Slides
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3 July 2025 Currys plc 2024/25 Results
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AAAAAAAAAAA AAAAAAAAAAA Summary: another year of strengthening performance 2 Group • Strong performance • Sales, profits and cashflow all growing • Good momentum in tough market • Returned to growth in second half UK&I Nordics Group Growing profits and cash with clear line of sight to increased shareholder returns • Strategy is working • Path to continuing free cashflow growth • Balance sheet strong • Dividends resuming
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Financial performance Bruce Marsh Group Chief Financial Officer 3
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Group performance continues to strengthen 4 Financial performance Revenue £8,706m Like-for-like +2% YoY Adjusted PBT (1) £162m +37% YoY Free cash flow (1) £149m +82% YoY Adjusted EPS (1) 11.3p +43% YoY Final dividend proposed 1.5p +1.5p YoY Net cash £184m +£88m YoY Growth in revenue, profits, free cashflow, net cash and shareholder returns (1) Adjusted profit before tax, free cash flow and adjusted EPS are alternative performance measures used throughout this presentation. The Group uses certain APMs that are not required under IFRS. Definitions and reconciliations can be found in the 2024/25 results announcement.
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AAAAAAAAAAA Sales improving after a few difficult years 5 UK&I Nordics Financial performance Back to growth in UK&I and stable in Nordics Historical LFL performance Historical LFL performance -4% -7% -2% 4% 21/22 22/23 23/24 24/25 -2% -10% -3% 0% 21/22 22/23 23/24 24/25 Source: Currys internal information
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AAAAAAAAAAA Sales growth accelerated through the year 6 UK&I(1) Nordics(1) Financial performance 5% 2% 4% 4% H1 Peak Post-Peak Full year -2% 1% 3% 0% H1 Peak Post-Peak Full year Second half saw growth across the Group Source: Currys internal information (1) Peak defined as 10 weeks ended 4 January 2025 and post-peak defined as 17 weeks ended 3 May 2025 24/25 LFL performance 24/25 LFL performance
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UK & Ireland performance summary 7 Financial performance 2024/25 (1) 2023/24 Revenue £5,286m £4,970m Recurring service revenue £606m £541m Adjusted EBIT £153m £142m Adjusted EBIT margin 2.9% 2.9% Operating cash flow £176m £156m Operating cash flow margin 3.3% 3.1% Segmental free cash flow £95m £83m Like -for-like Currency neutral change YoY Reported change YoY 4% +6% +6% - - +12% - +8% +8% - - - - +13% +13% - +20bps +20bps - +14% +14% Strong performance on sales, gross margin and cashflow (1) 2024/25 is a 53-week year. This had a small impact on sales (c.+2%) but an immaterial impact on profits and cashflows
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23/24 Gross margin Operating expenses 24/25 UK & Ireland adjusted EBIT margin 2.9%, flat YoY 8 Financial performance Operating expense to sales (20)bps • Inflationary cost increases including living wage increases • Increased marketing • Investment spending 2.9% 2.9% +20bps (20)bps • Continued focus on drivers of gross margin: • Solution selling • Services adoption • Monetising improved experience • Not chasing less profitable sales • Supply chain cost savings Gross margin +20bps Source: Currys internal information Continued gross margin progress, cost increases
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UK & Ireland investment spend increased 9 Financial performance Resumption of normal investment spending, more of which is being expensed £65m £58m £22m £50m £20m £18m £24m £45m 2021/22 2022/23 2023/24 2024/25 Capital expenditure Investment operating expense Source: Currys internal information
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Nordics performance summary 10 Financial performance 2024/25 (1) 2023/24 Revenue £3,420m £3,506m Recurring service revenue £208m £208m Adjusted EBIT £72m £61m Adjusted EBIT margin 2.1% 1.7% Operating cash flow £84m £90m Operating cash flow margin 2.5% 2.6% Segmental free cash flow £69m £33m Like -for-like Currency neutral change YoY Reported change YoY 0% - (2)% - - - - +24% +18% - +40bps +40bps - (2)% (7)% - (10)bps (10)bps - +111% +109% Maintaining share, growing gross margin and controlling costs in difficult environment (1) 2024/25 is a 53-week year. This had a small impact on sales (c.+2%) but an immaterial impact on profits and cashflows
