Annual
Report &
Accounts
2025/26
Currys plc Annual Report & Accounts 2025/26
Currys plc Annual Report & Accounts 2025/26
£8,476m
£8,706m
£9,254m
23/24
24/25
25/26
£118m
£162m
£191m
23/24
24/25
25/26
7.9p
11.3p
13.4p
23/24
24/25
25/26
£82m
£149m
£157m
23/24
24/25
25/26
£28m
£124m
£153m
23/24
24/25
25/26
14.9p
10.0p
15.5p
23/24
24/25
25/26
£9.3bn
£5.4bn
61%
39%
UK&I
£3.8bn
Nordics
59%
41%
8%
19%
25%
17%
31%
8%
92%
Inside this report 2025/26 highlights
Revenue
(1)
£9,254m
Free cash flow
(1)
£157m
Adjusted profit before tax
(1)
£191m
Profit before tax
(1)
£153m
Adjusted EPS
(1)
13.4p
EPS
15.5p
Computing
Consumer
electronics
Appliances
Mobile
Services and other
Online Stores B2C B2B
Group revenue
by channel
Group revenue
by customer type
Group resilience is underpinned
by diversification
Group revenue
by product
Strategic Report
1 Currys at a glance
2 Our business model
4 Our markets
5 Our investment case
6 Chair’s statement
8 Chief Executive’s statement
10 Key performance indicators
11 Our strategic priorities
16 Our stakeholders
20 Sustainable business
35 Risk management
36 Principal risks and uncertainties
40 Going concern and viability statement
41 Performance summary
44 Performance review
Governance
52 Governance at a glance
54 Board of directors
56 Directors’ report
59 Corporate governance report
71 Audit committee report
78 Disclosure committee report
79 Nominations committee report
82 Remuneration committee report
85 Remuneration at a glance
86 Remuneration policy
96 Annual remuneration report for 2025/26
111 Statement of directors’ responsibilities
Financial Statements
112 Independent auditor’s report
121 Consolidated income statement
122 Consolidated statement of
comprehensive income
123 Consolidated balance sheet
124 Consolidated statement of changes in equity
125 Consolidated cash flow statement
126 Notes to the Group financial statements
171 Company balance sheet
172 Company statement of changes in equity
173 Notes to the Company financial statements
178 Five period record (unaudited)
Investor Information
179 Glossary and definitions
192 Shareholder and corporate information
Non-financial and sustainability
information statement
We comply with the Non-Financial Reporting requirements
contained in sections 414CA and 414CB of the Companies
Act 2006. The requirements of this disclosure are
addressed within this section by means of cross reference
in order to avoid duplication and to help stakeholders
understand our position on key non-financial matters:
Environmental matters (including impact
of business on the environment) pages 23-31
TCFD report page 26
Colleagues page 12
Social matters pages 32-34
Respect for human rights page 34
Anti-corruption and anti-bribery matters page 34
Description of our business model pages 2-3
Details of the principal risks relating to
non-financial matters pages 35-39
Non-financial KPIs page 10
(1) In the reporting of financial information, the Group uses certain measures that are not required under IFRS. These are presented in accordance with the Guidelines on
Alternative Performance Measures (APMs) issued by the European Securities and Markets Authority (ESMA) and are consistent with those used internally by the Group’s
Chief Operating Decision Maker (CODM) to evaluate trends, monitor performance, and forecast results. These APMs may not be directly comparable with other similarly
titled measures of ‘adjusted’ or ‘underlying’ revenue or profit measures used by other companies, including those within our industry, and are not intended to be a substitute
for, or superior to, IFRS measures. Further information and definitions can be found in the notes to the Group financial statements.
1
Strategic Report Financial Statements Investor InformationGovernance
Currys at a glance
We help everyone enjoy amazing technology
Our strategy
Our purpose
Capable
and committed
colleagues
Easy
to shop
Customers
for life
Grow
profits
Our brands
Our complete solutions
Year established
1884
Number of stores
296
Number of colleagues
(1)
>15,000
Revenue
£5.4bn
Market share
(2)
17.5%
Year established
1962
Number of stores
395
Number of colleagues
(1)
>9,000
Revenue
£3.8bn
Market share
(3)
28.0%
(1) Number of employees correct as of 2 May 2026, excluding colleagues on fixed term contracts.
(2) Market share calculated using NielsenIQ/GfK Point of Sales Tracking Service addressable market value data May 2025 to April 2026 mapped against Currys’ internal data.
(3) GfK Nordic May 2026.
Credit
Trade-in
Pre-paid
We help you
afford the
amazing tech
We help get
you started
We help you get
the most out of
your tech
We help give
your tech
longer life
Delivery and installation
Essential peripheral products
Screen protection
Connectivity
Software subscriptions
VPN and scam detection
Repair
Refurbish
Recycle
2 Currys plc Annual Report & Accounts 2025/26
What we do Our competitive advantage
Our business model
• The UK&I and Nordics’ leading
omnichannel retailer of consumer
technology
• 691 stores where customers can see,
touch and try products, supported
by expert colleague advice
• A true omnichannel experience where
customers can research, buy and get
support in store, online or through a
combination of both
• Delivery, installation and set-up
so customers get started quickly
and confidently
• Protection plans, repairs and recycling
underpinned by one of Europe’s largest
tech repair facilities
• Credit, making technology accessible
to more customers
• Connectivity through a range of
third party networks and iD Mobile,
our own virtual network operator,
with 2.6m subscribers
We sell technology and
provide services that
help customers afford
and enjoy amazing
technology to the full
The strengths that set us apart
(1) Viva – Glint, April 2026 survey completed by 21,800
colleagues across the Group.
1
We sell
technology
2
We provide
services
Our purpose: to help everyone enjoy amazing
technology, however they choose to shop with us
691 well-invested stores
across six countries
combined with a strong
digital presence, giving
customers expert help
however and wherever they
choose to shop.
Longstanding partnerships
with the world’s leading
technology manufacturers,
giving us the best range,
availability and terms.
More than 24,000
passionate, knowledgeable
colleagues with an
engagement score in the
top 10% of companies
globally
(1)
, united by a
shared commitment to
helping customers.
Currys in the UK&I and Elkjøp
in the Nordics are their
market’s most trusted
technology retail brands,
with decades of heritage
and consistently high brand
preference.
The only technology retailer
able to support customers
across the full product
lifecycle, from delivery,
installation and set-up,
to protection, repair,
trade-in and recycling.
The clear number one
omnichannel technology
retailer in all our markets,
with a total addressable
market of c.£48bn in the UK
and c.£34bn in the Nordics.
Modern omnichannel
network
Strong supplier
relationships
Capable and
committed colleagues
Established and
well-loved brands
Unique services
capabilities
Scale and market
leadership
3
Strategic Report Financial Statements Investor InformationGovernance
(1) Net Promoter Score.
(2) Viva – Glint, April 2026 survey completed by 21,800 colleagues across the Group.
† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 for e-waste, which has been highlighted with a †. The e-waste figure of
6.3m units represents 6,271,273 units rounded to one decimal place. For more detail of the scope of their work, please refer to their assurance report on our
corporate website, www.currysplc.com/sustainable-business/policies-disclosures.
Our competitive advantage
The value we create
Delivering for all our stakeholders
£74m
+£74m year-on-year
Total shareholder returns
60
Group NPS
(1)
84
Group eSat
(2)
+2pts year-on-year
+4%
Group like-for-like
revenue growth
6.3m
e-waste products
collected for
reuse or recycling
†
+13% year-on-year
Shareholders
Customers
Colleagues
Suppliers
Environment and communities
During the year we returned £74m through £50m
buybacks and £24m dividends.
Customers need the amazing technology we sell
to keep connected, productive, fit, clean, healthy
and entertained. Helping them choose from the
vast range of products and making sure they can
get the most out of it is at the heart of what we do.
We can only keep our customers happy if we
have happy colleagues. Paying colleagues fairly
and building skills for life are essential to our
long-term success.
Our scale and our stores provide an omnichannel
customer experience that our suppliers can find
nowhere else, and because of that we have strong
relationships with all the major manufacturers.
We care for the world around us. We are proud
to be a leading retail repairer and recycler of
tech in all our markets. We will reduce our impact
on the globe while investing in our communities
and good causes.
4 Currys plc Annual Report & Accounts 2025/26
2022
Video
doorbell
CCTV camera
TV
Home
phone
Games
console
Smart
speaker
Smart
hub
Smart
lighting
Fridge
freezer
CookerKettle Air
fryer
Soundbar
Microwave
Smart
speaker
Hair dryer
Smart hub
Tablet
Smart scale
Laptop
Monitor
Printer
Gaming
chair
Headphones
Mobile
phone
Electric toothbrush
Smart
thermostat
Steam iron
Washing
machine
Tumble dryer
Vacuum
cleaner
Coffee
machine
Drone
e-bike
Lawnmower
BBQ
Our markets
Technology plays a more important role in our lives today than
ever before. We believe in the power of technology to improve
lives, to help people stay connected, productive, fit, clean,
healthy and entertained.
The core electricals and
mobile handset markets are
worth over c.£25bn in the UK
and c.£15bn in the Nordics.
Currys continues to strengthen its position
in the core electricals and mobile markets
while simultaneously pursuing profitable
expansion into adjacent markets,
expanding its total addressable market
to around £48bn in the UK&I.
The Nordics is pursuing profitable expansion
in Business to Business (‘B2B’) and kitchens,
increasing its total addressable market to
over £34bn.
UK total addressable market c.£48bn
c.£17bn c.£8bn c.£2.5bn c.£9bn c.£12bn
Core products
(1)
Mobile
handsets
(1)
Services
(2)
B2B
(3)
New categories
(4)
Mobile
handsets
(1)
Services
(2)
New categories
(4)
B2B
(3)
Core products
(1)
B2B
revenue
+20%
YoY
iD Mobile
subscribers
+18%
YoY
New
categories
revenue
+52%
YoY
flexpay
adoption
+180bps
YoY
Market
share
+60bps
YTD
Sources:
(1) Market share calculated using NielsenIQ/GfK Point of Sales Tracking Service addressable market value data May 2025 to April 2026 mapped against Currys’ internal
sales data, Core products (electricals B2C) market value excl. VAT Mobile handsets market value excl. VAT includes sim free & post pay handsets.
(2) Services – estimate based on customer surveys.
(3) B2B shown as like-for-like revenue growth, B2B – estimated B2B small and medium sized business market size based on total annual revenue of UK’s top 100 value-added
resellers (‘VAR’), excluding the top 10 VARs (total revenue of rank 11-100), https://www.channelweb.co.uk/series/profile/top-vars.
(4) 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).
5
Strategic Report Financial Statements Investor InformationGovernance
1 2
3 4
5 6
Our investment case
Currys plc is a business with solid foundations and significant
competitive advantages. It has a clear strategy to increase free
cash flow and a balance sheet that is now strong enough to return
increasing amounts of surplus free cash flow to shareholders.
Currys is a leading omnichannel retailer
of technology products and services
inthe UK&I and Nordics
Diversified and increasingly
recurring revenue
Currys is the clear #1 specialist technology retailer wherever
we are present, underpinned by service capabilities that
competitors can’t deliver at comparable scale or quality.
Revenues are diversified across geographies, products,
services, channels and increasingly customers.
A growing portion of revenue is from recurring sources.
£873m
Group recurring
service revenue
+7%
year-on-year growth
£255m
Group adjusted EBIT
(3)
£157m
Group adjusted FCF
(3)
£176m
Year-end net cash
A proven strategy that has
already delivered profits
and cash flow growth
Strong financial
position
The Group has steadily decreased financial leverage
and now has a net cash balance sheet with a very small
pension liability, giving it flexibility to react to opportunities
or headwinds.
Our strategy is delivering ever improving outcomes
for colleagues and customers alongside improved profits
and cash flow.
+16%
B2B revenue growth
year-on-year
+52%
New categories revenue
growth year-on-year
£24m
Dividends
£50m
Share buyback
Range of profitable
growth drivers
A clear path to growing cash flow
and shareholder returns
Revenue growth alongside continued gross margin accretion,
cost control and disciplined investment grow the Group’s
profits and free cash flow, more of which can be returned
to shareholders.
The Group aims to grow in core markets alongside several
diverse growth drivers that are effectively more than
doubling the Group’s total addressable market.
Sources: Currys internal information. Unless otherwise stated, all figures relate to FY 2025/26.
(1) NielsenIQ/GfK Point of Sales Tracking Service addressable market value data May 2025 to April 2026 mapped against Currys’ internal sales data,
(2) GfK Nordic May 2026.
(3) For definitions of APMs, refer to the notes to the Group financial statements.
17.5%
Market share in UK&I
(1)
28.0%
Market share in Nordics
(2)
6 Currys plc Annual Report & Accounts 2025/26
Ian Dyson
Chair of the Board
Chair’s statement
A proven strategy that
continues to deliver
The results this year are a direct
consequence of a consistent and well
executed strategy. In UK&I, we grew sales and
profits despite significant cost headwinds
from National Insurance and National Living
Wage increases. In the Nordics, we similarly
delivered sales and profit growth. That
combination of top line progress, margin,
cost and cashflow discipline is precisely
what the strategy was designed to produce.
In the UK&I, full year revenue grew +3%
and we gained +60bps of market share
in a declining market. Services continue
to be at the heart of our customer offer:
recurring service revenue grew +7%, and
these high value services, including credit,
represented 30% of UK&I revenue. B2B
delivered double-digit growth, and we
have now reached 2.6 million iD Mobile
subscribers, a base that both deepens
customer relationships and underpins
recurring revenues.
The Nordics business is back to health,
but with plenty more opportunity to go for.
Full year revenue grew +6% on a currency-
neutral basis, with strong new category
performance and adjusted EBIT up +26%.
Across the Group, full year adjusted EBIT
grew 13% to £255m and free cash flow
increased 5% to £157m.
I am pleased to report on another year
of good progress in both the UK&I and
the Nordics. Both businesses delivered
continued growth in sales and profits,
demonstrating that our strategy is working.
Group adjusted profit before tax was
£191m for the full year, up +18% year-on-
year, with like-for-like sales growth of +4%
across both markets and Group revenue
up +6%. We enter the new financial year
in good financial health, with net cash
of £176m.
A leadership transition
This year brought an important change of
leadership at Currys. In March, Alex
Baldock announced his intention to step
down as Group Chief Executive after eight
years with the Company. Alex inherited a
business operating across multiple
geographies with significant structural
complexity and during his tenure has faced
an extraordinary sequence of challenges:
a global pandemic, sustained inflationary
pressures, a prolonged consumer downturn
and an unsolicited takeover approach.
Alex built a clear and consistent strategy
and built a very strong team to deliver this
strategy. He leaves Currys in excellent
shape, with a strategy that is working, a
strong balance sheet and momentum that
is building. The Board is deeply grateful for
his leadership and commitment, and we
wish him every success for the future.
I am pleased to welcome Fredrik Tønnesen
as our new Group Chief Executive. Fredrik
joined Elkjøp 20 years ago as a sales
assistant on the shop floor and has
progressed through a series of senior roles,
including Managing Director for Norway
and Nordics Chief Operating Officer,
before becoming Chief Executive of our
Nordics business in March 2023. In that role,
leading around 40% of Group revenue, he
has delivered an outstanding turnaround,
more than tripling operating profits while
lifting colleague and customer satisfaction
to world-class levels. He has huge
experience of the business and
understands our customers, our colleagues
and our culture from the inside, bringing the
right combination of clarity, energy and
leadership to take Currys forward. The
Board conducted a thorough process,
considering both internal and external
candidates, and is confident that Fredrik
has the right experience and qualities to
lead Currys through its next chapter.
Another year of strong momentum
“The results this year are a direct
consequence of a consistent and
well executed strategy.
The combination of top line progress,
margin, cost and cashflow discipline
is precisely what the strategy was
designed to produce.”
7
Strategic Report Financial Statements Investor InformationGovernance
A Board built for what
comes next
The Board also saw some important
changes during the year. Gerry Murphy
and Eileen Burbidge stepped down on
4 September 2025, after more than ten
and over six years of service respectively.
Both provided great counsel and effective
challenge over their respective tenures,
and I would like to thank them both for
their contributions to Currys.
The Nominations Committee approached
succession with clear intent, seeking
candidates with deep expertise in the
Norwegian market and a strong grounding
in the technology sector. The search was
thorough, covering diversity of skills and
perspective, longer-term succession
planning and a careful assessment against
the Board skills matrix. Elaine Bucknor
and Rune Bjerke joined the Board on
8 September 2025, and both bring a wealth
of experience that will benefit the business.
The Board’s most recent external evaluation
reflects well on the team we now have in
place, and I am confident we are well
positioned to support and challenge
management in the period ahead.
Committed to sustainability
Our three sustainability commitments
are advancing circular business models,
reducing digital poverty, and achieving net
zero by 2040. This year we made good
progress across all three.
We collected 6.3 million e-waste products
for reuse and recycling across the Group
and completed more than 1.6 million
customer repairs through our team of 1,500
skilled engineers. Our colleagues also
continue to make a real difference in
tackling digital poverty, working with the
Digital Poverty Alliance in the UK and the
Elkjøp Foundation in the Nordics. On net
zero, we achieved a 37% reduction in
Scope 1, 2 and 3 emissions against a
2019/20 baseline.
Returning value to shareholders
This year marked an important milestone
with the resumption of shareholder returns.
£74m of cash was returned to shareholders
during the year through dividends and share
buybacks. The Board’s decision to restart
shareholder returns reflects its confidence in
the financial health and growth prospects
of the business and the significantly reduced
pension contributions that the Group now
needs to make. We are proposing a final
dividend of 2.25p, bringing the full year
dividend to 3.0p, and will commence a new
£50m share buyback programme.
Looking ahead, we remain committed to
growing ordinary dividends over time and
to returning surplus cash to shareholders
through buybacks where appropriate.
Our people make
the difference
Our progress would not have been
possible without the passion and
dedication shown by our colleagues every
day. It is their technical expertise, drive and
care for customers that turns strategy into
results. I am particularly proud that
colleague engagement has reached
another record high. The Group continues
to be ranked within the top 10% of
businesses globally
(1)
. On behalf of the
Board, I would like to extend my sincere
gratitude to everyone at Currys for another
year of real commitment and hard work.
Looking ahead with confidence
Currys enters the new financial year in
a strong position. The geopolitical and
macroeconomic environment continues
to pose challenges, and we do not
underestimate the headwinds the sector
must navigate. But we have dealt with
difficult conditions before, and the
strategic and financial progress of recent
years puts us in a much better position to
do so. I remain very optimistic about our
potential to generate long-term value
for shareholders.
Ian Dyson
Chair of the Board
1 July 2026
“Our progress would not have been possible
without the passion and dedication shown
by our colleagues every day.
It is their technical expertise, drive and
care for customers that turns strategy
into results.”
(1) Viva-Glint, April 2026 survey completed by 21,800 colleagues across the Group.
8 Currys plc Annual Report & Accounts 2025/26
Alex Baldock
Group Chief Executive
Chief Executive’s statement
contribution in the year under our agreed
funding plan. Scheduled contributions
drop to £13m from the current financial
year through to 2030/31, meaningfully
increasing the cash available for
investment or shareholder returns. The
balance sheet is in better shape than it has
been at any point in well over a decade.
Our strategy
These results have been built on a
consistent strategy.
Our strategy starts with colleagues: the
customer experience won’t be better than
that of the colleague delivering it. Our
Group engagement score rose +2pts to 84,
firmly amongst the top global companies
(1)
.
In the UK&I, we estimate our score of
86pts puts us in the top 3%
(1)
of global
businesses. Over 21,000 colleagues took
part in our latest Group engagement survey
and gave us almost 50,000 comments.
We act on every theme that comes back.
The Sunday Times named Currys the UK’s
best major retail employer in its Best Places
to Work survey. We also hold a rating of
4.0 on Glassdoor in the UK, placing us first
among large UK retail employers.
Second, we keep making us easier to shop
for customers. This starts with the retail
fundamentals. During the year we have
further improved availability through more
focus on best-selling items and refining
processes to make sure products are
reaching the store shelves.
Beyond the fundamentals, our
omnichannel model is the winning
approach in technology retail. No other
model lets customers shop the way they
actually want to, whether online, in store,
or increasingly through a mixture of both
channels. Omnichannel sales rose to 33%
of UK&I revenue during the year, +3pts over
two years, with Nordics omnichannel sales
rising to 18% from 14% of revenue over the
same period.
The third leg of our strategy is to create
customers for life, which starts with knowing
our customers. In the UK&I, our customer
data has sat in separate databases
including Currys Perks, credit, iD Mobile and
repair plans. We are now bringing these
together into a single trusted view of each
customer, with the first release expected
to go live later this year. AI is accelerating
the work, unifying records faster, surfacing
insights at scale, and turning that single view
into more relevant, more personal
experiences. In the Nordics we have
reconfigured our technology stack to allow
personalisation to be a meaningful driver
of revenue growth.
That data powers our range of Services,
helping us offer the right service to the right
customer at the right moment. These
Services help customers afford and enjoy
amazing technology to the full and are
accordingly valued by customers. They are
valuable to Currys, providing growth in
revenue that’s higher-margin and often
recurring. And these Services lean on
advantages that are unique to Currys and
so provide a competitive moat.
We help customers afford tech through
flexpay, our credit proposition. flexpay
sales reached £1.2bn, +10% YoY, with
adoption rising +180bps to 23.7% of UK&I
sales. flexpay customers are more loyal
and more valuable, with lifetime sales
double those of non-credit customers.
Credit also makes a meaningful direct
profit contribution, which grew again during
the year.
We also help customers get tech started
through installation and set-up. 32% of
UK&I big-box deliveries included
installation in the year, and 36% included
recycling. In the Nordics it was 46% and
38%. Being allowed in customers’ homes is
a rare privilege and they like it when we get
things right first time – the right product,
delivered on time and undamaged,
installed there and then – and so do we, as
we avoid the cost of rework. So it’s good
for everyone that our revisit rate fell again
during the year, down a further 0.5
percentage points to 6.5%. Our in-home
customer satisfaction is consistently
amongst the highest of everything we do.
We help customers get the most out of their
tech, most importantly through connectivity.
iD Mobile, our 100% owned mobile virtual
network operator (‘MVNO’), grew
subscribers to 2.6m, +18% YoY, ahead of
our 2.5m target. iD Mobile is a structurally
attractive business. It’s high-margin and
recurring, with economics that improve as
the base scales, with a distribution
advantage through Currys stores and
online channels that few MVNOs can
match. In Finland we’ve launched Giga
Mobiili, a new mobile virtual network
operator, to strengthen our less competitive
mobile offering there. Early performance
has exceeded expectations.
We Help Everyone Enjoy Amazing Technology
Our priorities for the year were to keep our
encouraging momentum going in both the
UK&I and the Nordics, to further progress
our long-term strategy, and to make a
stronger balance sheet work harder for our
shareholders. We made good progress on
all three.
In the UK&I, we kept growing sales in a
consumer market that was anything but
easy and delivered profit growth in spite
of significant cost headwinds. Like-for-like
sales grew +3%, adjusted EBIT climbed to
£158m, up +3% YoY, and we gained another
+60bps of market share. Growth came
from a good performance in core markets
alongside strategic initiatives such as new
categories, B2B and the Services that are
so valuable to customers, to Currys, and
that lean on our unique competitive
advantages.
In the Nordics, the market recovery
continued and we made sure we
benefitted. Like-for-like sales grew +6%,
adjusted EBIT grew +26% (currency neutral)
to £97m, and adjusted EBIT margin grew
+40bps to 2.5%. That is real progress
against our 3% medium-term target. Elkjøp
is growing and converting that growth into
operating leverage. There is more to come.
Group adjusted profit before tax grew
+18% to £191m. Free cash flow grew +5% to
£157m. We finished the year with £176m of
net cash and our pension deficit is now
virtually behind us, following the £82m
(1) Viva-Glint, April 2026 survey completed by 21,800 colleagues across the Group.
9
Strategic Report Financial Statements Investor InformationGovernance
We help customers give tech longer life
through repair. We run one of Europe’s
largest technology repair centres in the UK,
alongside further operations in Norway
and Sweden. Our 1,500 engineers carried
out 1.6m repair activities during the year
and we now have 11.6m active protection
plans across the Group. We have begun
using AI to diagnose product issues from
customer videos, which delivers the same
outcome without needing a real-time
conversation (see more below).
Finally, when tech reaches the end of its
life, we want it back. We accept any old
or unwanted electricals at our stores,
regardless of where they were bought, and
pick them up from customers’ homes when
we drop off the new product. Where we
cannot reuse a product, we harvest parts
or recycle it properly. The circular loop of
trade-in, protection, repair, refurbishment,
reuse and recycling is not a PR exercise. It is
good for customers, good for the planet,
and profitable for us.
Credit, Services and connectivity all share
the same characteristic: they are recurring,
higher-margin sources of revenue that play
to Currys’ competitive strengths. We grew
Group recurring Services revenue +7% to
£873m during the year, and over time we
expect more of our sales to come from
these sources rather than from single-
product transactions.
Getting this right is a big prize. In the UK&I
product-only sales are still c.40% of our
revenue and only 0.3% of our sales are
part of a “complete solution” comprising
the product with all relevant additional
products and Services. When we get it right,
customers are happier and we get a
lifetime margin that is 8x greater than a
product alone.
AI: what we sell
and how we operate
AI is the most exciting product cycle seen
since the tablet in 2010, and possibly a lot
longer than that. We are better placed than
anyone to bring it to customers. We hold
around 75% of the UK market for AI-
enabled laptops, and Copilot+ PCs already
account for nearly a quarter of our laptop
sales. But this goes well beyond computers:
AI is coming to every category we sell,
from televisions to home appliances,
and customers increasingly need help
understanding what it means for them.
That is exactly what Currys does best – to
demystify and democratise technology.
We are also using AI to transform how we
serve our customers. When a customer wants
to return a product, they can now interact
with an AI-powered tool that diagnoses the
issue and in 40% of cases resolves it without
the product needing to come back at all.
This saves the customer the hassle and
us the cost, delivering significant benefits.
AI now analyses transcripts from half of
all our customer service calls, a level of
oversight that delivers better customer
outcomes and would otherwise require 80
more full-time colleagues. And in our repair
operations, AI is helping field engineers
diagnose faults and arrive at customers’
homes with the right parts first time.
Across our organisation, AI tools have
been rolled out to colleagues. The pace
of adoption and the increasing value
of their application gives me confidence
that this is becoming a genuine
competitive advantage.
A bigger market
The opportunity in front of Currys is bigger
than it has ever been. With mobile, Services,
B2B and new categories added to our core
electricals base, the total addressable
market in the UK alone is around £48bn,
almost trebling the market we have
historically competed in. In the Nordics,
profitable expansion in B2B and kitchens
is similarly widening the opportunity, taking
the total addressable market there to over
£34bn, from £15bn.
We are already making real progress
across this broader opportunity. iD Mobile
grew subscribers to 2.6m, +18% YoY. B2B
revenue grew +20% in the UK&I and +16% in
the Nordics and now accounts for 8% of
Group sales. New categories, from health
and beauty technology to outdoor living,
grew +52% in the year. The momentum is
real and building.
The discipline we apply is simple: we only
go where it is profitable and where we
have a genuine right to win. But the ambition
has changed. Currys is no longer just the
best technology retailer. We are building
something considerably bigger.
Financial discipline
Alongside the growth opportunities, we
remain focused on operating cost control.
This discipline is evident across every cost
bucket: in stores, where electronic
shelf-edge labels are saving c.£6m
annually in the UK&I and portfolio changes
saving a further £3m in the Nordics; in
supply chain and service operations, where
our UK&I Right First Time programme is saving
>£6m a year by avoiding the cost of repeat
visits and rework, while in the Nordics a new
warehouse and delivery efficiencies are
saving £5m; and in central and IT costs,
where cloud migration is saving >£10m
annually in the UK&I and procurement
initiatives saving £5m in the Nordics. In the
UK&I, this discipline allowed us to mitigate
the £32m of incremental annual costs
arising from the UK Government’s 2024
Autumn Budget. In the Nordics, we kept
absolute costs flat while delivering strong
sales growth, generating significant
operating leverage that converted into
excellent profit growth.
Capital expenditure was £79m, within our
guidance of below £90m, and working
capital remained well controlled. This
discipline extends to cash. Free cash flow
was £157m. The balance sheet remains
strong and is now the foundation from
which we can invest in growth and return
capital to shareholders.
Shareholder returns
The Board has proposed a final dividend
of 2.25p, bringing this full year dividend to
3.0p, and has also announced another
£50m share buyback to be completed this
financial year. Returning growing amounts
of free cash flow to shareholders is a clear
priority, and the strength of our balance
sheet gives us the confidence to do so
while continuing to invest in the business.
Looking ahead
I am proud of what this team has built
together and am confident in Currys’ future
prospects, and I will remain a Currys
customer, shareholder and advocate for life.
I am delighted that Fredrik Tønnesen will
succeed me as Group Chief Executive. Fredrik
joined this business on the shop floor more
than 20 years ago and has led our Nordics
business with outstanding results, more than
tripling operating profits while building
world-class colleague and customer
satisfaction scores. He knows this company
deeply and has the skill, energy and ambition
to continue and accelerate our progress.
The business is in excellent hands.
As always, my heartfelt thanks go to the
thousands of capable and committed
colleagues across the Group whose
dedication, skill and loyalty make everything
we achieve possible.
Alex Baldock
Group Chief Executive
1 July 2026
10 Currys plc Annual Report & Accounts 2025/26
Key performance indicators
Our Key Performance Indicators (‘KPIs’) comprise a balanced set
of financial and non-financial metrics that are consistent with
our strategy and vision and enable management to evaluate the
Group’s strategic performance. Statutory equivalents of our KPIs
are provided where relevant.
£8,476m
£8,706m
£9,254m
23/24
24/25
25/26
81
82
84
23/24
24/25
25/26
£82m
£149m
£157m
23/24
24/25
25/26
60
23/24
24/25
25/26
7.9p
11.3p
13.4p
23/24
24/25
25/26
8.1m
5.5m
6.3m
23/24
24/25
25/26
Financial
Non-financial
Revenue
(1)
£9, 254m
£118m
£162m
£191m
23/24
24/25
25/26
Adjusted profit before tax
(1)
£191m
Group colleague
engagement score
84
Free cash flow
(1)
£157m
£28m
£124m
£153m
23/24
24/25
25/26
Profit before tax
(1)
£153m
Group Net Promoter
Score
60
Adjusted EPS
(1)
13.4p
14.9p
10.0p
15.5p
23/24
24/25
25/26
EPS
15.5p
E-waste products collected for
reuse or recycling
†
6.3m
(1) In the reporting of financial information, the Group uses certain measures that are not required under IFRS. These are presented in accordance with the Guidelines on
APMs issued by ESMA and are consistent with those used internally by the Group’s CODM to evaluate trends, monitor performance, and forecast results. These APMs
may not be directly comparable with other similarly titled measures of ‘adjusted’ or ‘underlying’ revenue or profit measures used by other companies, including those
within our industry, and are not intended to be a substitute for, or superior to, IFRS measures. Further information and definitions can be found in the Notes to the Group
Financial Statements.
† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 for e-waste, which has been highlighted with a †. The e-waste figure of 6.3m
units represents 6,271,273 units rounded to one decimal place. For more detail of the scope of their work, please refer to their assurance report on our corporate website,
www.currysplc.com/sustainable-business/policies-disclosures.
11
Strategic Report Financial Statements Investor InformationGovernance
Our strategic priorities
(1) Viva – Glint, April 2026 survey completed by 21,800 colleagues across the Group.
(2) LIFE selling framework – Listen, Inspire, Find and Enjoy.
(3) Electronic Shelf Edge Labelling.
(4) For definitions of APMs, refer to the notes to the Group financial statements.
Capable and committed
colleagues
Easy to shop
Customers for life
Grow profits
84
+2pt YoY
Group eSat score
(1)
60
Group NPS
£648m
+7% YoY
UK&I recurring service revenue
+4%
Group LFL revenue growth
£225m
+8% YoY
Nordics recurring service revenue
£191m
+18% YoY
Group adjusted PBT
(4)
Progress in 2025/26
• Maintained our world-class Group engagement scores
(1)
,
placing us amongst top global companies.
• >13,000 colleagues in the UK and >8,000 in the Nordics,
participated in our April 2026 ‘On the Pulse’ engagement
survey, sharing almost 50,000 comments.
• Continued to invest in colleague training through our LIFE
(2)
selling framework and digital learning platform.
Progress in 2025/26
• Omnichannel remains the fastest growing channel with+9%
YoY revenue growth in the UK&I and +20% in the Nordics.
• Order & Collect has continued to grow, with 6.4m units
collected across the Group, +19% YoY.
• Completed the roll-out of ESEL
(3)
to all stores in the UK&I.
• Implemented ‘Sales Floor Leader’ role and digital
headsets to improve the in-store customer experience.
Progress in 2025/26
• Currys flexpay adoption increased +180bps to 23.7%.
• Big box delivery & installation increased +140bps YoY in
the UK&I to 32.2%, and +180bps in the Nordics to 45.7%.
• 11.6m active repair plans across the Group.
• iD Mobile subscribers grew +18% YoY to 2.6m.
• Launched scam detector and screen protection services.
• UK&I Currys Perks grew +7% YoY to 8.7m members.
Progress in 2025/26
• Delivered +4% like-for-like (‘LFL’) sales growth across
the Group.
• Group PBT grew +18% to £191m, the fourth consecutive year
of Group profit growth.
• UK&I adjusted EBIT margin maintained at +2.9%.
• Nordics adjusted EBIT margin improved +40bps, to 2.5%.
• Group free cash flow increased to £157m, +5% YoY.
Focus in 2026/27
• Further strengthen our investment in front-line manager
capability and evolve our leadership pipeline approach.
• Optimise our hybrid working model supported by our new
office space in London.
• Build on our strong values and dial up our growth mindset.
Focus in 2026/27
• Maintain our focus on having the right products available to
buy through improved on-shelf availability.
• Enhance the omnichannel journeys across online excellence,
Order & Collect and Online in-store.
• Continue to reduce cost through our Right First Time
programme, getting orders, deliveries and installations right.
Focus in 2026/27
• Embed our services earlier into the selling journey.
• Making services and solutions easier for colleagues to sell
and easier for customers to buy.
• Enhance our access to customer data to deliver more
personalised, insight-led communications.
Focus in 2026/27
• Grow B2B sales through improved propositions and
capabilities, and by attracting new customers.
• Grow margins through increased solutions selling, optimised
pricing and increased basket profitability.
• Continue to reduce cost via Right First Time, automation
and cloud.
See full progress and focus on page 12
See full progress and focus on page 13
See full progress and focus on page 14
See full progress and focus on page 15
12 Currys plc Annual Report & Accounts 2025/26
0
86
86
85
84
81
78
Apr-26
Apr-25
Apr-24
Apr-23
Apr-22
0
86
80
79
78
74
75
Apr-26
Apr-25
Apr-24
Apr-23
Apr-22
Capable and committed colleagues
Tools, training and reward
We equip colleagues with the tools and training they need, and
reward them for good performance. Store colleagues use tablets for
customer service, headsets for team communication, Action AI for
operational insights, and the Be Amazing app to access product
information, rewards and customer feedback. We have invested in
CCTV and product security, including a unified, centrally monitored
setup in the Nordics, to reduce aggressive theft and incidents.
Colleagues work seamlessly across all store functions, providing
expert advice, completing transactions and fulfilling orders. In the
UK&I, new starters receive support through our 6 month ‘What’s in
Store?’ development programme, focused on our LIFE selling
framework. In the Nordics, ‘Onboarding 2.0’ provides a 90-day
structured programme to support new joiners.
Colleagues also benefit from ongoing training, with >43,000 product
training hours in the UK&I and 31,000 hours of e-learning in the Nordics
last year, alongside expert programmes in AI and Gaming.
In the UK&I, the Aspiring Managers programme provides Institute of
Leadership & Management accredited training to our store managers
through the GM Academy, covering c. 300 general managers, and
the new Sales and Ops Manager Academy, covering c. 1,000 sales
and ops managers. 49% of corporate hires were internal, with 11%
of those coming from stores. In the Nordics, leadership forums
and our Academy Learning Portal drive upskilling and
leadership development.
Culture and values
Our values shape our culture, inspire our colleagues, and set the
standard for how we deliver our vision. In the UK&I, we have a defined
set of values: We put our customers first, we win together and we own
it. In the Nordics, we launched our ‘Different Together’ strategy in 2025
to better reflect our identity, and as a result of extensive colleague
engagement, we relaunched our values: We win together, play
together, grow together and are proud to be different together.
These values guide how we bring our vision to life.
In the UK&I, we’ve built a strong reputation as an employer of
choice through our ‘Welcome to Amazing’ people promise, employee
networks including Embrace, Women’s Network, Pride at Currys and
Disability at Currys, and comprehensive wellbeing support with
our c.500 accredited mental health first aiders. We encourage
colleagues to share ideas and take ownership, building motivation and
confidence while driving improved customer service and cost savings.
Colleague listening
We measure engagement through twice yearly ‘On the Pulse’
surveys conducted by Viva Glint, with over 13,000 colleagues
participating in the UK&I and over 8,000 in the Nordics, contributing
almost 50,000 comments and achieving response rates of 85%
and 81% respectively.
But it’s not just surveys. Colleagues share ideas through forums,
employee resource groups, and ‘The Pitch’, a platform for
suggestions to make Currys a better place to work and shop.
In the Nordics, colleague feedback has driven tangible
improvements, from well-being and mental health programmes
and a Culture Club to revamped academy and AI training, clearer
performance frameworks and better internal communication.
UK&I eSat colleague
engagement
(2)
Nordics eSat colleague
engagement
(2)
Driving colleague engagement
We’re retaining more skilled colleagues, saving costs, and building
ateam that genuinely goes the extra mile for customers. Our UK&I
eSat score has risen from 67pts to 86pts over five years, placing
Currys amongst top global companies. Currys also holds a 4.0
Glassdoor rating
(1)
in the UK&I – the highest among major retailers.
Voluntary turnover has dropped from 41% to 21% in three years —
a (49)% reduction, compared to an estimated industry average of
34%. In the Nordics, eSat has grown from 74pts to 80pts over the
last three years.
Additional information on how we engage with colleagues and
our diversity and inclusion data and policy information is contained
in the Corporate Governance Report on pages 59 to 70.
(1) https://www.glassdoor.co.uk/Overview/Working-at-Currys.
(2) Viva – Glint, April 2026 survey completed by 21,800 colleagues across the Group.
Our colleagues are our greatest asset. When colleagues are engaged and proud to work at Currys, the
positive impact flows through everything we do, from exceptional customer experiences to stronger
financial performance and our ability to attract top talent. Our colleagues build genuine connections
with customers, listen to understand their needs, and guide them to the right solutions.
13
Strategic Report Financial Statements Investor InformationGovernance
+9%
YoY
0
1301
25/2624/2523/24
+20%
YoY
0
521
25/2624/2523/24
Easy to shop
Retail customers prefer omnichannel
(1)
We see this trend reflected in our own customer behaviour at
Currys and are making it easier for customers to shop as they prefer.
Customers value stores for getting hold of the product urgently, to see,
touch and try products before buying, for expert advice and in-store
services. Customers value online for convenience, range and
availability. We have both of these channels and are working hard to
bring stores and online closer together.
We are clear on our promise to customers, to help each of them choose, afford and enjoy technology, however
they shop with us. Customers expect us to deliver the retail fundamentals well: a relevant product range, trusted
pricing, always available, and a simple end-to-end experience. We will continue to focus on these primary
drivers of purchase decisions and long-term customer loyalty.
Building on retail fundamentals
We support customers throughout every stage of the customer journey.
We offer expert help and advice as we know that technology is exciting
but can be confusing. We’re making it easier to shop, helping customers
search, find, buy, checkout and return, from pre-purchase to post-
purchase. We let customers see, touch and try technology.
We offer complete solutions, not just products.
Availability is the single biggest driver of lost sales, so it sits at the heart of
making Currys easier to shop. With around 14% of SKUs delivering 80% of
sales, we are focusing where it matters most. Our new AAA tool grades
products by margin, sales and stock turn to protect commercially critical
lines — an approach that began with Elkjøp, was refined in the UK and is
now shared across the Group.
UK&I omnichannel
sales
(% of total sales)
Nordics omnichannel
sales
(% of total sales)
(1) Source: GfK Neuron. Product groups: Cooking / Built-in Hobs, Cooling / Freezers, Core Wearables, Dishwashers, Food Preparation, Gaming Consoles, Hair Dryers / Stylers,
Headphones / Headsets, Hot Beverage Makers, Media Tablets, Mobile Computing, PTV, Tumble Dryers, Vacuum Cleaners and Washing Machines.
Order & Collect: Process enhancements including: automated
parcel identification, auto-receipting, shortened collection
windows, and SMS notifications have improved order pick times
from 14.3 minutes to 9.2 minutes, resulting in improved customer
experience with collection ease scores improving from 81 to 88pts.
Online in-store: Adding credit capability and free next day
delivery for out-of-stock items increased online credit adoption
to 21.6%, more than double year-on-year, and improved Online
in-store customer satisfaction score by +3pts year-on-year.
Sales Floor Leader and headsets: Launched in July 2025
with a £1.9m investment in colleague headsets, enabling
hands-free communication for customer direction, stock
queries, and security escalation, driving a conversion rate
increase and sales uplift.
ESEL: Full estate roll-out completed pre-Peak 2025/26,
making Currys the first UK big box retailer to achieve this.
Delivers 138,000 colleague hours saved annually, £6m in
cost savings, and a (64)% reduction in pricing error discount.
Action AI: Consolidates store performance data into
specific actions, generating incremental sales benefits.
We’re investing in stores…
UK&I
Nordics
Improved staffing efficiency: Implemented data-driven
models and automated headcount forecasting to ensure
the right competence at the right time, improving cost control
and sales conversion while reducing manual workload.
Onboarding 2.0: This Group-wide initiative embeds
onboarding into core operating systems, enabling new hires
to reach effective contribution faster while reducing early
employee attrition and associated recruitment costs.
Enhanced Click & Collect: We are redesigning the Click &
Collect and shop from store experience to deliver faster, more
seamless customer journeys while reducing store operational
load, improving margins and increasing attachment rates.
...and online
Purchase
offline
21%
Purchase
online
10%
Purchase
offline
8%
Purchase
offline
9%
Research
online
Research
offline
Purchase
online
39%
Purchase
online
13%
Research
online and
offline
J
o
u
r
n
e
y
s
i
n
v
o
l
v
i
n
g
s
t
o
r
e
s
14 Currys plc Annual Report & Accounts 2025/26
0
3
0
25
19/20 20/21 21/22 22/23 23/24 24/25 25/26
£13.82
RPU
(1)
£20.81
RPU
1.1m
22.5%
1.1m
1.2m
1.3m
1.8m
2.2m
2.6m
13.2%
18/19 or before 19/20
23/24 24/25 25/26 Total churn (%)
20/21 21/22 22/23
23.7%
21.9%
20.1%
17.7%
13.3%
10.8%
25/2624/2523/2422/2321/2220/21
0.00
12.25
24/25 25/26
£5,286m
£5, 438m
Our Services enable us to build more valuable relationships with customers and are central to growing our
share of wallet. While 80% of UK and over 75% of Nordic households shop with us, we capture only around
30% of customer spend. By helping customers afford, get started, get the most out of their tech, and give tech
longer life, we’ve created a foundation for sustainable growth and capturing an ever greater share of spend.
Services are a differentiating capability
Services generate profitable, recurring revenue with higher margins than product sales, and now represent over 9% of Group sales. We help customers:
afford amazing tech through credit, trade-in and pre-paid promotions; get started with delivery, installation and recycling services, as well as offering
essential peripheral products; get the most out of their tech through connectivity, including our own Mobile Virtual Network Operator (‘MVNO’) iD Mobile,
software subscriptions and online protection services. We help customers repair their tech, with 11.6m active repair plans across the Group.
Beyond financial performance, services differentiate us competitively. Our integrated ecosystem creates ongoing customer touchpoints competitors
cannot replicate, enabling data-driven personalisation that deepens relationships and grows share of wallet. Services will remain central to our agenda,
they leverage our unique capabilities and provide the recurring revenue foundation for longer term profitability. As we advance our data capabilities,
we build more customers for life while delivering sustainable shareholder value.
Customers for life
Currys flexpay
Currys flexpay credit offering remains a strategic driver of growth and
customer loyalty, with 2.7m customers and 23.7% adoption rates (up
from 10.8% five years ago) delivering £1.2bn in annual sales, including
approximately £300m in incremental revenue.
Currys flexpay generates meaningful profit contribution through improved
margins and card payment fee avoidance, while credit customers
demonstrate superior lifetime value, spending twice as much as
non-credit customers over their lifetime.
Credit adoption rate
(1) RPU – Revenue per user.
(2) Recurring Services revenue is the total of Commission, Support service and Connectivity revenue.
UK&I revenue split
Other services +4%
Product revenue +0%
Credit revenue +10%
Recurring service revenue
(2)
+7%
iD Mobile subscribers by acquisition year
Connectivity
iD Mobile was targeted to achieve 2.5m subscribers by 2025/26.
That milestone was achieved at Peak, and we closed the year with 2.6m
subscribers. Growth was driven by the enhanced iD Mobile app, and
propositions including iD Perks and Roam Beyond.
Leveraging our learnings from iD Mobile in the UK, we launched
GigaMobiili, a new MVNO in Finland.
Early performance has exceeded expectations, with clear
consumer demand and strong subscription growth.
Stickier customers start with good data
In the UK&I, we hold several large and valuable datasets: 2.7m credit customers, 2.6m iD Mobile subscribers, 9.6m Care & Repair customers, and 8.7m Perks
members. These UK datasets are being brought together through Customer Core, a single trusted view of the customer across all brands and channels
and the foundation for personalisation and monetisation. Accelerated by AI and combined with in-house identity and consent management, it enables
self-serve audience activation and ad platform integration within minutes, with the first release live later this year.
In the Nordics, we have reconfigured our technology stack so that personalisation can become a meaningful driver of revenue growth, and we are
building holistic personalisation capability across newsletters and online channels.
Recurring
revenue
+9% YoY
15
Strategic Report Financial Statements Investor InformationGovernance
25/2624/2523/2422/2321/2220/21
0
259
£151m
£142m
£26m
£61m
£72m
£97m
£106m
£117m
£140m £142m £153m £158m
20/21 21/22 22/23 23/24 Target24/25 25/26
0.6%
1.9%
2.1%
2.8%
2.9% 2.9% 2.9%
>3 .0%
20/21 21/22 22/23 23/24 Target24/25 25/26
£106m
£117m £140m £142m £153m £158m
20/21 21/22 22/23 23/24 Target24/25 25/26
3.6%
3.5%
0.7%
1.7%
2.1%
2.5%
>3 .0%
20/21 21/22 22/23 23/24 Target24/25 25/26
£151m £142m £26m £61m £72m £97m
Grow profits
We are unlocking new avenues of profitable growth, building on our existing capabilities including supplier
relationships, supply chain, distribution and expert colleagues. We are broadening beyond our core
categories to capture new revenue at high contribution margins. This sits alongside clear margin, cost and
cash discipline to deliver growing profits and cash flow.
Profitable growth
We are expanding into new growth areas, such as new categories,
Services and B2B, to diversify our revenue and capture opportunities
beyond our core markets.
Within new categories, we are targeting three distinct areas. First,
emerging technology such as robot vacuums, Meta glasses and health
& beauty. These categories remain within our core £17bn market.
Second, adjacent categories in home & family and health & wellness.
Third, seasonal and impulse categories that enhance basket size and
conversion. The combined adjacent and seasonal opportunity
exceeds £12bn in total addressable market, which our capabilities
position us to capture at attractive margins.
In the Nordics, Epoq kitchens performed well, delivering revenue
growth and market share gains across all four Nordic markets. Our
integrated model of proprietary product, in-store consultation and
end-to-end installation positions us well for continued growth.
Our B2B business is accelerating, with targeted investment and
reorganisation driving strong early traction. In the UK&I, we aim to
double sales within three years. In the Nordics, our more established
operation is targeting more than 50% sales growth over four years. To
support this ambition, we have introduced purpose-built commercial
tools for business customers — including leasing, B2B credit and a bulk
trade-in solution — equipping our teams to serve businesses more
comprehensively and competitively.
Profits are growing in both markets
We have grown adjusted EBIT in both the UK&I and
the Nordics over the past three years. This progress
reflects a combination of profitable revenue growth,
underpinned by gross margin discipline and the
continued delivery of our cost savings initiatives
across the Group.
Group adjusted EBIT
(1),(2)
Gross margin discipline
Our focus on gross margin improvement centres on several levers:
solutions, Services, monetising our improving customer experience,
and enhanced marketing and promotional efficiency. Ongoing
optimisation of our supply chain, channels and service operation
costs, combined with our deeper understanding of end-to-end
profitability, ensures we prioritise the most profitable sales.
Cost savings
We are taking significant cost out of the business through ongoing
initiatives across the Group. In stores, UK&I ESEL saves c. £6m
annually and Nordic portfolio changes c. £3m. In supply chain, UK&I
Right First Time delivers >£6m a year and our new warehouse and
delivery efficiencies in the Nordics c. £5m. In central & IT costs, UK&I
cloud migration delivers >£10m annually in savings and Nordics
procurement initiatives c. £5m. We continue to explore opportunities
through outsourcing, offshoring, and automation.
UK&I adjusted EBIT
(1),(2)
Nordics adjusted EBIT
(2)
EBIT margin ambitions
Through these actions we are confident
in achieving our mid-term ambition of an
adjusted EBIT margin of at least 3% in both
UK&I and Nordics. In the UK&I we are close
to this level and in the Nordics we have
seen a +40bps improvement year-on-year
to 2.5%.
(1) UK&I adjusted EBIT margin in 22/23 includes a non-repeat £30m mobile revaluation which accounts for 0.6% of total UK&I adjusted EBIT margin.
(2) For definitions of APMs, refer to the notes to the Group financial statements.
UK&I Nordics
16 Currys plc Annual Report & Accounts 2025/26
Our stakeholders
Section 172 statement
Stakeholder management
Section 172(1) statement
Section 172(1) of the Companies Act 2006
requires each director to act in the way he
or she considers, in good faith, would be
most likely to promote the success of the
Company for the benefit of its members as
a whole and in doing so have regard
(amongst other matters) to the:
• likely consequences of any decisions in
the long term;
• interests of the Company’s employees;
• need to foster the Company’s business
relationships with suppliers, customers
and others;
• impact of the Company’s operations on
the community and environment;
• desirability of the Company maintaining
a reputation for high standards of
business conduct; and
• need to act fairly as between members
of the Company.
Each director of the Company confirms
that during the year they have acted in a
way that they consider in good faith to
promote the long-term sustainable success
of the Company including having regard to
the factors set out in section 172(1).
This statement explains how the Board has
embedded stakeholder considerations
into its decision-making and, for each of
the Company’s key stakeholder groups,
the key matters that the Board considered
during the year.
The Board has identified its key
stakeholder groups as being: (1) customers,
(2) colleagues, (3) shareholders, (4)
suppliers and partners, and (5)
communities and environment.
How the Board gains feedback on stakeholder views and considers stakeholder interests
in decision-making
The Board is responsible for approving and
monitoring the Group’s culture and values.
The Company’s culture and values are
embedded across the business and include
‘we own it’ – a commitment to make things
better and work together to deliver for
colleagues, customers, shareholders,
partners and our communities. All
colleagues have an induction that includes
the Group values when joining the business.
The culture and values are embedded
across the business including in the
Colleague Code of Conduct that
colleagues are asked to review and confirm
compliance with on an annual basis.
A clear corporate governance structure is in
place which, together with the Group’s
Delegation of Authority Policy, ensures that
business decisions are made both at Board
level and below by the appropriate
people and in the appropriate forum (in
accordance with the terms of reference of
that forum).
The Board acknowledges that decisions
made will not necessarily result in a positive
outcome for every stakeholder group.
However, in considering the Group’s culture
and values together with its strategic
priorities and having a process in place for
decision-making, the Board ensures that all
decisions are considered in the context of
stakeholder considerations.
Non-executive directors receive
stakeholder feedback and insights both
through their direct access to the Group’s
key stakeholders, through the experience
they have as customers and through regular
reports from the management team. Insights
from customers include receiving updates
on customer satisfaction scores and
feedback, and informal contact when
spending time in stores.
Directors meet colleagues from central,
supply chain and store teams during offsite
Board meetings and store visits. The Board
receives colleague engagement survey
results, and a non-executive director
attends the International Colleague Forum
meetings to hear feedback from
colleagues from across the Group’s
businesses and reports back to the Board.
The Board meets privately with International
Colleague Forum representatives each year
in the absence of management. The Board is
invited to the Nordics Campus and the UK&I
Peak events each year and this includes
informal contact with many colleagues.
All Board members are available to meet
with shareholders on request and several
meetings including non-executive directors
have taken place in the year. The Board
receives an update from the Investor
Relations team including shareholder
feedback at every meeting and regularly
meets with the Company’s brokers.
The Group Chief Executive’s report at each
Board meeting includes key updates on
suppliers and partners, and the Group
Chief Executive participates in key meetings
with the Group’s main suppliers and shares
insights and feedback with the Board.
A non-executive director attends GSLT
meetings and supports the information flow
of sustainability updates to the Board.
The supporting documentation for each
Board and committee meeting includes,
for reference, a summary of section 172(1)
responsibilities immediately after the
meeting agenda.
To ensure that the impact on stakeholders is
duly considered, the Company Secretary
works with business teams to ensure that
Board and committee papers include
appropriate consideration of the impact on
each stakeholder group before papers are
circulated to the directors.
The Chair of the Board has ultimate
responsibility for ensuring that stakeholder
considerations are sufficiently discussed
during Board decision-making in meetings.
All directors challenge whether any
decision made is the ‘right thing to do’ to
ensure a fair long-term outcome for
stakeholders including relationships the
Company has with external bodies and
the impact on the communities the Group
operates in.
Decision-making framework
Board insight into stakeholder interests
Board decisions
17
Strategic Report Financial Statements Investor InformationGovernance
Case study:
Strengthening our Currys business proposition
During the year, the Board received updates on the Group’s B2B performance and strategy and approved
further investment to support the growth of B2B in the Nordics and the UK&I.
The Board monitored the strong progress
made to accelerate B2B growth during
the year but also the headroom still
available in the small and medium
business market. The Board agreed that
continued investment in B2B propositions
and services would deliver sustainable
benefits to the Group given the
Company’s existing capabilities,
proposition and omnichannel presence.
The Board agreed that there is a strong
demand from our customers for the B2B
proposition, noting that many small and
medium sized businesses were lacking in
IT expertise and a single provider to
provide for all their hardware, software,
connectivity and protection needs.
The Board considered the impact on
ourcolleagues, acknowledging that the
growth of B2B would offer significant
further career and professional
development opportunities and internal
progression.
The Board considered the impact on
ourshareholders and concluded that
growing our B2B proposition would
accelerate profitable long-term growth
of the Group’s business in both markets
and improve shareholder returns.
The Board recognised that the growth of
B2B would strengthen relationships with
our suppliers and partners by
extending sales of their products to
medium and small businesses, acquiring
new business customers and increasing
overall sales to business customers.
The Board discussed the impacts on
ourcommunities and the environment
and agreed that the growth of B2B would
increase the adoption of our bundled
services and solutions including recycling,
repairs and reuse and giving technology
longer life.
Case study:
Supply chain transformation
Transforming supply chain operations to support long-term growth in the Nordics and the UK&I.
During the year, the directors decided to
prioritise the investment in the supply
chain transformation in both the Nordics
and the UK&I, above other investment
opportunities. In the Nordics this involved
a full review of the end-to-end
processes across planning, logistics and
supply chain including assortment and
inventory optimisation, data, reporting
and efficiency initiatives. In the UK&I, this
involved the Board approving the funding
for investment in a new warehouse
automation system that would remove
cost from the supply chain and allow for
future capacity needs of the Currys
Distribution Centre in Newark. The Board
evaluated these business cases against
other investment opportunities that
would generate savings or accelerate
profitability, taking account of the risks
and projected long-term benefits.
The Board considered the impact on our
customers including that the streamlining
of the supply chain processes would
enhance the customer experience
including by improving product
assortment and the efficiency of getting
products to customers.
The Board agreed that stronger
alignment between planning and
category teams would benefit our
colleagues by enabling more efficient,
data-driven decision-making and
improved productivity and collaboration
between teams.
The Board considered the impact of the
supply chain transformation on our
shareholders. The transformation would
enable a more efficient business with
improved customer and colleague
satisfaction and cost and time savings
all leading to increased profitability.
The Board analysed the impacts on our
suppliers and partners and recognised
that the transformation would improve
supply chain transparency and product
sell through and increase the efficiency
of stock management. The Group would
have additional insights and data and
functionality to offer more flexibility to
the suppliers leading to optimised
inventory.
The Board noted that the transformation
would benefit our communities and the
environment by reducing the
environmental footprint through more
efficient logistics including improved
routing and the reduction of frequency
of deliveries.
18 Currys plc Annual Report & Accounts 2025/26
Our stakeholders
Section 172 statement continued
How we engage Stakeholder focus How we engaged in 2025/26 How we engaged in 2025/26 Future priorities
Our customers
• In store
• Online
• Social media
• Customer Service Centres
• Post-sales customer satisfaction survey
• ShopLive
• RepairLive
• Email
• Product availability and range
• Product value and affordability
• Product sustainability and ethical sourcing
• Customer journey experience
• Services and Credit
• Repair, reuse, recycling
• Advice and support
• Choice to purchase online or in store
• Seamless delivery experience
• The Board received updates on customer satisfaction
and feedback within CEO reports during the year.
• In May 2025, the Board visited the Leicester Fosse
store in the UK to receive a practical update on
enhancing customer experience in stores including
solution selling, store space, colleague availability
and growth initiatives.
• The Board visited several stores in Norway in March
2026 to gain insights into the Nordics customer
experience.
• Customer feedback is collected from thousands of customers each week. We use NPS in the UK&I and
Nordics to measure the benchmark against industry leaders. Customer feedback is used to gain insights
and help the business better understand customer expectations and concerns. Machine learning and
AI solutions are used to quantify the sentiment of comments. The Board received updates on this during
the financial year.
• The April 2026 Board meeting included a deep dive update and discussion on Customer First –
a programme to understand the priorities that customers have and use these insights to prioritise
initiatives to enhance the customer experience.
• The Board met customers during store visits.
• Use customer insights to prioritise initiatives
and build valuable customer relationships.
• Expand the proposition and support
for business customers.
• Continue to help customers discover,
choose, afford and enjoy the right
technology for them and continue to
deliver ‘easy to shop’ improvements.
• Respond to customers’ ever-increasing
concerns on sustainability.
Our colleagues
• Induction and training programmes
• International Colleague Forum
• Internal social media
• Emails
• Team meetings
• Meetings with line manager
• Colleague surveys
• Events including annual Peak event in
the UK&I and Campus in the Nordics
• Company culture and values
• Well-being
• Reward
• Benefits
• Flexible working
• Health and safety
• Training and development
• Inclusion and diversity
• Company social purpose and sustainability
• New store-based colleagues who join the business
attend a training event before they start work serving
customers in stores. A separate induction programme
is in place for corporate colleagues.
• Regular colleague surveys are used to seek feedback
which is then shared with the Board and used in
decision-making. Colleague engagement reached
record levels during the year with a Group eSat of 84.
• Colleagues that prepare Board and committee papers include their contact details and directors
contact them directly when they would like further detail or a pre-meeting.
• An International Colleague Forum is in place as a single listening and engagement forum for all
colleagues. Useful feedback obtained from this forum this year included colleague insights on colleague
well-being and colleague safety and feedback was used to update the hybrid working policy.
• Non-executive directors met privately with representatives from the International Colleague Forum in
January 2026 to receive direct feedback on current topics of interest and priorities for colleagues.
• Directors visit stores and meet colleagues in person. The Board visited one of the flagship stores in the UK
in May 2025 and in Norway in March 2026 and these visits included spending time with store colleagues.
• Continue to build on high colleague
engagement scores and ensure that
action plans are in place for opportunities
that colleagues have identified.
• Increase the opportunities that directors
have to interact with colleagues
below Executive Committee level.
• Continue to listen to colleague
feedback and use it to continuously
improve the colleague experience.
Our communities and environment
• Surveys, forums and web platforms
• Company website
• Annual reports
• Social media
• Engagement meetings
• Charity and supplier partnerships
• Multi-stakeholder collaborations
• We help everyone enjoy amazing
technology
• Being a responsible contributor to society
• Being a good employer
• Having sustainable business practices
• Minimising impact to the environment and
addressing climate change
• A non-executive director joins the GSLT meetings to
provide independent challenge and oversight on
sustainability activities in the Group and helps ensure
that the Board is kept updated on progress.
• The Company has a Sustainable Business team which
oversees the Group’s charitable partnerships and
environment initiatives including engagement with
external stakeholders. The team shares updates with
the Board via each CEO report and provided a deep
dive update in April 2026.
• Directors receive regular updates on ESG at Board meetings, including from the GSLT meeting updates,
via the CEO report, and through deep dive updates on ESG including in April 2026.
• The Company continued to work with suppliers, partners and industry bodies to help drive industry
action to improve its use of resources and create circular business models through design, repair,
recycling and reuse. The Company is a member of the Circular Electronics Partnership (‘CEP’), who
maximise the value of components, products and materials throughout their lifecycle.
