Currys Plc · LSE:CURY
Currys — FY2025/26 Earnings Presentation
49 slides from Currys's earnings presentation, Jul 2, 2026
Slide 1: Currys plc 2025/26 Results
Currys plc 2025/26 Results 2 July 2026
Slide 2: Summary: building an ever-stronger Currys
Group Summary: building an ever-stronger Currys Strong performance across both markets with growing profits, cash flow and shareholder returns Nordics Group 41% of Group revenue AAAAAAAAAAA • Strong performance in recovering market • Consistent strategy delivering results • Significant profit growth
Slide 3: Financial performance
Update image Financial performance Bruce Marsh Group Chief Financial Officer 3
Slide 4: Strong results across all metrics
Financial performance Strong results across all metrics Revenue, profits, free cash flow and shareholder returns all growing Revenue Adjusted PBT¹ Free cash flow¹ £9,254m £191m £157m Like-for-like +4% YoY +18% YoY +5% YoY Net cash Adjusted EPS¹ Proposed full year dividend £176m 13.4p 3.0p £(8)m YoY
Slide 5: Sales continue to improve
Financial performance Sales continue to improve Delivering like-for-like sales growth in both the UK&I and Nordics UK&I Nordics Like-for-like sales growth Like-for-like sales growth 6% 4% 3% 0% AAAAAAAAAAA -2% -2% -3% -4% -7% -10% 21/22 22/23 23/24 24/25 25/26 21/22 22/23 23/24 24/25 25/26 Source: C
Slide 6: UK & Ireland performance summary
Financial performance UK & Ireland performance summary Strong performance on sales, operating and free cashflow Currency neutral Reported 2025/26 2024/25¹ Like-for-like change YoY change YoY Revenue £5,438m £5,286m +3% +3% +3% Recurring service revenue £648m £606m +7% Adjusted EBIT £158m £153m +3% +
Slide 7: UK & Ireland adjusted EBIT margin of 2.9%, flat YoY
Financial performance UK & Ireland adjusted EBIT margin of 2.9%, flat YoY Continued gross margin progress, offset by cost headwinds Gross margin +20bps +20bps • Continued focus on drivers of gross margin: 2.9% 2.9% • Solution selling and services adoption (20)bps • Disciplined approach to not chasin
Slide 8: Nordics performance summary
Financial performance Nordics performance summary Growing share and gross margin, controlling costs Currency neutral Reported 2025/26 2024/25¹ Like-for-like change YoY change YoY Revenue £3,816m £3,420m +6% +6% +12% Recurring service revenue £225m £208m +8% Adjusted EBIT £97m £72m +26% +35% Adjusted
Slide 9: Nordics adjusted EBIT margin of 2.5%, +40bps YoY
Financial performance Nordics adjusted EBIT margin of 2.5%, +40bps YoY Tight cost control more than offset lower gross margins Gross margin (60)bps +100bps 2.5% • Underlying margin broadly flat with disciplines maintained • One-off headwind from FX as forward purchase 2.1% contracts devalued as loca
Slide 10: Nordics profit continues to grow
Financial performance Nordics profit continues to grow Highlighting long-term resilience and quality of the Nordics business Nordics adjusted EBIT in GBP and NOK NOK 1,301m £97m NOK 1,019m NOK profits +327% Yo3Y £72m NOK 811m £61m GBP profits +273% Yo3Y £26m NOK 305m 22/23 23/24 24/25 25/26 GBP NOK
Slide 11: Strong focus on cash generation
Financial performance Strong focus on cash generation Improving free cash flow generation driven by higher profits Reported 2025/26 2024/25 change Operating cash flow £294m £260m +£34m Higher Group profits Capital expenditure £(79)m £(77)m £(2)m Capital expenditure remains under tight control Adjust
Slide 12: Strong cash position maintained
Financial performance Strong cash position maintained After large pension contribution and resumption of shareholder returns Reported 2025/26 2024/25 change Free cash flow £157m £149m +£8m Pension £(82)m £(50)m £(32)m Scheduled contributions Dividend £(24)m - £(24)m Dividend reinstated Purchase of o
Slide 13: Strong balance sheet position maintained
Financial performance Strong balance sheet position maintained Net cash of £176m and pension deficit of £(6)m 400 £(313)m +£81m +£170m 200 £(75)m £(213)m £(805)m £(346)m 0 (200) (400) (600) (800) (1,000) 19/20 20/21 21/22 22/23 23/24 24/25 25/26 Net cash/(debt) Working capital facilities Pension def
Slide 14: Financial outlook & capital allocation
Financial outlook & capital allocation
Slide 15: Current year outlook & guidance
Financial outlook Current year outlook & guidance Planning confidently despite headwinds • Group trading in early part of the new financial year has been very solid • Although there continues to be macro uncertainty, the Group is comfortable with current market consensus1 • Total interest expense of
Slide 16: Continue to target margins of at least 3%
Financial outlook Continue to target margins of at least 3% Opportunities to continue advancing margins UK&I adjusted EBIT margin %1 Nordics adjusted EBIT margin % 3.5% 3.6% 3.5% 26.8% >3.0% >3.0% 0.6% 2.9% 2.9% 2.9% 2.8% 2.5% 2.1% 2.1% 1.9% 25.5% 1.7% 0.7% £20m £106m £117m £170m £142m £153m £158m £