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23/24 Gross margin Operating expenses 24/25 Nordics adjusted EBIT margin 2.1%, +40bps YoY 11 Operating expense to sales (20)bps • Costs broadly flat • Increases due to inflationary headwinds • Offset by savings and efficiencies Gross margin +60bps • Gross margin now above level of three years ago • Focus on strategic initiatives • Partly offset by higher cost from new distribution centre 1.7% 2.1% (20)bps +60bps Financial performance Increased gross margin and tight cost control Source: Currys internal information
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Nordics profit impacted by currency 12 Financial performance Nordics EBIT in GBP and NOK 22/23 23/24 24/25 GBP NOK £26m £61m £72m GBP profits +177% Yo2Y NOK profits +234% Yo2Y Currency weakness is a headwind to reported profits NOK 305m NOK 811m NOK 1,019m Source: Currys internal information Note: The NOK/GBP exchange rate weakened by 15% over the two-year period, with further weakness driven by changes in the other Nordic exchange rates
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Strong focus on free cash flow Financial performance 2024/25 2023/24 Reported change Operating cash flow £260m £246m +£14m Group profits increased on prior year Capital expenditure £(77)m £(48)m £(29)m Capital expenditure increasing but remaining under tight control Adjusting items £(33)m £(48)m +£15m Reduced property and restructuring costs Cash tax paid £(4)m £(7)m +£3m Utilisation of prior tax losses Cash interest paid £(11)m £(27)m +£16m Significantly improved balance sheet position Working capital £14m £(34)m +£48m Working capital efficiencies offset by iD Mobile growth Free cash flow £149m £82m +£67m 13 Cashflow improving on every item except the anticipated increase in capital expenditure
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Cash balance significantly improved during year Financial performance 2024/25 2023/24 Reported change Free cash flow £149m £82m +£67m Shareholder returns £0m £0m +£0m No shareholder return during year, as expected Pension £(50)m £(36)m £(14)m Scheduled contributions Share repurchase for employee share options £(15)m £(12)m £(3)m Purchase of own shares for colleague share awards Other including disposals and discontinued operations £4m £159m £(155)m Proceeds from sale of Greece in prior year Movement in net cash £88m £193m £(105)m Net cash at the beginning of the period £96m £(97)m +£193m Net cash at the end of the period £184m £96m +£88m 14 Net cash balance increased, driven by free cash flow
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(1,000) (800) (600) (400) (200) 0 200 18/19 19/20 20/21 21/22 22/23 23/24 24/25 £m Net cash/(debt) Working capital facilities Pension deficit (IAS19) Total Balance sheet gearing removed Financial performance 15 £(346)m£(213)m£(313)m £(75)m +£81m Source: Currys internal information £(805)m£(820)m Expect to maintain net cash position, even as pension deficit reduces +£901m
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Interest falling as balance sheet improves 16 Financial performance Reduced leases and now in net cash position Source: Currys internal information Figures for 20/21 and 21/22 include Greece operations that were sold in April 2024, figures for 22/23 onwards have been restated to exclude Greece Accounting interest • Mainly interest on capitalised property leases Bank interest • Combination of net interest, commitment fees, banking charges and hedging costs • Drives the cash interest £77m £70m £63m £59m £56m £29m £18m £26m £26m £7m 20/21 21/22 22/23 23/24 24/25 Lease interest Non-lease interest
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Depreciation and amortisation is expected to stabilise 17 Financial performance Capitalised leases and other assets not expected to fall further £200m £190m £179m £178m £181m £79m £62m £46m £41m £39m £57m £62m £60m £57m £46m 20/21 21/22 22/23 23/24 24/25 Depreciation on RoU assets Depreciation on other assets Amortisation Source: Currys internal information Figures for 20/21 and 21/22 include Greece operations that were sold in April 2024, figures for 22/23 onwards have been restated to exclude Greece Depreciation on RoU assets • Mainly depreciation on capitalised property leases • Decreased due to fewer properties, lower rents and shorter leases (capitalised lease liability has dropped from £1,322m in April 21 to £937m in May 25) Depreciation on other assets • Fixed assets • Decreased in line with lower capital expenditure Amortisation • Decreased as increasing portion of spend is expensed
