Currys Full Year Results 2025/26

We Help Everyone Enjoy Amazing Technology

Audited Financial Results for the Year Ended 2 May 2026

Building an ever-stronger Currys

Summary

• Group adjusted profit before tax £191m, +18% YoY
• Group free cash flow £157m, +5% YoY
• Group year-end net cash £176m, after £74m of shareholder returns and £82m of pension contributions
• Group colleague engagement score +2pts to 84, amongst top global companies¹
• Customer satisfaction rising with UK&I NPS of 56, +1pt YoY, and Nordics NPS of 65, +2pts YoY
• Final dividend of 2.25p proposed, bringing full year dividend to 3.0p, +100% YoY, at 4.5x cover
• New £50m share buyback to commence today
• Fredrik Tønnesen, Nordics CEO, appointed Group Chief Executive Officer from 3 August, succeeding Alex Baldock

Financial performance

• Group revenue £9,254m, +6% YoY, driven by like-for-like growth of +4%
• UK&I like-for-like revenue +3% and adjusted EBIT £158m, +3% YoY
  • Growth driven by market share gains² in both channels and strategic initiatives, including recurring Services revenue³ +7%, credit sales +10% to £1.2bn and iD Mobile subscribers +18% to 2.6m
  • Sales growth in both channels and gross margin expansion more than offset cost increases
  • Segmental free cash flow £105m, +11% YoY, with disciplined capital expenditure and working capital management
• Nordics like-for-like revenue +6% and adjusted EBIT £97m, +26% currency neutral
  • Nordics delivering strong profit growth and margin expansion, driven by operating leverage and tight cost control
  • Segmental free cash flow +6% YoY to £73m, +7% currency neutral, after planned increases in investment spend
• Adjusted EPS 13.4p, +19% YoY
• Statutory profit before tax of £153m, +£29m YoY

Outlook

• 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 consensus⁴
• Targeting continued growth in higher margin, recurring Services revenue, including reaching at least 2.8m iD Mobile subscribers before year end
• Total cash shareholder returns of c.£85m planned in 2026/27 with the Board targeting a further reduction to 4.0x dividend cover for 2026/27

Alex Baldock, Group Chief Executive

“Our performance continues to strengthen. Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns.

“Currys is trending in the right direction on every dimension that matters. Colleague engagement is among the top 10% of global businesses, customers are saying they’re happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market #1. Top line and bottom line, products and Services, the UK&I and the Nordics: all are in growth.

“The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here. Growth opportunities such as B2B have almost trebled the market accessible to us, are driving the topline today, and have much further to go. And, though we’ve significantly increased the adoption of the solutions that delight customers and boost margins, the prize here remains larger still.

“In Fredrik, the business has an outstanding leader to continue and accelerate this progress. I’ll be a loyal Currys customer, advocate and shareholder all my life, and will be cheering on Fredrik and his world class team. As ever, my heartfelt thanks and admiration go to the thousands of capable and committed colleagues who are building this ever-stronger Currys.”

Performance Summary

Group like-for-like sales growth was +4%, with the UK&I +3% and the Nordics +6%. In the UK&I, we delivered good growth against a subdued consumer backdrop. The Nordics consumer environment gradually improved through the year, supported by easing inflation and lower interest rates across most of the region.

In the UK&I, we outperformed the market, gaining +60bps of share in a market² that declined (1.3)%. Like-for-like sales grew +3%, driven by strong performance in strategic initiatives including new categories and B2B. Adjusted EBIT increased £5m to £158m as increases in colleague and operating costs were offset by gross margin improvements and operating leverage.

Nordics delivered very good results with adjusted EBIT up +26% (currency neutral) to £97m. Sales grew +6% (currency neutral) as most product categories contributed to growth, supported by improving consumer sentiment. Market share² grew in the second half after declining in the first half. Gross margins declined (60)bps YoY driven by the devaluation of forward purchase contracts as local currencies strengthened against the Euro. Excluding these impacts, the gross margin was broadly flat as we balanced sales growth and margin in a recovering consumer environment.