Slide 17: Capital allocation priorities unchanged
Capital allocation Capital allocation priorities unchanged Growing the dividend, with a new £50m buyback to commence Priorities 1 Maintain prudent balance sheet Year end net cash at least £100m Contributions of £13m p.a. from 2026/27 to 2030/31, plus any 2 Pay required pension contributions required
Slide 18: CEO Update
Update image CEO Update Alex Baldock Group Chief Executive
Slide 19: Currys is on a good trajectory
Summary Currys is on a good trajectory Delivering performance improvements across all areas of the strategy Growing colleague Growing core and Growing services Growing profits & customer new categories and solutions and cash satisfaction Group colleague eSat chart Core market share iD Mobile subscri
Slide 20: Increasingly focused on growth opportunities in the UK…
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Increasingly focused on growth opportunities in the UK… Healthy, profitable and diversified range of growth areas UK total addressable market c.£17bn c.£8bn c.£2.5bn c.£9bn c.£12bn New Market flexpay categories share adopt
Slide 21: … and in the Nordics
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits … and in the Nordics Pursuing profitable growth in B2B and kitchens Nordics total addressable market¹ c.£15bn c.£18bn c.£1bn Market share B2B Epoq Nordics Total 28.0% revenue kitchens Addressable re products >£17bn +16% +2
Slide 22: We are growing in new products and categories
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are growing in new products and categories New technology, new product launches, new categories and adjacent markets New & emerging tech Adjacent categories Seasonal & impulse Kitchens & interiors Innovation in core mar
Slide 23: We are growing in B2B
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are growing in B2B Targeting SMEs with <100 employees plays to our strengths B2B Group share of B2B revenue +16% Ambition business, 2025/26 YoY To more than double UK&I Increase Nordic B2B B2B sales in 3 years sales by
Slide 24: We help everyone enjoy amazing technology
We help everyone enjoy ~ mazing technology. Oi
Slide 25: We help everyone enjoy amazing technology
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We help everyone enjoy amazing technology Capable and Easy to Customers Grow Committed Shop for Life Profits Colleagues 25
Slide 26: Currys is the leader in all our markets
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Currys is the leader in all our markets We grew market share in the UK&I, and in the Nordics in the second half of year UK technology market share1 Nordics technology market share2,3 29.2% 28.9% 28.2% 28.1% 28.3% 28.0% 18.
Slide 27: Outperforming the market
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Outperforming the market Gaining market share, with incremental growth from areas outside core market UK growth vs market1,2 Nordics growth vs market3 6% 5% 8% 4% 6% 3% 4% 2% 2% 1% 0% 0% -1% -2% -2% -4% -3% -4% -6% -5% -8%
Slide 28: Colleague engagement sets new records
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Colleague engagement sets new records Group colleague engagement score +2pts to 84, amongst top global companies UK&I colleague engagement Nordic colleague engagement1 >13,000 participants, >31,000 comments >8,000 particip
Slide 29: Our colleague engagement is being recognised externally
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Our colleague engagement is being recognised externally Currys is the best retail employer on Glassdoor among major retailers Currys Glassdoor rating¹ vs retail peers Currys June 2026 Currys Jan 2025 4.0 Currys 3.8 3.8 3.8
Slide 30: Customer satisfaction continues to grow in both markets
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Customer satisfaction continues to grow in both markets With UK&I Trustpilot score increasing to 4.4 UK&I customer satisfaction Nordic customer satisfaction1 NPS² NPS² 65 63 55 56 54 49 50 21/22 22/23 23/24 24/25 25/26 24/
Slide 31: Easy to shop starts with the retail fundamentals
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Easy to shop starts with the retail fundamentals We are focusing on improving availability for customers Improved ranging & inventory approach • Reviewed sales, end-to-end margin and stock • AAA tool implemented – prioriti
Slide 32: Omnichannel is preferred by customers and plays to our strengths
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Omnichannel1 is preferred by customers and plays to our strengths Omnichannel sales growing strongly in all markets Customers prefer omnichannel2… … and omnichannel sales are growing UK&I omnichannel sales, +9% YoY Purchas
Slide 33: We’re investing to improve our stores
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We’re investing to improve our stores Delivering increased conversion and market share gains The investments we … are helping colleagues and customers, and driving market share growth have made… Store labour turnover rate
