Currys Plc · LSE:CURY
Currys — FY2024/25 Earnings Presentation
67 slides from Currys's earnings presentation, Jul 3, 2025
Slide 1: Currys plc 2024/25 Results
Currys plc 2024/25 Results 3 July 2025
Slide 2: Summary: another year of strengthening performance
Group Summary: another year of strengthening performance Growing profits and cash with clear line of sight to increased shareholder returns Nordics Group AAAAAAAAAAA • Good momentum in tough market • Returned to growth in second half • Strategy is working • Path to continuing free cashflow growth •
Slide 3: Financial performance
Financial performance Bruce Marsh Group Chief Financial Officer 3
Slide 4: Group performance continues to strengthen
Financial performance Group performance continues to strengthen Growth in revenue, profits, free cashflow, net cash and shareholder returns Revenue Adjusted PBT(1) Free cash flow(1) £8,706m £162m £149m Like-for-like +2% YoY +37% YoY +82% YoY Net cash Adjusted EPS(1) Final dividend proposed £184m 11.
Slide 5: Sales improving after a few difficult years
Financial performance Sales improving after a few difficult years Back to growth in UK&I and stable in Nordics UK&I Nordics Historical LFL performance Historical LFL performance 4% 0% -2% -3% AAAAAAAAAAA -2% -4% -7% -10% 21/22 22/23 23/24 24/25 21/22 22/23 23/24 24/25 Source: Currys internal informa
Slide 6: Sales growth accelerated through the year
Financial performance Sales growth accelerated through the year Second half saw growth across the Group UK&I(1) Nordics(1) 24/25 LFL performance 24/25 LFL performance 5% 3% 4% 4% 1% AAAAAAAAAAA 0% 2% -2% H1 Peak Post-Peak Full year H1 Peak Post-Peak Full year Source: Currys internal information (1)
Slide 7: UK & Ireland performance summary
Financial performance UK & Ireland performance summary Strong performance on sales, gross margin and cashflow Currency Reported 2024/25 (1) 2023/24 Like-for-like neutral change YoY change YoY Revenue £5,286m £4,970m 4% +6% +6% Recurring service revenue £606m £541m - - +12% Adjusted EBIT £153m £142m
Slide 8: UK & Ireland adjusted EBIT margin 2.9%, flat YoY
Financial performance UK & Ireland adjusted EBIT margin 2.9%, flat YoY Continued gross margin progress, cost increases Gross margin +20bps +20bps • Continued focus on drivers of gross margin: 2.9% 2.9% • Solution selling (20)bps • Services adoption • Monetising improved experience • Not chasing less
Slide 9: UK & Ireland investment spend increased
Financial performance UK & Ireland investment spend increased Resumption of normal investment spending, more of which is being expensed £20m £45m £18m £65m £24m £58m £50m £22m 2021/22 2022/23 2023/24 2024/25 Capital expenditure Investment operating expense Source: Currys internal information 9
Slide 10: Nordics performance summary
Financial performance Nordics performance summary Maintaining share, growing gross margin and controlling costs in difficult environment Currency Reported 2024/25 (1) 2023/24 Like-for-like neutral change YoY change YoY Revenue £3,420m £3,506m 0% - (2)% Recurring service revenue £208m £208m - - - Adj
Slide 11: Nordics adjusted EBIT margin 2.1%, +40bps YoY
Financial performance Nordics adjusted EBIT margin 2.1%, +40bps YoY Increased gross margin and tight cost control +60bps Gross margin +60bps 2.1% • Gross margin now above level of three years ago (20)bps 1.7% • Focus on strategic initiatives • Partly offset by higher cost from new distribution centr
Slide 12: Nordics profit impacted by currency
Financial performance Nordics profit impacted by currency Currency weakness is a headwind to reported profits Nordics EBIT in GBP and NOK NOK 1,019m £72m NOK profits NOK 811m +234% Yo2Y £61m GBP profits +177% Yo2Y £26m NOK 305m 22/23 23/24 24/25 GBP NOK Source: Currys internal information Note: The
Slide 13: Strong focus on free cash flow
Financial performance Strong focus on free cash flow Cashflow improving on every item except the anticipated increase in capital expenditure Reported 2024/25 2023/24 change Operating cash flow £260m £246m +£14m Group profits increased on prior year Capital expenditure increasing but remaining under
Slide 14: Cash balance significantly improved during year
Financial performance Cash balance significantly improved during year Net cash balance increased, driven by free cash flow Reported 2024/25 2023/24 change Free cash flow £149m £82m +£67m Shareholder returns £0m £0m +£0m No shareholder return during year, as expected Pension £(50)m £(36)m £(14)m Sche
Slide 15: Balance sheet gearing removed
Financial performance Balance sheet gearing removed Expect to maintain net cash position, even as pension deficit reduces £(820)m £(805)m £(313)m £(213)m £(346)m £(75)m +£81m 200 0 (200) +£901m £m (400) (600) (800) (1,000) 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Net cash/(debt) Working capital fac
Slide 16: Interest falling as balance sheet improves
Financial performance Interest falling as balance sheet improves Reduced leases and now in net cash position Accounting interest • Mainly interest on capitalised property leases £29m £18m Bank interest £26m £26m • Combination of net interest, commitment £7m fees, banking charges and hedging costs •
