DPC Holdings PLC (DPC): Results of Operations and Financial Condition
DPC Holdings PLC (DPC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 August 11, 2026 DPC Holdings Reports Strong Second Quarter 2026 Results Record Revenue and Adjusted EBITDA Initiates Full Year 2026 Guidance Second Quarter 2026 GAAP Financial Results · Revenue of $269 million, up 34% year over year. · Strong year-over-year growth of
How this was made
The 30-second read
Why it matters
Traders can update models using the provided Q2 datapoints and the full-year guidance ranges for revenue and adjusted EBITDA, and reassess risk around GAAP losses versus adjusted profitability.
Market read
The filing provides fresh guidance ranges and capital structure updates that can drive near-term repricing, especially for investors focused on adjusted EBITDA and growth in Engine Products.
What to watch
Metal cost inflation pass-through diluted margins by 60 bps in Q2; further input-cost volatility could pressure future adjusted EBITDA despite value-based pricing.
DPC Holdings Reports Strong Second Quarter 2026 Results Record Revenue and Adjusted EBITDA Initiates Full Year 2026 Guidance
Record revenue of $269 million grew 34% year over year and Adjusted EBITDA of $48 million grew 33%, while Engine Products segment adjusted EBITDA rose 53% and full-year guidance was initiated.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $269 million | – | +34% |
| Net income/(loss)GAAP | ($131) million | – | (165)% |
| Net income /(loss) marginGAAP | (48.8)% | – | (2420) bps |
| Earnings per shareGAAP | ($1.14) | – | ($0.70) |
| Adjusted EBITDAnon-GAAP | $48 million | – | +33% |
| Adjusted EBITDA marginnon-GAAP | 17.8% | – | (10) bps |
| Adjusted net income/(loss)non-GAAP | $6 million | – | +152% |
| Adjusted earnings per sharenon-GAAP | $0.05 | – | +0.15 |
| Engine Products - Europe adjusted cost of salesnon-GAAP | ($85.7) million | – | – |
| Engine Products - Europe adjusted selling, general and administrative expensesnon-GAAP | ($4.4) million | – | – |
| Engine Products - Europe other segment itemsother | ($3.4) million | – | – |
| Engine Products - Europe segment adjusted EBITDAnon-GAAP | $29.8 million | – | – |
| Engine Products - Europe segment adjusted EBITDA marginnon-GAAP | 24.2% | – | 80 basis points |
| Engine Products - North America adjusted cost of salesnon-GAAP | ($68.3) million | – | – |
| Engine Products - North America adjusted selling, general and administrative expensesnon-GAAP | ($2.7) million | – | – |
| Engine Products - North America other segment itemsother | ($4.4) million | – | – |
| Engine Products - North America segment adjusted EBITDAnon-GAAP | $22.0 million | – | – |
| Engine Products - North America segment adjusted EBITDA marginnon-GAAP | 22.6% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Engine Products - EuropePrimarily due to output increase linked to the strong end market, including OEM build rates. | $123.3 million | – | 48.7% |
| Engine Products - North AmericaPrimarily attributable to increased output following investments in capacity increases. | $97.4 million | – | 29.0% |
Full Year 2026 outlook
- Revenue$1,000m - $1,040m
- NoteAdjusted EBITDA: $182m - $187m
What drove it
- Aerospace and IGT end markets grew 47% and 42%, respectively.
- Engine Products combined revenue grew 39%, supported by above-market growth, product portfolio gains and metal cost inflation pass-through to customers.
- Segment adjusted EBITDA growth in Engine Products was driven by higher volumes and value-based pricing.
- Operating leverage from higher volumes and execution of value-based pricing supported Engine Products segment adjusted EBITDA margin.
- A fourth Strategic Customer Partnership was signed with an Aero OEM, including volume commitments supporting a new superalloy greenfield facility in Alabama.
- Four Aero and IGT OEM partnerships are expected to deliver more than $200 million of incremental annual revenue at an accretive margin, with customer-funded investment and volume commitments.
Concerns
- GAAP net loss widened to ($131) million from ($49) million, largely due to the Management Incentive Plan accrual, IPO expenses and award of a new incentive share scheme.
- GAAP net loss margin was (48.8)% versus (24.6)%.
- Adjusted EBITDA margin was 17.8% versus 17.9%; metal cost inflation pass-through diluted margin by 60 bps, alongside higher corporate costs and increased loss from business held for sale.
- Working capital increased due to ongoing investment to support growth and higher metal cost inflation pass-through.
- Capital expenditure is expected to remain elevated.
What to watch
- Delivery against Full Year 2026 revenue guidance of $1,000m - $1,040m.
- Delivery against Full Year 2026 Adjusted EBITDA guidance of $182m - $187m.
- Progress of the new Alabama superalloy facility and volume commitments under the fourth Strategic Customer Partnership.
- The effect of metal cost inflation pass-through, higher corporate costs and the loss from business held for sale on adjusted EBITDA margin.
- Capacity-expansion investment and working-capital requirements as customer demand increases.
Balance sheet and cash flow
- Adjusted net cash position of $274 million at June 28, 2026.
