REG - Currys PLC - Performance continues to strengthen
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RNS Number : 0210M Currys PLC 18 December 2025
We Help Everyone Enjoy Amazing Technology
Unaudited Results for the Half Year Ended 1 November 2025
Performance continues to strengthen
Summary
• Group adjusted profit before tax £22m, +144% YoY
• Group free cash flow £84m, +68% YoY
• UK&I showing strong momentum - revenue +6%
o supported by share gains, +11% growth in recurring Service revenue(1),
credit adoption +160bps to 23.3%, B2B sales +16% and new categories +35%
• iD Mobile subscribers +21% to 2.4m, tracking ahead of the 2.5m year-end target
• Nordics recovery accelerating - revenue +7% (currency neutral)
o driven by growth across most product categories, including Epoq kitchens
+30%
• £50m buyback programme underway - £30m completed to date
• Interim dividend of 0.75p declared - bringing total cash returned to
shareholders to £75m this year
Financial performance
• Group revenue £4,230m, +8% YoY (currency neutral +6%) - driven by LFL revenue
+4%
• Group adjusted EBIT £54m, +£13m YoY; reported EBIT £43m, +£14m YoY
• UK&I LFL revenue +4%, adjusted EBIT £19m, £(4)m YoY
o government driven increases in colleague costs were not fully offset by
cost savings and operating leverage
• Nordics LFL revenue +4%, adjusted EBIT £35m, +£17m YoY
o driven by higher sales, stable gross margins and tightly controlled
operating costs
• Movement in net cash £(51)m - down £(62)m YoY after £82m pension
contribution and £46m shareholder returns
• Period end net cash of £133m, +£26m YoY and pension deficit of £(16)m
Current year outlook
• Group trading since the period end has been consistent with the Board's
expectations
• Full year guidance maintained - the Group continues to expect growth in
profits and free cash flow for the year
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.
Revenue H1 2025/26 H1 2024/25 Reported Currency neutral Like-for-Like
£m
£m
% change % change % change
UK & Ireland 2,474 2,342 +6% +6% +4%
Nordics 1,756 1,576 +11% +7% +4%
Continuing operations 4,230 3,918 +8% +6% +4%
In the UK&I, we outperformed the market, gaining +60bps of share in a
market(1) 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.
Profit and Cash Flow Summary(2) H1 2025/26 H1 2024/25 H1 2025/26 H1 2024/25 Reported Currency neutral
£m £m Adjusted Adjusted % change % change
£m
£m
Segmental EBIT
UK & Ireland 14 17 19 23 (17)% (17)%
Nordics 29 12 35 18 94% 89%
EBIT 43 29 54 41 32% 29%
EBIT Margin 1.0% 0.7% 1.3% 1.0% 30 bps 20 bps
Net interest expense on leases (27) (27) (27) (27)
Other net finance costs (7) (12) (5) (5)
Profit / (loss) before tax 9 (10) 22 9 144% 110%
Tax 7 2 (5) (2)
Profit / (loss) after tax 16 (8) 17 7
Earnings per share 1.5p (0.7)p 1.6p 0.6p
Operating cash flow 76 61 25% 25%
Operating cash flow margin 1.8% 1.6% 20 bps 30 bps
Cash generated from continuing operations 251 206
Free cash flow 84 50 68% 67%
Net cash 133 107
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:
• Total interest expense of £60-65m (previously around £65m)
• Capital expenditure of around £90m (previously around £95m)
• Exceptional cash outflow of around £40m (previously around £30m)
• Pension contributions of £82m, all made in H1
• Cash dividend payments of £25m across the 2024/25 final and £8m 2025/26
interim dividend
• Share buybacks of £50m of which £30m has been completed to date, with
remaining £20m to be completed no later than 30 April 2026, subject to market
conditions
Other technical cash flow items:
• Depreciation & amortisation around £265m
• Cash payments of leasing costs around £260m
• Cash tax around £20m
• Cash interest of around £15m
• Share purchases to cover colleague share awards of £15-20m
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 globally(1). 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 (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
Dan Homan Investor Relations +44 (0)7401 400442
Carla Fabiano Investor Relations +44 (0)7460 944523
Tim Danaher Brunswick Group +44 (0)2074 045959
Information on Currys plc is available at www.currysplc.com
(http://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.
Income Statement(1) H1 2025/26 H1 2024/25 Reported Currency neutral
£m
£m % change % change
Revenue 4,230 3,918 8% 6%
Of which, recurring service revenue(2) 421 381 +10% +9%
Adjusted EBITDA 189 171 11% 9%
Adjusted EBITDA margin 4.5% 4.4% 10 bps 10 bps
Depreciation on right-of-use assets (90) (89)
Depreciation on other assets (23) (18)
Amortisation (22) (23)
Adjusted EBIT 54 41 32% 29%
Adjusted EBIT margin 1.3% 1.0% 30 bps 20 bps
Interest on lease liabilities (27) (27)
Finance income 4 4
Adjusted finance costs (9) (9)
Adjusted PBT 22 9 144% 110%
Adjusted PBT margin 0.5% 0.2% 30 bps 20 bps
Adjusted tax (5) (2)
Adjusted Profit after tax 17 7
Adjusted EPS 1.6p 0.6p
Statutory Reconciliation
Adjusting items to EBITDA 1 -
EBITDA 190 171 11% 9%
Adjusting items to depreciation and amortisation (12) (12)
EBIT 43 29 48% 45%
EBIT Margin 1.0% 0.7% 30 bps 30 bps
Adjusting items to finance costs (2) (7)
PBT 9 (10) - -
Adjusting items to tax 12 4
Profit / (Loss) after tax 16 (8)
EPS - total 1.5p (0.7)p
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.
Cash flow H1 2025/26 H1 2024/25 Reported Currency neutral
% change
£m £m % change
Adjusted EBITDAR 193 173 12% 10%
Adjusted EBITDAR margin 4.6% 4.4% 20 bps 20 bps
Cash payments of leasing costs (127) (122)
Other non-cash items in EBIT 10 10
Operating cash flow(1) 76 61 25% 25%
Operating cash flow margin 1.8% 1.6% 20 bps 30 bps
Capital expenditure (31) (22)
Adjusting items to cash flow (20) (10)
Free cash flow before working capital 25 29 (14)% (11)%
Working capital 86 56
Network receivable (18) (25)
Segmental free cash flow 93 60 55% 53%
Cash tax paid (2) (2)
Cash interest paid (7) (8)
Free cash flow 84 50 68% 67%
Dividend (16) -
Purchase of own shares - share buyback (30) -
Purchase of own shares - employee benefit trust (13) (10)
Pension (82) (25)
Disposals including discontinued operations 1 (4)
Other 5 -
Movement in net cash (51) 11
Net cash 133 107
UK & Ireland
Number of stores 1 November 2025 26 October 2024
UK 280 282
Ireland 16 16
Total UK&I 296 298
Selling space '000 sq. ft
UK 5,159 5,223
Ireland 207 207
Total UK&I 5,366 5,430
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.
Income Statement H1 2025/26 H1 2024/25 Reported Currency neutral % change
£m £m % change
Revenue 2,474 2,342 6% 6%
Of which, recurring service revenue(1) 313 281 11% 11%
Adjusted EBITDA 97 97 - -
Adjusted EBITDA margin 3.9% 4.1% (20) bps (20) bps
Depreciation on right-of-use assets (48) (49)
Depreciation on other assets (13) (8)
Amortisation (17) (17)
Adjusted EBIT 19 23 (17)% (17)%
Adjusted EBIT margin 0.8% 1.0% (20) bps (20) bps
Adjusting items to EBIT (5) (6)
EBIT 14 17 (18)% (18)%
EBIT margin 0.6% 0.7% (10) bps (10) bps
Cash flow
Adjusted EBITDAR 100 99 1% 1%
Adjusted EBITDAR margin 4.0% 4.2% (20) bps (20) bps
Cash payments of leasing costs (74) (74)
Other non-cash items in EBIT 7 9
Operating cash flow 33 34 (3)% (3)%
Operating cash flow margin 1.3% 1.5% (20) bps (20) bps
Capital expenditure (16) (15)
Adjusting items to cash flow (18) (9)
Free cash flow before working capital (1) 10 - -
Working capital 72 79
Network Receivables (18) (25)
Segmental free cash flow 53 64 (17)% (16)%
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.