• The Company has worked with the Digital Poverty Alliance (‘DPA’) during the year to lead sustainable
action against digital poverty in our communities including fundraising activities.
• Continue to deliver under the three
ESG strategic priorities in our
communities: growing our circular
business models, achieving net zero
emissions by 2040, and helping
eradicate digital poverty.
• Continue to partner with external
bodies to support the delivery of the
strategic objectives including the DPA
in the UK and partnerships in the
Nordics that fight digital exclusion.
Our shareholders
• Results announcements and
presentations
• Annual report & accounts
• Annual general meeting
• Investor roadshows
• Shareholder meetings
• Company website
• Registrar contact
• Consultation with major shareholders
on key topics
• Ensuring the long-term sustainable future
of the business
• Financial and share price performance
• Dividend policy and capital allocation
• Current trading
• Business strategy and vision
• Director remuneration
• Shareholder communications and
engagement
• ESG issues
• The Investor Relations team manages a programme of
regular meetings with the Group’s largest shareholders and
most of these meetings are also attended by at least one
Board director. For other shareholders, the primary point
of contact is the Company’s registrar, although any
matters can be escalated to either the Investor Relations
or Company Secretariat teams as appropriate.
• The Remuneration Committee Chair joined many
shareholder meetings in advance of submitting the
Remuneration Policy to shareholders at the annual
general meeting in 2025.
• A store immersion session was held for investors in
March 2026 and included a store tour and updates
on B2B, online, customer strategy, new categories,
services, store strategy and colleagues.
• The Board receives updates from the Investor Relations team at every scheduled Board meeting. These
include updates on any material changes to the composition of the shareholder register, a summary of
investor interactions that have taken place during the period including investor questions and topics
discussed.
• The Board receives updates from the Company’s brokers periodically and these include shareholder
feedback and market sentiment. The Board last received an update from the Company’s brokers in
January 2026.
• The Company completes an analysis of its shareholder register each year to ensure that the annual
general meeting is held in the location that is accessible to as many of the Company’s shareholders as
possible. The meeting was held in central London in September 2025 and all of the directors attended
in person and spent time with shareholders after the conclusion of the formal meeting.
• Continue regular engagement with
shareholders.
• Enhance disclosures in annual reports
and accounts and on the Group’s
website to provide more information
on topics of most interest to
shareholders.
• Continue to consider shareholder
feedback in decision-making such as
capital allocation decisions.
Our suppliers and partners
• Formal engagement strategy including
regular visits and meetings
• Supplier relationship management
team
• Supplier questionnaires
• Due diligence process for new suppliers
• Strong customer demand
• Good collaboration and
communications
• Reliability
• Value
• Health and safety
• Compliance
• Sustainability and ethical sourcing
• The Board receives regular feedback on substantive
supplier and partner matters via the Group Chief
Executive and the Chief Commercial Officer within
CEO reports.
• Currys has a responsible sourcing team that works with
our suppliers and partners to ensure that products
sold comply with all necessary policies and
standards. This includes compliance with modern
slavery requirements. The Board received an update
on modern slavery and approved the Modern Slavery
Policy in September 2025.
• A formal engagement strategy is in place for each key supplier and partner. This strategy is customised in
each case but includes regular meetings and calls between the Group Chief Executive and their
counterpart at the supplier company and between the Chief Commercial Officer and their counterpart.
This is supported by a team of colleagues engaging regularly to assess progress against agreed
business plans.
• A suite of policies and standards are in place to ensure that suppliers and partners adhere to high
ethical standards including prevention of modern slavery and anti-bribery.
• The Group Chief Executive participates in regular meetings with the Group’s largest suppliers and
partners and receives regular updates on all suppliers and partners from the Chief Commercial Officer.
• Collaborate with suppliers and
partners to drive shared ESG goals
including minimising the Group’s impact
on the environment.
• Continue to maintain healthy
reciprocal relationships that benefit
each of the stakeholder groups.
19
Strategic Report Financial Statements Investor InformationGovernance
How we engage Stakeholder focus How we engaged in 2025/26 How we engaged in 2025/26 Future priorities
Our customers
• In store
• Online
• Social media
• Customer Service Centres
• Post-sales customer satisfaction survey
• ShopLive
• RepairLive
• Email
• Product availability and range
• Product value and affordability
• Product sustainability and ethical sourcing
• Customer journey experience
• Services and Credit
• Repair, reuse, recycling
• Advice and support
• Choice to purchase online or in store
• Seamless delivery experience
• The Board received updates on customer satisfaction
and feedback within CEO reports during the year.
• In May 2025, the Board visited the Leicester Fosse
store in the UK to receive a practical update on
enhancing customer experience in stores including
solution selling, store space, colleague availability
and growth initiatives.
• The Board visited several stores in Norway in March
2026 to gain insights into the Nordics customer
experience.
• Customer feedback is collected from thousands of customers each week. We use NPS in the UK&I and
Nordics to measure the benchmark against industry leaders. Customer feedback is used to gain insights
and help the business better understand customer expectations and concerns. Machine learning and
AI solutions are used to quantify the sentiment of comments. The Board received updates on this during
the financial year.
• The April 2026 Board meeting included a deep dive update and discussion on Customer First –
a programme to understand the priorities that customers have and use these insights to prioritise
initiatives to enhance the customer experience.
• The Board met customers during store visits.
• Use customer insights to prioritise initiatives
and build valuable customer relationships.
• Expand the proposition and support
for business customers.
• Continue to help customers discover,
choose, afford and enjoy the right
technology for them and continue to
deliver ‘easy to shop’ improvements.
• Respond to customers’ ever-increasing
concerns on sustainability.
Our colleagues
• Induction and training programmes
• International Colleague Forum
• Internal social media
• Emails
• Team meetings
• Meetings with line manager
• Colleague surveys
• Events including annual Peak event in
the UK&I and Campus in the Nordics
• Company culture and values
• Well-being
• Reward
• Benefits
• Flexible working
• Health and safety
• Training and development
• Inclusion and diversity
• Company social purpose and sustainability
• New store-based colleagues who join the business
attend a training event before they start work serving
customers in stores. A separate induction programme
is in place for corporate colleagues.
• Regular colleague surveys are used to seek feedback
which is then shared with the Board and used in
decision-making. Colleague engagement reached
record levels during the year with a Group eSat of 84.
• Colleagues that prepare Board and committee papers include their contact details and directors
contact them directly when they would like further detail or a pre-meeting.
• An International Colleague Forum is in place as a single listening and engagement forum for all
colleagues. Useful feedback obtained from this forum this year included colleague insights on colleague
well-being and colleague safety and feedback was used to update the hybrid working policy.
• Non-executive directors met privately with representatives from the International Colleague Forum in
January 2026 to receive direct feedback on current topics of interest and priorities for colleagues.
• Directors visit stores and meet colleagues in person. The Board visited one of the flagship stores in the UK
in May 2025 and in Norway in March 2026 and these visits included spending time with store colleagues.
• Continue to build on high colleague
engagement scores and ensure that
action plans are in place for opportunities
that colleagues have identified.
• Increase the opportunities that directors
have to interact with colleagues
below Executive Committee level.
• Continue to listen to colleague
feedback and use it to continuously
improve the colleague experience.
Our communities and environment
• Surveys, forums and web platforms
• Company website
• Annual reports
• Social media
• Engagement meetings
• Charity and supplier partnerships
• Multi-stakeholder collaborations
• We help everyone enjoy amazing
technology
• Being a responsible contributor to society
• Being a good employer
• Having sustainable business practices
• Minimising impact to the environment and
addressing climate change
• A non-executive director joins the GSLT meetings to
provide independent challenge and oversight on
sustainability activities in the Group and helps ensure
that the Board is kept updated on progress.
• The Company has a Sustainable Business team which
oversees the Group’s charitable partnerships and
environment initiatives including engagement with
external stakeholders. The team shares updates with
the Board via each CEO report and provided a deep
dive update in April 2026.
• Directors receive regular updates on ESG at Board meetings, including from the GSLT meeting updates,
via the CEO report, and through deep dive updates on ESG including in April 2026.
• The Company continued to work with suppliers, partners and industry bodies to help drive industry
action to improve its use of resources and create circular business models through design, repair,
recycling and reuse. The Company is a member of the Circular Electronics Partnership (‘CEP’), who
maximise the value of components, products and materials throughout their lifecycle.
• The Company has worked with the Digital Poverty Alliance (‘DPA’) during the year to lead sustainable
action against digital poverty in our communities including fundraising activities.
• Continue to deliver under the three
ESG strategic priorities in our
communities: growing our circular
business models, achieving net zero
emissions by 2040, and helping
eradicate digital poverty.
• Continue to partner with external
bodies to support the delivery of the
strategic objectives including the DPA
in the UK and partnerships in the
Nordics that fight digital exclusion.
Our shareholders
• Results announcements and
presentations
• Annual report & accounts
• Annual general meeting
• Investor roadshows
• Shareholder meetings
• Company website
• Registrar contact
• Consultation with major shareholders
on key topics
• Ensuring the long-term sustainable future
of the business
• Financial and share price performance
• Dividend policy and capital allocation
• Current trading
• Business strategy and vision
• Director remuneration
• Shareholder communications and
engagement
• ESG issues
• The Investor Relations team manages a programme of
regular meetings with the Group’s largest shareholders and
most of these meetings are also attended by at least one
Board director. For other shareholders, the primary point
of contact is the Company’s registrar, although any
matters can be escalated to either the Investor Relations
or Company Secretariat teams as appropriate.
• The Remuneration Committee Chair joined many
shareholder meetings in advance of submitting the
Remuneration Policy to shareholders at the annual
general meeting in 2025.
• A store immersion session was held for investors in
March 2026 and included a store tour and updates
on B2B, online, customer strategy, new categories,
services, store strategy and colleagues.
• The Board receives updates from the Investor Relations team at every scheduled Board meeting. These
include updates on any material changes to the composition of the shareholder register, a summary of
investor interactions that have taken place during the period including investor questions and topics
discussed.
• The Board receives updates from the Company’s brokers periodically and these include shareholder
feedback and market sentiment. The Board last received an update from the Company’s brokers in
January 2026.
• The Company completes an analysis of its shareholder register each year to ensure that the annual
general meeting is held in the location that is accessible to as many of the Company’s shareholders as
possible. The meeting was held in central London in September 2025 and all of the directors attended
in person and spent time with shareholders after the conclusion of the formal meeting.
• Continue regular engagement with
shareholders.
• Enhance disclosures in annual reports
and accounts and on the Group’s
website to provide more information
on topics of most interest to
shareholders.
• Continue to consider shareholder
feedback in decision-making such as
capital allocation decisions.
Our suppliers and partners
• Formal engagement strategy including
regular visits and meetings
• Supplier relationship management
team
• Supplier questionnaires
• Due diligence process for new suppliers
• Strong customer demand
• Good collaboration and
communications
• Reliability
• Value
• Health and safety
• Compliance
• Sustainability and ethical sourcing
• The Board receives regular feedback on substantive
supplier and partner matters via the Group Chief
Executive and the Chief Commercial Officer within
CEO reports.
• Currys has a responsible sourcing team that works with
our suppliers and partners to ensure that products
sold comply with all necessary policies and
standards. This includes compliance with modern
slavery requirements. The Board received an update
on modern slavery and approved the Modern Slavery
Policy in September 2025.
• A formal engagement strategy is in place for each key supplier and partner. This strategy is customised in
each case but includes regular meetings and calls between the Group Chief Executive and their
counterpart at the supplier company and between the Chief Commercial Officer and their counterpart.
This is supported by a team of colleagues engaging regularly to assess progress against agreed
business plans.
• A suite of policies and standards are in place to ensure that suppliers and partners adhere to high
ethical standards including prevention of modern slavery and anti-bribery.
• The Group Chief Executive participates in regular meetings with the Group’s largest suppliers and
partners and receives regular updates on all suppliers and partners from the Chief Commercial Officer.
• Collaborate with suppliers and
partners to drive shared ESG goals
including minimising the Group’s impact
on the environment.
• Continue to maintain healthy
reciprocal relationships that benefit
each of the stakeholder groups.
20 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Our approach
Sustainability
At Currys, we’re fully committed to
operating a responsible business and are
focused on three strategic priorities:
• We will improve our use of resources
and create circular business models.
• We will achieve net zero emissions
by 2040.
• We will help eradicate digital poverty.
Electronic waste is one of the world’s
fastest growing waste streams and is
expected to reach nearly 82m tonnes by
2030
(1).
As a leading technology retailer,
we can help change the relationship
people have with technology – by giving it
a longer life through protection, repair,
trade-in, reuse and recycling. Central to
this offering is one of Europe’s largest
technology repair centres, our facility in
Newark and our repair service business in
the Nordics.
Giving tech a longer life is attractive to
customers, supports long-term business
sustainability, underpins our net zero
emissions ambition and helps tackle digital
poverty. This approach is supported in all
our markets, in-store and online.
Materiality
We regularly review performance, reflect
on stakeholder views, and undertake
benchmarking and horizon scanning to
ensure our strategy remains relevant.
To prepare for future EU Corporate
Sustainability Reporting Directive (‘CSRD’)
requirements, we previously undertook a
double materiality assessment (‘DMA’) for
the Group following the European Financial
Reporting Advisory Group guidelines.
We will revisit our DMA to reflect the
updates to the European Sustainability
Reporting Standards, continue to take
action that integrates the results into the
Group’s strategy and business planning
and report in line with CSRD requirements
in 2027/28 .
Governance
Our strategy is driven and delivered by our
colleagues including subject matter experts
that are integrated across our business.
Their work is led and championed by the
Group Sustainability & ESG Director and
overseen by the GSLT. Chaired by Executive
Committee member, Paula Coughlan, our
Chief People, Communications and
Sustainability Officer, the GSLT sets the
Group’s Sustainability and Social Impact
strategy and recommends it to the Board
for approval. Independent Non-Executive
Director Magdalena Gerger, also attends
the GSLT meetings. The GSLT meets
four times a year, bringing together
representation from the UK&I and Nordics.
It sets sustainability objectives and KPIs,
oversees their delivery, manages ESG risks,
and reports progress to the Executive
Committee.
In 2025/26 the Board considered the
progress made on the ESG strategy and the
upcoming reporting requirements for
sustainability and agreed to evolve the
governance structure for ESG. This resulted in
closing the ESG Committee and in its place:
• Expanding Audit Committee duties to
include non-financial reporting and
internal control principles.
• Updating the matters reserved for the
decision of the Board to include
overseeing the Group’s ESG strategy,
monitoring progress against strategic
goals and public targets, and approving
the reporting of ESG matters.
• Agreeing that a Board member would
attend GSLT meetings to provide
independent challenge, oversight and
support reporting to the Board.
Risk
We take a systematic, benchmarked
approach to ESG risk management. Details
on our sustainability principal risk are on
page 39. This risk is monitored by the Risk
Committee and reported to the Audit
Committee.
The GSLT regularly assesses and quantifies
ESG risks (which includes identifying new and
emerging risks) and recommends changes to
the Board and Audit Committee as required.
We look to ensure our ESG risk assessment
and classification remains appropriate and
suitable for our business.
Our colleagues
Our capable and committed colleagues
are our greatest asset. Our colleague
engagement is world-class and our people
are passionate about helping customers
discover, choose, afford and enjoy amazing
technology. We are united by a common set
of values that sit at the heart of who we are
as a business, and our annual bonus
scorecards include environmental metrics to
help drive progress. Read more about our
colleagues on page 12 and see information
on remuneration on pages 82-84.
Our vision, to help everyone enjoy amazing technology, has a powerful social purpose at
its heart. We believe in the power of technology to improve lives and with our scale and
expertise we are uniquely placed to do so.
In this report:
Read more about our strategic priorities,
achievements, and next steps on pages
21-22.
Read more about stakeholder management
on pages 16-19.
Read our TCFD disclosures on pages 26-31.
On our Group website at
www.currysplc.com:
Read more about governance.
Certifications of our Energy and
Environmental Management systems.
Details of our sustainability policies and
standards, which are reviewed regularly.
Read our Tax strategy.
(1) The global E-waste Monitor 2024.
21
Strategic Report Financial Statements Investor InformationGovernance
We help everyone enjoy amazing technology
Social
impact
We will help
eradicate digital
poverty
Stakeholder input
Stakeholder input
Good governance
Climate
action
We will achieve
net zero emissions
by 2040
Circular
economy
We will give tech
a longer life
Responsible sourcing
Being a good employer
Our Sustainability and Social Impact strategy is
proposed by our Group Chief Executive and approved
by the Board, reflecting the issues most important to
our business, stakeholders and value chain.
What we do
• We are a leader in extending the life
of technology through repair, reuse
and recycling.
• We work together with manufacturers and
suppliers to help give customers’ tech a
longer life.
Achievements
Our material issues
Circular economy
Pages 23-25
11.6m
active care services and
tech insurance plans
across the Group
1.6m
customer repair activities
across our Group to keep
tech working
6.3m
†
units of e-waste
collected across our
Group for reuse or
recycling
UN SDGs How our activities support key targets
8.4 – We support customers to
make more sustainable purchasing
decisions and enable them to live
more resource-efficient lifestyles
through product choice, repair,
reuse and recycling services.
12.5 – We are helping to
change consumer behaviour
and reduce waste through
incentivising and enabling more
recycling and reuse.
13.1 – We help raise awareness
of environmental impacts through
marketing, communications and
customer engagement.
What we did this year
• Introduced improvements to make it easier for
customers to choose repairs, including launching a
new Nordics Elcare strategy and a UK&I online repair
booking form.
• Increased visibility, ranging and sales of
refurbished mobiles.
• Extended the Nordics’ version of Cash for Trash to
Denmark and Sweden and launched the Hidden
Treasure Hunt in the UK&I, helping increase e-waste
collected.
• Partnered with our suppliers to make further
improvements to remove non-essential plastics from
product packaging.
What we will do next
• Increase sales of refurbished tech and expand
parts harvesting to additional categories.
• Increase understanding of how repairs help
reduce or avoid the creation of greenhouse gas
(‘GHG’) emissions.
• Continue to work with our suppliers exploring
opportunities to replace plastic packaging with
alternative materials where appropriate.
Objective
We will improve our use of resources and create circular business models.
Further information about:
Our approach on page 20.
The 17 UN Sustainable Development Goals
(‘SDGs’) at https://sdgs.un.org/goals
Sustainable business: Our strategic priorities and achievements
† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 for e-waste which has been highlighted with a †. The e-waste figure of 6.3m units
represents 6,271,273 units rounded to one decimal place. For more details of the scope of their work, please refer to their assurance report on our Group website,
www.currysplc.com/sustainable-business/policies-disclosures
22 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Our strategic priorities and achievements continued
(1) Net zero is defined in the Glossary and definitions section on page 191.
What we do
• We reduce our impact on the environment
through the energy and resources used by
our operations.
• We introduce new products and
propositions that help customers reduce
their carbon footprint.
What we do
• We bring technology to everyone everyday.
• We partner with charitable organisations to
bring the benefits of amazing technology to
those who might otherwise be excluded.
Achievements
Achievements
Pages 26-31
Pages 32-33
-35%
total reduction from
baseline for Scope 1
and 2 market-based
emissions
> NOK 1m
funding for organisations
in the Nordics to reduce
digital exclusion
-37%
total emission reduction
from baseline for Scope
3 purchased goods and
services and use of sold
products (categories 1
and 11)
> £175k
raised through
customer donations
for Tech4Families
UN SDGs How our activities support key targets
7.2 and 7.3 – Reducing the impact
of the energy we use includes
using renewable sources,
increasing operational energy
efficiency and helping customers
reduce their energy consumption
through information and product
choices.
12.6 – We report energy use and
GHG emissions and engage with
suppliers to encourage
measurement and disclosure of
their environmental impacts.
13.2 – Climate considerations are
embedded into our business strategy,
and we are increasing capability in
climate mitigation, adaptation and
impact reduction across our
operations and supply chain.
UN SDGs How our activities support key targets
4.4 – We provide devices and
skills development opportunities
to support children, families and
community organisations.
10.2 – We support the DPA
advocacy work and align with the
Department for Science,
Innovation and Technology (‘DSIT’)
Digital Inclusion Action Plan,
working in partnership to empower,
promote and advance inclusive
digital participation.
What we did this year
• Expanded our electric vehicle (‘EV’) trials into
heavy goods vehicles (‘HGVs’) and introduced a
total of 50 battery electric vehicles (‘BEVs’) and
hybrid vans for our repair engineers across the UK.
• Continued to install LED lighting across the Group
and replace oil-, liquefied petroleum gas
(‘LPG’)- and gas-powered heating, ventilation
and air conditioning (‘HVAC’) systems in the UK&I.
• Continued to roll out energy management
systems (‘EMS’) at stores in the Nordics.
• Continued to source 100% renewable electricity
for our properties through supplier contracts or
renewable energy certificates.
What we will do next
• Continue to transition our UK&I fleet by introducing
up to 40 fully electric 3.5 tonne home delivery
vehicles, extending EV trials up to 7.5 tonne, and
expanding the use of low-carbon fuels such as
hydrotreated vegetable oil (‘HVO’) and
compressed natural gas (‘CNG’).
• Replace 15 gas HVAC systems with new heat
pump technology in the UK&I.
• Further reduce electricity consumption in the
Nordics through the continued roll-out of
advanced EMS across our store estate.
What we did this year
• Evaluated the success of our colleague volunteering
offer at Currys and continued working with Neighbourly,
a volunteering platform.
• Sponsored the DPA’s End Digital Poverty Day in the UK,
with colleagues raising over £15,000 through fundraising
events.
• Signed the UK Government’s Reuse For Good charter
and started refurbishing and donating redundant
corporate tech.
• In the Nordics, we supported four national digital
inclusion partners with over £92,000 reaching many
people across the four Nordic countries.
What we will do next
• Launch Pennies on currys.co.uk to enable customers to
make micro-donations to charity when shopping online.
• Launch a pilot programme in UK&I stores to build AI skills
in charities and local communities.
• Mark the DPA’s 25th anniversary with a series of
awareness raising initiatives and fundraising activities.
• Continue to support digital inclusion across the Nordics,
while strengthening the measurement and reporting of
our impact.
Our material issues
Our material issues
Climate action
Our communities
Objective
Objective
We will achieve net zero
(1)
by 2040.
We will help eradicate digital poverty.
23
Strategic Report Financial Statements Investor InformationGovernance
Sustainable business: Circular economy
We will improve our use of resources
and create circular business models
Circular business models represent both a
commercial opportunity and a long-term
necessity. Our approach is built around
reduce, repair, reuse and recycle. This is
supported by specific initiatives that can
help grow revenue, strengthen customer
relationships, and extend the useful life of
technology. We aim to increase revenues
from circular products and services,
thereby strengthening the parts of our
business that deliver customer value and
environmental impact.
Reduce
Expert help is at the heart of why
customers shop with us, and we can
help customers who want to reduce
their environmental footprint.
Working with our suppliers, our ranges
include energy efficient appliances, water
efficient dishwashers, refrigerators
designed to keep produce fresher for
longer, heat pump tumble dryers, and
washing machines with auto dose
technology to help reduce detergent use.
In the UK&I, customers can use the Youreko
tool to compare the lifetime cost and
energy consumption of large domestic
appliances. We continue to promote more
energy efficient choices through targeted
customer campaigns – including free
recycling, price reductions on selected
appliances, and discounted delivery,
installation and recycling bundles. Across
these campaigns, we invested in advertising
in 2025/26, reinforcing our commitment to
helping customers reduce their
environmental footprint and encouraging
the adoption of more efficient
technologies.
In the Nordics, we are continuously working
with our suppliers to grow our portfolio of
products with the Nordic Swan Ecolabel
and we expect to see more certified
products in 2026/27. Higher demand for
more energy efficient products and changes
to the assortment we retail has seen the
share of large domestic appliances with
energy label A-C increase from 52% to 54%.
We also offer a seven-year warranty on all
Epoq own-label white goods and our Epoq
kitchens are supported by a 35-year
warranty, demonstrating our commitment to
providing high-quality products with longer
guaranteed lifetimes. We use social media
to engage customers in caring for their tech,
sharing monthly tips such as cleaning
guidance and spotlighting key moments
through the year such as Digital Clean-Up
Day.
When customers buy technology, we can
help protect it from day one with our range
of care services and tech insurance plans.
Across the Group, over 11.6m customers rely
on these services for peace of mind and
helping their technology last longer through
advice and services, including repairs. The
Nordics also continues to offer on-demand
screen protection services for mobiles and
building on its success a new service offering
was launched in UK&I stores this year.
Read more about reuse and refurbished
products on page 24.
Repair
We have been repairing technology
since the 1980s. During the year, we
completed approximately 1.6m
customer repair activities across the
Group, reducing the need for product
replacements.
We service a broad range of technology
products, restoring them to optimal working
condition and helping customers maximise
the value and lifespan of their tech. We
continue to promote repair as an attractive
alternative to replacement through
marketing, communications and in-store
colleagues. As EU regulations such as the
Right to Repair and the Ecodesign Directive
take effect, we expect consumer demand
for affordable, accessible repairs to grow
and we aim to position our business to
capture this demand.
We employ around 1,500 skilled repair
colleagues across the Group. 70% of these
are based at our UK&I Customer Repair
Centre in Newark — one of Europe’s largest
technology repair facilities — and they are
supported by approximately 185 field
engineers carrying out in-home repairs. In
the Nordics, Elkjøp operates three Elcare
repair centres employing around 270 skilled
repair technicians — the largest electronics
repair operation in the region.
In the UK&I, we increased the ratio of units
successfully repaired to 84%, +2% YoY, and
expanded repair capabilities to include
small domestic appliances. In February
2026, we launched an online booking form
on currys.co.uk, with hundreds of repairs
now booked online each week.
With the global consumption of materials and e-waste continuing to rise, our
relationship with tech needs to change. As the leading omnichannel technology
retailer in all our markets, we’re uniquely placed to drive that shift by giving
technology a longer life.
24 Currys plc Annual Report & Accounts 2025/26
Our RepairLive video support service now
handles 2,000 customer connections per
week, with 21% of issues resolved remotely
– helping reduce product returns, logistics
costs and emissions.
In the Nordics, we launched an updated
Elcare strategy, expanding capacity and
securing certified approval for additional
brands. We also introduced
RepairByElcare, a centralised model that
streamlines the repair journey by reducing
in store troubleshooting and directing
products straight to workshops for expert
assessment. This was supported by ongoing
upgrades to our aftersales software
system, Bluecare, enhancing the integration
between repair operations and the retail
business. This year 70% of all repairs
resulted in a successfully repaired product
being returned to the customer. We
continue to scale our repair capabilities
across multiple product categories,
supporting both in-warranty and out of
warranty demand as well as selling spare
parts to customers who prefer to carry out
their own repairs.
Reuse and recycle
We continue to work on increasing the
volume of e-waste collected for reuse
and recycling through improved
colleague awareness and customer
communication at the point of sale.
We offer collection services for unwanted
electricals when we deliver new tech and
offer financial incentives for customers to
bring their redundant tech in store for reuse
or recycling through our trade-in and Cash
for Trash programmes. We also expanded
our partnerships with UK charities,
supporting them in responsibly recycling
donated electrical items that cannot be
refurbished or resold.
In 2025/26 6.3m
†
pieces of e-waste were
collected for reuse and recycling across
our Group, equivalent to 97,562 tonnes,
meeting our bonus scorecard target.
Trade-in
We support most existing categories
with a trade-in proposition, offering gift
cards or money for old devices with
online calculators to determine value.
We will continue to explore opportunities
to increase trade-in volumes through
targeted campaigns.
Across the Nordics, more than 80,000
devices were traded in during 2025/26,
a +75% increase compared to last year,
generating an average return of NOK 1,481.
This acceleration was supported by an
improved digital customer journey, targeted
campaigns with partners and suppliers,
and increased awareness of the trade-in
proposition among both customers and
store colleagues. For example, a trade-in
campaign with Apple generated more than
NOK 26m in customer savings. Elkjøp Nordic
also introduced Click & Collect for
trade-in, enabling customers to start their
trade-in online and complete the hand-in
seamlessly in store.
In the UK, enhanced trade-in promotions
across categories such as TVs, vacuums
and washing machines contributed towards
significant year-on-year uplifts in e-waste
collected. More than 71,000 products
were traded in this year, with customers
receiving an average value of £139.
Cash for Trash
A Nordics version of Cash for Trash was
introduced in Sweden and Denmark,
complementing the existing schemes in
Norway. Collectively, these schemes
helped to drive an uplift of 15% in
collected e-waste units across the Nordics
compared with 2024/25. In the UK, we
doubled the Cash for Trash value offering
customers £10 off their next eligible
purchase during Peak, which supported a
strong year-on-year rise to over 340,000
redemptions, delivering more than £2.5m in
savings for customers.
Hidden Treasure Hunt
We launched the Hidden Treasure Hunt,
anationwide campaign inviting nearly 6m
pupils from more than 20,000 UK primary
schools to help tackle e-waste by
collecting unwanted electronics from
home. Families could drop off items at any
UK Currys store for a Cash for Trash voucher
or use one of over 30,000 national drop
off points. Schools competed on a
national leaderboard for a share of
£20,000 in tech vouchers, with the initiative
supported by the Circular Economy
Minister and delivered as part of the wider
Recycle Your Electricals programme. The
Hidden Treasure Hunt schools programme
will run over three years, helping drive
increased footfall into our stores and
boosting awareness of responsible
recycling.
Refurbished tech
We continue to sell refurbished tech through
our online platforms and in selected stores
in the Nordics. Currys has sold over 141,000
refurbished tech items in 2025/26, an
increase of +9%, predominantly driven
through mobiles, laptops and small tech
devices. In the Nordics demand for popular
models of refurbished smartphones led to
sales rising +209%.
The market for second-hand devices
remains strong, and we plan to grow our
refurbished sales in the year ahead.
Reusing spare parts
Our repair operations in Newark reuse
spare parts recovered from returned
products, which supply approximately 37%
of the parts needed for repairs at Newark.
As well as increasing reuse, this approach
strengthens the reliability and affordability
of our repair services. We plan to expand
this parts-harvesting activity into
additional product categories, maximising
the supply of recovered components.
† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 for e-waste which has been highlighted with a †. For more details of the scope of
their work, please refer to their assurance report on our Group website, www.currysplc.com/sustainable-business/policies-disclosures
(1) The global E-waste Monitor 2024.
Sustainable business: Circular economy continued
Key facts
82m
number of tonnes e-waste is
expected to grow to globally
by 2030
(1)
1.6m
customer repair activities across
our Group to keep tech working
6.3m
†
items of e-waste collected for reuse
and recycling across our Group
25
Strategic Report Financial Statements Investor InformationGovernance
(1) The Carbon Impact of Circular Electronics, 2026.
Collaborating with others
We’re helping to accelerate industry
change by working with others. We have
continued our membership of the CEP which
brings together experts, business leaders
and global organisations to set a vision
and roadmap to a circular economy for
electronics by 2030. In 2025/26, Currys
contributed insights to the CEP’s new
report
(1)
, developed in collaboration with
The Carbon Trust, on the carbon impact
of circular electronics. Our case study
illustrates how we extend product
lifespans through our repair and
refurbishment services, and how our digital
repair tools help cut transport-related
emissions from the process, by resolving
issues remotely.
We also welcomed University College
London (‘UCL’) researchers to our Customer
Repair Centre in Newark. The visit gave the
UCL team, whose work spans plastic waste
innovation, repair, and materials recovery,
a first-hand look at circularity operating
at scale. Together, the teams exchanged
insights on repair, reuse and materials
recovery, strengthening shared ambitions to
build a more sustainable tech ecosystem.
Across the Nordics we continued to
lead industry progress through strategic
partnerships with industry bodies, research
institutions and policymakers – all focused
on advancing repair, reuse and responsible
consumption. We contributed to industry
insight and national research programmes,
while working with trade associations to
build skills, raise awareness and encourage
more sustainable customer behaviours.
The importance of repair received
high-profile recognition, when Crown Prince
Haakon of Norway visited our Elcare repair
centre facility in Kongsvinger to see
first-hand how defective electronics
are restored.
Product packaging
We’re prioritising a number of ways to help reduce,
recycle and reuse plastics and packaging
We proactively work with suppliers of
own label and licensed brand products
to remove plastic in packaging. In
2025/26, across the Group, we sourced
1,586 unique products, shipping over
8.85m units that had 8,043 tonnes of
packaging, of which 1,859 tonnes was
plastic. In 2025/26, we removed 1.05m
items of plastic and over 40 tonnes of
plastic. Since launching the initiative in
2019, we’ve decreased plastic packaging
by 12% and removed 8.96m items of
plastic weighing 348 tonnes.
We continuously assess new packaging
materials for recyclability. Over 99.9% of
our packaging is recyclable, with 78%
through normal household collection
(based on UK infrastructure). Of the
remaining 22%, 76% is expanded
polystyrene which is needed to protect
the product.
In the UK&I, we provide free packaging
recycling when we deliver and unbox
large household appliances. We also
offer packaging recycling services in
the Nordics.
We engage with our suppliers and work
with them to explore opportunities to
reduce environmental impact by
conducting trials to understand the
lifecycle impacts of packaging changes.
Best practice from previous work means
many products are now plastic-free from
launch, such as the Sandstrom iPad stylus
and Goji Nintendo gaming accessories.
Looking ahead
With the implementation of new EU and
UK packaging regulations, extended
producer responsibility costs are
continuing to increase. Additional costs
for raw materials, shipping and protecting
the product from damage all present
challenges to implementing plastic
reduction options. To reduce costs and
our environmental impact, we are
exploring alternative packaging
materials that carry lower extended
producer costs, while also reviewing and
optimising our packaging testing
processes to ensure products are
adequately protected in transit without
increasing packaging volume or shipping
requirements.
For more information, read our
Product Packaging Guidance on our
Group website, www.currysplc.com
26 Currys plc Annual Report & Accounts 2025/26
Board Audit Committee
Risk Committee
Group Sustainability Leadership Team
Reporting as part of the
Sustainability principal risk
Ongoing sustainability and climate
risk management activities
Executive Committee
Principal risk reporting
including Sustainability
Statement of compliance
Currys is disclosing in accordance with
the Financial Conduct Authority (‘FCA’)
Policy Statement 20/17, UK Listing Rule
6.6.6 and the Companies Act 2006 as
amended by the Companies (Strategic
Report) (Climate-related Financial
Disclosure) Regulations 2022. The main
disclosures are set out on pages 26-31.
We comply with ten of the TCFD
recommendations and continue to work
on providing fuller disclosure on the
resilience of our strategy for our wider
supply chain (2c). We have omitted
disclosing against UK Climate-related
Financial Disclosures (f) as there is no
material impact in the short-term horizon
and we do not believe this information is
required for an understanding of our
business at this time. We will continue to
report our progress annually and will
continue to advance our approach as
we prepare for mandatory CSRD and UK
Sustainability Reporting Standards
climate-related disclosures.
Sustainable business: Climate action
We will achieve net zero by 2040
Climate governance
The Board fully support the Group’s
science-based targets and commitment
to achieve net zero
(1)
by 2040 across
our Scope 1, 2 and 3 emissions and is
continuously seeking to increase its
knowledge on climate-related risks and
opportunities. Board members’ skills,
experience and expertise on
environmental issues including climate
change are detailed on page 53.
Our GSLT leads our management and
response to issues including climate-
related risks at an operational level,
considering, monitoring and reviewing these
in its meetings to ensure appropriate
strategy, programmes and investments are
in place to build robust and effective risk
management. The GSLT reviews and
submits progress to the Risk Committee,
Executive Committee and Board, making
recommendations where action or
improvement is required. Read more about
the GSLT on page 20.
In day-to-day operations, management-
level responsibility for specific climate-
related issues is assigned across the
business. Climate-related risks and
opportunities are monitored through the
ESG Risk Register and further assessed in
the detailed Climate Risk Register, which
identifies and evaluates physical, transition
and reputational climate risks together with
the management actions in place to
mitigate them.
Examples of this governance in action
include:
• Risk registers are reviewed regularly
with key updates discussed at the
Risk Committee.
• Climate risks and opportunities are
included in Board agendas through
ESG updates.
• Progress against our climate targets is
reported to the Executive Committee
and the Board.
• Independent Non-Executive Director
Magdalena Gerger attends GSLT
meetings and provides an update at
the next Board meeting.
• The Executive Committee reviewed and
agreed the capital investments and
operational expenditure required to
deliver emissions reduction over the
next three years. These investments are
integrated into the three-year strategic
plan and reviewed and approved by
the Board.
Climate change remains one of the greatest threats to our planet and we
recognise the impact on businesses and supply chains, including our own.
Addressing our climate risks and opportunities is embedded into our business as
well as our Sustainability and Social Impact strategy – from new products and
propositions to circular business models and emissions reduction investments.
(1) Net zero is defined in the Glossary and definitions section on page 191.
27
Strategic Report Financial Statements Investor InformationGovernance
Climate change strategy
We recognise our responsibility to ensure
we address climate-related risks and
opportunities while creating long-term
value for our stakeholders.
Predicting climate change impacts is
complex. To support robust decision-
making, we have drawn on internal
expertise and third-party data sources
to maintain an internal climate scenario
analysis model projecting potential
impacts to 2040. This enhances our ability
to manage risk proactively, supports
effective mitigation plans and stress-tests
the resilience of our strategy.
We modelled potential impacts using the
Intergovernmental Panel on Climate
Change’s (‘IPCC’) Shared Socioeconomic
Pathways, representing scenarios with
projected temperature increases by the
end of the century of >4°C, 2°C – 3°C and
<2°C enabling us to assess a wide range of
climate possibilities. The <2°C scenario is
most closely aligned to the Paris
Agreement and our own climate targets,
while the 2°C – 3°C pathway aligns with the
current warming pathway as reported by
the IPCC.
Climatic changes may exacerbate
heatwaves, impact operational efficiency
and increase cooling requirements.
Changes in precipitation patterns may disrupt
transportation and inventory management,
while prolonged drought in some regions
could affect production reliability and
sourcing of water-dependent raw materials.
Our analysis covered short- (2027),
medium- (2030), and long-term (2040)
horizons, considering climate impact and
adaptation spending. We used third-party
GDP predictions to model economic
changes under each scenario. While
divergence between scenarios is limited in
the short and medium term, the projected
financial impact increases significantly by
2040 and exceeds £10m across all three
scenarios, as longer-term climate,
economic and market effects become
more material. The table summarises the
potential financial impact associated with
physical and transitional risks, where the
findings are consistent with previous
disclosures.
Potential financial impact
Scenario 2027 2030 2040
<2°C <£1m <£1m >£10m
2°C – 3°C <£1m <£1m >£10m
>4°C <£1m <£1m >£10m
We will continue to review and refine our
modelling in line with emerging trends and to
extend this to consider potential impacts
associated with our wider value chain.
The table below captures the key strategic
climate-related risks and opportunities
identified through our risk management and
scenario analysis. The table on page 28
shows how our strategy supports
climate-related matters.
As a leading business, we recognise the
influence that sharing our progress can
have on helping and inspiring others to take
action. We have responded to the CDP
questionnaire on climate change since
2016. We also recognise the importance of
collaborative action to increase our
impact and accelerate industry change.
We support the British Retail Consortium’s
(‘BRC’) Climate Action Roadmap, as well
as policy changes and recommendations
through our memberships of BRC and the UK
Electric Fleets Coalition.
Disclaimer
Scenario modelling has limitations.
Modelling climate change impacts is
subject to uncertainty and scientific
debate. The further we look out, the
more challenging it is to model
external conditions. Results should be
reviewed in the context of these
limitations.
Type Risks and opportunities Potential financial impacts
Physical risks and
opportunities
affecting
operational costs
Extreme heat increases energy demand and potential lost sales
from reduced store footfall.
Increased costs from managing infrastructure and
operations, as well as reduced revenue.
Extreme precipitation requires property and/or vehicle repairs or
replacements, damages stock and impairs abilities to complete sales.
Increased costs from managing infrastructure and
operations, as well as reduced revenue.
Use of lower-emission sources of energy. Reduced exposure to future fossil fuel prices.
Reduction in energy consumption through efficiency measures. Reduced energy-associated operating costs.
Transitional risks
and commercial
opportunities
resulting from
market and
consumer
preference
changes
Ability to diversify business practices, meet evolving expectations
and respond to changing consumer preferences.
Reputational benefits resulting in strengthened market
position, enhanced customer loyalty and increased
revenues.
Policy and market changes to environmental legislation and taxes. Increased costs for energy and compliance.
Changes in consumer habits, favouring digital sales channels due to
extreme weather.
Potential for increased delivery delays in extreme weather
and investment in low-carbon fleet transition.
Changing weather patterns increases demand for climate-related
products.
Upside in revenue sales.
Increased footfall from consumers seeking air-conditioning on
extreme heat days.
Upside in revenue sales.
Transitional risks
and opportunities
related to our
resilience and
reputation
Our commitment to sustainability is not delivered or recognised by
customers and investors.
Reduced cash flow as customers shop elsewhere.
Reputation as a leading employer responding to climate impacts
on productivity, health, safety and well-being.
Benefits to workforce management (e.g. improved health
and safety, employee satisfaction) resulting in lower costs.
Reputation as a leading retailer responding to climate change. Increased footfall/online sales.
Use of more efficient modes of transport. Reduced operating costs.
Adoption of renewable energy programmes, energy efficiency
improvements and climate adaptation measures.
Increased market valuation through resilience planning,
reduced operating costs and exposure to fossil fuel prices.
Diversified supply chain. Increased reliability and ability to operate under various
conditions.
28 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Climate action continued
How our strategy supports climate-related matters
Strategy Description Benefits
Growing circular business models
(Links to transitional risks and
commercial opportunities)
Pages 23-25
Growing circular revenue is a strategic priority
and a key lever in our long-term plan. We offer
an extensive range of services that extend the
lifecycle of products and reduce waste,
including repairs, trade-in, re-commerce and
recycling, and recognise substantial
opportunity to do more.
These services help customers save money
and dispose of unwanted items easily and
responsibly. They help us grow customers for
life, grow profits through tapping into new
value pools and help reduce environmental
impacts.
Developing new products and propositions
(Links to transitional risks and
commercial opportunities)
Page 23
We innovate with products and propositions
that help customers reduce their energy
consumption and carbon footprint. We offer
energy-efficient appliances, smart home
devices, electric bikes, and solar powered
technology.
These help customers save money on their
energy bills, reduce emissions and use clean
energy. They help us differentiate ourselves
from competitors, increase market share,
enhance brand reputation, access new
markets and include sources of new
profitable growth.
Investing in reducing operational GHG emissions
(Links to reducing physical risks)
Pages 29-30
We are investing in transitioning our fleet to use
electric and alternative fuels, deploying new
HVAC systems, managing and reducing energy
demand, and sourcing renewable energy.
These help lower operational costs, improve
energy efficiency, reduce reliance on fossil
fuels, comply with regulatory requirements
and improve air quality. They help
demonstrate responsibility, attract and retain
talent, and engage with stakeholders.
Working with suppliers to reduce value chain emissions
(Links to reducing physical risks
and commercial opportunities)
Page 30
Scope 3 emissions account for over 99% of our
total emissions, with the most material impacts
from purchased goods and services and use of
sold products. We are working with suppliers to
raise awareness, drive progress and share best
practice.
Helping customers live a lower-carbon
lifestyle using more energy-efficient products
and our services that give tech a longer life
– which can be more profitable and lower
cost for our customers.
29
Strategic Report Financial Statements Investor InformationGovernance
Climate risk
Identifying and assessing
climate-related risks
We identify climate-related risks through
twice yearly bottom-up risk assessments
via the GSLT and ongoing monitoring of
climate-related events and publications.
Risks may also be identified through the
DMA or emerging risk monitoring performed
by Group Risk.
Climate risks are assessed using our Group
Risk Assessment Criteria (including financial
and reputational impact, and likelihood of
occurring) with supplementary criteria
where relevant – for example in the case
of the DMA. To assess the effectiveness
of climate-related controls, each risk is
analysed to capture both the gross risk
position, in the case of no controls, and the
net risk assessment, based on current
controls that are in place.
Managing climate-related risks
Climate risks are managed in line with our
Sustainability and Climate Risk
Management Framework. The ESG Risk
Register incorporates short-, medium- and
long-term risks. These are summarised from
a more detailed Climate-specific Risk
Register which includes transitional and
physical climate-related risks scored
against impact and likelihood. Each risk
is assigned a business owner who is
responsible for monitoring and mitigation.
Climate risks are reviewed and monitored
throughout the year by the GSLT, who
escalate issues to the Executive Committee
and Risk Committee where appropriate.
Integration into overall
riskmanagement
Our Sustainability and Climate Risk
Management Framework aligns to our
Group Risk Management Framework and
Group risk management processes (pages
67-70). Climate-related risks are managed
as part of the Sustainability Group
principal risk, with relevant activities
included in Group principal risk reporting
on Sustainability to the Risk Committee and
Audit Committee.
Climate metrics and targets
We are committed to achieving net zero
emissions by 2040 by reducing the impact
of the energy and resources we use in our
operations and wider value chain. This is
an absolute reduction target for our total
Scope 1, 2 and 3 emissions, measured
against a 2019/20 baseline.
Our near-term targets are to reduce
absolute Scope 1 and 2 GHG emissions by
50% across the Group and to reduce
absolute Scope 3 GHG emissions from
purchased goods and services and use of
sold products by 50%, both by 2029/30
and against a 2019/20 baseline. These
targets have been approved by the
Science Based Targets initiative (‘SBTi’). Our
Scope 1 and 2 emissions target is consistent
with reductions required to keep warming to
1.5°C and our Scope 3 target meets the
SBTi’s criteria for ambitious value chain
goals. Our progress is reported on page 31.
Our emissions reporting is based on the
GHG Protocol. We engaged KPMG LLP to
undertake independent limited assurance
under ISAE (UK) 3000 and ISAE 3410 for
our Scope 1 and 2 GHG emissions. Our
data methodology and assurance report
are available on our Group website,
www.currysplc.com.
We use a range of performance metrics to
measure and monitor progress, including
energy MWh/1,000 sq ft, renewable
electricity use, the number of vehicles
powered by electric or alternative fuels,
recyclability of product packaging, and
the volume of e-waste collected for
recycling and reuse.
We have reviewed key physical and
transition risks for our operations as well
as the opportunities for our wider value
chain and quantified potential financial
impacts and are actively addressing
climate-related risks and opportunities
(pages 27-28).
We report on the key data we use to
monitor our progress, will continue to review
our targets and metrics and will disclose
recognised cross-industry metrics where
these align with identified risks and
opportunities.
Reducing emissions
Energy
We continue to take action to reduce our
energy use, delivering both cost efficiencies
and emissions reductions. Total energy
consumption across the Group has
reduced -3% YoY (data on page 31).
Our approach is supported by
ISO 50001:2018 certified energy
management across our UK&I estate and
fleet, with recertification achieved for a
further three years in August 2025. Elkjøp
Nordic are ISO 14001 certified, and
objectives are set annually at country
level, providing a consistent framework to
manage key impacts including energy use.
We continue to enhance energy efficiency
through Building Management System
improvements for HVAC systems, upgrading
to LED lighting, and improved energy
monitoring. This year we:
• Removed the demand for oil heating at
six sites, LPG heating at one site and
natural gas at eight retail sites in the
UK&I by replacing 15 HVAC systems with
heat pump technology, resulting in a 15%
reduction in gas and heating oil
consumption year-on-year.
• Installed three new high-efficiency
HVAC units in the Nordics.
• Upgraded sales floor lighting in 15 UK
stores to new efficient LED lighting
delivering 302MWh savings in-year and
estimated annual savings of 720MWh.
Office lighting and controls were also
upgraded in one Customer Service
Centre.
• Upgraded to LED and motion sensored
lighting for back-of-house areas in 21
stores in the Nordics.
• Completed Building Management
System upgrades in 18 UK&I stores saving
over 120MWh annually.
• Deployed an EMS to enable systematic
measurement of electricity and heating,
as well as intelligent control of HVAC
and internal power systems in 27 stores
in the Nordics.
100% of our properties in the UK&I and
Nordics are powered with renewable
electricity through supplier contracts or
renewable energy certificates (REGOs and
GOs). We have 17 sites with solar
photovoltaic installed and continue to
explore further opportunities. This includes
812 solar panels installed at our new
Nordic Distribution Centre in Jönköping,
Sweden, with a maximum production
capacity of 449MWh, which have been
operational since June 2025 and have
produced 317MWh up to April 2026.
30 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Climate action continued
Transport
We are committed to transitioning 100%
of our company cars and small vans and
50% of our medium to heavy fleet to
electric or alternative fuel by 2030. We
now operate 52 EVs, 64 hybrid vehicles
and 14 vehicles using alternative fuel. In
addition, this year we introduced two new
100% electric tractor units operated by
our partners at GXO. We plan to invest
over £4m in the next three years to progress
our transition away from diesel vehicles.
This year, our absolute transport emissions
increased +3.5% driven by increased
delivery fleet activity in response to strong
sales. This occurred despite our progress
transitioning our fleet to electric and
alternative fuel vehicles. We continue to
target reductions through driver training,
telematics and in-cab driver alert systems,
to improve vehicle efficiency.
In the UK&I, our BEV fleet includes two 4.05
tonne electric vans for home delivery and
installation services. We also operate 14
HVO 7.2 tonne vehicles for home delivery
services, delivering an estimated annual
reduction of approximately 25 tonnes of
carbon dioxide equivalent (‘CO
2
e’). In
2025/26 we introduced a total of 50 BEV
and hybrid vans for our repair engineers
across the UK. Challenges still exist in terms
of reliability of alternatives for HGVs; during
the year we concluded trials of a 7.2 tonne
CNG vehicle and also a 7.2 tonne BEV where
learnings will inform future low-emission
vehicle trials. We continue to use solar
panels on more than 250 vehicle roofs.
In the Nordics, we continued diversifying fuel
sources across both linehaul and last-mile
operations. Our Danish linehaul partner and
several Swedish carriers operate on HVO.
Another Swedish carrier combines biogas
with rail transport on major routes, and we
introduced a biogas-powered cross-border
linehaul running from our Nordic Distribution
Centre in Sweden to Oslo. Diesel remains a
part of the mix in Finland and Norway, with
further transition opportunities under
exploration. Sweden’s last-mile partners
operate EVs in Stockholm, Malmö, Uppsala
and Gothenburg, alongside HVO-fuelled
options. We also continue to offer parcel
distribution with the Nordic Swan Ecolabel
to pick-up locations across all of Sweden,
which ensures our distribution partners meet
climate and energy efficiency criteria,
including a high share of renewable energy
in the fuel used. In Norway, our main partner
uses a mix of electric, HVO and diesel
vehicles. In Finland, one carrier has moved to
a fully electric fleet, while another
supplements diesel with HVO.
In Sweden, the company car fleet has
transitioned entirely to electric and plug-in
hybrid vehicles over the past three years,
replacing the previous mix of diesel and
petrol cars, delivering a reduction in CO₂e
emissions from approximately 200 tonnes
in 2023 to around 150 tonnes in 2025. In the
UK&I, diesel-only vehicles will be fully
removed from the company car offering in
2026/27, and the availability of BEV,
plug-in hybrids and hybrid models has
been significantly expanded. As a result,
we expect up to 70% of company car
drivers in the UK&I to transition to either a
fully electric or hybrid vehicle within the
next 12 months, supporting a reduction in
CO₂e emissions.
Value chain emissions
Our Scope 3 emissions are highly complex,
requiring collaboration with suppliers and
manufacturers across the globe to help
them decarbonise their businesses and
supply chains. Suppliers are at different
stages in their emission reduction journeys
with varying legislative environments and
targets, and we have varying degrees of
influence.
We remain committed to reducing absolute
Scope 3 GHG emissions, which account for
more than 99% of our total emissions. The
most significant impacts are within
purchased goods and services, and the
use of sold products, where we target a
50% reduction by 2029/30 from a
2019/20 base year. We aim to reduce
these emissions through activities involving
our suppliers, manufacturers, colleagues
and customers.
We have achieved a -37% reduction to
date. However, due to increasing total
sales resulting in increased emissions from
the goods we purchase and upstream
transportation, our total Scope 3 emissions
have risen +4% YoY. We will continue to
engage and support suppliers to reduce
emissions. See more data on page 31.
Energy and GHG
emissions data
We report our energy consumption and
GHG emissions from the activities of Currys
plc for the period 4 May 2025 to 2 May
2026, as required by the Companies Act
2006 (Strategic Report and Directors’
Report) Regulations 2013 (‘the 2013
Regulations’) and the Companies
(Directors’ Report) and Limited Liability
Partnerships (Energy and Carbon Report)
Regulations 2018 (‘the SECR Regulations’).
We have achieved a year-on-year
reduction in energy consumption and
reduced Scope 1, 2 and 3 emissions -37%
against a 2019/20 baseline. Read more on
energy and fuel efficiency on pages 29-30
and value chain emissions on this page.
We prioritise directly reducing our emissions
as much as possible across our operations
and value chain. This reflects international
best practice including guidance from the
SBTi which emphasises that offsets should
not be used as a substitute for real
decarbonisation and should only be used
to neutralise residual emissions once all
feasible reductions have been achieved.
We also recognise that offsetting schemes
can face challenges around true
additionality, long-term permanence and
the reliability of their quantified impact.
Our priority remains on reducing emissions
at the source, supported by energy
efficiency measures and a transition to
renewable energy. We will continue to
review our approach as we progress on
our journey and as best practice evolves.
Information on our energy and emissions
data methodology is available on
our Group website, www.currysplc.com,
through our Basis of Reporting
document.
i
31
Strategic Report Financial Statements Investor InformationGovernance
GHG emissions (’000 tonnes of CO
2
e emitted) 2025/26 % change 2024/25 2019/20
Scope 1 15
†
0.74% 15 19
Scope 2 (location-based) 17
†
-11% 19 40
Scope 2 (market-based) 0.77
†
-11% 0.86 5
Scope 3, category 1: Purchased goods and services
(1)
2,692 19% 2,254 4,203
Scope 3, category 3: Fuel- and energy-related activities 10 -17% 13 13
Scope 3, category 4: Upstream transportation and distribution 67 5% 64 165
Scope 3, category 5: Waste generated in operations 0.46 -49% 0.90 0.92
Scope 3, category 6: Business travel 4 -28% 6 3
Scope 3, category 7: Employee commuting 44 15% 39 25
Scope 3, category 9: Downstream transportation and distribution 17 2% 17 36
Scope 3, category 11: Use of sold products
(1)
6,314 -1% 6,400 10,124
Scope 3, category 12: End-of-life treatment of sold products 2 -14% 3 9
Total Scope 3 9,152 4% 8,795 14,580
Total: Scope 1, Scope 2 market-based, Scope 3 (all categories)
(1)(2)
9,168 4% 8,811 14,605
GHG emissions performance versus targets
(’000 tonnes of CO
2
e emitted) 2025/26
Change against
baseline (%) 2024/25 2019/20
Scope 1 and Scope 2 market-based emissions 16 -35% 16 25
Purchased goods and services and use of sold products emissions
(categories 1 and 11)
(1)
9,006 -37% 8,654 14,327
The Company-wide energy consumption for the reporting period 4 May 2025 to 2 May 2026 are as follows:
Global energy consumption (GWh) 2025/26 % change 2024/25 2019/20
Transport (including diesel, petrol, LPG) 55 1% 54 67
Natural gas 13 -13% 15 22
Heating (district heating, oil and LPG) 13 -5% 14 0.22
Electricity 141 -3% 146 218
Total 222
†
-3% 229 308
of which UK 141 -2% 144 215
Intensity ratio: MWh/1,000 sq ft occupied floor area
(3)
11.36 -1% 11.49 16.25
Total renewable energy purchased or generated 141
†
-3% 146 Not available
The Company-wide emissions for the reporting period 4 May 2025 to 2 May 2026 are as follows:
GHG emissions
(’000 tonnes of CO
2
e emitted)
Location based Market based Location based Market based Location based Market based
2025/26 % change 2025/26 % change 2024/25 2024/25 2019/20 2019/20
Scope 1 15
†
1% 15
†
1% 15 15 19 19
Scope 2 17
†
-11% 0.77
†
-11% 19 0.86 40 5
Total 32 -6% 16 0.11% 34 16 60 25
of which UK 28 -8% 15 1% 30 15 52 22
Intensity ratio: tCO
2
e/1,000
sq ft occupied floor area
(3)
1.65 -4% 0.83 2% 1.72 0.81 3.20 1.30
Please note, percentages and totals displayed are derived from the underlying unrounded figures.
† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 and ISAE 3410 for selected energy consumption, e-waste and Scope 1 and 2
GHG emissions which have been highlighted with a †. For more details of the scope of their work, please refer to their assurance report on our Group website,
www.currysplc.com/sustainable-business/policies-disclosures
(1) We have restated the following Scope 3 data due to methodology changes within category 1 (purchased goods and services) and category 11 (use of sold products). These
updates have resulted in a material change, and as per our Restatement Policy, this required the following restatements: category 1 2024/25 increased from 1,793 to 2,254 ’000
tCO
2
e, category 11 2024/25 decreased from 8,520 to 6,314 ’000 tCO
2
e and 2019/20 decreased from 12,570 to 10,124 ’000 tCO
2
e and total Scope 1, Scope 2 market based
and Scope 3 emissions 2024/25 decreased from 10,470 to 8,811 ’000 tCO
2
e and 2019/20 decreased from 17,050 to 14,605 ’000 tCO
2
e. More information on this restatement
process and a full reconciliation table can be found in our Basis of Reporting on our Group website, www.currysplc.com/sustainable-business/policies-disclosures
(2) Further information on our Scope 1, 2 and 3 data methodology, including how we’ve defined our boundary, the source of data, our processes for missing data and key
assumptions, is available on our Group website through our Basis of Reporting document, www.currysplc.com/sustainable-business/policies-disclosures
(3) Overall floor area of the Group for 2025/26 is estimated to be 19,514,633 sq ft.
32 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Our communities
We will help eradicate digital poverty
We pride ourselves on bringing technology to more people through our competitive pricing,
access to online and physical stores, and affordable, responsible credit. Because our
social purpose is at the heart of what we do, we also support causes that help those who
might otherwise be excluded.
We have continued to embed the Group
Social Impact Principles. Wherever we
operate we help raise funds and
awareness to help people and local
communities benefit from digital inclusion. In
2025/26, across the Group we contributed
and raised over £700,000 to support a
range of strategically aligned projects,
including digital inclusion initiatives.
Defining digital poverty
We support the DPA’s definition: digital
poverty is the inability to interact with the
online world fully, when, where and how an
individual needs to. It affects people of all
ages and backgrounds, shaped not only by
affordability challenges or technological
change, but also by fragmented support
systems.
Elkjøp Nordic’s 2024 YouGov survey across
the region confirmed that technology is
changing faster than many can follow.
Those most vulnerable to the change
include older adults, people with
disabilities, and individuals with limited
employment stability – though all age
groups are affected.
In the UK, research prepared for the DPA
(1)
found that up to 19m people aged 16+ are
experiencing some form of digital poverty,
but that billions of pounds in benefits for
individuals, government and businesses
could be unlocked annually. DPA research
highlighted significant gaps in local digital
inclusion provision across the UK, with many
communities lacking visible, accessible
routes to connectivity, devices and skills
support
(2)
. The UK Government’s Digital
Inclusion Action Plan: First Steps
(3)
reinforced the need for coordinated
national action and the DPA’s updated
action plan called for sustained progress
on affordable connectivity, stronger local
support capacity, improved accessibility,
and digital skills.
Working to tackle digital poverty
We remain committed to working with
government, industry partners and charities
to address digital poverty and reduce
inequality.
As signatories to the DPA’s Charter for
Digital Inclusion, we remain committed to
raising awareness, boosting digital skills
development and creating partnerships for
impact. This year we expanded our
commitment to include refurbishing and
donating corporate devices.
In June 2025, we became one of the first
business signatories to the new UK
Government IT Reuse for Good charter,
encouraging a ‘reuse first’ approach to IT
assets to increase device refurbishment
and donation for the 1.5m people in the UK
who currently lack essential digital
equipment – helping address both the
digital divide and tackling e-waste.
Whilst it’s important we continue to drive
systemic change, it’s also critical that we
help support those in digital need in the
short-term. That’s why we continue with our
local initiatives in the Nordics, the
Tech4Families programme in the UK and
launched a free Wi-Fi service in all UK&I
stores to help customers stay connected.
Raising awareness
We continue to take action to raise
awareness of digital poverty and the
opportunities presented by tackling it.
During the year:
• We continued donating £1 for online
sales of refurbished tech in the UK,
across our mobile and computing
categories, raising over £35,000 this
year towards helping those living in
digital poverty.
• We celebrated the UK’s third annual End
Digital Poverty Day through sponsorship
of the DPA’s gala and over the year
colleagues and suppliers helped raise
over £15,000 for the DPA.
• We funded and supported the DPA to
attend Labour and Conservative party
conference events to discuss digital
poverty and explore solutions with
leaders, policymakers and stakeholders.
Partnerships for impact
This year we renewed our DPA corporate
membership, participated in their Industry
Forum, spoke at key events and hosted
webinars with them, all with the aim of
highlighting the importance of cross-sector
collaboration on digital inclusion.