Slide 17: Depreciation and amortisation is expected to stabilise
Financial performance Depreciation and amortisation is expected to stabilise Capitalised leases and other assets not expected to fall further Depreciation on RoU assets • Mainly depreciation on capitalised property leases £57m • Decreased due to fewer properties, £62m lower rents and shorter leases
Slide 18: Cash tax remained low
Financial performance Cash tax remained low Continue to benefit from shield of brought forward losses and pension contributions Adjusted P&L tax Adjusted P&L tax £52m • 25% tax rate in UK £40m £33m £31m • Around 22% tax rate in Nordics £25m • Small adjustments for non-deductible expenditure Cash tax
Slide 19: Current year outlook & guidance
Financial performance Current year outlook & guidance Planning confidently despite headwinds • Group trading in early part of the new financial year has been in line with expectations • Group planning confidently for year ahead, comfortable with market consensus • Facing into known headwinds of UK c
Slide 20: Technical cash flow guidance
Financial performance Technical cash flow guidance 2024/25 Guidance Depreciation & amortisation £266m Around £265m Lower, based on lower leases and capital expenditure Rent P&L £4m Flat YoY Cash payments of leasing costs £(249)m Around £(260)m Increase due to UK warehousing costs Other non-cash item
Slide 21: Financial outlook & capital allocation
Financial outlook & capital allocation
Slide 22: Clear medium term margin ambitions
Financial outlook Clear medium term margin ambitions Returning to at least 3% margins is achievable based on historic performance UK&I adjusted EBIT margin % Nordics adjusted EBIT margin % 26.8% 3.6% 3.5% 3.5% 0.6% >3.0% >3.0% 2.9% 2.9% 2.8% 26.0% 2.1% 25.5% 2.1% 1.9% 1.7% 0.7% £20m £106m £117m £170
Slide 23: Confident in delivering improved cash flow
Financial outlook Confident in delivering improved cash flow Margin improvement alongside tight discipline on capital expenditure, exceptional cash and working capital EBIT margin Capex & exceptionals Steady growth at least 3% <£110m Growing free cash flow Strong balance sheet Growing shareholder re
Slide 24: Confident in continued free cash flow growth
Financial outlook Confident in continued free cash flow growth Controlled expenditure and higher profit will drive improved free cash flow £149m c.£(22)m c.£127m 2024/25 Working Sustainable Exceptionals Capital Profits Target Free Cashflow Capital Free Cashflow Expenditure & Tax Source: Currys inter
Slide 25: Currys will continue to be a cash generative business
Financial outlook Currys will continue to be a cash generative business Free cash flow can increasingly be used for shareholder returns Annual free cash flow has averaged £126m Historic FCF use has focused on balance sheet £438m FCF distribution 2019/20-2024/25 Early network debtor settlement £189m
Slide 26: Pension triennial review expected to complete by calendar year end
Financial outlook Pension triennial review expected to complete by calendar year end Based on 31 March 2025 valuation Year-end accounting deficit Pension contribution schedule 19/20 20/21 21/22 22/23 23/24 24/25 £(103)m £78m £78m £78m £(171)m £(257)m £(249)m £50m £36m £(482)m £(550)m 21/22 22/23 23/
Slide 27: Clear capital allocation priorities
Capital allocation Clear capital allocation priorities Resuming dividends for full year 2024/2025 3. Invest to grow business/profits/ 1. Maintain prudent balance sheet cash flow 4. Pay and grow ordinary dividend 2. Pay required pension contributions 5. Surplus capital available for share buybacks 27
Slide 28: CEO Update
CEO Update Alex Baldock Group Chief Executive
Slide 29: We help everyone enjoy amazing technology
We help everyone enjoy ~ mazing technology. Oi
Slide 30: Currys is market leader in all our major markets
Market position Currys is market leader in all our major markets Market share is high and stable Nordics technology market share(1) UK&I Electricals market share(2) 29.2% 28.9% 28.2% 28.2% 28.1% 28.1% 25.9% 25.2% 24.3% 23.9% 23.2% 23.5% 19/20 20/21 21/22 22/23 23/24 24/25 19/20 20/21 21/22 22/23 23/
Slide 31: We're #1 in every Nordics country…
Market position We’re #1 in every Nordics country… >2.5x the size of the number 2 player in a >£11.5bn market(1) Clear market leader in all countries(1)… ... and even stronger position across Nordics Market share % Player Total revenue (BNOK)(2) Presence Omnichannel and 44bn 400+ stores >2.5x Omnich
Slide 32: …and have outperformed competitors
Market position …and have outperformed competitors Sales have been more resilient, and profits have rebounded Revenues recovering ahead of competitors… … and profits significantly outperforming Revenue growth YoY % Adjusted EBIT % +40bps YoY 22/23 23/24 24/25 FY 22/23 FY 23/24 FY 24/25 Elkjøp Komple
Slide 33: Currys UK&I is clear #1 in electricals, and back into growth in Mobile
Market position Currys UK&I is clear #1 in electricals, and back into growth in Mobile Expanding definition to include Mobile highlights size of opportunity UK&I Electricals market share(1) UK&I technology market share Excluding Mobile Including Mobile 25.9% 25.2% 24.3% 23.9% 23.2% 23.5% 20.9% 18.0%