Adjusting items H1 2025/26, £m H1 2024/25(2), £m
Income statement Cash flow Income statement Cash flow
Acquisition / disposal related items (6) - (6) -
Strategic change programmes - (18) (1) (7)
Impairment losses and onerous contracts - - - (1)
Regulatory 2 - 2 -
Other (1) - (1) (1)
Total (5) (18) (6) (9)
(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
1 November 2025 26 October 2024
Number of stores Own Franchise stores Total Own Franchise stores Total
stores stores
Norway 73 62 135 77 63 140
Sweden 92 77 169 94 78 172
Denmark 49 - 49 47 - 47
Finland 19 18 37 20 18 38
Other Nordics - 16 16 - 16 16
Nordics 233 173 406 238 175 413
Selling space '000 sq ft Own Franchise stores Total Own Franchise stores Total
stores stores
Norway 1,016 634 1,650 1,044 649 1,693
Sweden 1,088 404 1,492 1,107 396 1,503
Denmark 818 - 818 788 - 788
Finland 491 166 657 508 166 674
Other Nordics - 106 106 - 106 106
Nordics 3,413 1,310 4,723 3,447 1,317 4,764
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.
Income Statement H1 2025/26 H1 2024/25 Reported Currency neutral % change
£m £m % change
Revenue 1,756 1,576 11% 7%
Of which recurring service revenue(1) 108 100 8% 4%
Adjusted EBITDA 92 74 24% 19%
Adjusted EBITDA margin 5.2% 4.7% 50 bps 50 bps
Depreciation on right-of-use assets (42) (40)
Depreciation on other assets (10) (10)
Amortisation (5) (6)
Adjusted EBIT 35 18 94% 89%
Adjusted EBIT margin 2.0% 1.1% 90 bps 80 bps
Adjusting items to EBIT (6) (6)
EBIT 29 12 142% 133%
EBIT margin 1.7% 0.8% 90 bps 90 bps
Cash flow
Adjusted EBITDAR 93 74 26% 22%
Adjusted EBITDAR margin 5.3% 4.7% 60 bps 60 bps
Cash payments of leasing costs (53) (48)
Other non-cash items in EBIT 3 1
Operating cash flow 43 27 59% 62%
Operating cash flow margin 2.4% 1.7% 70 bps 80 bps
Capital expenditure (15) (7)
Adjusting items to cash flow (2) (1)
Free cash flow before working capital 26 19 37% 32%
Working capital 14 (23)
Segmental free cash flow 40 (4) - -
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 H1 2025/26, £m H1 2024/25, £m
Income statement Cash flow Income statement Cash flow
Acquisition / disposal related items (6) - (6) -
Strategic change programmes - (2) - (1)
Impairment losses and onerous contracts - - - -
Total (6) (2) (6) (1)
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
H1 2025/26 H1 2024/25
£m £m
Interest on lease liabilities (27) (27)
Finance income 4 4
Finance costs (9) (9)
Adjusted net finance costs (32) (32)
Finance costs on defined benefit pension schemes (2) (4)
Other finance costs - (3)
Net finance costs on continuing operations (34) (39)
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
H1 2025/26 H1 2024/25 Reported Currency neutral
£m £m % change % change
Operating cash flow 76 61 25% 25%
Capital expenditure (31) (22)
Adjusting items to cash flow (20) (10)
Free cash flow before working capital 25 29 (14)% (11)%
Working Capital 86 56
Network receivables (18) (25)
Segmental free cash flow 93 60 55% 53%
Cash tax paid (2) (2)
Cash interest paid (7) (8)
Free cash flow 84 50 68% 67%
Dividend (16) -
Purchase of own shares - share buyback (30) -
Purchase of own shares - employee benefit trust (13) (10)
Pension (82) (25)
Disposals including discontinued operations 1 (4)
Other 5 -
Movement in net cash (51) 11
Opening net cash 184 96
Closing net cash 133 107
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
1 November 2025 26 October 2024 3 May 2025
Group Group Group
£m £m £m
Goodwill 2,280 2,216 2,251
Other fixed assets 1,047 1,065 1,090
Net lease liabilities (895) (931) (937)
Working capital (257) (196) (195)
Pension (16) (143) (103)
Deferred tax 31 10 32
Provisions (56) (69) (56)
Income tax payable (24) (19) (23)
Net cash 133 107 184
Net assets 2,243 2,040 2,243
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.
Working Capital 1 November 2025 26 October 2024 3 May 2025
Group Group Group
£m £m £m
Inventory 1,529 1,328 1,037
Trade Receivables 201 208 195
Trade Payables (1,849) (1,633) (1,186)
Trade working capital (119) (97) 46
Network commission receivables and contract assets 54 70 47
Network accrued income 242 208 230
Network receivables 296 278 277
Other Receivables 348 335 313
Other Payables (781) (718) (820)
Derivatives (1) 6 (11)
Working capital (257) (196) (195)
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
Weighted average number of shares 1 November 2025 26 October 2024 3 May 2025
Million Million Million
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT and treasury shares held by Company (59) (44) (52)
For basic earnings / (loss) per share 1,074 1,089 1,081
Dilutive effect of share options and other incentive schemes 66 46 51
Number of shares for diluted earnings per share 1,140 1,135 1,132
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.
Financial Information
Consolidated Income Statement
Note 26 weeks ended 26 weeks ended 53 weeks
1 November 26 October ended
2025 2024 3 May
Unaudited Unaudited 2025
£m
£m
Audited
£m
Continuing Operations
Revenue 2 4,230 3,918 8,706
Profit before interest and tax 2 43 29 198
Finance income 4 4 11
Finance costs (38) (43) (85)
Net finance costs (34) (39) (74)
Profit / (loss) before tax 9 (10) 124
Income tax credit / (expense) 7 2 (16)
Profit / (loss) after tax for the period from continuing operations 16 (8) 108
Profit / (loss) after tax for the period 16 (8) 108
Earnings / (loss) per share - pence 3
Basic - continuing operations 1.5p (0.7)p 10.0p
Diluted - continuing operations 1.4p (0.7)p 9.5p
Basic - total 1.5p (0.7)p 10.0p
Diluted - total 1.4p (0.7)p 9.5p
Consolidated Statement of comprehensive income
26 weeks ended 26 weeks ended 53 weeks
1 November 2025
26 October 2024
ended
Unaudited Unaudited
3 May
£m
£m
2025
Audited
£m
Profit / (loss) after tax for the period 16 (8) 108
Items that may be reclassified to the income statement in subsequent periods:
Cash flow hedges
Fair value movements recognised in other comprehensive income (1) (1) (10)
Reclassified and reported in income statement 1 3 4
Tax on movements in cash flow hedges (1) - 2
Exchange gain / (loss) arising on translation of foreign operations 38 (27) 17
37 (25) 13
Items that will not be reclassified to the income statement in subsequent
periods:
Actuarial gain on defined benefit pension schemes - UK 6 7 26
Tax on movements on defined benefit pension schemes (19) (2) 28
(13) 5 54
Other comprehensive income / (expense) for the period taken to equity 24 (20) 67
Total comprehensive income / (expense) for the period - continuing operations 40 (28) 175
Total comprehensive income / (expense) for the period 40 (28) 175
Consolidated balance sheet
Note 1 November 2025 Unaudited £m 26 October 2024 Unaudited 3 May 2025 Audited
£m
£m
Non-current assets
Goodwill 2,280 2,216 2,251
Intangible assets 184 222 204
Property, plant and equipment 124 106 125
Right-of-use assets 739 737 761
Lease receivable 1 2 2
Trade and other receivables 88 94 100
Deferred tax assets 40 19 41
3,456 3,396 3,484
Current assets
Inventory 1,529 1,328 1,037
Lease receivable 1 1 1
Trade and other receivables 757 727 685
Income tax receivable 3 4 2
Derivative assets 8 12 5
Cash and cash equivalents 135 108 209
2,433 2,180 1,939
Total assets 5,889 5,576 5,423
Current liabilities
Trade and other payables (2,522) (2,252) (1,889)
Derivative liabilities (9) (6) (16)
Income tax payable (27) (23) (25)
Loans and other borrowings (2) (1) (25)
Lease liabilities (195) (201) (201)
Provisions (45) (61) (46)
(2,800) (2,544) (2,202)
Non-current liabilities
Trade and other payables (108) (99) (117)
Lease liabilities (702) (733) (739)
Retirement benefit obligations 5 (16) (143) (103)
Deferred tax liabilities (9) (9) (9)
Provisions (11) (8) (10)
(846) (992) (978)
Total liabilities (3,646) (3,536) (3,180)
Net assets 2,243 2,040 2,243
Capital and reserves
Share capital 1 1 1
Share premium account 2,263 2,263 2,263
Other reserves (834) (880) (848)
Accumulated profits 813 656 827
Equity attributable to equity holders of the parent company 2,243 2,040 2,243
Consolidated statement of changes in equity
Note Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 3 May 2025 1 2,263 (848) 827 2,243
Profit for the period - - - 16 16
Other comprehensive income / (expense) recognised directly in equity - - 37 (13) 24
Total comprehensive income for the period - - 37 3 40
Amounts transferred to the carrying value of inventory purchased during the - - 6 - 6
year
Net movement in relation to share schemes - - 17 (7) 10
Tax on items recognised directly in reserves - - - 6 6
Purchase of own shares - employee benefit trust - - (16) - (16)
Purchase of own shares - share buyback - - (30) - (30)
Equity dividends 4 - - - (16) (16)
At 1 November 2025 1 2,263 (834) 813 2,243
Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 27 April 2024 1 2,263 (844) 652 2,072
Loss for the period - - - (8) (8)
Other comprehensive (expense) / income recognised directly in equity - - (24) 4 (20)
