Annual

Report &

Accounts

2024/25

Currys Annual Report & Accounts 2024/25

Strategic Report

1 2024/25 highlights

2 Our business

4 Our markets

6 Investment case

8 Business model

10 Chair’s statement

12 Chief Executive’s statement

16 Our strategy

28 Our stakeholders

32 Sustainable business

52 Risk management

54 Principal risks and uncertainties

58 Going concern and viability statement

59 Key Performance Indicators

63 Performance review

Governance

72 Governance at a glance

74 Board of directors

76 Directors’ report

79 Corporate governance report

91 Audit committee report

99 Disclosure committee report

100 Nominations committee report

103 Environmental, Social and Governance

(‘ESG’) committee report

105 Remuneration committee report

109 Remuneration at a glance

110 Remuneration policy

121 Annual remuneration report

for 2024/25

138 Statement of directors’

responsibilities

Financial Statements

139 Independent auditor’s report

150 Consolidated income statement

151 Consolidated statement of

comprehensive income

152 Consolidated balance sheet

153 Consolidated statement of

changes in equity

154 Consolidated cash flow statement

155 Notes to the Group financial

statements

200 Company balance sheet

201 Company statement of changes

in equity

202 Notes to the Company financial

statements

208 Five period record (unaudited)

Investor Information

209 Glossary and definitions

222 Shareholder and corporate

information

Inside this report

Our business

Investment

case

Business

model

Sustainable

business

Our strategy

Our markets

Non-financial and sustainability

information statement

We comply with the Non-Financial Reporting

requirements contained in sections 414CA and 414CB

of the Companies Act 2006. The requirements of

this disclosure are addressed within this section

by means of cross reference in order to avoid

duplication and to help stakeholders understand

our position on key non-financial matters:

Environmental matters (including impact

of business on the environment) pages 36-47

TCFD report page 39

Colleagues pages 18-19

Social matters pages 48-51

Respect for human rights page 51

Anti-corruption and anti-bribery matters page 51

Description of our business model pages 8-9

Details of the principal risks relating

to non-financial matters pages 52-57

Non-financial KPIs page 59

www.currysplc.com/investors

For the latest news visit our website.

Financial Statements Investor InformationGovernanceStrategic Report

£8, 874m

£8,476m

£8,706m

24/25

23/24

22/23

£107m

£118m

£162m

24/25

23/24

22/23

7.4p

7.9p

11.3p

24/25

23/24

22/23

£(92)m

£82m

£149m

24/25

23/24

22/23

£(462)m

£28m

£ 124m

24/25

23/24

22/23

(43.6)p

14.9p

10.0p

24/25

23/24

22/23

Revenue

(1)

£8,706m

Adjusted profit before tax

(1)

£162m

Adjusted EPS

(1)

11.3p

Free cash flow

(1)

£149m

Profit/(loss) before tax

(1)

£124m

EPS

10.0p

2024/25 highlights

(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 the European Securities and Markets Authority (‘ESMA’) and are consistent with those used internally by the Group’s Chief Operating Decision

Maker 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 Financial Information of this report.

(2) Viva-Glint, April 2025 survey completed by 22,200 colleagues across the Group.

Summary

• Group adjusted profit before tax £162m, +37% YoY

• Group free cash flow £149m, +82% YoY

• Group year-end net cash £184m, +£88m YoY, resulting in the strongest balance sheet in over a decade

• Final dividend of 1.5p declared, in-line with ambition to deliver healthy and recurring shareholder returns

• UK&I revenue grew +6% driven by market share gains and strategic initiatives, including recurring Services

revenue +12%, credit sales +14% to £1.1bn and iD Mobile subscribers +26% to 2.2m

• Nordics profit improving despite tough market and currency headwinds

• Colleague engagement score +1pt to 82, amongst top 5% of global companies

(2)

• Customer satisfaction rising with UK&I Net Promoter Score (‘NPS’) of 55, +6pts Yo2Y and Nordics NPS of 63

2 Currys plc Annual Report & Accounts 2024/25

93%

40%

60%

26%

31%

17%

21%

£8.7bn

Group revenue

2024/25

61%

UK&I

39%

Nordics

Our business

Currys plc is a leading omnichannel retailer of

technology products and services, operating

online and through 708 stores in 6 countries.

We help everyone enjoy amazing technology,

however they choose to shop with us.

In the UK & Ireland we trade as Currys and

we operate our own mobile virtual network,

iD Mobile. In the Nordics we trade under

the Elkjøp brand with a mix of both owned

and franchise stores. We’re the leading

omnichannel retailer in all our markets, able to

serve all households and employing more than

24,000 capable and committed colleagues.

We help everyone enjoy amazing technology.

We believe in the power of technology

to improve lives, helping people stay

connected, productive, fit, clean, healthy

and entertained. We’re here to help everyone

enjoy those benefits and, with our scale and

expertise, we’re uniquely placed to do so.

Our full range of services and support makes

it easy for our customers to discover, choose,

afford and enjoy the right technology to the

full. The Group’s operations include one of

Europe’s largest technology repair facilities

and an extensive distribution network, centred

around Newark in the UK and Jönköping in

Sweden, enabling fast and efficient delivery

to stores and homes.

We’re a leader in giving technology a longer

life through reuse, repair and recycling. We’re

reducing our impact on the environment in

our operations and our wider value chain,

and we aim to achieve net zero emissions

by 2040. We offer customers products that

help them save energy and water, as well as

reduce waste, and we partner with charitable

organisations to bring the benefits of amazing

technology to those who might otherwise

be excluded.

UK&I

£5.3bn

Read more in our

performance review

on page 63.

Computing

Consumer products

Other

White goods

Mobile

Online Stores B2C B2B

Group revenue by channel Group revenue by customer

type

Group revenue by product

Group resilience is underpinned by diversification

Financial Statements Investor InformationGovernanceStrategic Report

UK market share

(1)

17%

2024/25

Our footprint

Our brands

Colleagues

(3)

14,900

(2023/24: 14,500)

Stores

296

(2023/24: 298)

Size of market

(1)

£30bn

Number of households

(2)

30.2m

Online share of market

(1)

66%

Year established

1884

Year established

1962

Nordics market share

(1)

28%

2024/25

Our footprint

Colleagues

(3)

9,500

(2023/24: 9,800)

Stores

412

(2023/24: 421)

Size of market

(1)

£11bn

Number of households

(2)

13.0m

Online share of market

(1)

37%

UK&I market share

(1)

Mobile handsets, 2024/25

Our network

Year established

2015

(1) GfK – April 2025.

(2) UK and Ireland Offices of National Statistics – 2023, Sweden, Norway, Denmark and Finland respective Offices of National Statistics – 2024/25.

(3) Number of employees correct as of 3 May 2025, excluding colleagues on fixed term contracts

Subscriber growth

+26% YoY

Subscriber base

2.2m

(2023/24: 1.8m)

4 Currys plc Annual Report & Accounts 2024/25

2022

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.

Video doorbell

CCTV camera

LSTV

Home phone

Games

console

Smart

speaker

Smart

hub

Smart

lighting

Fridge

Freezer

CookerKettle Air

fryer

Soundbar

Microwave

Smart

speaker

SSTV

Hairdryer

Smart hub

Tablet

Smart scale

Laptop

Monitor

Printer

Gaming chair

Headphones

Mobile

phone

Electric toothbrush

Smart thermostat

Steam iron

Washing

machine

Tumble dryer

Vacuum

cleaner

Coffee

Machine

Drone

e-bike

Lawnmower

BBQ

Financial Statements Investor InformationGovernanceStrategic Report

Computing represents over a quarter of Group sales

and next year could see significant growth of the market.