Slide 34: We have room for growth in UK&I Electricals
Market position We have room for growth in UK&I Electricals There are big opportunities in some merchandise areas UK&I market share for selected categories 35% Nordics average market share 32% 31% 28.1% 23.5% 19% UK&I average market share 9% 7% 4% Refrigeration Laptops TVs Gaming Mobile handsets PC
Slide 35: Gaming is one such growth opportunity
Market position Gaming is one such growth opportunity Over last 5 years, Currys has taken 50% of the incremental growth of the gaming market Growing market share in a growing gaming market What we have done and how we grew it 19% Expanded supplier relationships 13% £2.3bn +17% Yo5Y Range expansion £
Slide 36: We help everyone enjoy amazing technology
We help everyone enjoy amazing technology Capable and Easy to Customers Grow committed Shop for Life Profits colleagues • Tools, training & reward • Retail fundamentals • Knowing customers • Profitable growth • Winning culture • Omnichannel • Services and Solutions • Margin, cost and cash • Colleagu
Slide 37: Colleague engagement sets new records
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Colleague engagement sets new records Over 22,000 colleagues participated, over 54,000 comments received UK&I colleague engagement Nordic colleague engagement 13,000 participants, 9,000 participants, 87% response rate 84%
Slide 38: Customer satisfaction continues to grow
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Customer satisfaction continues to grow Nordics have moved to NPS measurement, providing some healthy competition UK&I customer satisfaction Nordics customer satisfaction NPS(1) NPS1 and Happy or Not(2) 63 +8pt vs UK&I Sha
Slide 39: We're investing to improve both channels…
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We’re investing to improve both channels… Stores are being remodelled and ESEL added, website is undergoing continuous improvement Electronic Shelf Edge labelling (ESEL) Online ESEL installation progress UK&I conversion ra
Slide 40: …and benefiting from both channels working together
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits …and benefiting from both channels working together Customers prefer omnichannel, and are increasingly shopping that way Omnichannel sales(1) are growing… …with more customers using online-in-store and Order & Collect Omni
Slide 41: Stickier, more valuable customers start with good data
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Stickier, more valuable customers start with good data Nordics customer club continues to grow, in UK&I there is opportunity in our large datasets Club membership is growing UK customer base is large, but fragmented >50% o
Slide 42: 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 UK&I ‘Sold With’ adoption Nordics value added Examples and execution services adoption Computing
Slide 43: Core to solutions selling: We are growing Services
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Core to solutions 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 s
Slide 44: 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 … creating more Credit customers … and shop more … buy More… … attach More… valuable are happier… of
Slide 45: Credit continues to grow strongly and engender loyalty
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit continues to grow strongly and engender loyalty flexpay is now over £1bn of sales, and the leading way to pay later at Currys Credit adoption rising Credit sales growth driven by repeat spend 21.9% 20.1% 17.7% 13.3%
Slide 46: As Credit grows it becomes a powerful growth engine
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits As Credit grows it becomes a powerful growth engine Opportunity to improve profits further, especially if BoE continues to reduce base rates Credit now financing its own growth Credit revenue and profit 1. Grow credit cust
Slide 47: Services to "get customers started" are becoming ever more valued
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Services to “get customers started” are becoming ever more valued Privileged position as Currys is trusted in customers’ homes UK Big Box Installation rate UK Big Box Recycling rate UK Installation and Recycling rate 31.3%
Slide 48: 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 Repair is large We have competitive advantage(1) Adoption is growing UK&I active repair plans UK Care & Repair 10.1
Slide 49: We are investing in growing Repair
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We are investing in growing Repair Our expert colleagues are our biggest advantage Expert colleagues Developing new solutions 1,000+ colleagues 320,000 Repair Live customers 274 actionable via “the Pitch” Launched repair l
Slide 50: iD Mobile grew to 2.2m subscribers
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits iD Mobile grew to 2.2m subscribers Source of long-term profit and cashflow iD Mobile subscribers by acquisition year New app £20.32 RPU(1) 2.5m 25% 2.2m 2.0m 20% 1.8m £13.82 1.5m RPU(1) 15% 1.3m Marketing 1.2m 1.1m 1.1m 1.