Total comprehensive expense for the period - - (24) (4) (28)
Amounts transferred to the carrying value of inventory purchased during the - - (3) - (3)
year
Net movement in relation to share schemes - - 1 8 9
Purchase of own shares - employee benefit trust - - (10) - (10)
At 26 October 2024 1 2,263 (880) 656 2,040
Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 27 April 2024 1 2,263 (844) 652 2,072
Profit for the period - - - 108 108
Other comprehensive income recognised directly in equity - - 13 54 67
Total comprehensive income for the period - - 13 162 175
Amounts transferred to the carrying value of inventory purchased during the - - (4) - (4)
year
Net movement in relation to share schemes - - 2 9 11
Tax on items recognised directly in reserves - - - 4 4
Purchase of own shares - employee benefit trust - - (15) - (15)
At 3 May 2025 1 2,263 (848) 827 2,243
Consolidated cash flow statement
Note 26 weeks 26 weeks 53 weeks
ended
ended
ended
1 November 2025
26 October 2024
3 May
2025
Unaudited Unaudited
£m £m Audited
£m
Operating activities
Cash generated from operations 6 251 206 507
Special contributions to defined benefit pension scheme (82) (25) (50)
Income tax paid (2) (2) (4)
Net cash flows from operating activities - continuing operations 167 179 453
Net cash flows from operating activities 167 179 453
Investing activities
Acquisition of property, plant & equipment and other intangibles (31) (22) (77)
Net cash flows from investing activities - continuing operations (31) (22) (77)
Net cash flows from investing activities - discontinued operations: proceeds 6 - (4) (5)
on sale of business
Net cash flows from investing activities (31) (26) (82)
Financing activities
Interest paid (34) (34) (67)
Capital repayment of lease liabilities (98) (97) (205)
Purchase of own shares - employee benefit trust (13) (10) (15)
Purchase of own shares - share buyback (30) - -
Equity dividends paid 4 (16) - -
Cash inflows from derivative financial instruments 6 - 7
Facility arrangement fees paid (1) - (5)
Net cash flows from financing activities - continuing operations (186) (141) (285)
Net cash flows from financing activities (186) (141) (285)
(Decrease) / increase in cash and cash equivalents and bank overdrafts (50) 12 86
Cash and cash equivalents and bank overdrafts at beginning of the period 184 96 96
Currency translation differences (1) (1) 2
Cash and cash equivalents and bank overdrafts at end of the period 133 107 184
Notes to the financial information
1 Accounting policies
(a) Basis of preparation
The interim financial information for the 26 weeks ended 1 November 2025 was
approved by the directors on 17 December 2025. The interim financial
information, which is a condensed set of financial statements, has been
prepared in accordance with the Listing Rules of the Financial Conduct
Authority and International Accounting Standard 34 "Interim Financial
Reporting" (IAS 34) as adopted by the UK and has been prepared on the going
concern basis as described further below and in the section on risks to
achieving the Group's objectives.
The accounting policies adopted are those set out in the Group's Annual Report
and Accounts 2024/25 which were prepared in accordance with IFRS as adopted by
the UK. New accounting standards, amendments to standards and IFRIC
interpretations which became applicable during the period were either not
relevant or had no impact on the Group's net results or net assets.
Going Concern
Going concern is the basis of preparation of the financial statements that
assumes an entity will remain in operation for a period of at least 12 months
from the date of approval of these condensed financial statements.
In their consideration of going concern, the directors have reviewed the
Group's future cash forecasts and profit projections, which are based on
market data and past experience. The debt facilities modelled in the base case
total £525m, post renewal in September 2024.
As a result of the uncertainties surrounding the forecasts due to the current
macroeconomic environment, the Group has also modelled a severe but plausible
downside scenario by applying a sales risk of 5% per annum across the 3 year
viability period from H2 2025/26 to 2028/29. This sales risk can be offset
with controllable mitigations across various operating expense line items and
hence in this severe but plausible downside scenario, the Group does not
breach any of the Group's facilities or banking covenants. Finally, the Group
has numerous other mitigations available (in addition to those applied to the
severe but plausible downside scenario) which are considered controllable
should sales drop below the severe but plausible downside, before requiring
additional sources of financing in excess of those that are committed. Such a
scenario, and the sequence of events which could lead to it, is considered to
be remote.
In addition to this scenario, the Group has also assessed the potential impact
of a significant cyber-attack, reflecting the nature of recent incidents
experienced across Europe. This assessment considered a temporary disruption
to core operating systems, associated recovery costs and short-term impacts on
trading. The modelling indicates that, while such an event could result in
operational challenges, the Group's existing business continuity plans,
insurance cover and other contingency measures would limit the financial
impact to a level that remains manageable within the Group's available
facilities and covenant headroom.
The directors are of the opinion that the Group's forecasts and projections,
which take into account reasonably possible changes in trading performance
including the impact of increased uncertainty and inflation in the wider
economic environment, show that the Group is able to operate within its
current facilities and comply with its banking covenants for at least 12
months from the date of approval of these financial statements. In arriving at
their conclusion that the Group has adequate financial resources, the
directors considered the level of borrowings and facilities and that the Group
has a robust policy towards liquidity and cash flow management.
For this reason, the Board considers it appropriate for the Group to adopt the
going concern basis in preparing the financial information. The long-term
effect of macroeconomic factors is uncertain and should the impact on trading
conditions be more prolonged or severe than what the directors consider to be
reasonably possible, the Group would need to implement additional operational
or financial measures.
1 Accounting policies (continued)
(a) Basis of preparation (continued)
Alternative performance measures
In addition to IFRS measures, the Group uses certain alternative performance
measures that are considered to be additional informative measures of ongoing
trading performance of the Group and are consistent with how performance is
measured internally. The alternative performance measures used by the Group
are included within the glossary and definitions section. This includes
further information on the definitions, purpose and reconciliations to IFRS
measures of those alternative performance measures that are used for internal
reporting and presented to the Group's Chief Operating Decision Maker (CODM).
The CODM has been determined to be the Board.
Further information
The interim financial information uses definitions that are set out within the
glossary and definitions section of this document.
The interim financial information is unaudited and does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006
but has been reviewed by the auditor. The financial information for the year
ended 3 May 2025 does not constitute the company's statutory accounts for that
period but has been extracted from those accounts which have been filed with
the Registrar of Companies and are also available on the Group's corporate
website www.currysplc.com (http://www.currysplc.com) .
(b) Key sources of estimation uncertainty and critical accounting judgements
Critical accounting judgements and estimates used in the preparation of the
financial statements are continually reviewed and revised as necessary. Whilst
every effort is made to ensure that such judgements and statements are
reasonable, by their nature they are uncertain and as such changes may have a
material impact.
In preparing the condensed consolidated financial statements, the significant
judgements made by management in applying the Group's accounting policies and
key sources of estimation uncertainty include the impairment of goodwill as
disclosed below. In addition, key sources of estimation uncertainty regarding
UK defined benefit pension scheme assumptions, goodwill and UK deferred tax
asset, and critical accounting judgements related to taxation detailed in the
Group's Annual Report and Accounts 2024/25 remain relevant.