We formulated a new partnership with
London based charity, Single Homeless
Project (‘SHP’), based near our London
office location, to support people who
have faced homelessness to access digital
skills. Colleagues have volunteered to
support clients accessing digital skills
training, and a donation will enable SHP to
address high demand for mobile phones
from their clients and initiate their ‘Digital
Peers’ programme – training peers to run
drop-in or taster sessions across SHP
hostels as a stepping stone to increased
participation from their least well served
groups. We also donated ten refurbished
corporate laptops to support clients with
boosting their digital skills, job hunting or
addressing educational needs.
We participated in an advisory working
group to support the development of the
UK Government’s IT Reuse for Good charter,
became one of the first business
signatories and have donated 116 devices
through the scheme this year. We are also
collaborating with DSIT to increase
customer awareness of their free digital
skills resources, using in-store signposting,
integrating the materials into our AI skills
training for small charities, and will share
them with individuals supported through our
social impact programmes in 2026/27.
Digital skills development
Following a pilot, we continued to provide
UK&I corporate colleagues with
volunteering opportunities on community-
based projects tackling digital poverty.
Over the year, 22 UK&I colleagues have
undertaken some form of digital skills
volunteering.
(1) Digital Poverty in the UK: A socio-economic assessment of the implications of digital poverty in the UK, September 2023.
(2) Disconnected Britain: The Hidden Gaps in Local Digital Support, November 2024.
(3) Digital Inclusion Action Plan: First Steps, February 2025.
33
Strategic Report Financial Statements Investor InformationGovernance
Tech4Families
In the UK, 2m young people lack access to
a device suitable for their education so
we’re helping families who need a laptop
to get one.
During the year, funds collected through
Pennies from our UK stores supported a
further 889 vulnerable families by
providing life-changing access to digital
technology.
Our RepairLive team are also helping make
sure families receive the right support as
they get digitally connected as refurbished
laptops going out to families now include a
clear, easy to-find leaflet with RepairLive
contact details. This simple addition is
making a meaningful difference and helps
ensure we are removing barriers, not
creating them.
Working with Pennies, this year we initiated
two major changes to our micro-donation
offer to help double donations in 2026/27:
1. New in-store payment terminals from
Stripe have introduced clearer
touch-screen displays that have
helped deliver a 78% uplift in donations
and brings charitable giving prompts to
their terminals for the first time globally.
2. Undertook back-end development to
enable Pennies donations to be
integrated into online payment journey,
which was launched post year-end
(June 2026).
Following the initial independent
evaluation
(1)
, we have funded the next
phase of research – the DPA is examining
how access to a device suitable for
learning has impacted the aspirations of
families we have supported. The results will
be published in 2026/27.
Digital inclusion initiatives in
the Nordics
Elkjøp focuses on raising awareness,
building digital skills and enabling access
for those falling behind.
Norway
Elkjøp participates in Norway’s
Collaboration Forum for Digital Inclusion,
led by the Norwegian Digitalisation
Directorate, bringing together over 30
organisations to coordinate national
digital participation efforts in line with the
government’s Action Plan for Digital
Inclusion 2023–2026.
In the 2025/26 grant cycle, the Elkjøp Fund
allocated NOK 400,000 to nine
organisations, including supporting digital
skills for elderly citizens, assistive
technology for blind and visually impaired
seniors, IT equipment for children with
neurodevelopmental disabilities, digital
guidance in 30 languages for immigrants,
digital literacy for women with minority
backgrounds and youth in Oslo, and basic
computer courses for people with mental
health challenges.
Building on last year’s GAMING IRL
concept, Elkjøp continued partnering with
three organisations to provide inclusive
gaming experiences. In addition, our
longstanding partnership with SOS
Children’s Villages Norway, reached
hundreds of children with digital equipment.
Sweden
Our research in 2024
(2)
found that 1 in 4
believe that unequal access to technology
is actively widening the gap between social
groups. To help address this, Elgiganten
partners with Stiftelsen Läxhjälpen,
providing structured, free homework
support for secondary students at risk of
not completing their education. The
partnership (since 2021) includes an annual
contribution of approximately £12,000
and product support worth £4,000.
Elgiganten supplies computers for
Läxhjälpen‘s digital homework programme,
that students can borrow, and classroom
technology that helps create effective
learning environments. Läxhjälpen now
operates in over 100 schools, with a focus
on areas where outcomes fall below the
national average and has recently
expanded into digital and hybrid support
for rural students.
Denmark
Recognising that 42% of parents find it
difficult to keep track of their children’s
digital lives
(2)
, Elgiganten partners with
Børns Vilkår, Denmark’s leading child
welfare organisation, contributing over
£23,000 annually to support The Screen
Guide – afree, research-based resource
offering age-specific guidance on
children’s screen use, online safety and
digital habits. Customers can also donate
through in-store payment terminals; in
2025/26, customers’ donations raised over
£24,000 for Børns Vilkår. Elgiganten also
continued to deliver Support Weeks,
offering 30 minutes of free technical
guidance with over 350 customers
participating – almost double the
previous year.
Finland
Gigantti partners with Save the Children
Finland, supporting the Huippula and
Digifrendi programmes with an annual
contribution of approximately £17,000 in
addition to approximately £6,000 in
device donations. Huippula is a free,
bilingual digital media education service
for primary school children, with a focus on
reaching those facing barriers to safe
digital access. Since launch, it has reached
over 16,300 children. Digifrendi
complements this by supporting
adolescents’ mental well-being in digital
environments, an important resource when
18% of survey respondents reported that
their child has experienced discrimination,
bullying or exclusion related to online
gaming
(2)
.
(1) Tech4Families Evaluation Report, August 2024.
(2) Tech Trouble, 2024.
Currys colleagues listen to Elizabeth Anderson, CEO of
the DPA speaking at the third End Digital Poverty Day
reception, sponsored by Currys.
34 Currys plc Annual Report & Accounts 2025/26
Sustainable business: Our suppliers
Responsible sourcing
Our policies and standards
With over 6,500 suppliers globally, the
majority based in Europe and the Far East,
we use our scale to drive responsible
practices. Beyond compliance with all
relevant national and international
legislation, our Standards for Responsible
Sourcing set our expectations for all
suppliers, partners and subsequent supply
chains. These reflect our commitment to
acting with integrity in business relationships
and are underpinned by both our Child
Labour Remediation & Young Worker Policy
and Conflict Minerals Policy.
We continue to take action to prevent
modern slavery and human trafficking in our
operations and supply chain, reporting
progress annually in our Modern Slavery &
Human Trafficking Statement. Our Anti-
Modern Slavery & Human Trafficking Policy
sets out the actions colleagues, suppliers
and partners must take if modern slavery is
discovered or suspected.
An Anti-Bribery, Gifts and Hospitality Policy
is in place. The procedures overseeing the
anti-corruption and bribery control
environment are reviewed by the Audit
Committee at least annually, most recently
in December 2025, with the full policy
reviewed by the Board periodically.
Our progress
Tackling modern slavery
This year we republished our internal
Modern Slavery Escalation Process,
alongside our new modern slavery
response plan and updated guidance on
how to conduct an interview with
individuals who may be experiencing
modern slavery.
We collaborated with the Slave-Free
Alliance, part of the international charity
Hope for Justice, to review our recruitment
providers in the UK&I. We also completed a
gap analysis of our business’ due diligence,
supply chain risks and effectiveness at
identifying and addressing modern slavery.
Twelve recommendations were made and
will be addressed according to risk level.
Training
This year we reviewed and reissued
responsible sourcing training for colleagues
in procurement and commercial roles, with
an enhanced version for those in own label
and licensed brand operations. Training
was assigned to 624 colleagues, and we
achieved a completion rate of 75%. We
also reviewed and reissued our modern
slavery ‘Spot the Signs’ training which was
completed by over 1,000 colleagues in
distribution roles across the UK&I and
Nordics.
Supplier assessment
We completed 65 ethical audits on own
label and licensed brand suppliers this
year, continuing to track reduced working
hours with targets, corrective action plans
and re-audits as necessary.
We use the EcoVadis platform to measure
suppliers’ sustainability performance, with
65% of Group spend now assessed for
sustainability and 64% for carbon maturity
– each up +1% YoY . Over 96% of own label
order value is with EcoVadis-rated
suppliers. Engagement with own label
suppliers on corrective actions from their
EcoVadis assessments helped achieve an
increase in the average score from 38 to 46
out of 100.
Through our Responsible Business Alliance
membership, we continue to expand our
understanding of mineral risks in the tech
industry. Following last year’s conflict
mineral due diligence survey of own label
suppliers, we shared information packs on
mineral risks, and recommended due
diligence and additional resources with
suppliers requesting support.
Looking ahead
In 2026/27 we will:
• Review our own label and licensed
brand ethical audit.
• Commission a review of waste and
recycling partners by the Slave-Free
Alliance.
• Continue working with own label and
licensed brand suppliers to increase
average EcoVadis scores.
Bringing amazing tech to our customers isn’t something we do alone. We collaborate
with our manufacturers and suppliers to make sure the products we sell are safe and
responsibly sourced.
Further information about:
Our 2024/25 Modern Slavery Statement,
approved by the Board on 3 September
2025, can be found on our Group
website, www.currysplc.com, alongside
our policies and standards.
Our work with suppliers to sell tech that
uses less resources, see page 23.
35
Strategic Report Financial Statements Investor InformationGovernance
Risk management: Approach
The Group recognises that taking risks is an inherent part of doing business and that
competitive advantage can be gained through effectively managing risk. The Group
has developed and continues to evolve robust risk management processes, and risk
management is integrated into business decision-making. The Group’s approach to
risk management and risk governance framework is set out in the Corporate
Governance Report on pages 59 to 70. The risks are linked to the strategic priorities
on page 11.
Principal risks
Our approach to horizon scanning
and emerging risks
In order to promote sustainable success, the business continues
to analyse the risks likely to emerge in the short, medium and
longer term that may impact the delivery of our strategy. To
provide a view over the medium to longer term, a horizon
scanning approach is required.
Our approach to undertaking horizon scanning is based on
conducting both reviews of external thought leadership and
also through obtaining the views of key business stakeholders
on emerging risks.
Horizon scanning takes place throughout the year to ensure that
the horizon is consistently scanned for developments and
changes that may impact the business. Any emerging risks are
included in Risk Committee and Audit Committee reporting to
form a view as to whether any of these should be considered
aprincipal risk.
Risks and potential impacts
The Group continues to develop its risk management processes,
fully integrating risk management into business decision-making.
The risk management process mirrors the operating model with
each business unit responsible for the ongoing identification,
assessment and management of their existing and emerging
risks. The output of these assessments is aggregated to compile
an overall Group-level view of risk.
The principal risks and uncertainties, together with their potential
impacts, are set out in the tables on the following pages along
with an illustration of actions being taken to mitigate them.
Key changes to the risk profile
In addition to our regular risk review process, during 2025/26 we
completed an end-to-end review of our principal and emerging
risks through individual discussions with key stakeholders, risk
owners, the Executive Committee and the Board. This validated
that our principal risks remain appropriate following the changes
made as part of the last end-to-end review. A minor change has
been made to the macroeconomic environment risk title which
now includes geopolitics, reflecting that geopolitical factors
form part of this risk.
We recognise the pace of technological change with
competitors utilising AI, and that agentic AI is rapidly growing as
a new, transformative sales channel. We have identified the
principal risks that have an AI element to them as part of our risk
profile. Business continuity remains a key focus following
cyber-attacks on the UK retail sector and supply chain
resilience is continually monitored. Changes in net risks since the
last report are set out in the tables on the following pages.
36 Currys plc Annual Report & Accounts 2025/26
Principal risks and uncertainties
1 Business continuity
Risk owner:
Chief Operating Officer
Risk category:
Operational
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to effectively
respond, maintain, and
recover operations in the
event of significant
business disruption and/
or incident.
What is the impact?
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Reputational damage.
• Loss of competitive
advantage.
How we manage it
• Business continuity plans in place and
tested for key business locations.
• Enablement of home working for
office-based and contact centre
colleagues.
• Disaster recovery plans in place and
tested for key IT systems and data
centres.
• Cross-functional crisis team to manage
response to significant events.
• Major risks insured.
Changes since
last report
This risk has increased
through 2025/26.
2 Business transformation
Risk owner:
Chief Information Officer
Risk category:
Strategic
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to deliver the
required transformation
activities to achieve the
desired cost, margin,
compliance and growth.
What is the impact?
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Reduced market share.
How we manage it
• Transformation Programme Office
providing oversight, planning, risk, controls
and dependency management, and
financial and benefits realisation
management.
• Robust portfolio and programme
governance with regular Executive
Committee and Board-level reporting.
• Transformation assurance across three
lines — project, portfolio review, and
audit.
• Resourcing and change management
capability embedded across the
portfolio.
Changes since
last report
This risk has remained
stable through
2025/26.
3 Competition
Risk owner:
Chief Commercial Officer
Risk category:
Strategic
Risk movement:
Link to strategy:
Considered in the
viability statement:
No
What is the risk?
Failure to anticipate and
effectively respond to
changing competitor
behaviour and/or the
disruptive retail
landscape.
What is the impact?
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Reduced market share.
• Reputational damage.
How we manage it
• Monitoring of market performance and
deep dives on market share analysis.
• Trading meetings, quarterly business
reviews, budgeting and planning
processes.
• Working closely with suppliers on
partnerships and strategies.
• Continued development of propositions
and focus on retail fundamentals.
Changes since
last report
This risk has increased
through 2025/26.
Risk movement Link to strategy
Capable and
committed colleagues
Easy to shop
Customers for life Grow profits
Increased Decreased
Stable
37
Strategic Report Financial Statements Investor InformationGovernance
4 Financial services regulation
Risk owner:
Chief Services Officer
Risk category:
Regulatory
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to manage the
business of the Group in
compliance with
financial services
regulation to which the
Group is subject in a
number of areas,
including insurance
operations and
consumer credit
activities.
What is the impact?
• Enforcement action by
the regulator.
• Loss of authorisation
and inability to trade
regulated products.
• Reputational damage.
• Financial penalties.
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Customer
compensation.
How we manage it
• Board oversight and management
structures monitor compliance and
ensure that the Company’s culture
focuses on good customer outcomes.
• Regulatory Compliance Committee,
Product Governance and other internal
governance structures.
• Financial Services Risk Management
Framework and compliance frameworks
in place.
• Compliance monitoring and Internal
Audit review of the operation and
effectiveness of compliance standards
and controls.
Changes since
last report
This risk has remained
stable through
2025/26.
5 Information security and data protection
Risk owner:
Chief Information Officer
Risk category:
Technology
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to govern and
control customer,
colleague and business
data in accordance with
legislation including EU
General Data Protection
Regulation. Failure to
prevent, monitor and
respond to an
information security
event.
What is the impact?
• Reputational damage.
• Financial penalties.
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Customer
compensation.
• Loss of competitive
advantage.
How we manage it
• Significant investment in information
security safeguards, IT security controls,
monitoring, in-house expertise and
resource as part of a managed
information security improvement plan.
• Technology Risk Forum with responsibility
for oversight, co-ordination and
monitoring of information security and
data protection risk.
• Audit programme over key suppliers’
information security standards.
• Ongoing programme of penetration
testing, security health checks, red
teaming and scenario exercises.
• Control activities operate over
management of customer and employee
data in accordance with the Group’s
data protection policy and processes.
Changes since
last report
This risk has remained
stable through
2025/26.
6 IT systems and infrastructure
Risk owner:
Chief Information Officer
Risk category:
Technology
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
A key system becomes
unavailable for a period
of time impacting our
ability to trade and
continue operations.
What is the impact?
• Reduced revenue
and profitability.
• Deteriorating cash flow.
• Loss of competitive
advantage.
• Restricted growth and
adaptability.
• Reputational damage.
How we manage it
• Ongoing IT transformation to align IT
infrastructure to future strategy.
• Peak planning and preparation to ensure
system stability and availability over
high-demand periods.
• Individual system recovery plans in place
in the event of failure which are tested in
line with an annual plan, with full
recovery infrastructure available for
critical systems.
• Long-term partnerships with application
and infrastructure providers.
• A mature IT service design and transition
process manages the transition of new
and changed services into production.
Changes since
last report
This risk has remained
stable through
2025/26.
Risk movement Link to strategy
Capable and
committed colleagues
Easy to shop
Customers for life Grow profits
Increased Decreased
Stable
38 Currys plc Annual Report & Accounts 2025/26
Principal risks and uncertainties continued
7 Liquidity, tax and treasury
Risk owner:
Chief Financial Officer
Risk category:
Financial
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to manage
access to sufficient
liquidity at any given time
may impact the Group’s
ability to meet its
financial and legacy tax
obligations.
What is the impact?
• Reduced revenue
and profitability.
• Deteriorating cash flow.
How we manage it
• Regular monitoring of cash and liquidity
levels takes place at committees.
• Bank facility and covenant cover levels
are reviewed and negotiated.
• Capex prioritisation sessions are
undertaken by the Executive Committee
to identify cost-saving initiatives.
• Triennial pensions revaluation process.
• Board and internal committee oversight
actively monitors tax strategy
implementation.
• The Group remains committed to
achieving a resolution with HMRC
in relation to open tax cases.
Changes since
last report
This risk has remained
stable through
2025/26.
8 Macroeconomics and geopolitics
Risk owner:
Chief Financial Officer
Risk category:
Strategic
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to mitigate the
impacts of volatile
external financial
factors such as tariffs,
exchange rates, interest
rates and inflation
across our key markets.
What is the impact?
• The potential for
increased operating
costs.
• The potential for
external factors to
impact consumer
demand and electrical
spend by customers.
How we manage it
• Rolling forecast to analyse future
expected performance across the
financial year.
• Business plan updates to the Executive
Committee to analyse the investment
initiatives taking place and progress
against delivery and financial benefits,
alongside more detailed daily and
weekly performance.
• Cost flexibility in operating model.
• Hedging strategy in place for foreign
exchange and energy.
Changes since
last report
This risk has remained
stable through
2025/26.
9 People and safety
Risk owner:
Chief People, Communications and
Sustainability Officer
Risk category:
Operational
Risk movement:
Link to strategy:
Considered in the
viability statement:
Yes
What is the risk?
Failure to attract,
engage and retain
skilled colleagues
affordably; protect
customers and
colleagues; and
maintain an environment
where our values and
behaviours support
delivery of our strategy.
What is the impact?
• Reduced employee
engagement and
satisfaction.
• Increased operating
costs.
• Employee/customer
illness, injury or loss of
life.
• Reputational damage.
• Financial penalties.
• Legal action.
How we manage it
• Colleague engagement surveys.
• Risk assessment programme covering
retail, support centres, distribution and
home services.
• Incident reporting tool and process.
• Health and Safety training and
development framework and inspection
programme.
Changes since
last report
This risk has remained
stable through
2025/26.
Risk movement Link to strategy
Capable and
committed colleagues
Easy to shop
Customers for life Grow profits
Increased Decreased
Stable
39
Strategic Report Financial Statements Investor InformationGovernance
10 Product safety
Risk owner:
Chief Operating Officer
Risk category:
Operational
Risk movement:
Link to strategy:
Considered in the
viability statement:
No
What is the risk?
Failure to maintain
adequate procedures
and due diligence
regarding product
safety, and sufficient
processes to manage
and comply with product
recall notices,
particularly in relation to
original equipment
manufacturer (‘OEM’)
sourced products.
What is the impact?
• Financial penalties.
• Reduced cash flow.
• Reputational damage.
How we manage it
• Factory audits conducted over OEM
suppliers.
• Technical evaluation of OEM products
prior to production.
• Product inspection of OEM products
prior to shipment.
• Monitoring of reported incidents.
• Safety governance reviews conducted
by internal technical teams.
• Established protocols and procedures to
manage product recalls.
Changes since
last report
This risk has remained
stable through
2025/26.
11 Supply chain resilience
Risk owner:
Chief Commercial Officer
Risk category:
Operational
Risk movement:
Link to strategy:
Considered in the
viability statement:
No
What is the risk?
Failure to optimise key
supplier relationships,
minimise external goods
for resale (‘GFR’) and
goods not for resale
(‘GNFR’), supply chain
disruption and manage
effective mitigation,
particularly in the
context of geopolitical
factors.
What is the impact?
• Disruptions to supply of
goods.
• Pricing and stock
availability terms could
worsen, leading to
decreasing sales/
reduced margin.
• Reduced revenue and
profitability.
• Deteriorating cash flow.
• Reduced market share.
How we manage it
• Ensuring alignment of key suppliers to
future strategy and meetings with
strategic suppliers’ management.
• Continuing to leverage the scale of
operations to strengthen relationships
with key suppliers and maintain a good
supply of scarce products.
• Working with suppliers to ensure
availability of products through key
supplier group engagement programme.
• Ethical supply chain due diligence over
our supplier base.
• Control structures to ensure appropriate
supplier relationship management for
GFR, GNFR and OEM.
Changes since
last report
This risk has increased
through 2025/26.
12 Sustainability
Risk owner:
Chief People, Communications
and Sustainability Officer
Risk category:
Strategic
Risk movement:
Link to strategy:
Considered in the
viability statement:
No
What is the risk?
Failure to meet
increasing regulatory
and legislative
requirements and
respond to significant
weather events. Failure
to deliver on
commitments and
expectations from
shareholders,
stakeholders, our
customers and
colleagues.
What is the impact?
• Financial penalties.
• Reputational damage.
How we manage it
• Roadmap to net zero by 2040.
• Oversight from the GSLT, the Executive
Committee and the Board.
• Group ESG strategy regularly reviewed.
• Partnerships with reputable external
agencies such as the CEP, BRC and DPA.
• Management reporting on progress
against target for e-waste with metrics
included in annual bonus scorecard.
Changes since
last report
This risk has decreased
through 2025/26.
Risk movement Link to strategy
Capable and
committed colleagues
Easy to shop
Customers for life Grow profits
Increased Decreased
Stable
40 Currys plc Annual Report & Accounts 2025/26
Going concern and viability statement
Going concern is the basis of preparation of the financial statements that assumes an entity
will remain in operation for a period of at least 12 months from the date of approval of the
financial statements. The viability statement takes account of the Company’s current
position and principal risks, stating whether there is a reasonable expectation that the
Company will be able to continue in operation and meet its liabilities as they fall due
over a longer term than the going concern period.
Going concern
A review of the Group’s business activities, together with the
factors likely to affect its future development, performance, and
position, are set out within this Strategic Report, including the risk
management section. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are shown in the
balance sheet, cash flow statement and accompanying notes to
the Annual Report & Accounts. The directors have outlined the
assessment approach for going concern in the accounting policy
disclosure in note 1 of the consolidated financial statements.
Following that review, the directors have concluded that the going
concern basis remains appropriate.
Viability statement
In accordance with the UK Corporate Governance Code,
the directors have assessed the viability of the Group over a
period longer than the 12 months covered by the ‘Going Concern’
provision above.
The directors, in making the assessment that three years was
appropriate, considered the current financial and operational
positions of the Group, the potential impact of the risks and
uncertainties in the Strategic Report, and the macroeconomic
environment (covering inflation, cost of living, consumer spending
and competitor activity), plus the mitigating actions available to
the Board.
The Board concluded that a period of three years was
appropriate for this assessment as this period is covered by the
Group’s strategic planning process, which is updated annually,
and reflects the period where there is greater certainty of cash
flows associated with the Group’s major revenue streams.
The strategic plan considers the forecast revenue, EBITDA, working
capital, cash flows and funding requirements on a business-by-
business basis, which are assessed in aggregate with reference
to the available borrowing facilities to the Group over the
assessment period including seasonal cash flow and borrowing
requirements on a monthly basis and the financial covenants to
which those facilities need to comply. The model assessed by the
directors has been derived from the Board-approved annual
Group budget for 2026/27, and Board-approved strategic plan
for the remaining two periods.
These forecasts have been subject to robust stress-testing,
modelling the impact of a severe but plausible downside scenario
based on those principal risks facing the Group, including specific
consideration of a range of impacts that could arise from the
continued short to medium term macroeconomic uncertainty. This
scenario included a downside risk to sales across the Group to
reflect the risk caused by the current macroeconomic environment
with high interest rates and energy costs, that could place
additional pressure on consumer spending.
As part of this analysis, mitigating actions within the Group’s control
have also been considered. These forecast cash flows indicate
that there remains sufficient headroom in the viability period for
the Group to operate within the committed facilities and to
comply with all relevant banking covenants.
As well as focusing on the potential downside to sales caused
by the current macroeconomic environment, the scenario also
included other principal risks such as regulation or information
security incidents, reduced forecast profitability and cash flow as
a result of a significant change in consumer behaviour. The model
assumes no further funding facilities are required over and above
those currently committed to the Group as disclosed in note 16 to
the Annual Report & Accounts.
Based on the results of this analysis, the directors have a
reasonable expectation that the Group will be able to continue in
operation and meet its liabilities as they fall due over the
three-year period of their assessment. In doing so, it is recognised
that such future assessments are subject to a level of uncertainty
and as such future outcomes cannot be guaranteed or predicted
with certainty.
41
Strategic Report Financial Statements Investor InformationGovernance
Performance summary
Group like-for-like sales growth was +4%, with the UK&I +3% and the Nordics +6%. In the
UK&I, we delivered good growth against a subdued consumer backdrop. The Nordics
consumer environment gradually improved through the year, supported by easing inflation
and lower interest rates across most of the region.
Year-on-year
Revenue
2025/26
£m
2024/25
£m
Reported
% change
Currency neutral
% change
Like-for-Like
% change
UK & Ireland 5,438 5,286 +3% +3% +3%
Nordics 3,816 3,420 +12% +6% +6%
Group 9,254 8,706 +6% +4% +4%
Like-for-like Sales - YoY H1 Peak Post-Peak H2 Full year
UK & Ireland +4% +3% +4% +3% +3%
Nordics +4% +12% +4% +8% +6%
Group +4% +6% +4% +5% +4%
In the UK&I, we outperformed the market, gaining +60bps of share in a market
(2)
that declined (1.3)%. Like-for-like sales grew +3%, driven
by strong performance in strategic initiatives including new categories and B2B. Adjusted EBIT increased £5m to £158m as increases in
colleague and operating costs were offset by gross margin improvements and operating leverage.
Nordics delivered very good results with adjusted EBIT up +26% (currency neutral) to £97m. Sales grew +6% (currency neutral) as most
product categories contributed to growth, supported by improving consumer sentiment. Market share
(2)
grew in the second half after
declining in the first half. Gross margins declined (60)bps YoY driven by the devaluation of forward purchase contracts as local
currencies strengthened against the Euro. Excluding these impacts, the gross margin was broadly flat as we balanced sales growth
and margin in a recovering consumer environment.
Group adjusted EBIT increased +13% to £255m and operating cash flow grew +13% to £294m. Free cash inflow reached £157m, +£8m
higher than last year, driven by the stronger operating performance, controlled capital expenditure and working capital management.
Cash deployment included £82m of pension contributions, £24m of dividends, and £50m of share buybacks. After these outflows, the
Group ended the period with net cash of £176m, £(8)m YoY.
42 Currys plc Annual Report & Accounts 2025/26
Performance summary continued
Profit and Cash Flow Summary
2025/26
£m
2024/25
£m
2025/26
Adjusted
£m
2024/25
Adjusted
£m
Reported
% change
Currency
neutral
% change
Segmental EBIT
-UK & Ireland 134 145 158 153 +3% +3%
-Nordics 86 53 97 72 +35% +26%
EBIT 220 198 255 225 +13% +11%
EBIT Margin 2.4% 2.3% 2.8% 2.6% +20 bps +20 bps
Net interest expense on leases (53) (56) (53) (56)
Other net finance costs (14) (18) (11) (7)
Profit before tax 153 124 191 162 +18% +15%
Tax 12 (16) (48) (40)
Profit after tax 165 108 143 122 +17% +14%
Earnings per share 15.5p 10.0p 13.4p 11.3p +19% +16%
Dividend per share 3.0p 1.5p 3.0p 1.5p +100% +100%
Operating cash flow 294 260 +13% +11%
Operating cash flow margin 3.2% 3.0% +20 bps +20 bps
Cash generated from continuing operations 514 507
Free cash flow 157 149 +5% +7%
Net cash 176 184 (4)% (10)%
Outlook and guidance
Current year guidance
Group trading since the year end has been very solid.
In line with usual practice, the Group will update the market on full year profit expectations after the Peak trading period, but at this
early stage in the year it is comfortable with market expectations.
Guidance on known and controllable financial items is listed below.
• The Group expects total interest expense of around £60-65m
• Capital expenditure of around £95m
• Exceptional cash outflow of around £15m
• Scheduled pension contributions of £13m and matching contributions of £5m
• Cash dividend payments of £35m across the proposed 2025/26 final and expected 2026/27 interim dividend
• New share buyback of £50m
Other technical cash flow items:
• Depreciation & amortisation around £280m
• Other non-cash items in EBIT of around £25m
• Cash payments of leasing costs around £265m
• Cash tax around £15m
• Cash interest of around £15m
• Share purchases to cover colleague share awards of £40m
43
Strategic Report Financial Statements Investor InformationGovernance
Longer term guidance
The Group is continuing to target at least 3% adjusted EBIT margin in both the UK&I and the Nordics.
Alongside this, the Group will remain focused on free cash flow generation. The Group expects to keep annual capital expenditure
below £100m, for exceptional cash costs to keep reducing, and to keep working capital at least neutral despite continued outflow
from the expected growth of the iD Mobile business.
The Group will aim to distribute consistent and growing cash to shareholders as outlined in the capital allocation framework which is set
out below.
Capital allocation
The Group’s continued focus on free cash flow resulted in year-end net cash of £176m and a pension deficit of £(6)m, a net position of
£170m, further strengthening the Group’s capital structure.
On this strong foundation, the Group has a clear capital allocation framework:
1. Maintain a prudent balance sheet – The Group will look to maintain a year-end net cash balance of at least £100m for the
foreseeable future. This level of cash allows us to efficiently manage the working capital cycle of the business and protect the balance
sheet in the event of unexpected market downturns. The Board is comfortable maintaining a strong cash buffer above this level.
2. Pay required pension cash contributions – The Group is scheduled to pay £13m a year into the historic defined benefit pension
scheme for five years, from 2026/27 to 2030/31. At the end of that period the scheme should be fully funded on a prudent basis
and these contributions will cease.
The Group is also required to make shareholder matching contributions. These are triggered when shareholder returns (dividends and
buybacks) exceed £80m in a year, with the excess matched by an additional contribution to the scheme. The threshold drops to
£40m in any year where year-end net cash falls below £50m. Matching contributions do not increase what the Group ultimately
owes the scheme, they accelerate the funding plan by reducing the payments still due, starting with the latest years. With shareholder
returns this year expected to be around £85m, the Group anticipates a matching contribution of £5m.
3. Invest to grow business/profits/cashflow – The Group has set an annual capital expenditure target of not more than £100m,
which reflects the well-invested nature of the Group’s assets and that an increasing proportion of investment spend is expensed
through the P&L. The Group continues to prioritise high returning projects and the efficient use of capital and is comfortable that this
level of expenditure provides sufficient bandwidth to achieve our objectives. In addition, the Group’s strong capital structure
provides the flexibility to explore other growth initiatives and small bolt-on acquisitions adjacent to the core business where
attractive returns are available.
4. Pay and grow an ordinary dividend – The Board is committed to paying and growing ordinary dividends. The Board has proposed
a final dividend of 2.25p, bringing the full year dividend to 3.0p, which represents +100% growth YoY and will drive total cash
dividends of around £35m in FY 2026/27. At this level, dividend cover is 4.5x, from 5.0x last year, and the Board expects to bring
cover down further to around 4.0x in the year ahead, with scope to reduce cover further over time.
5. Surplus capital available for share buybacks – The Group is committed to returning excess cash to shareholders through a share
buyback programme. The Group is commencing a new £50m share buyback programme today.
44 Currys plc Annual Report & Accounts 2025/26
Performance review
We manage the business across two segments: UK & Ireland and the Nordics. Both delivered growth in the period.
Group revenue increased +6% to £9,254m (+4% currency neutral), with strong contributions from both segments.
Group adjusted PBT increased to £191m, +18% YoY with adjusted EPS of 13.4p, a +19% increase on the prior year.
Group operating cash flow grew +13% to £294m due to the improved profitability. Free cash flow was £157m, +5% YoY, as higher
operating cash flow more than offset a smaller working capital inflow and modest increases in cash tax, cash interest and capital
expenditure. After £82m of scheduled pension contributions, £24m of dividends and a £50m share buyback, this resulted in a net cash
outflow for the year of £(8)m, ending the period with a net cash position of £176m.
Income Statement
2025/26
£m
2024/25
£m
Reported
% change
Currency neutral
% change
Revenue 9,254 8,706 +6% +4%
Recurring Services revenue
(1)
873 814 +7%
Adjusted EBITDA 526 491 +7% +5%
Adjusted EBITDA margin 5.7% 5.6% +10 bps +10 bps
Depreciation of right-of-use assets (181) (181)
Depreciation of other assets (47) (39)
Amortisation (43) (46)
Adjusted EBIT 255 225 +13% +11%
Adjusted EBIT margin 2.8% 2.6% +20 bps +20 bps
Interest on lease liabilities (53) (56)
Finance income 9 11
Adjusted finance costs (20) (18)
Adjusted PBT 191 162 +18% +15%
Adjusted PBT margin 2.1% 1.9% +20 bps +20 bps
Adjusted tax (48) (40)
Adjusted Profit after tax 143 122 +17% +14%
Adjusted EPS 13.4p 11.3p +19% +16%
Statutory Reconciliation
Adjusting items to EBITDA (12) (4)
EBITDA 514 487 +6% +3%
Adjusting items to depreciation and amortisation (23) (23)
EBIT 220 198 +11% +8%
EBIT Margin 2.4% 2.3% +10 bps +10 bps
Adjusting items to finance costs (3) (11)
PBT 153 124 +23% +19%
Adjusting items to tax 60 24
Profit after tax 165 108 +53% +49%
EPS – total 15.5p 10.0p +55% +51%
45
Strategic Report Financial Statements Investor InformationGovernance
Cash flow
2025/26
£m
2024/25
£m
Reported
% change
Currency
neutral
% change
Adjusted EBITDAR 532 495 +7% +5%
Adjusted EBITDAR margin 5.7% 5.7%
Cash payments of leasing costs (254) (249)
Other non-cash items in EBIT 16 14
Operating cash flow 294 260 +13% +11%
Operating cash flow margin 3.2% 3.0% +20 bps +20 bps
Capital expenditure (79) (77)
Adjusting items to cash flow (34) (33)
Free cash flow before working capital 181 150 +21% +17%
Working capital 24 38
Network receivable (27) (24)
Segmental free cash flow 178 164 +9% +10%
Cash tax paid (7) (4)
Cash interest paid (14) (11)
Free cash flow 157 149 +5% +7%
Dividend (24) –
Purchase of own shares – share buyback (50) –
Purchase of own shares – employee benefit trust (23) (15)
Pension (82) (50)
Disposals including discontinued operations – (5)
Other 14 9
Movement in net cash (8) 88
Net cash 176 184 (4)% (10)%
UK & Ireland
Number of stores 2025/26 2024/25
UK 280 280
Ireland 16 16
Total UK&I 296 296
Selling space ‘000 sq. ft
UK 5,159 5,159
Ireland 207 207
Total UK&I 5,366 5,366
Our UK&I footprint remained stable with 296 stores totalling 5.4 million square feet, making it the first year that we have not closed stores
for over a decade.
46 Currys plc Annual Report & Accounts 2025/26
Income Statement
2025/26
£m
2024/25
£m
Reported
% change
Currency neutral
% change
Revenue 5,438 5,286 +3% +3%
Of which recurring Services revenue
(1)
648 606 +7%
Adjusted EBITDA 313 306 +2% +2%
Adjusted EBITDA margin 5.8% 5.8% – –
Depreciation of right-of-use assets (96) (98)
Depreciation of other assets (26) (19)
Amortisation (33) (36)
Adjusted EBIT 158 153 +3% +3%
Adjusted EBIT margin 2.9% 2.9% – –
Adjusting items to EBIT (24) (8)
EBIT 134 145 (8)% (8)%
EBIT margin 2.5% 2.7% (20) bps (20) bps
Cash flow
Adjusted EBITDAR 318 310 +3% +2%
Adjusted EBITDAR margin 5.8% 5.9% (10) bps (10) bps
Cash payments of leasing costs (148) (148)
Other non-cash items in EBIT 12 14
Operating cash flow 182 176 +3% +3%
Operating cash flow margin 3.3% 3.3% – +10 bps
Capital expenditure (41) (50)
Adjusting items to cash flow (35) (28)
Free cash flow before working capital 106 98 +8% +8%
Working capital 26 21
Network receivable (27) (24)
Segmental free cash flow 105 95 +11% +11%
Total UK&I sales increased +3%, driven by like-for-like sales growth of +3%.
Computing was the strongest performing category, with AI technology sales and gaming launches such as the Nintendo Switch 2
supporting this growth. Additional growth was driven by new categories and accessories, which grew significantly from a low base.
Every category grew with the exception of consumer electronics, where a soft TV market
(2)
weighed on sales. Growth was supported
by improved marketing efficiency, particularly in new categories.
The UK&I market
(2)
declined (1)% last year. Our market share
(2)
was up +60bps compared to the previous year, with share gains in
both channels.
Gross margin increased +20bps reflecting the higher adoption rate of credit and other Services, complete solution sales and cost
savings and efficiencies to offset inflation in supply chain costs. There was continued focus on the end-to-end profitability of product
sales. Operating costs increased in absolute terms due to employment costs and other inflation, as well as deliberate investment in
marketing and increases in expensed investment spend. The operating expense to sales ratio worsened by (20)bps as these cost
increases more than offset operating leverage.
As a result, adjusted EBIT increased to £158m at 2.9% EBIT margin, flat YoY.
Performance review continued
47
Strategic Report Financial Statements Investor InformationGovernance
2025/26
£m
2024/25
£m
P&L Cash P&L Cash
Acquisition / disposal related items (11) – (11) –
Strategic change programmes (17) (34) (6) (24)
Impairment losses and onerous contracts 3 – 3 (1)
Regulatory 2 – 7 (2)
Other (1) (1) (1) (1)
Total (24) (35) (8) (28)
In the period, adjusting items to EBIT totalled £(24)m due to £(17)m of restructuring charges and £(11)m of amortisation, partly offset
by +£3m reversal of historic property asset impairments due to improved store performance, and a +£2m provision release related to
historic regulatory matters. The cash costs in the period primarily relate to ongoing strategic change and leases on closed properties.
Operating cash flow was up +3% to £182m due to higher operating profit.
Capital expenditure was £41m, £(9)m YoY, reflecting the phasing of store-related investment which is planned to increase in the year
ahead. Adjusting items are described above. The working capital cash outflow was driven by the growth of iD Mobile, with the total
£27m iD Mobile related outflow almost entirely offset by efficiencies in the rest of the business.
In combination, this resulted in segmental free cash inflow of £105m, +£10m higher than last year.
Nordics
2025/26 2024/25
Number of stores Own stores
Franchise
stores Total Own stores
Franchise
stores Total
Norway 71 60 131 75 64 139
Sweden 92 77 169 93 77 170
Denmark 47 2 49 49 – 49
Finland 19 11 30 20 18 38
Other Nordics – 16 16 – 16 16
Nordics 229 166 395 237 175 412
Selling space ‘000 sq ft Own stores
Franchise
stores Total Own stores
Franchise
stores Total
Norway 1,004 611 1,615 1,028 652 1,680
Sweden 1,086 407 1,493 1,106 404 1,510
Denmark 784 34 818 816 – 816
Finland 487 94 581 507 166 673
Other Nordics – 106 106 – 106 106
Nordics 3,361 1,252 4,613 3,457 1,328 4,785
Our Nordics footprint comprises 395 stores (229 owned, 166 franchised) totalling 4.6 million square feet. During the period, seventeen stores
were closed (eight owned, nine franchised), as part of ongoing portfolio optimisation as we closed stores in proximity to other stores.
48 Currys plc Annual Report & Accounts 2025/26
Income Statement
2025/26
£m
2024/25
£m
Reported
% change
Currency neutral
% change
Revenue 3,816 3,420 +12% +6%
Of which recurring Services revenue
(1)
225 208 +8%
Adjusted EBITDA 213 185 +15% +9%
Adjusted EBITDA margin 5.6% 5.4% +20 bps +20 bps
Depreciation of right-of-use assets (85) (83)
Depreciation of other assets (21) (20)
Amortisation (10) (10)
Adjusted EBIT 97 72 +35% +26%
Adjusted EBIT margin 2.5% 2.1% +40 bps +40 bps
Adjusting items to EBIT (11) (19)
EBIT 86 53 +62% +51%
EBIT margin 2.3% 1.5% +80 bps +60 bps
Cash flow
Adjusted EBITDAR 214 185 +16% +10%
Adjusted EBITDAR margin 5.6% 5.4% +20 bps +20 bps
Cash payments of leasing costs (106) (101)
Other non-cash items in EBIT 4 –
Operating cash flow 112 84 +33% +26%
Operating cash flow margin 2.9% 2.5% +40 bps +40 bps
Capital expenditure (38) (27)
Adjusting items to cash flow 1 (5)
Free cash flow before working capital 75 52 +44% +34%
Working capital (2) 17
Segmental free cash flow 73 69 +6% +7%
Revenue increased +6% YoY (currency neutral), driven by like-for-like sales of +6%.
Compared to last year, the Nordic market
(2)
increased around +5% driven by growth in all product categories, with particular strength in
computing and small domestic appliances. Our market share
(2)
declined slightly to 28.0% (from 28.3%) as we maintained a healthy
balance of sales and gross margin, while we also saw growth in new categories that are outside of the core market.
Gross margin declined (60)bps YoY driven by the devaluation of forward purchase contracts as local currencies strengthened against the
Euro. Excluding these impacts, the gross margin was broadly flat as we balanced sales growth and margin in a recovering consumer
environment. Operating costs were flat as cost savings across head office, procurement and changes to the store portfolio offset the
impact of inflation. The operating expense to sales ratio improved by +100bps due to tight cost control and significant operating leverage.
As a result, adjusted EBIT increased by +26% (currency neutral) to £97m.
2025/26
£m
2024/25
£m
P&L Cash P&L Cash
Acquisition / disposal related items (12) – (12) –
Strategic change programmes (7) (6) (7) (5)
Other 8 7 – –
Total (11) 1 (19) (5)
Adjusting items to EBIT totalled £(11)m, with £(12)m due to the amortisation of acquisition intangibles as well as £(7)m of restructuring
costs. The cash cost of restructuring was £(6)m in the year. The Other item was an £8m gain on the sale of an option to purchase a group
of companies to a third party.
Performance review continued
49
Strategic Report Financial Statements Investor InformationGovernance
Operating cash flow increased by +33% to £112m, driven by increased profits. Capital expenditure was £38m, due to a planned
+41% increase from the low levels of the last year. The most significant areas of expenditure were store refits, and IT transformation.
Working capital was a small outflow of £(2)m, due to higher stock intake, almost entirely offset by higher trade payables.
Finance Costs
2025/26
£m
2024/25
£m
Interest on lease liabilities (53) (56)
Finance income 9 11
Finance costs (20) (18)
Adjusted net finance costs (64) (63)
Finance costs on defined benefit pension schemes (2) (8)
Other finance costs (1) (3)
Net finance costs (67) (74)
Interest on lease liabilities was £(53)m, lower than last year and in line with the decrease in our overall lease commitment.
The cash impact of this interest is included within “Cash payments of leasing costs” in segmental free cash flow.
Adjusted net finance costs increased by £1m to £(64)m compared to the prior year. The net cash impact of these costs was £(14)m, from
£(11)m in the prior year.
The finance cost on the defined benefit pension scheme is an adjusting item and decreased by £(6)m compared to the prior year due
to the lower balance.
Tax
The full year adjusted effective tax rate of 25% was slightly higher than the previous year rate of 24%. Higher Nordic profits, which
are taxed at slightly lower rates than the UK rate of 25%, would have reduced the effective rate, but this was offset by higher
non-deductible expenditure.
Taxation payments of £7m (2024/25: £4m) were higher due to increased profitability in the Nordics. The cash tax rate of 5% is lower than
the adjusted effective rate of 25% primarily due to the tax relief available on UK pension contributions, brought forward UK tax
attributes (including capital allowances and tax losses) and adjusting items which reduce taxes payable.
Cash flow
2025/26
£m
2024/25
£m
Reported
% change
Currency neutral
% change
Operating cash flow 294 260 +13% +11%
Capital expenditure (79) (77)
Adjusting items to cash flow (34) (33)
Free cash flow before working capital 181 150 +21% +17%
Working capital 24 38
Network receivables (27) (24)
Segmental free cash flow 178 164 +9% +10%
Cash tax paid (7) (4)
Cash interest paid (14) (11)
Free cash flow 157 149 +5% +7%
Dividend (24) –
Purchase of own shares – share buyback (50) –
Purchase of own shares – employee benefit trust (23) (15)
Pension (82) (50)
Disposals including discontinued operations – (5)
Other 14 9
Movement in net cash (8) 88 – –
Opening net cash 184 96 +92%
Closing net cash 176 184 (4)% (10)%
50 Currys plc Annual Report & Accounts 2025/26
Segmental free cash flow was an inflow of £178m (2024/25: £164m) mainly due to improved profitability. Interest and tax outflows
totalled £(21)m, resulting in free cash flow of £157m (2024/25: £149m).
The employee benefit trust acquired £26m worth of shares to satisfy colleague share awards, partly funded by £3m received from
colleagues under the ‘Save As You Earn’ scheme, for a net outflow of £(23)m.
Pension contributions of £82m (2024/25: £50m) were in line with the contribution plan agreed with the pension fund trustees at the latest
triennial review.
Other movements relate to currency translation differences due to changes on foreign net debt across multiple currencies.
The closing net cash position was £176m, compared to a net cash position of £184m at 3 May 2025. The average net cash for the year
was £166m (2024/25: £136m net cash).
The Board has proposed a final dividend of 2.25p per ordinary share for the year ended 2 May 2026. The final dividend is subject to
shareholder approval at the Company’s Annual General Meeting on 10 September 2026. The ex-dividend date is 27 August 2026, with
a record date of 28 August 2026 and an intended final dividend payment date of 25 September 2026.
Balance sheet
2 May 2026
Group
£m
3 May 2025
Group
£m
Goodwill 2,290 2,251
Other fixed assets 1,093 1,090
Working capital (182) (195)
Net cash 176 184
Net lease liabilities (950) (937)
Pension (6) (103)
Deferred tax 67 32
Provisions (50) (56)
Income tax payable (30) (23)
Net assets 2,408 2,243
Goodwill increased by £39m as currency revaluations impacted goodwill allocated to the Nordics.
Other fixed assets of £1,093m were broadly flat.
Net lease liabilities have increased by £13m against 3 May 2025 due to lease renewals and new vehicle leases.
Working Capital
2 May 2026
Group
£m
3 May 2025
Group
£m
Inventory 1,181 1,037
Trade Receivables 186 195
Trade Payables (1,346) (1,186)
Trade working capital 21 46
Network commission receivables and contract assets 42 47
Network accrued income 262 230
Network receivables 304 277
Other Receivables 304 313
Other Payables (804) (820)
Derivatives (7) (11)
Working capital (182) (195)
Total working capital was £(182)m at period end, compared to £(195)m at 3 May 2025. The £13m increase primarily reflects:
Inventory: Increased +14% to £1,181m due to higher stock intake to support higher sales, improve stock availability and additional
purchases to protect against chip supply shortages. Stock days improved to 60 from 62, reflecting efficient inventory management.
Trade payables: Increased £160m to £1,346m in line with higher inventory levels.
Network receivables: Increased £27m as the iD Mobile subscriber base grew, reflecting handsets provided upfront and recovered
through customers’ monthly payments.
Performance review continued
51
Strategic Report Financial Statements Investor InformationGovernance
Other payables: decreased £16m, primarily from lower VAT payable, due to higher stock intake.
The pension accounting deficit under IAS 19 decreased to £(6)m from £(103)m at 3 May 2025, primarily due to the Group’s £82m
contribution during the year.
The Group is scheduled to pay £13m a year into the historic defined benefit pension scheme for five years, from 2026/27 to 2030/31.
At the end of that period the scheme should be fully funded on a prudent basis and these contributions will cease.
The Group is also required to make shareholder matching contributions. These are triggered when shareholder returns (dividends and
buybacks) exceed £80m in a year, with the excess matched by an additional contribution to the scheme. The threshold drops to £40m
in any year where year-end net cash falls below £50m. Matching contributions do not increase what the Group ultimately owes the
scheme, they accelerate the funding plan by reducing the payments still due, starting with the latest years. With shareholder returns this
year expected to be around £85m, the Group anticipates a matching contribution of £5m.
The deferred tax asset increased to £67m from £32m in the year primarily due to the increase in the recognition of a UK deferred tax
asset, following the Group’s continued improved trading performance and outlook.
Provisions primarily relate to property, reorganisation and sales provisions. The balance decreased by £(6)m during the year due to
releases for provisions related to historical regulatory and property matters.
Comprehensive income / Changes in equity
Total equity for the Group increased from £2,243m to £2,408m in the period, driven by profit after tax of £165m, the actuarial gain
(including taxation) on the defined benefit pension scheme of £17m, a gain on retranslation of overseas operations of £51m, movements
in relation to share scheme (including taxation) of £22m and hedging gains of £7m. This was partially offset by shareholder returns of
£74m and purchase of own shares by the EBT of £23m.
Share count
2 May 2026
Million
3 May 2025
Million
Weighted average number of shares
Average shares in issue 1,125 1,133
Less average holding by Group EBT and treasury shares held by Company (60) (52)
For basic earnings per share 1,065 1,081
Dilutive effect of share options and other incentive schemes 74 51
For diluted earnings per share 1,139 1,132
The weighted average number of shares used for basic earnings reduced by 16m to 1,065m compared to the previous year due to the
buyback of 36m of shares during the year, as well as an increase in the average number of shares held by the Group EBT to satisfy the
colleague shareholder scheme.
The dilutive effect of share options and other incentive schemes increased due to improved scheme performance against vesting
conditions.
Approval of Strategic Report
This Strategic Report was approved by the Board and signed on its behalf by:
Alex Baldock
Group Chief Executive
1 July 2026
(1) Recurring Services revenue is the total of Commission, Support service and Connectivity revenue.
(2) Market share calculated using NielsenIQ/GfK Point of Sales Tracking Service addressable market value data May 2025 to April 2026 mapped against Currys’ internal
sales data, Core products (electricals B2C) market value ex VAT – NielsenIQ/GfK Point of Sales Tracking Service, Mobile handsets market value ex VAT includes sim free
& post pay handsets – NielsenIQ/GfK Point of Sales Tracking Service.
52 Currys plc Annual Report & Accounts 2025/26
Governance at a glance
Compliance with the UK Corporate Governance
Code 2024 (the ‘Code’)
The Board confirms that throughout the year ended 2 May 2026
and as at the date of this report, the Company applied the
principles of, and was fully compliant with, each of the provisions
of the Code.
A copy of the Code is available from the website of the Financial
Reporting Council (‘FRC’), www.frc.org.uk.
Each year the Board reviews a copy of the Code, and the
supporting information that demonstrates how the Company has
complied with each provision prior to making this statement and
this year the review took place at the April 2026 Board meeting.
The Corporate Governance Report sets out how the Company has
complied with the provisions in the following sections of the Code:
Board Leadership and Company Purpose; Division of
Responsibilities; Composition, Succession and Evaluation; and
Audit, Risk and Internal Control. The Remuneration Committee
report describes how the Company has implemented each of
theprovisions in the Remuneration section of the Code.
Board highlights from 2025/26
• Succession planning and candidate evaluation for the
Group Chief Executive role.
• Approved the £50m share buyback and the payment
of dividends.
• Joined AI immersion training session.
• Continued close oversight of the Company’s Nordics business
including two Board visits to Oslo, store visits, and meetings
with Nordics store and head office colleagues.
• Evaluated strategic profit levers, cost savings, partnership and
collaboration opportunities and new business growth areas.
• Met with store colleagues during Leicester Fosse store and
Oslo store visits and Colleague Forum representatives during
Colleague Forum meetings.
Board meeting attendance in 2025/26
Directors Meetings attended
Alex Baldock
Rune Bjerke
(1)
Elaine Bucknor
(1)
Ian Dyson
Magdalena Gerger
Steve Johnson
Bruce Marsh
Octavia Morley
Adam Walker
Company Secretary Meetings attended
Nigel Paterson
(1) Elaine attended the 3 September 2025 Board meeting as an observer prior to
her appointment. Rune and Elaine were both absent from the Board meeting in
April 2026 due to other business commitments that were booked prior to their
appointments to the Board in September 2025. Both Rune and Elaine reviewed
the Board papers in advance and provided their feedback and questions to
the Chair of the Board.
Board tenure as at 2 May 2026
Non-Executive Directors Appointed Tenure
Rune Bjerke September 2025 7 months
Elaine Bucknor September 2025 7 months
Ian Dyson September 2022 3 years 8 months
Magdalena Gerger May 2023 3 years
Steve Johnson June 2024 1 year 11 months
Octavia Morley April 2024 2 years 1 month
Adam Walker June 2023 2 years 10 months
Executive Directors
Alex Baldock April 2018 8 years 1 month
Bruce Marsh July 2021 4 years 9 months
Colleague diversity at 2 May 2026
Direct reports of Executive
Committee members
Percentage of direct
reports of Executive
Committee members
Number of
colleagues
Percentage of all
colleagues
Total 61 24,540
Men 42 69% 17,757 72%
Women 19 31% 6,783 28%
53
Strategic Report Financial Statements Investor InformationGovernance
Board and Executive Committee diversity at 2 May 2026
Number of
Board members
Percentage of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
Men 6 66.7% 3 6 75%
Women 3 33.3% 1 2 25%
Not specified/prefer not to say 0 0 0 0 0
Number of
Board members
Percentage of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
White British or other White (including
minority-white groups)
8 88.9% 4 8 100%
Mixed/Multiple Ethnic Groups 1 11.1% 0 0 0
Asian/Asian British 0 0 0 0 0
Black/African/Caribbean/Black British 0 0 0 0 0
Other ethnic group, including Arab 0 0 0 0 0
Not specified/prefer not to say 0 0 0 0 0
Board skills and experience (no score = general understanding to 3 = deep subject matter expertise)
Directors
Ian Dyson
Board Chair and Nominations
Committee Chair
Rune Bjerke
Independent Non-Executive
Director
Elaine Bucknor
Independent Non-Executive
Director
Magdalena Gerger
Independent Non-Executive
Director
Steve Johnson
Independent Non-Executive
Director
Octavia Morley
Senior Independent Director and
Remuneration Committee Chair
Adam Walker
Independent Non-Executive
Director and Audit Committee Chair
Alex Baldock
Group Chief Executive
Bruce Marsh
Group Chief Financial Officer
General retailing experience
3 3 1 3 3 3 2 3 3
E-commerce
2 2 2 2 3 2 3 2
Commercial/supplier management
1 2 2 3 2 3 1 2 2
Supply chain/logistics
1 2 1 2 2 2 2 2 2
Environment including climate change
2 2 1 2 2 1 1 2 2
Social impact in communities
1 2 3 3 2 1 2
Strategy (development and implementation)
3 3 3 3 3 3 3 3 3
Accounting, finance and audit
3 2 2 1 2 2 3 2 3
Corporate transactions
3 3 2 3 2 1 3 3 2
Risk management
3 3 3 2 3 2 3 3 2
Listed company governance
3 3 3 2 3 3 3 2 2
Remuneration
2 2 1 2 2 3 3 2 2
Compliance/regulatory
2 2 3 2 3 1 3 2 2
People/corporate culture/organisational design
2 3 3 3 2 3 2 2 2
IT and technology
1 2 3 1 2 1 2 2 2
Marketing/advertising
1 2 2 3 2 2 1 2 1
Consumer financial services
1 2 1 3 2 3 2
International businesses
2 3 2 3 1 1 3 3 2
Current executive leadership
N N N N N N N Y Y
i
54 Currys plc Annual Report & Accounts 2025/26
Board of directors
Committee membership
Audit Committee
Nominations Committee
Disclosure Committee
Remuneration Committee
C
Committee Chair
Scan the QR code to
read full Board member
biographies on our website.
Board director tenure, diversity and skills information can be found in the Governance
at a glance section on pages 52 and 53. Detailed director biographies can be found
on the Company’s website.
Ian Dyson (64)
Chair of the Board
C
Octavia Morley (58)
Senior Independent
Director
C
Rune Bjerke (66)
Independent
Non-Executive
Director
Elaine Bucknor (59)
Independent
Non-Executive
Director
Appointed: September 2022
Board meeting attendance: 9/9
Summary: Over 20 years’ experience on public
company boards. Strong leadership experience of
consumer-facing businesses from previous FTSE 100
and FTSE 250 roles.
Appointed: April 2024
Board meeting attendance: 9/9
Summary: Experienced retail executive in chief
executive officer, non-executive director and
remuneration committee chair roles.
Appointed: September 2025
Board meeting attendance: 5/6
(absent from one meeting due to a business
commitment booked prior to appointment)
Summary: Extensive experience in the international
energy and banking sectors in Norway and internationally
in an executive and non-executive capacity.
Appointed: September 2025
Board meeting attendance: 5/6
(absent from one meeting due to a business
commitment booked prior to appointment)
Summary: An experienced technology leader and
cybersecurity expert with over 30 years’ experience in
the technology sector.
Magdalena
Gerger (62)
Independent
Non-Executive
Director
Appointed: May 2023
Board meeting attendance: 9/9
Summary: Over 20 years’ experience in non-executive
director roles including extensive marketing and
international expertise in the Nordics markets.
55
Strategic Report Financial Statements Investor InformationGovernance
Fredrik Tønnesen (43)
To be appointed Group Chief Executive: August 2026
Summary: Experienced retail executive with a strong
track record of successfully leading and transforming
retail operations in the Nordic markets.
Steve Johnson (54)
Independent
Non-Executive
Director
Adam Walker (58)
Independent
Non-Executive
Director
C
Alex Baldock (55)
Group Chief Executive
Bruce Marsh (58)
Group Chief Financial
Officer
C
Nigel Paterson (59)
General Counsel and
Company Secretary
Appointed: June 2024
Board meeting attendance: 9/9
Summary: Experienced executive with strong expertise
of financial services and digital retail.
Appointed: June 2023
Board meeting attendance: 9/9
Summary: Chartered accountant with over 20 years’
experience on listed boards in both an executive and
non-executive capacity.
Appointed: April 2018
Board meeting attendance: 9/9
Summary: Experienced executive with an outstanding
track record in leading and transforming large,
complex, consumer-facing businesses.
Alex will step down from the Board in August 2026.
Appointed: July 2021
Board meeting attendance: 9/9
Summary: Finance executive with history of successful
delivery of large complex business transformations
and leadership of high-performing finance functions
in retail environments.
Appointed: April 2015
Board meeting attendance: 9/9
Summary: Solicitor with extensive legal, governance
and risk management expertise in consumer business,
retail, technology and communications sectors.
Incoming Board member
56 Currys plc Annual Report & Accounts 2025/26
Directors’ report
Directors
The names, committee memberships and dates of appointment
of each member of the Board as at the date of this report are
provided on pages 54 and 55. Full biographies for each director
are available on the Company’s website, www.currysplc.com.
During the year, Gerry Murphy and Eileen Burbidge stepped down
as non-executive directors of the Board on 4 September 2025.
On8 September 2025, Rune Bjerke and Elaine Bucknor were
appointed as non-executive directors of the Board. On 3 August
2026, Alex Baldock will step down as Group Chief Executive and
Fredrik Tønnesen will be appointed as Group Chief Executive.
The Board is permitted by its Articles of Association (the ‘Articles’),
to appoint new directors to fill a vacancy as long as the total
number of directors does not exceed the maximum limit of 15.
The Articles may be amended by special resolution of the
shareholders and require that any director appointed by the
Board stand for election at the following annual general meeting.
In accordance with the UK Corporate Governance Code, all
directors submit themselves for election or re-election on an
annual basis.
The Remuneration Report provides details of applicable service
agreements for executive directors and terms of appointment
for non-executive directors. All the directors proposed by the
Board for re-election are being unanimously recommended
for their skills, experience and the contribution they bring to
Board deliberations.
During the year, no director had any material interest in any
contract of significance to the Group’s business. Their interests in
the shares of the Company, including those of any connected
persons, are outlined in the Remuneration Report on pages 96
to 110.
The Board exercise all the powers of the Company subject to the
Articles, the Act and shareholder resolutions. A formal schedule
of matters reserved for the Board is in place and is available on
the Company’s website, www.currysplc.com.
Directors’ responsibilities
The directors’ responsibilities for the financial statements
contained within this Annual Report & Accounts and the directors’
confirmations as required under DTR 4.1.12 are set out on page 111.
Directors’ indemnities and insurance
The Company has made qualifying third-party indemnity
provisions (as defined in the Act) for the benefit of its directors
during the year; these provisions remain in force at the date of
this Directors’ Report.
In accordance with the Articles, and to the extent permitted by
law, the Company may indemnify its directors out of its own funds
to cover liabilities incurred as a result of their office. The Group
holds directors’ and officers’ liability insurance cover for any claim
brought against directors or officers for alleged wrongful acts in
connection with their positions, to the point where any culpability
for wrongdoing is established. The insurance provided does not
extend to claims arising from fraud or dishonesty.
