Currys Plc · LSE:CURY
Currys — Peak 2025/26 Earnings Presentation
45 slides from Currys's earnings presentation, Jan 21, 2026
Slide 1: Investor events in 2026
Upcoming events Investor events in 2026 25 February 2026 Supply Chain and Service Operations tour, Newark Opportunity to visit our distribution centre and one of Europe’s largest technology repair centres. 10 March 2026 Store tour with Group Chief Executive, Reading Join Alex Baldock, group manageme
Slide 2: Currys plc 2025/26 Peak Trading update
Currys plc 2025/26 Peak Trading update 21 January 2026
Slide 3: Summary: another period of strong performance
Group Summary: another period of strong performance Peak trends show continued improvement UK&I Group • Growth in coreAAAAAAAAAAA and all targeted growth areas • Profits stable • Recurring revenue growing • Strategy is working • Delivering for colleagues, customers and shareholders Nordics • Acceler
Slide 4: Financial performance
Financial performance Bruce Marsh Group Chief Financial Officer
Slide 5: Group performance continues to strengthen
Financial performance Group performance continues to strengthen Strong revenue, profit and cashflow growth in H1 2025/26 Revenue Adjusted EBIT Adjusted EPS £4,230m £54m 1.6p +8% YoY +32% YoY +167% YoY Free cash flow Closing net cash Shareholder returns £84m £133m £46m +68% YoY +£26m YoY +£46m YoY So
Slide 6: Group Peak like-for-like revenue accelerated to +6%
Financial performance Group Peak like-for-like revenue accelerated to +6% Growth in both segments, Nordics rapidly improving UK&I Nordics Historical LFL performance Historical LFL performance +12% +5% +4% +3% +3% +4% AAAAAAAAAAA +2% 0% (1)% (2)% (3)% (6)% H1 23/24 H2 23/24 H1 24/25 H2 24/25 H1 25/26
Slide 7: Current year guidance
Financial performance Current year guidance Group adjusted PBT expected to be in range of £180-190m Current year outlook • Adjusted PBT of £180-190m, +11-17% YoY • UK&I adjusted EBIT broadly stable YoY • Nordics adjusted EBIT to grow significantly YoY • Interest expense of £60-65m • Year end net cas
Slide 8: Clear capital allocation priorities
Financial performance Clear capital allocation priorities Dividend resumed; £50m share buyback well under way Priorities 1. Maintain prudent balance sheet Year end net cash at least £100m 2. Pay required pension contributions Contributions of £13m p.a. from FY 26/27 to FY 30/31 Capital expenditure o
Slide 9: CEO Update
CEO Update Alex Baldock Group Chief Executive
Slide 10: Peak tech trends
Group Peak tech trends Premium Appliances Toys Cameras Mobile Health & Smart Gifts Beauty wearables 10
Slide 11: q We help everyone enjoy: ‘%
q We help everyone enjoy: ‘% G+ Amazing technology. #
Slide 12: 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 12
Slide 13: 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 Market share grew in UK&I and Nordics over Peak UK technology market share1 Nordics technology market share 29.2% 28.9% 28.2% 28.1% 28.1% Est2 <(50)bps YTD 18.0% 18.2% +60bps 16.8% 1
Slide 14: 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&I growth vs market Nordics growth vs market1 6% 15% 5% 4% 10% 3% 2% 1% 5% 0% -1% 0% -2% -3% -5% -4% -5% -10% H1 23/24
Slide 15: Colleague engagement sets new records
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Colleague engagement sets new records In top 5% of global businesses UK&I colleague engagement Nordic colleague engagement >12,000 participants, >8,000 participants, >23,000 comments >12,000 comments 84 82 82 79 78 79 77 7
Slide 16: Colleague engagement sets new records
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Colleague engagement sets new records Currys is the best retail employer on Glassdoor among all major retailers Currys Glassdoor rating vs retail peers Currys Jan 2026 Currys 4.0 Currys Jan 2025 3.8 3.8 3.7 3.7 3.7 3.7 3.7
Slide 17: Customer satisfaction continues to grow
Capable and Committed Colleagues Easy to Shop Customers for Life CarlaGrow Profits Customer satisfaction continues to grow Grew in the Nordics and the UK&I, despite some known headwinds UK&I Customer satisfaction Nordics customer satisfaction NPS1 NPS1 63 64 62 55 56 54 +1pt 50 YTD 49 21/22 22/23 23
Slide 18: Omnichannel: We're investing to improve our stores…
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Omnichannel: We’re investing to improve our stores… Better tools in UK&I, process improvements in the Nordics UK&I Nordics Electronic Shelf Edge labels: better customer Improved staff efficiency: automated, data-driven exp
Slide 19: ..and online
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits ..and online Making it easier for customers to choose, buy and get hold of products and services UK&I Nordics • More powerful comparison tool • Enhanced search – faster product discovery Choose • Better reviews with AI ove
Slide 20: Our strongest growth where channels work together
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Our strongest growth where channels work together Omnichannel sales growing strongly in all markets Customer prefer omnichannel2… … and omnichannel sales are growing UK&I omnichannel sales +12% YoY Purchase offline 21% Pur
Slide 21: We are selling customers more complete solutions
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are selling customers more complete solutions Customers get everything they need; Currys gets higher sales and margins Adoption is growing MVS adoption rates remain high UK&I “Sold with” adoption rate Nordics MVS1 adopt
Slide 22: Core to solution selling: We are growing Services
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Core to solution selling: We are growing Services Valuable to customers and source of recurring, higher margin revenue We help you We help give We help you get We help get afford the your tech longer the most out of you st
Slide 23: Credit drives sales growth and valuable customer loyalty
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit drives sales growth and valuable customer loyalty Credit customers spend more than double vs. non-credit customers … and generate a direct profit Credit customers… … have higher lifetime value… contribution are happ