2 Segmental analysis
The Group's operating segments reflect the segments routinely reviewed by the
CODM used to manage performance and allocate resources. This information is
predominantly based on geographical areas which are either managed separately
or have similar trading characteristics.
The Group's operating and reportable segments have therefore been identified
as follows:
• UK & Ireland: comprising Currys, iD Mobile and B2B operations;
• Nordics: comprising stores in Norway, Sweden, Finland and Denmark and
franchise operations in Norway, Sweden, Finland, Iceland, Greenland and Faroe
Islands.
UK & Ireland and Nordics are involved in the sale of consumer electronics
and mobile technology products and services, primarily through stores or
online channels.
Transactions between segments are on an arm's length basis.
(a) Segmental results
26 weeks ended 1 November 2025
UK & Ireland Nordics Total
£m £m £m
Revenue 2,474 1,756 4,230
Profit before interest and tax 14 29 43
Finance income 4
Finance costs (38)
Profit before tax 9
Depreciation and amortisation (84) (63) (147)
26 weeks ended 26 October 2024
UK & Ireland Nordics Total
£m £m £m
Revenue 2,342 1,576 3,918
Profit before interest and tax 17 12 29
Finance income 4
Finance costs (43)
Loss before tax (10)
Depreciation and amortisation (79) (63) (142)
53 weeks ended 3 May 2025
UK & Ireland Nordics Total
£m £m £m
Revenue 5,286 3,420 8,706
Profit before interest and tax 145 53 198
Finance income 11
Finance costs (85)
Profit before tax 124
Depreciation and amortisation (164) (125) (289)
2 Segmental analysis (continued)
(a) Segmental results (continued)
Segmental profit 26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
UK & Ireland 14 17 145
Nordics 29 12 53
Profit before interest and tax 43 29 198
Finance income 4 4 11
Finance costs (38) (43) (85)
Profit / (loss) before tax 9 (10) 124
(b) Seasonality
The Group's business is highly seasonal, with a substantial proportion of its
revenue and profit before interest and tax generated during its third quarter,
which includes Black Friday and the Christmas and New Year season.
(c) Geographical information
Revenues are allocated to countries according to the entity's country of
domicile. Revenue by destination is not materially different to that shown by
domicile. Non-current assets exclude financial instruments and deferred tax
assets.
26 weeks ended 1 November 2025 26 weeks ended 26 October 2024
UK Norway Sweden Other Total UK Norway Sweden Other Total
£m £m £m £m £m £m £m £m £m £m
Revenue 2,389 520 589 732 4,230 2,262 471 507 678 3,918
Non-current assets at period end 1,890 458 463 539 3,350 1,942 422 399 586 3,349
53 weeks ended 3 May 2025
UK Norway Sweden Other Total
£m £m £m £m £m
Revenue 5,092 1,010 1,129 1,475 8,706
Non-current assets at period end 1,915 445 463 542 3,365
2 Segmental analysis (continued)
(d) Disaggregation of revenues
The Group's disaggregated revenue recognised under 'Revenue from Contracts
with Customers' in accordance with IFRS 15 relates to the following operating
segments and revenue streams:
26 weeks ended 1 November 2025 26 weeks ended 26 October 2024
UK & Ireland Nordics Total UK & Nordics Total
£m
£m
£m £m Ireland £m
£m
Sales of goods 2,094 1,595 3,689 1,997 1,430 3,427
Commission revenue 76 82 158 74 76 150
Support services revenue 114 26 140 115 24 139
Connectivity revenue 123 - 123 92 - 92
Other services revenue 66 53 119 63 46 109
Other revenue 1 - 1 1 - 1
Total revenue 2,474 1,756 4,230 2,342 1,576 3,918
53 weeks ended 3 May 2025
UK & Nordics Total
£m
Ireland £m
£m
Sales of goods 4,541 3,117 7,658
Commission revenue 173 161 334
Support services revenue 231 47 278
Connectivity revenue 202 - 202
Other services revenue 139 95 234
Total revenue 5,286 3,420 8,706
3 Earnings / (loss) per share
26 weeks ended 26 weeks ended 53 weeks
1 November 26 October ended
2025 2024 3 May
£m £m 2025
£m
Profit / (loss) for the period attributable to equity shareholders - 16 (8) 108
continuing operations
Profit / (loss) for the period - Total 16 (8) 108
Million Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT and treasury shares held by the Company (59) (44) (52)
For basic earnings / (loss) per share 1,074 1,089 1,081
Dilutive effect of share options and other incentive schemes 66 46 51
For diluted earnings / (loss) per share 1,140 1,135 1,132
Pence Pence Pence
Earnings per share
Basic earnings / (loss) per share - continuing operations 1.5 (0.7) 10.0
Diluted earnings / (loss) per share - continuing operations 1.4 (0.7) 9.5
Basic earnings / (loss) per share - total 1.5 (0.7) 10.0
Diluted earnings / (loss) per share - total 1.4 (0.7) 9.5
Basic and diluted earnings / (loss) per share are based on the profit / (loss)
after tax for the period attributable to equity shareholders.
4 Dividends
26 weeks ended 26 weeks ended 53 weeks
1 November 26 October ended
2025 2024 3 May
£m £m 2025
£m
Final dividend for the period ended 3 May 2025 of 1.50p 16 - -
Amounts recognised as distributions to equity shareholders on ordinary shares 16 - -
of 0.1p each
The proposed interim dividend for the year ending 2 May 2026 is 0.75p per
share. The expected cost of this dividend is £8m and incorporates the
agreement with the Group's Employee Benefit Trust to waive its rights to
receive dividends.
5 Retirement benefit obligations
1 November 2025 26 October 2024 3 May
£m £m 2025
£m
Retirement benefit obligations - UK (15) (142) (102)
- Nordics (1) (1) (1)
Net obligation (16) (143) (103)
The Group operates a number of defined contribution and defined benefit
pension schemes. The principal scheme operates in the UK and includes a funded
defined benefit section, the assets of which are held in a separate trustee
administered fund. The defined benefit section of the scheme was closed to
future accrual on 30 April 2010. The net obligations of this scheme,
calculated in accordance with IAS 19 'Employee Benefits', are analysed as
follows:
UK scheme 1 November 2025 26 October 2024 3 May
£m £m 2025
£m
Fair value of plan assets 1,053 991 931
Present value of defined benefit obligations (1,068) (1,133) (1,033)
Net obligation (15) (142) (102)
The value of obligations is particularly sensitive to the discount rate
applied to liabilities at the assessment date as well as mortality rates. The
defined benefit obligation has increased by £35m since 3 May 2025 primarily
as a result of market conditions impacting the discount rate assumption. The
value of the plan assets is also sensitive to market conditions and has
increased by £122m primarily due to £82m of cash payments. The scheme's
investment strategy and its investment objectives remain consistent with those
adopted as at 3 May 2025.
The assumptions used in the valuation of obligations are listed below:
UK scheme 1 November 2025 26 October 2024 3 May
2025
Rates per annum:
Discount rate 5.50% 5.15% 5.70%
Rate of increase in pensions in payment - pre April 2006 2.75% 2.95% 2.80%
- post April 2006 1.90% 2.00% 1.95%
Rate of increase in deferred pensions (pre/post April 2006 accrual) 2.85% 3.10% 2.90%
Inflation 2.85% 3.10% 2.90%
Mortality rates are based on historical experience and standard actuarial
tables and include an allowance for future improvements in longevity.
Sensitivity testing over life expectancy is not performed at the half year as
it is not considered as variable as discount rates and inflation.
If the discount rate assumption increased by 1.0% the defined benefit
obligation would decrease by approximately £136m. If the assumption decreased
by 1.0% the defined benefit obligation would increase by approximately £158m.
If the inflation assumption increased by 1.0% the defined benefit obligation
would increase by approximately £117m. If the assumption decreased by 1.0%
the defined benefit obligation would decrease by approximately £123m.
In June 2023, the High Court handed down a decision in the case of Virgin
Media Limited v NTL Pension Trustees II Limited and others relating to the
validity of certain historical pension changes due to the lack of actuarial
confirmation required by law. In August 2024, the Court of Appeal upheld the
Virgin Media case ruling. However, on 1 September 2025, the government
published an amendment to the 2025 Pensions Bill. When the bill comes into
force in 2026, it will enable pension schemes to obtain retrospective written
actuarial confirmations that historic benefit changes met the necessary
standard. Based on the current view there will be no impact on the Currys
pension liability as a result of this case.