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Cash tax remained low 18 Financial performance Continue to benefit from shield of brought forward losses and pension contributions Source: Currys internal information Figures for 20/21 and 21/22 include Greece operations that were sold in April 2024, figures for 22/23 onwards have been restated to exclude Greece £35m £18m £40m £7m £4m 20/21 21/22 22/23 23/24 24/25 Cash tax paid £33m £52m £25m £31m £40m 20/21 21/22 22/23 23/24 24/25 Adjusted P&L tax Adjusted P&L tax • 25% tax rate in UK • Around 22% tax rate in Nordics • Small adjustments for non-deductible expenditure Cash tax • UK taxable profits reduced by pension contributions • UK taxable profits shielded by brought forward losses at 12.5% • Nordics has small near-term benefit from brought forward losses • Further impacted by adjusting items, capital expenditure and timing of payments
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• Group trading in early part of the new financial year has been in line with expectations • Group planning confidently for year ahead, comfortable with market consensus • Facing into known headwinds of UK cost increases and Nordic currency weakness • Net interest expense of around £65m • Capital expenditure of around £95m • Exceptional cash outflow of around £30m • Annual pension contribution of £78m • Cash dividend payments of around £25m Current year outlook & guidance 19 Financial performance Planning confidently despite headwinds
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Technical cash flow guidance Financial performance 2024/25 Guidance Depreciation & amortisation £266m Around £265m Lower, based on lower leases and capital expenditure Rent P&L £4m Flat YoY Cash payments of leasing costs £(249)m Around £(260)m Increase due to UK warehousing costs Other non-cash items in EBIT £14m £15-20m Higher due to increased cost of share-based payments Capital expenditure £(77)m Around £(95)m Return to normalised levels Cash exceptionals £(33)m Around £(30)m Continued restructuring and property costs Cash tax £(4)m Around £(20)m Timing of payments Cash interest £(11)m Around £(15)m Broadly stable Pension Contribution £(50)m £(78)m As scheduled 20
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Financial outlook & capital allocation
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3.5% 3.6% 3.5% 0.7% 1.7% 2.1% >3.0% 19/20 20/21 21/22 22/23 23/24 24/25 Target Clear medium term margin ambitions 22 Financial outlook UK&I adjusted EBIT margin % Nordics adjusted EBIT margin % 25.5% 26.0% 26.8% Source: Currys internal information 22/23 EBIT of £170m includes a non-repeat £30m mobile revaluation which accounts for 0.6% of EBIT margin £151m £142m £26m £61m £72m£126m Returning to at least 3% margins is achievable based on historic performance 1.9% 2.1% 2.8% 2.9% 2.9% >3.0% 0.6% 19/20 20/21 21/22 22/23 23/24 24/25 Target £106m £117m £170m £142m £153m£20m
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Growing shareholder returns Growing free cash flow Capex & exceptionals <£110m Steady growth EBIT margin at least 3% Confident in delivering improved cash flow 23 Financial outlook Free cash flow is defined as operating cash flow less capital expenditure, exceptional cash flow, working capital, cash tax and interest. Margin improvement alongside tight discipline on capital expenditure, exceptional cash and working capital Strong balance sheet
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2024/25 Free Cashflow Working Capital Sustainable Free Cashflow Exceptionals Capital Expenditure Profits & Tax Target Confident in continued free cash flow growth 24 Financial outlook Source: Currys internal information £149m c.£(22)m c.£127m Controlled expenditure and higher profit will drive improved free cash flow
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£109m £72m £(92)m £82m £149m 19/20 20/21 21/22 22/23 23/24 24/25 Currys will continue to be a cash generative business 25 Annual free cash flow has averaged £126m Historic FCF use has focused on balance sheet FCF distribution 2019/20-2024/25 Average: £126m Source: Currys internal information FCF excluding GreeceFCF including Greece (pre-sale Apr 2024) Financial outlook Free cash flow can increasingly be used for shareholder returns Early network debtor settlement £189m £438m Pension contribution £335m Balance sheet & other £232m Shareholder returns £191m
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Pension triennial review expected to complete by calendar year end 26 Financial outlook Pension contribution scheduleYear-end accounting deficit £(550)m £(482)m £(257)m £(249)m £(171)m £(103)m 19/20 20/21 21/22 22/23 23/24 24/25 £78m £78m £36m £50m £78m 21/22 22/23 23/24 24/25 25/26 26/27 27/28 28/29 Based on 31 March 2025 valuation Source: Currys internal information