In our position as market leader, Currys is well placed to

capitalise on this.

A year of innovation and transition

We are in an exciting period for personal computing. In the

ever-evolving landscape of technology, the past year has

seen remarkable advancements in artificial intelligence

(‘AI’) computing technology, with further growth expected

in the year ahead.

The integration of AI in personal computers (‘PCs’)

promises to revolutionise the way we interact with

technology, making our devices smarter, more responsive,

and ultimately more useful in our daily lives. These

innovations, alongside Windows 10 going out of support

and new console gaming launches, set the stage for

growing demand in the computing market next year.

Benefits of AI technology

AI technology has the potential to significantly benefit

users’ daily routines, making complex tasks more

manageable and freeing up users to focus on higher-

value activities.

New AI PCs can provide great benefits, such as: all-day

battery life, enhanced communication tools like live

translation and studio effects, and faster task completion

like email summarization, saving users time for what they

enjoy. In corporate settings, AI can analyse vast amounts

of data to create reports, schedule meetings, and draft

emails. In the creative industry, it assists with content

creation by offering design suggestions and optimising

workflows.

AI’s ability to learn and adapt over time ensures that it

remains an invaluable tool, driving users to seek out new

PCs that are capable of harnessing its full potential.

Replacement cycles may accelerate

Five years on from the Covid-19 pandemic, which

saw unusually high sales of PCs, there is an increasing

likelihood that consumers will look to replace existing

products with new technology. Alongside the wave of

improvement in technology, many of the PCs purchased

during the pandemic are now due for replacement.

This could be additionally influenced by Windows 10

going out of support in October 2025, with Windows 10

systems becoming more vulnerable to cyber threats

without future security updates. In the UK alone, there

are potentially millions of active Windows 10 users.

Consumers will likely upgrade to newer systems running

Windows 11 to ensure their data remains secure and that

their systems are fully compatible with new software and

applications.

An exciting year for gaming

It is not just productivity gains that will drive computing

uptake. The next 12 months look exciting for gaming with

the launch of the Nintendo Switch 2, offering enhanced

performance, features and accompanied by a host of

new gaming titles such as Mario Kart World, Donkey Kong

Bonanza and many more. The recently announced ROG

Xbox Ally is another handheld gaming launch that could

catalyse consumer take up of gaming devices.

Alongside console gaming, the new NVIDIA 50 series

graphics cards are being rolled out, providing gamers

unrivalled graphics and capabilities.

Currys – Well placed to help customers

enjoy this technology

Currys is well placed to help customers enjoy these

advancements in technology. It is by far the largest

omnichannel retailer of technology in all its markets, with

hundreds of stores, that allow customers to see, touch,

feel and try amazing tech, and thousands of expert

colleagues that can give customers the best advice

on the right solution for their needs.

Currys enjoys strong relationships with all the major

suppliers, demonstrated through the 75%

(1)

share that

Currys UK currently has in AI laptops.

An exciting year

ahead for the

computing market

(1) GfK – April 2025.

6 Currys plc Annual Report & Accounts 2024/25

16.9%

16.4%

16.8%

18.2%

18.0%

20.9%

19/20

20/21

21/22

22/23

23/24

24/25

28.1%

28.2%

28.9%

29.2%

28.2%

19/20

20/21

21/22

22/23

23/24

24/25

Nordics

UK&I

+7pts +4pts

Oct 20

Apr 25

Apr 22

Apr 25

9.6m

8.6m

7.6m

6.8m

5.6m

19/20

20/21

21/22

23/24

22/23

H1 24/25

53%

22%

25%

Capable and Committed

Colleagues

Colleague engagement

at record levels

In-store only Both online and in-store

Online only

Easy to Shop

Sales are increasingly

omnichannel

Customers for Life

Increasing database

of customers

Nordics Customer Club members

Our investment case

Clear #1 omnichannel retailer in all our markets

with a diversified revenue base

Strategic priorities designed

to grow profits and cash flow

The UK technology market is worth £30bn and the Nordics market £11bn. Our scale underpins our

long-term supplier relationships while our high brand awareness creates growth opportunities through

market share expansion.

Our strategy is designed around four simple pillars that aim to drive higher customer satisfaction

and loyalty, drive sales, improve gross margin and lower costs.

Currys plc is a business with solid foundations and significant competitive advantages.

It has a clear strategy to increase free cashflow and a balance sheet that is now strong

enough to return increasing amounts of surplus free cash flow to shareholders.

UK technology market share

(1)

Nordics technology market share

(1)

See page 18 for more details. See page 20 for more details. See page 22 for more details.

(1) GfK and company reports

Financial Statements Investor InformationGovernanceStrategic Report

19/20

20/21 21/22 22/23 23/24 24/25

Target

1.9%

2.1%

2.8%

0.6%

2.9% 2.9%

1.9%

>3.0%

19/20

20/21 21/22 22/23 23/24 24/25

Target

3.6%

3.5% 3.5%

1.7%

2.1%

>3.0%

19/20 20/21 21/22 22/23 23/24 24/25

£(805)m £(31 3)m £(213)m £(346)m £(75)m +£81m

We are seeing the benefits of our strategy, through improved profitability, and continue to target at

least 3% adjusted EBIT margins.

Grow Profits

UK&I adjusted EBIT

margin

(1)

Nordics adjusted EBIT margin

Significantly improved balance sheet

The last five years have seen a significant improvement to the Group’s balance sheet as indebtedness

excluding lease liabilities has improved from £(805)m deficit to a surplus of + £81m. The Group intends

to remain in a healthy net cash position, even as the pension deficit continues to reduce, but does not

need any further cash on the balance sheet.

Net cash/(debt) Working capital facilities Pension deficit (IAS 19) Total

Aim to increase shareholder returns

The Group has a clear line of sight on increasing free cash flow through operating performance and

for an ever greater proportion of it to flow to equity as the pension deficit reduces. The Group’s

capital allocation priorities are clearly stated and following the recent resumption of dividends

at 5x EPS cover, any surplus cash generated is available to be returned to shareholders.

Maintain prudent balance sheet

Pay required pension contributions

Invest to grow business/profits/cash flow

Pay and grow ordinary dividend

Surplus capital available for share buybacks

(1) UK&I adjusted EBIT margin in 22/23 includes a non-repeat £30m mobile revaluation which accounts for 0.6% of total UK&I adjusted EBIT margin.

8 Currys plc Annual Report & Accounts 2024/25

We help customers choose the right

technology across a large range of

products, through our stores or online.

Our capable and committed colleagues

provide expert face-to-face advice to

help customers make the right choices.

We are uniquely positioned to help

customers enjoy their tech throughout

their life, and by doing so we drive

relationships that are long-lasting and

more valuable to our customers and to us.

Our business model

Modern omnichannel

network

Our 708 stores are well located and invested

to provide a true omnichannel experience. Our

infrastructure can also be flexed to support

sales and provide services wherever

is most convenient for our customers.

Read more on page 32.

(1) Viva–Glint – April 2025 survey

completed by 22,200 colleagues

across the Group.

Value creation

for stakeholders

Value created

during the year

10 Currys plc Annual Report & Accounts 2024/25

Chair’s statement

Another year of

strengthening

performance

I am pleased to report on another year of

good progress in both the UK&I and in the

Nordics. Our continued focus on margins,

costs and cash flow has paid off with

Group adjusted profit before tax up +37%

year-on-year to £162m and free cashflow

of £149m, resulting in a year-end net cash

position of £184m.

A strategy that is working

Across the Group we have a strategy that

is working. Over the year we have grown

sales and improved gross margin, allowing

us to more than offset cost inflation and

grow our profits.

