恢復增長和盈利能力。</p>
<h2>2026 財年併購貢獻有限</h2>
<p>儘管持續的交易活動和承諾支出，淨併購對當年利潤增長的貢獻僅約 0.5%。這使得 2026 財年主要是有機表現的故事，但管理層強調了可觀的項目管道和在適當機會出現時加大收購的能力。</p>
<h2>市場波動和商品通脹</h2>
<p>這一年受到能源市場劇烈波動的影響，包括年末危機和顯著的商品成本通脹，擾亂了正常模式。這些條件導致需求在三月份短期提前，並使營運資本趨勢複雜化，突顯了強有力的風險管理和定價控制的重要性。</p>
<h2>技術業務出售過程和剩餘不確定性</h2>
<p>技術部門現在已重新品牌為 Nexora，仍在正式出售路徑上，產生了 7980 萬英鎊的營業利潤，儘管被標記為待售，但仍增長 4.3%。管理層承認在計劃退出完成之前存在一些執行風險和剩餘不確定性，但認為這一舉措對其純能源戰略至關重要。</p>
<h2>對前瞻性指引的限制</h2>
<p>持續的收購要約和相關的愛爾蘭收購規則限制了管理層對未來計劃的詳細説明或對該要約的評論。這暫時降低了投資者的可見度，即使公司繼續報告強勁的當前表現並重申其戰略方向。</p>
<h2>前瞻性指引和戰略目標</h2>
<p>管理層重申其到 2030 年將利潤翻倍的雄心，目標是中期有機增長 3-4%，並通過收購再增長 6-8%，以維持兩位數的收益增長。集團旨在將約 90% 的利潤轉化為現金，保持高十幾的資本回報率，加深在大型液化氣市場的地位，並完成 Nexora 的出售，當前已有 87% 的利潤來自能源業務。</p>
<p>DCC plc 最近的財報電話會議描繪了一個在短期逆風與長期機遇之間保持平衡的商業圖景，得益於強勁的利潤、現金生成和資本紀律。儘管銷量疲軟、能源服務面臨挑戰以及指導方針受限仍然是關注點，但投資者聽到了一個清晰的信息，即以能源為主導的增長、積極的投資組合重塑以及持續的有序收購能力。</p>

<p>DCC plc 第四季度的財報電話會議強調，調整後的營業利潤增長了 3.6%，達到 6.34 億英鎊，儘管由於能源需求疲軟，收入下降了 2.9%，降至 154 億英鎊。調整後的每股收益增長了 9.9%，達到 438.1 便士，並提議增加 5% 的股息。公司強調了強勁的現金流轉化和穩健的資產負債表，同時重組工作旨在提升增長。移動業務表現優異，公司計劃專注於能源業務，並重新品牌為 DCC Energy plc。市場波動和即將進行的技術業務出售為未來的指引增添了不確定性</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)）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</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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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</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 在最新的財報電話會議中傳達了總體積極的語氣，指出儘管收入略有下降，但利潤上升、現金生成強勁和資本回報率良好。管理層承認能源銷量疲軟以及能源服務業務表現不佳，但強調了其對能源的聚焦所帶來的好處，以及在週期中持續投資的能力。</p>
</div><h2>Adjusted operating profit growth</h2>
<div class="lb-trans"><h2>調整後營業利潤增長</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>總調整後營業利潤增長 3.6%，達到 6.34 億英鎊，第二季度表現顯著強勁，增長 7.9%，而第一季度表現較弱。管理層強調這一反彈是集團在波動市場中韌性的證據，以及在條件正常化時恢復勢頭的能力。</p>
</div><h2>Adjusted EPS and shareholder returns</h2>
<div class="lb-trans"><h2>調整後每股收益和股東回報</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>持續基礎上的調整後每股收益增長 9.9%，達到 438.1 便士，遠超利潤增長，突顯了資本配置的紀律性。董事會提議將股息提高 5% 至 216.72 便士，並通過回購和要約返還 7 億英鎊，預計在 2028 財年再返還 1 億英鎊，進一步鞏固了集團對股東友好的立場。</p>
</div><h2>Excellent cash conversion and balance sheet strength</h2>
<div class="lb-trans"><h2>優秀的現金轉化和資產負債表強度</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>自由現金流轉化率在集團層面達到令人印象深刻的 108%，DCC Energy 更高，達到 113%，支持投資和資本回報。淨債務為 6.9 億英鎊，相當於 EBITDA 的 0.9 倍，為進一步的有機舉措和收購留出了充足的資產負債表空間。</p>
</div><h2>High returns on capital</h2>
<div class="lb-trans"><h2>高資本回報率</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>資本回報率為 16.8%，DCC Energy 為 18.8%，與近十年的平均水平接近 19% 一致。管理層強調其在能源收購中中高十幾的回報記錄，使公司在分散市場中定位為一個有紀律的整合者。</p>
</div><h2>Mobility segment outperformance</h2>
<div class="lb-trans"><h2>移動部門表現優異</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>移動部門的營業利潤增長 8.6%，達到 1.344 億英鎊，按固定匯率計算的有機增長約為 5.8%。非燃料毛利潤激增超過 17%，得益於擴展的車隊服務，如燃料和電動車卡、遠程信息處理和數字停車解決方案，深化了客户關係。</p>
