$DPC

DPC Holdings Ltd

CIK:0002107018|SEC Filings

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Condensed Consolidated Statements of Income (Loss)
Revenue	$ 268.7	$ 200.9	$ 505.3	$ 389.0
Cost of sales	(199.3)	(150.4)	(379.3)	(296.3)
Gross profit	69.4	50.5	126.0	92.7
Selling, general and administrative expenses	(189.6)	(44.7)	(234.4)	(86.7)
Interest expense	(33.2)	(55.4)	(86.2)	(107.5)
Interest income	0.2	0.2	0.5	0.3
Foreign currency gain, net	8.8	12.9	6.6	20.9
Reversal of write down of disposal group held for sale		3.1		3.1
Loss before income tax benefit/(expense)	(144.4)	(33.4)	(187.5)	(77.2)
Income tax benefit/(expense)	13.3	(16.0)	9.0	(25.3)
Net loss	$ (131.1)	$ (49.4)	$ (178.5)	$ (102.5)
Net loss per share
Basic (in dollars per share)	$ (1.14)	$ (0.44)	$ (1.57)	$ (0.91)
Diluted (in dollars per share)	$ (1.14)	$ (0.44)	$ (1.57)	$ (0.91)
Weighted-average shares outstanding
Basic (in shares)	114,539,294	112,936,824	113,751,488	112,936,824
Diluted (in shares)	114,539,294	112,936,824	113,751,488	112,936,824

Condensed Consolidated Cash Flow Statements $ in Millions	3 Months Ended	6 Months Ended
Condensed Consolidated Cash Flow Statements $ in Millions	Jun. 28, 2026 USD ($)	Jun. 28, 2026 USD ($)	Jun. 29, 2025 USD ($)
Cash flows from operating activities:
Net loss		$ (178.5)	$ (102.5)
Adjustments to reconcile net loss to net cash (used in)/from operating activities:
Depreciation of property, plant and equipment		9.6	9.0
Amortization of intangible assets and cloud computing arrangements		5.2	4.6
Deferred income tax (benefit)/expense		(15.8)	13.3
Operating lease expense		0.9	1.7
Foreign currency gain, net	$ (8.8)	(6.6)	(20.9)
Impairment /(reversal) of asset held for sale			(2.9)
Inventory provision	1.6	5.8	3.5
Management incentive plan		137.4	45.0
Non-cash interest expense		50.1	86.6
Share-based compensation	19.9	19.9
Change in operating assets and liabilities:
Receivable, prepayments and other current assets		(43.8)	(27.0)
Inventories		(69.4)	(9.4)
Income tax receivable and payable		0.4	8.0
Payables, accrued expenses and other liabilities		45.2	14.7
Deferred consideration		7.0
Operating lease assets and liabilities		(1.4)	(2.2)
Net cash (used in)/from operating activities		(34.0)	21.5
Cash flows from investing activities:
Purchase of property, plant and equipment		(19.8)	(10.5)
Purchase of intangible assets		(0.4)	(0.5)
Net cash used in investing activities		(20.2)	(11.0)
Cash flows from financing activities:
Proceeds from borrowings		682.3	447.1
Repayment of borrowings		(819.4)	(429.0)
Net proceeds from initial public offering		1,009.1
Net cash provided by financing activities		872.0	18.1
Increase in cash and cash equivalents and restricted cash deposit		817.8	28.6
Effect of exchange rate fluctuations on cash and cash equivalents held		(3.5)	14.5
Cash and cash equivalents and restricted cash deposit at beginning of period		32.1	32.4
Cash and cash equivalents and restricted cash deposit at end of period	846.4	846.4	75.5
Reconciliation to consolidated balance sheet
Cash and cash equivalents	844.8	844.8	67.9
Restricted cash deposit	1.6	1.6	7.6
Total	$ 846.4	846.4	75.5
Supplemental disclosures of cash flow information:
Income taxes paid		(6.3)	(4.0)
Interest paid		(35.7)	$ (20.5)
PIK Retirement		$ 774.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 28, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 846.4	$ 32.1
Accounts receivables, less allowances for credit losses of $0 million and $0 million at June 28, 2026 and at December 31, 2025	199.7	155.8
Inventories	245.9	181.0
Prepayments and other current assets	95.6	41.7
Assets held for sale	18.7	20.2
Total current assets	1,406.3	430.8
Property, plant and equipment, net	229.7	221.3
Right-of-use assets, net	16.4	14.7
Deferred tax assets	59.4	44.1
Goodwill	76.8	78.3
Other intangible assets, net	88.7	95.5
Other noncurrent assets	9.7	10.4
Total assets	1,887.0	895.1
Current liabilities:
Accounts payable, trade	138.6	105.6
Accrued expenses and other current liabilities	133.5	115.6
Liability for management incentive plan	185.3	132.0
Borrowings, current	483.3	154.3
Operating lease liabilities, current	4.6	2.0
Liabilities directly associated with the assets held for sale	6.4	5.9
Total current liabilities	951.7	515.4
Borrowings, non-current	89.4	1,280.4
Operating lease liabilities, non-current	12.2	13.7
Deferred tax liabilities	1.7	1.7
Pension liabilities, non-current	25.9	26.4
Other non-current liabilities	33.7	21.4
Total Liabilities	1,114.6	1,859.0
Commitments and contingencies (refer to Note 11)
Shareholders' equity/ (deficit):
Ordinary shares, nil par value 149,393,016 shares outstanding at June 28, 2026 and 112,936,824 at December 31, 2025;	1,132.0
Accumulated deficit	(1,114.7)	(936.3)
Additional paid in capital	794.3
Accumulated other comprehensive loss	(39.2)	(27.6)
Total shareholders' equity/ (deficit)	772.4	(963.9)
Total liabilities and equity	$ 1,887.0	$ 895.1