In the UK&I, we have made big

improvements to both online and store

channels, making it easier for customers

to shop and enabling us to sell more of

the services that boost margins and build

customers for life. All this showed in growing

sales, market share, gross margins and

profits, with adjusted EBIT up +8%.

In the Nordics, in a still challenging

market, we are continuing to outperform

competition. We have maintained our

market share, increased gross margins,

tightly controlled costs and grown profits,

with adjusted EBIT up +18%.

Highly engaged colleagues

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 ambition that enable us to meet our

customer expectations and help deliver

our strategy. Our already exceptional

colleague engagement score has grown

again this year to reach another record

high, with the Group now ranked within the

top 5% of global businesses. On behalf

of the Board, I would like to extend my

sincere gratitude to everyone at Currys

for another year of incredible commitment

and hard work.

Ian Dyson

Chair of the Board

Financial Statements Investor InformationGovernanceStrategic Report

Committed to sustainability

Sustainability is a key value driver for

innovation and growth in our business,

shaping how we deliver lasting value for

customers and communities. Our three core

commitments—advancing circular business

models, reducing digital poverty, and

achieving net zero emissions by 2040 —

guide our actions.

Advancing circular business models is

at the heart of our strategy. This year we

made great strides on initiatives such as

our award-winning RepairLive service and

became the first ever Xbox Authorised

Service Provider in the UK & Ireland,

following the success of the Surface

partnership which allows customers to get

their Xbox and Surface products repaired

at Currys. We also strengthened trade-in

offers and deepened partnerships to make

sustainable choices more accessible. We

continued to help reduce digital poverty

through donations, colleague volunteering,

and government collaboration. Progress on

our path towards net zero has continued,

with a 38.6% decrease in Scope 1, 2 & 3

emissions, thanks in particular to

improvements in energy efficiency and the

expansion of cleaner transport options.

An experienced Board

I’m very pleased with how the board has

performed over the last year, something

that was supported by the results of our

external board evaluation conducted

in late 2024.

The composition of the board and its

committees has changed significantly over

the last three years and all new members

have integrated seamlessly into their new

roles. We have announced two further

changes to the board as we approach

the AGM in September.

Gerry Murphy, having served on the

board for more than ten years, and Eileen

Burbidge, who has been on the board for

six years, will both step down at the AGM.

Both Gerry and Eileen have provided great

counsel and effective challenge over their

respective tenures, and I would like to

thank them both for their great contribution

to the board.

We are delighted that Elaine Bucknor

will join the Board after the AGM. Elaine

has over 25 years of experience in the

technology industry, in particular at Sky,

one of Europe’s leading broadcasting

and media companies and one of the

UK’s largest telecommunications and

mobile businesses. We expect to appoint

another new non-executive director to the

board during the current financial year.

Shareholders returns

The Group finished the year in a strong

financial position, with £184m net cash.

This represents a healthy position from

which the company can pay required

pension contributions, invest in future

growth and provide returns to shareholders.

As I indicated last year and given the

further progress we have made, the Board

is pleased to announce the resumption of

dividend payments, starting with a final

dividend of 1.5p for the financial year

2024/25. We are committed to growing

ordinary dividends over time and, in

addition, to returning any surplus cash to

shareholders by way of share buybacks.

Looking ahead with confidence

In a business as large and complex

as Currys, the landscape of risk and

opportunities is constantly evolving. In the

coming year, we must face into the known

headwinds of additional costs from the

UK government, while navigating evolving

global trade policies. The strategic,

operational and financial progress the

business has made over the last few years

gives us confidence that we can deal with

these events, and I remain enthused about

our potential to generate long-term value

for our shareholders.

Ian Dyson

Chair of the Board

2 July 2025

“The strategic, operational and financial

progress the business has made over

the last few years gives us confidence…

and I remain enthused about our potential

to generate long-term value for our

shareholders.”

12 Currys plc Annual Report & Accounts 2024/25

Strengthening

performance

drives significant

profit and

cashflow growth

Over the past year, we have maintained

our encouraging momentum. In the UK&I,

adjusted EBIT grew +8%, and our market

share increased by +50bps to 16.9%. In

the Nordics, adjusted EBIT grew +18% (+24%

currency neutral), while our market share

remained stable at 28.1%. This progress

was based on the continued execution

of our long-term strategy.

We start from a position of strength. In the

Nordics our market share makes us the

clear market leader and, even during a

difficult last few years, we delivered sales

and profits that are significantly better

than peers. In the UK&I, our Mobile business

has shown another year of growth from

a stable base. Reflecting this, we now

include Mobile in our stated market share,

resulting in an overall market share of

16.9%, +50bps YoY (under our old definition

excluding Mobile, market share is 23.5%,

+30bps YoY). This reflects the strength we

have in our core categories. In such areas

as TVs, laundry and refrigeration we have

over 30% market share, and in Windows

computing we have almost 50% share.

Conversely there are areas where we

have much lower share, and many of these

represent opportunities to grow. Gaming is

a good example of where we have gained

share in a growing market, with our UK

gaming sales up +65% over the last 5 years.

Our strategy

The strategy we follow is simple. We’re

here to help everyone enjoy amazing

technology. To do so, we want capable

and committed colleagues, delivering

an easy to shop customer experience,

creating customers for life, and ultimately

growing our profits and cash flows.

We prioritise our colleagues because

delivering a great customer experience

starts with ensuring a great colleague

experience. We support colleagues

through the training they receive, tools to

make their jobs easier, and the reward they

earn. We set out to build a winning culture,

one that puts customers first, prizes winning

together, and where we all take ownership.

We measure our progress through

colleague engagement surveys, which

showed that Group employee satisfaction

climbed +1pt to 82, firmly amongst the top

5% of global companies

(1)

(in the UK&I,

our score of 85 puts us in the top 3%).

Alex Baldock

Group Chief

Executive

Chief Executive’s statement

(1) Viva-Glint, April 2025 survey, completed by 22,200

colleagues across the Group.

Financial Statements Investor InformationGovernanceStrategic Report

While the score is satisfying, the survey is

most useful in helping us identify areas

for improvement. In March, over 22,000

colleagues participated in the survey,

providing 54,000 comments. Responding

to this feedback not only makes our

colleagues’ lives easier and more

productive but shows that we are really

listening and reinforces a world-class

culture. This is a competitive advantage

that is hard to replicate.

Easy to Shop is about making sure we

get right the retail fundamentals of price,

range, availability, and an easy customer

experience, that we get it right first time

for customers; and making the most of

an omnichannel model that fits well with

how most customers prefer to shop for

technology. This year we have invested

in our channels to make shopping easier.

In UK, we invested in better tools, such as

adding electronic shelf edge labelling

(ESEL) to 100 stores. This innovation has

been successful in the Nordics, creates a

better customer experience, allows more

nimble pricing and saves colleagues’ time.

Given the success of the programme, we

now expect to add ESEL to all remaining

stores in 2025/26. We also re-engineered

115 stores, to dedicate more space to

categories that are faster-selling and

more profitable, and to allow more room

for expansion into new categories.

Our main websites (currys.co.uk,

Elkjøp.no, elgiganten.se, elgiganten.dk

and gigantti.fi), receive over 500m visits

per year. In the Nordics we in-housed

front-end development, and fully migrated

to our Next Level platform, saving £2m

per year, while increasing site speed and

accelerating change processes. Across

both markets the continual improvement

programme has seen over 200 changes

to improve the shopping journey; from

easier navigation, searching and filtering,

through to an easier checkout with

enhanced payment options. This has led

to a +25bps increase in conversion in the

UK and a +22bps increase in the Nordics,

driving growth. We have also improved the

order & collect journey, and together with

better store processes, this has driven +15%

growth in order & collect revenue, which

now represents 34% of our Group online

revenue, +210bps YoY.

