Strategic Report Governance Financial Statements Investor Information 3 # The value we create Delivering for all our stakeholders Shareholders ![img-0.jpeg](img-0.jpeg) £74m •£74m year-on-year Total shareholder returns During the year we returned £74m through £50m buybacks and £24m dividends. Customers ![img-1.jpeg](img-1.jpeg) 60 Group NPS(1) 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. Colleagues ![img-2.jpeg](img-2.jpeg) 84 Group eSat(2) •2pts year-on-year 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. Suppliers ![img-3.jpeg](img-3.jpeg) +4% Group like-for-like revenue growth 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. Environment and communities ![img-4.jpeg](img-4.jpeg) 6.3m e-waste products collected for reuse or recycling† •13% year-on-year 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. (1) Net Promoter Score. (2) Vivo - 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.curyspic.com/sustainable-business/policies-disclaures. --- 4 Currys plc Annual Report & Accounts 2025/26 ## 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. ![img-5.jpeg](img-5.jpeg) 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. The Nordics is pursuing profitable expansion in Business to Business ('B2B') and kitchens, increasing its total addressable market to over £54bn. UK total addressable market c.£48bn ![img-6.jpeg](img-6.jpeg) # Sources: (1) Market share calculated using Nielsen/Q/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). --- Strategic Report Governance Financial Statements Investor Information 5 ## 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. 1 ### Currys is a leading omnichannel retailer of technology products and services in the UK&I and Nordics 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. 17.5% Market share in UK&I(1) 28.0% Market share in Nordics(2) 2 ### Diversified and increasingly recurring revenue 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 3 ### A proven strategy that has already delivered profits and cash flow growth Our strategy is delivering ever improving outcomes for colleagues and customers alongside improved profits and cash flow. £255m Group adjusted EBIT(3) £157m Group adjusted FCF(3) 4 ### 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. £176m Year-end net cash 5 ### Range of profitable growth drivers 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. +16% B2B revenue growth year-on-year +52% New categories revenue growth year-on-year 6 ### 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. £24m Dividends £50m Share buyback Sources: Currys internal information. Unless otherwise stated, all figures relate to FY 2025/26. (1) Nielsen/Q/GrK Point of Sales Tracking Service addressable market value data May 2025 to April 2026 mapped against Currys' internal sales data. (2) GrK Nordic May 2026. (3) For definitions of APMs, refer to the notes to the Group financial statements. --- 6 Currys plc Annual Report & Accounts 2025/26 ## Chair's statement ### Another year of strong momentum ![img-7.jpeg](img-7.jpeg) 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 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. #### 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 Elsvjøp 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. **“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.”** --- Strategic Report Governance Financial Statements Investor Information 7 ## 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. **“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.”** 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. Chair of the Board (1) Viva-Glint, April 2026 survey completed by 21,800 colleagues across the Group --- 8 Currys plc Annual Report & Accounts 2025/26 ## Chief Executive's statement # We Help Everyone Enjoy Amazing Technology ![img-8.jpeg](img-8.jpeg) We also help customers get tech Our priorities for the year were to keep our encouraging momentum going in both the UKBI 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 UKBI, 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. Elkjær 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 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 UKBI, 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 UKBI 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 UKBI, 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 UKBI 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 UKBI 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 Mobil, a new mobile virtual network operator, to strengthen our less competitive mobile offering there. Early performance has exceeded expectations. (1) Viva-Glint, April 2026 survey completed by 21,800 colleagues across the Group --- Strategic Report Governance Financial Statements Investor Information 9 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 UKBI 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 UKBI 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 UKBI and portfolio changes saving a further £3m in the Nordics; in supply chain and service operations, where our UKBI 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 UKBI and procurement initiatives saving £5m in the Nordics. In the UKBI, 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. ### Financial Revenue(1) £9,254m | 25/26 | £9,254m | | --- | --- | | 24/25 | £8,706m | | 23/24 | £8,476m | Free cash flow(1) £157m | 25/26 | £157m | | --- | --- | | 24/25 | £149m | | 23/24 | £82m | Adjusted EPS(1) 13.4p | 25/26 | 13.4p | | --- | --- | | 24/25 | 11.3p | | 23/24 | 7.9p | Adjusted profit before tax(1) £191m | 25/26 | £191m | | --- | --- | | 24/25 | £162m | | 23/24 | £118m | Profit before tax(1) £153m | 25/26 | £153m | | --- | --- | | 24/25 | £124m | | 23/24 | £28m | EPS 15.5p | 25/26 | 15.5p | | --- | --- | | 