Slide 34: We are also investing online
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are also investing online Making it easier for customers to choose, buy and get hold of products and services UK&I Nordics • Improved product comparison tool • Enhanced search Choose • Integrated AI driven recommendatio
Slide 35: Stickier, more valuable customers are enabled by good data
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Stickier, more valuable customers are enabled by good data Nordic Customer Club continues to grow, in UK&I there is opportunity in our large datasets Nordic Customer Club numbers are growing In the UK&I we are developing C
Slide 36: Increasingly, we sell customers complete solutions
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Increasingly, we sell customers complete solutions Customers get everything they need; Currys gets higher sales and margins Adoption is growing MVS1 adoption rates remain high UK&I ‘Sold with’ adoption rate Nordics MVS ado
Slide 37: Services are a big and growing part of solutions
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Services are a big and growing part of solutions Valuable to customers and source of recurring, higher margin revenue Complete solutions We help you afford We help get We help you get the We help give your tech the amazing
Slide 38: Credit is good for customers and for Currys
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit is good for customers and for Currys Credit customers spend more than double vs. non-credit customers … creating more Credit customers … and shop more … buy more… … attach more… valuable are happier… often… Customer
Slide 39: Credit is growing
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit is growing flexpay annual sales now over £1.2bn, and the leading way to pay later at Currys Total credit customers1 Credit adoption rate Total credit sales 23.7% 2.7m 21.9% £1.2bn 2.4m 20.1% £1.1bn 2.1m 17.7% +12.9%
Slide 40: Services to ‘get customers started’ are growing
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Services to ‘get customers started’ are growing Privileged position as Currys is trusted in customers’ homes UK Big Box installation rate Nordic Big Box installation rate UK Big Box recycling rate 43.9% 45.7% 41.7% 37.6% +
Slide 41: iD Mobile continued to grow strongly
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits iD Mobile continued to grow strongly Source of long-term profit and cash flow; receivable now >£250m1 iD Mobile subscribers by acquisition year £20.81 Rated Excellent on Trustpilot RPU2 3.0m 25% 2.6m 2.5m 2.2m 20% 2.0m 1.8
Slide 42: Repair is the most important service for our customers
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Repair is the most important service for our customers Unique capabilities make us best positioned to help UK&I Nordics UK&I total Care and Repair plans Nordics active repair plans 7.0m 6.7m 6.6m 6.4m 6.3m 2.0m 2.0m 1.9m A
Slide 43: Services are driving higher recurring revenues
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Services are driving higher recurring revenues Recurring revenue grew to 30% of UK&I revenue, +160bps YoY UK&I revenue split £5,438m £5,286m Product revenue +0% Other services +4% Credit revenue +10% Recurring revenue +9%
Slide 44: Cost savings continue
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Cost savings continue Identifying efficiencies and opportunities across the Group Supply chain & Stores Central & IT costs service operations Electronic shelf-edge labelling Right first time Cloud migration c.£6m annual co
Slide 45: Fredrik Tønnesen – Incoming Group CEO
Fredrik Tønnesen – Incoming Group CEO Assumes position on 3 August 2026 2005 2008 2012 2017 2023 Joined Elkjøp’s Store Sales Managing Elkjøp Chief customer Manager Director Director, Executive centre Elkjøp Norway Officer 2006 2010 2015 2021 Sales store Sales Manager Category Elkjøp Chief colleague
Slide 46: We help everyone enjoy amazing technology
We help everyone enjoy ~ mazing technology. Oi
Slide 47: Summary: a leading omnichannel retailer of tech products and services
Summary A leading omnichannel retailer of tech products and services Clear focus on generating increasing cash flow and shareholder returns Strategic priorities Capable and Easy to Shop Customers for Life International Committed Colleagues Significantly improved market leader UK&I product sales, 202
Slide 48: Technical cash flow guidance
Financial outlook Technical cash flow guidance Guidance on known and controllable financial items 2026/27 2025/26 guidance Depreciation & amortisation £271m Around £280m Increase due to higher capital expenditure Rent P&L £6m Around £6m Flat YoY Cash payments of leasing costs £(254)m Around £(265)m
Slide 49: www.currysplc.com
Visit our corporate website www.currysplc.com 49