The third leg of our strategy is to create

Customers for Life. This starts with good

customer data. We want to collect, protect

and use data for the benefit of customers,

ourselves and third parties. We are making

strides in this area with continued growth of

the Nordics customer club, now up to 9.6m

members, but there is much more to go for.

In the UK&I we have significant customer

bases in Credit, iD Mobile, Repair plans

and Currys Perks, but we are not yet doing

a good enough job of getting these bases

working in tandem, and our progress here

has been slower than we hoped. We have

brought in new leadership to go after this

opportunity.

Another big driver of Customers for Life is

our unique range of services and solutions

that help customers afford and enjoy

amazing technology to the full.

We aim to sell complete solutions, where

we provide customers with everything they

need, including products, accessories, and

services, rather than just a single product.

Over the last two years, our UK&I ‘sold with’

adoption rate has more than doubled to

40% and our Nordic value-added service

adoption has almost tripled to 29%.

Solution-selling helps customers make

the most of their technology while growing

our profits.

Services are core to these solutions. We

help customers afford (often expensive)

tech through credit. Credit is a significant

driver of sales, profit and loyalty.

Customers who use credit are happier, buy

more, and shop more frequently, resulting

in lifetime sales that are double those of

non-credit customers. We estimate that

around 30% of credit sales would not

have happened without our credit offer. To

reflect the increased flexibility of our credit

options, we rebranded our UK credit offer

to Currys flexpay during the year. We also

invested in tools and processes to make it

easier for colleagues and customers to use

credit, including introducing it to our online

in-store sales. As a result of this, we saw

UK&I credit adoption climb +180bps YoY to

21.9%, more than double the adoption of

four years ago, and we generated £1.1bn of

UK&I sales on credit, making us one of the

UK’s leading brokers of retail credit. As well

as additional sales, credit makes a direct

profit contribution and as credit scales, we

can use some of this profit to invest in the

customer offer, driving further sales. We are

now in that virtuous circle with credit.

We help customers get started, through

installation and set-up. We are in the

privileged position of being trusted

in customers’ homes and our in-home

customer satisfaction is amongst the

highest of all the activities we carry out.

During the year, 31% of UK big box deliveries

included installation, a rise of +320bps

YoY, and 34% of deliveries included

recycling. In the Nordics, 44% of big-box

deliveries included installation, an increase

of +220bps YoY, and 36% of big box

deliveries included recycling, an increase

of +190bps YoY.

Once they have the tech, customers want

to give it longer life. We are uniquely

positioned to support our customers with

repair services in Norway, Sweden, and

the UK, where we operate one of Europe’s

largest technology repair centres. We

are the only tech retailer operating our

own repair facilities, allowing us to offer

customers the protection they want at good

value, while giving them the peace of mind

that they will only ever be dealing with one

organisation. The result of this can been

seen in the 11.9m protection plans in place

across the Group. During the year, our team

of almost 1,500 engineers completed

1.6m customer repair activities, both at our

repair centres and in customers’ homes.

“The strategy we follow is simple.

We’re here to help everyone enjoy amazing

technology. To do so, we want capable

and committed colleagues, delivering an

easy to shop customer experience, creating

customers for life, and ultimately growing

our profits and cash flows”

14 Currys plc Annual Report & Accounts 2024/25

“We intend to continue growing such sources

of higher margin, recurring revenue such as

credit, repair and connectivity so that over

time our business mixes away from single

product purchases to the more predictable,

recurring and higher margin revenue streams

of solution sales”

Repair is an area where we are truly

differentiated and in which we will

continue to invest. During the year we

expanded RepairLive, our award-winning

service that allows customers to speak

directly to engineers in our repair centre

to diagnose and fix product issues. The

320,000 customers served this way last

year benefitted from keeping tech working

without needing to send it for a physical

fix in our operations, or, if a physical fix

was needed our engineers having the right

parts with them when visiting customers’

homes. In this way customers benefit from

having tech working more of the time and

we benefit from lower labour and write

off costs. We have signed new agreements

with suppliers, including being the first

third-party authorised to repair Microsoft’s

Surface and Xbox. We are developing new

AI-backed solutions alongside engineers

to diagnose product issues from customer

videos, with all the same benefit as

RepairLive, but without the need for

a real time conversation.

When technology reaches the end of its

life, we encourage everyone to bring their

old or unwanted tech to our stores for free

reuse or recycling, regardless of where they

purchased it. If we can’t reuse it, then we

can harvest the parts, with 25% of parts

needed for repair are now from harvesting;

or we can recycle it.

Currys has worked on responsible recycling

for many years. We provide free in-store

drop off, and collect our customers’

unwanted electrical equipment and

small electrical appliances for recycling

when we deliver their new technology.

In 2024/25, 5.5 million e-waste products

were collected for reuse and recycling

across the Group.

The circularity of trade-in, protection, repair,

refurbishment, reuse and recycling is part of

our business model. We are helping customers,

the planet and our profits at the same time.

Finally, we help customers get the most

out of their tech, with connectivity being

the greatest enabler of this.

Mobile remained one of the best

performing areas of the business in the last

year. iD Mobile, our 100% owned MVNO

(Mobile Virtual Network Operator) in the

UK, had another very strong year. Subscriber

numbers climbed to 2.2m, +26% higher

YoY and +70% Yo2Y. Early in the year we

launched the iD app, which is now being

used by 73% of customers, giving them more

control over their plan, and halving queries

into our contact centre. We see the long-

term value in iD and aim to grow to at least

2.5m subscribers this year.

We intend to continue growing such sources

of higher margin, recurring revenue such

as credit, repair and connectivity so that

over time our business mixes away from

single product purchases to the more

predictable, recurring and higher margin

revenue streams of solution sales. In the

last year, the Group revenue derived

from these sources grew +9% to £814m.

Delivering a stronger

performance

Delivering on our strategy has important

measurable benefits: it drives improved

customer satisfaction, it grows our sales

and market share, and it delivers better

gross margins.

Customer satisfaction climbed to new

highs. In the UK, our NPS climbed to 55,

+6pts Yo2Y as we saw improvement across

both channels and at each stage of

the customer journey. In the Nordics, we

implemented NPS during the year, with an

initial reading of 63. It is safe to say that

our leadership teams are enjoying the

healthy competition on this metric.

Market share was healthy in both markets.

In the UK&I, we gained +50bps of share

including gains both in-store and online.

In the Nordics, market share was flat in

a market that declined slightly, as we

focused trading on delivering gross margin

improvements. We’re pleased that not only

are our customers telling us they’re happier

(through NPS), they’re showing they are

(through higher market share).

Gross margin continued to climb. The

UK&I gross margin rose +20bps and is now

+240bps higher than four years ago, while

the Nordics gross margin rose +60bps

to a level higher than four years ago.

This has been driven by selling solutions

and services, monetising and improving

customer experience, not chasing less

profitable sales and by cost efficiencies

in our supply chain and service operations.

Financial discipline

Alongside improvements in gross profit, we

remain focused on controlling operating

costs. This has been particularly successful

in the Nordics, where costs were broadly

flat, offsetting all inflationary headwinds

and helping us to drive profit growth. Over

the last two years we made notable

improvements in our marketing operating

model, using our scale and centralising

work to save almost £10m in annual costs.

We will continue to face cost headwinds

in the UK&I in the coming year, including an

additional £32m of annual costs from the

UK government’s Autumn 2024 budget.

To mitigate this impact we are underway

with removing central costs, and continuing

to automate and offshore activities.

Financial discipline extends to cash.

