Currys (CURY) H1 2026 earnings summary

Executive summary

• Group delivered strong first-half results with 8% revenue growth to £4,230m, adjusted EBIT up 32% to £54m, and free cash flow up 68% to £84m, supported by robust performance in both UK & Ireland and Nordics.

• Profits, cash flow, and shareholder returns grew, with a net cash balance sheet and strategic focus on B2B, new categories, and operational efficiency.

• UK & Ireland saw revenue growth and market share gains despite cost headwinds, while Nordics posted accelerating profit and cash flow in a recovering market.

• Profit growth was partially offset by inflationary and government-driven cost headwinds, particularly in the UK.

• Interim dividend of 0.75p per share declared, with £75m returned to shareholders year-to-date via dividends and buybacks.

Financial highlights

• Revenue reached £4,230m, up 8% year-on-year; adjusted EBIT rose 32% to £54m; adjusted EPS increased 167% to 1.6p.

• Free cash flow increased 68% to £84m; closing net cash was £133m, up £26m year-on-year.

• Shareholder returns totaled £46m (dividends £16m, share buybacks £30m) in H1; £75m returned year-to-date.

• Group operating cash flow grew 25% to £76m; working capital inflow of £68m.

• Pension deficit reduced to £16m after £82m contribution.

Outlook and guidance

• Full-year profit and cash flow expected to grow; trading since period end consistent with Board expectations.

• Updated guidance: interest expense £60–65m, capex £90m, exceptional cash outflows £40m due to delayed IT project.

• Total cash dividend for the year will be £25m; £50m share buyback program underway, £30m completed.

• Longer-term targets: at least 3% adjusted EBIT margin in both segments, annual capex below £100m, and net cash balance sheet of at least £100m.

• Year-end net cash target of at least £100m.