Information required by UK Listing Rule 6.6.1R
Details of long-term incentive schemes as required by UK Listing
Rule 9.3.4R are located in the Directors’ Remuneration Report on
pages 96 to 110. There is no further information required to be
disclosed under UK Listing Rule 6.6.1R.
Dividend
The Board has proposed a final dividend for the year ended
2 May 2026. Details of the final and interim dividends for the
year are included in the below table.
As at 1 July 2026, the Company’s employee benefit trust (‘EBT’)
held 60,947,823 ordinary shares. The right to receive dividends is
waived by the trustees of the EBT each year and for 2025/26 will
be waived in respect of the balance of shares held as at the final
dividend record date on 28 August 2026.
Year ended
2 May 2026
Year ended
3 May 2025
Interim dividend 0.75p nil
Final dividend 2.25p 1.5p
Total dividends 3.0p 1.5p
Colleague engagement
The Group has a comprehensive communications programme in
place to provide colleagues with information on matters of
concern to them. This includes regular publications on the Group’s
intranet, email updates from the Group Chief Executive and other
Executive Committee members and regular meetings with line
managers. There is a colleague forum in place in the UK & Ireland
and an International Colleague Forum representing all countries in
the Group. The colleague forums form the basis of the colleague
listening framework and enable colleague feedback to be
received effectively and consistently across all countries in the
Group. The colleague forums make valuable contributions to
transformation and business change programmes and provide
input on a wide range of business and people topics. Details of
the colleagues’ participation in the Group’s share plans are
disclosed in the Remuneration Report on pages 96 to 110.
Employment of disabled people
The business is committed to providing equal opportunities in
recruitment, training, development and promotion. We encourage
applications from individuals with all forms of disabilities. All
efforts are made to retain disabled colleagues in our employment,
including making any reasonable adjustments to their roles. Every
endeavour is made to find suitable alternative employment and
to retrain and support the career development of any employee
who becomes disabled while serving the Group.
The Strategic Report on pages 1 to 51, the Corporate Governance Report on pages 59
to 70, and this Directors’ Report on pages 56 to 58 together consist of the Directors’ Report
required by the Companies Act 2006 (the ‘Act’), the Corporate Governance Statement
as required by the Financial Conduct Authority’s (‘FCA’) Disclosure Guidance and
Transparency Rules (‘DTRs’), the disclosures required by DTR 7.2 and the management report
required by DTR 4.1. All information is incorporated by reference into the Directors’ Report.
57
Strategic Report Financial Statements Investor InformationGovernance
Information on greenhouse gas (‘GHG’) emissions
The information on GHG emissions that the Company is required
to disclose is set out in the Sustainable business section of
the Strategic Report on pages 20 to 34. This information is
incorporated into this Directors’ Report by reference and is
deemed to form part of this Directors’ Report.
Political donations
No political donations were made by the Group during the period.
It remains the policy of the Company not to make political
donations or incur political expenditure as those expressions are
normally understood. As the definitions of political donations and
political expenditure in the Act are very wide and could extend to
bodies such as those involved with policy review, law reform and
the representation of the business community, the directors seek
shareholder authority for political donations and political
expenditure each year on a precautionary basis to avoid
inadvertent infringement of the Act.
Capital structure
The Company’s only class of share is ordinary shares. Details of
the movements in issued share capital during the year are
provided in note 20 to the Group financial statements. The issued
share capital was reduced by a share buyback completed during
the year. The voting rights of the Company’s shares are identical,
with each share carrying the right to one vote. At the end of the
financial year, the Company held 14,750,693 shares in treasury
following the share buyback. These shares were subsequently
cancelled.
Details of employee share schemes are provided in note 4 to
the Group financial statements. As at 2 May 2026, the EBT held
53,354,577 shares. The EBT acquired 19,633,199 shares by market
purchase during the financial year.
Restrictions on transfer of securities of the
Company
There are no specific restrictions on the size of a holding nor on
the transfer of shares, which are both governed by the general
provisions of the Articles and prevailing legislation. The directors are
not aware of any agreements between holders of the Company’s
shares that may result in restrictions on the transfer of securities or
on voting rights. No person has any special rights of control over
the Company’s share capital and all issued shares are fully paid.
Change of control – significant agreements
All of the Company’s share incentive scheme rules contain
provisions which may cause options and awards granted under
these schemes to vest and become exercisable in the event of
a change of control.
The Group’s main committed borrowing facility has a change of
control clause whereby the participating banks can require the
Company to repay all outstanding amounts under the facility
agreement in the event of a change of control. There are a number
of significant agreements which would allow the counterparties to
terminate or alter those arrangements in the event of a change of
control of the Company. These arrangements are commercially
confidential, and their disclosure could be seriously prejudicial
to the Company.
Furthermore, the directors are not aware of any agreements
between the Company and its directors or employees that
provide for compensation for loss of office or employment in
the event of a takeover bid.
Significant shareholdings
As at 2 May 2026, the Company had been notified of the
following voting interests in the ordinary share capital of the
Company in accordance with the FCA’s DTR 5.1.2R and 5.1.5R.
Percentages are shown as notified, calculated with reference
to the Company’s disclosed share capital as at the date of
the notification.
Name
Number
of shares
Percentage of
share capital
RWC Asset Management LLP 113,033,492 9.97%
JP Morgan Asset Management
Holdings Inc 61,192,275 5.58%
Equiniti Trust (Jersey), trustee
of the EBT 53,236,631 4.69%
D P J Ross 50,088,811 4.41%
Cobas Asset Management 44,905 ,769 4.09%
After the end of the financial year, on 11 May 2026, JP Morgan
Asset Management Holdings Inc notified the Company that their
holding had fallen below 3% and Equiniti Trust (Jersey), trustee of
the EBT, notified the Company that their holding had increased to
55,473,101 shares or 5.05%. On 19 June 2026, Cobas Asset
Management notified the Company that their holding had
reduced to 41,963,501 shares or 3.82%.
On 1 July 2026, being the last practicable date prior to the
publication of this Annual Report & Accounts, no further changes
to the shareholdings reported above had been notified to the
Company in accordance with DTR 5.
Directors’ interests in the Company’s shares and the movements
thereof are detailed in the Remuneration Report on pages 96
to 110.
Issue of shares
In accordance with section 551 of the Act, the Articles and
within the limits recommended by The Investment Association,
shareholders can authorise the directors to allot shares in the
Company up to one-third of the issued share capital of
the Company.
Accordingly, at the annual general meeting in 2025, shareholders
approved a resolution to give the directors authority to allot
shares up to an aggregate nominal value of £377,832. The
directors have no present intention to issue ordinary shares, other
than pursuant to obligations under employee share schemes.
This resolution remains valid until 2 November 2026, or, if earlier,
until the conclusion of the Company’s Annual General Meeting
(‘AGM’) in 2026. The Company will seek the usual renewal of this
authority at the AGM in September 2026.
58 Currys plc Annual Report & Accounts 2025/26
Purchase of own shares
Authority was given by the shareholders at the annual general
meeting in 2025 to purchase a maximum of 113,349,465 shares,
such authority remaining valid until 2 November 2026, or, if earlier,
until the conclusion of the Company’s AGM in 2026. As at 2 May
2026, the Company had purchased 36,422,251 ordinary shares
under the share buyback programme launched on 4 September
2025. The nominal value of each of the shares purchased
was 0.1p for a total consideration of approximately £50m.
The average price of shares bought back under the programme
was 137.28p per share. The Company will seek the usual
renewal of authority to purchase its own shares at the AGM
in September 2026.
Use of financial instruments
Information about the use of financial instruments is given in note
22 to the Group financial statements.
Post-balance sheet date events
Events after the balance sheet date are disclosed in note 27 to
the Group financial statements.
Auditor
Each director at the date of approval of this Annual Report &
Accounts confirms that:
• so far as the director is aware, there is no relevant audit
information of which the Company’s Auditor is unaware; and
• the director has taken all the steps that they ought to have
taken as a director in order to make themselves aware of any
relevant audit information and to establish that the Company’s
auditor is aware of that information.
This confirmation is given and should be interpreted in accordance
with the provisions of section 418 of the Act.
KPMG LLP was appointed as external Auditor for the 2025/26
financial year. KPMG LLP has expressed its willingness to continue
in office as auditor and a resolution for their reappointment will be
proposed at the Company’s AGM in September 2026.
Certain information required to be included in this Directors’ Report
may be found within the Strategic Report.
By Order of the Board
Nigel Paterson
Company Secretary
1 July 2026
Directors’ report continued
59
Strategic Report Financial Statements Investor InformationGovernance
Corporate governance report
This Corporate Governance Report describes the governance framework in place to ensure
that the Board is operating effectively and supporting and challenging management to
maintain high standards of corporate governance across the Group. Robust corporate
governance is essential to deliver the right outcomes for our customers, our colleagues,
our shareholders, our partners and suppliers, and our communities.
Throughout the financial year, the Board has been compliant
with all provisions of the UK Corporate Governance Code 2024
(the ‘Code’). This report provides the disclosure required by UKLR
6.6.6R(5).
Board Leadership
and Company Purpose
Role of the Board
The Board is responsible for the overall leadership and promotion
of the long-term sustainable success of the Company, generating
value for shareholders and contributing to wider society. The
Board sets the Company strategy and oversees its implementation
within a framework of efficient and effective controls that allow
the key issues and risks facing the business to be assessed and
managed. The Board considers the impact on the Company’s
stakeholders as part of its decision-making and delegates clearly
defined responsibilities to its committees. Terms of reference
for these committees are available on the Company’s website,
www.currysplc.com/about-us/governance.
The Company’s vision, purpose, values and strategy are
described in more detail in the Strategic Report. The Board
oversees the delivery of the strategy within the context of the
values and culture.
Culture
The directors monitor the culture in the business and receive regular
updates on the results of colleague ‘pulse surveys’. In January
2026, non-executive directors met privately with representatives
of the International Colleague Forum to learn more about the key
current issues impacting colleagues. All non-executive directors
have corporate email addresses and receive all corporate
communications. The non-executive directors frequently have
direct contact with Executive Committee members and their direct
reports. Non-executive directors are invited to the annual Peak
event in the UK and the Campus event in the Nordics and visit key
sites and stores. The October 2025 and March 2026 Board
meetings were held in the Nordics. The March 2026 visit included
store visits and the opportunity to meet office and store
colleagues. A non-executive director attends International
Colleague Forum meetings. Non-executive directors have multiple
opportunities to hear feedback directly from colleagues across
different geographies and areas of the business and gain insights
into corporate culture. During the year, the directors have
observed a culture where colleagues feel valued and included
and collaborate effectively together to support customers. This
has also been evidenced by record colleague engagement
scores and record-low colleague attrition levels.
Corporate governance framework
The Currys plc Board is supported by four committees:
• Audit Committee – oversees financial and non-financial
reporting, risk management, internal controls, ESG strategy and
risks and the relationship with the external Auditor;
• Disclosure Committee – oversees the procedures and
controls for the identification and disclosure of price sensitive
information;
• Nominations Committee – oversees the composition of the
Board and its committees and that a diverse pipeline is in
place for succession planning; and
• Remuneration Committee – oversees the remuneration of the
executive directors and senior management and the structure
of remuneration for the workforce.
The Environmental, Social and Governance (‘ESG’) Committee
was established as a committee of the Board in October 2022.
The ESG Committee played a critical role in accelerating the
establishment of the Company’s ESG strategy and goals and the
oversight of the first phase of the delivery across the Company’s
businesses. Due to factors including the evolution of sustainability
reporting requirements, the progress made on the ESG strategy,
and the need for the full Board to be involved in agreement of
ESG strategy, the Board decided during the year to evolve the
governance structure for ESG. The GSLT, comprised of functional
leaders within executive teams, now manage the day-to-day
oversight and technical delivery of ESG goals and the
management of ESG risks and opportunities. The other oversight
and reporting responsibilities that had been held by the ESG
Committee are now shared between the Board and the Audit
Committee as appropriate. A non-executive director attends
GSLT meetings to provide independent challenge and oversight
and to help report GSLT activities to the Board.
The committees of the Board are each comprised of directors of
the Currys plc Board with the exception of the General Counsel
and Company Secretary who is a member of the Disclosure
Committee. The day-to-day management of the business is
delegated to the Group Chief Executive who is responsible for
leading the implementation of the strategy that has been
approved by the Board. The Group Chief Executive is supported
by an Executive Committee comprised of eight senior leaders in
the business. A wider Group Leadership Team of approximately
60 colleagues support the Executive Committee in driving the
management agenda.
The Risk Committee comprises the members of the Executive
Committee and oversees the management of principal and
emerging risks (see page 67 for further information). The GSLT
also reports into the Executive Committee.
Currys plc is the ultimate beneficial owner of the main operating
subsidiaries in the Group. In the UK, the Regulatory Compliance
Committee oversees the management of risks in relation to
regulated products and the Product Governance Committee
oversees the development of, and any subsequent material
changes to, such products. Similar governance frameworks for
regulated products are replicated in Ireland and in the Nordics.
60 Currys plc Annual Report & Accounts 2025/26
Board reserved matters
The formal schedule of matters reserved for the decision of the
Board is considered by the directors on an annual basis. This was
last approved on 20 January 2026 and the directors agreed that
the balance of matters reserved and matters delegated remain
appropriate. The matters reserved include:
• approval of published financial statements;
• declaration of interim and recommendation of final dividends;
• approval of budget and Group strategy (including ESG
matters) and objectives;
• approval of major acquisitions and disposals;
• approval of authority levels for expenditure; and
• approval of shareholder circulars and communications.
Key areas of focus for the Board during the year
• Participated in deep dive, strategic sessions on credit, online
and omnichannel vision, services, value acceleration options,
talent and leadership, succession planning, culture & values,
inclusion & diversity, mobile and B2B.
• Succession planning and candidate evaluation for the Group
Chief Executive role.
• Approved the £50m share buyback and the payment of
dividends.
• Evaluated options for IT strategy.
• Continued close oversight of the Company’s Nordics business
including two Board visits to Oslo, store visits, and meetings with
Nordics store and head office colleagues.
• Evaluated strategic profit levers, cost savings, partnership and
collaboration opportunities and new business growth areas.
• Received updates from the Company’s brokers on shareholder
feedback and market sentiment.
• Approved the revised schedule of contributions to the UK
defined benefit pension scheme.
Currys plc Board Audit Committee
Disclosure Committee
Nominations Committee
Remuneration Committee
Executive Committee
Main operating
subsidiaries
Group Sustainability
Leadership Team
Risk Committee
Regulatory Compliance Committee
Product Governance Committee
The Board and committees structure
The matters reserved for Board decision are available
infull on the Company’s website, www.currysplc.com
i
Corporate governance report continued
61
Strategic Report Financial Statements Investor InformationGovernance
Board activities during 2025/26
Strategy
• Oversight of Group performance against
strategy.
• Nordics business deep dives.
• B2B deep dive.
• Group Chief Executive succession planning.
• IT strategy updates.
• Credit business deep dive.
• Online updates.
• Customer experience update.
• Mobile update.
• AI approach and policy approval.
Financial and
operational
performance
• The Company’s preliminary and half-yearly
results, trading statements and the annual
report & accounts.
• Going concern and viability statements.
• Fair, balanced and understandable
assessment.
• Tax strategy.
• Budget approval.
• Three-year plan approval.
• Updates on cost-saving initiatives.
• Capital expenditure approvals.
• Financing and capital allocation update.
• Review of UK defined benefit pension scheme
governance.
Committee updates
• Updates from each Committee Chair – Audit, Disclosure, Nominations and Remuneration – following
committee meetings.
Stakeholders
Customers
• Customer feedback and satisfaction metrics.
• Customer first deep dive.
Shareholders
• Annual general meeting documents.
• Investor Relations updates.
• Updates from the Company’s brokers on
market sentiment and investor feedback.
• Feedback from the Chair and Remuneration
Committee Chair on meetings with the
Company’s major shareholders.
• Reading store investor event.
• £50m share buyback.
• 2025/26 interim and final dividend.
Colleagues
• Meeting of the non-executive directors
with International Colleague Forum
representatives in January 2026.
• Health and safety update.
• Meeting store colleagues during store visits
to Leicester in May 2025 and Oslo in October
2025 and March 2026.
• Talent, succession planning and leadership.
• Inclusion, diversity, culture and values update.
• Colleague engagement and colleague listening
update.
• Gender pay gap report.
Communities and
environment
• Modern slavery update and statement.
• ESG update including updates on the circular
business plans and strategy.
• ESG measures in bonus scorecard metrics for
2026/27.
Governance and risk
• Risk framework and internal control review.
• Principal risks and uncertainties review.
• Regulatory compliance updates.
• Litigation and disputes updates.
• Insurance review.
• Conflicts of interest and new appointments.
• Group Delegation of Authority Policy.
• Board reserved matters and committee terms of
reference review.
• Role descriptions of the Chair of the Board, the
Group Chief Executive and the Senior
Independent Director review.
• Internal Board effectiveness process completed.
62 Currys plc Annual Report & Accounts 2025/26
Communication with investors
The Board supports the initiatives set out in the Code and the
UK Stewardship Code and encourages regular engagement with
both existing and potential shareholders and other stakeholders.
The Board believes that it is important to both explain business
developments and financial results to the Company’s
shareholders and to understand and respond to shareholder
concerns. The principal communication methods used to impart
information to shareholders are results announcements, news
releases, investor presentations and updates on the Company’s
website. All shareholders are invited to submit any questions they
have for the Board to cosec@currys.co.uk or ir@currys.co.uk at
any time of the year.
The Board receives a report from the Investor Relations team at
every scheduled meeting and this includes a summary of investor
interactions during the period and a synopsis of shareholder
questions and feedback. The Board also met with the Company’s
brokers in January 2026 to hear their perspective on shareholder
interactions and feedback.
The Group Chief Executive has principal responsibility for investor
relations. He is supported by an Investor Relations department
that, amongst other matters, ensures there is a full programme
of regular dialogue with major institutional shareholders and
potential shareholders as well as with sell-side analysts
throughout the year. In all such dialogue, care is taken to ensure
that no price-sensitive information is released.
The Chair of the Board and non-executive directors are available
to meet with major shareholders as required.
The Company is committed to fostering effective communication
with all members, be they institutional investors, private or
employee shareholders. The Company communicates formally to
its members when its full year and half year results are published.
These results are posted on the Company’s corporate website, as
are other external announcements and press releases.
The annual general meeting provides an opportunity for the
Company to engage with shareholders and for the Board to
provide an account of the progress made by the business during
the year, along with a synopsis of current issues facing the
business.
Our stakeholders
The directors are fully aware of their responsibilities to promote
the success of the Company in accordance with section 172(1)
of the Companies Act 2006 (the ‘Act’). The Board considers the
impact on, and the responsibility it has to, all the Company’s
stakeholders as part of its decision-making. The Group
communicates with external stakeholders, including industry
bodies and regulators on the management of risks and issues.
Workforce
The Board remains committed to ensuring that it gives due regard
to the interests of all of its stakeholders, including colleagues. In its
discussions, the Board has sought to understand and take account
of the views of our colleagues.
The Company complies with the Code requirement to engage with
its workforce by way of the formal workforce advisory panel
method set out in the Code. The International Colleague Forum
includes representatives from each of the countries in the Group
and forms the basis for a Colleague Listening framework. This
ensures that colleague feedback is collated effectively and
consistently across all markets. Insights from the International
Colleague Forum have been used to help develop and prioritise
arange of business and people topics including the development
of the hybrid working policy and colleague safety initiatives.
As part of the Group’s commitment to ensure an inclusive, tolerant
work environment free from negative behaviour, an Equality,
Inclusion & Diversity: Dignity at Work Policy is in place. This is
supported by policies on recruitment, health and safety, family
and well-being and a Colleague Code of Conduct. Colleague
feedback was used in the development of these policies and
they are regularly reviewed.
Authorisation of conflicts of interest
Each director has a duty under the Act to avoid a situation where
they have or may have a conflict of interest. They are also
required to disclose to the Board any interest in a transaction or
arrangement that is under consideration by the Company. The
General Counsel and Company Secretary supports the directors
in identifying potential conflicts of interest and reporting them to
the Board. The Board is permitted by the Company’s Articles of
Association to authorise conflicts when appropriate. Potential
conflicts are approved by the Board, or by two independent
directors if authorisation is needed urgently and then reported to
the Board at its next meeting. A register of directors’ conflicts is
maintained and reviewed by the full Board at least annually.
Directors are asked to confirm periodically that the information on
the register is correct. The Board is satisfied that the Company’s
procedures to identify, authorise and manage conflicts of interest
have operated effectively during the year.
Corporate governance report continued
63
Strategic Report Financial Statements Investor InformationGovernance
Board structure
At the end of the financial year, the Board was comprised of two
executive directors, six independent non-executive directors and
the Chair of the Board.
There is a clear division of responsibilities between the executive
leadership of the business and the leadership of the Board
ensuring that no individual or group is able to dominate Board
decision-making.
Director responsibilities
In accordance with the Code, there is a clear division of
responsibility between the Chair of the Board and the Group
Chief Executive. Role descriptions are in place for the Chair of the
Board, Group Chief Executive and Senior Independent Director
and the Nominations Committee reviews and considers these on
an annual basis and recommends any changes to the Board.
The Chair has overall responsibility for leadership and
composition of the Board. The Group Chief Executive formulates
and proposes the Group strategy and then leads the Group in
delivering this strategy and the Senior Independent Director
supports the Chair and completes the annual performance review
of the Chair. These role descriptions were last approved by the
Board on 20 January 2026 and are available in full on the
Company’s website, www.currysplc.com.
The independent non-executive directors provide an independent
perspective and constructively challenge management while the
General Counsel and Company Secretary supports the Chair in
ensuring a robust corporate governance framework is in place and
acting as a trusted advisor to the Board.
Time commitment and attendance
The Nominations Committee has considered the commitment
shown by the non-executive directors to the Company and is
satisfied that all directors devote appropriate time to their roles.
The Nominations Committee considers the external appointments
of each of the directors on at least an annual basis. It was
concluded again for 2025/26 that none of the directors had
external commitments that would hinder their ability to devote
sufficient time to discharging their Board role. Details of the
directors’ attendance at the Board meetings that took place
during the year can be found on page 52. During the year, all
directors attended all Board meetings other than Elaine Bucknor
and Rune Bjerke who were absent from the Board meeting in April
2026 due to external business commitments that had been
booked prior to their appointments to the Board.
Board meetings and information
The Chair of the Board is responsible for ensuring that all directors
are properly briefed prior to Board meetings and that they have
full and timely access to relevant information. A comprehensive
rolling forward agenda is in place for the Board and each
committee to ensure that all regular updates and approvals can
be considered in sufficient detail whilst leaving appropriate space
on meeting agendas for strategic discussions and current matters.
The Company uses an electronic board paper system which
enables the safe and secure dissemination of quality information
to the Board. Paper templates and guidance are provided to
ensure that directors are provided with the information they need
to be able to discharge their duties. Formal minutes of the Board
and committee meetings are prepared by the General Counsel
and Company Secretary, or their nominee, and are reviewed and
approved by the Board or committee at the next meeting.
The Chair of the Board maintains regular communications with the
non-executive directors in between meetings. Time is provided
before and after every Board meeting for the non-executive
directors to meet without the executives present. Board dinners
are held periodically on an evening prior to a Board meeting to
provide the opportunity to discuss corporate strategy, business
performance and other matters in an informal setting.
Two Board meetings are held in the Nordics each year. The other
meetings are held in the UK, usually at the Company’s office in
London. At the discretion of the chair of the meeting, Board or
committee meetings can be held via videoconference in
accordance with the UK & Ireland hybrid working policy. Directors
visit stores and operational centres throughout the portfolio, meet
colleagues and gain a deeper understanding of the business.
The May 2025 Board meeting was held at the Group’s Leicester
Fosse store in the UK. The October 2025 and March 2026 Board
meetings were held at the Group’s offices in Oslo, Norway.
For more on Director responsibilities see the
Company’s website, www.currysplc.com
i
Division of responsibilities
64 Currys plc Annual Report & Accounts 2025/26
Board composition and independence
At year end, the Board comprised nine members: the Chair
of the Board, two executive directors and six independent
non-executive directors.
The Nominations Committee considers the independence of
the non-executive directors each year. The criteria set out in the
Code, director performance and contributions made to Board
deliberations during the year are taken into account. The Board
concluded that each non-executive director, is independent in
character and judgement and provides effective challenge to the
Board. Biographical information for Board members is available
on the Company’s website, www.currysplc.com.
Excluding the Chair of the Board, more than half of the Board
members are considered to be independent non-executive
directors in accordance with the Code. Every year the Board,
supported by the Nominations Committee, considers the collective
skills, experience and the composition of the Board and assesses
whether or not the Board membership enables the effective
delivery of the Company’s strategy.
The Nominations Committee considered the composition of the
Board and its committees during the year. The Chair keeps Board
composition under regular review and discussed this with each
director as part of the Board effectiveness review process.
Overall, the Board is satisfied that the current composition
of the Board and committees is appropriate given the needs of
the business.
In accordance with the Code, all directors will submit themselves
for election and re-election at the Company’s AGM in September
2026 other than Alex Baldock. Biographical information for each
of the directors submitting themselves for election and re-election
is shown on the Company’s website, www.currysplc.com.
Board succession and changes to the Board
During the year, Gerry Murphy and Eileen Burbidge stepped down
from the Board on 4 September 2025. The Nominations Committee
carried out a search process for new non-executive director
candidates. The Board were particularly interested in candidates
with significant experience of the Norwegian market and also
candidates with experience in the technology sector. The Board
composition discussions included considering longer-term
succession plans, the Board performance, the need to ensure
Board diversity and the Board skills matrix. Elaine Bucknor and
Rune Bjerke joined the Board on 8 September 2025.
After close of business on 25 March 2026, Alex Baldock informed
the Board that he would be stepping down as Group Chief
Executive after eight years. The Nominations Committee therefore
commenced a search process for a successor. On 3 August 2026,
Fredrik Tønnesen will be appointed as the new Group Chief
Executive. Further information on the process is available in the
Nominations Committee report.
At the end of the financial year, the average director tenure was
threeyears.
Further information on Board succession planning is available in
the Nominations Committee report.
In respect of senior management succession planning, the Board
received a detailed talent and succession planning update on the
UK team in December 2025 and on the Nordics team in March
2026. The Executive Committee complete a detailed talent review
of Group Leadership Team members on a quarterly basis.
Succession plans are in place for the top 30 critical roles in the
business. The Board continue to monitor diversity in the senior team
and challenge to ensure that strong development plans are in
place including training and mentoring. The Board also receive key
updates on talent and succession planning via the Group Chief
Executive and the Chief People, Communications and
Sustainability Officer.
Annual Board evaluation
2024/25 process
Ian White, an independent board effectiveness consultant (with
no connection to the Company or any individual director), was
engaged to carry out an externally facilitated Board
effectiveness review for 2024/25. The process included a
document review, director and key stakeholder interviews and
the observation of Board and committee meetings.
The process addressed all matters relating to the effectiveness of
the Board and included the roles of the executive and non-
executive directors, the Board, the committees, and the Chair of
the Board, leadership, culture, strategy and corporate governance.
A report summarising the findings of the review was tabled at the
Board meeting on 1 May 2025. Overall, the results of the external
effectiveness review concluded that the Board and its committees
were operating effectively. The review highlighted in particular that
there is:
• a wide range of skills, experience and behaviours around the
boardroom table covering the areas of expertise the Board
requires;
• good cognitive diversity although there is more to do on other
areas of diversity such as gender, ethnicity and age;
• a positive, engaged and transparent relationship between the
non-executive directors and the Executive Committee with the
Executive Committee being keen to engage with the Board;
• an effective Board dynamic – the Board is engaged with a
genuine, listening, collegiate and collaborative culture and a
sense of being a team; and
• well-managed Board and committee meetings effectively
supported by the Company Secretariat.
The process identified some further actions to help enhance
effectiveness including:
• maintaining focus on Board succession and diversity;
• non-executive directors could further enhance their visibility in
the business by way of meeting groups of colleagues not
present at Board meetings, attending additional colleagues
events and additional informal store and site visits;
• consider enhancing the frequency of reporting of ESG and risk
matters to the main Board;
• reducing the size of Board and committee meeting packs by
prioritising materials and discussion items and keeping the
number of Board meetings under review; and
• enhancing the continuous development programmes for
directors and providing further training.
All of these above actions were progressed during the year.
Examples include a robust process to appoint a new Group Chief
Executive, non-executive directors attending the Campus event, AI
training provided to the Board and board paper enhancements.
Composition, succession and evaluation
Corporate governance report continued
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Strategic Report Financial Statements Investor InformationGovernance
2025/26 process
The 2025/26 process was conducted internally and was carried
out by way of the circulation of questionnaires to directors
supported by individual interviews between the Chair of the
Board and each director.
In conclusion, the directors provided positive feedback on the
operation of the Board and its committees. The key findings of the
process were that:
• the Board collectively and effectively promotes the long-term
sustainable success of the Company, generating value for
shareholders and contributing to wider society;
• the Board has established the Company’s purpose, values and
strategy and is satisfied that these are aligned to the
Company’s culture;
• Board members work together effectively and constructively to
achieve the Board’s objectives and respond effectively to any
problems or challenges that emerge;
• the Board is provided with the secretarial support, policies,
processes and resources required to be able to function
effectively;
• directors receive an effective induction on appointment and
appropriate ongoing training and briefings on key topics; and
• the Board and its committees meet sufficiently frequently to
enable discharge of duties and meeting length is appropriate
to enable proper consideration of issues.
The Board considered the results of the process at the meeting
held on 28 April 2026. The main follow up actions agreed
included to:
• consider including strategic discussions at an earlier stage of
development;
• continue increasing the quality of Board and committee papers
and ensuring the level of details included in the Board and
committee meeting packs is appropriate;
• maintaining focus on Board talent development, succession
and diversity; and
• continue to provide director updates including on AI and
sustainability.
The Code recommends that the performance of the Board be
reviewed externally every three years and the last external
evaluation of the Board was carried out in 2024/25. In compliance
with the Code, an externally facilitated Board effectiveness
review will next be completed during 2027/28.
Chair of the Board performance
The Senior Independent Director collated feedback from the
Board on the performance of the Chair of the Board and carried
out the Chair’s annual performance review in September 2025. The
directors provided positive feedback on the Chair of the Board’s
leadership. The Board is of the opinion that the Chair of the Board
had no other commitments during the year that adversely affected
his performance, that his effectiveness in leading the Board was
not impaired and that he cultivated an atmosphere that enabled
challenging and constructive debate.
Following the results of the evaluation, the Board confirms that all
directors, including the Chair of the Board, continue to be effective
and demonstrate commitment to the role, including having time
to attend all necessary meetings and to carry out other
appropriate duties.
Board diversity
The Board composition review takes account of all forms of
diversity, including gender, social and ethnic backgrounds, and
cognitive and personal strengths. A table showing the gender
diversity and ethnic diversity of the Board and senior management
team is on page 53.
The review this year again concluded that the Board possessed
the necessary personal attributes, skills and experience to
discharge its duties fully and to provide effective and constructive
challenge to management.
The Company is committed to developing a diverse workforce
and equal opportunities for all. The Board recognises that
enhancing diversity in all its forms is a critical part of having an
effective and engaged workforce which in turn supports the
long-term sustainable success of the business. The Board is
strongly supportive of enhancing all forms of diversity across the
Board and workforce as a matter of priority. The Board does not
currently have specific targets on gender balance or ethnicity. The
management team has continued to collate workforce diversity
data during the year to be able to share insights with the Board
and inform initiatives that seek to enhance diversity. The Board will
continue to keep under active review whether to set formal targets
as part of monitoring the diversity of the Group. The Board
continues to be very mindful of the benefits of greater diversity of
gender, social and ethnic backgrounds, and cognitive and
personal strengths, in all appointments.
In accordance with DTR 7.2.8A, the Board has adopted the same
diversity policy as is in place for UK & Ireland colleagues and
senior management. The Equality, Inclusion & Diversity: Dignity at
Work Policy was last approved by the Nominations Committee in
October 2025.
Board induction and training
New directors appointed to the Board receive a personal
induction programme, together with guidance and training
appropriate to their level of previous experience. Each director is
given the opportunity to meet with senior management and store
colleagues and to visit the Group’s key sites. This enables
familiarisation with the businesses, operations, systems and
markets in which the Group operates. New directors also meet with
the Group’s external Auditor and advisors and with several of the
Group’s largest shareholders. An example of a typical induction
programme is included in the table on the next page. The Chair of
the Board (or the Senior Independent Director in the event of a
new chair) will meet with a new director on appointment to agree
any appropriate changes to be made before the start of the
induction. Directors are provided with a comprehensive induction
pack on appointment. In addition, Group information and policies
are maintained within the electronic board paper portal to ensure
directors have access to key resources.
The directors are invited to nominate topics that they would like to
receive training on. During the year, the directors received an
update on relevant corporate governance matters including the
UK Corporate Governance Code 2024 and evolving best
practice. Directors arrange individual meetings with Executive
Committee members as required when they require additional
information or context on a specific business topic.
66 Currys plc Annual Report & Accounts 2025/26
Business and strategy
• Business model and strategy.
• Markets and competitive landscape.
• Overview of each business area.
• ESG matters.
Finance
• Finance, treasury and tax overviews.
• Budget, forecast and Three-Year Plan.
• Key accounting issues.
Audit
• Internal Audit reports and findings.
• Risk and internal controls.
• Risk horizon.
Investor relations
• Shareholder base and communications.
• Analyst coverage and perspectives.
• Communication policies.
Governance
• Overview of committees.
• UK Corporate Governance Code and best practice guidance.
• UK listed company requirements including Market Abuse Regime.
• Companies Act and directors’ duties.
• Company Articles of Association and the role of the Board.
People to meet
• Directors.
• Committee chairs.
• General Counsel and Company Secretary.
• Members of the Executive Committee.
• Senior management, including the Group Director of Internal Audit, Risk and Insurance.
• Members of the external audit team.
• Store and distribution centre colleagues.
Sites to visit
• Different format stores in the UK & Ireland and the Nordics.
• Distribution Centres in Newark and Jönköping.
• Store colleague training centres.
Typical induction programme – key areas, briefings and locations
Induction plans are customised for each incoming director depending on their individual requirements but will usually cover
the following key areas, meetings and locations as a minimum:
Corporate governance report continued
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Strategic Report Financial Statements Investor InformationGovernance
The Board has overall responsibility for the Group’s system of risk
management and internal control and for reviewing its effectiveness.
The Board is supported by the Audit Committee, the Risk Committee,
the Regulatory Compliance Committee, business unit committees
and the Group Risk team in delivering on this responsibility.
The Group operates a process of continuous identification and
review of business risks. This includes the monitoring of principal
risks, undertaking horizon scanning to identify emerging risks,
evaluating how risks may affect the achievement of business
objectives and, by taking into account risk appetite, reviewing
management’s treatment of the risks.
The main business units, locations and functions are responsible
for operating risk management processes for their areas of
responsibility. Risk Registers and the risk processes are undertaken
in accordance with a consistent Group risk management
methodology and process.
The Risk Committee meets at least four times annually and there
are additional meetings on risk appetite or deep dive topics as
required. The work of the Risk Committee includes: assessing and
challenging the consolidated risk profile; agreeing and monitoring
the Group’s principal risks including mitigating actions; reviewing
identified emerging risks; reviewing risk deep dives; and providing
reports and recommendations to the Audit Committee and the
Board including assisting with the setting of risk appetite with
regard to the principal risks. Our approach to risk management
continues to evolve as part of our organisational focus on
transformation and how we continue optimal decision-making in
an increasingly fast-moving environment. The Group Risk team has
continued to facilitate the evaluation of the principal risks facing
the Group. For example, the Group Risk team meet annually on
an individual basis with all members of the Board, the Executive
Committee and other senior leaders, to gather views on existing
and emerging risks. Risk deep dives are completed at each Risk
Committee and Audit Committee meeting.
In addition to the Group’s principal risks, the business may face
emerging threats as identified through horizon scanning that may
potentially impact the business in the longer term. In some areas,
there may be insufficient information to understand the scale,
impact or velocity of these risks. Emerging risks continue to be
monitored as part of the ongoing risk management process in
order to ensure that action is taken at the right time and that
consideration is given as to whether any are significant enough
to become a principal risk.
The directors confirm that they have carried out a robust
assessment of the principal and emerging risks facing the Group,
including those that would threaten its business model, future
performance, solvency or liquidity. A description of the principal
risks, together with details of how they are managed or mitigated,
is set out on pages 35 to 39.
Assurance provision
Board
Responsible for risk management and internal control
Defines Currys’ risk appetite
Reviews and approves the risk profile
Risk Committee
• Reviews Group risk profile.
• Monitors the management of
principal risks.
• Considers new and emerging risks.
Audit Committee
• Reviews Group risk profile.
• Monitors the management
of principal risks.
• Considers new emerging risks.
• Reviews the effectiveness of
internal control.
• Approves the annual internal
and external audit plans.
• Considers the Internal Audit
reviews across the Group.
Executive management
• Responsible for the
implementation of the risk
management process and
the operation of the internal
control environment.
Supported by the Group Director of Internal Audit, Risk and Insurance
Group
Sustainability
Leadership Team
Regulatory
Compliance
Committee
Crisis
management
team
Technology Risk
Forum
Business unit
and functional
risk experts
Group risk management structure
Risk management and internal control
68 Currys plc Annual Report & Accounts 2025/26
The system of risk management and internal control can only
provide reasonable and not absolute assurance against material
errors, losses, fraud or breaches of laws and regulations.
The Board also monitors the Company’s system of risk
management and internal control and conducts a review of its
effectiveness at least once a year. The review used the Committee
of Sponsoring Organizations’ internal control framework to
evaluate the Company’s key internal controls over the year and
up to the approval date of the Annual Report & Accounts
2025/26.
Work has been ongoing to support compliance with Provision 29 of
the Code. This provision requires the Board to make a declaration
on the effectiveness of material controls in the Group’s next
annual report & accounts. During the year, the Audit Committee
approved management’s approach to identifying material
controls and providing assurance over these controls. From next
financial year, the Group Internal Controls team will provide
quarterly reporting to the Audit Committee on the results of
material control effectiveness assessments to underpin the
Board’s declaration.
The diagram on page 67 shows the governance structure in place
over the Group’s risk management activities, as at 1 July 2026.
Risk appetite
The external risk environment over the last 12 months has
accelerated and remains uncertain, economically, politically and
technologically. As such, the Group continues to face a broad
range of dynamic risks reflecting the environment in which it
operates. These risks arising from Currys’ business model and the
external environment can have a significant impact. Therefore,
successful performance is achieved by managing and anticipating
changes in these risks through informed decision-making and an
effective control environment that details the processes and
controls required to mitigate risk.
The Company’s risk appetite is set by the Board and governs the
amount of acceptable risk within which we operate. Our Group risk
appetite is further disaggregated by principal risk and takes into
consideration the acceptable level of risk across strategic,
operational, financial and regulatory risks faced by the business.
Reference to our appetite in business decisions provides guidance
for objective, risk-aware decision-making. A three-point scale
is used to assess the risk appetite for each of our principal risks.
If levels of risk in excess of appetite are being taken, mitigating
actions are identified to bring the risk back within an acceptable
level.
Currys’ general risk appetite is a balanced one that permits
taking measured and informed risk as the Company pursues its
strategic objectives, whilst aiming to manage and minimise risk in its
operations. Currys recognises that it is not possible or necessarily
desirable to eliminate all the risks inherent in its activities.
Acceptance of some risk is inherent in operations and necessary to
foster innovation, pace, and growth within its business practices.
Committed to effective risk management
The Board has overall responsibility for the system of internal
control and for reviewing its effectiveness. It relies on the Audit and
Risk Committees to assist in this process. Members of the Executive
Committee, operating through the Risk Committee, are
accountable for identifying, mitigating and managing risks in their
area of responsibility. Management is also responsible for
implementing controls that are designed to ensure regulatory
compliance, financial and operational control, and to confirm
that these operate effectively to protect the business from loss.
The Audit Committee reviews aspects of the internal control
environment as outlined in the Audit Committee report on pages 71
to 77 and the Board has considered the controls findings raised in
the Independent Auditor’s report on pages 112 to 120.
Nosignificant failings or weaknesses were identified during the
period ending 2 May 2026. Where areas have been identified that
require improvement, plans are in place to ensure that necessary
actions are taken and that progress is monitored.
A report of the principal risks together with the viability statement
can be found on pages 35 to 40.
Corporate governance report continued
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Strategic Report Financial Statements Investor InformationGovernance
Our system of internal control
Our system of internal control is built on the pillars of Governance, the Tone from the Top, Control activities, Risk management and
Assurance. These are more fully described below.
Controls, by their very nature, are designed to manage rather than eliminate risk and can only provide reasonable assurance against
material misstatement or loss.
Governance
• The Board has defined a risk appetite which sets the boundaries within which risk-based
decision-making can occur.
• A Delegation of Authority Policy operates across the Group and is reviewed at least annually.
• Business planning, annual budgeting process and the setting of personal business objectives are
aligned to ensure focus on delivery of activities to support the delivery of strategic objectives.
• Policies and procedures are in place outlining the requirements for the control in finance,
operational, technology, regulatory and people areas. These include detailed standards for the
operation of Infosec (Information Security), PCI (Payment Card Industry) and data compliance.
• Across the business, central functions and business committees support the operation of an
effective risk and control environment.
The Tone from the Top
• The Tone from the Top communicates a clear commitment to do the right thing for customers,
colleagues and shareholders. Colleague behaviours are outlined in the Colleague Code of
Conduct, supported by an extensive set of Company policies and standards. Colleagues
undertake key policy training at least annually, with training completion rates monitored
appropriately.
• The organisation demonstrates its commitment to ethical values through its range of ESG initiatives
and programmes.
• The business is committed to maintaining an ethical supply chain and undertakes activities to
ensure that our suppliers satisfy our Standards for Responsible Sourcing.
• All senior colleagues are required to complete an annual Ethical Conduct declaration.
• The operation of a 24/7 whistleblowing hotline to enable the reporting of breaches of ethical or
policy requirements.
Control activities
• All major capital and change programmes are evaluated by the Change Board. This includes
consideration of the risk involved in programme delivery and achievement of projected benefits.
Delivery of programmes is overseen by a Programme Management Office in the UK & Ireland.
• Control activities operate to manage our technology, data and information security risks. These
continue to evolve in line with the deployment of new systems, migration of infrastructure to the
cloud and to meet the challenges posed by external threats.
• A key controls framework is in place defining the financial controls that are expected to operate
across the businesses core processes and activities.
• Training is provided to colleagues outlining their risk management, conduct, compliance and
operational responsibilities.
• Our performance management process holds colleagues accountable for their responsibilities.
• Profit protection and fraud prevention activities operate across our omnichannel and supply
chain operations.
• Compliance frameworks are in place to support the monitoring of good customer outcomes in our
financial services regulated activities.
• Continuous improvement takes place throughout the organisation to improve the operation of
controls. This is informed by actions identified in Internal Audit and compliance monitoring reviews
as well as customer feedback, complaints management, and the results of quality assurance.
• The Group is progressing towards compliance with provision 29 of the Code. This has included
identifying material controls across the UK & Ireland and Nordics businesses and establishing an
assurance plan to support the Board’s disclosure over their effectiveness next year.
70 Currys plc Annual Report & Accounts 2025/26
Risk management
• A risk identification process operates in accordance with the Group risk management
methodology. This ensures that risk management takes place consistently across the Group
to identify and evaluate the significant risks faced by the Group.
• The Group risk profile covers the principal risks faced by the business, their potential impact
and likelihood of occurrence and the key actions established to mitigate these risks.
• The Group Risk Management Framework operates across the business with key business units
undertaking risk assessment and risk management activities.
• Horizon scanning takes place throughout the year to ensure that the horizon is consistently
scanned for developments and changes that may impact the business.
• The Risk Committee and the Audit Committee meet at least four times a year to review the
management of risk arising out of the Group’s activities through the principal risk reporting and
assessment process, and through principal risk deep dives.
• The Board reviews the principal and emerging risks together with any matters that would threaten
the business model, future performance, solvency and liquidity.
Assurance
• The Audit Committee approves the Internal Audit programme. The progress of the plan and the
results of the audits are reviewed throughout the year.
• A compliance monitoring function reviews operation of financial services regulated activities.
• Annual evaluations are undertaken by business management against the control framework in
order to ensure that the control environment operates as intended. Any deficiencies identified
are subject to remedial action.
• A broad range of assurance activities are undertaken across the business by functional
management to review the management of key risks.
• The Group communicates with external stakeholders, including industry bodies and regulators
on the management of risks and issues where relevant.
Internal Audit
The Group has an Internal Audit department which conducts
audits of selected business processes and functions. The Group’s
Internal Audit plan sets out the Internal Audit programme for the
next six months and there is also a list of potential audits for the
following six months and that is continually refreshed and
prioritised to allow the team to be responsive to business changes.
The Internal Audit plans are prepared taking into account the
principal risks across the Group with input from management and
the Audit Committee. The Internal Audit plan is designed to test the
robustness of financial and operational controls and to
determine whether operating procedures are designed and
operating effectively. The Audit Committee considers the
alignment of the Internal Audit plan with the principal risks faced
by the Group as part of its approval process. The Audit
Committee approved the 2025/26 Internal Audit plan in April
2025, having considered the audit priorities.
The Audit Committee receives all reports issued by the Internal
Audit department, which detail material findings from testing
performed and any recommendations for improvement. The Audit
Committee reviews audit reports with a summary provided by the
Group Director of Internal Audit, Risk and Insurance at each
meeting, along with an update of progress against the Internal
Audit plan and on management’s progress towards implementing
recommendations agreed during Internal Audits. Actions taken by
management to close Internal Audit recommendations are
reviewed by Internal Audit to determine whether any new controls
and procedures have been implemented effectively.
The Audit Committee considered the effectiveness of the Internal
Audit department by considering: scope, resources and access to
information as laid out in the Internal Audit charter; the reporting
line of Internal Audit; the Internal Audit strategy; the Internal Audit
work plan; the results of the work of Internal Audit; and feedback
obtained from sponsors of specific Internal Audits, the Executive
Committee and Board members. The Audit Committee concluded
that the Internal Audit department operated effectively during
the year.
Capital and constitutional disclosures
Information on the Company’s share capital and constitution
required to be included in this Corporate Governance Statement is
contained in the Directors’ Report on pages 56 to 58. Such
information is incorporated into this Corporate Governance
Statement by reference and is deemed to be part of it.
Further financial and business information is available on the
Company’s website, www.currysplc.com. Shareholders can also
submit any questions to the Board at any time of the year
at cosec@currys.co.uk.
Ian Dyson
Chair of the Board
1 July 2026
Corporate governance report continued
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Audit committee report
Chair’s statement
I am pleased to present the Audit Committee (the ‘Committee’)
report for the financial year ended 2 May 2026. This report
describes how the Committee has carried out its duties to provide
independent scrutiny of the Group’s financial and non-financial
reporting, risk management and internal control systems during
the year, in order to determine whether these remain effective
and appropriate.
During the year, I met regularly with the Group Chief Financial
Officer, the Chief Information Officer, the Group Director of
Internal Audit, Risk and Insurance, and with members of the KPMG
LLP (‘KPMG’) audit team both at and between scheduled
Committee meetings. The Committee members also frequently
meet in the absence of management. The Group Director of
Internal Audit, Risk and Insurance and representatives of KPMG are
invited to these private discussions periodically to allow
discussion of matters which they may wish to raise.
During the financial year, the Audit Committee took on
sustainability reporting responsibilities following the closure of the
ESG Committee and these are now included in the Committee’s
Terms of Reference. This year, the Committee has continued to
consider the significant accounting and management judgements,
and monitor the integrity of the financial and sustainability
statements. The Committee reviewed the Annual Report &
Accounts to ensure that the report as a whole is fair, balanced
and understandable, and recommended that this be approved
by the Board. The Committee also received deep dive updates
during the financial year on several of the Group’s principal risks
including financial services regulation risk, macroeconomic risk and
product safety risk. The Committee continues to receive regular
updates from the Technology team on IT, data and information
security.
The Committee also continues to monitor the external discussion
on the simplification and modernisation of corporate reporting
and will continue to ensure that the Company complies with
external best practice. In particular, the Committee will oversee
compliance with enhanced reporting on internal controls and risk
management as required by Provision 29 of the UK Corporate
Governance Code 2024 (the ‘Code’) which becomes mandatory
for the Company’s next annual report & accounts for 2026/27.
During the year, the Company did not receive any requests from
the Company’s shareholders for specific matters to be covered by
the external audit. The Company has complied with the Audit
Committees and the External Audit: Minimum Standard throughout
the year.
2025/26 Highlights
• Consideration of accounting and
management judgements.
• Received deep dive updates on
several of the Group’s principal
risks including financial services
regulation, macroeconomic risk
and product safety risk.
• Continued oversight of cyber
security programmes.
• Took over responsibility for
sustainability reporting
responsibilities during the year
following the closure of the
Board’s ESG Committee and
received an update on
sustainability reporting.
Committee
members
Meeting
attendance
Adam Walker (Chair) 5/5
Steve Johnson 5/5
Eileen Burbidge 3/3
Gerry Murphy 3/3
Elaine Bucknor
(1)
1/2
Rune Bjerke 2/2
(1) Elaine was absent from the April 2026 Audit
Committee meeting due to a business
commitment booked prior to her joining
the Board.
Committee membership changes during
the year: Eileen Burbidge and Gerry Murphy
stepped down from the Board and the Committee
on 4 September 2025. Elaine Bucknor and Rune
Bjerke joined the Board and the Committee on
8 September 2025.
Percentage of Committee that are independent
non-executive directors: 100%
Committee members that meet the UK
Corporate Governance Code 2024 requirement
to have recent and relevant financial
experience: Adam Walker
Reports to: Currys plc Board
Meeting attendees: Group Chief Executive,
Group Chief Financial Officer, Group Financial
Controller, Group Director of Internal Audit, Risk
and Insurance, representatives from the external
Auditor and members of the Board and
management team at the invitation of the
Committee Chair. The Company Secretary, or
their nominee, acts as Secretary to the
Committee.
Number of meetings
during the year:
5
Number of meetings held since
the end of the financial year:
1
Minimum meetings
to be held each year:
2
The biographies for the Committee members are
set out in full on the Company’s website,
www.currysplc.com
i
The Committee Terms of Reference, which include the
duties of the Committee, were approved on 20 January
2026 are available on the Company’s website,
www.currysplc.com
i
72 Currys plc Annual Report & Accounts 2025/26
Key matters considered
The principal activities of the Committee during the year ended
2 May 2026 included:
• considering significant accounting and reporting judgements,
the appropriateness of taxation disclosures and the
appropriateness of the Group’s going concern position and
longer-term viability statement;
• considering and recommending that the Annual Report &
Accounts 2025/26, when taken as a whole, are fair, balanced
and understandable;
• reviewing the half-year results in December 2025;
• considering the presentation, fairness, and balance of the
Group’s alternative performance measures (‘APMs’);
• reviewing the Group Risk Register and principal risk deep dives;
• considering the effectiveness of the risk management system
and internal controls, operated by management;
• considering updates on information security, IT infrastructure
and data management;
• providing oversight of the businesses regulated by the FCA and
receiving reports on compliance;
• overseeing the Group’s compliance with ESG-related reporting
requirements including but not limited to the TCFD and the
Modern Slavery Act;
• approving the Internal Audit plan, Internal Audit strategy,
considering Internal Audit reports and management actions,
and monitoring the effectiveness of Internal Audit in line with
the approved Internal Audit charter;
• providing oversight of the Group’s internal controls programme
including preparation for compliance with Provision 29 of
the Code;
• considering the external audit plan, audit reports and updates
from KPMG;
• monitoring the effectiveness of the external Auditor; and
• receiving updates on matters including litigation, stock loss,
regulatory compliance, whistleblowing, and procedures
in place to prevent money laundering and bribery, fraud
and corruption.
Accounting and financial reporting matters
The Committee is responsible for considering reports from the
external Auditor and monitoring the integrity of the half-yearly
statement and annual report & accounts in conjunction with senior
management. During the year ended 2 May 2026, consideration
was given to the suitability and application of the Group’s
accounting policies and practices, including areas where
significant levels of judgement have been applied or significant
items have been discussed with the external Auditor.
Responsibilities
The principal duties of the Committee are to:
Accounting and financial and non-financial
reporting
• monitor the integrity of the half-yearly statement and annual
report & accounts, and any formal announcements relating
to the Group’s financial and non-financial performance,
report to the Board on significant reporting issues and
judgement contained in them;
• review significant financial and non-financial reporting
judgements and accounting policies and practices;
• review and advise the Board on whether, as a whole, the
content of the annual report & accounts is fair, balanced
and understandable;
• considering the going concern statement;
• review any other statements requiring Board approval which
contain financial or sustainability information; and
• have regard to the applicable legal, regulatory and best
practice requirements and standards for reporting including
the UK Corporate Governance Code, the UK FRC, the FCA’s
Disclosure Guidance and Transparency Rules and UK Listing
Rules, and the recommendations of the TCFD and Modern
Slavery Act.
Risk management and internal control
• review the Group’s financial and non-financial controls and
internal control effectiveness and maturity;
• review the Group’s risk management systems and risk
appetite; and
• review and approve the statements to be included in the
annual report & accounts concerning sustainability, internal
control, risk management and the viability statement.
Compliance, conflicts, whistleblowing and fraud
• review the adequacy of the Company’s whistleblowing
arrangements;
• review the Company’s procedures to detect and manage fraud;
• review the Company’s systems and controls for the
prevention of bribery;
• review the effectiveness of the Company’s compliance
function; and
• oversee the Group’s compliance with ESG-related reporting
requirements.
Internal Audit
• monitor and assess the effectiveness of the Group’s Internal
Audit function;
• approve the Internal Audit plan;
• consider the reports of work performed by Internal Audit
and review the actions taken by management to implement
the recommendations of Internal Audit; and
• consider the major findings of internal investigations.
External Audit
• consider recommendation of the external Auditor’s
appointment, reappointment and removal to the
shareholders in the annual general meeting and approve
their remuneration;
• review the results and conclusions of work performed by the
external Auditor; and
• review and monitor the relationship with the external Auditor,
including their independence, objectivity, effectiveness and
terms of engagement.
General matters
• consider any specific topics as defined by the Board; and
• refer matters to the Board which, in its opinion, should be
addressed at a meeting of the Board.
Audit committee report continued
73
Strategic Report Financial Statements Investor InformationGovernance
Accounting and financial reporting matters Matters considered and how the Committee discharged its duties
Going concern and
viability statements
The Committee reviewed the processes and assumptions underlying both the going concern and
longer-term viability statements made on page 40 of the Annual Report & Accounts 2025/26.
In particular, the Committee considered:
• the impact in respect of uncertainties including macroeconomic downturn and high inflation;
• management’s assessment of the Group’s prospects including its current position, assessment
of principal business risks and its current business model, future cash forecasts, historical
cash flow forecasting accuracy, profit projections, available financing facilities, facility
headroom and banking covenants;
• the appropriateness of the three-year time period under assessment, which is in line with the
strategic planning horizon of the Group;
• the robustness and severity of the stress-test scenarios with reference to the Group’s Risk
Register, those principal risks and mitigating actions as described on pages 35 to 39 of the
Annual Report & Accounts 2025/26, the latest Board-approved budgets, strategic plans,
and indicative headroom under the current facilities available – examples of which included
the impact of regulatory, taxation or information security incidents, and reduced forecast
profitability and cash flow as a result of a market downturn; and
• in addition, considering recent high-profile cyber incidents, management also considered it
appropriate to model a one-off cyber-attack scenario.
The Committee concurred with management’s conclusions that the viability statement, including
the three-year period of assessment is appropriate. The Board was advised accordingly.
Fair, balanced and
understandable
In ensuring that the Group’s reporting is fair, balanced and understandable, the Committee
reviewed the classification of items between adjusting and non-adjusting items. The assessment
considered whether items fell within the Group’s definition of adjusting items as well as the
consistency of treatment of such items year-on-year.
The Committee gave due consideration to the integrity and sufficiency of information disclosed
in the Annual Report & Accounts 2025/26 to ensure that they explain the Group’s position,
performance, business model and strategy. An assessment of narrative reporting was included
to ensure consistency with the financial reporting section, including appropriate disclosure of
material adjusting items, and appropriate balance and prominence of statutory and non-
statutory performance measures. The Committee considered the use of APMs and additional
information on those APMs used by the Group is provided in the Glossary and definitions
section on pages 190 to 191.
The Committee concluded that the Annual Report & Accounts 2025/26, taken as a whole, are
fair, balanced and understandable, and that the measures used and disclosures made are
appropriate to provide users with a meaningful assessment of the performance of the
underlying operations of the Group; the Board was advised of the conclusion.
Matters of significance
and areas of judgement
The Committee received reports and recommendations from management and the external
Auditor setting out the significant accounting issues and judgements applicable to the following
key areas. These were discussed and challenged, where appropriate, by the Committee.
Following debate, the Committee concurred with management’s conclusions.
Taxation
The Group operates across multiple tax jurisdictions. The complex nature of tax legislation in
certain jurisdictions can necessitate the use of judgement.
The Committee reviewed the judgements and assumptions concerning any significant tax
exposures, including progress made on matters being discussed with tax authorities and, where
applicable, advice provided by external advisors. The total provisions recognised at the
balance sheet date amounted to £52m (2024/25: £51m).
In addition, the Committee reviewed the estimations and assumptions concerning the
recoverability of UK deferred tax assets, including the availability of future taxable profits
based on the Group’s business plans and forecast taxable temporary differences. The total UK
deferred tax asset recognised at the balance sheet date amounted to £57m (2024/25: £23m).
The Committee also reviewed the appropriateness of the disclosures made around tax
provisions, contingent liabilities, and deferred tax balances.
The Group discloses tax provisions and contingent liabilities in relation to uncertain tax positions
as a ‘critical accounting judgement’ and deferred tax assets as ‘key sources of estimation
uncertainty’ as set out in note 1d to the Group financial statements.
74 Currys plc Annual Report & Accounts 2025/26
Accounting and financial reporting matters Matters considered and how the Committee discharged its duties
Pension
The Committee received reports on the methodology and the basis of the assumptions used for
the defined benefit pension obligation. The Group regularly engages with the trustees on the
scheme’s investment strategy and its management.
The Group’s defined benefit pension schemes are assessed twice a year, and the scheme
liabilities are based on actuarial assumptions regarding inflation, discount rates, and longevity.
These assumptions are used to calculate the defined benefit obligation and the surplus or
deficit in the UK defined benefit pension scheme is recognised in the consolidated statement of
comprehensive income. The Group receives details of invested assets from external valuation
experts to value these assets. The valuations closest to year end are used and the private
investments are rolled forward to incorporate future investments and distributions. The
assumptions have been disclosed in the financial statements.
Further detail is disclosed in note 19 to the Group financial statements.
Risk management and internal control
The Committee is responsible for reviewing the Group’s risk management and internal control systems. Details of the overall risk
management and governance policies and procedures are given in the Corporate Governance Report on pages 67 to 70. The
Committee reviewed management’s assessment of risk and internal control, results of work performed by the second lines of defence
and Internal Audit, and the results and controls observations arising from the interim review procedures and the annual audit performed
by the external Auditor. The Committee also ensured that all risk topics were covered, as defined by its Terms of Reference, with
detailed reviews of risk topics scheduled throughout the year monitoring potential areas of concern.
Specific matters considered by the Committee to discharge its duties are detailed below:
Risk management and internal control Matters considered and how the Committee discharged its duties
Bribery and corruption
• The Committee reviewed the arrangements put in place to satisfy requirements to comply
with regulation for anti-bribery and corruption, including a review of the Group’s policy on
bribery and corruption.
Anti-money laundering
• The Committee reviewed the arrangements put in place to satisfy requirements to comply
with regulation for anti-money laundering, including a review of the Group’s policy on
anti-money laundering.
Data protection
• The Committee reviewed data protection compliance throughout the Group, particularly in
relation to the embedding of policies, procedures and processes implemented to comply
with the requirements of EU General Data Protection Regulation.
Compliance
• The Committee reviewed the nature of financial services regulated activities across the
Group’s business operations and the governance and oversight arrangements for the
operation of an effective FCA compliance regime in the business including the FCA’s
Consumer Duty requirements. The Committee considered compliance and regulatory reports
prepared by the Regulatory Compliance Committee and monitored key developments and
ongoing activities for the Compliance team in areas of governance, policy and compliance
monitoring.
Information security and
IT controls framework
• The Committee regularly reviews the progress of the ongoing security improvement
programme, and periodically considers and reviews the IT general controls framework and
related improvement initiatives progressed by the management team, in order to monitor that
appropriate actions are taken.
• The Company is currently undergoing a large transformation programme across many areas
of the business including its IT infrastructure. All transformation programmes are managed in
line with the Group risk management methodology to manage the risk appropriately in order
to provide reasonable reassurance against material losses.
Audit committee report continued
75
Strategic Report Financial Statements Investor InformationGovernance
Risk management and internal control Matters considered and how the Committee discharged its duties
Internal controls
• As per the obligations placed on the Committee under the Code, the Committee formally
considered a review of the system of risk management and internal control. The Committee
noted developments in the system of risk management and internal control, management
plans for 2025/26 and agreed the statements contained in the Annual Report & Accounts
2025/26. The Committee also reviewed the results of Internal Audit reviews.