24/25 | 10.0p | | 23/24 | 14.9p | ### Non-financial Group colleague engagement score 84 | 25/26 | 84 | | --- | --- | | 24/25 | 82 | | 23/24 | 81 | Group Net Promoter Score 60 | 25/26 | 60 | | --- | --- | E-waste products collected for reuse or recycling† 6.3m | 25/26 | 6.3m | | --- | --- | | 24/25 | 5.8m | | 23/24 | 8.1m | (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. --- Strategic Report Governance Financial Statements Investor Information 11 # Our strategic priorities # Capable and committed colleagues 84 +2pt YoY Group eSat score(1) # → 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. # → 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. ➤ See full progress and focus on page 12 # Easy to shop 60 Group NPS # → 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. # → 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. ➤ See full progress and focus on page 13 # Customers for life £648m +7% YoY UK&I recurring service revenue £225m +8% YoY Nordics recurring service revenue # → 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. # → 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. ➤ See full progress and focus on page 14 # Grow profits +4% Group LFL revenue growth £191m +18% YoY Group adjusted PBT(4) # → 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 - 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 15 (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. --- 12 Currys plc Annual Report & Accounts 2025/26 ## Capable and committed colleagues 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. ### 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. ![img-9.jpeg](img-9.jpeg) ### 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. ### Driving colleague engagement We're retaining more skilled colleagues, saving costs, and building a team 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. #### UK&I eSat colleague engagement(2) | Apr-22 | 75 | | --- | --- | | Apr-23 | 81 | | Apr-24 | 84 | | Apr-25 | 85 | | Apr-26 | 86 | #### Nordics eSat colleague engagement(2) | Apr-22 | 75 | | --- | --- | | Apr-23 | 74 | | Apr-24 | 76 | | Apr-25 | 77 | | Apr-26 | 80 | (1) https://www.glassdoor.co.uk/Overview/Working-at-Currys (2) Viva – Glint, April 2026 survey completed by 21,800 colleagues across the Group. --- Strategic Report Governance Financial Statements Investor Information 13 ## Easy to shop 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 Elkjep, was refined in the UK and is now shared across the Group. ### 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. ![img-10.jpeg](img-10.jpeg) 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. ![img-11.jpeg](img-11.jpeg) ### We're investing in stores... #### UK&I **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. #### 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. ### ...and online **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. **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. (1) Source: OJK 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. --- 14 Currys plc Annual Report & Accounts 2025/26 ## Customers for life 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. ### 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. ### 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. ### 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 ![img-12.jpeg](img-12.jpeg) ### 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 Giga Mobili, a new MVNO in Finland. Early performance has exceeded expectations, with clear consumer demand and strong subscription growth. #### iD Mobile subscribers by acquisition year ![img-13.jpeg](img-13.jpeg) ### UK&I revenue split ![img-14.jpeg](img-14.jpeg) Product revenue +0% Other services +4% Credit revenue +10% Recurring service revenue$^{(2)}$ +7% Recurring revenue **+9% YoY** (1) RPU – Revenue per user. (2) Recurring Services revenue is the total of Commission, Support service and Connectivity revenue. --- Strategic Report Governance Financial Statements Investor Information 15 ## 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) ![img-15.jpeg](img-15.jpeg) ### 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. ### 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%. UK&I adjusted EBIT(1),(2) ![img-16.jpeg](img-16.jpeg) (1) UK&I adjusted EBIT margin in 22/23 includes a non-repeat £50m 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. --- 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 #### Decision-making framework 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. #### Board insight into stakeholder interests 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 Nardics Campus and the UKBI 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 G< meetings and supports the information flow of sustainability updates to the Board. #### Board decisions 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. --- Strategic Report Governance Financial Statements Investor Information 17 # 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 UK6I. 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 **our colleagues**, acknowledging that the growth of B2B would offer significant further career and professional development opportunities and internal progression. The Board considered the impact on **our shareholders** 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 **our communities 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 UK6I. During the year, the directors decided to prioritise the investment in the supply chain transformation in both the Nordics and the UK6I, 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 UK6I, 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. --- 20 Currys plc Annual Report & Accounts 2025/26 ## Sustainable business: Our approach # Sustainability 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. 