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1. Maintain prudent balance sheet 2. Pay required pension contributions 3. Invest to grow business/profits/ cash flow 4. Pay and grow ordinary dividend 5. Surplus capital available for share buybacks Clear capital allocation priorities 27 Capital allocation Resuming dividends for full year 2024/2025
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CEO Update Alex Baldock Group Chief Executive
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28.2% 29.2% 28.9% 28.2% 28.1% 28.1% 19/20 20/21 21/22 22/23 23/24 24/25 Currys is market leader in all our major markets 30 Market position Nordics technology market share(1) Source: GfK and company reports (1) Nordics market share restated due to changes in GfK data and updated fx rates (2) UK&I total market has been expanded in 23/24 to include additional retailers, figures for 21/22 and 22/23 have been restated Market share is high and stable 25.9% 24.3% 25.2% 23.9% 23.2% 23.5% 19/20 20/21 21/22 22/23 23/24 24/25 UK&I Electricals market share(2)
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31 Market position Sources: Currys internal information, dn.no, market.se, company web pages, GFK (1) GFK and company reports (2) Revenue per 2024/25 where available. Elkjøp numbers for fiscal year 2024/25. Power annual report 2023, Komplett and Verkkokauppa annual report 2024. Clear market leader in all countries(1)… Market share % ... and even stronger position across Nordics Total revenue (BNOK)(2) PresencePlayer Elkjøp #2 44bn Omnichannel and 400+ stores Omnichannel and 269 stores Online with 41 stores in SWE and 5 in NO Online and 4 megastores >2.5x We’re #1 in every Nordics country… >2.5x the size of the number 2 player in a >£11.5bn market(1)
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32 Market position …and have outperformed competitors Sales have been more resilient, and profits have rebounded FY 22/23 FY 23/24 FY 24/25 Elkjøp Komplett Verkkokauppa 22/23 23/24 24/25 Elkjøp Komplett Verkkokauppa Sources: Currys internal information, https://investors.verkkokauppa.com/en/investors/reports_and_presentations, https://komplettgroup.allegrokommunikasjon.no/investor-relations/financial-information/quarterly-reports Definitions: Elkjøp revenue shown on a currency neutral basis. Verkkokauppa and Komplett: calculated from 1 April – 31 March 32 … and profits significantly outperforming +40bps YoY Adjusted EBIT %Revenue growth YoY % Revenues recovering ahead of competitors…
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25.9% 24.3% 25.2% 23.9% 23.2% 23.5% 19/20 20/21 21/22 22/23 23/24 24/25 20.9% 18.0% 18.2% 16.8% 16.4% 16.9% 19/20 20/21 21/22 22/23 23/24 24/25 Currys UK&I is clear #1 in electricals, and back into growth in Mobile 33 Market position UK&I Electricals market share(1) Excluding Mobile Source: GfK and company reports (1) UK&I total market has been expanded in 23/24 to include additional retailers, figures for 21/22 and 22/23 have been restated Expanding definition to include Mobile highlights size of opportunity UK&I technology market share Including Mobile
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We have room for growth in UK&I Electricals 34 Market position There are big opportunities in some merchandise areas UK&I market share for selected categories 35% 32% 31% 19% 9% 7% 4% Refrigeration Laptops TVs Gaming Mobile handsets PC accessories Health & Beauty UK&I average market share 23.5% Source: GfK and company reports Nordics average market share 28.1%
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19/20 24/25 Currys Rest of the market £1.9bn Gaming is one such growth opportunity Growing market share in a growing gaming market What we have done and how we grew it 35 Market position Over last 5 years, Currys has taken 50% of the incremental growth of the gaming market Expanded supplier relationships Range expansion Expert colleagues Marketing Gaming bunkers in 102 stores £2.3bn +65% Yo5Y +17% Yo5Y 13% 19% % = market share Source: Currys internal information
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36 We help everyone enjoy amazing technology Capable and committed colleagues Easy to Shop Customers for Life Grow Profits • Tools, training & reward • Winning culture • Colleague listening • Retail fundamentals • Omnichannel • Right First Time • Knowing customers • Services and Solutions • Profitable growth • Margin, cost and cash discipline