6 Note to the cash flow statement
26 weeks ended 26 weeks ended 53 weeks
1 November 26 October ended
2025 2024 3 May
£m £m 2025
£m
Profit / (loss) after tax for the period 16 (8) 108
Income tax (credit) / expense (7) (2) 16
Net finance costs 34 39 74
Profit before interest and tax 43 29 198
Depreciation and amortisation 147 142 289
Research and development expenditure credit (2) - -
Share-based payment charge 10 10 15
Loss on disposal of fixed assets 3 - (1)
Impairments and other non-cash items 1 - 5
Operating cash flows before movements in working capital 202 181 506
Movements in working capital:
Increase in inventory (474) (308) (2)
Increase in receivables (49) (111) (65)
Increase in payables 572 447 84
Decrease in provisions - (3) (16)
49 25 1
Cash generated from continuing operations 251 206 507
Restricted funds, which predominantly comprise funds held by the Group's
insurance business for regulatory reserve requirements, were £31m (26 October
2024: £28m, 3 May 2025: £30m). These restricted funds are included within
cash and cash equivalents on the face of the consolidated balance sheet.
Cash flows from discontinued operations in the prior period to 26 October 2024
comprise £4m of transactions fees related to the 2024 sale of Dixons South
East Europe A.E.V.E (3 May 2025: £5m).
Changes in liabilities arising from financing activities
The table below details changes in the Group's liabilities arising from
financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or
future cash flows will be, classified in the Group's consolidated cash flow
statement as cash flows from financing activities.
3 May Financing cash flows Lease additions, modifications and disposals Foreign exchange Interest £m 1 November
2025 £m £m £m 2025
£m £m
Loans and other borrowings - 3 - - (3) -
Lease liabilities (940) 125 (43) (12) (27) (897)
Total liabilities arising from financing activities (940) 128 (43) (12) (30) (897)
6 Note to the cash flow statement (continued)
27 April Financing cash flows Lease additions, modifications and disposals Foreign exchange Interest £m 26 October
2024 £m £m £m 2024
£m £m
Loans and other borrowings - 5 - - (5) -
Lease liabilities (1,003) 124 (37) 9 (27) (934)
Total liabilities arising from financing activities (1,003) 129 (37) 9 (32) (934)
27 April Financing cash flows Lease additions, modifications and disposals Foreign exchange Interest £m 3 May
2024 £m £m £m 2025
£m £m
Loans and other borrowings - 9 - - (9) -
Lease liabilities((i)) (1,003) 262 (135) (8) (56) (940)
Total liabilities arising from financing activities((ii)) (1,003) 271 (135) (8) (65) (940)
i. Lease liabilities are secured over the Group's right-of-use assets.
ii. In addition to the amounts shown above, facility arrangement fees of £5m
(2023/24: £1m) are included within cash flows from financing activities in
the consolidated cash flow statement.
Committed facilities
In September 2024, the Group refinanced its existing debt with one revolving
credit facility which is due to expire in September 2029. This facility
replaced two facilities which were due to expire in April 2026 and two
short-term facilities which were due to expire in October 2024. As at 1
November 2025 the available facilities totalled £525m (26 October 2024:
£525m, 3 May 2025: £525m) and the Group had no drawings (26 October 2024:
£nil, 3 May 2025: £nil).
The interest rate payable for drawings under the revolving credit facility is
at a margin over risk free rates (or other applicable interest basis) for the
relevant currency and for the appropriate period. The actual margin applicable
to any drawing depends on the fixed charges cover ratio calculated in respect
of the most recent accounting period. A non-utilisation fee is payable in
respect of amounts available but undrawn under this facility and a utilisation
fee is payable when aggregate drawings exceed certain levels.
Uncommitted facilities
The Group also has overdrafts and short-term money market lines from UK and
European banks denominated in various currencies, all of which are repayable
on demand. Interest is charged at the market rates applicable in the countries
concerned and these facilities are used to assist in short term liquidity
management. Total available facilities are £58m (26 October 2024: £56m, 3
May 2025: £57m). At 1 November 2025 the Group had drawn down on the
uncommitted facilities by £2m (26 October 2024: £2m, 3 May 2025: £25m).
7 Contingent liabilities
The Group continues to cooperate with HMRC in relation to open tax cases
arising from pre-merger legacy transactions in the Carphone Warehouse Group as
detailed in the 2024/25 Annual Report. One of these cases has been heard
before the First Tier Tax Tribunal and has been appealed to be heard before
the Upper Tribunal. It is possible that a future economic outflow will arise
from one of these matters, and therefore a contingent liability has been
disclosed. This determination is based on the strength of third-party legal
advice on the matter and therefore the Group considers it 'more likely than
not' that these enquiries will not result in an economic outflow. The
potential range of tax exposures relating to this enquiry is estimated to be
approximately £nil - £218m excluding interest and penalties. Interest is
£112m up to 1 November 2025. Penalties could range from nil to 30% of the
principal amount of any tax. Any potential cash outflow would occur in greater
than one year and less than five years.
The Group received a Spanish tax assessment connected to a business that was
disposed of by the legacy Carphone Warehouse Group in 2014. This issue is in
litigation and is likely to take a minimum of two years to reach resolution.
The Group considers that it is not probable the claim will result in an
economic outflow based on third-party legal advice. The maximum potential
exposure as a result of the claim is £12m.
8 Related party transactions
Transactions between the Group's subsidiary undertakings, which are related
parties, have been eliminated on consolidation and accordingly are not
disclosed.
The Group had the following transactions and balances with its associates:
26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Revenue from sale of goods and services 13 6 14
Amounts owed to the Group 2 1 1
All transactions entered into with related parties were completed on an arm's
length basis.
9 Events after the balance sheet date
There were no material events after the balance sheet date.
Risks to achieving the Group's objectives
The Board continually reviews and monitors the risks and uncertainties which
could have a material effect on the Group's results. The Group's risks, and
the factors which mitigate them, are set out in more detail in the Principal
risks and uncertainties section of the Annual Report and Accounts 2024/25 and
remain relevant, but have evolved, in the current period.
The updated risks and uncertainties are listed below:
1. Failure to optimise key supplier relationships, minimise external
supply chain disruption and manage effective mitigation, particularly in the
context of geopolitical factors, could result in a deterioration of financial
performance;
2. Failure to deliver an effective business transformation programme
in response to a changing consumer environment and competitive landscape could
result in a loss of competitive advantage impacting financial performance;
3. Failure to comply with Financial Services regulation could result
in reputational damage, customer compensation, financial penalties and a
resultant deterioration in financial performance;
4. Failure to appropriately safeguard against cyber risks and
associated attacks could result in operational disruption and an inability to
trade, giving rise to reputational damage, customer compensation, financial
penalties and lost sales. Failure to safeguard sensitive colleague, customer,
or business information, or a failure to comply with legislation could result
in reputational damage and financial penalties;
5. Failure to maintain and support critical applications /
requirements across both our current and legacy systems and infrastructure,
and inadequate investment and integration of the Group's IT systems and
infrastructure could impact business operations, resulting in restricted
growth and poor financial performance;
6. Failure to attract, engage, retain skilled colleagues affordably;
protect customers and colleagues; and maintain an environment where our values
and behaviours support delivery of our strategy could impact our performance.
Inappropriate Health and Safety measures resulting in injury could give rise
to reputational damage and financial penalties;
7. Failure to effectively respond, maintain, and recover operations
in the event of significant business disruption and / or incident could result
in reputational damage, operational disruption, and an inability to trade;
8. Failure to anticipate and respond to changing competitor
behaviour and / or the disruptive retail landscape could result in a loss of
competitive advantage impacting financial performance;
9. Failure to manage Currys' access to sufficient liquidity at any
given time may impact the Group's ability to meet its financial obligations
and support business growth plans. Crystallisation of potential tax exposures
resulting from legacy corporate transactions, employee and sales taxes arising
from periodic tax audits and investigations across various jurisdictions in
which the Group operates may impact cash flows for the Group;
10. Failure to employ adequate procedures and due diligence regarding
product quality and safety could result in the provision of products which
pose a risk to customer health, resulting in fines, prosecution and
significant reputational damage;
11. Failure to either deliver or adequately communicate our commitment
to sustainability and being a good corporate citizen could result in
reputational damage and loss of competitive advantage; and
12. Failure to successfully navigate an increasingly pervasive set of
externally driven macroeconomic factors, and cost of living pressures could
result in a deterioration in financial performance.
