Performance continues to strengthen

We Help Everyone Enjoy Amazing Technology

Unaudited Results for the Half Year Ended 1 November 2025

Performance continues to strengthen

Summary

Financial performance  

Current year outlook

Alex Baldock, Group Chief Executive

"We're pleased with the momentum we've built, with healthy growth in sales, profits and cash flow.

In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits. It's pleasing that strong top-line growth is translating into improved profitability. In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful. Still, we're the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits. In all markets, our big growth initiatives are paying off, our omnichannel model continues to win, and our growing services and solutions are great for customers and valuable to us.

The business now has firm foundations and is focused on sustainable growth and cash flow generation. We're committed to delivering for colleagues, customers and shareholders alike, and are pleased to be returning £75m to shareholders this year through dividends and buybacks.

We entered Peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners. Trading is in line with expectations.

My thanks go, as always, to our skilful and dedicated colleagues whose efforts are crucial to our progress. Their hard work is building an ever stronger Currys, and allows us to look ahead with confidence."

1.        Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Performance Summary

Group sales increased +4% on a like-for-like basis, with both UK&I and the Nordics contributing equally to this performance. Total sales rose +6% on a currency neutral basis, or +8% as reported, with the difference driven by Nordic currency strengthening against Sterling.

In the UK&I, we outperformed the market, gaining +60bps of share in a market¹ that declined (1.2)%. Like-for-like sales grew +4%, driven by strong performance in strategic initiatives including new categories and B2B. Adjusted EBIT decreased £(4)m to £19m as increased colleague costs drove both a gross margin decline of (40)bps and increased operating costs. While we made underlying margin progress through cost savings and operating leverage, these were insufficient to fully offset the government-driven cost inflation.

Nordics delivered very good results with adjusted EBIT up +94% to £35m. Sales grew +7% (currency neutral), as most product categories contributed to growth, supported by improving consumer sentiment. Market share declined (60)bps as we chose not to chase less profitable sales, especially in Finland. Gross margins were stable and tight cost control generated strong operating leverage, driving the substantial profit improvement.

Group adjusted EBIT increased +32% to £54m and operating cash flow grew +25% to £76m. Free cash inflow reached £84m, +£34m higher than last year, driven by stronger operating performance and significant working capital improvements, particularly in the Nordics. Cash deployment included £82m of pension contributions (following the triennial review), £16m in dividends, and £30m for share buybacks. After these outflows totalling £128m, the Group ended the period with net cash of £133m, +£26m YoY.

1. Market refers to UK B2C market for consumer electronics, computing, domestic appliances and mobile handsets, as defined by GfK.

2. All amounts presented in the profit and loss statement relate to continuing operations. There is no profit or loss impact from discontinued operations in the current or prior period.

Current year guidance

Group trading during the six weeks since the period end has been in line with the Board's expectations.

Guidance on known and controllable financial items is set out below and remains unchanged from previous guidance, except where noted. The additional exceptional items relate to dual running costs resulting from the deliberate pause of server migration to the cloud until after Peak trading.

The Group expects:

Other technical cash flow items:

The Board has declared an Interim dividend of 0.75p per ordinary share, the dividend will be paid on 28 January 2026 to shareholders registered at the close of business on 30 December 2025.

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, we remain focused on free cash flow generation. We expect to keep annual capital expenditure below £100m, for exceptional cash costs to be below £10m by 2026/27, and to keep working capital at least neutral despite continued outflow from the expected growth of the iD Mobile business. 

The Group's cash tax will remain below adjusted P&L tax due to the tax deductions from defined benefit pension scheme contributions and the benefit of tax losses in the UK and Nordics. The Group's pension contributions will reduce to £13m per annum for five years from 2026/27 and cease thereafter.

The Group will aim to maintain a net cash balance sheet of at least £100m, pay the required pension contributions, invest to grow the business, pay and grow the ordinary dividend, while returning any surplus capital in the form of share buybacks.

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.

Chief Executive's Review

Currys has delivered strong first-half results, with profitability improving and cash generation accelerating. The UK&I business has maintained good momentum while the Nordics is seeing rapid performance improvement. These results demonstrate that our strategy is working, underpinned by the strength of our omnichannel model, the relevance of our customer proposition - enhanced by our Services and solutions - and the effectiveness of our execution. We remain focused on what matters most: delivering for our customers and our colleagues and growing cash flow.