• The Committee reviewed the Group Internal Controls team’s programme to comply with
the Code. This included management’s approach to identifying material controls and
the associated assurance plan to support the Board’s declaration on their effectiveness
next year.
Whistleblowing
• The Committee reviews a summary of all whistleblowing calls received by the Group, both
through the independently operated hotline and other channels. The Committee confirmed
that the calls had been appropriately dealt with (both individually and in aggregate) in
accordance with the Group’s Whistleblowing Policy.
Internal Audit
Internal Audit is an independent, objective assurance function that impartially appraises the Group’s control activities. Internal Audit
works with management to help improve the overall control environment and assist management, the Committee and the Board in
discharging their respective duties relating to maintaining an adequate and effective system of internal control and risk management,
and safeguarding the assets, activities and interests of the Group.
Internal Audit Matters considered and how the Committee discharged its duties
Audit reviews of
significant risk areas
• The Committee considered the alignment of the Internal Audit plan with the Group strategy
and the key risks facing the business.
• During the period, internal audits included coverage of the following significant risk areas of
the business in the UK&I and Nordics:
– competition;
– cyber, data, and IT systems operations;
– business transformation;
– business continuity and disaster recovery;
– sustainability;
– relationships and contract management with major suppliers;
– product safety;
– people; and
– financial services regulatory compliance.
• The Committee considered the key trends and material findings arising from Internal Audit’s
work and the adequacy of the agreed management actions in relation to those findings.
Assurance programme
• The Committee approved the Internal Audit plan in April 2025 and a revalidation in
December 2025. An update relating to the execution of the plan was received at each
Committee meeting. It also considered progress on delivery of the Internal Audit strategy.
• As part of the rolling assurance programme, audits were performed over the following
processes to provide assurance to the Committee that controls were operating within
these areas:
– Reviews across Group (UK&I and Nordics) operations relating to ‘green’ product and
marketing claims, Payment Card Industry Data Security Standard compliance, outsourced
cyber security services, and cloud servers.
– Specific UK&I reviews covering Currys Business, iD Mobile, Retail Media, retail stock
integrity, Newark Distribution Centre business continuity planning, Republic of Ireland
financial services compliance, and tactical user access management.
– Specific Nordics reviews covering readiness for the EU Deforestation Regulation, Gender
Pay reporting, OEM sourcing, and data and IT security for Infosys-managed operations.
• The Committee considered the actions taken by management in relation to the audit findings.
• The Committee considered the results from these audits during its assessment of the
effectiveness of the system of internal control operated by management and concluded
that the system of internal control was appropriately monitored and managed.
76 Currys plc Annual Report & Accounts 2025/26
Effectiveness of Internal
Audit and adequacy of
its resources
• The Committee approved the Internal Audit charter, concluding the role and mandate were
appropriate to the current needs of the organisation.
• The Committee monitored the work of Internal Audit and formally reviewed the effectiveness
of Internal Audit and the adequacy of its resources, considering:
– scope, resources and access to information as laid out in the Internal Audit charter;
– the reporting line of Internal Audit;
– the Internal Audit work plan;
– the results of the work of Internal Audit; and
– feedback received from key sponsors in the business, stakeholders and Board members.
• AI tooling has been made available to Internal Audit, improving their technology enablement
for audit delivery and audit management processes.
• Internal Audit appointed a new partner for co-sourcing services in May 2025 following a
competitive tender process (supported by Currys’ Finance and Procurement teams). The
decision was validated by the Committee. Positive feedback on ways of working and service
quality have been received.
• The Committee concluded that the Internal Audit department had in all respects been
effective during the period under review and performed its duties in accordance with its
agreed charter.
External Audit
The external Auditor is appointed by shareholders to provide an opinion on the annual report & accounts and certain disclosures
prepared by Group management. KPMG acted as the external Auditor to the Group throughout the year. The Committee is responsible
for oversight of the external Auditor, including approving the annual audit plan and all associated audit fees. The key matters in relation
to external audit that were considered by the Committee were:
External Audit Matters considered and how the Committee discharged its duties
Effectiveness
of the external
Auditor
• The Committee reviewed and agreed the annual audit plan, specifically considering the appropriateness
of the key risks identified and proposed audit work, the scope of the audit and materiality levels applied
which are detailed in the Independent Auditor’s report on pages 112 to 120.
• As part of the reporting of the half year and full year results, the Committee reviewed the reports
presented by KPMG in assessing the Group’s significant accounting judgements and estimates, and
considered the audit work undertaken, level of challenge and quality of reporting.
• Following due consideration of the above, the Committee continues to be satisfied with the quality and
effectiveness of the external Auditor.
Auditor
independence
• The Committee considered the external Auditor’s assessment of and declaration of independence
presented in the annual audit plan and final audit report, and the safeguards in place to make such
declarations.
• The Committee considered the annual audit fee and fees for non-audit services, with due regard to the
balance between audit and non-audit fees and the nature of non-audit fees undertaken in accordance
with the policy as set out below.
• The Committee reviewed and approved the Group policy on the employment of former employees of the
external Auditor in April 2026.
Audit committee report continued
77
Strategic Report Financial Statements Investor InformationGovernance
Policy on provision of non-audit services
provided by the external Auditor
Under the Group’s policy on auditor independence, the external
Auditor may only provide services which include:
a) audit services comprising issuing audit opinions on the Group’s
consolidated financial statements and on the statutory
financial statements of subsidiaries and joint ventures;
b) audit-related services comprising review of the Group’s
consolidated interim financial statements, and opinions/audit
reports on information provided by the Group upon request
from a third party such as prospectuses, comfort letters and
rent certificates, etc; and
c) services otherwise required of the external Auditor by local
law or regulation.
Any exceptions are subject to pre-approval by the Group
Chief Financial Officer, and such permission is only granted in
exceptional circumstances. Where the non-audit assignment is
expected to generate fees of over £100,000, prior approval
must be obtained from the Committee.
During the period under review, the non-audit services performed
by the external Auditor primarily arose from the interim financial
review procedures and the assurance of e-waste collection,
energy consumption and emissions data in the annual report &
accounts 2024/25. The Committee has reviewed the services
performed by the external Auditor during the year and is satisfied
that these services did not prejudice the external Auditor’s
independence and that it was appropriate for them to perform
these services.
The level of non-audit fees paid to the current external Auditor,
and approved by the Committee, is set out in note 3 to the Group
financial statements and amounted to £0.4m (2024/25: £0.4m)
compared with £2.3m (2024/25: £2.3m) of audit fees. The
non-audit fees as a percentage of audit fees was 17% in 2025/26
(2024/25: 17%), which reflects the restrictive policy governing the
use of the appointed external Auditor for non-audit services.
Consideration of external Auditor appointment
and independence
The Committee considers the appropriateness of the
reappointment of the external Auditor each year, including the
rotation of the audit partner. KPMG were first appointed as the
Group’s external Auditor for the 2022/23 financial year and
2025/26 will therefore be the fourth year they have audited the
Group’s accounts. KPMG have formally confirmed to the Board its
independence as external Auditor of the Company.
In determining whether to recommend the external Auditor for
reappointment for this year, the Committee considered the
external Audit firm’s internal control procedures, the audit
effectiveness review and tenure, and agreed that the audit
processes are effective and that KPMG LLP continues to be
independent. The Committee also noted that the FRC’s Audit
Committees and the External Audit: Minimum Standard requires
that an audit is put out to tender at least every ten years and
KPMG’s tenure is well within this timeframe.
Accordingly, the Company confirms that it has complied with the
Competition and Markets Authority Statutory Audit Services Order
for the financial year under review and the Committee concluded
that it was in the best interests of the Company’s shareholders to
reappoint KPMG as the external Auditor for 2026/27. The
Committee’s recommendation that a resolution to reappoint
KPMG be proposed at the Company’s AGM in September 2026
has been accepted and endorsed by the Board.
Adam Walker
Chair of the Audit Committee
1 July 2026
i i
78 Currys plc Annual Report & Accounts 2025/26
Disclosure committee report
2025/26 Highlights
• Preliminary results for the financial
year ended 3 May 2025.
• Trading updates.
• Interim results for the half year
ended 1 November 2025.
• Change of Group Chief Executive.
Chair’s statement
I am pleased to present the Disclosure Committee (the
‘Committee’) report for the year ended 2 May 2026. The principal
role of the Committee is to ensure that adequate procedures,
systems and controls are maintained to enable the Company to
fully meet its legal and regulatory obligations regarding the timely
and accurate identification and effective disclosure of all
price-sensitive information.
The Committee is comprised of the Group Chief Financial Officer
(Committee Chair), the Group Chief Executive and the General
Counsel and Company Secretary. The Chair of the Board and the
Senior Independent Director are able to act as ‘alternates’ to the
Committee members in the event that the quorum of three
members cannot be met. The Chair of the Board attended one
meeting as an alternate member for the Group Chief Executive
during the year as the meeting related to the departure of the
Group Chief Executive. The Company Secretary, or their nominee,
acts as Secretary to the Committee. The minutes of each
Committee meeting are circulated to all members of the Board.
The internal Board and committee effectiveness review carried
out during the year concluded that the Committee discharges its
duties effectively.
Meetings
There were 6 Committee meetings during 2025/26 and 3 additional
meetings were held after the end of the financial year. Committee
meetings are scheduled in advance of results announcements and
trading updates. Meetings can be convened by the Company
Secretary, or by the Committee Chair at other times as required.
The Committee receives input as appropriate from the other Board
directors, the Company’s brokers and senior management, and
invites the Investor Relations Director to attend all meetings.
Responsibilities
The principal duties of the Committee are to:
• establish and maintain adequate procedures, policies, systems
and controls to enable the Company to fully comply with its legal
and regulatory obligations regarding the timely and accurate
identification and disclosure of all price-sensitive information;
• determine whether information is inside information and if it
requires immediate disclosure or whether disclosure can be
delayed;
• keep under review the adequacy of the disclosure and
communications policies, implement and monitor compliance;
• monitor communications received from any regulatory body in
relation to the conduct of the Group, and review any proposed
responses;
• consider generally the requirement for stock exchange
announcements, including in relation to the delayed disclosure of
inside information, substantive market rumours, and leaks of inside
information;
• consider and give final approval for trading statements and/or
results to be released to meet legal and regulatory requirements;
and
• review the content of all material regulatory announcements,
transactional shareholder circulars, prospectuses, and any other
documents issued by the Company.
Key matters considered
During the year ended 2 May 2026 the Committee met to consider
the following matters:
• the pre-close trading update and preliminary results for the
financial year ended 3 May 2025;
• the trading update for 17 weeks ended 30 August 2025;
• the interim results for the half year ended 1 November 2025;
• the Peak trading update for the ten weeks to 3 January 2026;
and
• the resignation of Group Chief Executive.
After the year end, the Committee met three times to consider the
appointment of a new Group Chief Executive and the pre-close
and full year trading updates.
Bruce Marsh
Chair of the Disclosure Committee
1 July 2026
Committee
members
Meeting
attendance
Bruce Marsh (Chair) 6/6
Alex Baldock
(1)
5/6
Nigel Paterson 6/6
(1) Alex was absent from a Disclosure Committee
meeting due to conflict of interest.
Alternate members: Ian Dyson, Chair of the Board
and Octavia Morley, Senior Independent Director
were alternate members during the year. Ian Dyson
attended a Disclosure Committee meeting as an
alternate member of Alex Baldock.
Committee membership changes during the year:
None
Percentage of Committee that are independent
non-executive directors: 0%
Committee reports to: Currys plc Board
The biographies for the Committee members are
set out in full on the Company’s website,
www.currysplc.com
The Committee Terms of Reference, which include the
duties of the Committee, were approved on 20 January
2026 and are available on the Company’s website,
www.currysplc.com
Number of meetings
during the year:
6
Number of meetings held since
the end of the financial year:
3
79
Strategic Report Financial Statements Investor InformationGovernance
Nominations committee report
2025/26 Highlights
• Considered succession planning
for key Board roles.
• Led and completed the process
to recruit two new independent
non-executive directors and
recommended the appointments
of Elaine Bucknor and Rune Bjerke
to the Board.
• Led the process of the
appointment of Group Chief
Executive.
Chair’s statement
I am pleased to present the Nominations Committee (the
‘Committee’) report for the year ended 2 May 2026. The
Committee has continued to oversee the structure, size and
composition of the Board during the year, having regard to the
collective skills, knowledge, experience and diversity in all its
forms. This report sets out the key responsibilities of the Committee
and describes how it has discharged its duties.
The Committee reviewed governance and best practice standards
that relate to its remit in October 2025 and January 2026. These
requirements were discussed, and the Committee concluded that
the Board’s size and composition and the balance of skill,
knowledge and experience remained appropriate to meet the
current leadership needs of the Group, and in compliance with the
UK Corporate Governance Code (the ‘Code’). The Committee
considered the time commitments of each director, director
independence, director tenure, the diversity of the Board, the
collective skills and experience of the Board, directors’ external
appointments and potential conflicts of interests and concluded
that these remained appropriate for the effective function of the
Board.
The Board supports the FTSE Women Leaders Review target for
boards to be comprised of 40% females and the Parker Review
target for boards to have at least one director from an ethnic
minority background. Although the Company is not currently
compliant with the FTSE Women Leaders Review target, it is
focused on continuing to seek opportunities to further increase all
forms of diversity on the Board as part of Board succession
planning. Further information on the gender and ethnic diversity of
the Board and senior management team is available in the
‘Governance at a glance’ section of this report. A Leadership
Inclusion Forum is in place to focus on increasing the diversity of
the workforce.
All directors receive updates on colleague issues including
diversity at Board meetings. Succession planning, talent updates
and the oversight of the development of a diverse pipeline for
succession have been a key focus of the Committee and the
Board during the year including a UK&I talent and succession
planning deep dive in December 2025 and a Nordics talent and
succession planning deep dive in March 2026. The directors also
received updates in March 2026 on culture, values, diversity and
inclusion.
Meetings and membership
After the year end, the Committee formally met once to consider
the appointment of Group Chief Executive. The Committee
members also had weekly calls, sometimes including executive
search firm Korn Ferry, to discuss the CEO transition. The Committee
is compliant with the Code requirement that the majority of the
members of the Committee are independent non-executive
directors. Other members of the Board or senior management
can attend meetings at the invitation of the Committee Chair.
The Company Secretary, or their nominee, acts as Secretary to
the Committee. The Committee’s deliberations are reported by its
Chair at the next Board meeting and the minutes of each meeting
are circulated to all members of the Board. All directors (including
those that are not members of the Committee) were invited to join
all Committee meetings during the year.
Responsibilities
The principal duties of the Committee are to:
• review the structure, size and composition of the Board, and
recommend changes to the Board as necessary;
• evaluate the balance of skills, independence of thinking,
experience, knowledge and diversity at both Board and senior
management levels and make recommendations to the Board
as necessary;
• give full consideration to orderly succession planning for both
the Board and senior management positions and oversee the
development of a diverse pipeline for succession;
Committee
members
Meeting
attendance
Ian Dyson (Chair) 2/2
Magdalena Gerger 2/2
Octavia Morley 2/2
Committee membership changes during
the year: None
Committee reports to: Currys plc Board
The biographies for the Committee members are
set out in full on the Company’s website,
www.currysplc.com
The Committee Terms of Reference, which include the
duties of the Committee, were approved on
20 January 2026 and are available on the Company’s
website, www.currysplc.com
ii
Minimum meetings
to be held each year:
2
Number of meetings
during the year:
2
Number of meetings held since
the end of the financial year:
1
80 Currys plc Annual Report & Accounts 2025/26
• identify and nominate candidates to fill vacancies on the
Board when they arise;
• carry out a formal, rigorous and transparent selection process
of candidates, giving due regard to promoting the benefits of
diversity on the Board and senior management team, including
gender, social and ethnic backgrounds, and cognitive and
personal strengths; and
• review all the recommendations from the annual Board
effectiveness process that relate to Board composition,
diversity or how effectively Board members work together.
Key matters considered
The principal activities of the Committee during 2025/26 included
the:
• evaluation of the size, composition and structure of the Board
and its committees;
• consideration of director tenure and Board succession for key
Board roles;
• oversight of the process to recruit a non-executive director with
technology expertise and recommendation of the
appointment of Elaine Bucknor;
• oversight of the process to recruit a non-executive director with
extensive experience of Nordics markets and recommendation
of the appointment of Rune Bjerke;
• consideration of the independence and time commitments of
the directors;
• evaluation of director effectiveness during the year and
approval that each director wishing to submit themselves for
election or re-election be recommended to shareholders for
election or re-election at the AGM 2026;
• approval of the Company’s Equality, Inclusion, & Diversity:
Dignity at Work Policy;
• approval of the director external appointments policy;
• approval of Committee’s Terms of Reference;
• approval of the role descriptions of the Chair of the Board,
Senior Independent Director and the Group Chief Executive;
and
• the selection of a new Group Chief Executive.
Board evaluation
The Board effectiveness review for 2025/26 was facilitated
internally through questionnaires and then individual meetings with
each director and the Chair of the Board. The evaluation process
concluded that overall, the Committee is operating effectively.
Further details on the outcomes of the Board effectiveness review
are available in the Corporate Governance Report on page 65.
Appointments to the Board
The Committee has a formal, rigorous and transparent procedure
for the appointment of new directors. Appointments are made to
the Board based on objective criteria and with due regard to the
benefits of diversity, inclusion, equal opportunity and the
leadership needs of the Company.
External search firms are used to support the recruitment of new
directors. Korn Ferry and Egon Zehnder supported, respectively,
the recruitments of Elaine Bucknor and Rune Bjerke during the year.
The Committee uses a skills matrix tool when assessing the skills
and capabilities required in a new director, taking into account the
existing experience and expertise on the Board. The Committee
then develops candidate profiles describing the skills, knowledge
and experience required for each new role.
CEO transition
After close of business on 25 March 2026, Alex Baldock informed
the Board of his intention to step down as Group Chief Executive
after eight years. The Committee initiated a robust process to
identify Alex’s successor and the process included the
consideration of internal and external candidates. The recruitment
was supported by external search firm, Korn Ferry. The Committee
members had calls on a weekly basis throughout the process and
the process included discussion of the role profile and the
attributes required of the successful candidate, in-person
meetings between each non-executive director and shortlisted
candidates, and candidate simulation exercises and
presentations. The Committee members considered the Board
skills matrix and Board diversity as part of the process and the
potential candidates included candidates with diverse
characteristics. The Committee concluded that Fredrik Tønnesen
best met the criteria for the role, and Fredrik will join the Board on
3 August 2026. Alex will step down from the Board on 3 August
2026 but will remain available to support the orderly transition of
responsibilities to Fredrik until his departure from the Group on
31 August 2026.
Fredrik has served as Chief Executive of Currys’ Nordics business
since March 2023, with responsibility for approximately 40% of
Group revenue. He brings over 20 years’ of experience with the
Group, having started his career on the shop floor as a sales
assistant and subsequently serving as Managing Director for
Norway and Nordics Chief Operating Officer. As Nordics Chief
Executive Officer, Fredrik has delivered outstanding financial and
operational performance in the Nordics, more than trebling
operating profits while elevating colleague and customer
satisfaction scores to world-class levels.
Succession planning
The Group requires a talented Board with appropriate experience,
expertise and diversity. The Committee regularly monitors the size
and composition of the Board, leads the recruitment of new
directors and proposes any suitable candidates to the Board
for approval.
The Committee continue to be satisfied that a Board size of nine
directors is appropriate and effective for the leadership of the
Group. During the year, the Committee considered Board tenure,
noting in particular that no director is nearing the recommended
maximum nine-year tenure.
The Committee will continue to monitor Board composition and
regularly challenge whether the Board has the collective skills and
expertise necessary to provide effective leadership of the Group.
The Executive Committee carry out a detailed talent review
process across every area of the business. Succession plans are in
place for every member of the Executive Committee. The full
Board including the Committee members receive regular updates
on talent and succession from the Chief People, Communications
and Sustainability Officer. The Group Chief Executive updates the
Board at each meeting on any key role changes or appointments
that have taken place in the senior management team during the
period. The Committee, together with the Board, is focused on
ensuring that credible succession plans are maintained and that
there is a diverse talent pipeline for future business leaders.
The Board received a deep dive talent and succession planning
update for UK&I in December 2025 and for the Nordics in March
2026. The updates included candidate profiles of key talent
currently in the business and a summary of development plans in
Nominations committee report continued
81
Strategic Report Financial Statements Investor InformationGovernance
place and succession planning for key roles including emergency
cover plans and longer-term plans. The Board received an update
on the work being done by the People team to develop talent in
the business to ensure that colleagues have the requisite skill sets
for future roles.
Diversity
The Company is committed to developing a diverse workforce
and equal opportunities for all. The Board recognises that
enhancing diversity in all its forms is a critical part of having an
effective and engaged workforce which in turn supports the
long-term sustainable success of the Company.
The Board meets the voluntary targets set by the Parker Review. At
the end of the financial year, one member of the Board meets the
criteria as set out in the Parker Review. Further ethnic diversity data
is available on page 53.
In accordance with UKLR 6.6.6, the Board confirms that at the end
of the financial year, the Company had not met the target that at
least 40% of the individuals on the Board be female. The
Company was compliant with the requirements that at least one
of the four senior Board positions (chair, chief executive, senior
independent director or chief financial officer) be held by a
female and that at least one director be from a minority ethnic
background. The Board and Committee will remain cognisant of
diversity requirements for all future appointments.
The Board is strongly supportive of enhancing all forms of diversity
across the Board and wider workforce as a matter of priority. The
Board has been very mindful of the benefits of greater diversity of
gender, social and ethnic backgrounds, and cognitive and
personal strengths during the recruitment of all new directors. The
Board have also worked to increase the number of diverse
candidates included in search processes. However, to date, the
Board has not set specific targets on gender balance or ethnicity
for the Board or the wider colleague population. During 2025/26,
the management team continued to collect colleague data to
enable an informed view of the diversity characteristics of
colleagues. The Committee and the Board will monitor the
progress in this area and keep the decision to put in place formal
targets under review as insights become available. A Leadership
Inclusion Forum is in place and oversees a programme of work to
enhance all forms of diversity across the wider workforce.
In accordance with DTR 7.2.8A, the Committee confirms that a
diversity policy is in place (the Equality, Inclusion, & Diversity: Dignity
at Work Policy) and was last reviewed and approved by the
Committee in October 2025. The Board no longer has a separate
policy that only applies to the Board but has approved the
adoption of the UK&I policy to include all Board and senior
management appointments. The policy is in place to encourage
diversity and to ensure an inclusive culture is in place and the
principles of the UK&I policy are replicated in similar policies in the
Nordics business. The Board considers the celebration of diversity
and an inclusive culture to be a competitive differentiator for the
business. The policy establishes clear values and behaviour
standards for colleagues and confirms that any form of bullying,
harassment or discrimination is unacceptable. The policy does not
include any quotas and emphasises the need for appointments to
be made on the basis of merit. Information on Board and
colleague diversity is provided in the Governance at a glance
section on pages 52 and 53.
Re-election
At the forthcoming AGM in September 2026, all directors listed on
pages 54 and 55, other than Alex Baldock, will present themselves
for election or re-election.
Each of the directors submitting themselves for election or
re-election is being unanimously recommended by the other
members of the Board due to their experience, knowledge, wider
management and industry experience, continued effectiveness
and commitment to their role, and significant contribution to the
Board. More information on the individual contributions of each
director is available within their biographies on www.currysplc.com.
Ian Dyson
Chair of the Board
1 July 2026
82 Currys plc Annual Report & Accounts 2025/26
Remuneration committee report
Chair’s statement
On behalf of the Board, I am pleased to present the 2025/26
Directors’ Remuneration Report. This sets out the activities and
remuneration decisions that the Remuneration Committee
(‘Committee’) has made in respect of the financial year ending
2 May 2026, along with the approach that we intend to take for
2026/27. In determining outcomes, the Committee had a clear focus
on ensuring alignment of pay with performance, taking into account
the experience of all our key stakeholders throughout theyear.
Our Directors’ Remuneration Policy (the ‘Policy’) was approved
byshareholders at the annual general meeting in September
2025. We would like to thank shareholders for their engagement
during 2025 as we consulted on this Policy and are pleased with
the 92.49% vote in favour of the Policy at the annual general
meeting.
Remuneration in context
Corporate performance
Group like-for-like sales growth was +4%, with the UK&I +3% and
the Nordics +6%. In the UK&I, we delivered good growth against a
subdued consumer backdrop. The Nordics consumer environment,
gradually improved through the year, supported by easing
inflation and lower interest rates across most of the region.
In the UK&I, we outperformed the market, gaining +60bps of share
in a market that declined (1.0)%. Like-for-like sales grew +3%,
driven by strong performance in strategic initiatives including new
categories and B2B. Adjusted EBIT increased +£5m to £158m as
increases in colleague and operating costs were offset by gross
margin improvements and operating leverage.
The Nordics delivered very good results with adjusted EBIT up
+35% to £97m. Sales grew +6% (currency neutral), as most product
categories contributed to growth, supported by improving
consumer sentiment. Market share grew in the second half after
declining in the first half. Gross margins decreased slightly as we
chose to invest in sales growth in a more buoyant market.
Combined with tight cost control this generated strong operating
leverage, driving the substantial profit improvement.
Group adjusted EBIT increased +13% to £255m and operating cash
flow grew +13% to £294m. Free cash inflow reached £157m, +£8m
higher than last year, driven by stronger operating performance and
controlled capital expenditure and working capital management.
Cash deployment included £82m of pension contributions, £24m in
dividends, and £50m for share buybacks. After these outflows, the
Group ended the period with net cash of £176m, £(8)m YoY.
Read more about our performance in the Performance review
section from page 44.
Stakeholder experience
Our colleagues
Colleague engagement scores reached the highest level on
record this year. In the UK&I, colleague engagement (eSat) was an
outstanding 86, +2pts YoY and +5pts ahead of the top 10% global
benchmark. In the Nordics, eSat also increased +1pt to 80. The
combined Group eSat of 84 is +3pts above the top 10% global
benchmark. In addition, Currys has been named as the UK’s best
major retail employer in The Sunday Times’ prestigious Best Places
to Work survey, and achieved a leading retailer rating of 4.0 on
Glassdoor in the UK.
The biographies for the Committee members are
set out in full on the Company’s website
The Committee Terms of Reference, which include the
duties of the Committee, were approved on 20 January
2026 are available on the Company’s website
ii
2025/26 Highlights
• Approval of the 2025 Directors’
Remuneration Policy at the annual
general meeting in September
2025, including shareholder
consultation.
• Approving and ongoing monitoring
of Policy implementation for
2025/26, ensuring appropriate
pay for performance alignment.
• Discussions in relation to the
remuneration implications of the
CEO transition.
Committee
members
Meeting
attendance
Octavia Morley (Chair) 7/7
Magdalena Gerger 7/7
Gerry Murphy
(1)
2/2
Adam Walker 7/7
Minimum meetings
to be held each year:
2
Number of meetings
during the year:
7
Number of meetings held since
the end of the financial year:
2
Meeting attendees: The Chair of the Board,
Group Chief Executive, Group Chief Financial
Officer, Chief People, Communications and
Sustainability Officer, Group Reward Director,
Head of Executive Reward and Share Plans and
other members of senior management, and
representatives from the Company’s
remuneration advisor attend at the invitation of
the Committee Chair. The Company Secretary, or
their nominee, acts as Secretary to the
Committee.
Committee membership changes during
the year:
(1)
Gerry Murphy stepped down from the
Board and Remuneration Committee on the
4 September 2025
Percentage of Committee that are independent
non-executive directors: 100%
Committee reports to: Currys plc Board
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Strategic Report Financial Statements Investor InformationGovernance
Colleagues have also benefited from pay increases during the
year. In the Nordics, pay increases varied by country. Danish,
Finnish, Swedish and Norwegian colleagues received increases of
around +2%, +2.9%, +3.5% and +3.5% per annum respectively. In the
UK&I, the hourly paid colleagues have had pay increased to an
average of £13.47 per hour, with top performers on £14.07 an hour
including bonuses. Head office colleagues have also benefited
from a +3% pay rise.
In addition, there has been continued investment in training and
development including career fairs, online learning and skills
workshops and our world-class onboarding programme in stores.
Our customers
Customer satisfaction scores increased again in both markets with
a UK&I NPS of 56, +1pt YoY, and a Nordics NPS of 65, +2pts YoY. The
Company has continued to improve the customer experience this
year through a programme of initiatives. Easy to shop
encompasses activities across improving retail fundamentals such
as price, range, availability and making the most of the Company’s
omnichannel model. In both the UK&I and the Nordics this has
included making over 200 improvements to the online channel
that ensure customers can explore, search, navigate and pay
within a faster and more effective customer journey. In the Nordics,
the main websites were migrated to a new faster platform and in
the UK&I ESEL were rolled out to all stores pre-Peak.
Our shareholders
During 2025/26, the Company returned £74m to shareholders by
way of a £50m share buyback programme, a final dividend for
2024/25 of 1.5p per ordinary share and an interim dividend for
2025/26 of 0.75p per ordinary share. Progress made in both
markets during the year has delivered increased profits and
cash flow and significantly improved the share price, delivering
a business that’s increasingly able to return cash to shareholders
while investing in continued growth.
Our environment
We remain focused on helping customers give technology a longer
life. This year we’ve made it easier for customers to access our
repair services, increased our incentives for them to recycle their
old tech and have achieved increased sales of refurbished tech.
And we’ve continued to reduce emissions through investing in our
estate and transitioning our fleet to alternative fuels and EVs.
Our communities
This year in the UK&I, we strengthened our commitment to tackling
digital poverty by supporting DSIT and the IT Reuse for Good
Charter, including donating our first refurbished corporate laptops
to good causes. In the Nordics, Elkjøp, Elgiganten and Gigantti
continued to support activities and initiatives supporting both
youth and the elderly to reduce digital exclusion.
2025/26 incentive outcomes
Annual performance bonus
The maximum annual bonus opportunity for 2025/26 was 175% of
base salary for both executive directors. Measures are selected
to reflect the Group’s key objectives and for 2025/26 we
increased the emphasis on financial metrics, with 55% based
on Adjusted EBIT and 20% on free cash flow. The remaining 25%
was based on a combination of non-financial metrics, with 10%
on Net Promoter Score, 10% on employee engagement, and 5% on
increasing e-waste take back. These are all key areas for Currys,
where strong performance ensures that we continue to build a
differentiated offering from competitors. In addition, the bonus
included a clawback facility to demonstrate the Company’s
objective to reinforce a culture of good customer outcomes.
The formulaic outcome was 97.71 % of maximum, reflecting strong
performance across the Group. Full details on the targets set and
performance against them can be found on page 99 of this
report. The Committee was satisfied that this outcome was
appropriate given the Company’s overall performance and the
wider stakeholder experience outlined above, and that no
discretion was necessary. Having met his shareholding guidelines,
Bruce Marsh will defer 25% of his awarded bonus into shares for a
period of two years.
Long Term Incentive Plan
The 2023 LTIP award was subject to cumulative free cash flow
(40%), cumulative eps (30%) and relative TSR (30%) targets
measured over three years. Reflecting a period of strong financial
and share price performance, all performance elements will vest
at 100% of maximum. The Committee considered that this was
reflective of Currys’ overall performance over the period and is
comfortable that no discretion was necessary. Vested shares will
be subject to a further two-year holding period.
Full details on the 2023 LTIP targets set and performance against
them can be found on page 100.
Board changes
In March 2026 Alex Baldock informed the Board of his intention
to step down after eight years as Group Chief Executive, to take
a new external position. Following this announcement the Board
commenced a formal recruitment process for Alex’s successor,
considering both internal and external candidates. Following a
comprehensive search process, the Board announced in June
2026 that Fredrik Tønnesen will succeed Alex as Group Chief
Executive, effective 3 August 2026. Until this time, Alex remains in
role, continuing to drive business performance and ensuring a
smooth and orderly transition to the new CEO, following which he
will leave the business on 31 August 2026.
As a result of stepping down from his role, and in line with the
provisions of our Remuneration Policy, Alex will not be eligible for
an annual bonus in respect of 2025/26. His outstanding Deferred
Share Bonus Plan (‘DSBP’) awards and his 2024 and 2025 LTIP
awards will also lapse in full. Given that he will still be in role at
the vesting date, his 2023 LTIP award will remain eligible to vest in
the normal manner subject to its existing performance conditions
and will remain subject to its two-year holding period. Alex will be
required to hold shares worth 250% of his final salary for two
years following his departure from the Board.
Upon assuming the CEO role on 3 August 2026, Fredrik’s
remuneration arrangements will be set in line with our Remuneration
Policy. He will receive a base salary of £825,000, a pension
allowance of 3% of salary in line with the wider UK workforce, and
an executive benefits package in line with Policy. His annual bonus
and LTIP incentive opportunities will be 175% and 250% of salary,
respectively, and he will be required to build up a shareholding of
250% of salary within five years.
Separately, on behalf of the Committee, I would like to thank
Gerry Murphy for his contribution to the Committee. Gerry stepped
down as a non-executive director in September 2025.
84 Currys plc Annual Report & Accounts 2025/26
2026/27 remuneration
Base salary
Alex Baldock will not receive an increase for 2026/27 following
the announcement that he will be stepping down from the Board.
As above, Fredrik’s salary will be set at £825,000 on appointment,
and he will next be eligible for a salary review in 2027/28.
As a result of the CEO transition, Bruce Marsh will be taking on
additional leadership responsibilities. The Committee therefore
reviewed his base salary for 2026/27 and in the context of these
expanded responsibilities his base salary will be increased to
£570,000 (+9.2%), effective from 3 August 2026.
Annual performance bonus
Following the changes in weighting introduced last year, the
Committee has decided to maintain the current bonus structure,
ensuring that the focus remains on driving profitability and cash
flow. Therefore the 2026/27 annual performance bonus will be
based on achievement of stretching targets against five metrics
of adjusted EBIT (55%), free cash flow (20%), Net Promoter Score
(10%), employee engagement (10%) and environmental targets
(5%). The targets are commercially sensitive at this stage, but full
details will be disclosed in next year’s Remuneration Report.
LTIP
The 2026/27 LTIP award will be subject to three performance
conditions, cumulative free cash flow, cumulative EPS and relative
TSR measured against an adjusted FTSE 250 comparator group,
weighted 40%, 30% and 30% respectively. The financial targets
can be found on page 109 of the Remuneration Report.
LTIP rules
The existing plan rules have a ten-year life and are due to expire
this year. Accordingly, we are seeking shareholder approval for
new LTIP rules at the AGM 2026. While we are taking the
opportunity to update some features of the rules to bring them up
to date with current practice and ease administration, we are not
proposing any material changes to their key terms, a summary of
which will be included in the Notice of AGM.
I hope you find that the letter and the following report clearly
explain the approach that we have taken to remuneration for
2025/26 and how we intend to implement the Policy in 2026/27.
We have sought to ensure that a balanced approach has been
taken for all stakeholders based on their experiences and
feedback during the year. We value your continued engagement
and look forward to seeing shareholders at the forthcoming AGM.
Octavia Morley
Chair of the Remuneration Committee
1 July 2026
Remuneration committee report continued
85
Strategic Report Financial Statements Investor InformationGovernance
2025/26 2026/27 proposed
Base salary
• CEO (Alex Baldock) – £1,009,770
• CFO (Bruce Marsh) – £522,110
• Incoming CEO (Fredrik Tønnesen) –
£825,000
(1)
• CEO (Alex Baldock) – £1,009,770
(2)
• CFO (Bruce Marsh) – £570,000
(+9. 2%)
(3)
(1) The Committee may elect to pay some or all of
Fredrik’s base salary in Norwegian Krone.
(2) No increase given as Alex will be standing down
from the Board on 3 August 2026.
(3) To reflect increased leadership responsibilities
and need for stability during our CEO transition.
Annual
performance
bonus
Maximum
opportunity
• 175% of base salary
• One-third deferred into shares for a
period of two years if shareholding
guidelines not met
• 25% deferred into shares for a period of
two years if shareholding guidelines met
• 175% of base salary
• One-third deferred into shares for a
period of two years if shareholding
guidelines not met
• 25% deferred into shares for a period of
two years if shareholding guidelines met
Performance
metrics
(weighting)
• Adjusted EBIT (55%)
• Free cash flow (20%)
• Non-financial (25%)
– Net Promoter Score (10%)
– Employee engagement (10%)
– Environmental – UK&I e-waste take
back volumes (5%)
• ‘Good Customer Outcomes’ clawback
• Adjusted EBIT (55%)
• Free cash flow (20%)
• Non-financial (25%)
– Net Promoter Score (10%)
– Employee engagement (10%)
– Environmental – Group e-waste take
back volumes (5%)
• ‘Good Customer Outcomes’ clawback
LTIP Maximum
opportunity
• 300% of base salary
• In accordance with the 2025 approved
Remuneration Policy, the 2025 award
was made at a one-time level of 300%.
• 250% of base salary
Performance
metrics
(weighting)
• Cumulative free cash flow (40%)
• Cumulative EPS (30%)
• Relative TSR measured against an
Adjusted FTSE 250 group (30%)
• Cumulative free cash flow (40%)
• Cumulative EPS (30%)
• Relative TSR measured against an
Adjusted FTSE 250 group (30%)
Share ownership guidelines
• 250% of salary to be achieved within
five years of appointment
• Shares to the value of 250% of salary
(or the value at cessation if lower) must
be retained for two years post stepping
down from the Board
• 250% of salary to be achieved within
five years of appointment
• Shares to the value of 250% of salary
(or the value at cessation if lower) must
be retained for two years post stepping
down from the Board
Remuneration at a glance
86 Currys plc Annual Report & Accounts 2025/26
Remuneration policy
The purpose of this report is to inform shareholders of the
Company’s directors’ remuneration for the year ended 2 May
2026 and the Remuneration Policy for subsequent years.
This report is divided into two sections:
• the Remuneration Policy; and
• the Annual Remuneration Report.
The current Remuneration Policy was approved by shareholders
at the annual general meeting on 4 September 2025 and was
effective from that date. The Annual Remuneration Report will
be put to an advisory vote at the AGM 2026.
The role of the Committee is to determine on behalf of the Board
a remuneration policy for executive directors and senior
management which promotes the long-term success of the
business through the attraction and retention of executives who
have the ability, experience and dedication to deliver outstanding
returns for our shareholders.
The Committee has adopted the principles of good governance
relating to directors’ remuneration as enshrined in the UK Corporate
Governance Code 2024 (the ‘Code’) and has paid close regard
to the principles of clarity, transparency, risk management,
proportionality and alignment to culture and strategy. The
Committee has complied with those principles in the year under
review.
These reports have been prepared by the Committee on behalf
of the Board in accordance with the Companies Act 2006,
Schedule 8 to the Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008 (as amended)
and the UK Listing Rules of the FCA. The Remuneration Policy (which
is not subject to audit) details the role of the Committee, the
principles of remuneration and other matters. The Annual
Remuneration Report (elements of which are audited) details the
directors’ and former directors’ fixed and variable pay, share
awards, share options and pension arrangements.
Remuneration Policy
Remuneration strategy
Put simply, our aim is to generate superior returns for our
shareholders and the key to achieving this is our colleagues.
Ourremuneration strategy is therefore designed to motivate
high-performing colleagues to deliver our business strategy.
Theobjectives of our remuneration strategy are to:
• attract, motivate and retain high-quality talent;
• be transparent and align the interests of senior management
and executive directors with those of shareholders, by
encouraging management to have a significant personal stake
in the long-term success of the business;
• weight remuneration to variable pay so that it incentivises
outperformance, particularly over the long term whilst
discouraging inappropriate risk-taking;
• ensure that superior rewards are only paid for exceptional
performance against challenging targets;
• apply policies consistently across the Group to promote
alignment and teamwork;
• recognise the importance of delivering across a balanced set
of metrics to ensure the right behaviours are adopted and the
long-term health of the business is protected; and
• avoid rewarding failure.
In developing its Policy, the Committee has regard to:
• the performance, roles and responsibilities of each executive
director or member of senior management;
• the remuneration arrangements and policy which apply below
senior management levels, including average base salary
increases across the workforce;
• information and surveys from internal and independent
sources;
• the economic environment and financial performance of the
Company; and
• good corporate governance practice.
For reference, our workforce is comprised of full-time and
part-time colleagues and fixed-term contractors that are directly
employed by the Group. Our workforce is supported by people
employed by third parties that use Currys’ IT systems and work on
Currys’ premises but are not directly employed by the Group.
Guidelines on responsible investment disclosure
In line with The Investment Association Guidelines on Responsible
Investment Disclosure, the Committee is satisfied that the incentive
structure and targets for executive directors do not raise any ESG
risks by inadvertently motivating irresponsible or reckless
behaviour. The Committee considers that no element of the
remuneration package will encourage inappropriate risk-taking by
any member of senior management.
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Strategic Report Financial Statements Investor InformationGovernance
Remuneration Policy table
The individual elements of the remuneration packages offered to executive directors are summarised in the following table:
Base salary (fixed pay)
Purpose and link to strategy To support the recruitment, retention and motivation of high-performing colleagues.
To reflect their skills, experience and importance to the business.
Operation Normally reviewed annually.
The review reflects a range of factors including merit levels, internal relativity, external market data
and cost. Our overall policy, having due regard to the factors noted, is normally to ensure that
salaries are competitive against companies of similar size and complexity, including retail peers.
Salaries for new appointments as executive directors will be set in accordance with the recruitment
policy set out on pages 93 and 94.
The Committee takes into consideration the impact of base salary increases on the package as a
whole, as other elements of pay (such as pension contributions) are generally based on a
percentage of salary.
Maximum opportunity Ordinarily, increases for executive directors will be no higher than increases across the Group. Increases
beyond those granted across the Group may be awarded in certain circumstances, such as changes in
responsibilities or the scope of the role (including where undertaken temporarily), significant increases
in the size or complexity of the Group, significant changes inmarket practice, or performance/
progression in the role, particularly where placed on a below-market salary at appointment.
Salary levels for current directors are shown in the Annual Remuneration Report.
Performance assessment/
targets
Salaries are normally reviewed annually by the Committee at the appropriate meeting having due
regard to the individual’s experience, performance and added value to the business.
Benefits (fixed pay)
Purpose and link to strategy In line with the Company’s strategy to keep remuneration weighted to variable pay that incentivises
outperformance, a modest range of benefits is provided.
Benefits may vary based on the personal choices of the executive director.
Provision of one-off or ongoing relocation or other related assistance may be provided to support
the appointment or relocation of a director.
Operation Executive directors are entitled to a combination of benefits which include, but are not limited to:
• car allowance or the use of a driver for Company business;
• private medical cover;
• life assurance;
• holiday and sick pay; and
• a range of voluntary benefits including the purchase of additional holiday.
Executive directors will be eligible for other benefits which are introduced for the wider workforce
on broadly similar terms. The Committee may introduce other benefits if it is considered appropriate
to do so.
Any reasonable business-related expenses (including the tax thereon) can be reimbursed
ifdetermined to be a taxable benefit.
Should an executive director be recruited from, or be based in, a non-UK location, benefits may be
determined by those typically provided in the normal country of residence and/or reflect local
market legislation.
Relocation or other related assistance could include, but is not limited to, removal and other
relocation costs, tax equalisation, tax advice and accommodation costs.
Maximum opportunity The cost to the Group of providing such benefits will vary from year to year in accordance with the
cost of providing such benefits and is kept under regular review.
Performance assessment/
targets
Not applicable.
88 Currys plc Annual Report & Accounts 2025/26
Pension (fixed pay)
Purpose and link to strategy A pension is provided which is consistent with that provided to other corporate colleagues in the UK
and in line with our strategy to keep remuneration weighted to variable pay that incentivises
outperformance.
Operation Defined contribution plans are offered to all colleagues.
Executive directors may choose to receive a cash allowance in lieu of all or a part of their pension
contributions (see below).
Maximum opportunity Executive directors will receive a pension contribution in line with the level paid to the majority of
the UK workforce across the Group, as determined by the Committee (currently 3% of base salary).
Performance assessment/
targets
Not applicable.
Annual performance bonus (variable pay)
Purpose and link to strategy Annual performance bonuses are in place to incentivise the delivery of stretching, near-term
business targets based on our business strategy.
These bonuses provide a strong link between reward and performance and drive the creation of
further shareholder value.
The principles and approach are consistently applied across the Group ensuring alignment to a
common vision and strategy.
They are based on a balanced approach ensuring appropriate behaviours are adopted and
encouraging a longer-term focus.
Operation For threshold level of performance, a bonus of up to 20% of the maximum potential award is
payable. A sliding scale determines payment between the minimum and maximum bonus payable.
Where shareholding guidelines have not been met, normally one-third of any bonus earned will be
deferred into shares for a period of two years with the remaining two-thirds paid in cash. Where
shareholding guidelines have been met, normally the deferral will be reduced to 25% of any bonus
earned, deferred into shares for a period of two years, with the remaining 75% paid in cash.
Any bonus earned is non-pensionable. Where any bonus is deferred, dividends (or equivalents)
may accrue.
The Committee retains full discretion to:
• change the performance metrics and targets and the weighting attached to these part-way
through a performance year if there is a significant and material event which causes the
Committee to believe the original metrics, weightings and targets are no longer appropriate; and
• make downward or upward adjustments to the amount of bonus earned resulting from the
application of the performance conditions, if the Committee believes that the bonus outcomes
are not appropriate.
Recovery and withholding provisions (‘malus and clawback’) apply for material misstatement,
misconduct, calculation error, reputational damage, corporate failure, material failure of risk
management and internal controls and unreasonable failure to protect the interests of colleagues
and customers, enabling performance adjustments and/or recovery of sums already paid. These
provisions will apply for up to three years from payment for the cash element and up to three years
from grant for the deferred element. This period has been chosen as in the Committee’s view it
reflects the period over which it is realistic for relevant events to be identified and assessed and
also aligns with typical market practice.
Maximum opportunity Maximum annual bonus potential for all executive directors is 175% of base salary.
Remuneration policy continued
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Strategic Report Financial Statements Investor InformationGovernance
Performance assessment/
targets
All measures and targets are reviewed and set by the Committee, typically at the beginning of the
financial year with a view to supporting the achievement of the Group strategy.
Performance is normally assessed against a range of key financial and non-financial measures of
success for Currys. In considering performance against the non-financial elements of the bonus, the
Committee will assess whether a threshold level of profit has been achieved and the affordability
of the formulaic bonus outcomes.
The weighting of measures will be determined by the Committee each year. Financial measures
(such as profit and cash) will represent the majority of the bonus opportunity, with other measures
representing the balance.
Long term incentive scheme (variable pay): Long Term Incentive Plan (‘LTIP’)
Purpose and link to strategy Long-term incentive schemes are transparent and demonstrably aligned with the interests of
shareholders over the long term.
The LTIP is designed to reward and retain executives over the longer term, whilst aligning an
individual’s interests with those of shareholders and in turn delivering significant shareholder value.
Operation Discretionary awards of nil-priced options or conditional share awards are granted over shares.
Awards will be granted annually and will usually vest after three years subject to continued service
and the achievement of performance conditions.
The level of vesting is dependent on achievement of performance targets, usually over a three-
year period. No more than 25% of the maximum will be payable for threshold level of performance.
The Committee retains full discretion to:
• change the performance metrics and targets and the weighting attached to these part-way
through a performance period if there is a significant and material event which causes the
Committee to believe the original metrics, weightings and targets are no longer appropriate; and
• make downward or upward adjustments to the amount of LTIP earned resulting from the
application of the performance conditions, if the Committee believes that the LTIP outcomes
are not appropriate.
The post-tax number of share awards vesting will typically be subject to a further two-year holding
period, during which they cannot be sold, unless in exceptional circumstances and with the
Committee’s permission.
Dividend equivalents (as determined by the Committee) may be accrued on the shares earned
from any award.
Awards will be subject to recovery and withholding provisions (‘malus and clawback’) for material
misstatement, misconduct, calculation error, reputational damage and corporate failure, material
failure of risk management and internal controls and unreasonable failure to protect the interests
of colleagues and customers, enabling performance adjustments and/or recovery of sums already
paid. These provisions will apply for up to six years from grant. This period has been chosen as in
the Committee’s view it reflects the period over which it is realistic for relevant events to be
identified and assessed and also aligns with typical market practice.
The Committee has the discretion in certain circumstances to grant and/or settle an award incash.
For the executive directors this would only be used in exceptional circumstances.
In the event of a change of control, any unvested awards will normally vest immediately. Theextent
to which LTIP awards vest will be determined by the Committee taking into account the extent to
which the performance conditions have been satisfied and, unless theCommittee determines
otherwise, the proportion of the performance period that has elapsed.
Maximum opportunity The normal maximum grant per participant in any financial year will be a market value of 250% of
base salary, with up to 375% in exceptional circumstances, e.g. recruitment.
90 Currys plc Annual Report & Accounts 2025/26
Long term incentive scheme (variable pay): Long Term Incentive Plan (‘LTIP’) continued
Performance assessment/
targets
Performance targets are reviewed by the Committee prior to each grant and are set to reflect the
key priorities of the business at that time.
The Committee determines the metrics from a range of measures, including but not limited to,
market-based performance measures such as TSR and financial metrics such as free cash flow. The
Committee retains the flexibility to introduce new measures in the future if considered appropriate
given the business context, although financial measures in total will not be weighted any less than
60% of the total award. Material changes will be subject to consultation with major shareholders.
The actual metrics applying for each award will be set out in the Annual Remuneration Report and
any changes in the metrics will be explained.
All employee share plans
Purpose and link to strategy Encourages colleagues to make a long-term investment in the Company’s shares and therefore be
aligned to the long-term success of the Group.
Operation Executive directors may be eligible to participate in the Group all-employee share schemes, on the
same terms as other eligible colleagues.
Maximum opportunity The same limits apply to executive directors as to all other participants in the schemes and are in
line with the appropriate regulations.
The Committee reserves the right to adjust the savings limits for future schemes in accordance with
the statutory limits in place from time to time.
Performance assessment/
targets
None of the schemes are subject to any performance conditions.
Share ownership guidelines
Purpose and link to strategy Provides close alignment between the longer-term interests of executive directors and shareholders
in terms of the Company’s long-term success.
Operation The Company expects executive directors to retain a certain percentage of base salary in the
Company’s shares, with a five-year period in which to reach these limits. Executive directors are also
expected to retain these shares post stepping down from the Board.
The shares which count towards this requirement are determined by the Committee and typically
include beneficially owned shares (both directly and indirectly) as well as any shares which are
unvested but not subject to any further performance conditions (on a net of tax basis).
Maximum opportunity Not applicable.
Performance assessment/
targets
The Company will ordinarily require all executive directors to retain 250% of base salary in the
Company’s shares during employment. On stepping down from the Board, an executive director will
normally be required to retain shares equivalent to 100% of their required shareholding for two
years post standing down (or their actual shareholding at the point of cessation if lower).
Details of the directors’ shareholding are shown in the table on page 107.
Remuneration policy continued
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Strategic Report Financial Statements Investor InformationGovernance
Non-executive directors and chair of the Board/deputy chair fees
Purpose and link to strategy To provide a competitive fee for the performance of non-executive director duties, sufficient to
attract and retain high-calibre individuals to the role.
Operation The fees are set to align with the duties undertaken, taking into account market rates, and are
normally reviewed on an annual basis. Factors taken into consideration include the expected time
commitment and specific experience.
Additional fees may be payable to reflect additional Board or Committee responsibilities as
appropriate, including for acting as the senior independent director, as chair of any Board
committee, for membership of a Board committee and for being the Consumer Duty Champion, and
the non-executive director that attends colleague forum sessions. For material, unexpected
increases in time commitments, the Board may pay extra fees on a pro-rated basis to reflect
additional workload.
Non-executive directors do not participate in the annual performance bonus, LTIPs or pension
arrangements. Benefits may be introduced if considered appropriate.
Any reasonable business-related expenses (including the tax thereon) can be reimbursed if
determined to be a taxable benefit.
Maximum opportunity There is an aggregate annual limit for all directors fees, as imposed by the Articles of Association
(not including fees in relation to any executive office or chair of the Board, deputy chair, senior
independent director or committee chair fees). This is currently set at £2,000,000.
Performance assessment/
targets
Not applicable.
Selection of performance metrics
The Policy provides flexibility for the Committee to determine the measures to be used in the annual performance bonus and the LTIP.
The measures used currently, and their purposes are set out below.
Measure Where used Purpose
Adjusted EBIT Annual performance bonus Key measure of annual financial delivery.
Free cash flow Annual performance bonus A principal measure of the financial health of the business including the
management of working capital, captured over a one-year period.
Net Promoter Score Annual performance bonus Captures the overall perception of our business in the eyes
of our customers.
Employee engagement Annual performance bonus Reflects how well we engage our colleagues – a factor which we know
to be a key driver of retention and performance.
Environmental Annual performance bonus Reflects our focus on the climate agenda.
Cumulative free cash flow LTIP A principal measure of the financial health of the business including the
management of working capital, captured over a multiyear period.
EPS LTIP A key measure of the ongoing earnings of the underlying Group.
Relative TSR LTIP Seeks to measure the growth in shareholders’ investment in the Group
(share price movements plus dividends paid) relative to other similar
companies.
92 Currys plc Annual Report & Accounts 2025/26
Remuneration Committee discretions
The Committee operates the annual performance bonus plan, LTIP
and all-employee plans in accordance with their respective rules,
the Listing Rules and HMRC rules (or overseas equivalent) where
relevant. The Committee retains discretion, consistent with market
practice, over a number of areas relating to the operation and
administration of these plans. These include but are not limited to:
• entitlement to participate in the plan;
• when awards or payments are to be made;
• size of award and/or payment (within the rules of the plans
and the approved Policy);
• determination of a good leaver for incentive plan purposes and
the appropriate treatment based on the rules of each plan;
• discretion as to the measurement of performance conditions
and pro-rating in the event of a change of control;
• any adjustment to awards or performance conditions for
significant events or exceptional circumstances; and
• the application of recovery and withholding provisions.
Shareholder consultation
The Committee would normally expect to consult with its major
shareholders when making any significant changes to the
Remuneration Policy of the Company. Any feedback received is
taken into consideration when determining future policy. The
Committee also takes into consideration remuneration guidance
issued by leading investor bodies, in addition to the principles of
good governance relating to directors’ remuneration as set out in
the Code.
Colleague engagement and consultation
When considering remuneration arrangements for executive
directors, the Committee takes into account, as a matter of course,
the pay and conditions of colleagues at all levels throughout the
Group, to ensure appropriate alignment. The Committee receives
regular updates regarding any major changes to colleague
remuneration during the year and reviews information on internal
measures, including details of our gender pay gap and the ratio of
Group Chief Executive remuneration to UK colleagues’
remuneration. The Committee considers how these compare
externally and change over time and these factors are taken into
account when considering remuneration arrangements for the
executive directors. The Committee is also kept informed of
general employment conditions across the Group, including the
annual pay review outcomes.
The Company communicates regularly with colleagues by way of
email updates, live Q&A sessions and intranet posts to provide
information about our strategy, our performance and on
operational matters as well as asking for feedback on how
colleagues are feeling via regular employee surveys.
Illustration of Remuneration Policy
The Remuneration Policy scenario chart below illustrates the level and mix of potential total remuneration the ongoing executive
directors could receive under the Remuneration Policy at three levels of performance: minimum, target and maximum.
Remuneration Policy
These charts have been updated to reflect the remuneration arrangements for 2026/27. We have shown the package for Fredrik
Tønnesen, who will become Group Chief Executive effective 3 August 2026.
£6,000
£5,000
£4,000
£3,000
£2,000
£1,000
0
Remuneration (£000s)
Fredrik Tønnesen
Minimum Target Maximum Maximum
+ 50% share
price growth
Minimum Target Maximum Maximum
+ 50%share
price growth
£937
£606
£3 ,741
Bruce Marsh
£5,474
Fixed pay
Annual bonus
LTIP
£2,937
£4,443
£1,988
£3,029
(1) Fixed pay is based on the base salary payable as at 3 August 2026, taxable benefits and pension contributions.
(2) Annual variable pay represents the annual performance bonus entitlement. No bonus is assumed at the minimum performance level. Target performance assumes
apayment of 105% of salary (i.e. 60% of maximum) and at maximum performance a payment of 175% of base salary.
(3) Long-term incentives relate to the LTIP. No awards vest at the minimum performance level. Target performance assumes a vesting of 137.5% of salary (i.e. 55% of maximum
award) and maximum performance vesting of 250% of salary.
(4) The chart above does not reflect the impact of share price appreciation, other than the fourth bar, which assumes a growth in the share price of 50% over the vesting
period for LTIP awards.
Remuneration policy continued
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Strategic Report Financial Statements Investor InformationGovernance
The Committee and the Board place great importance on listening
to the views of our colleagues on a range of issues including pay
and benefits, and the International Colleague Forum is in place to
unify country forums into a single listening and engagement forum
for colleagues. In 2025/26, the Remuneration Committee Chair
attended two International Colleague Forum meetings, alongside
the Group Chief Executive and Chief People, Communications and
Sustainability Officer. In addition, non-executive directors met
privately with representatives from the forum in January 2026 to
receive direct feedback on current topics of interest and priorities
for colleagues.
Many of our colleagues are also shareholders and as such are
able to attend annual general meetings, vote on all of the
resolutions and share their views on the Policy in the same way as
other shareholders.
Remuneration policy for the wider workforce
The Group employs a large number of colleagues across different
countries. Our reward framework is structured to suit the needs of
the different businesses, colleague groups and locations. Reward
packages differ for a variety of reasons including the impact on
the business, local practice, custom and legislation.
For management, the current bonus and long-term incentive
structure cascades down to around 300 managers ensuring
management are focused on delivering strategic objectives and
are aligned to overall shareholders’ experience.
In determining salary increases across the wider workforce, the
Company takes into consideration Company performance and
other market metrics as necessary. When determining salary
increases for executive directors, the Committee takes into
consideration salary increases throughout the Group as a whole.
The Company actively encourages wide employee share
ownership. UK&I colleagues, who meet the eligibility criteria,
are invited to join the Company’s SAYE schemes.
Discretionary share plans are also extended to both senior
management and other key members of the workforce, as the
Company feels that it is important to incentivise and retain these
colleagues over the longer term in order for the Company to
continue to grow.
Recruitment or promotion policy
On appointment or promotion, base salary levels will be set taking
into account a range of factors including market levels,
experience, internal relativities and cost. If an individual is
appointed on a base salary below the desired market positioning,
the Committee retains the discretion to realign the base salary
over an appropriate period, contingent on individual performance,
which may result in a higher rate of annualised increase above
ordinary levels. Other elements of annual remuneration will be in
line with the Remuneration Policy table. As such, variable
remuneration will be capped as set out in the Policy table.
The following exceptions will apply:
• in the event that an internal appointment is made or an
executive director joins as a result of a transfer of an
undertaking, merger, reconstruction or similar reorganisation,
the Committee retains the discretion to continue with existing
remuneration provisions and the provision of benefits. This
discretion will not be used in respect of pension contributions in
excess of the Committee’s commitment to ensure that any newly
appointed executive director will receive a pension contribution
in line with the level paid to the majority of the UK workforce;
• as deemed necessary and appropriate to secure an
appointment, the Committee retains the discretion to make
additional payments linked to relocation (including any tax
thereon);
• for an overseas appointment, the Committee will have
discretion to offer appropriate benefits and pension provisions
which reflect local market practice and relevant legislation;
• the Committee may set alternative performance conditions for
the remainder of the initial annual bonus performance period,
taking into account the circumstances and timing of the
appointment; and
• the Committee retains the discretion to provide an immediate
interest in Company performance by making a long-term
incentive award as soon as practicable following recruitment in
accordance with the Policy table under its existing long-term
incentive schemes or such future schemes as may be introduced
by the Company with the approval of its shareholders (where
required). The Committee will determine, at the time of award,
the level of the award, the performance conditions and time
horizon that would apply to such awards, taking into account
the strategy and business circumstances of the Company.
Service contracts will be entered into on terms similar to those for
the existing executive directors, summarised in the recruitment
table below. However, the Committee may authorise the payment
of a relocation and/or repatriation allowance, as well as other
associated international mobility terms and benefits, such as tax
equalisation and tax advice.
In addition to the annual remuneration elements noted above,
where the individual forfeits outstanding variable pay
opportunities or contractual rights at a previous employer as a
result of appointment, the Committee may offer compensatory
payments or awards, in such form as the Committee considers
appropriate, taking into account all relevant factors including the
form of awards, expected value and vesting timeframe of
forfeited opportunities. When determining any such ‘buyout’, the
guiding principle would be that awards would generally be on a
like-for-like basis unless this is considered by the Committee not to
be practical or appropriate. The Committee will have the authority
to rely on UK Listing Rule 9.3.2(2) to make the award if necessary.
With respect to the appointment of a new chair of the Board or
non-executive director, terms of appointment will be consistent
with those currently adopted. Variable pay will not be considered
and as such no maximum applies. With respect to non-executive
directors, fees will be consistent with the Policy at the time of
appointment. If necessary, to secure the appointment of a new
chair of the Board not based in the UK, payments relating to
relocation and/or housing may be considered.
Elements of remuneration on appointment are set out in the
recruitment table on the next page.
A timely announcement with respect to any director’s appointment
and remuneration will be made to the regulatory news services
and posted on the Company’s corporate website.
94 Currys plc Annual Report & Accounts 2025/26
Recruitment table for executive directors
Area Feature Policy
Service contract
and incentive plan
provisions
• Notice period • Up to 12 months from either side.