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 UKBI 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. (1) The global E-waste Monitor 2024. ### 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. --- Strategic Report Governance Financial Statements Investor Information 21 ## Sustainable business: Our strategic priorities and achievements 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. Further information about: - Our approach on page 20. - The 17 UN Sustainable Development Goals ('SDGs') at https://sdgs.un.org/goals ### We help everyone enjoy amazing technology ![img-17.jpeg](img-17.jpeg) Our material issues ### Circular economy #### 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. #### 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. Objective We will improve our use of resources and create circular business models. #### What we did this year - Introduced improvements to make it easier for customers to choose repairs, including launching a new Nordics Ecare strategy and a UKBI 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 UKBI, 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. #### Achievements **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 **11.6m** active care services and tech insurance plans across the Group Pages 23-25 † 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.cunyspic.com/sustainable-business/policies-disclosures --- 22 Currys plc Annual Report & Accounts 2025/26 ## Sustainable business: Our strategic priorities and achievements continued | Our material issues | | Objective | | | --- | --- | --- | --- | | **Climate action** | | We will achieve net zero^{(1)} by 2040. | | | **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 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 UK61. - 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. | | | **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. | | **What we will do next** - Continue to transition our UK61 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 UK61. - Further reduce electricity consumption in the Nordics through the continued roll-out of advanced EMS across our store estate. | | | | | **Achievements****-35%** total reduction from baseline for Scope 1 and 2 market-based emissions **-37%** total emission reduction from baseline for Scope 3 purchased goods and services and use of sold products (categories 1 and 11) → Pages 26–31 | | | Our material issues | | Objective | | | **Our communities** | | We will help eradicate digital poverty. | | | **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. | | **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. | | | **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 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 UK61 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. | | | | | **Achievements****> NOK 1m** funding for organisations in the Nordics to reduce digital exclusion **> £175k** raised through customer donations for Tech4Families → Pages 32–33 | | (1) Net zero is defined in the Glossary and definitions section on page 191. --- Strategic Report Governance Financial Statements Investor Information 23 ## Sustainable business: Circular economy # We will improve our use of resources and create circular business models **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.** 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 UKBI, 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 UKBI 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 UKBI 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 UKBI, 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. ![img-18.jpeg](img-18.jpeg) --- 24 Currys plc Annual Report & Accounts 2025/26 ## Sustainable business: Circular economy continued 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, a nationwide 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. ### 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 † We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 5000 for e-waste which has been highlighted with a 1. 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. --- Strategic Report Governance Financial Statements Investor Information 25 ## 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, Curys 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. ![img-19.jpeg](img-19.jpeg) ## 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$1, 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 (1) The Carbon Impact of Circular Electronics, 2026 --- 26 Currys plc Annual Report & Accounts 2025/26 ## Sustainable business: Climate action # We will achieve net zero by 2040 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. ### 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. ![img-20.jpeg](img-20.jpeg) 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. ### 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. (1) Net zero is defined in the Glossary and definitions section on page 191. --- Strategic Report Governance Financial Statements Investor Information 27 ## 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. | Scenario | Potential financial impact | | | | --- | --- | --- | --- | | | 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. | --- Strategic Report Governance Financial Statements Investor Information 29 ## 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 risk management 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 UKBI estate and fleet, with recertification achieved for a further three years in August 2023. 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 UKBI 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 UKBI 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 UKBI 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 GHQ. 