Statement of directors' responsibilities
The directors confirm that to the best of their knowledge:
• the interim financial information has been prepared in accordance with IAS 34
as adopted by the UK;
• the financial highlights, performance review and interim financial information
include a fair review of the information required by DTR 4.2.7R (indication of
important events during the first 26 weeks and description of principal risks
and uncertainties for the remaining 26 weeks of the year); and
• the financial highlights and performance review includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party transactions
and changes therein).
At the date of this statement, the directors are:
Alex Baldock
Bruce Marsh
Ian Dyson
Octavia Morley
Rune Bjerke
Elaine Bucknor
Magdalena Gerger
Steve Johnson
Adam Walker
By order of the Board
Alex Baldock Bruce Marsh
Group Chief Executive Group Chief Financial Officer
17 December 2025 17 December 2025
Independent review report
To Currys plc
Conclusion
We have been engaged by Currys PLC to review the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 1
November 2025 which comprises the consolidated income statement, consolidated
statement of comprehensive income, the consolidated balance sheet, the
consolidated statement of changes in equity, the consolidated cash flow and
the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 26 weeks ended 1 November 2025 is not prepared, in
all material respects, in accordance with IAS 34 Interim Financial Reporting
as adopted for use in the UK and the Disclosure Guidance and Transparency
Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the
UK. A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other
information contained in the half-yearly financial report and consider whether
it contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of financial
statements included in the half-yearly financial report in accordance with IAS
34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the directors are
responsible for assessing the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Mark Flanagan
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London, E14 5GL
17 December 2025
Glossary and definitions
Alternative performance measures ('APMs')
The Group reports certain measures not required under IFRS, in line with the
European Securities and Markets Authority's (ESMA) APM Guidelines. These
measures are used internally by the Chief Operating Decision Maker (CODM) to
assess trends, monitor performance and forecast results.
These APMs may differ from similarly titled measures used by other companies
and are not intended as a substitute for, or superior to, IFRS metrics.
Management believes they provide shareholders with additional insight into
business performance and trends.
Definitions, purposes and reconciliations to IFRS for these APMs are provided
below to ensure transparency and consistency with the CODM's assessment of
core results.
Adjusted results
Within our APMs, the Group reports several adjusted profit and earnings
measures, detailed in this section. Adjusted results reflect the trading
performance of ongoing omnichannel retail operations (underlying operations
and trade) and exclude items that are significant in size or volatility, or by
nature are non-trading or highly infrequent.
Adjusting items
An item is classified as adjusting when departing from IFRS measures provides
more useful information than IAS 1 disclosure requirements. To qualify, the
item must:
- Be one-off in nature with a significant impact on the statutory
income statement or cash flow statement in any set of annual Group financial
statements; or
- recur for a finite period but not reflect underlying trading
performance.
Management will classify items as adjusting where these criteria are met and
it is considered more useful for the users of the financial statements to
depart from IFRS measures. Items excluded from adjusted results may change
year to year depending on exceptional or one-off activities.
Further details on the grouping of adjusting items and their rationale are
provided below, with specifics for current and comparative periods in note
A4.
Acquisition and disposal related items
These include costs from acquisitions and income from disposals, as they
represent significant changes to the Group's underlying operations and trading
performance. Adjusted results do not exclude revenues or costs from prior
acquisitions, except for amortisation of intangibles (e.g. brands) that would
not have been recognised prior to their acquisition. Where possible,
comparative periods are restated to reflect disposals of business operations.
Strategic change programmes
These relate to material one-off costs incurred in delivering a change in
strategic direction, including severance and other direct employee costs
following formal restructuring plans, property rationalisation programmes
where decisions significantly alter the store estate, and implementation costs
for strategic projects considered one-off in nature. Such costs do not reflect
the Group's underlying trading performance, so adjusted results exclude them
to aid comparability between periods.
Regulatory costs
Material costs arising from data incidents or regulatory challenges are
included as adjusting items when, based on legal advice, it is more than
possible that a material outflow will be required to settle an obligation
(legal or constructive) and subsequently a provision is recognised under IAS
37.
Alternative performance measures ('APMs') (continued)
Impairment losses and onerous contracts
To aid comparability, significant non-cash impairments (or reversals) and
onerous contract costs are treated as adjusting items where they materially
impact the statutory income statement or cash flow statement. When considering
the threshold, management will consider whether the gross impairment charge
and gross reversal of previously recognised impairment in any one reportable
operating segment is above the material threshold for that financial year.
While recognition is considered one-off, unavoidable costs for onerous
contracts are reviewed continuously based on available information and
historical experience. Future charges may fluctuate, and if material, will be
recognised as adjusting items.
Other items
These include one-off items that are material enough to distort underlying
results but do not fall into the categories above. Examples include
settlements of legal cases or contractual disputes where related income or
costs would misrepresent trading performance for the period.
Net finance income / (costs)
Adjusting finance items include net pension interest costs on the UK defined
benefit scheme and other exceptional, one-off items such as interest related
to legacy tax cases that distort underlying finance costs.
The net interest charge on defined benefit pension schemes represents the
non-cash remeasurement calculated by applying the corporate bond yield rates
applicable on the last day of the previous financial year to the net defined
benefit obligation. As a non-cash remeasurement cost which is unrepresentative
of the actual investment gains or losses made or the liabilities paid and
payable, and given the defined benefit section of the scheme having closed to
future accrual on 30 April 2010, the accounting effect of this is excluded
from adjusted results.
Tax
Adjusting tax items includes the tax impact on those items defined above as
adjusting, as well as the re-measurement of provisions for legacy tax cases
and the tax impact of changes in underlying business operations as a result of
acquisition, divestiture or closure of operations. Management considers that
such one-off charges could distort users understanding of the Group's ongoing
operational performance.
The Group also includes the re-measurement of deferred tax assets relating to
unused tax losses and other deductible temporary differences within adjusting
items. Management considers that the exclusion from adjusted results aids
users in the determination of current period performance as the recognition
and derecognition of deferred tax is impacted by management's forecast of
future performance.
Definitions, purpose and reconciliations
In line with the Guidelines on Alternative Performance Measures issued by
ESMA, we have provided additional information on the APMs used by the Group
below, including full reconciliations back to the closest equivalent statutory
measure.
EBIT / EBITDA
In the performance review, we reference EBIT and EBITDA to aid comparison with
IFRS measures. These terms are not IFRS-defined but are derived directly from
IFRS figures without adjusting for the items described above. EBIT represents
profit or loss before interest and tax, while EBITDA represents profit or loss
before interest, tax, depreciation and amortisation. Further explanation and
reconciliations are provided in notes A2 and A3.
Currency neutral
Certain comparative measures are presented on a currency-neutral basis,
restating prior period results at current-year exchange rates to show
year-on-year movements without the impact of foreign exchange fluctuations.
Alternative performance measures ('APMs') (continued)
Like-for-like (LFL) % change
LFL revenue reflects adjusted store and online revenue, including Order &
Collect, Online In-Store and ShopLive, at constant exchange rates (see
Currency neutral). It excludes revenue from franchise stores, closed stores
during any closure period, and non-retail businesses such as insurance,
wholesale and customer support agreements. New stores are included only if
they have been open for a full financial year at both the start and end of the
period. We believe LFL revenue provides a useful measure of underlying trading
performance across our ongoing store and online portfolio.
A1 Reconciliation from profit / (loss) before interest and tax to adjusted
EBIT and adjusted PBT (continuing operations)
Adjusted EBIT and adjusted PBT are measures of profitability that are adjusted
from IFRS measures to remove adjusting items, the nature of which are
disclosed above. A description of costs included within adjusting items during
the period and comparative periods is further disclosed in note A4.
As discussed above, the Group uses adjusted profit measures in order to
provide a useful measure of the ongoing performance of the Group.
The below reconciles profit / (loss) before tax and profit / (loss) before
interest and tax, which are considered to be the closest equivalent IFRS
measures to adjusted EBIT and adjusted PBT.