Group adjusted EBIT increased +13% to £255m and operating cash flow grew +13% to £294m. Free cash inflow reached £157m, +£8m higher than last year, driven by the stronger operating performance, controlled capital expenditure and working capital management. Cash deployment included £82m of pension contributions, £24m of dividends, and £50m of share buybacks. After these outflows, the Group ended the period with net cash of £176m, £(8)m YoY.

Outlook and guidance

Current year guidance

Group trading since the year end has been very solid.

In line with usual practice, the Group will update the market on full year profit expectations after the Peak trading period, but at this early stage in the year it is comfortable with market expectations.

Guidance on known and controllable financial items is listed below.

• The Group expects total interest expense of around £60-65m
• Capital expenditure of around £95m
• Exceptional cash outflow of around £15m
• Scheduled pension contributions of £13m and matching contributions of £5m
• Cash dividend payments of £35m across the proposed 2025/26 final and expected 2026/27 interim dividend
• New share buyback of £50m

Other technical cash flow items:

• Depreciation & amortisation around £280m
• Other non-cash items in EBIT of around £25m
• Cash payments of leasing costs around £265m
• Cash tax around £15m
• Cash interest of around £15m
• Share purchases to cover colleague share awards of £40m

Longer term guidance

The Group is continuing to target at least 3% adjusted EBIT margin in both the UK&I and the Nordics.

Alongside this, the Group will remain focused on free cash flow generation. The Group expects to keep annual capital expenditure below £100m, for exceptional cash costs to keep reducing, and to keep working capital at least neutral despite continued outflow from the expected growth of the iD Mobile business.

The Group will aim to distribute consistent and growing cash to shareholders as outlined in the capital allocation framework which is set out below.

Capital allocation

The Group’s continued focus on free cash flow resulted in year-end net cash of £176m and a pension deficit of £(6)m, a net position of £170m, further strengthening the Group’s capital structure.

On this strong foundation, the Group has a clear capital allocation framework:

1. Maintain a prudent balance sheet – The Group will look to maintain a year-end net cash balance of at least £100m for the foreseeable future. This level of cash allows us to efficiently manage the working capital cycle of the business and protect the balance sheet in the event of unexpected market downturns. The Board is comfortable maintaining a strong cash buffer above this level.
2. Pay required pension cash contributions – The Group is scheduled to pay £13m a year into the historic defined benefit pension scheme for five years, from 2026/27 to 2030/31. At the end of that period the scheme should be fully funded on a prudent basis and these contributions will cease.
   
   The Group is also required to make shareholder matching contributions. These are triggered when shareholder returns (dividends and buybacks) exceed £80m in a year, with the excess matched by an additional contribution to the scheme. The threshold drops to £40m in any year where year-end net cash falls below £50m. Matching contributions do not increase what the Group ultimately owes the scheme, they accelerate the funding plan by reducing the payments still due, starting with the latest years. With shareholder returns this year expected to be around £85m, the Group anticipates a matching contribution of £5m.
3. Invest to grow business/profits/cashflow – The Group has set an annual capital expenditure target of not more than £100m, which reflects the well-invested nature of the Group’s assets and that an increasing proportion of investment spend is expensed through the P&L. The Group continues to prioritise high returning projects and the efficient use of capital and is comfortable that this level of expenditure provides sufficient bandwidth to achieve our objectives. In addition, the Group’s strong capital structure provides the flexibility to explore other growth initiatives and small bolt-on acquisitions adjacent to the core business where attractive returns are available.
4. Pay and grow an ordinary dividend – The Board is committed to paying and growing ordinary dividends. The Board has proposed a final dividend of 2.25p, bringing the full year dividend to 3.0p, which represents +100% growth YoY and will drive total cash dividends of around £35m in FY 2026/27. At this level, dividend cover is 4.5x, from 5.0x last year, and the Board expects to bring cover down further to around 4.0x in the year ahead, with scope to reduce cover further over time.
5. Surplus capital available for share buybacks – The Group is committed to returning excess cash to shareholders through a share buyback programme. The Group is commencing a new £50m share buyback programme today.
   