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$1, our BEV fleet includes two 4.05 tonne electric vans for home delivery and installation services. We also operate 14 HVO, 7.2 tonne vehicles for home delivery services, delivering an estimated annual reduction of approximately 25 tonnes of carbon dioxide equivalent (CO$_{2}$e). In 2025/26 we introduced a total of 50 BEV and hybrid vans for our repair engineers across the UK. Challenges still exist in terms of reliability of alternatives for HGVs; during the year we concluded trials of a 7.2 tonne CNG vehicle and also a 7.2 tonne BEV where learnings will inform future low-emission vehicle trials. We continue to use solar panels on more than 250 vehicle roofs. In the Nordics, we continued diversifying fuel sources across both linehaul and last-mile operations. Our Danish linehaul partner and several Swedish carriers operate on HVO. Another Swedish carrier combines biogas with rail transport on major routes, and we introduced a biogas-powered cross-border linehaul running from our Nordic Distribution Centre in Sweden to Oslo. Diesel remains a part of the mix in Finland and Norway, with further transition opportunities under exploration. Sweden's last-mile partners operate EVs in Stockholm, Malmö, Uppsala and Gothenburg, alongside HVO-fuelled options. We also continue to offer parcel distribution with the Nordic Swan Ecolabel to pick-up locations across all of Sweden, which ensures our distribution partners meet climate and energy efficiency criteria, including a high share of renewable energy in the fuel used. In Norway, our main partner uses a mix of electric, HVO and diesel vehicles. In Finland, one carrier has moved to a fully electric fleet, while another supplements diesel with HVO. ![img-21.jpeg](img-21.jpeg) In Sweden, the company car fleet has transitioned entirely to electric and plug-in hybrid vehicles over the past three years, replacing the previous mix of diesel and petrol cars, delivering a reduction in CO$_{2}$e emissions from approximately 200 tonnes in 2023 to around 150 tonnes in 2025. In the UK$1, 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$1 to transition to either a fully electric or hybrid vehicle within the next 12 months, supporting a reduction in CO$_{2}$e 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. --- Strategic Report Governance Financial Statements Investor Information 31 | 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 1.798 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}$e and 2019/20 decreased from 17.030 to 14.605 '000 tCO$_{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 UKBI 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 UKBI corporate colleagues with volunteering opportunities on community-based projects tackling digital poverty. Over the year, 22 UKBI 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. --- Strategic Report Governance Financial Statements Investor Information 33 ## 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 – a free, 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). ![img-22.jpeg](img-22.jpeg) (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 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. ### 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. ![img-23.jpeg](img-23.jpeg) #### 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. --- 38 Currys plc Annual Report & Accounts 2025/26 ## Principal risks and uncertainties continued Risk movement Increased Stable Decreased Link to strategy Capable and committed colleagues Customers for life Easy to shop Grow profits ### 7 Liquidity, tax and treasury 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. Risk owner: Chief Financial Officer 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. Risk category: Financial Changes since last report This risk has remained stable through 2025/26. ### 8 Macroeconomics and geopolitics 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. Risk owner: Chief Financial Officer 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. Risk category: Strategic Changes since last report This risk has remained stable through 2025/26. ### 9 People and safety 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. Risk owner: Chief People, Communications and Sustainability Officer 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. Risk category: Operational Changes since last report This risk has remained stable through 2025/26. --- Strategic Report Governance Financial Statements Investor Information 39 Risk movement - Increased - Stable - Decreased Link to strategy - Capable and committed colleagues - Customers for life - Easy to shop - Grow profits # 10 Product safety 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. Risk owner: Chief Operating Officer 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. Risk category: Operational Changes since last report This risk has remained stable through 2025/26. # 11 Supply chain resilience 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. Risk owner: Chief Commercial Officer 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. Risk category: Operational Changes since last report This risk has increased through 2025/26. # 12 Sustainability 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. Risk owner: Chief People, Communications and Sustainability Officer 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. Risk category: Strategic Changes since last report This risk has decreased through 2025/26. --- 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. --- Strategic Report Governance Financial Statements Investor Information 41 ## 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. | Revenue | 2025/26 £m | 2024/25 £m | Year-on-year | | | | --- | --- | --- | --- | --- | --- | | | | | 