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75 74 78 79 Apr-22 Apr-23 Apr-24 Apr-25 Colleague engagement sets new records 37 UK&I colleague engagement Nordic colleague engagement 77 78 81 84 85 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Source: Viva – Glint – Apr-25 survey completed by 22,220 colleagues across the Group. Over 22,000 colleagues participated, over 54,000 comments received 13,000 participants, 87% response rate 9,000 participants, 84% response rate Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 94 19/20 20/21 21/22 22/23 23/24 24/25 Nordics 47 47 49 50 54 55 19/20 20/21 21/22 22/23 23/24 24/25 UK&I Customer satisfaction continues to grow 38 UK&I customer satisfaction NPS(1) +8pt vs UK&I Sources: (1) Voice of customer 7 Day Survey (2) DataWarehouse: Happy or Not cube and customer satisfaction cube, CCC analytics, NetiGate system Nordics customer satisfaction NPS1 and Happy or Not(2) Share of customers voting “happy” or “very happy” NPS Nordics have moved to NPS measurement, providing some healthy competition 63 +8pts Yo4Y
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 39 We’re investing to improve both channels… Electronic Shelf Edge labelling (ESEL) Online Source: Currys internal information Stores are being remodelled and ESEL added, website is undergoing continuous improvement 100 Completed 196 To complete ESEL installation progress 25/26 24/25 Space optimisation and new categories 23/24 24/25 UK&I conversion rate 23/24 24/25 +25bps YoY +22bps YoY Nordics conversion rate Better checkout Search Navigation Filtering
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 40 Source: Currys internal information (1) Omnichannel sales are defined as any sale that involves two or more channels in the customer purchase journey, predominantly comprising products ordered in-store and delivered to customer, and products ordered online and collected in store 25% 27% 27% 29% 30% 31% 19/20 20/21 21/22 22/23 23/24 24/25 22/23 23/24 24/25 +11% YoY Omnichannel as proportion of total UK product sales UK&I Order & Collect revenue Nordics Order & Collect revenue UK&I Online-in-store revenue 22/23 23/24 24/25 +31% Yo2Y 22/23 23/24 24/25 +33% Yo2Y …and benefiting from both channels working together Customers prefer omnichannel, and are increasingly shopping that way Omnichannel sales(1) are growing… …with more customers using online-in-store and Order & Collect
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Stickier, more valuable customers start with good data 41 19/20 20/21 21/22 22/23 23/24 24/25 Sweden Norway Denmark Finland Club membership is growing >50% of Nordic households 6.8m 5.6m 3.0m 23% 33% 46% % = share of sales 47% 7.6m 49% 8.6m UK customer base is large, but fragmented 54% 9.6m UK&I customers Currys Perks 8.1m Care & Repair 9.9m iD Mobile 2.2m Carphone Warehouse 1.1m Currys flexpay 2.6m Source: Currys internal information Nordics customer club continues to grow, in UK&I there is opportunity in our large datasets
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 19% 30% 40% 22/23 23/24 24/25 We are selling customers more complete solutions... 42 UK&I ‘Sold With’ adoption +21pts Yo2Y 11% 20% 29% 22/23 23/24 24/25 +18pts Yo2Y Nordics value added services adoption Source: Currys internal information Computing TVs Examples and execution Customers get everything they need; Currys gets higher sales and margins
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 43 We help get you started We help you get the most out of your tech We help give your tech longer life We help you afford the amazing tech 3.1m Repair plans sold 11.9m Total active repair plans 5.5m e-waste products collected for reuse or recycling 2.6m +15% YoY Currys flexpay customers 21.9% +180bps YoY Currys flexpay adoption 2.2m +26% YoY iD Mobile subscribers 5.5m +17% YoY Order & Collect units 9.6m +2%YoY Deliveries 1.6m +6% YoY Installations Core to solutions selling: We are growing Services Valuable to customers and source of recurring, higher margin revenue Source: Currys internal information
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit drives sales growth and valuable customer loyalty 44 … buy More… … attach More… … and shop more often… … creating more valuable Customers for Life No Credit flexpay Credit Vs Non-Credit ATV No Credit flexpay Basket Units - Total No Credit flexpay Likelihood to return within 12 months No Credit flexpay Customer Lifetime Value (Sales) Credit customers are happier… No Credit flexpay Credit Vs Non-Credit NPS 67 55 +13% 60% 33% + 28% / 2x + £511 / 117% +12pts +10% +13% +27pts +116% Source: Currys internal information Credit customers spend more than double vs. non-credit customers
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Credit continues to grow strongly and engender loyalty 45 Credit customers numbers increasing Credit sales growth driven by repeat spendCredit adoption rising 19/20 20/21 21/22 22/23 23/24 24/25 11.2% 10.8% 13.3% 17.7% 20.1% 21.9% 19/20 20/21 21/22 22/23 23/24 24/25 1.4m 1.7m 1.9m 2.3m 2.6m 19/20 20/21 21/22 22/23 23/24 24/25 Repeat New flexpay is now over £1bn of sales, and the leading way to pay later at Currys 1.2m £1.1bn £0.9bn £0.9bn £0.7bn £0.6bn£0.5bn Source: Currys internal information
