Currys Plc · LSE:CURY
Currys — H1 2025/26 Earnings Presentation
18 slides from Currys's earnings presentation, Dec 18, 2025
Slide 1: Currys plc 2025/26 Interim Results
Currys plc 2025/26 Interim Results 18 December 2025
Slide 2: Another period of strengthening performance
Group Another period of strengthening performance Growth in profits, cashflow and shareholder returns UK&I Group • AAAAAAAAAAA Continuing strong momentum • Growth in sales from strategic priorities • Strong revenue, profit and cash growth • Profit growth impacted by cost headwinds • Clear strategy,
Slide 3: Growth across all key performance metrics
Financial performance Growth across all key performance metrics Strong revenue, profit and cashflow growth 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 3
Slide 4: UK & Ireland – strong sales performance
Financial performance UK & Ireland – strong sales performance Profits impacted by increased costs Currency Reported H1 2025/26 H1 2024/25 Like-for-like neutral change change Revenue £2,474m £2,342m +4% +6% +6% Recurring service revenue £313m £281m - +11% +11% Adjusted EBIT £19m £23m - (17)% (17)% Ad
Slide 5: UK & Ireland adjusted EBIT margin down (20)bps YoY
Financial performance UK & Ireland adjusted EBIT margin down (20)bps YoY Cost increases only partially offset by savings and operating leverage Gross margin (40)bps 1.0% • Government driven colleague cost increases in supply chain and service operations +20bps 0.8% • Cost saving initiatives • Underl
Slide 6: Nordics performance strong across all metrics
Financial performance Nordics performance strong across all metrics Revenue, profits and cashflow all growing substantially Currency Reported H1 2025/26 H1 2024/25 Like-for-like neutral change change Revenue £1,756m £1,576m +4% +7% +11% Recurring service revenue £108m £100m - +4% +8% Adjusted EBIT £
Slide 7: Nordics adjusted EBIT margin +90bps YoY
Financial performance Nordics adjusted EBIT margin +90bps YoY Strong sales and controlled costs driving operating leverage Gross margin – flat YoY • Did not chase less profitable sales +90bps 2.0% 1.1% Operating expenses to sales +90bps • Costs up slightly in absolute terms • Significant operating l
Slide 8: Cash generation stepping forward
Financial performance Cash generation stepping forward Improved cash flow generation supported by working capital inflow Reported H1 2025/26 H1 2024/25 change Operating cash flow £76m £61m +£15m Higher Group profits Capital expenditure £(31)m £(22)m £(9)m Investing in stores and IT Exceptional items
Slide 9: Cash used for pension and shareholder returns
Financial performance Cash used for pension and shareholder returns Cash finished in strong position after significant pension contribution Reported H1 2025/26 H1 2024/25 change Free cash flow £84m £50m +£34m Dividend £(16)m - £(16)m Dividend reinstated Purchase of own shares – share buyback £(30)m
Slide 10: Strong balance sheet position maintained
Financial performance 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
Slide 11: Clear capital allocation priorities
Financial performance Clear capital allocation priorities Dividend resumed; £50m share buyback 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 of c.
Slide 12: Current year outlook & guidance
Outlook Current year outlook & guidance Continues to expect growth in profits and free cash flow Current year outlook • Trading since the end of the period has been consistent with the Board’s expectations • The Group expects growth in profits and free cash flow Updated guidance • Total interest exp
Slide 13: We help everyone enjoy amazing technology
Strategy update We help everyone enjoy amazing technology Capable and Customers Grow Easy to committed for Life Profits Shop colleagues UK&I colleague engagement UK&I Net Promoter Score UK&I credit customers (m) Group Adjusted EBIT 2.8m 84 54 55 56 2.6m 82 82 49 49 2.3m UK&I Nordics 78 79 1.9m 1.7m
Slide 14: UK&I – strong momentum in face of headwinds
Strategy update UK&I – strong momentum in face of headwinds Delivered in H1 Challenges Underlying profit & cashflow momentum Cost headwinds • Result of UK budget – NLW and NI Market share gains • Mostly offset through sales growth, underlying gross margin improvement and cost savings Growth in targe
Slide 15: Nordics – strengthening performance in rapidly recovering market
Strategy update Nordics – strengthening performance in rapidly recovering market Delivered in H1 Challenges Consumer market recovering +6% YoY Market share declined (60)bps, despite strong revenue growth Growth in both channels and most categories • Did not chase less profitable sales including targ
Slide 16: Another period of strengthening performance
Group Another period of strengthening performance Growth in profits, cashflow and shareholder returns UK&I Group • AAAAAAAAAAA Continuing strong momentum • Growth in sales from strategic priorities • Strong revenue, profit and cash growth • Profit growth impacted by cost headwinds • Clear strategy,
Slide 17: Christmas gift ideas
Christmas gift ideas Samsung Nintendo Handheld Bean-to-Cup Coffee Target Omni Smart Galaxy Switch 2 Camera - DJI Machine – De'Longhi Auto Scoring Copilot+PC Bundles Osmo Pocket 3 Magnifica Evo Dartboard Shark LED Ray-Ban Meta Tonies PlayStation 5 Oura Ring 4 Face Mask AI Glasses Toniebox 2 Source: h
Slide 18: We help everyone enjoy amazing technology
We help everyone enjoy ~ amazing technology.