</div><h2>Energy Products and Solutions strength</h2>
<div class="lb-trans"><h2>能源產品和解決方案的強勁表現</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>解決方案的營業利潤增長 1.9%，達到 4.198 億英鎊，得益於能源產品的 11% 增長。管理層歸功於定價紀律、採購節省和近期液化氣收購的成功整合，這些共同幫助抵消了投資組合其他部分的疲軟。</p>
</div><h2>Strategic simplification and growth runway</h2>
<div class="lb-trans"><h2>戰略簡化和增長空間</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>集團通過出售 DCC Healthcare 和其信息技術業務重新塑造了自己，技術部門現在已重新品牌並準備出售。DCC 計劃採用 DCC Energy plc 的名稱，並已承諾投資 1.1 億英鎊用於液化氣收購，指向一個大型可尋址市場，目前僅佔約 5% 的市場份額。</p>
</div><h2>Revenue decline and volume weakness</h2>
<div class="lb-trans"><h2>收入下降和銷量疲軟</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>集團收入下降 2.9%，至 154 億英鎊，反映出 DCC Energy 的交付量下降 3.2%。管理層提到温和的天氣、某些地區商業活動減少和需求疲軟的局部現象，儘管下半年銷量略有改善，下降幅度為 1.8%。</p>
</div><h2>Energy Services underperformance</h2>
<div class="lb-trans"><h2>能源服務表現不佳</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>能源服務經歷了一個艱難的年份，面臨項目延誤、英國等市場需求疲軟和激烈競爭導致的利潤侵蝕。該業務在下半年還承擔了數百萬英鎊的一次性重組和能力升級成本，旨在隨着時間的推移恢復增長和盈利能力。</p>
</div><h2>Modest M&amp;A contribution in FY ’26</h2>
<div class="lb-trans"><h2>2026 財年併購貢獻有限</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>儘管持續的交易活動和承諾支出，淨併購對當年利潤增長的貢獻僅約 0.5%。這使得 2026 財年主要是有機表現的故事，但管理層強調了可觀的項目管道和在適當機會出現時加大收購的能力。</p>
</div><h2>Market volatility and commodity inflation</h2>
<div class="lb-trans"><h2>市場波動和商品通脹</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>這一年受到能源市場劇烈波動的影響，包括年末危機和顯著的商品成本通脹，擾亂了正常模式。這些條件導致需求在三月份短期提前，並使營運資本趨勢複雜化，突顯了強有力的風險管理和定價控制的重要性。</p>
</div><h2>Technology business sale process and residual uncertainty</h2>
<div class="lb-trans"><h2>技術業務出售過程和剩餘不確定性</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>技術部門現在已重新品牌為 Nexora，仍在正式出售路徑上，產生了 7980 萬英鎊的營業利潤，儘管被標記為待售，但仍增長 4.3%。管理層承認在計劃退出完成之前存在一些執行風險和剩餘不確定性，但認為這一舉措對其純能源戰略至關重要。</p>
</div><h2>Restrictions on forward guidance</h2>
<div class="lb-trans"><h2>對前瞻性指引的限制</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>持續的收購要約和相關的愛爾蘭收購規則限制了管理層對未來計劃的詳細説明或對該要約的評論。這暫時降低了投資者的可見度，即使公司繼續報告強勁的當前表現並重申其戰略方向。</p>
</div><h2>Forward-looking guidance and strategic ambitions</h2>
<div class="lb-trans"><h2>前瞻性指引和戰略目標</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>管理層重申其到 2030 年將利潤翻倍的雄心，目標是中期有機增長 3-4%，並通過收購再增長 6-8%，以維持兩位數的收益增長。集團旨在將約 90% 的利潤轉化為現金，保持高十幾的資本回報率，加深在大型液化氣市場的地位，並完成 Nexora 的出售，當前已有 87% 的利潤來自能源業務。</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 最近的財報電話會議描繪了一個在短期逆風與長期機遇之間保持平衡的商業圖景，得益於強勁的利潤、現金生成和資本紀律。儘管銷量疲軟、能源服務面臨挑戰以及指導方針受限仍然是關注點，但投資者聽到了一個清晰的信息，即以能源為主導的增長、積極的投資組合重塑以及持續的有序收購能力。</p>
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DCC plc 財報電話會議重點突出其以能源為核心的增長戰略