Group adjusted EBIT rose +32% to £54m, while free cash flow increased +68% to £84m. Our balance sheet remains strong, with net cash of £133m, giving us the flexibility to invest, reward shareholders, and navigate external uncertainty with confidence. We're declaring an interim dividend of 0.75p per share, demonstrating our confidence in, and commitment to, sustainable returns. Including our ongoing £50m share buyback, we're returning £75m to shareholders this year.

Our Capable and Committed Colleagues remain at the heart of Currys and their engagement drives our success. Our colleague engagement score of 82 places us among the top 5% of companies globally¹. In our latest 'On the Pulse' survey, over 20,000 colleagues from across the UK&I and the Nordics contributed 35,000 comments. We review every comment to make sure we're continuously improving Currys as a great place to work.

In the UK, we achieved an overall engagement score of 81% in the Sunday Times Best Places to Work survey-13 percentage points above the industry average, and 5 points above the global average. It's a tremendous first result and a testament to the strength of our culture. We are also proud to have achieved a leading retailer rating of 4.0 on Glassdoor in the UK, further demonstrating the positive experiences of our colleagues.

We are making Currys Easy to Shop by removing friction and improving the end-to-end customer experience. Our omnichannel model is a key competitive advantage as tech customers prefer shopping both online and in-store, and we are ever stronger at both. Our stores are central to our proposition, offering expert advice, hands-on product interaction, and convenient fulfilment. For customers seeking technology products and support, Currys typically offers more than any competitor. We are investing in store efficiency. Electronic shelf edge labelling (ESEL), already proven successful in the Nordics, is now in all 296 UK&I stores after rolling out to 196 during the period. This innovation enhances the customer experience, enables more agile pricing, and saves colleagues' valuable time.

To further enhance the in-store experience in the UK&I, we've introduced Sales Floor Leader roles and equipped every colleague with audio headsets. Floor leaders coordinate activity while headsets keep teams connected, ensuring faster customer service, shorter wait times and better security - all driving higher conversion. We've enhanced our digital platforms to make browsing, buying, and accessing support simpler and faster. During the half, we launched "Where Is My Order" functionality for self‑serve order tracking and introduced proactive text updates for all customers. These changes reassure customers, reduce contact centre calls, and deliver a smoother experience.

In the Nordics, online sales were up +20% (currency neutral), driven by our continuous evolution based on customer feedback, with online NPS increasing materially in the period alongside sales. Improvements included a better checkout experience, better value communication during the customer journey for subscriptions and a new "flyout" format to encourage impulse accessory sales.

Nordic store sales also grew despite six store closures. We continue to invest in our portfolio, ensuring that all stores look good with a relevant product assortment that make them exciting places of discovery.

We focus on building Customers for Life. Our vision, 'We Help Everyone Enjoy Amazing Technology', means being there for customers, not just at the point of sale, but throughout the life of their product. Our range of Services and solutions make it easy for customers to discover, choose, afford, and enjoy technology to the full. They also produce stickier and more valuable customer relationships.

Our UK credit offering continues to grow, reaching a 23.3% adoption during the period, +160bps YoY. This helps customers afford the technology they need, allowing them to pay at their own pace, while driving sales, profitable growth, and long-term loyalty. We now serve 2.8m credit customers with sales of £0.5bn in the period, up +12% YoY, making Currys a major player in UK retail credit.

We help customers to get started with installation and set‑up services. In the UK&I, 33.3% of big‑box deliveries included installation (up +120bps YoY), while 36.2% included recycling (up +280bps YoY). The Nordics showed similar momentum, with installation at 46.0% (up +90bps YoY), and recycling at 37.9% (up +100bps YoY).