Capital expenditure rose as planned and

we have ensured that the spend made

has delivered the expected paybacks.

Working capital, after three consecutive

years of outflow, was positive as improved

processes on forecasting and payments

have more than offset the £24m working

capital headwind from iD Mobile growth.

The result of all this is clear in improved

profit and cashflow. Free cash flow rose

+82% to £149m, and we finished the year

with £184m net cash. Alongside a pension

deficit of £(103)m, this £81m net position

is £901m better than six years ago.

Chief Executive’s statement continued

Financial Statements Investor InformationGovernanceStrategic Report

Levers for growth

in the year ahead

The Group is well positioned, as the

clear #1 brand in all our markets, with a

diversified revenue base and a strategy

that is working for colleagues, customers

and financially. Together with the

strengthened balance sheet, this gives

us the confidence and bandwidth to go

after opportunities for further growth.

There are three areas that are likely to

be most important for the year ahead.

The first is computing. Across both PCs

and Gaming, we are in an exciting period

of growth. In PCs, we are now five years

on from the pandemic, and the natural

replacement cycle of machines bought

during lock-down is likely to start building.

This could be further catalysed by

Windows 10 going out of support in the

Autumn, triggering millions of Windows 10

users in the UK to look at their computing

requirements. Then, there is AI. The consumer

use cases for AI are developing rapidly,

the adoption of them is climbing and the

cost of the products is decreasing. Our

Group is uniquely placed as we have the

scale and supplier relationships that allow

us to invest in colleague training, customer

marketing and stock to become the go-to

retailer for customers in this area. The 75%

share we have in Windows AI computing

in the UK is testament to this. In Gaming,

exciting new products such as the Nintendo

Switch 2 and ROG Xbox Ally X will be

complemented by new NVIDIA graphics

cards and further innovation in gaming

accessories. We have done a good job

capturing growth in this market over the last

few years, but there is still an attractive

opportunity ahead of us.

Second, we have an opportunity to grow

in new products. This includes categories

where we are present but underweight

and see opportunities to gain share,

such as Health & Beauty; new product

categories of tech that we haven’t sold

before, such as pet tech; and products

that are adjacent to technology, where

our infrastructure and capabilities give

us the right to play, such as BBQs. Our

growing Nordics kitchen business, Epoq,

is an exciting such opportunity. In total,

new products represent a substantial

opportunity while requiring limited

investment.

Thirdly, we are increasingly excited about

the B2B opportunity with small-to-medium

sized businesses (especially those with

fewer than 100 employees). We have much

of what it takes to serve these customers,

by virtue of our core B2C business:

suppliers, products, services, channels,

supply chain and service operations. On

top of this, over the past 18 months we’ve

also now established the B2B leadership

team, specialist store colleagues and hubs,

online presence, account management,

and remote service capabilities to go

after this opportunity meaningfully in the

UK&I. In this we’ve learned from the Nordics,

which is further advanced in exploiting this

opportunity with B2B enjoying 3x higher

share of business than the UK&I. This fact,

and a total accessible market that could

be as large as the existing B2C market,

shows there is much more go for in B2B.

We aim to at least double our UK&I B2B

sales over the next three years.

Growth in all these areas is further boosted

by the increasing traction our brand is

getting. Across both traditional and social

media, Currys is gaining a bigger, even “cult”

status. The level of engagement we are

seeing is world class. This is being noticed

externally (we have won awards from

Channel 4 and at Cannes Lion), by our

suppliers who are seeing better ROI on their

spend, and most importantly by customers,

with our Currys brand preference exiting

the year at 26%, +5pts higher than three

years ago.

In recent years, our focus has been on

driving growth in profits and cash, even

at the expense of some market share.

We will continue to ensure that any

growth we pursue is profitable, and that

all investments are closely monitored

to generate the targeted returns.

Summary

Our ambition remains unchanged. We

aim to engage thousands of capable

colleagues, delight millions of customers,

and generate increasing amounts of free

cash flow, with more of it being returned

to our shareholders.

Now, more than ever, I am confident that

we are on the right path to fulfilling these

ambitions.

Alex Baldock

Group Chief Executive

2 July 2025

“Our ambition remains unchanged. We aim

to engage thousands of capable colleagues,

delight millions of customers, and generate

increasing amounts of free cash flow,

with more of it being returned to our

shareholders. Now, more than ever, I am

confident that we are on the right path

to fulfilling these ambitions”

16 Currys plc Annual Report & Accounts 2024/25

Strategic priorities Highlights Progress in 2024/25 Focus in 2025/26

+1pt YoY

Group eSat score

(1)

Ranked in top

5% of global

companies

+1pt YoY

UK&I eSat score

(1)

+1pt YoY

Nordics eSat score

(1)

• Group colleague engagement score of 82, based on 85% participation.

This places Currys plc in the top 5% of global companies.

• Invested in colleague safety and security, implementing a wide range of new

technologies and safety programmes.

• Delivered almost 500,000 hours of colleague training across the Group.

• Continued to build an inclusive and diverse culture where everyone feels

like they belong, including launching a new Diversity & Inclusion strategy in

the Nordics.

• Launched the GM Academy in the UK, upskilling 295 store General Managers

with a range of skills to lead high-performing teams.

• Launched our new values in the Nordics ’We win together, play together,

grow together and are proud to be different together’.

• Enhanced feedback and performance processes for all management

and back-office staff in the Nordics.

• In the UK&I, continue to train General, Sales and Operations

Managers via our GM Academy, levelling up performance in

stores and building leaders of the future.

• Transform the Nordics’ Digital Academy into a future-ready

Digital Learning Hub, expanding learning and development

opportunities.

• Maintain our world-class On the Pulse engagement scores

and continue to improve effectiveness of colleague forums.

• Implement a renewed, consistent approach to talent

identification, development, performance management,

and deployment across all our markets.

• Simplify, automate and build greater flexibility within central

teams for better frontline support.

+6pts Yo2Y

UK&I NPS

Nordics NPS

• Re-engineered 115 stores in the UK, to dedicate more space to categories that

are more profitable, and allow more room for expansion into new categories.

• Added electronic shelf edge labelling (‘ESEL’) to 100 UK stores. This is an

innovation that has been successful in the Nordics and creates a better

customer experience, allows more nimble pricing and saves colleagues’ time

• Implemented over 200 online customer journey improvements across

the Group’s most visited websites, resulting in easier navigation, searching

and filtering.

• Order & Collect has continued to grow, with 5.5m units collected across the

Group, +17% YoY.

• Added an additional 91,000m

of new warehouse capacity in the Nordics

which allows us to stock kitchens in Jönköping in Sweden, resulting in better

lead times and fewer issues for customers, lower costs for the Group and

a reduction of carbon emissions for kitchens by 75%.

• Continue to focus on ensuring we have the right range, price,

availability and merchandising for our products.

• Improve on-shelf availability in stores via enhanced store

and supply chain operations.

• Aim to roll out ESEL to all remaining UK stores by end of

2025/26.

• Continue to develop easier, faster and more intuitive online,

store and omnichannel journeys for customers.

• Launch our new Instant Assistant in the UK&I, powered by

Gen AI, delivering tailored responses to customer queries.

• Further drive the profitability of our omnichannel model,

achieving increased value through online excellence,

space optimisation, ESEL and colleague headsets roll-out

to stores.

2.6m

+15% YoY

Currys flexpay customers

9.9m

UK&I active repair plans

40%

+21pts Yo2Y

UK&I ‘Sold With’ adoption

2.2m

+26% YoY

iD Mobile subscriber

2.0m

Nordic active repair plans

29%

+18pts Yo2Y

Nordics value added

services adoption

• Launched Currys flexpay in the UK&I, a credit service that gives customers

extra flexibility when purchasing their tech.