• Entitlements on termination • As summarised in the Policy on loss of office.
• Restrictive covenants • Provisions for mitigation and payment in lieu of notice.
• Variable elements • Garden leave provisions.
• Non-compete, non-solicitation, non-dealing and confidentiality
provisions.
• The Committee has the discretion to determine whether an individual
shall participate in any incentive in the year of appointment.
• The Committee shall have the discretion to determine appropriate
bonus performance targets if participating in the year of
appointment.
Annual remuneration • Base salary • To be determined on appointment, taking into account factors
including market levels, experience, internal relativities and cost.
• Salary progression • If appointed at below market levels, salary may be realigned over
the subsequent period subject to performance in role. In this
situation, the Committee reserves the discretion to make increases
above ordinary levels.
• This initial market positioning and intention to increase pay above the
standard rate of increase in the Remuneration Policy table (subject
to performance) will be disclosed in the first Remuneration Report
following appointment.
• Benefits and allowances • The Committee retains the discretion to provide additional benefits
as reasonably required. These may include, but are not restricted to,
relocation payments, housing allowances and cost of living
allowances (including any tax thereon).
Policy on loss of office
Service contracts contain neither liquidated damages nor a
change of control clause.
The Company shall have a right to make a payment in lieu of
notice in respect of base salary, benefits, including car allowance
and pension contributions, only for the director’s contractual
period of notice or, if termination is part way through the notice
period, the amount relating to any unexpired notice to the date of
termination. There is an obligation on directors to mitigate any loss
which they may suffer if the Company terminates their service
contract, by for example seeking alternative employment, unless
the Committee determines otherwise. The Committee will take such
mitigation obligation into account when determining the amount
and timing of any compensation payable to any departing
director.
A director may also be entitled to a payment in respect of
accrued but untaken holiday and any statutory entitlements on
termination. No compensation is paid for dismissal, save for
statutory entitlements.
A director may be entitled to receive a redundancy payment in
circumstances where, in the judgement of the Committee, they
satisfy the statutory tests governing redundancy payments. Any
redundancy payment shall be calculated by reference to the
redundancy payment policy in force for all colleagues in the
relevant country at the time of the redundancy and may include
modest outplacement costs.
If a director’s employment terminates prior to the relevant annual
performance bonus payment date, or the director is under notice
of termination on that date, ordinarily no bonus is payable for that
financial year. The Committee shall though retain discretion to
make a bonus payment in circumstances where the Committee
considers them to be a ‘good leaver’ and it would be appropriate
to do so having regard to the contribution of the director during the
financial year, the circumstances of the departure and the best
interests of the Company. Any payment would typically be
pro-rated to reflect the period served during the relevant year. The
Committee retains the discretion to pay any bonus wholly in cash.
Any entitlements under long-term incentive schemes operated by
the Company, including amounts deferred from the annual bonus
via the DSBP, shall be determined based on the rules of the
relevant scheme. The default position of the LTIP is that awards
will normally lapse on termination of employment, except where
certain good leaver circumstances exist (e.g. death, ill-health,
injury, disability, redundancy, transfer of an undertaking outside of
the Group or retirement or any other circumstances at the
Committee’s discretion) whereby the awards may vest on
cessation, or the normal vesting date, in both cases subject to
performance and time pro-rating. Although, the Committee can
decide not to pro-rate an award (or pro-rate to a lesser extent) if
it regards it as appropriate to do so in the particular
circumstances. The two-year holding period on outstanding LTIP
awards would typically continue to apply. However, the
Committee retains the discretion to determine that all holding
periods should end on the earlier of their normal date or two
years post standing down from the Board.
The default position of the DSBP is that awards will normally lapse
on termination of employment, except where certain good leaver
circumstances exist (e.g. death, ill-health, injury, disability,
redundancy, transfer of an undertaking outside of the Group or
retirement or any other circumstances at the Committee’s
discretion) whereby the awards may vest in full on cessation, or on
the normal vesting date.
Remuneration policy continued
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The Committee shall be entitled to exercise its judgement with
regard to settlement of potential claims, including but not limited
to wrongful dismissal, unfair dismissal, breach of contract and
discrimination, where it is appropriate to do so in the interests of
the Company and its shareholders.
In the event that any payment is made in relation the loss of office
for an executive director, this will be fully disclosed in the
following Remuneration Report. A timely announcement with
respect to the termination of any director’s appointment will be
made to the regulatory news service and posted on the
Company’s corporate website.
Service agreements
Service agreements for executive directors
Each of the executive directors’ service agreements provides for:
• the reimbursement of expenses incurred by the executive
director in performance of their duties;
• 25 days’ paid holiday each year;
• sick pay; and
• a notice period of 12 months from either party.
In situations where an executive director is dismissed, the
Committee reserves the right to make additional exit payments
where such payments are made in good faith, such as:
• in discharge of a legal obligation; and
• by way of settlement or compromise of any claim arising in
connection with the termination of the director’s office and
employment.
Service agreements are available for inspection at the Company’s
registered office, 1 Portal Way, London, W3 6RS and at the offices
of the Company’s solicitors, Freshfields Bruckhaus Deringer LLP,
100 Bishopsgate, London, EC2P 2SR, during usual business hours on
weekdays (excluding public holidays in England and Wales).
The documents will also be available for inspection at the AGM
venue for at least 15 minutes before the AGM until the conclusion
of the AGM.
Letters of appointment
Each of the non-executive directors has a letter of appointment.
Non-executive directors derive no other benefit from their office,
except that the Committee retains the discretion to continue with
existing remuneration provisions, including pension contributions
and the provision of benefits, where an executive director
becomes a non-executive director. It is Company policy not to
grant share options or share awards to non-executive directors.
The Chair of the Board and the other non-executive directors have
a notice period of three months from either party.
Appointments are reviewed by the Nominations Committee and
recommendations made to the Board accordingly.
Letters of appointment are available for inspection at the
Company’s registered office, 1 Portal Way, London W3 6RS and
at the offices of the Company’s solicitors, Freshfields Bruckhaus
Deringer LLP, 100 Bishopsgate, London EC2P 2SR, during usual
business hours on weekdays (excluding public holidays in England
and Wales).
The documents will also be available for inspection at the AGM
venue for at least 15 minutes before the AGM until the conclusion
of the AGM.
External appointments
The Board supports executive directors should they chose to
take non-executive directorships as a part of their continuing
development and agrees that the executive directors may
retain their fees from such an appointment. Throughout the
financial year, Alex Baldock was a non-executive director of
RS Group plc and Bruce Marsh was a non-executive director
of DFS Furniture plc.
Dilution limits
All the Company’s equity-based incentive plans incorporate
The Investment Association’s current Principles of Remuneration
(‘Guidelines’) on headroom which provide that overall dilution
under all plans should not exceed 10% in relation to the
Company’s issued share capital (or reissue of treasury shares)
over a ten-year period. In addition, the LTIP operates with a 5% in
ten-year dilution limit (excluding historic discretionary awards). The
Company regularly monitors the position and prior to making any
award the Company ensures that it will remain within these limits.
Any awards which will be satisfied by market purchase shares are
excluded from such calculations. As at 1 July 2026, the Company’s
dilution position, which remains within the current Guidelines, was
4.5% for all plans (against a limit of 10%) and 1.2% for the LTIP
(against a limit of 5%).
96 Currys plc Annual Report & Accounts 2025/26
The following sections set out how the Remuneration Policy was
implemented during 2025/26 and how it will be implemented for
the following year.
Remuneration Committee meetings and
membership
Only members of the Remuneration Committee are entitled to
attend Committee meetings. The Chair of the Board, Group Chief
Executive, Group Chief Financial Officer, General Counsel and
Company Secretary, Chief People, Communications and
Sustainability Officer, Group Reward Director, Head of Executive
Reward and Share Plans and other members of senior
management, and representatives from the Company’s
remuneration advisor (Deloitte) attended the relevant Committee
meetings by invitation.
No directors participate in discussions about their own remuneration.
The General Counsel and Company Secretary, or his nominee,
acts as Secretary to the Committee and attends all meetings.
The Committee’s deliberations are reported by its Chair at the
subsequent Board meeting and the minutes of each meeting are
circulated to all members of the Board following approval by the
Committee members.
The Committee meets as and when required and at least twice a
year. Biographical details for each Committee member are
available on the Company’s website www.currysplc.com.
The Committee has the following principal duties:
• making recommendations to the Board on the Company’s
framework of executive remuneration;
• determining the fees of the Chair of the Board and any deputy
chair;
• considering and making recommendations to the Board on the
remuneration of the executive directors and senior
management relative to performance and market data;
• approving contracts of employment which exceed defined
thresholds of total remuneration or have unusual terms or
termination periods;
• considering and agreeing changes to the Remuneration Policy
or major changes to colleague benefit structures;
• reviewing the reward and benefits structures across the Group
for all colleague levels; and
• approving and operating employee share-based incentive
schemes and associated performance conditions and targets.
Responsibilities
The Board has delegated to the Committee responsibility for
determining policy in relation to the remuneration for executive
directors, the Chair of the Board and other senior management
that promote the long-term sustainable success of the business
through the attraction and retention of executives who have the
ability, experience and dedication to deliver outstanding returns
for our shareholders. This delegation includes their terms and
conditions of employment in addition to the operation of the
Group’s share-based employee incentive schemes. The
Committee also makes recommendations and monitors the level
and the overall reasonableness of the structure of remuneration
for the general workforce. The Committee approves the service
agreements of each executive director, including termination
arrangements and considers the achievement of the performance
conditions under annual and long-term incentive arrangements.
Key matters considered
The principal activities of the Committee during 2025/26 included:
Executive directors remuneration and governance
• approving the 2025 Directors’ Remuneration Policy;
• Directors’ Remuneration Report reviewed and approved;
• annual performance bonus:
– 2024/25 – assessed the performance of the executive
directors against targets;
– 2025/26 – agreed the design including the performance
measures and targets;
• LTIP:
– 2022 – assessed the performance against targets and
approved the vesting outcome;
– 2025 – agreed the design including the performance
measures and targets; and
• discussions in relation to the remuneration implications of the
Group Chief Executive transition.
• monitoring the developments in the corporate governance
environment and shareholder expectations.
Wider workforce across the Group
• approval of the UK Gender Pay Gap reporting and assessing
the international reporting obligations, including a review of EU
Pay Transparency requirements;
• review and approval of various senior management
arrangements on joining and leaving the Company;
• approval of share awards to senior management under the
2016 LTIP and reviewing the share award design for senior
management levels;
• approval of the launch of the 2026 Irish and UK Sharesave
schemes;
• assessing the retention options for senior management top
talent and business critical roles;
• benchmarking and approval of base pay changes for
Executive Committee roles;
• reviewing the wider workforce pay and bonus arrangements;
and
• monitoring and ensuring alignment of remuneration practices
across the Group.
Annual remuneration report for 2025/26
97
Strategic Report Financial Statements Investor InformationGovernance
Single figure of directors’ remuneration for the year ended 2 May 2026 (audited information)
Base salary
and fees
£’000
Pension
contributions
(1)
£’000
Taxable
benefits
(2)
£’000
Total fixed
remuneration
£’000
Annual
performance
bonus
(3)
£’000
Deferred
Share Bonus
Plan award
(3)
£’000
LTIP
Payments
(4)
£’000
Total variable
remuneration
£’000
Total
remuneration
£’000
Executive
Alex Baldock 1,003 30 87 1,120 0 0 5,181 5,181 6,301
Bruce Marsh 519 16 19 554 665 222 2,786 3,673 4,227
1,522 46 106 1,674 665 222 7,967 8,854 10,528
Non-executive
Rune Bjerke
(5)
45 0 1 46 0 0 0 0 46
Elaine Bucknor
(5)
45 0 0 45 0 0 0 0 45
Ian Dyson 310 0 0 310 0 0 0 0 310
Magdalena Gerger 80 0 4 84 0 0 0 0 84
Stephen Johnson 79 0 4 83 0 0 0 0 83
Octavia Morley 104 0 0 104 0 0 0 0 104
Adam Walker 81 0 0 81 0 0 0 0 81
Former non-
executive directors
Eileen Burbidge
(6)
27 0 0 27 0 0 0 0 27
Gerry Murphy
(6)
25 0 0 25 0 0 0 0 25
796 0 9 805 0 0 0 0 805
2,318 46 115 2,479 665 222 7,967 8,854 11,333
(1) Pension contributions comprise the Company’s contribution or allowance in lieu. The contribution amount was 3% for Alex Baldock and Bruce Marsh.
(2) Taxable benefits for the executive directors include private medical insurance and car allowance or driver benefit amounts. £84,763 for Alex Baldock relates to the
provision of a car and driver and includes the grossed-up element payable to cover the tax liability arising from business activities considered taxable by HMRC. In
addition, the benefits for Bruce Marsh includes the gain resulting from the 2026 Sharesave grant, in which he participates on the same basis as all eligible colleagues.
For non-executive directors they include routine travel expenses relating to travel, accommodation and subsistence costs incurred in connection with attendance at Board
meetings and other Board business during the year, which are considered taxable by HMRC.
(3) As Alex is stepping down from the Board, he will not receive an annual performance bonus for 2025/26. For Bruce Marsh, 25% of the annual performance bonus is deferred
into shares for a period of two years, as shareholding guidelines have been met.
(4) Share plans vesting represent the value of LTIP awards where the performance period ends on 2 May 2026 and are based on a share price of £1.4001, being the
three-month average to 2 May 2026 and an estimate of the accrued dividend equivalent up to 2 May 2026 using the same share price. The proportion of the value of the
LTIP that is attributable to share price appreciation (the appreciation being the difference between the face value at the date of award and the vested value of the
award) is 159%. Alex Baldock is eligible to retain his 2023 LTIP award as he remains employed with Currys at the date of vesting.
(5) Rune Bjerke and Elaine Bucknor joined the Board on 8 September 2025.
(6) Eileen Burbidge and Gerry Murphy stepped down from the Board on 4 September 2025.
98 Currys plc Annual Report & Accounts 2025/26
Single figure of directors’ remuneration for the year ended 3 May 2025 (audited information)
Base salary
and fees
(6)
£’000
Pension
contributions
(1)
£’000
Taxable
benefits
(2)
£’000
Total fixed
remuneration
£’000
Annual
performance
bonus
(3)
£’000
Deferred
Share Bonus
Plan award
(3)
£’000
LTIP
Payments
(4)
£’000
Total variable
remuneration
£’000
Total
remuneration
£’000
Executive
Alex Baldock 990 30 132 1,152 875 437 1,636 2,948 4,100
Bruce Marsh 512 15 14 541 452 226 772 1,450 1,991
1,502 45 146 1,693 1,327 663 2,408 4,398 6,091
Non-executive
Eileen Burbidge 78 0 0 78 0 0 0 0 78
Ian Dyson 306 0 0 306 0 0 0 0 306
Magdalena Gerger 78 0 1 79 0 0 0 0 79
Stephen Johnson
(5)
67 0 4 71 0 0 0 0 71
Octavia Morley 101 0 0 101 0 0 0 0 101
Gerry Murphy 73 0 0 73 0 0 0 0 73
Adam Walker 75 0 2 77 0 0 0 0 77
778 0 7 785 0 0 0 0 785
2,280 45 153 2,478 1,327 663 2,408 4,398 6,876
(1) Pension contributions comprise the Company’s contribution or allowance in lieu. The contribution amount was 3% for Alex Baldock and Bruce Marsh.
(2) Taxable benefits for the executive directors include private medical insurance and car allowance or driver benefit amounts. £125,021 for Alex Baldock relates to the
provision of a car and driver and includes the grossed-up element payable to cover the tax liability arising from business activities considered taxable by HMRC. In
addition, the benefits for Alex Baldock includes the gain resulting from the 2025 Sharesave grant, in which he participates on the same basis as all eligible colleagues.
Fornon-executive directors they include routine travel expenses relating to travel, accommodation and subsistence costs incurred in connection with attendance at Board
meetings and other Board business during the year, which are considered taxable by HMRC.
(3) One-third of the annual performance bonus is deferred into shares for a period of two years.
(4) Share plans vesting represent the value of LTIP awards where the performance period ends on 3 May 2025. This figure has been restated from last year’s report to reflect
the actual share price on the vesting date of 25 July 2025, being £1.15. The proportion of the value of the LTIP that is attributable to share price appreciation (the
appreciation being the difference between the face value at the date of award and the vested value of the award) is 62%.
(5) Stephen Johnson joined the Board on 1 June 2024.
(6) The 2024/25 financial year is a 53-week year, therefore salary and fees have been reported on this basis.
Annual remuneration report for 2025/2026 continued
99
Strategic Report Financial Statements Investor InformationGovernance
Base salary
The Committee reviewed Alex Baldock’s and Bruce Marsh’s salary for 2025/26 and applied an increase of +3% to both, effective
27 July2025, increasing their salaries to £1,009,770 and £522,110 respectively. This salary increase was in line with the +3% pay budget
applied to the UK&I corporate head office population effective on the same date and below the +6% increase for hourly paid UK
colleagues received with effect from 30 March 2025. The average increase for the Nordics head office population was 4.4%, effective
1 April 2025.
Pension
Alex Baldock and Bruce Marsh both receive a 3% pension allowance, in line with wider workforce arrangements.
Annual performance bonus for 2025/26 (audited information)
The maximum bonus opportunity for executive directors was 175% of base salary based on performance in the 12-month period
to the end of the financial year. The maximum is payable at the maximum level of performance, 20% of the maximum opportunity
is payable on achievement of threshold performance (35% of base salary) and 60% on achievement of target performance
(105% of base salary).
The table below sets out the performance metrics and targets which applied for 2025/26, along with Currys’ actual performance.
Measure
As a percentage
of maximum
bonus
opportunity Threshold Target Maximum Actual
Potential bonus
percentage
achieved
Adjusted EBIT 55% £208m £223m £238m £249m
(1)
55%
Free cash flow 20% £78m £107m £136m £162m
(1)
20%
Customer Net Promoter Score 10% 57.94 58.94 60.25 59.50 7.71%
Employee engagement score 10% 80 81 82 84 10%
Environmental – UK&I E-waste take
back volumes (units) 5% 1,921,305 2,017,370 2,118,238 2,184,965 5%
Total 97.71%
Total awarded 97.71%
(1) Consistent with previous years, the adjusted EBIT and free cash flow targets and actual figures above are calculated using constant currency rates set in accordance with
the Company target setting and budgeting process (for example GBP:NOK currency rate of £1:NOK 14). This is to ensure a like-for-like comparison between target and
actual outturn. Adjusted EBIT and free cash flow figures disclosed in the rest of the Annual Report & Accounts are based on the rates applicable under IFRS, as set out in
note 1 to the Group financial statements (for example average GBP:NOK currency rate of £1:NOK 13.33).
The financial outcomes reflect that during the year, the Company’s performance continued on its upward trajectory, with Group
like-for-like sales growth strong at +4% for the full year. Profits grew +18% and free cash flow increased again.
Customer satisfaction scores increased again in both markets with a UK&I NPS of 56 (+1 point YoY) and a Nordics NPS of 65 (+2 points
YoY). The Company has continued to improve the customer experience this year through a programme of initiatives. Easy to shop
encompasses activities across improving retail fundamentals such as price, range and availability and making the most of the
Company’s omnichannel model.
Colleague engagement scores reached the highest level on record again this year, with the combined Group eSat of 84 being +3pts
above the top 10% global benchmark
(2)
.
Read more about the Group’s activities on e-waste and our progress against emissions reduction targets on pages 20 to 34.
The Good Customer Outcomes clawback provision applies to the executive directors, such that the Company must achieve threshold
performance on the ‘Must Do’ assessment regarding regulated products. If this threshold is not met, 10% of the bonus must be withheld.
The Good Customer Outcome threshold was achieved for 2025/26 and therefore no withholding is required.
The Committee considered whether or not to adjust the formulaic outcome of 97.71% and decided it was satisfied that the outcome is
appropriate given the financial performance delivered and the wider stakeholder experience outlined in the Remuneration Report in the
context section on pages 82 to 83. Therefore, no Committee discretion was exercised in respect of the formulaic outcome outlined
above.
As mentioned in the Chair’s letter, as Alex Baldock is stepping down from the Board, he will not receive an annual performance bonus
for 2025/26.
In line with the Policy, as Bruce Marsh met his shareholding guidelines, 25% of his bonus will be deferred into shares for a period of
two years.
(2) Viva-Glint, April 2026 survey completed by 21,800 colleagues across the Group.
100 Currys plc Annual Report & Accounts 2025/26
LTIP and other share awards (audited information)
Vesting of LTIP awards made during 2023/24 (audited information)
Nil cost option awards equivalent to 250% of base salary were made to Alex Baldock and Bruce Marsh on 28 July 2023.
The performance period for the award was the three financial years up to the end of the 2025/26 financial year.
The award was subject to three performance conditions, cumulative free cash flow (40%), cumulative EPS (30%) and relative TSR
measured against the FTSE 250 comparator group (30%). Performance metrics and final outcomes for the award are shown below.
Measure
As a % of
maximum LTIP
opportunity
Threshold
(25%)
Maximum
(100%) Actual % Achieved
Cumulative free cash flow 40% £204m £276m £388m 40%
Cumulative EPS 30% 21.9p 29.6p 32.6p 30%
Relative TSR 30%
Median
(20.9%)
Upper Quartile
(55.8%) 134% 30%
Total 100%
The free cash flow and EPS figures shown above are the adjusted figures excluding the contribution of the Greece business, which was
sold in April 2024. The business was sold shortly after the start of the performance period and so has been excluded from both the
targets and the outcome to ensure a like-for-like comparison. All elements of the performance conditions vested above maximum and
therefore the overall vesting was 100%.
The Committee reviewed whether any discretion should be applied to the vesting outcomes and was satisfied that the outcome was
appropriate given the overall performance of the Company. On this basis, the Committee determined that no discretion was necessary.
All awards are subject to a two-year post vest holding period, during which the executive director is not permitted to sell any shares
vesting, other than those required to settle any tax obligations.
Nil cost options
awarded
Overall
vesting %
Overall vesting
awards Vesting date
Alex Baldock 3,642,742 100% 3,642,742 28 July 2026
Bruce Marsh 1,958,817 100% 1,958,817 28 July 2026
Accrued dividend equivalents, calculated by reference to the value of dividends that would have been payable between the grant of
the award and the start of the exercise period will be added to each award.
Vesting of 2022/23 Deferred Share Bonus Plan awards (audited information)
On 3 August 2023 the following nil cost options were granted to Alex Baldock and Bruce Marsh under the Currys DSBP. The awards were
granted in respect of one-third of the 2022/23 annual bonus entitlement and the award vested two years from the grant date:
Nil cost options
awarded
Share price used
to grant award
(1)
(£)
Face value
(2)
(£) Vesting date
Alex Baldock 288,617 0.5205 150,225 3 August 2025
Bruce Marsh 141,573 0.5205 73,689 3 August 2025
(1) The share price used to calculate the numbers of shares granted was using the mid-market price on the day prior to grant, being 2 August 2023.
(2) The face value is calculated based on the number of options awarded multiplied by the share price used to grant the award.
The awards vested on 3 August 2025. Alex Baldock and Bruce Marsh retained all their shares, net of tax and commission, in line with the
executive shareholding requirement.
The Committee confirms that there was no application of malus and clawback provisions during 2025/26.
Annual remuneration report for 2025/2026 continued
101
Strategic Report Financial Statements Investor InformationGovernance
LTIP awards made during 2025/26 (audited information)
In accordance with the 2025 approved Remuneration Policy, the 2025 LTIP award was made at a one-off level of 300% of salary to
both executive directors. The award was granted in two tranches, with 250% of salary granted on 23 July 2025, prior to the annual
general meeting 2025, and 50% of salary granted on 8 September 2025, following the approval of the new Policy at the annual
general meeting 2025.
The 2025 LTIP award is subject to three performance conditions, cumulative free cash flow (40%), cumulative EPS (30%) and relative
TSR measured against an Adjusted FTSE 250 comparator group (30%). Full details of the targets are set out in the 2024/25 Directors’
Remuneration Report while the table below provides further information on the grant.
Nil cost
options
awarded
(1)
Date of
award
Share price
at date of
award
(£)
Face
value
(2)
(£)
End of
performance
period
Vesting
date
Minimum
value at
threshold
vesting
(3)
(£)
Alex Baldock – 250% of salary 2,114,667 23 July 2025 1.155 2,442,440 29 April 2028 23 July 2028 £610,610
Alex Baldock – 50% of salary 422,933 8 September 2025 1.316 556,580 29 April 2028 23 July 2028 £139,145
Bruce Marsh – 250% of salary 1,093,399 23 July 2025 1.155 1 ,262,876 29 April 2028 23 July 2028 £315,719
Bruce Marsh – 50% of salary 218,679 8 September 2025 1.316 287,782 29 April 2028 23 July 2028 £71,946
(1) The number of shares granted was calculated using the mid-market share price at the close of business on the 22 July 2025 (£1.159), being the day prior to 23 July 2025
grant (the pre annual general meeting grant date). The same share price was used to calculate the number of shares granted for the post annual general meeting tranche
on the 8 September 2025, to ensure consistency.
(2) The face value is calculated based on the number of options awarded multiplied by the mid-market share price at the close of business on the day of grant, being £1.155
on 23 July 2025 and £1.316 on the 8 September 2025.
(3) The minimum value at threshold vesting is calculated based on a threshold vesting of 25% of maximum. The value is calculated using the share price at the grant date of the
award, being £1.155 on 23 July 2025 and £1.316 on 8 September 2025.
Awards will be subject to recovery and withholding provisions for material misstatement, misconduct, calculation error, reputational
damage and corporate failure, material failure of risk management and internal controls and unreasonable failure to protect the
interests of colleagues and customers, enabling performance adjustments and/or recovery of sums already paid. These provisions will
apply for up to six years from grant. The awards are subject to a two-year post-vest holding period, during which the executive director
is not permitted to sell any shares vesting, other than those required to settle any tax obligations.
As Alex Baldock is stepping down from the Board, the LTIP awards made to him during 2025/26 will lapse in full
(as will his 2024/25 awards).
Deferred Share Bonus Plan awards made during 2025/26 (audited information)
On 31 July 2025 the following nil cost options were granted to Alex Baldock and Bruce Marsh under the Company DSBP:
Nil cost options
awarded
Share price used
to grant award
(1)
(£)
Face value
(2)
(£)
Vesting
date
Alex Baldock 389,762 1.122 437,313 31 July 2027
Bruce Marsh 201,528 1.122 226,115 31 July 2027
(1) The share price used to calculate the numbers of shares granted was using the mid-market price at close on the business day prior to grant, being 30 July 2025.
(2) The face value is calculated based on the number of options awarded multiplied by the share price used to grant the award.
The awards represent one-third of the 2024/25 annual performance bonus entitlement granted in accordance with the previous
Remuneration Policy that was approved by shareholders at the annual general meeting 2022. Details of the 2024/25 annual
performance bonus were disclosed in the 2024/25 Directors’ Remuneration Report.
Awards will be satisfied using market purchase shares and will ordinarily vest and become exercisable on the second anniversary
of grant.
As Alex Baldock is stepping down from the Board, the DSBP awards made to him during 2025/26 will lapse in full
(as will his 2024/25 awards).
102 Currys plc Annual Report & Accounts 2025/26
Performance graph
The graph below shows the value, by 2 May 2026, of £100 invested in shares in the Company on 2 May 2016, compared with the value
of £100 invested in the FTSE 250 Index on the same date. The other points plotted are the values at intervening financial year ends.
The FTSE 250 has been used as it is a broad market index which includes the Company and a number of its competitors.
£0
Data is sourced from S&P CapIQ.
30 April
2016
29 April
2017
28 April
2018
27 April
2019
2 May
2020
1 May
2021
30 April
2022
28 April
2023
27 April
2024
2 May
2026
3 May
2025
Currys
FTSE 250
£50
£100
£150
£200
Group Chief Executive pay
The following table shows, over the same ten-year period as the performance graph, the Group Chief Executive’s single total figure
of remuneration, the amount of bonus earned as a percentage of the maximum remuneration possible, and the vesting of long-term
awards as a percentage of the maximum number of shares that could have vested, where applicable.
Year
CEO single figure of
remuneration
£’000
Annual bonus payout
against maximum
%
Long term incentive
vesting rates against
maximum opportunity
%
2025/26 Alex Baldock 6,301 0
(2)
100
2024/25 Alex Baldock 4,100
(1)
90.05 44.03
2023/24 Alex Baldock 2,417 94.21 0
2022/23 Alex Baldock 2,046
(1)
33.39
(4)
50
2021/22 Alex Baldock 2,494
(1)
83.8 26.5
2020/21 Alex Baldock
(3)
2,884
(1)
88 50
2019/20 Alex Baldock
(3)
1,038 0 n/a
2018/19 Alex Baldock 1,619 58
(4)
n/a
201 7/18 Alex Baldock 1,946
(5)
0 n/a
201 7/18 Sebastian James 2,716
(6)
0 n/a
2016/17 Sebastian James 1,795 83 n /a
(1) The CEO single figure has been restated to account for the LTIP value on the vesting date.
(2) Alex Baldock did not receive an annual performance bonus award for 2025/26 following the announcement of his intention to step down from the Board. The formulaic
outcome of the 2025/26 annual bonus for the other executive directors was 97.71% of maximum.
(3) As a result of Covid-19, Alex Baldock voluntarily agreed to a temporary 20% base pay reduction with effect from 5 April 2020 to 28 June 2020.
(4) Alex Baldock voluntarily deferred 100% of his annual performance bonus into a share award, vesting two-years from grant.
(5) The single figure has been restated to include the value of the buyout award, of 989,078 nil cost options, which was granted on 3 April 2018. The face value of the award
at the date of grant was £1,871,336, using the share price on the date of grant of £1.8920. As there were no performance conditions attached to this award other than
continued employment the value of the award at grant should have been included in the 2017/18 CEO single figure. Full details of the award were detailed in the 2017/18
Remuneration Report.
(6) The single figure includes the taxable benefit relating to the waiving of the loan from the Dixons Share Plan award.
Annual remuneration report for 2025/2026 continued
103
Strategic Report Financial Statements Investor InformationGovernance
Annual percentage change in remuneration
The table below provides the percentage change in the annual remuneration of directors and the average UK colleague from 2019/20
onwards.
As the parent company only employs a small number of the workforce, the average UK colleague was deemed to be the most
appropriate comparator group, as the UK has the largest employee base, and the Committee considers remuneration levels in the UK
when setting salaries and fees for executive and non-executive directors and the Group Chief Executive is based in the UK.
Percentage change from
2024/25 to 2025/26
Percentage change from
2023/24 to 2024/25
Percentage change from
2022/23 to 2023/24
Percentage change from
2021/22 to 2022/23
Percentage change from
2020/21 to 2021/22
Salary
and
fees
Taxable
benefit
(7)
Annual
bonuses
Salary
and
fees
(4)
Taxable
benefit
(7)
Annual
bonuses
Salary
and
fees
Taxable
benefit
(7)
Annual
bonuses
Salary
and
fees
Taxable
benefits
(7)
Annual
bonuses
Salary
and
fees
(10)
Taxable
benefits
(7)
Annual
bonuses
Executive Directors
Group Chief
Executive – Alex
Baldock 1.33% -33.95% n/a
(1)
6.00% -2.10% -0.60% 3.80% 32.50% 192.80% 2.70% 35.70% -59.10% 3.90% 123% -3.70%
Group Chief Financial
Officer –
Bruce Marsh 1.33% 31.61% 30.7% 5.00% -16.40% -1.50% 10.30% 28.90% 211.50% 30.90% 24.80% -47. 20% n/a n/a n/a
Non-Executive
Directors
Rune Bjerke
(2)
n/a n /a n /a n /a n /a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Elaine Bucknor
(2)
n/a n /a n /a n /a n /a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Eileen Burbidge
(3) (5)
n/a n /a n /a 2.40% 0% n/a 14.5% 0.00% n /a 2.3% 0% n/a 2.80% 0% n/a
Ian Dyson 1.46% 0.00% n /a 1.90% -100% n /a 53.3% -53.3% n /a n /a n /a n/a n/a n/a n/a
Magdalena Gerger 2.17% 293.15% n/a 3.60% -72.5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Stephen Johnson 17.93% -2.64% n/a n/a n/a n/a n /a n /a n /a n /a n /a n/a n/a n/a n/a
Octavia Morley 2.37% 0.00% n/a n/a n/a n /a n /a n /a n /a n /a n/a n/a n/a n/a n/a
Gerry Murphy
(3)
n/a n /a n /a 1.90% 0% n/a 0% 0% n/a 2% 0% n/a 2.80% 0% n/a
Adam Walker 7.61% -424.30% n/a n/a n/a n/a n/a n/a n/a n /a n /a n /a n /a n /a n/a
Employees 9. 26%
(6)
0.0%
(8)
n/a
(9)
5.5%
(6)
0.0%
(8)
n/a
(9)
8.5%
(6)
0%
(8)
n/a
(9)
24.2%
(6)
0%
(8)
n/a
(9)
2.0%
(6)
0%
(8)
n/a
(9)
(1) Alex Baldock did not receive an annual performance bonus award for 2025/26 following the announcement of his intention to step down from the Board. The percentage
change in annual bonus is therefore not applicable.
(2) Rune Bjerke and Elaine Bucknor joined the Board on 8 September 2025.
(3) Eileen Burbidge and Gerry Murphy stepped down from the Board on 4 September 2025.
(4) The 2024/25 financial year is a 53-week year, therefore salary and fees have been reported on this basis.
(5) Eileen Burbidge received additional fees relating to the establishment of the ESG Committee, effective 1 May 2023.
(6) The average employee percentage change has been calculated using the median pay data collated for CEO pay ratio reporting purposes. The calculation includes data
for UK colleagues who were furloughed and had Covid-19 related salary reductions in 2020/21.
(7) The Group Chief Executive and non-executive directors’ taxable benefit figure includes the variable expenses relating to travel and subsistence costs deemed taxable by
HMRC as referenced in the single figure tables on pages 97 and 98. The absolute amounts for the non-executive directors’ taxable benefit figure are relatively small and
so small changes have resulted in the large percentage differences in the table.
(8) The percentage change in taxable benefits for the UK workforce is considered to be 0% since there have been no material changes in UK benefits.
(9) The median UK colleague is not eligible for an annual performance bonus.
(10) No pay increases were applied for 2020/21 for the Group Chief Executive, Group Chief Financial Officer and non-executive directors, however they voluntarily agreed to
a temporary 20% base pay reductions with effect from 5 April 2020 to 28 June 2020.
This disclosure will no longer be required under amended regulations applying from 2026/27.
Relative importance of spend on pay
The following table sets out both the total cost of remuneration for the Group compared with adjusted EBIT and profits distributed for
2025/26 and the prior year. Adjusted EBIT was chosen by the Committee as it is the most appropriate measure of the Group’s
performance. Adjusted EBIT is defined in the Glossary and definitions section on page 181.
2025/26
£m
2024/25
£m
Change
%
Dividends
(1)
24 0 n/a
Share buybacks
(2)
50 0 n/a
Adjusted EBIT
(3)
255 225 13.33
Total staff costs
(4)
970 904 7.30
Number Number
Change
%
Average employee numbers 25,076 24,706 1.50
(1) Extracted from note 21 to the Group financial statements.
(2) The Company completed a £50m share buyback in 2025/26. There were no share buybacks in 2024/25.
(3) Extracted from note A1 in the Glossary and definitions section.
(4) Extracted from note 4 to the Group financial statements.
104 Currys plc Annual Report & Accounts 2025/26
CEO pay ratio
The legislation requires the publishing of the ratio of total remuneration of the Group Chief Executive to the 25
th
, 50
th
and 75
th
equivalent
percentile of full-time equivalent colleagues.
The ratio is shown in the table below:
Financial year Methodology
P25
(Lower Quartile)
P50
(Median)
P75
(Upper Quartile)
2025/26 Option A 211:1 183:1 146:1
2024/25
(1)
Option A 147:1 125:1 99:1
2023/24 Option A 95:1 88:1 70:1
2022/23
(1)
Option A 86:1 81:1 64:1
2021/22
(1)
Option A 127:1 111:1 82:1
2020/21
(1)
Option A 167:1 142:1 107:1
2019/20 Option A 54:1 48:1 37:1
2018/19 Option A 79:1 65:1 50:1
(1) The CEO pay ratios have been restated to account for the actual value of the LTIP at the vesting date.
Of the three calculation approaches available in the regulations, we have chosen Methodology A because we believe it to be the
most appropriate and robust way for the Company to calculate the ratio.
In determining the figures, the following should be noted:
• The single total figure of remuneration of our UK colleagues was calculated and ranked using 2025/26 P60 and P11D data, employer
pension contributions and payments under the Company share schemes, in line with the reporting regulations. P60 data was used
as it also includes the value of any overtime payments made in the year.
• Part time colleagues’ earnings have been annualised on a full-time equivalent basis.
• Joiners and leavers were excluded from the ranking.
• The 25th, 50th and 75th percentile colleagues’ single total figure of remuneration was then identified and compared to the CEO
pay, as shown in the single total figure of remuneration table on page 97.
The following table provides base salary and total remuneration information in respect of the 25th, 50th and 75th percentile
colleagues, on a full-time equivalent basis.
Financial Year Remuneration
Group Chief
Executive
(£)
P25
(Lower Quartile)
(£)
P50
(Median)
(£)
P75
(Upper Quartile)
(£)
2025/26 Base salary 1,003,145 28,919 29,935 38,825
Total remuneration 6,302,024 29,911 34,442 43,121
The Committee has confirmed that the ratio is consistent with the Company’s wider policies on colleague pay and reward, taking into
account a range of factors including market practice, experience and National Living Wage requirements.
The ratio of the CEO’s pay to that of all colleagues is likely to be a volatile number, mainly resulting from the Group Chief Executive
having a larger proportion of his total remuneration linked to business performance than other colleagues in the UK workforce and
therefore it does not necessarily shed any light on the alignment or otherwise with regard to pay, reward and progression for the UK
workforce. This alignment is, however, something that the Committee considers as part of its overall responsibilities. The increase in the
CEO pay ratio for 2025/26 reflects that the 2023 LTIP award vested in full this year (whereas the 2021 LTIP award lapsed in full and the
2022 LTIP vested at 44% last year).
Service agreements
Service contracts
The following table summarises key terms of the service contracts in place with the executive directors:
Date of contract
Alex Baldock 3 April 2018
Bruce Marsh 12 July 2021
More details are set out in the Service agreements section of the report on page 95.
Annual remuneration report for 2025/2026 continued
105
Strategic Report Financial Statements Investor InformationGovernance
Letter of appointment
Non-executive directors are normally appointed for three-year terms, subject to annual re-election at annual general meetings,
although appointments may vary depending on length of service and succession planning considerations. Appointments are reviewed
annually by the Nominations Committee and recommendations made to the Board accordingly. The letters of appointment of the Chair
of the Board’s and non-executive directors’ services can be terminated by either party, the Company or the director, giving not less than
three months’ notice.
The date of the letters of appointment are shown below:
Letter of appointment
Rune Bjerke 8 September 2025
Elaine Bucknor 8 September 2025
Eileen Burbidge
(1)
1 January 2019
Ian Dyson 1 September 2022
Magdalena Gerger 1 May 2023
Stephen Johnson 1 June 2024
Octavia Morley 1 April 2024
Gerry Murphy
(1)
6 August 2014
Adam Walker 1 June 2023
(1) Eileen Burbidge and Gerry Murphy stepped down from the Board on 4 September 2025.
Leavers and joiners
During the year, Rune Bjerke and Elaine Bucknor were appointed as non-executive directors of the Board on 8 September 2025 and
Eileen Burbidge and Gerry Murphy stepped down as non-executive directors of the Board on 4 September 2025. On 26 March 2026,
Alex Baldock announced his decision to leave the Company. He will continue in post until 3 August 2026.
Payments for loss of office (audited information)
No payments for loss of office were made in 2025/26.
As set out in the Chair’s letter, Alex Baldock will step down from the Group Chief Executive role and Board on 3 August 2026. The
treatment of his remuneration will be in line with the provisions of our Remuneration Policy. He will remain employed with Currys until
31 August 2026 and continue to receive his salary, pension and benefits up until that date, after which there will be no further payments.
Alex will not be eligible for an annual bonus in respect of 2025/26. His outstanding DSBP awards and his 2024 and 2025 LTIP awards
will also lapse in full. Given that he will remain in role at the vesting date, his 2023 LTIP award will remain eligible to vest in the normal
manner subject to its existing performance conditions and will remain subject to its two-year holding period. Alex will be required to
hold shares worth 250% of his final salary for two years following his departure from the Board.
Payments to past directors (audited information)
No payments were made to past directors in 2025/26.
106 Currys plc Annual Report & Accounts 2025/26
Directors’ interests in LTIP (audited information)
Date of grant
At 3 May
2025
Awarded
in the year
Lapsed or
forfeited
in the year
Exercised
in the year
At 2 May
2026
Date from
which first
exercisable
Expiry of
the exercise
period
Exercise
price
(p)
Alex Baldock
2016 LTIP 23-Jul-25 0 2,114,667 2,114,667 23-Jul-28 23-Jul-35 —
2016 LTIP 08-Sep-25 0 422,933 422,933 23-Jul-28 08-Sep-35 —
2024/25 DSBP 31-Jul-25 0 389,762 389,762 31-Jul-27 31-Jul-35 —
2016 LTIP 17-J ul-24 3,003,983 3,003,983 17-Jul-27 17-Ju l-34 —
2023/24 DSBP 1-Aug-24 540,671 540,671 1-Aug-26 1-Aug-34 —
2016 LTIP 28-Jul-23 3,642,742 3,642,742 28-Jul-26 28-Jul-33 —
2022/23 DSBP 3-Aug-23 288,617 288,617 0 3-Aug-25 3-Aug-33 —
2016 LTIP 25-Jul-22 3,083,824 65,131(1) 1,726,016 1,422,939 0 25-Jul-25 25-Jul-32 —
Total (with
performance
conditions) 9,184,325
Total (without
performance
conditions) 930,433
Bruce Marsh
2016 LTIP 23-Jul-25 0 1,093,399 1,093,399 23-Jul-28 23-Jul-35 —
2016 LTIP 08-Sep-25 0 218,679 218,679 23-Jul-28 08-Sep-35 —
2024/25 DSBP 31-Jul-25 0 201,528 201,528 31-Jul-27 31-Jul-35 —
2016 LTIP 17-J ul-24 1,553,219 1,553,219 17-Ju l-27 17-J ul-34 —
2023/24 DSBP 1-Aug-24 282,225 282,225 1-Aug-26 1-Aug-34 —
2016 LTIP 28-Jul-23 1,958,817 1,958,817 28-Jul-26 28-Jul-33 —
2022/23 DSBP 3-Aug-23 141,573 141,573 0 3-Aug-25 3-Aug-33 —
2016 LTIP 25-Jul-22 1,454,303 30,715
(1)
813,973 671,045 0 25-Jul-25 25-Jul-32 —
Section 9.4. 2 22-Oct-21 225,116 6,532
(1)
119,090 112,558 22-Oct-21 22-Oct-31 —
Total (with
performance
conditions) 4,824,114
Total (without
performance
conditions) 596,311
(1) Accrued dividend equivalents were granted on exercise of the relevant awards.
Directors’ interests in Sharesave (audited information)
Date of grant
Exercise price
(p)
At 3 May
2025
Awarded
in the year
Lapsed or
cancelled in
the year
Exercised
in the year
At 2 May
2026
Date from
which first
exercisable
Expiry of
the exercise
period
Alex Baldock
Sharesave 14-Feb-25 72.76 19,475 – – – 19,475 1-Apr-30 1-Oct-30
Sharesave 23-Feb-24 38.60 12,116 – – – 12,116 1-Apr-29 1-Oct-29
Sharesave 25-Aug-22 59.28 20,242 – – – 20,242 1-Oct-27 1-Apr-28
Total 51,833 – – – 51,833
Bruce Marsh
Sharesave 16-Feb-26 115.60 – 11,682 – – 11,682 1-Apr-29 1-Oct-29
Sharesave 23-Feb-24 38.60 12,398 – – – 12,398 1-Apr-27 1-Oct-27
Sharesave 25-Aug-22 59.28 22,530 – – 22,530 – 1-Oct-25 1-Apr-26
Total 34,928 11,682 – 22,530 24,080
As Alex Baldock is stepping down from the Board, all his Sharesave awards will lapse in full.
Annual remuneration report for 2025/2026 continued
107
Strategic Report Financial Statements Investor InformationGovernance
Directors’ shareholding (audited information)
The Company share ownership guidelines are designed to encourage shareholding in the Company for executive directors.
The current level of shareholding requirement for executive directors is 250% of base salary to be achieved within five years from the
date of their appointment.
Beneficially owned shares (including any interests held by connected persons, e.g. spouse) count towards the guidelines, together with:
unvested awards, on a ‘net of tax’ basis and commission, granted under any deferred bonus arrangement or other plan/arrangement
with no post-grant performance conditions; and
• shares subject to an unexpired holding period (including any shares held under a vested but unexercised option), on a ‘net of tax’
and commission basis and provided that no further performance targets must be met.
Details of directors’ interests in shares of the Company as at 2 May 2026 are shown in the following table:
Scheme interests
Beneficially owned
shares (including any
interests held by
connected persons)
Shares subject
to performance
conditions
Shares without
performance
conditions
Total beneficial
interests under
share ownership
guidelines
(1)
Total beneficial
share interests
as a percentage
of salary
(2)
Executive directors
(3)
Alex Baldock 4,172,714 9,184,325 982,266 4,714,420 606%
Bruce Marsh 915,363 4,824,114 620,391 1,253,401 312%
Non-executive directors
Rune Bjerke
(4)(6)
50,000 – – 50,000 n/a
Elaine Bucknor
(4)
– – – – n/a
Eileen Burbidge
(5)
4,200 – – 4,200 n/a
Ian Dyson 350,000 – – 350,000 n/a
Magdalena Gerger 10,537 – – 10,537 n/a
Stephen Johnson 40,000 – – 40,000 n/a
Octavia Morley 35,000 – – 35,000 n/a
Gerry Murphy
(5)
100,000 – – 100,000 n/a
Adam Walker 102,635 – – 102,635 n/a
(1) This figure is calculated on a ‘net of tax’ and commission basis, as appropriate.
(2) The percentage is based on base salary as at 2 May 2026 and an average share price over the month to 2 May 2026 of £1.2981.
(3) Executive directors have five years from their appointment date to reach their shareholding requirement of 250%.
(4) Rune Bjerke and Elaine Bucknor joined the Board on 8 September 2025.
(5) Eileen Burbidge and Gerry Murphy stepped down from the Board on 4 September 2025 and the shareholding shown is as at that date.
(6) Rune Bjerke purchased 50,000 shares at a price of £1.1849p per share on 27 March 2026.
There were no changes in the directors’ share interests between 2 May 2026 and the date of this Report.
Non-executive directors’ and Chair of the Board’s fees
The fees for the independent non-executive directors are determined by the Board (excluding non-executive directors) after
considering external market research and are reviewed on an annual basis. Factors taken into consideration include the required time
commitment, specific experience and/or qualifications. A base fee is payable and additional fees are paid for chairing and
membership of committees. The Chair of the Board is not involved in the setting of his own fee, which is dealt with by the Remuneration
Committee annually. Non-executive directors receive no variable pay and receive no additional benefits, except in situations where an
executive director becomes a non-executive director, and benefit and pension arrangements continue.
Non-executive and Chair of the Board fees were reviewed in May 2025 and a +3% increase was applied to the Chair of the Board
fee, committee membership fees and the base fee, in line with the +3% annual increase applied to the UK&I corporate workforce.
Increases were also applied to the Audit and Remuneration Committee Chair fees to reflect the nature and scope responsibilities
of these key roles.
In 2025/26 the Board considered the progress made on the ESG strategy and the upcoming reporting requirements for sustainability
and agreed to evolve the governance structure for ESG. This resulted in closing the ESG Committee and in its place:
• Expanding Audit Committee duties to include non-financial reporting and internal control principles.
• Updating the matters reserved for the decision of the Board to include overseeing the Group’s ESG strategy, monitoring progress
against strategic goals and public targets and approving the reporting of ESG matters.
• Agreed that a Board member would attend GSLT meetings to provide independent challenge and oversight and support reporting
to the Currys plc Board, and an annual fee of £5,500 was introduced in respect of this role.
All other fees remained unchanged.
108 Currys plc Annual Report & Accounts 2025/26
2025/26
from
4 September 2025
£’000
2025/26
up to
3 September 2025
£’000
2024/25
£’000
Chair of the Board
(1)
310 310 300
Senior Independent Director 15.5 15.5 15
Chair of Audit Committee 12.5 12.5 10.3
Chair of ESG Committee
(2)
n/a 10.3 10.3
Chair of Remuneration Committee 12.5 12.5 10.3
Member of Audit Committee 5.5 5.5 5.1
Member of Nominations Committee 5.5 5.5 5.1
Member of Remuneration Committee 5.5 5.5 5.1
Member of ESG Committee
(2)
n/a 5.5 5.1
Consumer Duty Champion 10 10 10
Colleague forum attendance 5 5 5
GSLT meeting attendance 5.5 n/a n/a
Basic fee 63.1 63.1 61.2
(1) The Chair of the Board’s fee includes Chairship of the Nominations Committee.
(2) The ESG Committee was closed on the 4 September 2025.
How the Remuneration Policy will be applied in 2026/27
Executive directors
i) Base salary
The following salaries will apply during the 2026/27 financial year:
Salary at
2 May 2026
£’000
Increase in salary
in 2026/27
%
Salary at
3 August 2026
£’000
Current directors
Alex Baldock 1,009.77 n/a 1,009.77
Bruce Marsh 522.11 9.2% 570.00
Incoming directors
Fredrik Tønnesen n/a n /a 825.00
Alex Baldock will not receive an increase for 2026/27 following the announcement that he will be stepping down from the Board.
Fredrik Tønnesen’s salary will be set at £825,000 on appointment, and he will next be eligible for a salary review in 2027/28.
As a result of the CEO transition, Bruce Marsh will be taking on additional leadership responsibilities. The Committee therefore reviewed
his base salary for 2026/27 and in the context of these expanded responsibilities his base salary will be increased to £570,000
(+9.2%), effective from 3 August 2026.
ii) Pension contributions
Company pension contributions or allowance in lieu of 3% of base salary will be paid to Fredrik Tønnesen and Bruce Marsh.
iii) Annual performance bonus
The maximum annual performance bonus for 2026/27 will be 175% of base salary. Measures are selected to reflect the Group’s key
objectives and for 2026/27 the bonus will include a clawback facility in order to demonstrate the Company’s objective to reinforce a
culture of good customer outcomes. As set out in the Remuneration Committee Chair’s letter, the performance metrics and their
weightings for 2026/27 are shown in the table below:
Weighting
(as a percentage of
maximum bonus
opportunity)
Adjusted EBIT 55%
Free cash flow 20%
Non-financial metrics (25%):
Net Promoter Score 10%
Employee engagement 10%
Environmental – Group e-waste take back volumes 5%
Annual remuneration report for 2025/2026 continued
109
Strategic Report Financial Statements Investor InformationGovernance
In considering the calibration of the targets, the Committee considered both internal and external analyst forecasts and were
comfortable that these represented an appropriate degree of stretch and value creation for shareholders. Given their commercially
sensitive nature, the targets under these metrics will be disclosed in next year’s Remuneration Report.
In considering performance against the non-financial elements of the bonus, the Committee will assess whether a threshold level of
profit has been achieved and the affordability of the formulaic bonus outcomes. Where the executive director has yet to meet their
shareholding guidelines, one-third of any bonus earned will be deferred into shares for two years after payment. Deferrals fall to
25% where the executive director has met their shareholding guideline, as is currently the case for Bruce Marsh.
Recovery and withholding provisions apply for material misstatement, misconduct, calculation error, reputational damage, corporate
failure, material failure of risk management and internal controls and unreasonable failure to protect the interests of employees and
customers, enabling performance adjustments and/or recovery of sums already paid. These provisions will apply for up to three years
after payment.
iv) LTIP
The 2026/27 LTIP award will be made at a level of 250% of salary to Bruce Marsh and Fredrik Tønnesen. The award will be made after
the announcement of our annual results and will be assessed against cumulative free cash flow (40%), cumulative EPS (30%) and
relative TSR (30%) targets measured over three years. Alex Baldock will not receive a 2026/27 award following the announcement that
he will step down from the Board.
The targets are set out in the tables below. The performance period for the award is the three financial years up to the end of the
2028/29 financial year.
TSR will be measured relative to an Adjusted FTSE 250 group, which reflects the FTSE 250 Index minus companies in the basic resources,
energy, and financial services sectors, providing a better match for Currys‘ performance by excluding companies that are subject to
very different market dynamics:
Rank of Company TSR against comparator group TSR Percentage of TSR element vesting
Below Median 0%
Median 25%
Between Median and Upper Quartile Pro rata between 25% and 100% on a straight-line basis
Upper Quartile or above 100%
The free cash flow performance condition (40% weighting) is measured cumulatively over the three-year performance period.
The percentage of the award vesting will be as follows:
Cumulative free cash flow up to the end of the 2028/29 financial year Percentage of the free cash flow element vesting
Below £365m 0%
£365m 25%
Between £365m and £430m Pro rata between 25% and 62.5% on a straight-line basis
Between £430m and £495m Pro rata between 62.5% and 100% on a straight-line basis
Above £495m 100%
(1) The Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group. For the
purposes of the free cash flow targets, any potential cash outflows as a result of such cases will be consistently excluded from both targets and outcomes. However, the
Committee will apply judgement to ensure that the formulaic outcome is appropriate in light of the shareholder experience.
The EPS performance condition (30% weighting) is measured cumulatively over the three-year performance period. The percentage
of the award vesting will be as follows:
Adjusted basic EPS up to the end of the 2028/29 financial year Percentage of the EPS element vesting
Below 40 pence 0%
40 pence 25%
Between 40 pence and 44 pence Pro rata between 25% and 62.5% on a straight-line basis
Between 44 pence and 48 pence Pro rata between 62.5% and 100% on a straight-line basis
Above 48 pence 100%
The free cash flow and EPS targets were set taking into account a number of inputs including market consensus at the time the targets
were set and the external environment within which the Company is operating. In considering the calibration of targets, the Committee
considered both internal and external analyst forecasts and were comfortable that these represented an appropriate degree of
stretch and value creation for shareholders.
A two-year holding period will apply, during which the executive director is not permitted to sell any shares vesting, other than those
required to settle any tax obligations.
110 Currys plc Annual Report & Accounts 2025/26
Awards will be subject to recovery and withholding provisions for material misstatement, misconduct, calculation error, reputational
damage and corporate failure, material failure of risk management and internal controls and unreasonable failure to protect the
interests of employees and customers, enabling performance adjustments and/or recovery of sums already paid. These provisions will
apply for up to six years from grant. Any shares vesting as a result of these awards, net of tax and National Insurance, will be required to
be held for a further two years post vesting.
v) Non-executive directors’ and Chair of the Board’s fees
Non-executive and Chair of the Board fees were reviewed in March 2026, and a +3% increase was applied to the Chair of the Board
fee, committee membership fees and the base fee, in line with the 3% annual increase applied to the UK&I Corporate workforce.
An additional increase was applied to the fee for attending colleague forums to align it with the GSLT meeting attendance fee.
2026/27
£’000
2025/26
£’000
Chair of the Board
(1)
320 310
Senior Independent Director 16 15.5
Chair of Audit Committee 13 12.5
Chair of Remuneration Committee 13 12.5
Member of Audit Committee 5.7 5.5
Member of Nominations Committee 5.7 5.5
Member of Remuneration Committee 5.7 5.5
Consumer Duty Champion 10.3 10
Colleague forum attendance 5.7 5
GSLT meeting attendance 5.7 5.5
Basic Fee 65 63.1
(1) The Chair of the Board’s fee includes Chairship of the Nominations Committee.
Statement of voting at shareholder meetings
The Company is committed to ongoing shareholder dialogue in respect of directors’ remuneration and takes an active interest in voting
outcomes. Where there are substantial votes against resolutions, explanatory reasons will be sought, and any actions in response will
be communicated to shareholders.
The following table sets out the voting results in relation to the resolutions put to the annual general meeting in 2025:
Resolution Votes for % Votes against % Withheld
Approval of Annual Remuneration Report 713,522,468 94.20 43,904,763 5.80 134 ,674
Approval of Directors’ Remuneration Policy 700,550,513 92.49 56,870,664 7.51 140,728
Advice
The Committee retained Deloitte throughout 2025/26 as independent advisors. Deloitte, who were appointed by the Committee in 2024
following a competitive tender process, are engaged to provide advice to the Committee and to work with the directors on matters
relating to the Group’s executive remuneration and its long-term incentives. They are members of the Remuneration Consultants Group
and operate under its code of conduct in relation to the provision of executive remuneration advice in the UK and have confirmed that
they adhered to the Code during 2025/26 for all remuneration services provided to the Group. Deloitte received fees of £100,700
(2024/25: £124,200) in relation to the provision of those services. Fees are charged on a time and expenses basis. During the year,
Deloitte also provided other ad hoc remuneration services to the Company outside the scope of advising the Committee.
Compliance
As required by the regulations, a resolution to approve this Remuneration Report will be proposed at the AGM 2026.
Octavia Morley
Chair of the Remuneration Committee
1 July 2026
Annual remuneration report for 2025/2026 continued
111
Strategic Report Financial Statements Investor InformationGovernance
Statement of directors’ responsibilities
Company law requires the directors to prepare Group and parent
company financial statements for each financial year. Under that
law, the directors are required to prepare the Group financial
statements in accordance with UK-adopted international
accounting standards and applicable law and have elected to
prepare the parent company financial statements in accordance
with UK accounting standards and applicable law including
Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.
Under company law, the directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and parent company and
of the Group’s profit or loss for that period.
In preparing each of the Group and parent company financial
statements, the directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are
reasonable, relevant and reliable and, in respect of the parent
company only, prudent;
• for the Group financial statements, state whether they have
been prepared in accordance with UK-adopted international
accounting standards;
• for the parent company financial statements, state whether
applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in
the parent company financial statements;
• assess the Group and parent company’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern; and
• use the going concern basis of accounting unless they either
intend to liquidate the Group or the parent company or to
cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the parent
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the parent Company and the
Group and enable them to ensure that its financial statements
comply with the Companies Act 2006. They are responsible for
such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to
them to safeguard the assets of the Group and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the directors are also
responsible for preparing a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and Corporate Governance
Statement that complies with that law and those regulations.
The directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
In accordance with Disclosure Guidance and Transparency Rule
(‘DTR’) 4.1.16R, the financial statements will form part of the annual
financial report prepared under DTR 4.1.17R and 4.1.18R. The auditor’s
report on these financial statements provides no assurance over
whether the annual financial report has been prepared in
accordance with those requirements.
Responsibility statement
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the
applicable accounting standards give a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company and the undertakings included in the consolidation
taken as a whole; and
• the Strategic Report includes a fair review of the development
and performance of the business and the position of the issuer
and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and
uncertainties that they face.
We consider the Annual Report & Accounts, taken as a whole, is
fair, balanced and understandable and provides the information
necessary for shareholders to assess the Group’s position and
performance, business model and strategy.
By Order of the Board
Alex Baldock
Group Chief
Executive
1 July 2026
Bruce Marsh
Group Chief
Financial Officer
1 July 2026
The directors are responsible for preparing the annual report and the Group and parent
company financial statements in accordance with applicable law and regulations.
112 Currys plc Annual Report & Accounts 2025/26
Independent auditor’s report
Independent Auditor’s Report
to the Members of Currys plc
Report on the audit of the financial statements
1. Our opinion is unmodified
We have audited the financial statements of Currys plc (‘the Company’) for the 52-week period ended 2 May 2026 which comprise
the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the
consolidated statement of changes in equity, the consolidated cash flow statement, the Company balance sheet, the Company
statement of changes in equity, and the related notes, including the accounting policies in notes 1 and C1.
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 2 May 2026
and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards;
• the parent Company financial statements have been properly prepared in accordance with UK accounting standards, including
FRS 101 Reduced Disclosure Framework; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law.
Our responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate
basis for ouropinion. Our audit opinion is consistent with our report to the audit committee.
We were first appointed as auditor by the shareholders on 8 September 2022. The period of total uninterrupted engagement is for the
four financial periods ended 2 May 2026. We have fulfilled our ethical responsibilities under, and we remain independent of the Group
in accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities. No non-audit
services prohibited by that standard were provided.
Overview
Materiality:
Group financial statements as a whole
£14.0m (2025: £11.0m)
0.15% of Revenue (2025: 0.13% of Revenue from continuing
operations)
Coverage 99% of Group revenue (2025: 99% of Group revenue)
Key audit matters vs 2025
Recurring risks Contingent tax liabilities
Group pension obligation
Carrying value of parent Company’s investment in subsidiaries
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements
and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those
which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the
engagement team. We summarise below the key audit matters (unchanged from 2025), in decreasing order of audit significance, in
arriving at our audit opinion above, together with our key audit procedures to address those matters and, as required for public interest
entities, our results from those procedures. These matters were addressed, and our results are based on procedures undertaken, in the
context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and
consequently are incidental to that opinion, and we do not provide a separate opinion on these matters.