Slide 51: 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 28% of UK&I revenue, +190bps YoY UK&I revenue split £5,287m £4,970m +6% Total Product revenue +4% revenue Other services +5% Credit revenue +14% +14%
Slide 52: Our strategy drives higher gross margins
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Our strategy drives higher gross margins Reversing long term decline Gross margins continue to … driven by continued strategic … in both markets improve… focus… UK&I gross margin %(1) Nordics gross margin % 1 Solution sell
Slide 53: Cost savings have further scope
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Cost savings have further scope Continue to find efficiencies and opportunities for automation and offshoring Outsource partners Group synergies Right First Time & AI Continuous improvement Partnering with Microsoft and Ac
Slide 54: We have opportunities to grow in core and adjacent areas
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits We have opportunities to grow in core and adjacent areas 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 >
Slide 55: Growth: Spotlight on Windows computing
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: Spotlight on Windows computing Replacement cycle, end of Windows 10 and AI PCs set to drive growth Opportunity Currys’ position CEO quotes: End of Windows 10 AI PC’s <£600 Currys has 75% market Colleague training s
Slide 56: A word from our partners
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits A word from our partners We are proud to be a long-standing partner with "Our collaboration with Currys on AI initiatives, Currys. In today’s fast-changing technology landscape, particularly with the launch of Copilot+ PCs
Slide 57: Growth: Spotlight on Gaming
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: Spotlight on Gaming New launches and technological leaps set to boost market Opportunity Currys’ position Nintendo Switch 2 Rog Xbox Ally x Media coverage from Switch 2 launch Currys dominated coverage UK retailer
Slide 58: Growth: New Categories are a big opportunity
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: New Categories are a big opportunity Increasingly moving into underweight and adjacent categories Opportunity Currys’ position Underweight Categories Emerging Tech Leverages existing infrastructure Incremental sale
Slide 59: Growth: Currys sells what now?!
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: Currys sells what now?! Playful marketing to drive awareness Source: Currys internal information 59
Slide 60: Growth: The Currys brand is stronger and getting real cut through
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: The Currys brand is stronger and getting real cut through Gaining a serious following, even ‘cult’ status Marketing gaining traction in traditional and social media Brand preference growing Brand preference exit ra
Slide 61: Growth: Currys dominating on social media
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: Currys dominating on social media Building relevance with the TikTok generation TikTok Lifetime ‘like’ count 9.1m 8.8m 8.3m 6.7m 5.8m 5.2m 5.3m 4.5m 3.6m 3m 2.7m 2.1m 2.2m 1.1m 1.3m 0.9m 1.0m 0.5m 0.7m 0.7m 0.3m 0.
Slide 62: Growth: B2B plays to our strengths
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: B2B plays to our strengths Targeting SMEs with <100 employees Opportunity Currys’ position B2B Group share of business Suppliers Leadership team 7% Products Specialist store colleagues B2C Services Online presence
Slide 63: Currys now progressing on all fronts
Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Currys now progressing on all fronts Business on solid foundations, with good traction, and with good growth prospects Challenges Progress delivered Colleagues more committed, Customers for Life customers happier UK&I cred
Slide 64: Confident in delivering improved cash flow
Financial Outlook Confident in delivering improved cash flow Margin improvement alongside tight discipline on capital expenditure, exceptional cash and working capital EBIT margin Capex & exceptionals Steady growth >3% <£110m Growing free cash flow Strong balance sheet Growing shareholder returns Fr
Slide 65: We help everyone enjoy amazing technology
We help everyone enjoy ~ mazing technology. Oi
Slide 66: 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 67: www.currysplc.com
Visit our corporate website www.currysplc.com