• Credit adoption increased +180bps to 21.9%.

• During the year, 31% of UK big box deliveries included installation, a rise

of +320bps YoY, and 34% of deliveries included recycling.

• In the Nordics, 44% of big-box deliveries included installation, an increase

of +220bps YoY, and 36% of big box deliveries included recycling, an

increase of +190bps YoY.

• Maintained focus on repair with 9.9m active Care & Repair plans in the UK&I

and 2.0m active repair plans in the Nordics.

• Nordics Customer Club grew +12% to 9.6m members.

• iD Mobile grew +26% to 2.2m subscribers.

• Enhance customer data capability, including enabling

cross-brand marketing via more harmonised consent

management.

• Enrich our customer data and enhance personalisation

and value propositions.

• Maintain adoption of credit at >20% in the UK&I.

• Enhance our Care & Repair services to improve adoption

through increased promotion and education.

• Optimise and enhance ‘Sold With’ solutions and bundles.

• Grow our iD Mobile subscription base, with a target of more

than 2.5m subscribers before the 2025/26 year end.

£162m

+37% YoY

Group adjusted PBT

+2%

Group LFL revenue growth

• Gross margin increased +40bps with improvements across all levers; a focus

on more profitable sales, higher adoption of services and bundled solutions,

better monetisation of improved proposition, as well as cost savings in supply

chain and services.

• UK&I margin improved +20 bps and Nordics margin improved +60bps.

• Group EBIT margin improved +20bps to 2.6% as sales growth and gross margin

expansion offset cost increases.

• Group PBT grew +37% to £162m.

• Group free cash flow increased to £149m, +82% YoY.

• Group year-end net cash of £184m and a pension deficit of £(103)m, a net

position of +£81m, resulting in the strongest balance sheet in over a decade.

• Continue to prioritise cost efficiencies via various initiatives,

including getting it ‘Right First Time’, ESEL, efficiency and automation,

cloud migration and Group synergies, as well as AI initiatives.

• Maintain our focus on areas of profitable growth, adding

products and services that enhance our offering to

consumers at attractive margins.

• Profitably grow share in new and small ticket categories

through improved price position and perception.

• Enhance both our in-store and online product range and

sales capacity while extending our service offerings.

• Expand our B2B operations with a focus on small and

medium sized businesses.

Our strategy: Priorities

Capable and Committed Colleagues

Easy to Shop

Customers for Life

Grow Profits

We continue to build a better end-to-end experience for

customers, however they choose to shop with us. This means

combining expert advice with seamless, convenient and easy

shopping experiences, helping customers choose and afford the

full solution for their needs. We put the customer first in everything

we do and are clear on our promises, including our commitments

to play our part in society and to protect our environment.

Read more about Easy to Shop on page 20.

We want to build more valuable relationships with our

customers, and this means doing more than periodically

selling them a box. We continue to help customers afford

and enjoy (as well as choose) their technology for life.

We do this through our credit and services, while harnessing

our data to create more relevant and personalised content,

offers and touchpoints.

Read about Customers for Life on page 22.

We will continue to grow profits, by growing revenue through

increasing share of wallet and new sources of profitable

growth, managing margins and reducing costs.

Read about Grow Profits on page 24.

Our capable and committed colleagues are our greatest

asset. Highly engaged colleagues, who are happy to work

at Currys, create happy customers, drive performance and

profitability, and help to attract and retain the best talent. Our

colleague engagement is world-class and our colleagues 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.

Read more about our Colleagues on page 18.

(1) Viva – Glint – April 2025 survey completed by 22,220 colleagues across the Group.

Financial Statements Investor InformationGovernanceStrategic Report

Strategic priorities Highlights Progress in 2024/25 Focus in 2025/26

+1pt YoY

Group eSat score

(1)

Ranked in top

5% of global

companies

+1pt YoY

UK&I eSat score

(1)

+1pt YoY

Nordics eSat score

(1)

• Group colleague engagement score of 82, based on 85% participation.

This places Currys plc in the top 5% of global companies.

• Invested in colleague safety and security, implementing a wide range of new

technologies and safety programmes.

• Delivered almost 500,000 hours of colleague training across the Group.

• Continued to build an inclusive and diverse culture where everyone feels

like they belong, including launching a new Diversity & Inclusion strategy in

the Nordics.

• Launched the GM Academy in the UK, upskilling 295 store General Managers

with a range of skills to lead high-performing teams.

• Launched our new values in the Nordics ’We win together, play together,

grow together and are proud to be different together’.

• Enhanced feedback and performance processes for all management

and back-office staff in the Nordics.

• In the UK&I, continue to train General, Sales and Operations

Managers via our GM Academy, levelling up performance in

stores and building leaders of the future.

• Transform the Nordics’ Digital Academy into a future-ready

Digital Learning Hub, expanding learning and development

opportunities.

• Maintain our world-class On the Pulse engagement scores

and continue to improve effectiveness of colleague forums.

• Implement a renewed, consistent approach to talent

identification, development, performance management,

and deployment across all our markets.

• Simplify, automate and build greater flexibility within central

teams for better frontline support.

+6pts Yo2Y

UK&I NPS

Nordics NPS

• Re-engineered 115 stores in the UK, to dedicate more space to categories that

are more profitable, and allow more room for expansion into new categories.

• Added electronic shelf edge labelling (‘ESEL’) to 100 UK stores. This is an

innovation that has been successful in the Nordics and creates a better

customer experience, allows more nimble pricing and saves colleagues’ time

• Implemented over 200 online customer journey improvements across

the Group’s most visited websites, resulting in easier navigation, searching

and filtering.

• Order & Collect has continued to grow, with 5.5m units collected across the

Group, +17% YoY.

• Added an additional 91,000m

of new warehouse capacity in the Nordics

which allows us to stock kitchens in Jönköping in Sweden, resulting in better

lead times and fewer issues for customers, lower costs for the Group and

a reduction of carbon emissions for kitchens by 75%.

• Continue to focus on ensuring we have the right range, price,

availability and merchandising for our products.

• Improve on-shelf availability in stores via enhanced store

and supply chain operations.

• Aim to roll out ESEL to all remaining UK stores by end of

2025/26.

• Continue to develop easier, faster and more intuitive online,

store and omnichannel journeys for customers.

• Launch our new Instant Assistant in the UK&I, powered by

Gen AI, delivering tailored responses to customer queries.

• Further drive the profitability of our omnichannel model,

achieving increased value through online excellence,

space optimisation, ESEL and colleague headsets roll-out

to stores.

2.6m

+15% YoY

Currys flexpay customers

9.9m

UK&I active repair plans

40%

+21pts Yo2Y

UK&I ‘Sold With’ adoption

2.2m

+26% YoY

iD Mobile subscriber

2.0m

Nordic active repair plans

29%

+18pts Yo2Y

Nordics value added

services adoption

• Launched Currys flexpay in the UK&I, a credit service that gives customers

extra flexibility when purchasing their tech.

• Credit adoption increased +180bps to 21.9%.

• During the year, 31% of UK big box deliveries included installation, a rise

of +320bps YoY, and 34% of deliveries included recycling.

• In the Nordics, 44% of big-box deliveries included installation, an increase

of +220bps YoY, and 36% of big box deliveries included recycling, an

increase of +190bps YoY.

• Maintained focus on repair with 9.9m active Care & Repair plans in the UK&I

and 2.0m active repair plans in the Nordics.

• Nordics Customer Club grew +12% to 9.6m members.

• iD Mobile grew +26% to 2.2m subscribers.

• Enhance customer data capability, including enabling

cross-brand marketing via more harmonised consent

management.