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Easy to ShopCapable and Committed Colleagues Customers for Life Grow Profits As Credit grows it becomes a powerful growth engine 46 Opportunity to improve profits further, especially if BoE continues to reduce base rates 1. Grow credit customers 2. Grow sales 5. Reinvest in offer 4. Reduces costs 3. Drive incremental profit Credit Flywheel 0 5 10 15 20 25 30 35 40 0 200 400 600 800 1000 1200 20/21 21/22 22/23 23/24 24/25 Credit sales Credit profit 0.1% 0.2% 2.6% % = UK average base rate(1) 5.1% 4.9% £1.1bn£0.9bn£0.9bn£0.7bn£0.6bn Source: Currys internal information (1) Bank of England Credit revenue and profitCredit now financing its own growth
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Services to “get customers started” are becoming ever more valued 47 Privileged position as Currys is trusted in customers’ homes Source: Currys internal information 20.3% 15.0% 23.1% 25.2% 28.1% 31.3% 19/20 20/21 21/22 22/23 23/24 24/25 UK Big Box Installation rate 28.1% 22.0% 30.8% 31.8% 32.8% 34.0% 19/20 20/21 21/22 22/23 23/24 24/25 UK Big Box Recycling rate 13.2% 10.0% 15.7% 16.9% 18.4% 20.4% 19/20 20/21 21/22 22/23 23/24 24/25 UK Installation and Recycling rate Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits
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19/20 20/21 21/22 22/23 23/24 24/25 UK Care & Repair adoption rate 9.8m 8.5m 8.8m 8.9m 10.1m 9.9m 19/20 20/21 21/22 22/23 23/24 24/25 UK&I active repair plans Repair is the most important service for our customers 48 Unique capabilities make us best positioned to help 1.7m 1.8m 1.9m 2.0m 21/22 22/23 23/24 24/25 Nordics active repair plans Repair is large We have competitive advantage(1) Source: Currys internal information (1) Sources as of 24 June 2025: https://www.currys.co.uk/products/hotpoint-antistain-nswr-7469-wk-uk-7-kg-1400-spin-washing-machine-white-10264881.html, https://ao.com/product/nswm846gguk-hotpoint-antistain-washing-machine-silver-101198-1.aspx, https://markselectrical.co.uk/869991688910_hotpoint-washing-machine, https://markselectrical.co.uk/warranty, https://www.argos.co.uk/product/2999250?clickPR=plp:1:25 https://www.johnlewis.com/hotpoint-nswm846wuk-freestanding-washing-machine-8kg-load-1400rpm-spin-white/p112362947, https://www.amazon.co.uk/s?k=washing+machine&rh=n%3A391784011&ref=nb_sb_noss Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Adoption is growing +50bps YoY
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We are investing in growing Repair 49 Our expert colleagues are our biggest advantage Source: Currys internal information Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Expert colleagues Developing new solutions 1,000+ colleagues 274 actionable via “the Pitch” Driving innovation and efficiency 320,000 Repair Live customers Launched repair live for MDA 25% of spare parts from parts harvesting Patents pending Designed and implemented new transport solution
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0% 5% 10% 15% 20% 25% 0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 19/20 20/21 21/22 22/23 23/24 24/25 18/19 or before 19/20 20/21 21/22 22/23 23/24 24/25 Total Churn (%) iD Mobile grew to 2.2m subscribers 50 iD Mobile subscribers by acquisition year Source: Currys internal information (1) Definition: RPU – Revenue per user New app £13.82 RPU(1) Source of long-term profit and cashflow £20.32 RPU(1) 1.1m 1.1m 1.2m 1.3m 1.8m 2.2m Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Awards Marketing
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Services are driving higher recurring revenues 51 Recurring revenue grew to 28% of UK&I revenue, +190bps YoY Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 23/24 24/25 UK&I revenue split Product revenue +4% Other services +5% Credit revenue +14% Recurring service revenue +12% Source: Currys internal information £4,970m £5,287m +6% Total revenue +14% Recurring revenue
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Our strategy drives higher gross margins 52 1 2 3 4 5 Solution selling Higher services adoption Monetising the improved customer experience Not chasing less profitable sales Reduced supply chain and service operation costs Nordics gross margin %UK&I gross margin %(1) Gross margins continue to improve… … in both markets Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Source: Currys internal information (1) 22/23 EBIT of £170m includes a non-repeat £30m mobile revaluation which accounts for 0.6% of EBIT margin Reversing long term decline … driven by continued strategic focus…
