Currys (CURY) Trading Update summary

Trading performance highlights

• UK & Ireland like-for-like revenue grew 5%, driven by market share gains and strong sales of AI computing products and mobile services.

• iD Mobile subscribers increased 34% year-on-year, surpassing 1.9 million.

• Gross margin improved due to higher adoption of services, credit, and solution sales exceeding expectations.

• Nordics like-for-like revenue declined 2%, but market share and gross margin improved amid weak consumer demand.

• Operating costs were tightly controlled, with reductions in marketing and central expenses.

Strategic and operational updates

• AI-enabled computers and mobile launches contributed to nearly 50% share of the total laptop market in the UK & Ireland.

• Focus remains on growing high-margin, recurring revenue services and solutions across the group.

• Currys is well positioned for the upcoming peak trading period.

Financial outlook

• Guidance for the year remains unchanged, with confidence in profit and free cash flow growth.

• Balance sheet expected to remain in a healthy net cash position.