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Strategic Report Financial Statements Investor InformationGovernance
The risk Our response
Contingent tax
liabilities
Potential range of tax
exposure of £nil to £218m;
(2025: £nil to £218m)
Refer to page 71
(Audit Committee report),
page 128 (accounting
policy) and page 170
(financial disclosures).
Dispute outcome:
Uncertain tax positions require the directors to
make judgements and estimates in relation to
tax issues and exposures given the time taken
for tax matters to be agreed with the tax
authorities. In addition, there is judgement as to
whether these enquiries represent a contingent
liability or whether the Group should recognise
a provision, and there is a risk that the potential
range of tax exposure is not accurate, and the
nature of the contingent liability is not properly
explained in the disclosure.
The Group is currently engaged with HMRC in
relation to open tax enquiries arising from
pre-merger legacy corporate transactions
associated with the former Carphone
Warehouse Group. In respect of these enquiries,
the Group has disclosed a potential range of
unprovided tax exposures in relation to one of
these enquiries. In reaching this conclusion
management have been advised by a number
of third-party experts specialised in tax law
to assess the likelihood of success in this case.
The effect of these matters is that, as part
of our risk assessment, we determined that the
potential range of unprovided tax exposures
has a high degree of estimation uncertainty,
with a potential range of reasonable outcomes
greater than our materiality for the financial
statements as a whole, and possibly many
times that amount.
The financial statements (notes 1d and 26)
disclose the range estimated by the Group.
Our procedures included:
• Our tax expertise: We utilised our own tax
specialists to evaluate the Group’s assessment of
the likely outcome of the enquiry, considering its
correspondence with the UK tax authority,
supporting documentation prepared by
management and their advisors based on our
knowledge and experiences of the application of
the UK legislation by the tax authority and courts;
• Tests of detail: We examined the calculations
of the potential tax exposure prepared by the
directors and agreed key assumptions used to
underlying data and relevant supporting
documentation in the context of our evaluation
of the nature of the tax enquiry;
• Assessing transparency: We assessed the
adequacy of the Group’s disclosures in respect
of tax and uncertain tax positions including the
directors’ assessment of the likelihood of any
outflow and estimate, and their rationale as to
why no provision has been made.
We performed the tests above rather than seeking to
rely on any of the Group’s controls because the nature
of the balance is such that we would expect to obtain
audit evidence primarily through the detailed
procedures described.
Our results
We found the directors’ judgement that this matter
represents a contingent liability and the related
disclosures to be acceptable (2025: acceptable).
2. Key audit matters: our assessment of risks of material misstatement continued
114 Currys plc Annual Report & Accounts 2025/26
The risk Our response
Group pension
obligation
Gross defined benefit
liability of £1,024m (2025:
£1,033m)
Refer to pages 71 (Audit
Committee report), page
127 (accounting policy) and
page 154 (financial
disclosures).
Subjective valuation
A significant level of estimation is required in
order to determine the valuation of the gross
defined benefit liability. Small changes in the
key assumptions (in particular, discount rates,
inflation and mortality rates) can have a
material impact on the carrying amount.
The effect of these matters is that, as part of
our risk assessment, we determined that the
valuations of the gross defined benefit liability
have a high degree of estimation uncertainty,
with a potential range of reasonable outcomes
greater than our materiality for the financial
statements as a whole, and possibly many
times that amount.
The financial statements (note 19) disclose the
sensitivity estimated by the Group.
Our procedures over the gross defined
benefit liability included:
• Benchmarking assumptions: We challenged, with
the support of our own actuarial specialists, the
key assumptions applied, being the discount rate,
inflation rate and mortality against externally
derived data. This involved comparing the
assumption to available market data and our
expectations based on the scheme profile;
• Assessing base data: We assessed whether
the data used in the current year defined benefit
obligation valuation is consistent with that
prepared at the triennial valuation as at 31 March
2025. We used our actuarial specialists to
challenge the methodology used to roll-forward
the results of the triennial valuation as at 31 March
2025.
Our procedures over disclosures included:
• Assessing transparency: We considered the
adequacy of the Group’s disclosures in respect of
the sensitivity of the defined benefit obligation to
these assumptions.
We performed the tests above rather than seeking to
rely on any of the Group’s controls because the nature
of the balances is such that we would expect to
obtain audit evidence primarily through the detailed
procedures described.
Our results:
We found the valuation of the Group pension
obligation to be acceptable (2025 result:
acceptable).
Carrying value of
parent Company’s
investment in
subsidiaries
£2,669m (2025: £2,669m)
Impairment charge: £nil
(2025: £nil)
Impairment reversal: £nil
(2025: £110m)
Refer to page 71 (Audit
Committee report), page
173 (accounting policy)
and page 173 (financial
disclosures).
Forecast-based assessment
The carrying value of the parent Company’s
investment in subsidiary undertakings presents
c. 85% of the parent Company’s total assets.
Its recoverability is not at high risk of significant
misstatement or subject to significant
judgement. However, due to its materiality in the
context of the parent Company financial
statements, this is considered to be the area
that has the greatest effect on our parent
Company audit.
The parent Company holds a direct investment
in Currys Holdings Limited which in turn holds
investments in the rest of the Group’s
subsidiaries.
Our procedures included:
• Historical comparisons: We evaluated the track
record of historical assumptions used against
actual results;
• Comparing valuations: We compared the sum
of the discounted cash flows to the Group’s market
capitalisation to assess the reasonableness of
those cashflows, and assessing the appropriateness
of adjustments made to the value in use estimates
to reflect the subsidiaries’ equity value;
• Sensitivity analysis: We performed sensitivity
analysis on the revenue growth, discount rate and
profit margin assumptions;
We performed the tests above rather than seeking to
rely on any of the Group’s controls because the nature
of the balance is such that we would expect to obtain
audit evidence primarily through the detailed
procedures described.
Our results:
We found the parent Company’s conclusion that there
is no impairment of its investments in subsidiaries to be
acceptable (2025: acceptable).
We continue to perform procedures over the pension assets valuation (level 3 assets). However, due to a significant reduction in the lag
period for asset valuations in the current year, we have not assessed this as one of the most significant risks in our current year audit and,
therefore, it is not separately identified in our report this year.
2. Key audit matters: our assessment of risks of material misstatement continued
Independent auditor’s report continued
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Strategic Report Financial Statements Investor InformationGovernance
3. Our application of materiality and an
overview of the scope of our audit
Materiality for the Group financial statements as a whole was
setat £14.0m (2025: £11.0m), determined with reference to a
benchmark of Group revenue (2025: Group revenue) of which it
represents 0.15% (2025: 0.13%).
We consider total revenue to be the most appropriate benchmark
as it provides a more stable measure year on year than Group
profit before tax.
Materiality for the parent Company financial statements as a
whole was set at £11.2m (2025: £8.8m), which is the component
materiality for the parent Company determined by the Group
auditor. This is lower than the materiality we would otherwise have
determined with reference to, the parent Company total assets, of
which it represents 0.42% (2025: 0.33%).
In line with our audit methodology, our procedures on individual
account balances and disclosures were performed to a lower
threshold, performance materiality, so as to reduce to an
acceptable level the risk that individually immaterial
misstatements in individual account balances add up to a
material amount across the financial statements as a whole.
Performance materiality was set at 75% (2025: 75%) of materiality
for the financial statements as a whole, which equates to £10.4m
(2025: £8.3m) for the Group and £8.4m (2025: £6.6m) for the
parent Company. We applied this percentage in our determination
of performance materiality because we did not identify any
factors indicating an elevated level of risk.
We agreed to report to the audit committee any corrected or
uncorrected identified misstatements exceeding £0.7m (2025:
£0.6m), in addition to other identified misstatements that
warranted reporting on qualitative grounds.
Overview of the scope of our audit
We performed risk assessment procedures to determine which
of the Group’s components are likely to include risks of material
misstatement to the Group financial statements and which
procedures to perform at these components to address those risks.
In total, we identified five components, having considered our
evaluation of the Group’s legal and operational structure, and our
ability to perform audit procedures centrally.
Of those, we identified three quantitatively significant components
which contained the largest percentages of either total revenue
or total assets of the Group, for which we performed audit
procedures.
Group revenue
£9, 254m
(2025: Group revenue
£8,706m)
Group materiality
£14.0m
(2025: £11.0m)
£14.0m
Whole financial
statements materiality
(2025: £11.0m)
£11.5m
Whole financial statements
performance materiality
(2025: £8.3m)
£12.6m
Range of materiality
at 3 components
(£11.2m-£12.6m)
£0.7m
Misstatements reported
to the audit committee
(2025: £0.6m)
Group revenue
Group materiality
Group revenue
Our audit procedure covered the following percentage
of Group revenue:
99%
We performed audit procedures in relation to components that
accounted for the following percentages of Group profit before
tax and Group total assets:
Group total assets Group profit before tax
98%
98%
Full scope for Group audit purposes
Residual components
116 Currys plc Annual Report & Accounts 2025/26
3. Our application of materiality and an overview of the scope of our audit continued
Accordingly, we performed audit procedures on three components, which includes the parent Company, of which we involved
component auditors in performing the audit work on one component.
We set the following component materialities, having regard to the mix of size and risk profile of the Group across the components:
• Parent Company £11.2m (2025: £8.8m)
• UK&I £12.6m (2025: £9.9m)
• Nordics £11.2m (2025: £8.8m)
Our audit procedures covered 99% of Group revenue.
We performed audit procedures in relation to components that accounted for 98% of Group profit before tax and 98% of Group
total assets.
Impact of controls on our Group audit
The Group utilises a diverse range of IT systems across its operating businesses. For all the components that were subject to audit
procedures, we obtained an understanding of the relevant IT systems for the purposes of our audit work. On this audit we take a
predominantly substantive approach in all areas of the audit due to the diverse nature of the Group’s information systems and IT
general controls, as well as having considered the efficiency and effectiveness of approaches to gaining the appropriate audit
evidence. As a result, we appropriately planned additional substantive testing, including in the key transactional areas of revenue,
purchases and inventory. We adopted a data-oriented approach to testing both manual and automated journals and used data and
analytical routines to test revenue and cost of sales across all components. Given that we did not rely on the related IT controls, a
manual testing approach was performed over the completeness and accuracy of data used in these routines and in respect of system
data used in our substantive testing on other transactional areas.
As we did not rely on automated controls on journal entries, our work to respond to the risk of management override of controls
considered both automated and manual journals and additional testing as necessary.
Group auditor oversight
As part of establishing the overall Group audit strategy and plan, we conducted the risk assessment and planning discussion meetings
with component auditors to discuss Group audit risks relevant to the components. We visited the component auditor in Norway to assess
the audit risks and strategy. Video and telephone conference meetings were also held with these component auditors. At these visits
and meetings, the results of the planning procedures and further audit procedures communicated to us were discussed in more detail,
and any further work required by us was then performed by the component auditor. We inspected the work performed by the
component auditors for the purpose of the Group audit and evaluated the appropriateness of conclusions drawn from the audit
evidence obtained and consistencies between communicated findings and work performed.
4. Impact of climate change on our audit
In planning our audit, we have considered the potential impacts of climate change on the Group’s business and its financial statements.
The Group has set out further detail within the Sustainable business section in the Strategic Report of the annual report on page 20 its
commitment to reach climate net zero greenhouse gas emissions by 2040 and on its commitment to several other shorter-term targets.
The financial statement areas that may be affected by climate plans and risks are those that involve forward cash flow projections,
such as goodwill impairment assessments.
As a part of our audit, we have performed a risk assessment, including enquiries of management, and inspection of the Group’s road
map for net zero transition to understand how the impact of commitments made by the Group in respect of climate change, as well as
the physical or transition risks of climate change, may affect the financial statements and our audit.
The Group has undertaken work to quantify and assess the potential impact of climate change on the business, and based on our
risk assessment procedures, we did not identify any significant risk of material misstatement in this period as a result of climate change.
This is due to the expected timescale and extent of the potential effects on discounted cash flows and asset lives.
We have read the disclosures of climate-related information in the annual report and considered their consistency with the financial
statements and our audit knowledge.
Independent auditor’s report continued
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Strategic Report Financial Statements Investor InformationGovernance
5. Going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the
Company or to cease their operations, and as they have concluded that the Group’s and the Company’s financial position means that
this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability
to continue as a going concern for at least a year from the date of approval of the financial statements (‘the going concern period’).
We used our knowledge of the Group, its industry, and the general economic environment to identify the inherent risks to its business
model and analysed how those risks might affect the Group’s and Company’s financial resources or ability to continue operations over
the going concern period.
The risks that we considered most likely to adversely affect the Group’s and Company’s available financial resources and metrics
relevant to debt covenants over this period were:
• changes in trading performance as a result of prolonged macro-economic pressures, including the impact from inflation, alongside
weaker customer demand and confidence, and
• the Group’s ability to operate within its current facilities and comply with its banking covenants during the going concern period.
We considered whether these risks could plausibly affect the liquidity or covenant compliance in the going concern period by assessing
the directors’ sensitivities over the level of available financial resources and covenant thresholds indicated by the Group’s financial
forecasts taking account of severe, but plausible adverse effects that could arise from these risks individually and collectively.
Our procedures also included:
• Funding assessment: Assessing the financing arrangements currently in place and the actions taken by the Group to maintain
liquidity and covenant headroom. We inspected the confirmation from the lender of the level of committed financing, and the
associated covenant requirements.
• Key dependency assessment: Using our knowledge of the business, and the audit work performed on the areas such as the
forecasts used in impairment testing and current period performance (e.g., revenue, operating costs, and pensions), to identify critical
factors within the Group’s financial forecasts and to inform our assessment of the severe-but-plausible downside scenario.
We considered whether the going concern disclosure in note 1 to the financial statements gives a full and accurate description of the
directors’ assessment of going concern.
Our conclusions based on this work:
• we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements
is appropriate;
• we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or
conditions that, individually or collectively, may cast significant doubt on the Group’s or Company’s ability to continue as a going
concern for the going concern period; and
• we have nothing material to add or draw attention to in relation to the directors’ statement in note 1 to the financial statements on the
use of the going concern basis of accounting with no material uncertainties that may cast significant doubt over the Group and
Company’s use of that basis for the going concern period, and we found the going concern disclosure in note 1 to be acceptable;
and
• the related statement under the UK Listing Rules set out on page 16 is materially consistent with the financial statements and our audit
knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent
with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the
Company will continue in operation.
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (‘fraud risks’) we assessed events or conditions that could indicate an incentive
or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Enquiring of directors, those charged with governance, internal audit, management and inspection of policy documentation as to the
Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s
channel for ‘whistleblowing’, as well as whether they have knowledge of any actual, suspected or alleged fraud.
• Reading Board and audit committee meeting minutes.
• Considering remuneration incentive schemes and performance targets for management and directors including the long-term
incentive plan for Management remuneration.
• Considering announcements made by the Group in respect of revised performance expectations for the year.
• Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
This included communication from the Group auditor to component auditors of relevant fraud risks identified at the Group level and
requesting component auditors performing procedures at the component level to report to the Group auditor any identified fraud risk
factors or identified or suspected instances of fraud.
118 Currys plc Annual Report & Accounts 2025/26
6. Fraud and breaches of laws and regulations – ability to detect continued
Identifying and responding to risks of material misstatement due to fraud continued
As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address
the risk of management override of controls, in particular the risk that Group and component management may be in a position to make
inappropriate accounting entries and the risk of bias in accounting estimates and judgements such as tax provisioning, deferred tax
assets, impairment of non-financial assets, and pension assumptions.
On this audit we do not believe there is a fraud risk related to revenue recognition due to the limited opportunity arising from the
simplicity of retail revenue transactions and sources and its close relationship to cash movements, and for network revenue from
variable commission because of the reduction in variable consideration recognised as revenue.
We did not identify any additional fraud risks.
We performed procedures including:
• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting
documentation. These included those posted to unusual accounts.
• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements
from our general commercial and sector experience, and through discussion with the directors and other management (as required by
auditing standards), and from inspection of the Group’s regulatory and legal correspondence and discussed with the directors and
other management the policies and procedures regarding compliance with laws and regulations.
As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the Group’s
procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance
throughout the audit.
This included communication from the Group auditor to the component auditor of relevant laws and regulations identified at the Group
level, and a request for the component auditor to report to the Group audit team any instances of non-compliance with laws and
regulations that could give rise to a material misstatement at the Group level.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation
(including related companies legislation), distributable profits legislation, and taxation legislation and pension legislation and we
assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material
effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the
Group’s license to operate. We identified the following areas as those most likely to have such an effect: consumer duty, health and
safety, financial services regulation, data protection laws, anti-bribery, employment law, regulatory capital and liquidity, and certain
aspects of company legislation recognising the financial and regulated nature of the Group’s activities and its legal form. Auditing
standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and
other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is
not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Further detail in respect of the Group’s open tax enquiries arising from pre-merger legacy corporate transactions is set out in the key
audit matter disclosures in section 2 of this report.
For the legal matters discussed in notes 18 and 26 we assessed disclosures against our understanding from legal and tax
correspondence.
We discussed with the audit committee matters related to actual or suspected breaches of laws or regulations, for which disclosure is
not necessary, and considered any implications for our audit.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in
the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For
example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely the inherently limited procedures required by auditing standards would identify it.
Independent auditor’s report continued
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6. Fraud and breaches of laws and regulations – ability to detect continued
Context of the ability of the audit to detect fraud or breaches of law or regulation continued
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement.
We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws
and regulations.
7. We have nothing to report on the other information in the annual report
The directors are responsible for the other information presented in the annual report together with the financial statements. Our opinion
on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as
explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the
information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work
we have not identified material misstatements in the other information.
Strategic report and directors’ report
Based solely on our work on the other information:
• we have not identified material misstatements in the strategic report and the directors’ report;
• in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
• in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Directors’ remuneration report
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
Disclosures of emerging and principal risks and longer-term viability
We are required to perform procedures to identify whether there is a material inconsistency between the directors’ disclosures in respect
of emerging and principal risks and the viability statement, and the financial statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
• the directors’ confirmation within the going concern and viability statement on page 40 that they have carried out a robust
assessment of the emerging and principal risks facing the Group, including those that would threaten its business model, future
performance, solvency and liquidity;
• the Principal Risks and uncertainties disclosures describing these risks and how emerging risks are identified, and explaining how they
are being managed and mitigated; and
• the directors’ explanation in the going concern and viability statement of how they have assessed the prospects of the Group, over
what period they have done so and why they considered that period to be appropriate, and their statement as to whether they
have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the
period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions.
We are also required to review the Going concern and viability statement, set out on page 126 under the UK Listing Rules. Based on the above
procedures, we have concluded that the above disclosures are materially consistent with the financial statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired during our financial statements audit. As we
cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements
that were reasonable at the time they were made, the absence of anything to report on these statements is not a guarantee as to the
Group’s and Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency between the directors’ corporate
governance disclosures and the financial statements and our audit knowledge.
Based on those procedures, we have concluded that each of the following is materially consistent with the financial statements and our
audit knowledge:
• the directors’ statement that they consider that the annual report and financial statements taken as a whole is fair, balanced and
understandable, and provides the information necessary for shareholders to assess the Group’s position and performance, business
model and strategy;
• the section of the annual report describing the work of the audit committee, including the significant issues that the audit committee
considered in relation to the financial statements, and how these issues were addressed; and
• the section of the annual report that describes the review of the effectiveness of the Group’s risk management and internal
control systems.
We are required to review the part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of
the UK Corporate Governance Code specified by the UK Listing Rules for our review. We have nothing to report in this respect.
120 Currys plc Annual Report & Accounts 2025/26
8. We have nothing to report on the other matters on which we are required to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 111, the directors are responsible for: the preparation of the financial
statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and
parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the
going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of
assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The Company is required to include these financial statements in an annual financial report prepared under Disclosure Guidance and
Transparency Rule 4.1.17R and 4.1.18R. This auditor’s report provides no assurance over whether the annual financial report has been
prepared in accordance with those requirements.
10. The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them
inan auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we
haveformed.
for and on behalf of KPMG LLP , Statutory Auditor
Chartered Accountants
15 Canada Square
London, E14 5GL
1 July 2026
Independent auditor’s report continued
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Consolidated income statement
| Period ended | Period ended | ||
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| Note | £m | £m | |
Revenue | 2, 3 | ||
Profit before interest and tax | |||
Finance income | |||
Finance costs | ( | ( | |
Net finance costs | 5 | ( | ( |
Profit before tax | |||
Income tax credit/(expense) | 6 | ( | |
Profit after tax for the period | |||
| Earnings per share (pence) | |||
Basic – total | 7 | ||
Diluted – total |
122 Currys plc Annual Report & Accounts 2025/26
| Period ended | Period ended | ||
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| Note | £m | £m | |
Profit after tax for the period | |||
| Items that may be reclassified to the income statement in subsequent periods: | |||
| Cash flow hedges | |||
Fair value movements recognised in other comprehensive income | 20 | ( | ( |
Reclassified and reported in income statement | 20 | ( | |
Tax on movements on cash flow hedges | 20 | ( | |
Gain arising on translation of foreign operations | 20 | ||
| Items that will not be reclassified to the income statement in subsequent periods: | |||
Actuarial gain on defined benefit pension schemes – UK | 19 | ||
Tax on movements on defined benefit pension schemes | ( | ||
Other comprehensive income for the period (taken to equity) | |||
Total comprehensive income for the period |
Consolidated statement of comprehensive income
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Consolidated balance sheet
Note
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| £m | £m | ||
| Non-current assets | |||
Goodwill | 8 | ||
Intangible assets | 9 | ||
Property, plant & equipment | 10 | ||
Right-of-use assets | 11 | ||
Lease receivables | |||
Trade and other receivables | 13 | ||
Deferred tax assets | 6 | ||
| Current assets | |||
Inventory | 12 | ||
Lease receivables | |||
Trade and other receivables | 13 | ||
Income tax receivable | |||
Derivative assets | 22 | ||
Cash and cash equivalents | 14 | ||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 15 | ( | ( |
Derivative liabilities | 22 | ( | ( |
Income tax payable | ( | ( | |
Loans and other borrowings | 16 | ( | |
Lease liabilities | 17 | ( | ( |
Provisions | 18 | ( | ( |
( | ( | ||
| Non-current liabilities | |||
Trade and other payables | 15 | ( | ( |
Lease liabilities | 17 | ( | ( |
Retirement benefit obligations | 19 | ( | ( |
Deferred tax liabilities | 6 | ( | ( |
Provisions | 18 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| Capital and reserves | |||
Share capital | 20 | ||
Share premium reserve | |||
Other reserves | 20 | ( | ( |
Accumulated profits | |||
Equity attributable to equity holders of the parent company |
Company registration number: 7105905
124 Currys plc Annual Report & Accounts 2025/26
| Share | ||||||
| Share | premium | Other | Accumulated | Total | ||
| capital | reserve | reserves* | profits | equity | ||
| Note | £m | £m | £m | £m | £m | |
At 27 April 2024 | ( | |||||
Profit for the period | ||||||
Other comprehensive income recognised directly in equity | ||||||
Total comprehensive income for the period | ||||||
| Amounts transferred to the carrying value of inventory | ||||||
purchased during the period | ( | ( | ||||
Net movement in relation to share schemes | ||||||
Tax on items recognised directly in reserves | ||||||
Purchase of own shares – employee benefit trust | 4 | ( | ( | |||
At 3 May 2025 | ( | |||||
Profit for the period | ||||||
Other comprehensive income recognised directly in equity | ||||||
Total comprehensive income for the period | ||||||
| Amounts transferred to the carrying value of inventory | ||||||
purchased during the period | ||||||
Net movement in relation to share schemes | ( | |||||
Tax on items recognised directly in reserves | ||||||
Purchase of own shares – employee benefit trust | 4 | ( | ( | |||
Purchase of own shares – share buyback | 20 | ( | ( | |||
Cancellation of treasury shares | 20 | ( | ||||
Equity dividend | 21 | ( | ( | |||
At | ( |
* A detailed reconciliation of Other reserves is provided in note 20b.
Consolidated statement of changes in equity
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Consolidated cash flow statement
| Period ended | Period ended | ||
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| Note | £m | £m | |
| Operating activities | |||
Cash generated from operations | 23b | ||
Contributions to defined benefit pension scheme | 19 | ( | ( |
Income tax paid | ( | ( | |
Net cash flows from operating activities | |||
| Investing activities | |||
Acquisition of property, plant & equipment and other intangibles | ( | ( | |
Net cash flows from investing activities – continuing operations | ( | ( | |
Net cash flows from investing activities – discontinued operations: proceeds on sale of business | 23d | ( | |
Net cash flows from investing activities | ( | ( | |
| Financing activities | |||
Interest paid | ( | ( | |
Interest received* | |||
Capital repayment of lease liabilities | ( | ( | |
Purchase of own shares – employee benefit trust | ( | ( | |
Purchase of own shares – buyback | 20 | ( | |
Dividends paid | 21 | ( | |
Cash inflows from derivative financial instruments** | |||
Facility arrangement fees paid | ( | ( | |
Net cash flows from financing activities | ( | ( | |
(Decrease)/Increase in cash and cash equivalents and bank overdrafts | ( | ||
Cash and cash equivalents and bank overdrafts at the beginning of the period | |||
Currency translation differences | |||
Cash and cash equivalents and bank overdrafts at the end of the period | 23a |
* Cash flows from interest received were previously offset with cash flows from interest paid when they should have been presented separately. As the Directors do not
consider the effect on the prior period financial statements to be material, this has been corrected in the current period.
** Cash flows from derivative financial instruments were previously presented as cash flows from financing activities when these should have been presented as part of cash
generated from operations (see note 23b). As the Directors do not consider the effect on the prior period financial statements to be material, this has been corrected in the
current period.
126 Currys plc Annual Report & Accounts 2025/26
1. Significant accounting policies
Notes to the Group financial statements
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Strategic Report Financial Statements Investor InformationGovernance
1. Significant accounting policies continued
Average | Closing | |||
2026 | 2025 | 2026 | 2025 | |
Euro | 1.15 | 1.19 | 1.16 | 1.17 |
Norwegian Krone | 13.33 | 13.89 | 12.59 | 13.82 |
Swedish Krona | 12.58 | 13.52 | 12.51 | 12.82 |
US Dollar | 1.34 | 1.28 | 1.36 | 1.33 |
128 Currys plc Annual Report & Accounts 2025/26
1. Significant accounting policies continued
d) Key sources of estimation uncertainty and critical accounting judgements continued
Key sources of estimation uncertainty continued
UK deferred tax asset continued
Notes to the Group financial statements continued
129
Strategic Report Financial Statements Investor InformationGovernance
1. Significant accounting policies continued
Name | Company registration number |
Carphone Warehouse Europe Limited | 06534088 |
Connected World Services Distributions Limited | 01847868 |
CPW Acton Five Limited | 05738735 |
Currys Holdings Limited | 07866062 |
Currys Retail Group Limited | 03847921 |
Currys Retail limited | 02142673 |
DSG European Investments Limited | 03891149 |
DSG International Holdings Limited | 03887870 |
DSG Overseas Investments Limited | 02734677 |
The Carphone Warehouse (Digital) Limited | 03966947 |
The Phone House Holdings (UK) Limited | 03663563 |
iD Mobile Limited | 09304672 |
130 Currys plc Annual Report & Accounts 2025/26
2. Segmental analysis
The Group’s operating segments reflect the segments routinely reviewed by the CODM and used to manage performance and allocate
resources. This information is predominantly based on geographical areas which are either managed separately or have similar trading
characteristics.
The Group’s operating and reportable segments have been identified as follows:
• UK & Ireland: comprising Currys, iD Mobile and B2B operations;
• Nordics: operates both franchise and own stores in Norway, Sweden, Finland and Denmark with further franchise operations in
Iceland, Greenland and the Faroe Islands.
UK & Ireland and Nordics are involved in the sale of consumer electronics and mobile technology products and services, primarily
through stores or online channels.
Transactions between segments are on an arm’s length basis.
a) Segmental results
| Period ended 2 May 2026 | ||||
| UK & Ireland | Nordics | Eliminations | Total | |
| £m | £m | £m | £m | |
External revenue | 5,438 | 3,816 | – | 9,254 |
Inter-segmental revenue | 65 | – | (65) | – |
Total revenue | 5,503 | 3,816 | (65) | 9,254 |
Profit before interest and tax | 134 | 86 | – | 220 |
Finance income | 9 | |||
Finance costs | (76) | |||
Profit before tax | 153 | |||
Depreciation and amortisation | (166) | (128) | – | (294) |
| Period ended 3 May 2025 | ||||
| UK & Ireland | Nordics | Eliminations | Total | |
| £m | £m | £m | £m | |
External revenue | 5,286 | 3,420 | – | 8,706 |
Inter-segmental revenue | 63 | – | (63) | – |
Total revenue | 5,349 | 3,420 | (63) | 8,706 |
Profit before interest and tax | 145 | 53 | – | 198 |
Finance income | 11 | |||
Finance costs | (85) | |||
Profit before tax | 124 | |||
Depreciation and amortisation | (164) | (125) | – | (289) |
No individual customer represented more than 10% of the Group’s revenue within the current or preceding period.
Period ended 2 May 2026 | Period ended 3 May 2025 | |||||||||
| UK | Norway | Sweden | Other | Total | UK | Norway | Sweden | Other | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
Revenue | 5,238 | 1,126 | 1,342 | 1,548 | 9,254 | 5,092 | 1,010 | 1,129 | 1,475 | 8,706 |
Non-current assets | 1,945 | 471 | 474 | 515 | 3,405 | 1,915 | 445 | 463 | 542 | 3,365 |
Notes to the Group financial statements continued
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132 Currys plc Annual Report & Accounts 2025/26
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Revenue | 9,254 | 8,706 |
Cost of sales | (7,557) | (7,086) |
Gross profit | 1,697 | 1,620 |
Operating expenses | (1,477) | (1,422) |
Profit before interest and tax | 220 | 198 |
| Period ended 2 May 2026 | |||
| UK & Ireland | Nordics | Total | |
| £m | £m | £m | |
Sale of goods | 4,649 | 3,481 | 8,130 |
Commission revenue | 161 | 170 | 331 |
Support services revenue | 230 | 53 | 283 |
Connectivity revenue | 257 | 2 | 259 |
Other services revenue | 141 | 110 | 251 |
Total revenue | 5,438 | 3,816 | 9, 254 |
| Period ended 3 May 2025 | |||
| UK & Ireland | Nordics | Total | |
| £m | £m | £m | |
Sale of goods | 4,541 | 3,117 | 7,658 |
Commission revenue | 173 | 161 | 334 |
Support services revenue | 231 | 47 | 278 |
Connectivity revenue | 202 | – | 202 |
Other services revenue | 139 | 95 | 234 |
Total revenue | 5,286 | 3,420 | 8,706 |
3. Revenue and profit before interest and taxation continued
Notes to the Group financial statements continued
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Strategic Report Financial Statements Investor InformationGovernance
3. Revenue and profit before interest and taxation continued
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Depreciation of property, plant & equipment | 47 | 39 |
Depreciation of right-of-use assets | 181 | 181 |
Impairment of right-of-use assets | 1 | – |
Amortisation of acquisition intangibles | 23 | 23 |
Amortisation of other intangibles | 43 | 46 |
Impairment of other intangibles | 1 | – |
Impairment of inventory | 54 | 54 |
Cost of inventory recognised as an expense | 6,588 | 6,639 |
Cash flow hedge amounts reclassified and reported in income statement | (4) | 4 |
Net foreign exchange gains | (5) | – |
Share-based payments expense | 15 | 11 |
Other employee costs | 955 | 893 |
Restructuring costs* | 24 | 13 |
Regulatory income* | (2) | (7) |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Fees payable to the Company’s Auditor for the audit of the Company’s annual accounts | 0.1 | 0.1 |
Fees payable to the Company’s Auditor and its associates for the audit of the Company’s subsidiaries | 2.2 | 2.2 |
Total audit fees | 2.3 | 2.3 |
| Audit-related assurance services: | ||
Review of interim statement | 0.3 | 0.2 |
Other assurance services | 0.1 | 0.2 |
Total audit and audit-related assurance services | 2.7 | 2.7 |
Total audit and non-audit fees | 2.7 | 2.7 |
134 Currys plc Annual Report & Accounts 2025/26
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Salaries and performance bonuses | 796 | 756 |
Social security costs | 119 | 101 |
Other pension costs | 40 | 36 |
955 | 893 | |
Share-based payments | 15 | 11 |
970 | 904 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| number | number | |
UK & Ireland | 15,416 | 14,792 |
Nordics | 9,660 | 9,914 |
24,706 |
Period ended 2 May 2026 | Period ended 3 May 2025 | |||
| Board of | Executive | Board of | Executive | |
| Directors | Committee | Directors | Committee | |
| £m | £m | £m | £m | |
Short-term employee benefits | 5 | 6 | 4 | 5 |
Share-based payments | 2 | 4 | 2 | 2 |
7 | 10 | 6 | 7 |
Notes to the Group financial statements continued
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Strategic Report Financial Statements Investor InformationGovernance
4. Employee costs and share-based payments continued
Period ended 2 May 2026 | Period ended 3 May 2025 | |||
| Number | WAEP | Number | WAEP | |
| m | £ | m | £ | |
Outstanding at the beginning of the period | 98 | – | 88 | – |
Granted during the period | 20 | – | 30 | – |
Lapsed during the period | (18) | – | (18) | – |
Exercised during the period | (20) | – | (2) | – |
Outstanding at the end of the period | 80 | – | 98 | – |
Exercisable at the end of the period | 3 | – | 3 | – |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
Weighted average market price of options exercised in the period | £1.20 | £0.87 |
Weighted average remaining contractual life of awards outstanding | 8.0 yrs | 8.1 yrs |
Exercise price for options outstanding | £nil | £nil |
136 Currys plc Annual Report & Accounts 2025/26
4. Employee costs and share-based payments continued
b) Share-based payments continued
Period ended 2 May 2026 | Period ended 3 May 2025 | |||
| Number | WAEP | Number | WAEP | |
| m | £ | m | £ | |
Outstanding at the beginning of the period | 37 | 0.50 | 32 | 0.45 |
Granted during the period | 7 | 1.16 | 9 | 0.73 |
Exercised during the period | (6) | 0.59 | – | – |
Forfeited during period | (3) | 0.61 | (4) | 0.61 |
Outstanding at the end of the period | 35 | 0.61 | 37 | 0.50 |
Exercisable at the end of the period | – | 0.50 | – | 0.48 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
Weighted average market price of options exercised in the period | £0.82 | £0.85 |
Weighted average remaining contractual life of awards outstanding | 2.2 yrs | 2.6 yrs |
Range of exercise prices for options outstanding | £0.39 – £1.16 | £0.39 – £0.93 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
Exercise price | £nil – £1.16 | £nil – £0.73 |
Dividend yield | 0% – 2.4% | 0% – 2.9% |
Historical and expected volatility | 38% – 40% | 40% – 43% |
Expected option life | 4 – 10 yrs | 4 – 10 yrs |
Weighted average share price | £1.25 | £0.83 |
Notes to the Group financial statements continued
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4. Employee costs and share-based payments continued
2 May 2026 | 3 May 2025 | |||||
| Market value | Nominal value | Number | Market value | Nominal value | Number | |
| £m | £m | m | £m | £m | m | |
Investment in own shares | 67 | 0.1 | 53 | 68 | 0.1 | 59 |
Maximum number of shares held during the period | 78 | 0.1 | 68 | 51 | 0.1 | 59 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Unwind of discounts on trade and other receivables | 4 | 5 |
Other interest income | 5 | 6 |
Finance income | 9 | 11 |
Interest on bank overdrafts, loans and borrowings | (6) | (9) |
Interest expense on lease liabilities | (53) | (56) |
Net interest on defined benefit pension obligations | (2) | (8) |
Amortisation of facility fees | (1) | (4) |
Other interest expense | (14) | (8) |
Finance costs | (76) | (85) |
Total net finance costs | (67) | ( 74) |
138 Currys plc Annual Report & Accounts 2025/26
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
| Current tax | ||
UK corporation tax at 25% (2024/25: 25%) | 23 | 11 |
Overseas tax | 15 | 6 |
38 | 17 | |
| Adjustments made in respect of prior periods: | ||
UK corporation tax | 1 | – |
Overseas tax | 1 | – |
2 | – | |
Total current tax | 40 | 17 |
| Deferred tax | ||
UK corporation tax | (51) | (2) |
Overseas tax | – | 1 |
(51) | (1) | |
| Adjustments in respect of prior periods: | ||
Overseas tax | (1) | – |
(1) | – | |
Total deferred tax | (52) | (1) |
Total tax (credit)/charge | (12) | 16 |
Notes to the Group financial statements continued
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6. Tax continued
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Profit before taxation | 153 | 124 |
Tax at UK statutory rate of 25% (2024/25: 25%) | 38 | 31 |
Items attracting no tax relief or liability (i) | 2 | 1 |
Recognition of UK deferred tax asset (ii) | (51) | (2) |
Movement in unprovided deferred tax (iii) | – | (13) |
Differences in effective overseas tax rates | (3) | (1) |
Other tax adjustments | 1 | – |
Adjustments in respect of prior periods | 1 | – |
Total tax (credit)/charge | (12) | 16 |
| Accelerated | Retirement | ||||
| capital | benefit | Losses carried | Other temporary | ||
| allowances | obligations | forward | differences | Total | |
| £m | £m | £m | £m | £m | |
At 27 April 2024 | (21) | 5 | 12 | 12 | 8 |
(Charged)/credited directly to income statement | – | – | (4) | 5 | 1 |
Credited to other comprehensive income | – | 17 | – | 2 | 19 |
Credited directly to equity | – | – | – | 4 | 4 |
At 3 May 2025 | (21) | 22 | 8 | 23 | 32 |
Credited directly to income statement | 14 | – | 34 | 4 | 52 |
Charged to other comprehensive income | – | (21) | – | – | (21) |
Credited directly to equity | – | – | – | 4 | 4 |
At 2 May 2026 | (7) | 1 | 42 | 31 | 67 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Deferred tax assets | 174 | 148 |
Deferred tax liabilities | (107) | (116) |
67 | 32 |
140 Currys plc Annual Report & Accounts 2025/26
6. Tax continued
c) Deferred tax continued
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Defined benefit pension schemes | (21) | 17 |
Equity settled share based payments | 4 | 6 |
(17) | 23 |
7. Earnings per share
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Profit for the period attributable to equity shareholders | 165 | 108 |
Million | Million | |
| Weighted average number of shares | ||
Average shares in issue | 1,125 | 1,133 |
Less average holding by Group EBT and Treasury shares held by Company | (60) | (52) |
For basic earnings per share | 1,065 | 1,081 |
Dilutive effect of share options and other incentive schemes | 74 | 51 |
For diluted earnings per share | 1,139 | 1,132 |
Pence | Pence | |
| Earnings per share | ||
Basic earnings per share | 15.5 | 10.0 |
Diluted earnings per share | 14.5 | 9.5 |
Notes to the Group financial statements continued
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Cost | £m |
At 27 April 2024 | 2,973 |
Foreign exchange | 14 |
At 3 May 2025 | 2,987 |
Additions | 1 |
Foreign exchange | 38 |
At 2 May 2026 | 3,026 |
Accumulated impairment | £m |
At 27 April 2024 and 3 May 2025 | (736) |
Impairment | – |
At 2 May 2026 | (736) |
Carrying amount | £m |
At 27 April 2024 | 2,237 |
At 3 May 2025 | 2,251 |
At 2 May 2026 | 2,290 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
UK & Ireland | 1,329 | 1,329 |
Nordics | 961 | 922 |
2,290 | 2,251 |
142 Currys plc Annual Report & Accounts 2025/26
8. Goodwill continued
2 May 2026 | 3 May 2025 | |||||||
| Compound | Compound | Compound | Compound | |||||
| annual | annual | Pre-tax | annual | annual | Pre-tax | |||
| growth in | growth in | Long-term | discount | growth in | growth in | Long-term | discount | |
| sales | costs | growth rate | rate | sales | costs | growth rate | rate | |
UK & Ireland | 3.7% | 3.7% | 1.5% | 10.6% | 1.9% | 1.8% | 1.5% | 10.4% |
Nordics | 1.5% | 1.4% | 1.6% | 9.1% | 0.7% | 0.4% | 1.7% | 9.2% |
Notes to the Group financial statements continued
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144 Currys plc Annual Report & Accounts 2025/26
9. Intangible assets continued
| Acquisition intangibles | |||||
| Customer | Software | ||||
| Brands | relationships | Sub-total | and licences | Total | |
| £m | £m | £m | £m | £m | |
Balance at 3 May 2025 | 93 | – | 93 | 111 | 204 |
Additions | – | – | – | 23 | 23 |
Amortisation | (23) | – | (23) | (43) | (66) |
Disposals | – | – | – | (1) | (1) |
Impairment | – | – | – | (1) | (1) |
Foreign exchange | 2 | – | 2 | 2 | 4 |
Balance at 2 May 2026 | 72 | – | 72 | 91 | 163 |
Cost | 369 | 73 | 442 | 471 | 913 |
Accumulated amortisation and impairment losses | (297) | (73) | (370) | (380) | (750) |
Balance at 2 May 2026 | 72 | – | 72 | 91 | 163 |
| Included in net book value as at 2 May 2026 | |||||
Assets under construction | – | – | – | 4 | 4 |
| Acquisition intangibles | |||||
| Customer | Software | ||||
| Brands | relationships | Sub-total | and licences | Total | |
| £m | £m | £m | £m | £m | |
Balance at 27 April 2024 | 115 | – | 115 | 131 | 246 |
Additions | - | – | – | 26 | 26 |
Amortisation | (23) | – | (23) | (46) | (69) |
Foreign exchange | 1 | – | 1 | – | 1 |
Balance at 3 May 2025 | 93 | – | 93 | 111 | 204 |
Cost | 367 | 73 | 440 | 500 | 940 |
Accumulated amortisation and impairment losses | (274) | (73) | (347) | (389) | (736) |
Balance at 3 May 2025 | 93 | – | 93 | 111 | 204 |
| Included in net book value as at 3 May 2025 | |||||
Assets under construction | – | – | – | 7 | 7 |
2 May 2026 | 3 May 2025 | |||
| Remaining | Remaining | |||
| amortisation | amortisation | |||
| Net book value | period | Net book value | period | |
| £m | Periods | £m | Periods | |
Currys | 37 | 4 | 48 | 5 |
Elgiganten | 16 | 4 | 21 | 5 |
Elkjøp | 11 | 4 | 13 | 5 |
Gigantti | 8 | 4 | 11 | 5 |
Notes to the Group financial statements continued
145
Strategic Report Financial Statements Investor InformationGovernance
| Fixtures, fittings | |||
| Land and | and other | ||
| buildings | equipment | Total | |
| £m | £m | £m | |
Balance at 3 May 2025 | 47 | 78 | 125 |
Additions | 15 | 38 | 53 |
Disposals | (1) | – | (1) |
Depreciation | (14) | (33) | (47) |
Foreign exchange | 1 | 2 | 3 |
Balance as at 2 May 2026 | 48 | 85 | 133 |
Cost | 116 | 312 | 428 |
Accumulated depreciation | (68) | (227) | (295) |
Balance as at 2 May 2026 | 48 | 85 | 133 |
| Included in net book value as at 2 May 2026 | |||
Assets under construction | – | 11 | 11 |
| Fixtures, fittings | |||
| Land and | and other | ||
| buildings | equipment | Total | |
| £m | £m | £m | |
Balance at 27 April 2024 | 43 | 68 | 111 |
Additions | 15 | 38 | 53 |
Disposals | – | (1) | (1) |
Depreciation | (11) | (28) | (39) |
Foreign exchange | – | 1 | 1 |
Balance as at 3 May 2025 | 47 | 78 | 125 |
Cost | 124 | 577 | 701 |
Accumulated depreciation | (77) | (49 9) | (576) |
Balance as at 3 May 2025 | 47 | 78 | 125 |
| Included in net book value as at 3 May 2025 | |||
Assets under construction | – | 12 | 12 |
146 Currys plc Annual Report & Accounts 2025/26
| Land and | Vehicles | ||
| buildings | and equipment | Total | |
| £m | £m | £m | |
Balance at 3 May 2025 | 748 | 13 | 761 |
Additions | 193 | 13 | 206 |
Depreciation | (171) | (10) | (181) |
Disposals | (5) | – | (5) |
Impairment | (1) | – | (1) |
Foreign exchange | 17 | – | 17 |
Balance as at 2 May 2026 | 781 | 16 | 797 |
Cost | 1,679 | 68 | 1,747 |
Accumulated depreciation | (898) | (52) | (950) |
Balance as at 2 May 2026 | 781 | 16 | 797 |
| Land and | Vehicles | ||
| buildings | and equipment | Total | |
| £m | £m | £m | |
Balance at 27 April 2024 | 779 | 20 | 799 |
Additions | 145 | 3 | 148 |
Depreciation | (171) | (10) | (181) |
Disposals | (13) | – | (13) |
Foreign exchange | 8 | – | 8 |
Balance as at 3 May 2025 | 748 | 13 | 761 |
Cost | 1,513 | 64 | 1,577 |
Accumulated depreciation | (765) | (51) | (816) |
Balance as at 3 May 2025 | 748 | 13 | 761 |
Notes to the Group financial statements continued
147
Strategic Report Financial Statements Investor InformationGovernance
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Finished goods and goods for resale | 1,181 | 1,037 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Trade receivables | 216 | 227 |
Less expected credit loss allowances | (25) | (22) |
191 | 205 | |
Contract assets | 38 | 38 |
Prepayments | 60 | 75 |
Other receivables | 26 | 27 |
Accrued income | 479 | 440 |
794 | 785 | |
Non-current | 98 | 100 |
Current | 696 | 685 |
794 | 785 |
148 Currys plc Annual Report & Accounts 2025/26
13. Trade and other receivables continued
2 May 2026 | 3 May 2025 | |||||
| Gross trade | Expected credit | Net trade | Gross trade | Expected credit | Net trade | |
| receivables | loss allowances | receivables | receivables | loss allowances | receivables | |
| £m | £m | £m | £m | £m | £m | |
Ageing of gross trade receivables and expected credit loss allowances: | ||||||
Not yet due | 172 | – | 172 | 152 | (2) | 150 |
| Past due: | ||||||
Under two months | 12 | – | 12 | 24 | (1) | 23 |
Two to four months | 7 | (1) | 6 | 8 | (1) | 7 |
Over four months | 25 | (24) | 1 | 43 | (18) | 25 |
44 | (25) | 19 | 75 | (20) | 55 | |
216 | (25) | 191 | 227 | (22) | 205 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Opening balance | (22) | (22) |
Charged to the income statement | (9) | (2) |
Receivables written off as irrecoverable | 4 | 1 |
Amounts recovered during the period | 3 | 1 |
Foreign exchange | (1) | – |
Closing balance | (25) | (22) |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Insurance commission contract assets | 1 | 1 |
Network commission contract assets | 37 | 37 |
38 | 38 |
Notes to the Group financial statements continued
149
Strategic Report Financial Statements Investor InformationGovernance
13. Trade and other receivables continued
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Cash and cash equivalents | 176 | 209 |
150 Currys plc Annual Report & Accounts 2025/26
2 May 2026 | 3 May 2025 | |||
| Current | Non-current | Current | Non-current | |
| £m | £m | £m | £m | |
Trade payables | 1,339 | 7 | 1,170 | 16 |
Other taxes and social security | 195 | – | 213 | – |
Other creditors | 2 | – | 2 | – |
Contract liabilities | 207 | 96 | 215 | 96 |
Accruals | 299 | 5 | 289 | 5 |
2,042 | 108 | 1,889 | 117 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Opening balance | 311 | 289 |
Revenue recognised in the period that was included in the opening balance | (201) | (176) |
Increase in contract liabilities in the period not yet recognised in revenue | 193 | 198 |
Closing balance | 303 | 311 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
| Current liabilities | ||
Bank overdrafts | – | 25 |
– | 25 |
Notes to the Group financial statements continued
151
Strategic Report Financial Statements Investor InformationGovernance
16. Loans and other borrowings continued
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
| Analysed as: | ||
Current | 203 | 201 |
Non-current | 749 | 739 |
952 | 940 |
152 Currys plc Annual Report & Accounts 2025/26
17. Lease liabilities continued
Total undiscounted future committed payments due are as follows:
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
| Amounts due: | ||
Year 1 | 242 | 234 |
Year 2 | 204 | 210 |
Year 3 | 180 | 175 |
Year 4 | 140 | 153 |
Year 5 | 92 | 116 |
Onwards | 357 | 251 |
1,215 | 1,139 |
The Group does not face a significant liquidity risk with regard to its lease liabilities.
| 2 May 2026 | |||||
| Reorganisation | Sales | Property | Other | Total | |
| £m | £m | £m | £m | £m | |
Balance at 3 May 2025 | 4 | 10 | 14 | 28 | 56 |
Additions | 10 | 29 | 5 | 8 | 52 |
Released in the period | – | (3) | (2) | (6) | (11) |
Utilised in the period | (10) | (25) | (6) | (6) | (47) |
Balance at 2 May 2026 | 4 | 11 | 11 | 24 | 50 |
| Analysed as: | |||||
Current | 4 | 8 | 4 | 15 | 31 |
Non-current | – | 3 | 7 | 9 | 19 |
4 | 11 | 11 | 24 | 50 |
Notes to the Group financial statements continued
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Strategic Report Financial Statements Investor InformationGovernance
18. Provisions continued
| 3 May 2025 | |||||
| Reorganisation | Sales | Property | Other | Total | |
| £m | £m | £m | £m | £m | |
Balance at 27 April 2024 | 3 | 10 | 15 | 44 | 72 |
Additions | 4 | 26 | 5 | 9 | 44 |
Released in the period | (1) | – | (2) | (15) | (18) |
Utilised in the period | (2) | (26) | (4) | (10) | (4 2) |
Balance at 3 May 2025 | 4 | 10 | 14 | 28 | 56 |
| Analysed as: | |||||
Current | 4 | 8 | 13 | 21 | 46 |
Non-current | – | 2 | 1 | 7 | 10 |
4 | 10 | 14 | 28 | 56 |
154 Currys plc Annual Report & Accounts 2025/26
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| £m | £m | ||
Retirement benefit obligations | – UK | 5 | 102 |
– Nordics | 1 | 1 | |
6 | 103 |
Notes to the Group financial statements continued
155
Strategic Report Financial Statements Investor InformationGovernance
19. Retirement and other post-employment benefit obligations continued
b) UK defined benefit pension scheme – actuarial valuation and key risks continued
Risk | Description | Mitigation |
Investment | The IAS 19 defined benefit obligations are calculated | The trustees regularly monitor the funding position and |
| using a discount rate derived from the yield obtained on | consider their long-term plan to implement a diversified | |
| high quality corporate bonds. If the pension scheme’s | investment portfolio that generates sufficient returns | |
| assets underperform relative to this discount rate, the | whilst managing the investment risks posed to the | |
| accounting deficit will increase. | scheme. | |
| If the underperformance of assets also results in a | The Group regularly engages with the trustees on the | |
| larger deficit for the funding valuation (carried out | scheme’s investment strategy and its management. | |
| every 3 years as a minimum), the pension scheme may | ||
| require additional contributions from the Group. | ||
Inflation | The IAS 19 defined benefit obligations are in part linked | As part of the investment strategy implemented by the |
| to actual and future expected inflation. Therefore, a | trustees, inflation risk is mitigated through a liability- | |
| higher rate of inflation will result in a higher defined | driven investment (‘LDI’) portfolio. | |
| benefit obligation. | ||
| The LDI portfolio consists of assets that increase/ | ||
| A higher rate of inflation will also increase the Scheme’s | decrease in value in line with inflation expectations. | |
| funding liability, which may require additional | The scheme’s holding in LDI is designed to hedge a large | |
| contributions from the Group, as a part of discussions | amount of the scheme’s funding liability and thereby | |
| on the triennial funding valuation. | mitigate the net impact of any adverse movements in | |
| inflation expectations. | ||
Interest rate | The IAS 19 defined benefit obligations are calculated | As part of the investment strategy implemented by the |
| using a discount rate derived from the yields obtained | trustees, interest rate risk is mitigated through the | |
| on corporate bonds of an appropriate duration. If | investment in a LDI portfolio. | |
| long-term corporate bond yields reduce, the IAS 19 | ||
| defined benefit obligations will increase. | The LDI portfolio consists of assets that increase/ | |
| decrease in value in line with interest rate movements. | ||
| Similarly, a reduction in gilt yields (which are used in part | The scheme’s holding in LDI is designed to hedge a large | |
| to calculate the liabilities for the funding valuation) will | amount of the scheme’s funding liability and thereby | |
| result in a higher funding liability, which may require | mitigate the impact of any adverse movements in | |
| additional contributions from the Group, as a part of | interest rates. | |
| discussions on the triennial funding valuation. | ||
| However, as the LDI portfolio mitigates the interest rate | ||
| risk on the funding basis, deviations between gilt and | ||
| corporate bond yields can lead to ineffective hedging | ||
| in respect of the IAS 19 defined benefit obligations. The | ||
| scheme’s credit asset allocation helps provide | ||
| additional hedging in this area. | ||
Liquidity | The scheme is required to meet ongoing cash flow | The scheme operates a collateral adequacy |
| requirements, including benefit payments to members | framework which ensures there are sufficient levels of | |
| and collateral calls on the scheme’s leveraged | liquid assets to meet ongoing cash flow requirements, | |
| investments. There is therefore a risk that the scheme has | even in times of market distress. The framework is | |
| insufficient liquid assets to meet these obligations. | regularly assessed and appropriately managed to | |
| ensure it remains robust to respond to significant market | ||
| events. | ||
Longevity | The scheme provides pension benefits for the duration | The trustees and the Group regularly monitor the |
| of a member’s life and typically to any surviving spouse. | outlook for future life expectancy and the impact this | |
| Therefore, an increase in life expectancy will result in | might have on the defined benefit obligations. | |
| higher IAS 19 defined benefit obligations. | ||
Legislation | The scheme is exposed to the risk that new legislation or | The trustees and the Group regularly monitor this and |
| regulation could impact the valuation of the scheme’s | are kept up to date by their advisors on ongoing | |
| liabilities in the future. | changes in legislation and regulation, including the | |
| impact of these to the scheme and the associated | ||
| liabilities. |
156 Currys plc Annual Report & Accounts 2025/26
19. Retirement and other post-employment benefit obligations continued
| 2 May | 3 May | |
| Rates per annum | 2026 | 2025 |
Discount rate | 6.25% | 5.70% |
Rate of increase in pensions in payment (pre/post April 2006 accrual) | 3.05%/2.05% | 2.80%/1.95% |
Rate of increase in deferred pensions (pre/post April 2006 accrual) | 3.20% | 2.90% |
Inflation | 3.20% | 2.90% |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Net interest expense on defined benefit obligation | 2 | 8 |
Total expense recognised in the income statement | 2 | 8 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
| Remeasurement of defined benefit obligation – actuarial gains/(losses) arising from: | ||
Changes in demographic assumptions | (2) | – |
Changes in financial assumptions | 42 | 97 |
Experience adjustments | (28) | (2) |
| Remeasurement of scheme assets: | ||
Actual return on plan assets (excluding amounts included in net interest expense) | 6 | (69) |
Cumulative actuarial gain | 18 | 26 |
Notes to the Group financial statements continued
157
Strategic Report Financial Statements Investor InformationGovernance
19. Retirement and other post-employment benefit obligations continued
c) UK Defined benefit pension scheme – IAS 19 continued
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Present value of defined benefit obligations | (1,024) | (1,033) |
Fair value of plan assets | 1,019 | 931 |
Net obligation | (5) | (102) |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Opening obligation | 1,033 | 1,125 |
Past service cost | – | – |
Interest cost | 57 | 58 |
| Remeasurements in other comprehensive income – actuarial (gains)/losses arising from changes in: | ||
Demographic assumptions | 2 | – |
Financial assumptions | (42) | (97) |
Experience adjustments | 28 | 2 |
Benefits paid | (54) | (55) |
Closing obligation | 1,024 | 1,033 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Opening fair value | 931 | 955 |
Interest income | 54 | 50 |
Employer contributions | 82 | 50 |
| Remeasurements in other comprehensive income: | ||
Actual return on plan assets (excluding interest income) | 6 | (69) |
Benefits paid | (54) | (55) |
Closing fair value | 1,019 | 931 |
| 2 May | 3 May | ||
| 2026 | 2025 | ||
| £m | £m | ||
Corporate bonds | – Listed | 105 | - |
Credit funds | – Listed | 123 | 194 |
– Unlisted | 184 | 210 | |
Private equity | – Unlisted | – | 1 |
Liability driven investments (‘LDIs’)* | – Listed | 810 | 808 |
– Unlisted | (346) | (396) | |
Synthetic equity* | – Unlisted | 102 | 83 |
Cash and cash instruments | – Unlisted | 41 | 31 |
Other | – Unlisted | – | – |
1,019 | 931 |
158 Currys plc Annual Report & Accounts 2025/26
19. Retirement and other post-employment benefit obligations continued
c) UK Defined benefit pension scheme – IAS 19 continued
Net finance costs impact | Liability impact | Surplus/(deficit) impact | ||||
| Period ended | Period ended | Period ended | Period ended | Period ended | Period ended | |
| 2 May | 3 May | 2 May | 3 May | 2 May | 3 May | |
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Positive/(negative) effect | £m | £m | £m | £m | £m | £m |
Discount rate: 1% increase | 9 | 8 | 118 | 135 | 3 | 10 |
Inflation rate: 1% increase* | (6) | (7) | (96) | (116) | (2) | (8) |
Life expectancy: 1-year increase | (2) | (2) | (41) | (4 2) | (41) | (41 ) |
Notes to the Group financial statements continued
159
Strategic Report Financial Statements Investor InformationGovernance
19. Retirement and other post-employment benefit obligations continued
c) UK Defined benefit pension scheme – IAS 19 continued
20. Share capital, retained earnings and reserves
| 2 May | 3 May | 2 May | 3 May | |
| 2026 | 2025 | 2026 | 2025 | |
| million | million | £m | £m | |
| Authorised, allotted, called-up and fully paid ordinary shares | ||||
of 0.1p each | 1,112 | 1,133 | 1 | 1 |
| 2 May | 3 May | 2 May | 3 May | |
| 2026 | 2025 | 2026 | 2025 | |
| million | million | £m | £m | |
Ordinary shares of 0.1p each in issue at the beginning of the period | 1,133 | 1,133 | 1 | 1 |
Repurchased and cancelled during the period | (21) | – | – | – |
Ordinary shares of 0.1p each in issue at the end of the period | 1,112 | 1,133 | 1 | 1 |
| Investment | ||||||
| Treasury | in own | |||||
| Hedging | share | shares | Translation | Demerger | ||
| reserve | reserve | reserve | reserve | reserve | Total | |
| £m | £m | £m | £m | £m | £m | |
As at 27 April 2024 | 2 | – | (32) | (64) | (750) | (844) |
| Other comprehensive income and expense recognised directly | ||||||
in equity | (4) | – | – | 17 | – | 13 |
| Amounts transferred to the carrying value of inventory | ||||||
purchased during the period | (4) | – | – | – | – | (4) |
Amounts transferred to accumulated profits | – | – | 2 | – | – | 2 |
Purchase of own shares – EBT | – | – | (15) | – | – | (15) |
As at 3 May 2025 | (6) | – | (45) | (47) | (750) | (848) |
| Other comprehensive income and expense recognised directly | ||||||
in equity | (10) | – | – | 51 | – | 41 |
| Amounts transferred to the carrying value of inventory | ||||||
purchased during the period | 17 | – | – | – | – | 17 |
Amounts transferred to accumulated profits | – | – | 21 | – | – | 21 |
Purchase of own shares – EBT | – | – | (26) | – | – | (26) |
Purchase of own shares – share buyback | – | (50) | – | – | – | (50) |
Cancellation of treasury shares | – | 30 | – | – | – | 30 |
As at 2 May 2026 | 1 | (20) | (50) | 4 | (750) | (815) |
160 Currys plc Annual Report & Accounts 2025/26
20. Share capital, retained earnings and reserves continued
b) Retained earnings and reserves continued
21. Equity dividends
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Final Dividend for the period ended 3 May 2025 of 1.50p per ordinary share | 16 | – |
Interim Dividend for the period ended 2 May 2026 of 0.75p per ordinary share | 8 | – |
| Amounts recognised as distributions to equity shareholders in the period – on ordinary shares | ||
of 0.1p each | 24 | – |
The following distribution is proposed but has not been effected at 2 May 2026 and is subject to shareholders’ approval at the
forthcoming Annual General Meeting:
| £m | |
Final dividend for the period ended 2 May 2026 of | 25 |
The payment of this dividend is not subject to withholding taxes in the UK.