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 --- 54 Currys plc Annual Report & Accounts 2025/26 ## Board of directors 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. ### Committee membership - ● Audit Committee - ● Nominations Committee - ● Disclosure Committee - ● Remuneration Committee - ● Committee Chair Scan the QR code to read full Board member biographies on our website. ![img-24.jpeg](img-24.jpeg) #### Ian Dyson (64) Chair of the Board 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. ![img-25.jpeg](img-25.jpeg) #### Octavia Morley (58) Senior Independent Director Appointed: April 2024 Board meeting attendance: 9/9 **Summary:** Experienced retail executive in chief executive officer, non-executive director and remuneration committee chair roles. ![img-26.jpeg](img-26.jpeg) #### Rune Bjerke (66) Independent Non-Executive Director 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. ![img-27.jpeg](img-27.jpeg) #### Elaine Bucknor (59) Independent Non-Executive Director 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. ![img-28.jpeg](img-28.jpeg) #### 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. --- Strategic Report Governance Financial Statements Investor Information 55 ![img-29.jpeg](img-29.jpeg) # Steve Johnson (54) Independent Non-Executive Director Appointed: June 2024 Board meeting attendance: 9/9 Summary: Experienced executive with strong expertise of financial services and digital retail. ![img-30.jpeg](img-30.jpeg) # Adam Walker (58) Independent Non-Executive Director 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. ![img-31.jpeg](img-31.jpeg) # Alex Baldock (55) Group Chief Executive 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. ![img-32.jpeg](img-32.jpeg) # Bruce Marsh (58) Group Chief Financial Officer 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. ![img-33.jpeg](img-33.jpeg) # Nigel Paterson (59) General Counsel and Company Secretary 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 ![img-34.jpeg](img-34.jpeg) # 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. --- 56 Currys plc Annual Report & Accounts 2025/26 ## Directors' report **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.** ### 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. On 8 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. --- Strategic Report Governance Financial Statements Investor Information 57 ## 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 5 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 ## Directors' report continued ### 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 --- Strategic Report Governance Financial Statements Investor Information 59 ## 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 # Corporate governance report continued # 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 E50m 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. The matters reserved for Board decision are available in full on the Company's website, www.currysplc.com # The Board and committees structure ![img-35.jpeg](img-35.jpeg) --- Strategic Report Governance Financial Statements Investor Information 61 ## 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 ## Corporate governance report continued ### 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 self-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 a range 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. --- Strategic Report Governance Financial Statements Investor Information 63 ## Division of responsibilities ### 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 --- 64 Currys plc Annual Report & Accounts 2025/26 # Corporate governance report continued # Composition, succession and evaluation # 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 three years. 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. --- Strategic Report Governance Financial Statements Investor Information 65 ## 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 ## Corporate governance report continued ### 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: | **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. | --- Strategic Report Governance Financial Statements Investor Information 67 ## Risk management and internal control 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. ## Group risk management structure ![img-36.jpeg](img-36.jpeg) --- 68 Currys plc Annual Report & Accounts 2025/26 ## Corporate governance report continued 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. No significant 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. --- Strategic Report Governance Financial Statements Investor Information 69 ## 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 ## Corporate governance report continued ### 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 --- Strategic Report Governance Financial Statements Investor Information 71 ## Audit committee report | Committee members | Meeting attendance | 2025/26 Highlights | Number of meetings during the year: | | --- | --- | --- | --- | | Adam Walker (Chair) | 5/5 | - 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. | 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 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 ### 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 8 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 8 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. --- 72 Currys plc Annual Report & Accounts 2025/26 ## Audit committee report continued ### 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. --- Strategic Report Governance Financial Statements Investor Information 73 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. --- 80 Currys plc Annual Report & Accounts 2025/26 ## Nominations committee report continued - 