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Cost savings have further scope Source: Currys internal information Outsource partners Group synergies AI Commercial synergies IT solutions GNFR suppliers Partnering with Microsoft and Accenture First use case = after sales process (returns and repairs) Right First Time & Continuous improvement +£17m SC&SO initiatives delivered in 2024/25 Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Continue to find efficiencies and opportunities for automation and offshoring 53
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re products >£17bn We have opportunities to grow in core and adjacent areas 54 Core products Mobile handsets B2BServices New categories Source: Core products & Mobile handsets – GfK, showing electrical market size excluding VAT Services – Estimate based on customer surveys B2B – estimated SME B2B market size based on total annual revenue of UK's top 100 value-added resellers, excluding the top 10 VAR (total revenue of rank 11-100)– https://www.channelweb.co.uk/series/profile/top-vars New Categories – market size based on estimates generated by Eden McCallum LLP from various industry data on the categories that Currys sells (or may foreseeably sell in the future) that are not included in the GfK market size analysis (not core products) Share in relevant market points to the size of the opportunity UK&I Total Addressable Market >£48bn Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits >£17bn >£8bn >£2.5bn >£9bn >£12bn Total addressable market
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Growth: Spotlight on Windows computing CEO quotes: Replacement cycle, end of Windows 10 and AI PCs set to drive growth Opportunity End of Windows 10 AI PC’s <£600 Currys has 75% market share in AI laptops Colleague training Communications Supplier relationships Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Sources: GFK and Currys internal information Currys Other retailers Currys’ position Replacement cycle Windows UK computing market size, unit volume 2.7m 2.9m 2.4m 2.3m 1.9m 2.1m 19/20 20/21 21/22 22/23 23/24 24/25 (22)% Yo5Y 55
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A word from our partners We are proud to be a long-standing partner with Currys. In today’s fast-changing technology landscape, HP’s commitment to empowering our key partners for success in the future of work is more important than ever. Our partnership with Currys is a cornerstone of that effort. Currys' undeniable strength in computing retail and their big push into the AI space perfectly complements our vision at HP. By combining HP's innovation with Currys' reach, customer relationships, and skill at selling solutions, we're bringing AI-powered solutions that are enabling more fulfilling work experiences and helping customers solve challenges with greater efficiency, creativity, and impact. Enrique Lores, CEO, HP "Our collaboration with Currys on AI initiatives, particularly with the launch of Copilot+ PCs, has been exemplary. From comprehensive colleague training to their first-to-market ranging, Currys consistently demonstrates why they are a key strategic partner in bringing cutting-edge AI experiences to consumers.” Yusuf Mehdi, Corporate Vice President & Consumer Chief, Microsoft 56 Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits
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Growth: Spotlight on Gaming New launches and technological leaps set to boost market Rog Xbox Ally x New Nvidia graphicsGaming Accessories Nintendo Switch 2 Media coverage from Switch 2 launch Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Sources: GfK and Currys internal information Currys Other retailers Opportunity Currys’ position 19/20 24/25 Currys Rest of the market £2.3bn +65% Yo5Y +17% Yo5Y£1.9bn Growing market share in a growing market UK gaming market size, £bn Currys dominated coverage UK retailer media launch day coverage, % 57
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Growth: New Categories are a big opportunity Increasingly moving into underweight and adjacent categories Underweight Categories Emerging Tech Adjacent categories – Seasonal, outdoor living Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Sources: GfK and Currys internal information Other Retailers Opportunity Currys’ position Leverages existing infrastructure Incremental sales in higher margin categories New ranges in-store Currys currently has 1% share of new categories 58