26 weeks ended 1 November 2025
Total Acquisition / disposal related items Strategic change programmes Impairment losses and onerous contracts Regulatory income Other Interest Adjusted
profit
profit £m £m £m £m £m £m
£m
£m
UK & Ireland 14 6 - - (2) 1 - 19
Nordics 29 6 - - - - - 35
EBIT 43 12 - - (2) 1 - 54
Finance income 4 - - - - - - 4
Finance costs (38) - - - - - 2 (36)
Profit before tax 9 12 - - (2) 1 2 22
26 weeks ended 26 October 2024
Total profit / Acquisition / disposal related items Strategic change programmes Impairment losses and onerous contracts Regulatory income Other Interest Adjusted
(loss)
profit
£m £m £m £m £m £m
£m £m
UK & Ireland 17 6 1 - (2) 1 - 23
Nordics 12 6 - - - - - 18
EBIT 29 12 1 - (2) 1 - 41
Finance income 4 - - - - - - 4
Finance costs (43) - - - - - 7 (36)
(Loss) / profit before tax (10) 12 1 - (2) 1 7 9
A1 Reconciliation from profit / (loss) before interest and tax to adjusted
EBIT and adjusted PBT (continuing operations) (continued)
53 weeks ended 3 May 2025
Total Acquisition / disposal related items Strategic change programmes Impairment losses and onerous contracts Other Interest Adjusted
profit
profit
£m £m £m £m £m
£m
£m
Regulatory costs
£m
UK & Ireland 145 11 6 (3) (7) 1 - 153
Nordics 53 12 7 - - - - 72
EBIT 198 23 13 (3) (7) 1 - 225
Finance income 11 - - - - - - 11
Finance costs (85) - - - - - 11 (74)
Profit before tax 124 23 13 (3) (7) 1 11 162
A2 Reconciliation from statutory profit before interest and tax to EBITDA
(continuing operations)
EBITDA represents earnings before interest, tax, depreciation and
amortisation. It provides a useful measure of profitability for users as it is
a commonly used metric to compare profitability between businesses that have
differing capital asset structures.
The below reconciles profit before interest and tax, which is considered to be
the closest equivalent IFRS measures, to EBITDA.
26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Profit before interest and tax 43 29 198
Depreciation 113 107 220
Amortisation 34 35 69
EBITDA 190 171 487
A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR
(continuing operations)
Adjusted EBITDA represents earnings before interest, tax, depreciation and
amortisation. This measure also excludes adjusting items, the nature of which
are disclosed above and with further detail in note A4. It provides a useful
measure of profitability for users by adjusting for the items noted in A1 as
well as depreciation and amortisation expense noted in A2.
The depreciation adjusted within adjusted EBITDA includes right-of-use asset
depreciation on leased assets in accordance with IFRS 16. Some leasing costs,
including those on short-term or low value leases, or variable lease payments
not included in the measurement of the lease liability, are also included
within EBITDA. A similar measure, EBITDAR, provides a measure of profitability
based on the above EBITDA definition as well as deducting for leasing costs in
EBITDA.
The below reconciles adjusted EBIT to adjusted EBITDA and adjusted EBITDAR.
The closest equivalent IFRS measures are considered to be profit / (loss)
before interest and tax, the reconciliation of such from adjusted EBIT can be
found in note A1.
A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR
(continuing operations) (continued)
26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Adjusted EBIT 54 41 225
Depreciation 113 107 220
Amortisation 22 23 46
Adjusted EBITDA 189 171 491
Leasing costs in EBITDA 4 2 4
Adjusted EBITDAR 193 173 495
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations)
Note 26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Included in profit before interest and tax:
Acquisition / disposal related items (i) 12 12 23
Strategic change programmes (ii) - 1 13
Impairment losses and onerous contracts (iii) - - (3)
Regulatory income (iv) (2) (2) (7)
Other (v) 1 1 1
11 12 27
Included in net finance costs:
Net non-cash finance costs on defined benefit pension schemes (vi) 2 4 8
Other interest (vii) - 3 3
Total impact on profit before tax 13 19 38
Tax on other adjusting items (viii) (12) (4) (24)
Total impact on profit after tax 1 15 14
(i) Acquisition / disposal related items:
A charge of £12m (26 weeks ended 26 October 2024: £12m, 53 weeks ended 3 May
2025: £23m) relates to amortisation of acquisition intangibles arising on the
Dixons Retail Merger.
(ii) Strategic change programmes:
During the period £7m of costs have been incurred related to redundancy
announced in the period as the Group continues to deliver the long-term
strategic plan, offset by a £7m credit from property rationalisation
programmes resulting from lease liability releases on early lease exits (26
weeks ended 26 October 2024: £1m cost, 53 weeks ended 3 May 2025: £4m cost).
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations) (continued)
(ii) Strategic change programmes (continued)
In the period ended 3 May 2025 costs were also incurred in relation to the
following programmes:
• £2m one off implementation costs of transferring service centre operations to
a third-party;
• £7m of additional costs in relation to the restructure of the Nordics central
operations and retail business as announced in a prior period.
(iii) Impairment losses and onerous contracts:
No impairment or onerous contract charges have been recognised during the 26
weeks ended 1 November 2025 (26 weeks ended 26 October 2024: £nil).
During the 52 weeks ended 3 May 2025, a residual £3m provision recognised in
a prior period for unavoidable future costs of licensing agreements was
released following successful contract renegotiations, resulting in a
corresponding credit.
(iv) Regulatory income:
In the 26 weeks ended 1 November 2025, £2m of provisions related to
regulatory matters were released to profit and loss following updated required
provision estimates (26 weeks ended 26 October 2024: £2m, 53 weeks ended 3
May 2025: £7m).
(v) Other:
During the period ended 1 November 2025, costs of £1m have been recognised
for professional fees in relation to open tax cases (26 weeks ended 26 October
2024: £1m, 53 weeks ended 3 May 2025: £1m).
(vi) Net non-cash financing costs on defined benefit pension
schemes:
The net interest charge on defined benefit pension schemes represents the
non-cash remeasurement calculated by applying the corporate bond yield rates
applicable on the last day of the previous financial year to the net defined
benefit obligation.
(vii) Other interest:
The Group continues to cooperate with HMRC in relation to open tax cases
arising from pre-merger legacy transactions in the Carphone Warehouse Group as
detailed in the 2024/25 Annual Report. One of these cases has been heard
before the First Tier Tax Tribunal and has been appealed to be heard before
the Upper Tribunal. The Group has risk assessed that certain cases have a
probable chance of resulting in cash outflows to HMRC that are measured at
£51m as at 1 November 2025 (comprising the amount of tax payable and interest
up to 26 October 2024) (53 weeks ended 3 May 2025: £51m). During the period
to 1 November 2025, interest accrued in relation to these cases based upon
HMRC's prevailing interest rates is less than £1m (26 weeks ended 26 October
2024: £1m, 53 weeks ended 3 May 2025: £1m).
Also included in the charge to 26 October 2024 and 3 May 2025 is £2m of
arrangement fees relating to the previous Group Revolving Credit Facilities.
This represents the residual prepayment balance that has been released to
profit and loss upon the refinancing to the new Group facility that took place
in the period.
(viii) Tax on other adjusting items:
The effective tax rate on adjusting items is 92%. Included within tax on other
adjusting items is an £11m credit relating to the movement in relation to
deferred tax assets in the UK, which is offset with a £13m charge in equity.
This arises as a result of the reduction of the Group's defined benefit scheme
liability in the period, which means that the corresponding deferred tax asset
is reversed through other comprehensive income, but is offset by recognising a
deferred tax asset through the income statement, primarily in relation to
accelerated capital allowances. In overall terms, the UK deferred tax asset is
largely unchanged as the assumptions outlined in the 2024/25 Annual Report
remain relevant. The remaining £1m credit included within tax on other
adjusting items reflects the tax effect on adjusting items explained above.
A5 Reconciliation from statutory earnings / (loss) per share to adjusted
earnings / (loss) per share (continuing operations)
Earnings per share ('EPS') measures are adjusted in order to show an adjusted
EPS figure which reflects the adjusted earnings per share of the Group. We
consider the adjusted EPS provides a useful measure of the ongoing earnings of
the underlying Group. The below table shows a reconciliation of statutory
basic EPS to adjusted basic EPS as this is considered to be the closest IFRS
equivalent.