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 --- Strategic Report Governance Financial Statements Investor Information 81 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. **Chair of the Board** --- 82 Currys plc Annual Report & Accounts 2025/26 ## Remuneration committee report | Committee members | Meeting attendance | 2025/26 Highlights | Number of meetings during the year: | | --- | --- | --- | --- | | Octavia Morley (Chair) | 7/7 | - 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. | 7 | | Magdalena Gerger | 7/7 | | | | Gerry Murphy^{(1)} | 2/2 | | | | Adam Walker | 7/7 | | | | **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 | | **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. | **Number of meetings held since the end of the financial year:** 2 | | | | | **Minimum meetings to be held each year:** 2 | **1** The biographies for the Committee members are set out in full on the Company's website **1** 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 ### 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 the year. Our Directors' Remuneration Policy (the 'Policy') was approved by shareholders 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. --- Strategic Report Governance Financial Statements Investor Information 83 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 UKBI, 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 UKBI 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 UKBI 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 UKBI 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 UKBI, 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, Elkjep, 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 ## Remuneration committee report continued ### 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. Chair of the Remuneration Committee --- Strategic Report Governance Financial Statements Investor Information 85 ## Remuneration at a glance | | | 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 – UKBI 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 | --- 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. Our remuneration strategy is therefore designed to motivate high-performing colleagues to deliver our business strategy. The objectives 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. --- Strategic Report Governance Financial Statements Investor Information 105 ## 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 ## Annual remuneration report for 2025/2026 continued ### 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-Jul-24 | 3,003,983 | | | | 3,003,983 | 17-Jul-27 | 17-Jul-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-Jul-24 | 1,553,219 | | | | 1,553,219 | 17-Jul-27 | 17-Jul-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. --- Strategic Report Governance Financial Statements Investor Information 107 ## 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)(5)} | 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 £1,298. (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 UKBI 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 ## Annual remuneration report for 2025/2026 continued | | 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% | --- Strategic Report Governance Financial Statements Investor Information 109 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 HARC 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 ## Annual remuneration report for 2025/2026 continued 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 UKBI 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. Chair of the Remuneration Committee --- Strategic Report Governance Financial Statements Investor Information 111 ## Statement of directors' responsibilities The directors are responsible for preparing the annual report and the Group and parent company financial statements in accordance with applicable law and regulations. 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 --- 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 our opinion. 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:** | £14.0m (2025: £11.0m) | | --- | --- | | Group financial statements as a whole | 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. --- Strategic Report Governance Financial Statements Investor Information 113 ## 2. Key audit matters: our assessment of risks of material misstatement continued | | 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). | --- 114 Currys plc Annual Report & Accounts 2025/26 ## Independent auditor's report continued ### 2. Key audit matters: our assessment of risks of material misstatement continued | | 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. --- Strategic Report Governance Financial Statements Investor Information 115 ### 3. Our application of materiality and an overview of the scope of our audit Materiality for the Group financial statements as a whole was set at £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. ![img-37.jpeg](img-37.jpeg) #### Group revenue Our audit procedure covered the following percentage of Group revenue: ![img-38.jpeg](img-38.jpeg) We performed audit procedures in relation to components that accounted for the following percentages of Group profit before tax and Group total assets: ![img-39.jpeg](img-39.jpeg) --- 116 Currys plc Annual Report & Accounts 2025/26 ## Independent auditor's report continued ### 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) 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. --- Strategic Report Governance Financial Statements Investor Information 117 ## 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 ## Independent auditor's report continued ### 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. --- Strategic Report Governance Financial Statements Investor Information 119 ## 