• Enrich our customer data and enhance personalisation

and value propositions.

• Maintain adoption of credit at >20% in the UK&I.

• Enhance our Care & Repair services to improve adoption

through increased promotion and education.

• Optimise and enhance ‘Sold With’ solutions and bundles.

• Grow our iD Mobile subscription base, with a target of more

than 2.5m subscribers before the 2025/26 year end.

£162m

+37% YoY

Group adjusted PBT

+2%

Group LFL revenue growth

• Gross margin increased +40bps with improvements across all levers; a focus

on more profitable sales, higher adoption of services and bundled solutions,

better monetisation of improved proposition, as well as cost savings in supply

chain and services.

• UK&I margin improved +20 bps and Nordics margin improved +60bps.

• Group EBIT margin improved +20bps to 2.6% as sales growth and gross margin

expansion offset cost increases.

• Group PBT grew +37% to £162m.

• Group free cash flow increased to £149m, +82% YoY.

• Group year-end net cash of £184m and a pension deficit of £(103)m, a net

position of +£81m, resulting in the strongest balance sheet in over a decade.

• Continue to prioritise cost efficiencies via various initiatives,

including getting it ‘Right First Time’, ESEL, efficiency and automation,

cloud migration and Group synergies, as well as AI initiatives.

• Maintain our focus on areas of profitable growth, adding

products and services that enhance our offering to

consumers at attractive margins.

• Profitably grow share in new and small ticket categories

through improved price position and perception.

• Enhance both our in-store and online product range and

sales capacity while extending our service offerings.

• Expand our B2B operations with a focus on small and

medium sized businesses.

18 Currys plc Annual Report & Accounts 2024/25

Apr 21

Apr 22

Apr 23

Apr 24

Apr 25

Apr 22

Apr 23

Apr 24

Apr 25

Our strategy: Capable and Committed Colleagues

Capable and

Committed Colleagues

Technology is exciting, but can be confusing

and expensive. Our colleagues are trained

to connect with customers, to understand their

technology needs, and to match them to the

best solution for them.

We deliver results for our people – and

our business – through the three pillars

of our people strategy: highly engaged,

high-performing teams, with the best talent;

working as one business that is flexible and

affordable; and living our vision and values,

in a great place to work.

Our capable and committed colleagues are our greatest asset. Highly engaged

colleagues, who are happy to work at Currys, create happy customers, drive

performance and profitability, and help to attract and retain the best talent.

Our colleague engagement is world-class and our colleagues 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.

UK&I eSat colleague engagement Nordic eSat colleague engagement

Highly engaged, high-performing teams, with the best talent

Our people make us what we are. That’s

why we’ve built a caring and supportive

environment where everyone feels like

they belong. We’ve listened to colleagues,

simplified our ways of working and

provided them with better tools, training and

reward. As a result, our teams are among

the most engaged worldwide. We have

world-class engagement across the Group,

with an eSat score (how happy colleagues

are to work here) of 82(1), putting us in the

top 5% of global businesses. Our eSat

score in the Nordics increased +1pt YoY to

79 and our UK&I score is 85, ranking in the

top 3% of global businesses.

We’re creating a culture that cannot be

beaten. We’re working to make Currys the

number one destination for talent, through

world-class engagement, high-performing

teams, personal growth and professional

development, enabling everyone to thrive.

This year we’ve reduced attrition rates by

(4)pts in the UK&I to 19%, helping to retain

talented and valuable colleagues, and

generating resources and cost savings.

We’re investing in supporting colleagues

to grow and progress and have seen a

+8pt Yo2Y increase in positive response

to the ‘career goals’ question on our

engagement survey across the Group. This

reflects an +11pt YoY increase in the UK&I.

Approximately 50% of our new vacancies

in 2024/25 were filled internally, with 18%

coming from our colleagues in stores,

supply chain and service operations.

Our highly engaged, high-performing

teams drive commercial performance and

increased customer satisfaction across

the business. In the UK, our NPS climbed to

55, +6pts Yo2Y, as we saw improvement

across both channels and at each stage

of the customer journey. In the Nordics, we

implemented NPS during the year, with an

initial reading of 63.

Additional information on how we engage

with colleagues, our diversity and inclusion

data, and policy information is contained in

the Governance section on pages 72 to 137.

(1) Source: Viva – Glint – April 2025 survey completed by 22,220 colleagues across the Group.

Financial Statements Investor InformationGovernanceStrategic Report

Working as one business that is flexible and affordable

We are committed to putting the right

people, in the right place at the right time;

in stores and supply chain – to delight our

customers.

Our close-knit, supportive teams have a

sense of togetherness and collaboration,

working as one business across the Group

to identify opportunities for improvement

and learning. Our Group-wide engagement

score for ‘working together as one business’

has increased to 73 (+2pts YoY). This is an

increase of +19pts in the UK&I since 2020/21

and +5pts in the Nordics since 2021/22.

Expert, face-to-face help requires flexible,

skilled and dedicated colleagues. In the

last year, the Group has delivered almost

500,000 hours of learning across the

Group and launched the GM Academy

in the UK&I, upskilling 295 store General

Managers in order to lead high-performing

teams. Additionally, a renewed talent and

people development strategy is being

launched in the Nordics, introducing a

new career track within Sales & Customer

Relations.

Flexibility is important to driving inclusion,

engagement, well-being and productivity,

and helps to create happy colleagues

and customers. We offer hybrid and remote

working options for many colleagues, and

we are focusing on behaviours and culture

to drive the future of work across the

Group – creating stronger opportunities

for colleagues to connect, collaborate

and learn from each other.

Our colleagues’ dedication and skills

ensure Currys is winning. We’re proud of

the progress we’ve made in improving

total colleague reward.

In the UK our latest pay increase was

double the rate of inflation and represents

a further +£8m investment in colleague

pay. Over the past three years, we’ve

raised minimum hourly pay for skilled sales

colleagues by 32%.

In the Nordics, pay increases varied by

country; all Finnish colleagues received an

additional €60 per month, while Danish,

Swedish and Norwegian colleagues

received increases of +2%, +3.1% and +5%

per annum respectively.

Living our vision and values, in a great place to work

Our reputation as an employer is strong,

and our values shape our culture, inspire

our colleagues, and set the standard for

how we deliver our vision. While our values

in the UK&I and the Nordics are distinct,

colleagues across the Group are united by

common principles.

In the UK&I we have a clear people promise,

‘Welcome to Amazing’, which articulates what

is special and different about working at

Currys. In the Nordics, we refreshed our values

under our new ‘Different Together’ strategy

to better reflect our identity and address

employee feedback. Extensive engagement

led to the adoption of ‘We win together,

play together, grow together and are proud

to be different together’, aligning more

closely with our culture and future direction.

We’re committed to creating a diverse and

inclusive place to work, where everyone

feels they belong. This is important not just

for our colleagues, but so we reflect our

diverse customers, and help everyone to

enjoy amazing technology. In the Nordics,

we conducted an extensive survey to

gain insights into the demographics of

our employee base, leading to our new

Diversity & Inclusion strategy. In the UK&I our

four employee networks (Pride at Currys,

Disability at Currys, Embrace and Women’s

Network) have over 1,800 members and

ran over 20 events in 2024.

Our Group engagement score for

authenticity (I feel comfortable being

myself at work) is 87 (+8pts above the

global benchmark), and we have seen a

+4pt increase Yo2Y for colleagues feeling

a sense of belonging across the Group.

Colleague health and well-being remains

a priority, through a range of well-being

resources, benefits and tailored support,

such as our 500 accredited mental health

first aiders across the UK&I. Our Group

engagement score for well-being has

increased to 78 (+7pts YoY).

We put our customers first.