   

We Help Everyone Enjoy Amazing Technology

Chief Executive’s Review

Our priorities for the year were to keep our encouraging momentum going in both the UK&I and the Nordics, to further progress our long-term strategy, and to make a stronger balance sheet work harder for our shareholders. We made good progress on all three.

In the UK&I, we kept growing sales in a consumer market that was anything but easy and delivered profit growth in spite of significant cost headwinds. Like-for-like sales grew +3%, adjusted EBIT climbed to £158m, up +3% YoY, and we gained another +60bps of market share². Growth came from a good performance in core markets alongside strategic initiatives such as new categories, B2B and the Services that are so valuable to customers, to Currys, and that lean on our unique competitive advantages.

In the Nordics, the market recovery continued and we made sure we benefitted. Like-for-like sales grew +6%, adjusted EBIT grew +26% (currency neutral) to £97m, and adjusted EBIT margin grew +40bps to 2.5%. That is real progress against our 3% medium-term target. Elkjøp is growing and converting that growth into operating leverage. There is more to come.

Group adjusted profit before tax grew +18% to £191m. Free cash flow grew +5% to £157m. We finished the year with £176m of net cash and our pension deficit is now virtually behind us, following the £82m contribution in the year under our agreed funding plan. Scheduled contributions drop to £13m from the current financial year through to 2030/31, meaningfully increasing the cash available for investment or shareholder returns. The balance sheet is in better shape than it has been at any point in well over a decade.

Our strategy

These results have been built on a consistent strategy.

Our strategy starts with colleagues: the customer experience won’t be better than that of the colleague delivering it. Our Group engagement score rose +2pts to 84, firmly amongst the top global companies¹. In the UK&I, we estimate our score of 86pts puts us in the top 3%¹ of global businesses. Over 21,000 colleagues took part in our latest Group engagement survey and gave us almost 50,000 comments. We act on every theme that comes back. The Sunday Times named Currys the UK's best major retail employer in its Best Places to Work survey. We also hold a rating of 4.0 on Glassdoor in the UK, placing us first among large UK retail employers.

Second, we keep making us easier to shop for customers. This starts with the retail fundamentals. During the year we have further improved availability through more focus on best-selling items and refining processes to make sure products are reaching the store shelves.

Beyond the fundamentals, our omnichannel model is the winning approach in technology retail. No other model lets customers shop the way they actually want to, whether online, in store, or increasingly through a mixture of both channels. Omnichannel sales rose to 33% of UK&I revenue during the year, +3pts over two years, with Nordics omnichannel sales rising to 18% from 14% of revenue over the same period.

The third leg of our strategy is to create customers for life, which starts with knowing our customers. In the UK&I, our customer data has sat in separate databases including Currys Perks, credit, iD Mobile and repair plans. We are now bringing these together into a single trusted view of each customer, with the first release expected to go live later this year. AI is accelerating the work, unifying records faster, surfacing insights at scale, and turning that single view into more relevant, more personal experiences. In the Nordics we have reconfigured our technology stack to allow personalisation to be a meaningful driver of revenue growth.

That data powers our range of Services, helping us offer the right service to the right customer at the right moment. These Services help customers afford and enjoy amazing technology to the full and are accordingly valued by customers. They are valuable to Currys, providing growth in revenue that’s higher-margin and often recurring. And these Services lean on advantages that are unique to Currys and so provide a competitive moat.

We help customers afford tech through flexpay, our credit proposition. flexpay sales reached £1.2bn, +10% YoY, with adoption rising +180bps to 23.7% of UK&I sales. flexpay customers are more loyal and more valuable, with lifetime sales double those of non-credit customers. Credit also makes a meaningful direct profit contribution, which grew again during the year.

We also help customers get tech started through installation and set-up. 32% of UK&I big-box deliveries included installation in the year, and 36% included recycling. In the Nordics it was 46% and 38%. Being allowed in customers’ homes is a rare privilege and they like it when we get things right first time – the right product, delivered on time and undamaged, installed there and then – and so do we, as we avoid the cost of rework. So it's good for everyone that our revisit rate fell again during the year, down a further 0.5 percentage points to 6.5%. Our in-home customer satisfaction is consistently amongst the highest of everything we do.