We give customers' technology longer life. We support 11.8 million repair plans across the UK&I and the Nordics. In the UK&I, we have over 1,000 engineers at Newark - one of Europe's largest technology repair facilities - and have further repair facilities in Norway and Sweden. We are the only tech retailer in our markets with dedicated repair capabilities. This delivers a trusted experience that extends the life of tech, supports sustainable choices and strengthens loyalty. We've expanded our repair capabilities to include more product types such as kitchen appliances, coffee machines and vacuums, which lowers write-offs and saves significant cost. We're also deepening supplier partnerships, and we now handle all Samsung manufacturer warranty repairs following the successful launch of Microsoft repairs.

iD Mobile helps customers get the most out of their technology with great value, reliable connectivity for 2.4 million customers-up 21% YoY. We've built a valuable asset and are now applying these learnings in the Nordics.  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, with clear consumer demand and strong subscription growth.

These services benefit both customers and Currys, generating higher-margin recurring revenue. In the UK&I, recurring revenue services grew +11% to reach 13% of sales. Including credit, these high-value services represented 30.4% of UK&I revenue, +160bps YoY. In the Nordics, recurring revenue services grew +4% YoY on a currency neutral basis.

Customer satisfaction remains strong. Our Net Promoter Score held at 56 in UK&I despite headwinds from systems disruption, while rising +1 point to 64 in the Nordics. As a key indicator of future performance, we continuously work to identify and remove sources of customer friction.

We're Growing Profits through higher revenue, improved margins, and cost discipline. However, UK&I profits in the first half were weighed down by the increases in National Living Wage and National Insurance costs from last year's government Budget. Underlying margin progress was positive, and we maintained tight cost control, especially in the Nordics where operating costs remained flat despite inflation.

We are also unlocking new avenues of profitable growth, through what we sell, who we sell to, and how we sell it.

We're targeting growth in underweight areas such as gaming accessories, up +24% YoY, and we are seeing strong momentum in new technology with Windows laptops up +12% and in emerging tech like health & beauty innovations, up +69%. In the Nordics, robo vacuums grew +50% and robotic mowers +442%, while new categories such as computing hardware and Lego saw very strong sales, further demonstrating the opportunity.

Our B2B business is accelerating following targeted investment and reorganisation, delivering double digit growth in both the UK&I and Nordics. We're targeting smaller businesses which represent a large and profitable market where we can leverage our B2C scale and capabilities. Our goal is to double UK&I B2B sales within three years.

In a business as large and complex as Currys, not everything runs according to plan. We had planned to complete our migration of UK on-premise servers to the cloud before Peak trading to reduce costs and future-proof the business. However, delays and some impact on customer experience over the summer meant we decided to pause the project rather than risk disruption over Peak. This decision will add some additional exceptional dual-running costs in the near term, which is disappointing, but it was the right decision to protect the customer experience in our key trading period.

The first half demonstrates Currys' strength and resilience. We've delivered improved profitability, stronger cash generation, and progress across our strategic priorities. We're proud of the skill, discipline and energy our teams have shown. There is much more to do, and we are not complacent. We will continue to execute our strategy, invest in our customer proposition, and adapt to changing market conditions. Our vision, 'We Help Everyone Enjoy Amazing Technology', remains central to everything we do, and we are confident in our ability to continue to deliver sustainable value for customers, colleagues, and shareholders.

1.        Viva-Glint, October 2025 survey completed by 20,481 colleagues across the Group.

Results call

There will be a live presentation and audio webcast followed by Q&A call for investors and analysts at 9:00am.

The presentation slides will be available via the following link: https://brrmedia.news/CURY_HY25  

To participate in the live audio Q&A session, please use the following participant access details:

UK: +44 (0) 33 0551 0200, please quote 'Currys Interim Results' when prompted by the operator. 

Next scheduled announcement

The Group is scheduled to publish its Peak trading update, covering the 10 weeks to 10 January 2026, on Wednesday 21 January 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 702 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 25,000 capable and committed colleagues.

We Help Everyone Enjoy Amazing Technology. 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.

Performance Review

We manage the business across two segments: UK & Ireland and the Nordics. Both delivered growth in the period.

Group revenue increased +8% to £4,230m (+6% on a currency neutral basis), with strong contributions from both segments.

Group adjusted PBT increased to £22m, +144% YoY with adjusted EPS of 1.6p, a +167% increase on the prior year.

Group operating cash flow grew +25% to £76m. Free cash inflow of £84m for the period was a +£34m improvement on last year due to the better operating cash flow and a much larger working capital inflow, especially in the Nordics. Following the completion of the Group's pension triennial review, £82m of contributions were paid in the first half, along with a £16m dividend payment and £30m of share buybacks.