- Cash and cash equivalents of $846 million less borrowings of $573 million.
- Transaction adjusted net cash of $118 million reflects the inclusion of all the net proceeds of the IPO, greenshoe and private placements.
- IPO and private placement proceeds repaid the Shareholder PIK Loan and ABL revolving credit facility during the quarter.
- Post quarter end, the Company repaid the majority of the term loan and all of the MIP with beneficiaries reinvesting and purchasing DPC Holdings stock.
- Working capital increased due to ongoing investment to support growth and higher metal cost inflation pass-through.
- Capital expenditure is expected to remain elevated, with additional investments in capacity expansions to accommodate increased customer demand and delivery of two IGT Strategic Customer Partnerships.
Analysis
DPC reported record second-quarter revenue of $269 million, up 34% year over year, and Adjusted EBITDA of $48 million, up 33%. Management attributed the growth to Aerospace and IGT end-market growth of 47% and 42%, respectively. Engine Products combined revenue grew 39%, supported by above-market growth, product portfolio gains and metal cost inflation pass-through to customers.
Europe was the larger reported Engine Products segment at $123.3 million of gross segment revenue, up 48.7%, while North America reported $97.4 million, up 29.0%. Europe cited stronger end markets and OEM build rates, and North America cited increased output following capacity investment. Engine Products segment adjusted EBITDA grew 53%, with Europe at $29.8 million and North America at $22.0 million. Europe segment adjusted EBITDA margin was 24.2% and North America was 22.6%.
Profitability was mixed across reported measures. Adjusted EBITDA margin was 17.8%, compared with 17.9%, as metal cost inflation pass-through diluted the margin by 60 bps and the company incurred higher corporate costs and an increased loss from business held for sale. In contrast, GAAP net loss widened to ($131) million from ($49) million, which the company attributed largely to the Management Incentive Plan accrual, IPO expenses and the award of a new incentive share scheme. Adjusted net income improved to $6 million from a loss of ($11) million.
The balance sheet and capital structure changed materially during and after the quarter. IPO and private-placement proceeds repaid the Shareholder PIK Loan and ABL revolving credit facility. The company reported adjusted net cash of $274 million, comprising cash and cash equivalents of $846 million less borrowings of $573 million, while transaction adjusted net cash was $118 million. Post quarter end, the company repaid the majority of the term loan and all of the MIP. Working capital increased and capital expenditure is expected to remain elevated as DPC funds capacity expansions and strategic customer partnerships.
Management initiated Full Year 2026 guidance for revenue of $1,000m - $1,040m and Adjusted EBITDA of $182m - $187m. The outlook rests on structural demand drivers in Aerospace and IGT, continued larger portfolio-level awards, extended contracts with improved commercial terms, and strategic customer partnerships. The newly signed Aero OEM partnership supports investment in a superalloy facility in Alabama; management stated that four Aero and IGT OEM partnerships are expected to deliver more than $200 million of incremental annual revenue at an accretive margin.
Management, verbatim
Doncasters’ continues to deliver strong growth with record levels of revenue, adjusted EBITDA and ongoing adjusted EBITDA margin progression.
Mike Quinn, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Prior-quarter figures and quarter-over-quarter changes were not reported for the listed metrics.
- Full Year 2026 guidance for gross margin, operating expenses and tax rate was not reported.
- Prior outlook was not provided, so comparison with prior guidance is unavailable.
- Engine Products - North America segment adjusted EBITDA year-over-year change was not separately reported on its own line.
- Six-month segment figures and six-month total financial metrics are not included as current-quarter key metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is DPC Holdings PLC’s SEC Form 8-K (Item 2.02) with Exhibit 99.1 reporting Q2 2026 results and initiating full-year 2026 guidance.
Ticker impact
DPC reported Q2 2026 revenue of $269M (+34% YoY), adjusted EBITDA of $48M (+33% YoY), and initiated full-year 2026 guidance.
Moderately positive bias for the next session and into guidance digestion, assuming the market focuses on adjusted EBITDA and the $1.00B to $1.04B revenue outlook.
The filing includes fresh, decision-relevant numbers (Q2 results and full-year guidance ranges) and concrete capital structure actions (repaying facilities) plus a customer partnership tied to a new Alabama superalloy facility.
Market effects
Supports the aerospace and industrial gas-turbine supply-chain narrative via higher Engine Products growth and margin progression.
Highlights Europe and North America outperformance within Engine Products, which may influence regional industrial sentiment.
Reinforces demand assumptions tied to air travel and electricity/grid reliability themes referenced in the outlook.
Counterpoint
GAAP results remain deeply negative due to IPO and incentive-plan accruals, so the stock may be sensitive if investors discount non-GAAP strength.
Key entities
- issuerDPC Holdings PLC
Reported Q2 2026 results, initiated full-year 2026 guidance, repaid debt facilities using IPO/private placement proceeds, and cited a new Aero OEM partnership.
- credit_rating_agencyMoody’s
Upgraded DPC’s credit rating to Ba2 with a positive outlook (noted as occurring July 28, 2026).
- customer_partnerAero OEM (four partnerships)
New strategic customer partnership with volume commitments tied to a superalloy facility in Alabama.