We help customers get the most out of their tech, most importantly through connectivity. iD Mobile, our 100% owned mobile virtual network operator (MVNO), grew subscribers to 2.6m, +18% YoY, ahead of our 2.5m target. iD Mobile is a structurally attractive business. It's high-margin and recurring, with economics that improve as the base scales, with a distribution advantage through Currys stores and online channels that few MVNOs can match. In Finland we've launched Giga Mobiili, a new mobile virtual network operator, to strengthen our less competitive mobile offering there. Early performance has exceeded expectations.

We help customers give tech longer life through repair. We run one of Europe's largest technology repair centres in the UK, alongside further operations in Norway and Sweden. Our 1,500 engineers carried out 1.6m repair activities during the year and we now have 11.6m active protection plans across the Group. We have begun using AI to diagnose product issues from customer videos, which delivers the same outcome without needing a real-time conversation (see more below).

Finally, when tech reaches the end of its life, we want it back. We accept any old or unwanted electricals at our stores, regardless of where they were bought, and pick them up from customers' homes when we drop off the new product. Where we cannot reuse a product, we harvest parts or recycle it properly. The circular loop of trade-in, protection, repair, refurbishment, reuse and recycling is not a PR exercise. It is good for customers, good for the planet, and profitable for us.

Credit, Services and connectivity all share the same characteristic: they are recurring, higher-margin sources of revenue that play to Currys' competitive strengths. We grew Group recurring Services revenue +7% to £873m during the year, and over time we expect more of our sales to come from these sources rather than from single-product transactions.

Getting this right is a big prize. In the UK&I product-only sales are still c.40% of our revenue and only 0.3% of our sales are part of a “complete solution” comprising the product with all relevant additional products and Services. When we get it right, customers are happier and we get a lifetime margin that is 8x greater than a product alone.

AI: what we sell and how we operate

AI is the most exciting product cycle seen since the tablet in 2010, and possibly a lot longer than that. We are better placed than anyone to bring it to customers. We hold around 75% of the UK market for AI-enabled laptops, and Copilot+ PCs already account for nearly a quarter of our laptop sales. But this goes well beyond computers: AI is coming to every category we sell, from televisions to home appliances, and customers increasingly need help understanding what it means for them. That is exactly what Currys does best – to demystify and democratise technology.

We are also using AI to transform how we serve our customers. When a customer wants to return a product, they can now interact with an AI-powered tool that diagnoses the issue and in 40% of cases resolves it without the product needing to come back at all. This saves the customer the hassle and us the cost, delivering significant benefits. AI now analyses transcripts from half of all our customer service calls, a level of oversight that delivers better customer outcomes and would otherwise require 80 more full-time colleagues. And in our repair operations, AI is helping field engineers diagnose faults and arrive at customers' homes with the right parts first time.

Across our organisation, AI tools have been rolled out to colleagues. The pace of adoption and the increasing value of their application gives me confidence that this is becoming a genuine competitive advantage.

A bigger market

The opportunity in front of Currys is bigger than it has ever been. With mobile, Services, B2B and new categories added to our core electricals base, the total addressable market in the UK alone is around £48bn, almost trebling the market we have historically competed in. In the Nordics, profitable expansion in B2B and kitchens is similarly widening the opportunity, taking the total addressable market there to over £34bn, from £15bn.

We are already making real progress across this broader opportunity. iD Mobile grew subscribers to 2.6m, +18% YoY. B2B revenue grew +20%⁵ in the UK&I and +16% in the Nordics and now accounts for 8% of Group sales. New categories, from health and beauty technology to outdoor living, grew +52% in the year. The momentum is real and building.

The discipline we apply is simple: we only go where it is profitable and where we have a genuine right to win. But the ambition has changed. Currys is no longer just the best technology retailer. We are building something considerably bigger.