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Growth: Currys sells what now?! Playful marketing to drive awareness Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Source: Currys internal information 59
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60 Brand preference growing Marketing gaining traction in traditional and social media Gaining a serious following, even ‘cult’ status Growth: The Currys brand is stronger and getting real cut through Source: Currys internal information (1) Based on brand preference survey. Question “If you were buying a new household electrical item today, which retailer would be your preferred choice to buy it from?” Q4 24/25 sample size: 6,032 Customer awareness Virtuous circle of external recognition Improved sales for Currys and suppliers Improved ROI on advertising 21% 24% 24% 26% 21/22 22/23 23/24 24/25 Brand preference exit rate(1) % Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits
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Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits 61 Building relevance with the TikTok generation Growth: Currys dominating on social media 0.0m 0.1m 0.2m 0.3m 0.4m 0.5m 0.5m 0.5m 0.7m 0.7m 0.9m 1.0m 1.1m 1.3m 2.1m 2.2m 2.7m 3m 3.6m 4.5m 5.2m 5.3m 5.8m 6.7m 8.3m 8.8m 9.1m TikTok Lifetime ‘like’ count Source: TikTok, June 2025
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B2C B2B Elkjop Rest of Market Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits Growth: B2B plays to our strengths Targeting SMEs with <100 employees Source: Currys internal information (1) B2B market defined as SME market for IT hardware & solutions and MDA hardware & solutions, as estimated by PwC, data correct as of 2023/24 Suppliers Opportunity Currys’ position Products Services Channels Leadership team Specialist store colleagues Online presence Ambition to more than double sales in the next 3 years 24/25 27/28 93% 7% B2C B2B B2B Group share of business NOK 152bn NOK 122bn UK&I B2B Revenue growthNordics B2C and B2B(1) markets 23/24 24/25 +14% YoY Supply chain Service operations Account management 62
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Currys now progressing on all fronts 63 Business on solid foundations, with good traction, and with good growth prospects Carphone Warehouse merger fallout and restructuring Covid store closures and online channel shift ‘Perfect storm’ in Nordics retail Cost of living and inflationary headwinds Colleagues more committed, customers happier Easy to Shop Customers for Life Financially strong 19/20 24/25 Pension deficit (IAS17) Working capital facilities Net cash / (debt) 39% 31% 30% In-store only Both online and in-store Online only 19/20 24/25 Nordic club members 3.0m 9.6m UK&I credit customers 19/20 24/25 1.2m 2.6m Challenges Progress delivered Oct-20 Apr-25 20/21 24/25 +8pts+17pts UK&I Employee Satisfaction UK&I Customer Satisfaction (NPS) £(805)m £81m Capable and Committed Colleagues Easy to Shop Customers for Life Grow Profits
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Growing shareholder returns Growing free cash flow Capex & exceptionals <£110m Steady growth EBIT margin >3% Confident in delivering improved cash flow 64 Financial Outlook Margin improvement alongside tight discipline on capital expenditure, exceptional cash and working capital Strong balance sheet Free cash flow is defined as operating cash flow less capital expenditure, exceptional cash flow, working capital, cash tax and interest.
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39% 31% 30% A leading omnichannel retailer of tech products and services 66 Summary Significantly improved balance sheet International market leader Strategic priorities Operating leverage to grow profits and free cash flowSource: Currys internal information Easy to ShopCapable and Committed Colleagues Customers for Life UK&I product sales UK&I customers In-store only Both online and in-store Online only Currys Perks 8.1m Care & Repair 9.9m iD Mobile 2.2m Carphone Warehouse 1.1m Your Plan credit 2.6mOct-20 Apr-25 20/21 24/25 UK&I Customer Satisfaction (NPS) +8pts+17pts UK&I Employee Satisfaction Nordics product sales Nordic club members 19/20 20/21 21/22 22/23 23/24 24/25 3.0m 9.6m 69% 13% 18% In-store only Both online and in-store Online only Apr-22 Apr-25 21/22 23/24 Nordics Customer Satisfaction (HON) +2pts Yo2Y Nordics Employee Satisfaction +4pts Clear #1 in every market 19/20 22/23 23/24 24/25 Net cash / (debt) Working capital facilities Pension deficit (IAS17) £(805)m Allows for growing shareholder returns Clear focus on generating increasing shareholder returns £(346)m £(75)m +£81m
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