Highlights

  • Currys H1 adjusted profit before tax rose 144% YoY to 22m GBP.
  • Free cash flow reached 84m GBP, up 68% YoY, funding dividends and buybacks.
  • UK&I revenue increased 6%, Nordics revenue up 7% on a currency-neutral basis.

Currys (LSE:CURY) reported group revenue of 4,230m GBP for H1 2025/26, representing an 8% increase compared with the previous year and 6% growth on a currency-neutral basis. Like-for-like (LFL) sales increased 4%, with contributions evenly split between UK&I and Nordics operations. Adjusted EBIT rose 32% YoY to 54m GBP, while reported EBIT reached 43m GBP, up 14m GBP from H1 2024/25. The group ended the period with net cash of 133m GBP, an increase of 26m GBP from the prior year.

UK & Ireland Performance
Revenue in UK&I increased 6% to 2,474m GBP, outperforming a declining market by 60bps in share terms. LFL revenue grew 4%, supported by growth in new categories, B2B sales, and recurring service revenue, which includes commission, support, and connectivity, up 11%. iD Mobile subscribers increased 21% to 2.4m, tracking toward a 2.5m year-end target. Adjusted EBIT declined 4m GBP to 19m GBP, reflecting higher colleague costs that affected gross margin (-40bps) and operating costs.

Nordics Operations
Nordics revenue rose 7% on a currency-neutral basis to 1,756m GBP, driven by growth across most product categories including Epoq kitchens (+30%). Adjusted EBIT increased 94% to 35m GBP, supported by stable gross margins and controlled operating costs. Online sales increased 20% (currency neutral), while store sales rose despite six closures. Recurring revenue services in the region grew 4% YoY on a currency-neutral basis.

Cash Flow and Shareholder Returns
Operating cash flow reached 76m GBP, up 25% YoY, while free cash flow increased 68% to 84m GBP, aided by working capital improvements. During H1, pension contributions totaled 82m GBP. Share buybacks of 50m GBP are underway, with 30m GBP completed. An interim dividend of 0.75p per share was declared, bringing total cash returned to shareholders to 75m GBP this year.

Outlook
Currys stated that trading since period end has been consistent with the Board’s expectations. Full-year guidance remains unchanged, with the group continuing to expect growth in profits and free cash flow. The company expects total interest expense of 60–65m GBP, capital expenditure around 90m GBP, and exceptional cash outflow of approximately 40m GBP.

Share Price Snapshot
CURY was trading 10.59% higher at GBX 140.00 per share as of 18 December 2025.