Financial discipline

Alongside the growth opportunities, we remain focused on operating cost control. This discipline is evident across every cost bucket: in stores, where electronic shelf-edge labels are saving c.£6m annually in the UK&I and portfolio changes saving a further £3m in the Nordics; in supply chain and service operations, where our UK&I Right First Time programme is saving >£6m a year by avoiding the cost of repeat visits and rework, while in the Nordics a new warehouse and delivery efficiencies are saving £5m; and in central and IT costs, where cloud migration is saving >£10m annually in the UK&I and procurement initiatives saving £5m in the Nordics. In the UK&I, this discipline allowed us to mitigate the £32m of incremental annual costs arising from the UK Government's 2024 Autumn Budget. In the Nordics, we kept absolute costs flat while delivering strong sales growth, generating significant operating leverage that converted into excellent profit growth.

Capital expenditure was £79m, within our guidance of below £90m, and working capital remained well controlled. This discipline extends to cash. Free cash flow was £157m. The balance sheet remains strong and is now the foundation from which we can invest in growth and return capital to shareholders.

Shareholder returns

The Board has proposed a final dividend of 2.25p, bringing this full year dividend to 3.0p, and has also announced another £50m share buyback to be completed this financial year. Returning growing amounts of free cash flow to shareholders is a clear priority, and the strength of our balance sheet gives us the confidence to do so while continuing to invest in the business.

Looking ahead

I am proud of what this team has built together and am confident in Currys’ future prospects, and I will remain a Currys customer, shareholder and advocate for life.

I am delighted that Fredrik Tønnesen will succeed me as Group Chief Executive. Fredrik joined this business on the shop floor more than 20 years ago and has led our Nordics business with outstanding results, more than tripling operating profits while building world-class colleague and customer satisfaction scores. He knows this company deeply and has the skill, energy and ambition to continue and accelerate our progress. The business is in excellent hands.

As always, my heartfelt thanks go to the thousands of capable and committed colleagues across the Group whose dedication, skill and loyalty make everything we achieve possible.

_{In the reporting of financial information, the Group uses certain measures that are not required under IFRS. These are presented in accordance with the Guidelines on APMs issued by the European Securities and Markets Authority (ESMA) and are consistent with those used internally by the Group’s Chief Operating Decision Maker to evaluate trends, monitor performance, and forecast results. These APMs may not be directly comparable with other similarly titled measures of ‘adjusted’ or ‘underlying’ revenue or profit measures used by other companies, including those within our industry, and are not intended to be a substitute for, or superior to, IFRS measures. Further information and definitions can be found in the Notes to the Financial Information of this report.}

Results call

There will be a live presentation followed by Q&A call for investors and analysts at 9:30am BST today.

It will be webcast here: https://brrmedia.news/CURY_FY26

Next scheduled announcement

The Group is scheduled to publish a trading update at its AGM on 10 September 2026.

For further information

Information on Currys plc is available at www.currysplc.com
Follow us on LinkedIn and X: @currysplc

About Currys plc

Currys plc is a leading omnichannel retailer of technology products and Services, operating online and through 691 stores in 6 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.

In the UK & Ireland we trade as Currys and in the UK we operate our own mobile virtual network, iD Mobile. In the Nordics we trade under the Elkjøp brand. We’re the market leader in all markets, able to serve all households and employing more than 24,000 capable and committed colleagues.

We believe in the power of technology to improve lives, helping people stay connected, productive, fit, healthy, and entertained. We’re here to help everyone enjoy those benefits and with our scale and expertise, we are uniquely placed to do so.

Our full range of Services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology to the full. The Group’s operations include one of Europe’s largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

We’re a leader in giving technology a longer life through repair, recycling and reuse. We’re reducing our impact on the environment in our operations and our wider value chain and we aim to achieve net zero emissions by 2040. We offer customers products that help them save energy, reduce waste and save water, and we partner with charitable organisations to bring the benefits of amazing technology to those who might otherwise be excluded.

_{Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Currys plc website or the ‘X’ feed does not form part of this announcement and should not be relied on as such.}

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