26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Adjusted profit after tax (continuing operations) 17 7 122
Total profit / (loss) after tax (continuing operation) 16 (8) 108
Million Million Million
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT and treasury shares held by the Company (59) (44) (52)
Weighted average number of shares 1,074 1,089 1,081
Pence Pence Pence
Basic earnings / (loss) per share 1.5 (0.7) 10.0
Adjustments (net of taxation) 0.1 1.3 1.3
Adjusted basic earnings per share 1.6 0.6 11.3
Basic earnings / (loss) per share is based on the profit / (loss) for the
period attributable to equity shareholders. Adjusted earnings / (loss) per
share is presented in order to show the underlying performance of the Group.
Adjustments used to determine adjusted profit / (loss) are described further
in note A4.
A6 Reconciliation of cash generated from operations to free cash flow
(continuing operations)
The below provides a reconciliation of cash generated from operations, which
is considered the closest equivalent IFRS measure, to operating cash flow and
free cash flow.
Reconciliation of cash inflow from operations to free cash flow 26 weeks ended 26 weeks ended 53 weeks ended
1 November 2025 26 October 3 May
£m 2024 2025
£m £m
Cash generated from continuing operations 251 206 507
Capital repayment of leases cost and interest (125) (124) (261)
Less adjusting items to cash flow 20 10 33
Less movements in working capital presented within the performance review (68) (31) (14)
(note A8)
Other (2) - (5)
Operating cash flow 76 61 260
Capital expenditure (31) (22) (77)
Add back adjusting items to cash flow (20) (10) (33)
Taxation (2) (2) (4)
Cash interest paid (7) (8) (11)
Sustainable free cash flow 16 19 135
Add back movements in working capital presented within the performance review 68 31 14
(note A8)
Free cash flow 84 50 149
A6 Reconciliation of cash generated from operations to free cash flow
(continuing operations) (continued)
Reconciliation of adjusted EBIT to free cash flow 26 weeks ended 26 weeks ended 53 weeks
1 November 26 October ended
2025 2024 3 May
£m £m 2025
£m
Adjusted EBIT (note A1) 54 41 225
Depreciation and amortisation (note A3) 135 130 266
Working capital presented within the performance review (note A8) 68 31 14
Capital expenditure (31) (22) (77)
Taxation (2) (2) (4)
Interest (7) (8) (11)
Repayment of leases* (123) (120) (245)
Other non-cash items in EBIT** 10 10 14
Free cash flow before adjusting items to cash flow 104 60 182
Adjusting items to cash flow (20) (10) (33)
Free cash flow 84 50 149
Less working capital presented within the performance review (note A8) (68) (31) (14)
Sustainable free cash flow 16 19 135
* Repayment of leases excludes the impact of non-trading leases, which are
presented within adjusting items to cash flow.
** Other non-cash items in EBIT, as disclosed within the Summary of
Performance section, comprise share-based payments, profit / (loss) on
disposal of fixed assets, impairments and other non-cash items.
A7 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash
Total indebtedness is a measure which represents period end net cash, pension
deficit and lease liabilities, less any restricted cash. The purpose of this
is to evaluate the liquidity of the Group with the inclusion of all
interest-bearing liabilities.
Net cash comprises cash and cash equivalents and short-term deposits, less
loans and other borrowings. We consider that this provides a useful
alternative measure of the indebtedness of the Group and is used within our
banking covenants as part of the leverage ratio.
The below provides a reconciliation of total liabilities from financing
activities, which is considered the closest equivalent IFRS measure, to total
indebtedness and net cash.
A7 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash (continued)
1 November 2025 26 October 2024 3 May
£m £m 2025
£m
Loans and other borrowings* - - -
Lease liabilities** (897) (934) (940)
Total liabilities from financing activities (note 6) (897) (934) (940)
Cash and cash equivalents less restricted cash 104 80 179
Overdrafts (2) (1) (25)
Lease receivables** 2 3 3
Pension liability (16) (143) (103)
Total indebtedness (809) (995) (886)
Restricted cash 31 28 30
Add back pension liability 16 143 103
Add back lease liabilities** 897 934 940
Less lease receivables** (2) (3) (3)
Net cash 133 107 184
* Loans and other borrowings relate to amounts drawn on committed facilities.
** Net lease liabilities within the performance review relates to lease
liabilities less lease receivables.
Within the performance review management also refer to average net cash.
Average net cash comprises the same items included in net cash as defined
above, however calculated as the average between April - October for the
interim reporting period and April - April for the full year to align to the
Group's Remuneration Committee calculation and as reported internally.
A8 Reconciliation of movements in statutory working capital to working capital
presented within the performance review
Within the performance review a reconciliation of the adjusted EBIT to free
cash flow is provided. Within this, the working capital balance of £68m (26
weeks ended 26 October 2024 £31m, year ended 3 May 2025 £14m) differs to the
statutory working capital balance as cash flows on adjusting items are
separately disclosed.
Working capital presented within the performance review is a measure of
working capital that is adjusted from total IFRS measures to remove the
working capital on adjusting items. A description of costs included within
adjusting items during the period and comparative periods is further disclosed
in note A4.
As discussed above, the Group uses adjusted profit measures in order to
provide a useful measure of the ongoing performance of the Group. A
reconciliation of the disclosed working capital balance is as follows:
26 weeks ended 26 weeks ended 53 weeks ended
1 November 26 October 3 May
2025 2024 2025
£m £m £m
Movements in working capital (note 6) 49 25 1
Adjusting items provisions 19 6 13
Working capital presented within the performance review 68 31 14
Other definitions
The following definitions may apply throughout this interim statement and the
Annual Report and Accounts 2024/25 previously published:
Acquisition intangibles Acquired intangible assets such as customer bases, brands and other intangible
assets acquired through a business combination capitalised separately from
goodwill.
APM Alternative Performance Measure.
B2B Business to business.
Board The Board of Directors of the Company.
Carphone, Carphone Warehouse, or Carphone Group The Company or Group prior to the Merger on 6 August 2014.
CODM Chief Operating Decision Maker.
Company or the Company Currys plc (incorporated in England & Wales under the Act, with registered
number 07105905), whose registered office is at 1 Portal Way, London W3
6RS.
Credit adoption Sales on Credit as a proportion of total sales.
Currys plc or Group The Company, its subsidiaries, interest in joint ventures and other
investments.
Dixons Retail Merger or Merger The all-share merger of Dixons Retail plc and Carphone Warehouse plc which
occurred on 6 August 2014.
DTR Disclosure Guidance and Transparency Rules.
EBT Employee benefit trust.
EPS Earnings per share.
Free cash flow Free cash flow is the cash generated by the business that is available for
distribution to shareholders, debt repayment, or investment in growth
opportunities, after funding operating activities and maintaining capital
assets.
GfK Growth from Knowledge.
HMRC His Majesty's Revenue and Customs.
IFRS International Financial Reporting Standards as adopted by the UK.
IT Information Technology.
Market share Market share is measured for each of the Group's markets by comparing data for
revenue or volume of units sold relative to similar metrics for competitors in
the same market.
MVNO Mobile Virtual Network Operator.
Net zero Net zero emissions includes our Scope 1, 2 and 3 emissions. In 2020, we
collaborated with The British Retail Consortium and other major retailers on
the development of a Climate Action Roadmap to decarbonise the retail industry
and its supply chains. The plan aims to bring the retail industry and its
supply chains to Net Zero by 2040. Our commitment to net zero meets a number
of the criteria of the SBTi Corporate Net-Zero Standard but is not fully
aligned or validated against this standard. We will develop and publish a
robust net zero emissions roadmap for the Group which will provide detail on
carbon abatement for key emissions sources and neutralisation plans of any
source of residual emissions that remain unfeasible to remove.
NPS Net promoter score, a rating used by the Group to measure customers'
likelihood to recommend its operations.
Online Online sales, Online market share, and Online share of business relate to all
sales where the journey is completed via the website or app. This includes
online home delivered, Order & Collect, Online In-Store and ShopLive UK.
Online In-Store Sales that are generated through in-store tablets for products that are not
stocked in the store.
Order & Collect Sales where the sale is made via the website or app and collected in store.
Peak Peak refers to the 10-week trading period ending on 10 January 2026 as to be
announced in the Group's Christmas Trading statement in January 2026.
ShopLive UK The Group's own video shopping service where store colleagues can assist,
advise and demonstrate the use of products to customers online face-to-face.
Store Store sales, Store market share, and Store share of business relate to all
sales where the journey is completed in store. This excludes online home
delivered, Order & Collect, Online In-Store and ShopLive UK.
UK&I United Kingdom and Ireland.
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