This resulted in cash outflow for the period of £(51)m, and a net cash position of £133m, +£26m YoY.

1. All amounts presented in the profit and loss statement relate to continuing operations. There is no profit or loss impact from discontinued operations in the current or prior period.

2. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

UK & Ireland

Our UK&I footprint remained stable with 296 stores totalling 5.4 million square feet. We closed two stores during the second half of 2024/25 as part of our ongoing portfolio optimisation.

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Revenue increased +6%, driven by like-for-like sales growth of +4%. Recurring service revenue growth of +11% was a key contributor, reflecting strong momentum in our services proposition.

Computing was the strongest category, driven by AI technology and new gaming launches. Mobile performed well, with iD Mobile and handset-only sales gaining share in a declining market. Appliances grew, while consumer electronics declined, partly due to tough comparatives from Euro 2024 demand last year.

We outperformed the UK market which declined (1.2)% in the period. Our market share increased by +60bps with gains in both channels: stores up +90bps and online +70bps.

Gross margins decreased (40)bps, as increased wages and National Insurance contributions raised supply chain and service operations costs and were only partially offset by cost saving initiatives. Underlying margin performance was broadly flat. Operating costs increased due to higher employee costs and business rates, alongside additional investment in marketing. However, efficiency gains from higher sales meant our cost-to-sales ratio improved by +20bps.

Adjusted EBIT decreased to £19m at 0.8% margin, down (20)bps YoY.

² Prior period restated to exclude discontinued operation costs.

Adjusting items to EBIT of £(5)m primarily relate to non-cash amortisation of acquisition intangibles from the 2014 merger. Cash adjusting items of £(18)m related to non-trading property costs and restructuring programmes.

Operating cash flow decreased by (3)% YoY reflecting lower profits.

Capital expenditure of £16m was flat YoY with the largest area of spend being the roll out of ESEL. Adjusting items to cash flow increased by £9m as described above. Working capital generated £72m from sales growth and process improvements, more than offsetting the £18m headwind from higher mobile receivables.  

Overall, segmental free cash flow was £53m, down £11m from the prior year due to higher adjusting items despite strong working capital performance.

Nordics

Our Nordics footprint comprises 406 stores (233 owned, 173 franchise) totalling 4.7 million square feet. During the period, six stores were closed (four owned, two franchise), in addition to one store closure in the second half of last year, as part of ongoing portfolio optimisation.

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Revenue increased +7% (currency neutral), driven by like-for-like sales growth of +4%. Recurring service revenue was up +4% (currency neutral). Online revenue was very strong, growing at +20% (currency neutral), while stores sales also grew.

Computing was the strongest performing category, driven by gaming launches and AI technology. Small domestic appliances, mobile, and major appliances all delivered positive growth, while consumer electronics declined modestly. The Nordic market grew approximately +6% (currency neutral) in the period. Our market share was 27.4%, down (60)bps compared to last year, most notably in Finland, as we maintained margin discipline and prioritised profitable growth over volume. 

Gross margins were held flat as some negative hedging impact was offset by improvements in solution sales. Costs were tightly controlled as increases driven by inflation, launching Giga Mobiili and increased colleague incentives were largely offset through cost saving initiatives. Strong sales generated significant operating leverage, driving adjusted EBIT to £35m at 2.0% EBIT margin, up +90bps YoY.

Adjusting items to EBIT totalled £(6)m entirely from non-cash amortisation of acquisition intangibles. Cash adjusting items of £(2)m related to strategic changes in Finland. After adjusting items, reported EBIT was £29m.

Operating cash flow increased +59% to £43m driven by revenue growth and higher profits. Capital expenditure of £15m was split between stores (approximately half), IT infrastructure and distribution facilities. Working capital generated £14m as higher sales naturally drove improved working capital efficiency. Segmental free cash flow reached £40m, up +£44m YoY.

Finance Costs

Interest on lease liabilities remained stable at £(27)m. The cash impact of this interest is included within 'Cash payments of leasing costs' in segmental free cash flow.

Net finance costs of £(5)m were unchanged from the previous year. The net cash impact of these costs was £(7)m, from £(8)m in the prior year.