Notes to the Group financial statements continued
161
Strategic Report Financial Statements Investor InformationGovernance
162 Currys plc Annual Report & Accounts 2025/26
22. Financial risk management and derivative financial instruments continued
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Lease receivables (1) | 2 | 3 |
Cash and cash equivalents (2) | 176 | 209 |
Trade and other receivables (2) | 696 | 672 |
Derivative financial assets (3) | 15 | 5 |
Derivative financial liabilities (3) | (22) | (16) |
Trade and other payables (2) | (1,496) | (1,345) |
Loans and other borrowings (2) | – | (25) |
Lease liabilities (1) | (952) | (940) |
Notes to the Group financial statements continued
163
Strategic Report Financial Statements Investor InformationGovernance
22. Financial risk management and derivative financial instruments continued
| 2 May 2026 | |||||
| Gross amounts | |||||
| of recognised | |||||
| financial | Net amounts of | Financial | |||
| Gross amounts | liabilities | financial assets | instruments not | ||
| of recognised | set off in the | presented in the | set off in the | ||
| financial assets | balance sheet | balance sheet | balance sheet | Net amount | |
| £m | £m | £m | £m | £m | |
Forward foreign exchange contracts* | 15 | – | 15 | (13) | 2 |
| 3 May 2025 | |||||
| Gross amounts | |||||
| of recognised | |||||
| financial | Net amounts of | Financial | |||
| Gross amounts of | liabilities | financial assets | instruments not | ||
| recognised | set off in the | presented in the | set off in the | ||
| financial assets | balance sheet | balance sheet | balance sheet | Net amount | |
| £m | £m | £m | £m | £m | |
Forward foreign exchange contracts* | 5 | – | 5 | (4) | 1 |
| 2 May 2026 | |||||
| Gross amounts | Net amounts | ||||
| Gross amounts | of recognised | of financial | Financial | ||
| of recognised | financial assets | liabilities | instruments not | ||
| financial | set off in the | presented in the | set off in the | ||
| liabilities | balance sheet | balance sheet | balance sheet | Net amount | |
| £m | £m | £m | £m | £m | |
Forward foreign exchange contracts* | (22) | – | (22) | 13 | (9) |
| 3 May 2025 | |||||
| Gross amounts | Net amounts | ||||
| Gross amounts | of recognised | of financial | Financial | ||
| of recognised | financial assets | liabilities | instruments not | ||
| financial | set off in the | presented in the | set off in the | ||
| liabilities | balance sheet | balance sheet | balance sheet | Net amount | |
| £m | £m | £m | £m | £m | |
Forward foreign exchange contracts* | (16) | – | (16) | 4 | (12) |
164 Currys plc Annual Report & Accounts 2025/26
22. Financial risk management and derivative financial instruments continued
Period ended 2 May 2026 | Period ended 3 May 2025 | |||
| Effect on profit | Effect on total | Effect on profit | Effect on total | |
| before tax* | equity | before tax* | equity | |
| £m | £m | £m | £m | |
10% movement in the US Dollar exchange rate | – | 7 | – | 7 |
10% movement in the Euro exchange rate | – | 22 | – | 21 |
10% movement in the Norwegian Krone exchange rate | – | 10 | – | 10 |
10% movement in the Swedish Krona exchange rate | – | 15 | – | 14 |
10% movement in the Danish Krone exchange rate | – | 7 | – | 9 |
10% movement in the Chinese Yuan Offshore exchange rate | – | 6 | – | 6 |
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
1% increase in the GBP interest rate | 1 | 2 |
1% increase in the NOK interest rate | – | – |
Notes to the Group financial statements continued
165
Strategic Report Financial Statements Investor InformationGovernance
22. Financial risk management and derivative financial instruments continued
| 2 May 2026 | ||||
| In more than | ||||
| one year but | ||||
| not more than | In more than | |||
| Within one year | five years | five years | Total | |
| £m | £m | £m | £m | |
Lease liabilities | (242) | (616) | (357) | (1,215) |
| Derivative financial instruments – gross cash outflows: | ||||
Forward foreign exchange contracts | (1,945) | – | – | (1,945) |
| Derivative financial instruments – gross cash inflows: | ||||
Forward foreign exchange contracts | 1,938 | – | – | 1,938 |
Loans and other borrowings | – | – | – | – |
Trade and other payables | (1,489) | (7) | – | (1,496) |
(1,738) | (623) | (357) | (2,718) |
| 3 May 2025 | ||||
| In more than | ||||
| one year but | ||||
| not more than | In more than | |||
| Within one year | five years | five years | Total | |
| £m | £m | £m | £m | |
Lease liabilities | (234) | (653) | (253) | (1,140) |
| Derivative financial instruments – gross cash outflows: | ||||
Forward foreign exchange contracts | (1,498) | – | – | (1,498) |
| Derivative financial instruments – gross cash inflows: | ||||
Forward foreign exchange contracts | 1,487 | – | – | 1,487 |
Loans and other borrowings | (25) | – | – | (25) |
Trade and other payables | (1,329) | (16) | – | (1,345) |
(1,599) | (669) | (253) | (2,521) |
| 2 May | 3 May | |
| 2026 | 2025 | |
| Counterparty credit rating | £m | £m |
AAA to AA- | 122 | 157 |
A+ to A- | 50 | 49 |
BBB+ to BBB- | 4 | 3 |
176 | 209 |
166 Currys plc Annual Report & Accounts 2025/26
22. Financial risk management and derivative financial instruments continued
e) Credit risk continued
2 May 2026 | 3 May 2025 | |||
| Gross carrying | Expected | Gross carrying | Expected | |
| amount | credit loss | amount | credit loss | |
| £m | £m | £m | £m | |
UK & Ireland – Business to Business | 7 | 3 | 4 | 2 |
UK & Ireland – Main Sales Ledger | 160 | 14 | 145 | 12 |
UK & Ireland – iD Mobile | 297 | 36 | 256 | 26 |
Nordics – Business to Business | 29 | 1 | 28 | 2 |
Nordics – Franchise Debtors | 36 | 3 | 33 | 3 |
Nordics – Main sales ledger | 33 | 4 | 30 | 3 |
562 | 61 | 496 | 48 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| Gross amounts of recognised financial assets | £m | £m |
Not yet due | 423 | 371 |
0 – 90 days | 90 | 77 |
91 – 180 days | 14 | 12 |
180+ days | 35 | 36 |
562 | 496 |
Notes to the Group financial statements continued
167
Strategic Report Financial Statements Investor InformationGovernance
22. Financial risk management and derivative financial instruments continued
Period ended 2 May 2026 | Period ended 3 May 2025 | |||||
| Change in fair | Change in fair | |||||
| Maturing hedges | value used to | Maturing hedges | value used to | |||
| in the next | Weighted | calculate hedge | in the next | Weighted | calculate hedge | |
| 12 months | average | ineffectiveness | 12 months | average | ineffectiveness | |
| £m | hedge rate | £m | £m | hedge rate | £m | |
Hedging USD purchases into GBP (UK) | 81 | 1.3385 | – | 37 | 1.2804 | (1) |
Hedging EUR purchases into GBP (UK) | 17 | 1.1362 | – | 20 | 1.1729 | – |
Hedging CNY purchases into GBP (UK) | 87 | 9.2377 | – | 77 | 9.1215 | (3) |
Hedging EUR purchases into NOK (Nordics) | 329 | 11.5135 | (17) | 300 | 11.7048 | 3 |
Hedging USD purchases into NOK (Nordics) | 43 | 9.8182 | (2) | 47 | 10.9885 | (2) |
Hedging SEK sales into NOK (Nordics) | 165 | 0.9393 | 9 | 151 | 0.9574 | (5) |
Hedging DKK sales into NOK (Nordics) | 82 | 0.6502 | 4 | 97 | 0.6382 | (1) |
Hedging GBP purchases into EUR (Ireland) | 83 | 1.1354 | 1 | 83 | 1.1717 | – |
887 | (5) | 812 | (9) |
168 Currys plc Annual Report & Accounts 2025/26
22. Financial risk management and derivative financial instruments continued
g) Derivatives continued
Cash flow hedges continued
23. Notes to the cash flow statement
a) Reconciliation of cash and cash equivalents and bank overdrafts at the end of the period
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Cash at bank and on deposit | 176 | 209 |
Bank overdrafts | – | (25) |
Cash and cash equivalents and bank overdrafts at end of the period | 176 | 184 |
b) Reconciliation of operating profit to cash generated from operations
| Period ended | Period ended | |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Profit after tax for the period | 165 | 108 |
Income tax (credit)/expense | (12) | 16 |
Net finance costs | 67 | 74 |
Profit before interest and tax | 220 | 198 |
Depreciation and amortisation | 294 | 289 |
Research and development expenditure credit | (2) | – |
Derivative financial instruments* | 10 | - |
Share-based payment charge | 15 | 15 |
Profit/(loss) on disposal of fixed assets | 2 | (1) |
Impairments and other non-cash items | 2 | 5 |
Operating cash flows before movements in working capital | 541 | 506 |
| Movements in working capital**: | ||
Increase in inventory | (114) | (2) |
Decrease/(Increase) in receivables | 14 | (65) |
Increase in payables | 79 | 84 |
Decrease in provisions | (6) | (16) |
(27) | 1 | |
Cash generated from operations | 514 | 507 |
* Cash flows from derivative financial instruments were previously presented as cash flows from financing activities when these should have been presented as part of cash
generated from operations. As the Directors do not consider the effect on the prior period financial statements to be material, this has been corrected in the current period.
** The non-cash movements in working capital balances are due to FX translation of foreign currency balances.
Notes to the Group financial statements continued
169
Strategic Report Financial Statements Investor InformationGovernance
23. Notes to the cash flow statement continued
c) Changes in liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s
consolidated cash flow statement as cash flows from financing activities.
| Lease | ||||||
| additions | ||||||
| 3 May | Financing | modifications | Foreign | 2 May | ||
| 2025 | cash flows | and disposals | exchange | Interest | 2026 | |
| £m | £m | £m | £m | £m | £m | |
Loans and other borrowings (note 16) | – | 6 | – | – | (6) | – |
Lease liabilities (note 17) (i) | (940) | 250 | (191) | (18) | (53) | (952) |
Total liabilities from financing activities (ii) | (940) | 256 | (191) | (18) | (59) | (952) |
| Lease | ||||||
| additions, | ||||||
| 27 April | Financing | modifications | Foreign | 3 May | ||
| 2024 | cash flows | and disposals | exchange | Interest | 2025 | |
| £m | £m | £m | £m | £m | £m | |
Loans and other borrowings (note 16) | – | 9 | – | – | (9) | – |
Lease liabilities (note 17) (i) | (1,003) | 262 | (135) | (8) | (56) | (940) |
Total liabilities from financing activities (ii) | (1,003) | 271 | (135) | (8) | (65) | (940) |
(i) Lease liabilities are secured over the Group’s right-of-use assets.
(ii) In addition to the amounts shown above, facility arrangement fees of £1m (2024/25: £5m) are included within cash flows from financing activities in the consolidated cash
flow statement.
d) Proceeds on sale of business
On 10 April 2024, the Group announced that it has completed the sale of Dixons South East Europe A.E.V.E., the holding company of
Currys’ entire Greece and Cyprus retail business. During the period ended 3 May 2025, transaction fees of £5m that were accrued at the
prior period end were paid, resulting in a corresponding cash flow from discontinued operations.
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Revenue from sale of goods and services | 26 | 14 |
Amounts owed to the Group | 1 | 1 |
| 2 May | 3 May | |
| 2026 | 2025 | |
| £m | £m | |
Intangible assets | 1 | 1 |
Contracted for but not provided for in the accounts | 1 | 1 |
170 Currys plc Annual Report & Accounts 2025/26
27. Events after the balance sheet date
There were no material events after the balance sheet date.
Notes to the Group financial statements continued
171
Strategic Report Financial Statements Investor InformationGovernance
Note
£m
3 May
2025
£m
Non-current assets
Investments in subsidiaries C4 2,669 2,669
2,669 2,669
Current assets
Cash and cash equivalents 71 130
Debtors C5 376 371
Derivative assets C7 36 20
483 521
Current liabilities
Creditors C6 (319) (312)
Derivative liabilities C7 (37) (20)
Income tax payable (8) (7)
(364) (339)
Net current assets 119 182
Total assets less current liabilities 2,788 2,851
Net assets 2,788 2,851
Capital and reserves
Share capital C8 1 1
Share premium reserve C8 2,263 2,263
Treasury share reserve (20) -
Profit and loss account 544 587
2,788 2,851
The Company’s profit for the period was £19 m (2024/25: £13 8 m profit).
The financial statements of the Company were approved by the Board on 1 July 2026 and signed on its behalf by:
Alex Baldock Bruce Marsh
Group Chief Executive Group Chief Financial Officer
Company registration number: 7105905
Company balance sheet
172 Currys plc Annual Report & Accounts 2025/26
Share capital
£m
Share premium
reserve
£m
Profit and loss
account
£m
Treasury share
reserve
£m
Total equity
£m
At 27 April 2024 1 2,263 453 – 2,717
Total comprehensive income for the period – – 138 – 138
Purchase of own shares – employee benefit trust – – (15) – (15)
Share-based payments – – 11 – 11
At 3 May 2025 1 2,263 587 – 2,851
Total comprehensive income for the period – – 19 – 19
Purchase of own shares – employee benefit trust – – (26) – (26)
Purchase of own shares – share buyback – – – (50) (50)
Cancellation of treasury shares – – (30) 30 –
Dividends paid – – (24) – (24)
Share-based payments – – 18 – 18
At 2 May 2026 1 2,263 544 (20) 2,788
Company statement of changes in equity
173
Strategic Report Financial Statements Investor InformationGovernance
C1 Accounting policies
Basis of preparation
The Company is incorporated in the United Kingdom. The financial statements have been prepared on a going concern basis
(see note 1 to the Group financial statements).
The separate financial statements of the Company are presented as required by the Companies Act 2006. The Company meets
thedefinition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial Reporting Council.
Accordingly, the financial statements have therefore been prepared in accordance with FRS 101 (Financial Reporting Standard 101)
‘Reduced Disclosure Framework’ as issued by the Financial Reporting Council, incorporating the Amendments to FRS 101 as issued by
theFinancial Reporting Council.
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to
share-based payments, financial instruments, capital management, presentation of comparative information in respect of certain
assets, presentation of a cash flow statement, certain related party transactions and standards not yet effective. Where required,
equivalent disclosures are given in the Consolidated Financial Statements.
The financial statements have been prepared on the historical cost basis except for the remeasurement of certain financial instruments
to fair value. The principal accounting policies adopted are the same as those set out in the notes to the Group financial statements
except as noted below.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
The average number of employees during the period ended 2 May 2026 was 2 (2024/25: 2). Directors’ remuneration for the period
ended 2 May 2026, recharged from other Group companies was £4m (2024/25: £2m).
Share-based payment charges are recharged to subsidiaries and recognised within equity. Valuation and measurement of
share-based payments is outlined within the accounting policies in note 4b of the Group financial statements.
Judgements and sources of estimation uncertainty
The directors do not consider there to be any judgements in applying the Company’s accounting policies, or sources of estimation
uncertainty, that have a significant effect on the amounts recognised in these financial statements.
C2 Profit and loss account
In accordance with the exemption permitted by section 408 of the Companies Act 2006, the profit and loss account of the Company
is not presented separately. The profit recognised for the period ended 2 May 2026 was £19m (2024/25: £138m profit). Information
regarding the audit fees for the Group is provided in note 3 to the Group financial statements.
C3 Equity dividends
Details of amounts recognised as distributions to shareholders in the period and those proposed are detailed in note 21 of the Group
financial statements.
C4 Investments in subsidiaries
2 May
2026
£m
3 May
2025
£m
Opening balance 2,669 2,559
Reversal of impairments – 110
Closing balance 2,669 2,669
Cost 2,676 2,676
Accumulated impairments (7) (7)
Net carrying amount 2,669 2,669
Balances comprise investments in subsidiary undertakings and other minority investments. Details of the Company’s investments in
subsidiary undertakings are provided in note C9.
The directors acknowledged that as at 2 May 2026 there is new geopolitical and macroeconomic uncertainty related to the Iran War.
This was considered to be an indicator of impairment and an impairment test over the investment in subsidiaries was performed in
accordance with IAS 36.
Notes to the Company financial statements
174 Currys plc Annual Report & Accounts 2025/26
C4 Investments in subsidiaries continued
The recoverable amounts of the investments have been determined as at 2 May 2026 based on the aggregate of the value in use (‘VIU’)
calculations for each identifiable CGU as the Company hold its material investments through one intermediate holding company, Currys
Holdings Limited. Management have prepared discounted cash flows based on the latest three-year strategic plan and require the use
of estimates including management’s sales and costs projections, the long-term growth rates beyond the plan period, and the pre-tax
discount rate. The discounted cash flows are then adjusted for the value of certain assets and liabilities in the subsidiary entities to the
extent that they impact the future return on investment to the Company. The values attributed to these key assumptions in the
calculation of the VIU for each CGU are as follows:
2 May 2026 3 May 2025
Compound
annual
growth in
sales
Compound
annual
growth in
costs
Long-term
growth rate
Pre-tax
discount
rate
Compound
annual
growth in
sales
Compound
annual
growth in
costs
Long-term
growth rate
Pre-tax
discount
rate
UK & Ireland 3.7% 3.7% 1.5% 10.6% 1.9% 1.8% 1.5% 10.4%
Nordics 1.5% 1.4% 1.6% 9.1% 0.7% 0.4% 1.7% 9.2%
Upon performing the impairment testing described above, it was determined that the recoverable amount of the investment was higher
than the carrying amount, and therefore no impairment was required (2024/25: £110m reversal). At the period end, the recoverable
amount, based on the adjusted VIU, shows a headroom of £717m (2024/25: £92m) above the carrying amount of the investments in
subsidiaries.
C5 Debtors
2 May
2026
£m
3 May
2025
£m
Amounts owed by Group undertakings 376 371
Amounts falling due within one year 376 371
Amounts owed by Group undertakings are unsecured, repayable on demand and any interest charged is at current market rates.
Receivable balances with other Group entities are reviewed for potential impairment based on the ability of the counterparty to meet
its obligations. The net current asset/liability position of the entity is considered and where the amount due to the Company is not
covered, the estimated future cash flows of the counterparty and subsidiary companies with the ability to distribute cash to it are
considered. In the period an increase in expected credit losses of £2m (2024/25: £nil) was recognised in relation to amounts owed by
Group undertakings that are non-trading entities across the Group, have net liabilities and are in the process of being wound down.
Other than the amounts impaired there has been no significant change in credit risk to all of the balances and therefore the 12-month
expected credit loss method has been applied.
C6 Creditors
2 May
2026
£m
3 May
2025
£m
Amounts owed to Group undertakings 319 286
Overdrafts - 26
Amounts falling due within one year 319 312
Notes to the Company financial statements continued
175
Strategic Report Financial Statements Investor InformationGovernance
C7 Derivatives
2 May
2026
£m
3 May
2025
£m
Foreign exchange contracts 36 20
Derivative assets 36 20
Foreign exchange contracts (37) (20)
Derivative liabilities (37) (20)
This value is determined using forward exchange and interest rates derived from market sourced data at the balance sheet date, with
the resulting value discounted back to present value (level 2 classification). See note 22 to the Group financial statements for further
details.
As at 2 May 2026, the Company held forward and swap foreign exchange contracts with a total fair value of £36m asset (2024/25:
£20m asset) and £37m liability (2024/25: £20m liability), maturing within one year (see note 22).
Of this, external derivatives had a fair value of £15m asset and £22m liability. The Company also entered into internal derivative
arrangements with subsidiaries, with a fair value of £21m asset and £15m liability, on the same (but opposite) terms as the external
derivatives. These arrangements economically pass the external positions to subsidiaries.
The derivatives are used to hedge forecast transactions, balance sheet exposures and to reduce foreign exchange volatility, as further
described in note 22.
C8 Share capital and share premium
Details of movements in share capital and share premium are disclosed in note 20 to the Group financial statements.
C9 Subsidiary undertakings
a) Subsidiaries as at 2 May 2026
The Company has investments in the following subsidiary undertakings of the Group, all of which are wholly owned unless otherwise
indicated. All holdings are in equity share capital and give the Group an effective holding of 100% on consolidation.
Name Registered office address
Country of
incorporation or
registration
Share class(es)
held % held
Alfa s.r.l. Via Monte Napoleone, n. 29, 20121 Milano Italy Ordinary 100
Carphone Warehouse Europe Limited 1 Portal Way, London, W3 6RS United Kingdom A and B Ordinary 100
Carphone Warehouse Ireland Mobile
Limited (in liquidation)
44 Fitzwilliam Place, Dublin 2 Ireland Ordinary 100
CCC Nordic A/S Arne Jacobsens Allé 15, 8., 2300,
København S.
Denmark Ordinary 100
Connected World Services Distributions
Limited
1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Connected World Services LLC Corporation Service Company,
251 Little Falls Drive, Wilmington,
New Castle Delaware 19808
United States Ordinary 100
Connected World Services
Netherlands BV
Marten Meesweg 25-G, Rotterdam,
3068 AV
Netherlands Ordinary 100
Connected World Services SAS
(in liquidation)
26 rue de Cambacérès, 75008 Paris France Ordinary 100
CPW Acton Five Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
CPW CP Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
CPW Technology Services Limited
(in liquidation)
1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Currys Group Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Currys Holdings Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100*
Deferred 100*
A Ordinary 100*
B Ordinary 100*
176 Currys plc Annual Report & Accounts 2025/26
Name Registered office address
Country of
incorporation or
registration
Share class(es)
held % held
Currys Hong Kong Sourcing Limited Unit 3101, 31/F, Two Sky Parc, 51 Hung To
Road, Kwun Tong, Hong Kong
Hong Kong Ordinary 100
Currys Ireland Limited 3rd Floor Office Suite, Omni Park Shopping
Centre, Santry, Dublin 9
Ireland Ordinary 100
Currys Retail Group Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Currys Retail Limited 1 Portal Way, London, W3 6RS United Kingdom Deferred 100*
Ordinary 100
Currys Sourcing Limited Unit 3101, 31/F, Two Sky Parc, 51 Hung To
Road, Kwun Tong, Hong Kong
Hong Kong Ordinary 100
Dixons Stores Group Retail Norway AS Nydalsveien 18A, NO-0484 Oslo Norway Ordinary 100
DSG Corporate Services Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
DSG European Investments Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
DSG International Holdings Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
DSG Overseas Investments Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Elcare Nordic AS Industrivegen, 53, 2212, Kongsvinger Norway Ordinary 100
Elcare Nordic Oy Silvastintie 1, 01510, Vantaa Finland Ordinary 100
Elcare Nordic A/S Arne Jacobsens Allé 15 8, 2300
København S
Denmark Ordinary 100
Electrocare Nordic AB Arabygatan 9, 35246 Växjö, Kronobergs
Län
Sweden Ordinary 100
Elgiganten Aktiebolag Franzéngatan 6, 112 51 Stockholm Sweden Ordinary 100
ElGiganten A/S Arne Jacobsens Allé 16, 2.sal København S,
2300 Copenhagen
Denmark Ordinary 100
El-Giganten Logistik AB Möbelvägen 51, 556 52 Jönköping Sweden Ordinary 100
Elkjøp Holdco AS Nydalsveien 18A, 0484, Oslo Norway Ordinary 100
Elkjøp Nordic AS Nydalsveien 18A, 0484, Oslo Norway Ordinary 100
Elkjøp Norge AS Nydalsveien 12B, 0484, Oslo Norway Ordinary 100
Gigantti Oy Töölönlahdenkatu 2, FI-00100, Helsinki Finland Ordinary 100
Giga Mobiili Oy Töölönlahdenkatu 2, FI-00100, Helsinki Finland Ordinary 100
iD Mobile Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Mastercare Service and Distribution Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
MTIS Limited (in liquidation) Carphone Warehouse, Dixons Unit, 301
Omni Park Shopping Centre, Swords Road,
Dublin 9
Ireland Ordinary 100
New CPWM Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
Petrus Insurance Company Limited 28 Irish Town Gibraltar Ordinary 100
Simplify Digital Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
The Carphone Warehouse (Digital) Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100*
C9 Subsidiary undertakings continued
a) Subsidiaries as at 2 May 2026 continued
Notes to the Company financial statements continued
177
Strategic Report Financial Statements Investor InformationGovernance
Name Registered office address
Country of
incorporation or
registration
Share class(es)
held % held
The Carphone Warehouse Limited 3rd Floor Office Suite, Omni Park
Shopping Centre, Santry, Dublin 9
Ireland Ordinary 100
The Phone House Holdings (UK) Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100
* Interest held directly by Currys plc.
b) Other significant shareholdings
The following are the other significant shareholdings of the Company, all of which are held indirectly.
Name Registered office address
Country of
incorporation or
registration
Share class(es)
held % held
Elkjøp Fjordane AS Fugleskjærgata 10, 6905 Florø Norway Ordinary 30
Elkjøp Moss AS Gartnerveien 9, 1526 Moss Norway Ordinary 40
C9 Subsidiary undertakings continued
a) Subsidiaries as at 2 May 2026 continued
178 Currys plc Annual Report & Accounts 2025/26
2025/26
£m
2024/25
£m
2023/24
£m
2022/23
£m
2021/22
£m
Adjusted results (continuing operations)
Revenue 9, 254 8,706 8,476 8 ,874 10,144
EBIT 255 225 203 196 280
Interest (64) (63) (85) (89) (88)
Profit before tax 191 162 118 107 192
Tax (48) (40) (31) (25) (52)
Profit after tax 143 122 87 82 140
Earnings per share
– Basic 13.4p 11.3p 7.9p 7.4p 12.4p
– Diluted 12.6p 10.8p 7.7p 7.3p 11.9p
Five period record (unaudited)
179
Strategic Report Financial Statements Investor InformationGovernance
Alternative performance measures (‘APMs’)
In the reporting of financial information, the Group uses certain measures that are not required under IFRS. These are presented in
accordance with the Guidelines on APMs issued by the European Securities and Markets Authority (‘ESMA’). These measures are
consistent with those used internally by the Group’s Chief Operating Decision Maker (‘CODM’) in order to evaluate trends, monitor
performance and forecast results.
These APMs may not be directly comparable with other similarly titled measures of ‘adjusted’ or ‘underlying’ revenue or profit measures
used by other companies, including those within our industry, and are not intended to be a substitute for, or superior to, IFRS measures.
We consider these additional measures to provide additional information on the performance of the business and trends to shareholders.
The below, and supplementary notes to the APMs, provides further information on the definitions, purpose and reconciliations to IFRS
measures of those APMs that are used internally in order to provide parity and transparency between the users ofthis financial
information and the CODM in assessing the core results of the business in conjunction with IFRS measures.
Adjusted results
The Group reports a number of adjusted profit and earnings measures, all of which are described throughout this section. The Group
subsequently refers to adjusted results as those which reflect the in-period trading performance of the ongoing omnichannel retail
operations (referred to below as underlying operations and trade) and excludes from IFRS measures discontinued operations and
certain items that are significant in size or volatility or by nature are non-trading or highly infrequent.
Adjusting items
When determining whether an item is to be classified as adjusting, and the departure from IFRS measures is deemed more appropriate
than the additional disclosure requirements for material items under IAS 1, it must meet at least one of the following criteria:
• be one-off in nature and have a significant impact on amounts presented in either the statutory income statement or statutory cash
flow statement in any set of annual Group financial statements; or
• recur for a finite number of years and not reflect the underlying trading performance of the business.
Management will classify items as adjusting where these criteria are met and it is considered more useful for the users of the financial
statements to depart from IFRS measures.
Items excluded from adjusted results can evolve from one financial period to the next depending on the nature of exceptional items or
one-off type activities. Where appropriate, for example where a business is classified as exited/to be exited, comparative information
is restated accordingly.
Below highlights the grouping in which management allocate adjusting items and provides further detail on how management consider
such items to meet the criteria set out above. Further information on the adjusting items recognised in the current and comparative period
can be found in note A4.
Acquisition and disposal related items
Includes costs incurred in relation to the acquisition, and income for the disposal of business operations, as the related costs and
income reflect significant changes to the Group’s underlying business operations and trading performance. Adjusted results do not
exclude the related revenues or costs that have been earned in relation to previous acquisitions, except for the amortisation of
intangibles, such as brands, that would not have been recognised prior to their acquisition. Where practically possible amounts are
restated in comparative periods to reflect where a business operation has subsequently been disposed.
Strategic change programmes
Primarily relate to costs incurred for the execution and delivery of a change in strategic direction, such as; severance and other direct
employee costs incurred following the announcement of detailed formal restructuring plans as they are considered one-off; property
rationalisation programmes where a business decision is made to rebase the store estate as this is considered both one-off in nature
and to cause a significant change to the underlying business operations; and implementation costs for strategic change delivery
projects that are considered one-off in nature. Such costs incurred do not reflect the Group’s underlying trading performance.
Results are therefore adjusted to exclude such items to aid comparability between periods.
Regulatory costs
The Group includes material costs related to data incidents and regulatory challenge within adjusting items so far as based on internal
or external legal advice, it has been determined that it is more than possible that a material outflow will be required to settle the
obligation (legal or constructive) and subsequently recognised a provision in accordance with IAS 37.
Glossary and definitions
180 Currys plc Annual Report & Accounts 2025/26
Impairment losses and onerous contracts
To aid comparability, costs incurred for material non-cash impairments (or reversals of previously recognised impairments) and onerous
contracts are included within adjusting items where they have a significant impact on amounts presented in either the statutory income
statement or statutory cash flow statement in any set of annual Group financial statements. When considering the threshold,
management will consider whether the gross impairment charge and gross reversal of previously recognised impairment in any one
reportable operating segment is above the material threshold for that financial period.
While the recognition of such is one-off in nature, the unavoidable costs for those contracts considered onerous is continuously reviewed
and therefore based on readily available information at the reporting date as well as management’s historical experience of similar
transactions. As a result, future cash outflows and total charges to the income statement may fluctuate in future periods. If these
changes are material they will be recognised in adjusting items.
Other items
Other items include those items that are non-operating and one-off in nature that are material enough to distort the underlying results of
the business but do not fall into the categories disclosed above. Such items include the settlement of legal cases and other contractual
disputes where the corresponding income, or costs, would be considered to distort users’ understanding of trading performance during
the period.
Net interest income/(costs)
Included within adjusting interest income/(costs) are the finance income/(costs) of businesses to be exited, previously disposed
operations, net pension interest costs on the defined benefit pension scheme within the UK and other exceptional items considered so
one-off or material that they distort underlying finance costs of the Group (including legacy tax cases). As disclosed above, the
disposal of businesses represents a significant change to the underlying business operations, as such, the related interest income/(costs)
are removed from adjusted results to assist users’ understanding of the trading business.
The net interest charge on defined benefit pension schemes represents the non-cash remeasurement calculated by applying the
corporate bond yield rates applicable on the last day of the previous financial period to the net defined benefit obligation. As a
non-cash remeasurement cost which is unrepresentative of the actual investment gains or losses made or the liabilities paid and
payable, and given the defined benefit section of the scheme having closed to future accrual on 30 April 2010, the accounting effect
of this is excluded from adjusted results.
Tax
Included within taxation is the tax impact on those items defined above as adjusting. The exclusion from adjusted results ensures that
users, and management, can assess the overall performance of the Group’s underlying operations.
Where the Group is cooperating with tax authorities in relation to legacy tax cases and is applying tax treatments to changes in
underlying business operations as a result of acquisition, divestiture or closure of operations, the respective costs will also be included
within adjusting items. Management considers it appropriate to divert from IFRS measures in such circumstances as the one-off charges
related to prior periods could distort users’ understanding of the Group’s ongoing operational performance.
The Group also includes the movement of unrecognised deferred tax assets relating to unused tax losses and other deductible temporary
differences within adjusting items. Management considers that the exclusion from adjusted results aids users in the determination of current
period performance as the recognition and derecognition of deferred tax is impacted by management’s forecast of future performance
and the ability to utilise unused tax losses and other deductible temporary differences.
Definitions, purpose and reconciliations
In line with the Guidelines on Alternative Performance Measures issued by ESMA we have provided additional information on the
APMs used by the Group below, including full reconciliations back to the closest equivalent statutory measure.
EBIT/EBITDA
In the key highlights and Performance review we reference financial metrics such as EBIT and EBITDA. We would like to draw to the user’s
attention that these are shown to aid comparison of our adjusted measures to the closest IFRS measure. We acknowledge that the
terminology of EBIT and EBITDA are not IFRS defined labels but are compiled directly from the IFRS measures of profit without making
any adjustments for adjusting items explained above. These measures are profit for the period before deducting interest and tax,
termed as EBIT; and profit for the period before deducting interest, tax, depreciation and amortisation, termed as EBITDA. These metrics
are further explained and reconciled within notes A1 and A2 below.
Currency neutral
Some comparative performance measures are translated at constant exchange rates, called ‘currency neutral’ measures. This restates
the prior period results at a common exchange rate to the current period to provide appropriate period-on-period movement measures
without the impact of foreign exchange movements.
Glossary and definitions continued
181
Strategic Report Financial Statements Investor InformationGovernance
Like-for-like (‘LFL’) % change
LFL revenue is calculated based on adjusted store and online revenue (including Order & Collect, Online in-store and ShopLive UK)
using constant exchange rates consistent with the currency neutral percentage change measure detailed above. New stores are
included where they have been open for a full financial period both at the beginning and end of the financial period. Revenue from
franchise stores is excluded and closed stores are excluded for any period of closure during either period. Customer support
agreement, insurance and wholesale revenues along with revenue from other non-retail businesses are excluded from LFL calculations.
We consider that LFL revenue represents a useful measure of the trading performance of our underlying and ongoing store and online
portfolio.
A1 Reconciliation from statutory profit before interest and tax to adjusted EBIT and adjusted PBT
Adjusted EBIT and adjusted PBT are measures of profitability that are adjusted from total IFRS measures to remove adjusting items, the
nature of which are disclosed above. A description of costs included within adjusting items during the period and comparative periods is
further disclosed in note A4.
As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of
theGroup.
The below reconciles profit before tax and profit before interest and tax, which are considered to be the closest equivalent IFRS
measures, to adjusted EBIT and adjusted PBT.
Period ended 2 May 2026
Total profit
£m
Acquisition/
disposal
related
items
£m
Strategic
change
programmes
£m
Impairment
gains and
onerous
contracts
£m
Regulatory
income
£m
Other
£m
Interest
£m
Adjusted
profit
£m
UK & Ireland 134 11 17 (3) (2) 1 – 158
Nordics 86 12 7 – – (8) – 97
EBIT 220 23 24 (3) (2) (7) – 255
Finance income 9 – – – – – – 9
Finance costs (76) – – – – – 3 (73)
Profit before tax 153 23 24 (3) (2) (7) 3 191
Period ended 3 May 2025
Total profit
£m profit/
(loss)
£m
Acquisition/
disposal
related
items
£m
Strategic
change
programmes
£m
Impairment
losses and
onerous
contracts
£m
Regulatory
income
£m
Other
£m
Interest
£m
Adjusted
profit
£m
UK & Ireland 145 11 6 (3) (7) 1 – 153
Nordics 53 12 7 – – – – 72
EBIT 198 23 13 (3) (7) 1 – 225
Finance income 11 – – – – – – 11
Finance costs (85) – – – – – 11 ( 74)
Profit before tax 124 23 13 (3) (7) 1 11 162
A2 Reconciliation from statutory profit before interest and tax to EBITDA
EBITDA represents earnings before interest, tax, depreciation and amortisation. It provides a useful measure of profitability for users by
adjusting for the volatility of depreciation and amortisation expense which, due to variable useful lives and timing of capital investment,
could distort the underlying profit generated from the Group in relative periods.
The below reconciles profit before interest and tax, which are considered to be the closest equivalent IFRS measures, to EBITDA.
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Profit before interest and tax 220 198
Depreciation 228 220
Amortisation 66 69
EBITDA 514 487
182 Currys plc Annual Report & Accounts 2025/26
A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR
Adjusted EBITDA represents earnings before interest, tax, depreciation and amortisation. This measure also excludes adjusting items, the
nature of which are disclosed above and with further detail in note A4. It provides a useful measure of profitability for users by adjusting
for the items noted in A1 above as well as the volatility of depreciation and amortisation expense which, due to variable useful lives
and timing of capital investment, could distort the underlying profit generated from the Group in relative periods.
The depreciation adjusted within adjusted EBITDA includes right-of-use asset depreciation on leased assets under IFRS 16. As some
lease rental expenses are not depreciation linked to right-of-use assets due to being short term, low value or variable, a similar measure
of adjusted EBITDAR is provided. Adjusted EBITDAR provides a measure of profitability based on the above adjusted EBITDA definition
as well as deducting rental expenses not linked to right-of-use assets. The purpose of this measure is aligned to the adjusted EBITDA
purpose above, with the addition of excluding the full cost base of leases which can vary from period to period, for example when
leases are short term, whilst negotiations are ongoing regarding lease renewals.
The below reconciles adjusted EBIT to adjusted EBITDA and adjusted EBITDAR. The closest equivalent IFRS measures are considered to
be profit before interest and tax, the reconciliation of such from adjusted EBIT can be found in note A1.
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Adjusted EBIT 255 225
Depreciation 228 220
Amortisation 43 46
Adjusted EBITDA 526 491
Leasing costs in EBITDA 6 4
Adjusted EBITDAR 532 495
A4 Further information on the adjusting items between IFRS measures to adjusted profit measures
noted above
Note
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Included in profit before interest and tax
Acquisition/disposal related items (i) 23 23
Strategic change programmes (ii) 24 13
Impairment gains and onerous contracts (iii) (3) (3)
Regulatory income (iv) (2) (7)
Other (v) (7) 1
35 27
Included in net finance costs
Net non-cash finance costs on defined benefit pension schemes (vi) 2 8
Other interest (vii) 1 3
Total impact on profit before tax 38 38
Tax on adjusting items (viii) (60) (24)
Total impact on profit after tax (22) 14
Glossary and definitions continued
183
Strategic Report Financial Statements Investor InformationGovernance
A4 Further information on the adjusting items between IFRS measures to adjusted profit measures
noted above continued
(i) Acquisition/disposal related items
A charge of £23m (2024/25: £23m) relates to the amortisation of acquisition intangibles arising on the Dixons Retail Merger.
(ii) Strategic change programmes
During the current period, costs of £34m have been incurred as the Group continues to deliver the long-term strategic plan.
The costs incurred relate to the following strategic change programmes:
• £16m of redundancy and other costs related to restructuring of UK and Ireland central and customer service operations;
• £11m of contract costs related to the migration of UK and Ireland IT infrastructure;
• £4m of property and redundancy costs related to the optimisation of Nordics supply chain operations;
• £2m of dual running costs related to Nordics IT system upgrades;
• £1m of legal fees related to the potential acquisition of the Epelhuset group;
In addition, in the period ended 3 May 2025, the following costs were recognised for strategic change programmes that have since ended:
• £2m of one-off implementation costs related to transferring service centre operations to a third party;
• £7m of additional restructuring costs in relation to the restructure of the Nordics central operations and retail business as announced
in a prior period
Property rationalisation
Included within strategic change programmes in the period is a £10m credit (2024/25: £4m cost) relating to successful negotiations for
early lease exits and sublet income for stores that were closed as part of previously announced store property rationalisation and
closure programmes. In the period ended 3 May 2025, £4m of costs were recognised that primarily related to property rates for ongoing
leases as well as costs associated with lease remeasurement following renegotiations.
(iii) Impairment gains and onerous contracts
Management continues to monitor the trading performance of the omnichannel business and the macroeconomic environment in which it
operates. Considering the recent geopolitical uncertainty and its potential impact on cost of capital, management concluded that
indicators of impairment existed during the period and undertook an impairment review of store assets. This led to the identification and
recognition of an impairment charge of £3m over store assets within the UK. Also, in the current period, an impairment reversal (credit) of
£6m was recognised on store assets which had been impaired in a prior period.
During the prior period, an onerous contract provision balance of £3m was released following successful contract renegotiations
resulting in a corresponding credit to adjusting items.
(iv) Regulatory income
During a prior period the Group provided for costs related to historic regulatory matters. In the current period, £2m of the remaining
provisions were released following a revision to the estimate of the amount required to settle the related obligations, and the
corresponding credit has been recognised as an adjusting item in line with the initial cost recognition.
(v) Other
In the current period the Group has recognised £8m gain on the sale of an option to purchase a group of companies to a third party.
This is partially offset by £1m for professional fees incurred in relation to open tax cases and other non-operating matters (2024/25:
£1m).
(vi) Net non-cash financing costs on defined benefit pension schemes
The net interest charge on defined benefit pension schemes represents the non-cash remeasurement calculated by applying the
corporate bond yield rates applicable on the last day of the previous financial period to the net defined benefit obligation.
(vii) Other interest
As outlined in note 1d, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy
transactions in the Carphone Warehouse Group. The Group has risk assessed that certain of the cases have a probable chance of
resulting in cash outflows to HMRC that are measured at £52m as at 2 May 2026 (comprising the amount of tax payable and interest up
to 2 May 2026) (2024/25: £51m). During the period, an interest charge of £1m (2024/25: £1m) was recorded in relation to these cases
which arose from the further accrual of one years’ interest, based on their most recent weighted average probability of occurring.
In the prior period an additional £2m of finance costs were recognised in adjusting items in respect of arrangement fees relating to the
previous Group Revolving Credit Facilities. This represented the residual prepayment balance that had been released to profit and loss
upon the refinancing to the new Group facility that took place in the prior period.
(viii) Tax on other adjusting items
The effective tax rate on adjusting items is 155%. The rate is higher than the UK statutory rate of 25% predominantly due to the recognition
of UK deferred tax assets (see note 1d).
184 Currys plc Annual Report & Accounts 2025/26
A5 Reconciliation from statutory net finance costs to adjusted net finance costs
Adjusted net finance costs exclude certain adjusting finance cost items from total finance costs. The adjusting items include net pension
interest costs and interest charged on Uncertain Tax Positions (‘UTP’). Further information on these items being removed from our adjusted
earnings measures is included within the definitions above.
The below provides a reconciliation from net finance costs, which is considered to be the closest IFRS measure, to adjusted net
financecosts.
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Total net finance costs (67) (74)
Net interest on defined benefit pension obligations 2 8
Other interest 1 3
Adjusted total net finance costs (64) (63)
A6 Adjusted tax expense
a) Tax expense
The income tax charge comprises:
Period ended 2 May 2026 Period ended 3 May 2025
Adjusted
£m
Adjusting
items
£m
Statutory
£m
Adjusted
£m
Adjusting
items
£m
Statutory
£m
Current tax
UK corporation tax at 25% (2024/25: 25%) 26 (3) 23 12 (1) 11
Overseas tax 16 (1) 15 3 3 6
42 (4) 38 15 2 17
Adjustments made in respect of prior periods:
UK corporation tax 1 – 1 – – –
Overseas tax 1 – 1 – – –
2 – 2 – – –
Total current tax 44 (4) 40 15 2 17
Deferred tax
UK corporation tax 3 (54) (51) 16 (18) (2)
Overseas tax 2 (2) – 9 (8) 1
5 (56) (51) 25 (26) (1)
Adjustments made in respect of prior periods:
Overseas tax (1) – (1) – – –
(1) – (1) – – –
Total deferred tax 4 (56) (52) 25 (26) (1)
Total tax charge 48 (60) (12) 40 (24) 16
Glossary and definitions continued
185
Strategic Report Financial Statements Investor InformationGovernance
A6 Adjusted tax expense continued
b) Reconciliation of standard to actual (effective) tax rate
The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate of UK
corporation tax to profit before taxation are as follows:
Period ended 2 May 2026 Period ended 3 May 2025
Adjusted
£m
Adjusting
items
£m
Statutory
£m
Adjusted
£m
Adjusting
items
£m
Statutory
£m
Profit before taxation 191 (38) 153 162 (38) 124
Tax at UK statutory rate of 25% (2024/25: 25%) 48 (10) 38 41 (10) 31
Items attracting no tax relief or liability
(i)
1 1 2 1 – 1
Recognition of UK deferred tax asset
(ii)
– (51) (51) – (2) (2)
Movement in unprovided deferred tax
(iii)
– – – – (13) (13)
Differences in effective overseas tax rates (3) – (3) (2) 1 (1)
Other tax adjustments 1 – 1 – – –
Adjustments in respect of prior periods 1 – 1 – – –
Total tax charge 48 (60) (12) 40 (24) 16
The effective tax rate on adjusted earnings for the period ended 2 May 2026 is 25% (2024/25: 24%). The effective tax rate on adjusting
items is 155% (2024/25: 61%). The future effective tax rate is likely to be impacted by the geographical mix of profits and the Group’s
ability to take advantage of currently un-recognised deferred tax assets.
(i) Items attracting no tax relief or liability relate mainly to non-deductible expenditure, including non-qualifying depreciation.
(ii) As described in note 1d, the Group increased the recognition of its UK deferred tax asset by £34m, of which £51m was credited to the income statement (mainly in relation to
tax losses), £21m was charged to other comprehensive income (mainly in relation to its defined benefit pension scheme) and £4m was credited directly to equity (in relation
to equity settled share-based payments). These amounts relate to the deductible temporary differences that are expected to reverse over the Group’s 3 year business
planning period (see also note 6c).
(iii) The Group utilised accelerated capital allowances to shelter its taxable profits arising in the prior period. As no deferred tax asset was previously recognised on brought
forward deductible temporary differences, this gave rise to a reconciling item that reduced the effective tax rate for the prior period. Following the partial recognition of
aUK deferred tax asset during the prior period, as taxable profits are sheltered by the utilisation of recognised deferred tax assets, this does not give rise to a reconciling
difference in the accounting period ended 2 May 2026.
186 Currys plc Annual Report & Accounts 2025/26
A7 Adjusted earnings per share
Earnings per share (‘EPS’) measures are adjusted in order to show an adjusted EPS figure, which reflects the adjusted earnings per share
of the Group. We consider the adjusted EPS to provide a useful measure of the ongoing earnings of the underlying Group.
The below table shows a reconciliation of statutory basic and diluted EPS to adjusted basic and diluted EPS as these are considered to
be the closest IFRS equivalents.
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Profit after tax for the period
Total 165 108
Adjustments (22) 14
Adjusted profit after tax 143 122
Million Million
Weighted average number of shares
Average shares in issue 1,125 1,133
Less average holding by Group EBT and Treasury shares held by Company (60) (52)
For basic earnings per share 1,065 1,081
Dilutive effect of share options and other incentive schemes 74 51
For diluted earnings per share 1,139 1,132
Pence Pence
Basic earnings per share
Total 15.5 10.0
Adjustments (2.1) 1.3
Adjusted basic earnings per share 13.4 11.3
Diluted earnings per share
Total 14.5 9.5
Adjustments (1.9) 1.3
Adjusted diluted earnings per share 12.6 10.8
Basic and diluted EPS are based on the profit for the period attributable to equity shareholders. Adjusted EPS is presented to show the
underlying performance of the Group. Adjustments used to determine adjusted earnings are described further in note A4.
A8 Reconciliations of cash generated from operations to free cash flow
Operating cash flow comprises cash generated from/(utilised by) operations, adjusting items (the nature of which are disclosed above),
and after repayments of lease liabilities (excluding non-trading stores) and movements in working capital presented within the
Performance review. The measure aims to provide users with a clear understanding of cash generated from the operations of the Group.
Sustainable free cash flow comprises cash generated from/(utilised by) operations, but before movements in working capital, and after
capital expenditure, capital repayments of lease liabilities, net cash interest paid, and income tax paid. Free cash flow comprises all
items contained within sustainable free cash flow but after movements in working capital. Sustainable free cash flow and free cash flow
are considered to be useful for users as they represent available cash resources after operational cash outflows and capital
investment to generate future economic inflows. We consider it useful to present both measures to draw users’ attention to the impact of
movements in working capital on free cash flow.
Glossary and definitions continued
187
Strategic Report Financial Statements Investor InformationGovernance
A8 Reconciliations of cash generated from operations to free cash flow continued
The below provides a reconciliation of cash generated from operations, which is considered the closest equivalent IFRS measure,
tooperating cash flow, sustainable free cash flow and free cash flow:
Reconciliation of cash inflow from operations to free cash flow
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Cash generated from operations 514 507
Capital repayment of leases cost and interest (246) (261)
Less adjusting items to cash flow 34 33
Less movements in working capital presented within the Performance review (note A10) 3 (14)
Less derivative financial instruments* (10) -
Other (1) (5)
Operating cash flow 294 260
Capital expenditure (79) (77)
Add back adjusting items to cash flow (34) (33)
Taxation (7) (4)
Cash interest paid (14) (11)
Sustainable free cash flow 160 135
Add back movements in working capital presented within the Performance review (note A10) (3) 14
Free cash flow 157 149
* Cash flows from derivative financial instruments were previously presented as cash flows from financing activities when these should have been presented as part of cash
generated from operations. As the Directors do not consider the effect on the prior period financial statements to be material, this has been corrected in the current period.
Reconciliation of adjusted EBIT to free cash flow and sustainable free cash flow
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Adjusted EBIT (note A1) 255 225
Depreciation and amortisation (note A3) 271 266
Working capital presented within the Performance review (note A10) (3) 14
Capital expenditure (79) (77)
Taxation (7) (4)
Interest (14) (11)
Repayment of leases* (248) (245)
Other non-cash items in EBIT** 16 14
Free cash flow before adjusting items to cash flow 191 182
Adjusting items to cash flow (34) (33)
Free cash flow 157 149
Less working capital presented within the Performance review (note A10) 3 (14)
Sustainable free cash flow 160 135
* Repayment of leases excludes the impact of non-trading leases which are presented within adjusting items to cash flow.
** Other non-cash items in EBIT, as disclosed within the Performance review, comprise share-based payments, profit/loss on disposal of fixed assets, impairments and other
non-cash items.
188 Currys plc Annual Report & Accounts 2025/26
A9 Reconciliation from liabilities arising from financing activities to total indebtedness
and net cash
Total indebtedness represents period end net cash, pension deficit, lease liabilities and lease receivables, less any restricted cash.
Thepurpose of this is to evaluate the liquidity of the Group with the inclusion of all interest-bearing liabilities.
Net cash comprises cash and cash equivalents and short-term deposits, less loans and other borrowings. Lease liabilities are not
included within net cash. We consider that this provides a useful alternative measure of the indebtedness of the Group and is used
within our banking covenants as part of the leverage ratio.
The below provides a reconciliation of total liabilities from financing activities, which is considered the closest equivalent IFRS measure,
to total indebtedness and net cash:
2 May
2026
£m
3 May
2025
£m
Lease liabilities* (note 17) (952) (940)
Total liabilities from financing activities (note 23c) (952) (940)
Cash and cash equivalents less restricted cash (note 14) 147 179
Overdrafts (note 16) – (25)
Lease receivables* 2 3
Pension liability (6) (103)
Total indebtedness (809) (886)
Restricted cash 29 30
Add back pension liability 6 103
Add back lease liabilities 952 940
Less lease receivables (2) (3)
Net cash 176 184
* Net lease liabilities within the Performance review relates to lease liabilities less lease receivables.
Within the Performance review management also refers to average net cash/(debt) and total average indebtedness. Average net cash/
(debt) and total average indebtedness comprises the same items as included in net cash and total indebtedness as defined above,
however the net cash element is calculated as the average between April to April for the full period to align to the Group’s
Remuneration Committee calculation and as reported internally.
A10 Reconciliation of statutory working capital to working capital presented within the
Performance review
Within the Performance review a reconciliation of the adjusted EBIT to free cash flow is provided. Within this, the working capital balance
of £(8)m (2024/25: £14m) differs to the statutory working capital balance of £(32)m (2024/25: £1m) as cash flows on adjusting items are
separately disclosed.
Working capital presented within the Performance review is a measure of working capital that is adjusted from total IFRS measures to
remove the working capital on adjusting items, the nature of which are disclosed above. A description of costs included within adjusting
items during the period and comparative periods is further disclosed in note A4.
As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of the
Group. A reconciliation of the disclosed working capital balance is as follows:
Period ended
2 May
2026
£m
Period ended
3 May
2025
£m
Movements in working capital (note 23b) (27) 1
Adjusting items provisions 24 13
Working capital presented within the Performance review (3) 14
Glossary and definitions continued
189
Strategic Report Financial Statements Investor InformationGovernance
A11 Summary of working capital presented within the Performance review
Within the Performance review a summary balance sheet is provided which includes a working capital balance of £(182)m (2024/25:
£(195)m). The below table provides a breakdown of how the summary working capital balance ties through to the statutory balance
sheet.
Note
2 May
2026
£m
3 May
2025
£m
Non-current assets
Trade and other receivables 13 98 100
Current assets
Inventory 12 1,181 1,037
Trade and other receivables 13 696 685
Derivative assets 22 15 5
Current liabilities
Trade and other payables 15 (2,042) (1,889)
Derivative liabilities 22 (22) (16)
Non-current liabilities
Trade and other payables 15 (108) (117)
Working capital presented within the Performance review (182) (195)
190 Currys plc Annual Report & Accounts 2025/26
Other definitions
The following definitions apply throughout this Annual Report & Accounts unless the context otherwise requires:
Acquisition
intangibles
Acquired intangible assets such as customer bases, brands and other intangible assets acquired through
abusiness combination capitalised separately from goodwill.
AI Artificial Intelligence
AGM Annual General Meeting
APM Alternative Performance Measure
ARA Annual Report & Accounts
B2B Business-to-Business
B2C Business-to-Customer
BEV Battery Electric Vehicle
BRC British Retail Consortium
Carphone Warehouse
or Carphone Group
The Company or Group prior to the Merger on 6 August 2014.
CDP Carbon Disclosure Project
CEO Chief Executive Officer
CFO Chief Financial Officer
CGU Cash-generating unit
CNG Compressed Natural Gas
CODM Chief Operating Decision Maker
CO
2
e Carbon Dioxide Equivalent
Company or the
Company
Currys plc (incorporated in England & Wales under the Act, with registered number 07105905), whose
registered office is at 1 Portal Way, London W3 6RS.
CPI Consumer Price Index
Credit adoption Sales on Credit as a proportion of total sales
CSRD Corporate Sustainability Reporting Directive
Currys plc or Group The Company, its subsidiaries, interests in joint ventures and other investments.
Dixons Retail Merger
or Merger
The all-share merger of Dixons Retail plc and Carphone Warehouse plc which occurred on 6 August 2014.
DBO Defined Benefit Obligation
DPA Digital Poverty Alliance
DTR Disclosure Guidance and Transparency Rules
DSPB Deferred Share Bonus Plan
EBT Employee benefit trust
EPS Earnings per share
ESG Environmental, social and governance
FCA Financial Conduct Authority
FRC Financial Reporting Council
FTSE Financial Times Stock Exchange
GfK Growth from Knowledge
GHG Greenhouse Gas
GSLT Group Sustainability Leadership Team
HMRC His Majesty’s Revenue and Customs
HVAC Heating, ventilation, and air conditioning
IFRS International Financial Reporting Standards as adopted by the UK.
ISO International Organisation for Standardisation
IT Information Technology
Glossary and definitions continued
191
Strategic Report Financial Statements Investor InformationGovernance
KPI Key Performance Indicator
LTIP Long Term Incentive Plan
Market share Market share is measured for each of the Group’s markets by comparing data for revenue or volume of units
sold relative to similar metrics for competitors in the same market.
MVNO Mobile Virtual Network Operator
MNO Mobile Network Operator
NED Non-Executive Director
Net zero Net zero emissions includes our Scope 1, 2 and 3 emissions as reported in the Sustainable business section of
the Strategic Report. In 2020, we collaborated with the British Retail Consortium and other major retailers on the
development of a Climate Action Roadmap to decarbonise the retail industry and its supply chains. The plan
aims to bring the retail industry and its supply chains to net zero by 2040. Our commitment to net zero meets
anumber of the criteria of the Science Based Targets initiative’s Corporate Net-Zero Standard but is not fully
aligned or validated against this standard. We will develop and publish a robust net zero emissions roadmap
for the Group which will provide detail on carbon abatement for key emissions sources and neutralisation
plans of any source of residual emissions that remain unfeasible to remove.
NOK Norwegian Krone
NPS Net Promoter Score, a rating used by the Group to measure customers’ likelihood to recommend its operations.
OEM Original equipment manufacturer
Online Online sales, Online market share, and Online share of business relate to all sales where the journey is
completed via the website or app. This includes online home delivered, Order & Collect, Online in-store and
ShopLive UK.
Online in-store Sales that are generated through in-store tablets for product that is not stocked in the store.
Order & collect Sales where the sale is made via the website or app and collected in store.
PEAK Planning, Execution, Analysis, Knowledge
Peak/post-Peak Peak refers to the ten-week trading period ended on 10 January 2026 as reported in the Group’s Christmas
Trading statement on 21 January 2026. Post-Peak refers to the trading period from 11 January 2026 to the
Group’s period end on 2 May 2026.
PCI Payment Card Industry
P60 UK Tax Form for End-of-year Earnings
P11D UK Tax Form for Benefits and Expenses
REGO Renewable Energy Guarantees of Origin
RCF Revolving credit facility
RS RS Group
SBTi Science Based Targets initiative
SECR Streamlined Energy and Carbon Reporting
Sharesave or SAYE Save as you earn share scheme
ShopLive UK The Group’s own video shopping service where store colleagues can assist, advise and demonstrate the use
of products to customers online face-to-face.
SID Senior Independent Director
SSP Standalone Selling Price
Store Store sales, Store market share, and Store share of business relate to all sales where the journey is completed
in store. This excludes online home delivered, Order & Collect, Online in-store and ShopLive UK.
TCFD Taskforce on climate-related financial disclosures
TSR Total shareholder return
UK&I United Kingdom and Ireland
UKLR UK Listing Rules
UN United Nations
VIU Value in Use
WAEP Weighted average exercise price
WTW Willis Towers Watson
192 Currys plc Annual Report & Accounts 2025/26
Currys plc is listed on the main market of the London Stock Exchange
(stock symbol: CURY) and is a constituent of the FTSE 250.
Company registration number
07105905
Registered office
1 Portal Way, London W3 6RS, United Kingdom
Corporate website
www.currysplc.com
The website includes information about the Group’s vision and
strategy, business performance, corporate governance,
sustainability, latest news and press releases. The Investors section
includes information on the latest trading performance, records of
past financial results, share price information and analyst coverage.
Share registrar
Equiniti is the share registrar for Currys plc. Shareholders can
contact Equiniti as follows:
Post – Equiniti, Highdown House, Yeoman Way, Worthing BN99 6DA,
United Kingdom
Online – https://equiniti.com/uk/contact-us/shareholder-
enquiries for FAQs as well as an online query form.
Telephone – +44 371 384 2089 (Please use the UK telephone
country code when calling from outside the UK). Telephone lines
are open on UK business days between 8.30am and 5.30pm
UK time; excluding UK Bank Holidays. For deaf and speech
impaired customers, Equiniti welcome calls via Relay UK.
Please see www.relayuk.bt.com for more information.
Shareholder enquiries
Any queries that shareholders have regarding their shareholdings,
such as a change of name or address, transfer of shares or lost
share certificates, should be referred to Equiniti using the contact
details above.
Managing shares online
Shareholders can manage their holdings online by registering with
Shareview at www.shareview.co.uk. This is a secure online platform
which is provided by Equiniti. To register, you will need your
shareholder reference number, which can be found on your share
certificate, form of proxy or any correspondence from Equiniti.
ShareGift
If you have a very small shareholding that is uneconomical to sell,
you may wish to consider donating it to ShareGift (Registered
charity no. 1052686), a charity that specialises in the donation of
small, unwanted shareholdings to good causes. You can find more
information by visiting sharegift.org or by calling 020 7930 3737.
Unauthorised brokers (boiler room scams)
Currys plc is legally obliged to make its share register available
to the general public in certain circumstances. Consequently,
some shareholders may receive unsolicited phone calls or
correspondence concerning investment matters which may imply
a connection to the company concerned. These are typically from
‘brokers’ who target shareholders offering to buy their shares or to
sell them shares in what can turn out to be worthless or high-risk
investments. These communications can be persistent and
extremely persuasive.
Share fraud includes scams where investors receive unsolicited
calls and are offered shares that often turn out to be worthless or
non-existent, or an inflated price for shares they own. These calls
come from fraudsters operating in ‘boiler rooms’ that are mostly
based outside the UK. While high profits are promised, those who
buy or sell shares in this way usually lose their money.
If you are approached about a share scam, you should tell the
Financial Conduct Authority using the share fraud reporting form
at www.fca.org.uk/consumers/report-scam-us where you can
find out about the latest investment scams. You can also call the
Consumer Helpline on 0800 111 6768 or 0300 500 8082 from the
UK or +44 207 066 1000 from abroad.
Electronic communications
Shareholders will receive annual report & accounts and other
documentation electronically, unless they tell our registrar that
they would like to continue to receive printed materials. This is in
line with best practice and underpins our commitment to reduce
waste. Shareholders may view shareholder communications
online instead of receiving them in hard copy. Shareholders may
elect to receive notifications by email whenever shareholder
communications are added to the website by visiting
www.shareview.co.uk and registering online.
Auditor
KPMG LLP, 15 Canada Square, Canary Wharf, London E14 5GL
www.kpmg.com/uk
Joint stockbrokers
Citigroup Global Markets Limited, Citigroup Centre, Canada
Square, Canary Wharf, London E14 5LB
www.citigroup.com
Panmure Liberum Capital Limited, Ropemaker Place Level 12,
25 Ropemaker Street, London EC2Y 9LY
www.panmureliberum.com
Berenberg, 60 Threadneedle Street, London EC2R 8HP
www.berenberg.de/en/
Company Secretary
Nigel Paterson, General Counsel and Company Secretary
cosec@currys.co.uk
Investor relations
Dan Homan, Investor Relations Director
ir@currys.co.uk
Shareholder and corporate information
CBP036706
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Currys plc
1 Portal Way
London
W3 6RS
United Kingdom
E: ir@currys.co.uk
www.currysplc.com
Currys plc Annual Report & Accounts 2025/26