Strong First Quarter; 2026 Outlook Above Estimates

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M

Update

August 11, 2026 12:47 PM GMT

Morgan Stanley & Co. LLC

DPC Holdings PLC | North America

Kristine T Liwag

Equity Analyst

Strong First Quarter; 2026

Outlook Above Estimates

Jason T Holcomb

Research Associate

Justin M Lang

Equity Analyst

Gabrielle Knafelman

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Shaina C Zuber

Source: Company data, Morgan Stanley Research

Research Associate

Kyle Benvenuto

DPC reports Adj. EBITDA of $48mn, above consensus by ~7.3% and above MSe

by ~10.6%.

DPC reports Adj. EBITDA of $48mn, above consensus by ~7.3% and above MSe by

~10.6%. DPC printed a better-than-expected topline (~9% / ~13.5% above cons /

MSe), with strength in Europe and North America, reflecting solid growth in the

Aerospace and Industrial Gas Turbine markets. Adj. EBITDA came in above estimates,

but adj. EBITDA margin was below estimates at ~17.8% vs. cons / MSe of ~18.1% /

~18.2%, which management noted was impacted by ~60bps from metal cost

Research Associate

DPC Holdings PLC (DPC.N, DPC UN)

Aerospace | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 10, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

Attractive

$47.00

$51.48

$23,256

$57.25-42.75

inflation pass-through. DPC also initiated 2026 guidance of revenue of $1,0001,040mn (vs. cons / MSe of $945mn / $925mn) and adj. EBITDA of $182-187mn (vs.

cons / MSe of $179mn / $174mn). While adj. net income was below MSe and cons.

($6mn vs. cons. of $16mn and MSe of $12mn), this is attributable to higher-thanexpected interest expense and tax expense. We expect the market to receive the

results positively and look forward to learning more about the drivers of the topline

outperformance, the metal cost pass-through dynamics, and the 2026 outlook on

the 10am ET call with management.

DPC above estimates on revenue; below estimates on adj. EBITDA margin and

adjusted net income

DPC reported total revenues of $268.8mn, above consensus of $246mn by 9% and

…