Finance costs on defined benefit pension schemes (an adjusting item) were broadly flat at £(2)m, in line with pension valuation assumptions.

Tax

We applied a 22% tax rate to adjusted half-year results, down from 25% previously, reflecting a higher proportion of Nordic profits, which face slightly lower tax rates.

Cash tax paid was £(2)m, the same as last year, representing Nordic payments on account.

Cash flow

Segmental free cash flow reached £93m, up +£33m YoY, driven by stronger operating cash flow and working capital improvements that more than offset higher capital expenditure and adjusting items.

After interest and tax outflows of £9m, free cash flow was £84m, up from £50m in the prior year.

Pension contributions of £82m (2024/25: £50m) reflected the revised contribution plan agreed following the triennial review (see Balance sheet section for details).

Other movements of £5m relate to currency translation impacts on our foreign currency balances.

The Group ended the period with net cash of £133m, up from £107m as of 26 October 2024. Average net cash for the period was £118m (H1 2024/25: £73m).

The Board has declared an Interim dividend of 0.75p per ordinary share. The dividend will be paid on 28 January 2026 to shareholders registered at the close of business on 30 December 2025 (ex-dividend date: 29 December 2025).

Balance sheet

Goodwill increased £29m to £2,280m due to foreign exchange revaluation of Nordic goodwill, as Nordic currencies strengthened against Sterling.

Other fixed assets decreased by £(43)m since 3 May 2025 as capital expenditure was more than offset by depreciation and amortisation of £(147)m.

Net lease liabilities decreased £36m to £895m due to store closures and lease renewals at lower average rents, reflecting our ongoing portfolio optimisation.

Total working capital was £(257)m at period end, compared to £(196)m at 26 October 2024. The £61m increase primarily reflects:

Inventory: Increased +15% to £1,529m due to higher stock intake supporting stronger sales and promotional timing. Stock days improved to 62 from 63, demonstrating efficient inventory management.

Trade payables: Increased £216m to £1,849m in line with higher inventory levels.

Network receivables: Increased £18m due to iD Mobile growth, partially offset by declining Vodafone receivables, reflecting lower sales.

Other payables: Increased £63m, primarily from higher VAT payable on increased sales and payroll timing differences.

The pension accounting deficit under IAS 19 decreased to £(16)m from £(103)m at 3 May 2025, primarily due to the Group's £82m contribution.

The Group completed the triennial funding valuation as of 31 March 2025, showing a deficit of £(134)m which was a substantial improvement from £(403)m at the prior review. The improvement reflects £166m of company contributions and strong investment returns, partially offset by updated inflation and other assumptions.

Based on this valuation, the Group paid £82m in H1 2025/26 and will pay £13m annually for five years through 2030/31, after which the scheme should be fully funded and contributions will cease.

Under the agreed funding plan, the Group will make additional shareholder-matching contributions if annual shareholder cash returns (dividends plus buybacks) exceed £80m, or exceed £40m if year-end net cash falls below £50m. Any such additional contributions would reduce future scheduled payments (starting at the outer year).

The deferred tax asset increased to £31m from £10m primarily due to the partial recognition of a UK deferred tax asset. This recognition reflects improved trading performance and outlook, which support future profit forecasts.

Provisions of £56m relate primarily to property, reorganisation, and sales commitments. The balance was flat since 3 May 2025 as utilisation of reorganisation and property provisions was offset by new provisions.

Comprehensive income / Changes in equity

Total equity was unchanged at £2,243m. Profit of £16m, foreign currency translation gains of £38m, share scheme movements of £16m, and hedging gains of £5m were offset by pension actuarial losses of £13m, share purchases of £46m, and dividends of £16m.

Share count 

The weighted average number of shares for basic earnings per share decreased (15)m to 1,074m, primarily due to the share buyback program, partially offset by lower EBT holdings.

The Group has completed £30m of share buybacks to date under its announced £50m programme, with the purchased shares currently held in treasury and expected to be cancelled during this financial year. The remaining £20m of buybacks are scheduled to restart after Peak trading results are announced on 21 January 2026 and be completed no later than 30 April 2026, subject to market conditions.

The dilutive effect of share options and other incentive schemes has increased due to improved scheme performance against vesting conditions.