Slide 24: Credit adoption continues to grow
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit adoption continues to grow flexpay is now over £1bn in annual sales, and the leading way to pay later at Currys Total credit customers Credit adoption rate Total credit sales 23.9% 2.9m 2.6m 21.9% 20.1% 2.3m £1.1bn
Slide 25: Currys is now big in Credit
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Currys is now big in Credit Only a few retailers offer credit at scale, Currys now one of the largest Number of credit customers Credit % of total sales >90% 3.7m 3.1m 2.9m 1.9m 1.0m 33% 0.5m AO Frasers Argos Currys Next V
Slide 26: 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 UK Big Box recycling rate Nordics Big Box Installation rate 45.1% 46.0% 43.9% 41.7%
Slide 27: 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 6.7m 6.7m 6.6m 6.6m 6.4m 6.3m 2.1m 2.0m 2
Slide 28: Repair rests on assets unique to Currys
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Repair rests on assets unique to Currys Newark and three further workshops in the Nordics UK&I repair centre in Newark Repair facilities in the Nordics Repair Protection Refurbish Kongsvinger – Computing, Mobile Recommerce
Slide 29: iD Mobile subscribers have now exceeded 2.5m
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits iD Mobile subscribers have now exceeded 2.5m Well ahead of the year end target iD Mobile subscribers by acquisition year Offer continues to improve £20.92 3.0m RPU1 25% 2.5m 2.5m 20% 2.2m 2.0m 1.8m 15% £13.82 1.5m RPU(1) 1
Slide 30: Mobile goes from strength to strength
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Mobile goes from strength to strength Growing and gaining share We are gaining share in the UK… … and launched an MVNO, Giga Mobiili, in Finland UK handset1 market share % Telecom market share, H1 25/26 26% 9.7% 24% 8.9% 8
Slide 31: 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 service revenue and flexpay grew to 30%1 of UK&I revenue, +160bps YoY UK&I H1 revenue split +6% Total revenue Product revenue (excluding flexpay) +3% Revenue from re
Slide 32: Our strategy drives higher gross margins
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Our strategy drives higher gross margins Aiming to grow gross profit through sales and margin discipline Gross margins continue to … driven by continued strategic … in both markets improve… focus… UK&I gross margin %1 Nord
Slide 33: Cost savings continue
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Cost savings continue Identifying efficiencies and opportunities for automation and offshoring UK&I Nordics ESEL1 rollout c.£6m annual Right first time c£7m Process improvements savings average annual savings c.£4m annual
Slide 34: Profitable growth opportunities expand our market
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Profitable growth opportunities expand our market Share in relevant market points to the size of the opportunity Total addressable market >£17bn >£8bn >£2.5bn >£9bn >£12bn UK&I Total Addressable Market re products >£17bn >
Slide 35: We are growing across this bigger market
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are growing across this bigger market Healthy, profitable and diversified portfolio of growth opportunities Total addressable market >£17bn >£8bn >£2.5bn >£9bn >£12bn UK&I Total Market flexpay share adoption +42% Addres
Slide 36: We are growing in core and new categories
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are growing in core and new categories New technology, new product launches, new categories and adjacent markets Computing New Categories UK market share - Windows laptops New Categories sales +110bps +42% Yo2Y YoY H1 2
Slide 37: We are growing in B2B
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are growing in B2B1 Targeting SMEs with <100 employees plays to our strengths B2B Group share of business, H1 2025/26 Suppliers Products Leadership team 8% Services Specialist store colleagues B2C B2B Channels Online pr
Slide 38: Outlook
Outlook
Slide 39: Currys is on a good trajectory
Outlook Currys is on a good trajectory We’ll keep doing what’s working Good trajectory Keep doing it Colleagues, customers, financial results Strong and strengthening results Growing sales, share, margins, profits and cashflow Improved profit outlook UK&I and Nordics Clear, consistent strategy Core
Slide 40: Confident in delivering even more cash flow
Outlook Confident in delivering even more cash flow Margin improvement alongside tight discipline on capital expenditure, exceptional cash and working capital Adjusted EBIT margin Growing Steady growth at least 3% free cash flow Capital expenditure & Strong balance exceptionals Shareholder returns s
Slide 41: q We help everyone enjoy: ‘%
q We help everyone enjoy: ‘% G+ Amazing technology. #
Slide 42: Strong balance sheet position maintained
Outlook Strong balance sheet position maintained Net cash of £133m and pension deficit of £(16)m 400 £(805)m £(313)m £(213)m £(346)m £(75)m +£81m +£117m 200 0 (200) (400) (600) (800) (1,000) 19/20 20/21 21/22 22/23 23/24 24/25 H1 25/26 Net cash/(debt) Working capital facilities Pension deficit (IAS1
Slide 43: Making good progress towards margin ambitions
Outlook Making good progress towards margin ambitions Returning to 3% margins is achievable based on historic performance Group adjusted EBIT margin % 26.8% >3% 2.7% 2.7% 26.0% 2.6% 2.5% 2.4% 25.5% 1.9% 25.0% £276m £188m £20m £106m £117m £170m £142m £106m £112m £126m £151m £142m £26m £61m 20/21 21/2
Slide 44: Summary
Summary A leading omnichannel retailer of tech products and services Clear focus on generating increasing shareholder returns Strategic priorities Capable and Easy to Shop Customers for Life International Committed Colleagues Significantly improved market leader UK&I product sales UK&I customers bal
Slide 45: Visit our corporate website
Visit our corporate website www.currysplc.com