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. --- Strategic Report Governance Financial Statements Investor Information 167 ## 22. Financial risk management and derivative financial instruments continued ### f) Capital risk The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern, whilst maximising the return to shareholders through a suitable mix of debt and equity. The capital structure of the Group consists of cash and cash equivalents, loans and other borrowings, and equity attributable to equity holders of the Company comprising issued capital, reserves and accumulated profits. Except in relation to minimum capital requirements in its insurance business, the Group is not subject to any externally imposed capital requirements. The Group monitors its capital structure on an ongoing basis, including assessing the risks associated with each class of capital. ### g) Derivatives Derivative financial instruments comprise forward foreign exchange contracts and foreign exchange swaps. The Group has designated financial instruments under IFRS 9 as explained below. #### Cash flow hedges ##### Foreign exchange The objective of the Group's policy on foreign exchange hedging is to protect the Group from adverse currency fluctuations and to gain greater certainty of earnings by protecting the Group from sudden currency movements. All hedging of foreign currency exposures is managed centrally within the Group Treasury function. The Group analyses its exposure to foreign exchange rate movements without assuming any correlations between currency pairs and uses this analysis to hedge up to the level prescribed in its transactional hedging policy (a target of up to 80% hedged a year in advance). The Group generally prefers to use vanilla forward foreign exchange contracts as hedging instruments for hedges of forecasted transactions. The Group can use more complex derivatives including options when management considers that they are more appropriate, based on management's views on potential foreign exchange rate movements. Any amendments to the Group's policies or strategy on managing foreign currency risk must be approved by the Group's Tax and Treasury Committee. As at 2 May 2026 the Group had forward and swap foreign exchange contracts in place with a notional value of £887m (2024/25: £812m) and a net fair value of £5m liability (2024/25: £9m liability) that were designated and effective as cash flow hedges. These contracts are expected to cover exposures ranging from one month to one year. The fair value of derivative foreign exchange contracts and foreign exchange swaps not designated as cash flow hedges was a £1m liability (2024/25: £nil asset). Possible sources of ineffectiveness are scenarios where future cash flows are delayed to a later period or brought forward to a prior period. Ineffectiveness can also be caused by credit risk (both own risk and that of the counterparty). All hedges are expected to be highly effective. As of 2 May 2026, the Group holds the following levels of foreign exchange hedging derivatives (foreign exchange forwards) to hedge its exposure to fluctuating foreign exchange rates over the next 12 months: | | Period ended 2 May 2026 | | | Period ended 3 May 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Maturing hedges in the next 12 months £m | Weighted average hedge rate | Change in fair value used to calculate hedge ineffectiveness £m | Maturing hedges in the next 12 months £m | Weighted average hedge rate | Change in fair value used to calculate hedge ineffectiveness £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)** | The change in value of hedging instruments is a total of £(5)m (2024/25: £(9)m). This is used in assessing the economic relationship between hedged items and hedging instruments. Ineffectiveness caused by foreign currency basis spread and credit risk was highly immaterial during the period. --- 168 Currys plc Annual Report & Accounts 2025/26 ## Notes to the Group financial statements continued ### 22. Financial risk management and derivative financial instruments continued #### g) Derivatives continued ##### Cash flow hedges continued ##### Interest rate The Group's interest rate risk management objective is to limit the amount of additional expense incurred if interest rates rise to unexpected levels. To manage the interest rate exposure, the Group regularly reviews and considers entering into interest rate swaps to fix its floating rate borrowings, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The Group monitors and manages its interest rate risk individually in each currency and it does not make any assumptions about how interest rates in different currencies may move in tandem. Any amendments to the Group's policies or strategy on managing interest rate risk must be approved by the Group's Tax and Treasury Committee. As at 2 May 2026 there are no interest rate swaps in place. The Group's interest rate risk management strategy and policies remain unchanged and if circumstances change, the Group's interest rate programme may be recommenced in future. ### 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 2 May 2026 £m | Period ended 3 May 2025 £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 2 May 2026 £m | Period ended 3 May 2025 £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. --- Strategic Report Governance Financial Statements Investor Information 169 ## 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. | | 3 May 2025 £m | Financing cash flows £m | Lease additions, modifications and disposals £m | Foreign exchange £m | Interest £m | 2 May 2026 £m | | --- | --- | --- | --- | --- | --- | --- | | Loans and other borrowings (note 16) | – | 6 | – | – | (6) | – | | Lease liabilities (note 17)^{(1)} | (940) | 250 | (191) | (18) | (53) | (952) | | **Total liabilities from financing activities^{(1)}** | **(940)** | **256** | **(191)** | **(18)** | **(59)** | **(952)** | | | 27 April 2024 £m | Financing cash flows £m | Lease additions, modifications and disposals £m | Foreign exchange £m | Interest £m | 3 May 2025 £m | | --- | --- | --- | --- | --- | --- | --- | | Loans and other borrowings (note 16) | – | 9 | – | – | (9) | – | | Lease liabilities (note 17)^{(1)} | (1,003) | 262 | (135) | (8) | (56) | (940) | | **Total liabilities from financing activities^{(1)}** | **(1,003)** | **271** | **(135)** | **(8)** | **(65)** | **(940)** | (1) Lease liabilities are secured over the Group's right-of-use assets. (1) 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 Curys' 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. ## 24. Related party transactions Transactions between the Group's subsidiary undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. See note 4a for details of related party transactions with key management personnel. The Group had the following transactions and balances with its associates: | | 2 May 2026 £m | 3 May 2025 £m | | --- | --- | --- | | Revenue from sale of goods and services | 26 | 14 | | Amounts owed to the Group | 1 | 1 | Details of the associates are shown within Other significant shareholdings in note C9 to the Company financial statements. All transactions entered into with related parties were completed on an arm's length basis. ## 25. Capital commitments | | 2 May 2026 £m | 3 May 2025 £m | | --- | --- | --- | | Intangible assets | 1 | 1 | | Contracted for but not provided for in the accounts | 1 | 1 | --- 170 Currys plc Annual Report & Accounts 2025/26 ## Notes to the Group financial statements continued ### 26. Contingent liabilities The Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy corporate transactions in the former Carphone Warehouse Group. It is possible that a future economic outflow will arise from one of these matters, and therefore a contingent liability has been disclosed. This determination is based on the strength of third-party legal advice on the matter and therefore the Group considers it ‘more likely than not’ that these enquiries will not result in an economic outflow. The potential range of tax exposures relating to this enquiry is estimated to be approximately £nil – £218m excluding interest and penalties. Interest is £120m up to 2 May 2026. Penalties could range from nil to 30% of the principal amount of any tax. Any potential cash outflow would occur in greater than one year. The Group received a Spanish tax assessment connected to a business that was disposed of by the legacy Carphone Warehouse Group in 2014. This issue has entered litigation and is likely to take two to three years to reach resolution. The Group considers that it is not probable the claim will result in an economic outflow based on third-party legal advice. The maximum potential exposure as a result of the claim is £10m. ### 27. Events after the balance sheet date There were no material events after the balance sheet date. --- Strategic Report Governance Financial Statements Investor Information 171 ## Company balance sheet | | Note | 2 May 2026 £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 £19m (2024/25: £138m profit). The financial statements of the Company were approved by the Board on 1 July 2026 and signed on its behalf by: Group Chief Executive Group Chief Financial Officer Company registration number: 7105905 --- 172 Currys plc Annual Report & Accounts 2025/26 ## Company statement of changes in equity | | 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 | --- Strategic Report Governance Financial Statements Investor Information 173 ## Notes to the Company financial statements ### 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 the definition 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 the Financial 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. --- 174 Currys plc Annual Report & Accounts 2025/26 ## Notes to the Company financial statements continued ### 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: £nL) 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 | --- Strategic Report Governance Financial Statements Investor Information 175 ## 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 ## Notes to the Company financial statements continued ### C9 Subsidiary undertakings continued #### a) Subsidiaries as at 2 May 2026 continued | 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 | Franzëngatan 6, 112 51 Stockholm | Sweden | Ordinary | 100 | | ElGiganten A/S | Arne Jacobsens Allé 16, 2.sal København S, Denmark 2300 Copenhagen | | 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 Mobili 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* | --- Strategic Report Governance Financial Statements Investor Information 177 ## C9 Subsidiary undertakings continued ### a) Subsidiaries as at 2 May 2026 continued | 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 Curys 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 | --- 178 Currys plc Annual Report & Accounts 2025/26 ## Five period record (unaudited) | | 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 | --- Strategic Report Governance Financial Statements Investor Information 179 ## Glossary and definitions ### 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 of this 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. --- 180 Currys plc Annual Report & Accounts 2025/26 ## Glossary and definitions continued ### 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. --- Strategic Report Governance Financial Statements Investor Information 181 ### 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 the Group. 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** |