Currys (CURY) H2 2026 earnings summary

Executive summary

• Delivered strong like-for-like sales growth of 4% year-over-year, with profit before tax up 18% to £191 million and free cash flow at £157 million.

• Maintained market leadership in both the U.K. and Nordics, with significant market share gains in both regions in the second half of the year.

• Strategy focused on omni-channel excellence, customer-centric solutions, and recurring revenue streams is driving sustainable growth.

• Leadership transition to Fredrik, credited with transforming the Nordics business, is expected to sustain and accelerate current momentum.

Financial highlights

• Group revenue reached £9,254m, up 4% like-for-like year-over-year; adjusted profit before tax was £191m, up 18%.

• Adjusted earnings per share rose 19% to £0.134; proposed full-year dividend doubled to £0.03.

• Net cash position at year-end was £176 million, with a pension deficit reduced to £6 million.

• Adjusted EBIT margin held flat at 2.9% in the U.K.; Nordics EBIT margin improved by 40 basis points.

• Free cash flow increased by £8 million to £157 million, driven by higher operating cash profit.

Outlook and guidance

• Trading in the new year has started solidly, with expectations to meet market consensus despite macro uncertainty.

• Guidance for 2026/27: adjusted PBT consensus at £198m, interest expense £60–65m, capex ~£95m, pension contributions £13m, dividend payments ~£35m, and £50m share buyback.

• Exceptional cash flows and pension contributions to fall significantly, freeing up more cash for investment and returns.

• Returns to shareholders projected at £85 million, including higher dividends and continued share buybacks.

• Medium-term objective remains at least 3% EBIT margin, with U.K. already at 2.9% and Nordics showing consistent progression.