Currys (CURY) H2 2025 earnings summary

Executive summary

• Delivered another year of strengthening performance with improvements across sales, margins, profit, cash, and balance sheet metrics.

• Achieved market share gains and maintained #1 positions in both the U.K. and Nordics, with momentum in both regions despite challenging markets.

• Strategy focused on adjacent growth categories, B2B expansion, recurring revenues, and free cash flow growth is driving results.

• Strong colleague engagement and customer satisfaction underpin operational progress.

• Balance sheet strengthened, with resumption of dividends and focus on shareholder returns.

Financial highlights

• Group sales/revenue reached £8,706m, up 2% like-for-like year-over-year.

• Adjusted profit before tax rose 37% to £162m; adjusted EPS increased 43% to 11.3p.

• Free cash flow up 82% to £149m; net cash position improved to £184m.

• Proposed final dividend of 1.5p per share, resuming shareholder returns.

• UK & I recurring service revenue up 12%; recurring revenue in UK & I now 28% of total.

Outlook and guidance

• Trading in the current year is in line with expectations; confident in market consensus for profit and cash.

• Facing £32m in new government headwinds, inflationary pressures, and Nordic currency weakness; will work to offset these.

• CapEx expected to rise slightly, mainly in the Nordics, with guidance at £95m; annual pension contribution at £78m.

• Medium-term goal remains at least 3% EBIT margin, with U.K. near target and Nordics progressing.

• Expecting sustainable free cash flow of £127m, with more cash available for shareholders as pension deficit falls.