We win together.

We own it.

20 Currys plc Annual Report & Accounts 2024/25

31%

30%

29%

27%

25%

19/20

20/21

21/22

22/23

23/24

24/25

22/23

23/24

24/25

+31%

Yo2Y

22/23

23/24

24/25

+11%

YoY

30%

Online

only

20%

In-store

only

50%

Both online

and

in-store

22/23

23/24

24/25

+33%

Yo2Y

Our strategy: Easy to Shop

Easy to

Shop

We are clear on our promise to customers and

are proud that we exist to sell to customers,

to help each of them discover and choose

the amazing technology that’s right for them,

however they shop with us. Customers expect

us to get the basics right: strong range and

availability of products, being trusted on price

and giving an easy end-to-end experience.

We’ll continue to focus on these retail basics,

which are the principal drivers of the customer’s

purchase decision, and of customer loyalty too.

We are there for customers from initial

research through to purchase and beyond.

However, we are determined to keep working

hard to take the customer experience to the

next level. We are obsessed with becoming

easier to shop, we make it easy to search, find,

buy, checkout and return, from pre-purchase

to post-purchase. In turn this will help us

improve conversion and grow market share.

Getting it ‘Right First Time’ is a big part of this.

It is good for the customer when we get the

likes of delivery, collection and repair right

first time. The customer likes it when we arrive

at the appointed time, with the right product,

undamaged, with the colleagues and the

parts necessary to install it there and then.

It’s also good for Currys, as it saves us the

cost of having to do it a second time.

We continue to build a better end-to-end experience for customers, however they choose

to shop with us. This means combining expert advice with seamless, convenient and

easy shopping experiences, helping customers choose and afford the full solution for

their needs. We put the customer first in everything we do and are clear on our promises,

including our commitments to play our part in society and to protect our environment.

Customers prefer our omnichannel model…

Customers prefer omnichannel

(1)

We’re strongest when we offer the best of both online and

stores to customers, making it easier for them to shop as they

prefer. Customers value stores for getting hold of the product

urgently, to see, touch and feel products before buying, for

expert advice and in-store services. They value online for

convenience, range and availability. Most customers use

both channels.

We have both, and we are making the most of this model.

We are proud to sell complete solutions to customers,

assembling and providing the complete solution for customers

in a way that is valuable for them and profitable for us.

Solution-selling ensures the customer gets everything they need,

and that we make more margin.

… with more customers choosing to shop

in both channels

Omnichannel as proportion

of total UK product sales

UK&I Order & Collect

revenue

UK&I Online-in-store revenue

Nordics Order & Collect

revenue

(1) Customer survey of 12,587 UK&I customers between May 2024 – April 2025. Q: Which of the following best describes how you have browsed/shopped for electricals in the

last 12 months.

Financial Statements Investor InformationGovernanceStrategic Report

A network of stores that is close to customers

Our scale surpasses that of our closest competitors with 296 stores in the UK & Ireland, and 412 in the

Nordics (including 175 franchise stores). These locations serve as places for discovery, advice and service

while they are the quickest way for customers to access the products they need. With 75% of the UK

population within 15 minutes of a Currys store and 96% within 30 minutes, this extensive network ensures

efficiency and a great customer experience.

UK & Ireland stores Nordics stores

We’re investing in both stores…

In the UK, we re-engineered 115 stores to dedicate more space

to categories that are more profitable, and to allow more room

for expansion into new categories, such as; health and beauty,

pet tech, portable power, and fitness – in line with customer

needs and the latest trends. Seasonal ranges will include the

launch of categories such as BBQs and gardening equipment

in summer, back to school tech and supplies in the autumn,

and new gifting ranges and services in winter.

We added ESEL to 100 UK stores. This is an innovation that has

been successful in the Nordics and creates a better customer

experience, allows more nimble pricing and saves colleagues’

time. We aim to roll out ESEL to all remaining stores by 2025/26.

…and online

Our main websites (currys.co.uk, Elkjøp.no, elgiganten.se, elgiganten.

dk and gigantti.fi), receive over 500m visits per year. In the Nordics

we moved our front end development in house, and fully migrated

to our Next Level platform, saving £2m per year, while increasing site

speed and accelerating change processes. Across both markets the

continual improvement programme has seen over 200 changes

that are designed to improve the shopping journey, from easier

navigation, searching and filtering, through to an easier checkout

with enhanced payment options. This has led to a +25bps increase

in conversion in the UK and a +22bps increase in conversion in the

Nordics, driving the growth of these businesses. In conjunction we

have improved the online journey for Order & Collect, and together

with better store processes, this has driven +15% growth in Order

& Collect revenue, which now represents over 34% of our Group

online revenue, +210bps YoY.

We help you afford

amazing tech

We help get

you started

We help give your

tech longer life

We help you get

the most out of

your tech

22 Currys plc Annual Report & Accounts 2024/25

Our strategy: Customers for Life

Customers

for Life

As the leading technology retailer in all our

markets, with the ability to serve customers

across both channels, we have a significant

opportunity to increase customer loyalty

and share of wallet through utilising and

harnessing our services.

Good data helps us better understand,

measure, track, target, and tailor our

propositions to our most valuable customers,

and we are continuing to make progress

on improving this capability. Our services,

including credit, help us build longer-lasting

and more valuable relationships with

customers.

Our credit offer helps customers access

the tech they need, want and desire. It

puts technology in the hands of millions of

customers who otherwise couldn’t afford it.

Beyond this, credit customers are happier,

more loyal and spend more on products

and services. In turn this helps us build more

customers for life and grow profitability as

a result.

Services are profitable on their own, and

are a big source of recurring, higher margin

revenue. More importantly, they help

customers make more sustainable choices

and they drive increased customer loyalty.

We want to build more valuable relationships with our customers, and this means doing

more than periodically selling them a box. We continue to help customers afford and

enjoy (as well as choose) their technology for life. We do this through our credit and

services, while harnessing our data to create more relevant and personalised content,

offers and touchpoints.

2.6m

+15% YoY

Currys flexpay customers

21.9%

+180bps YoY

Currys flexpay adoption

5.5m

+17% YoY

Order & Collect units

9.6m

+2% YoY

Deliveries

1.6m

+6% YoY

Installations

3.1m

Repair plans sold

11.9m

Total active repair plans

5.5m

E-waste products

collected

2.2m

+26% YoY

iD Mobile subscribers

We offer a wide range of services, including connectivity

We are uniquely positioned within tech

retail to help customers afford amazing

technology through credit, to get started

with delivery, installation and set-up, help

give tech a longer life through protection,

repair, trade-in and recycling, and get

the most out of tech through connectivity,

subscriptions and tutorials.

Services enable us to keep talking to

customers and are a significant source of

revenue in their own right. They drive higher

in-year profits and long-term recurring

revenue and our world-class repair

capabilities stand us out from the crowd.

Services will remain central to our

agenda: they are our most differentiated

capabilities, fulfil important customer

needs and are a large source of higher

margin, recurring revenue.

Financial Statements Investor InformationGovernanceStrategic Report

21.9%

20.1%

17.7%

13.3%

10.8%

11.2%

19/20

20/21

21/22

22/23

23/24

24/25

9.9m

10.1m

8.9m

8.8m

8.5m

9.8m

19/20

20/21

21/22

22/23

23/24

24/25

£1.1bn

£0.9bn

£0.7bn

£0.6bn

£0.5bn

19/20

20/21

21/22

22/23

23/24

24/25

2.0m

1.9m

1.8m

1.7m

21/22

22/23

23/24

24/25

.5m

.0m

.5m

.0m

.5m

£20.32

RPU

(1)

£13.82

RPU

(1)

1.1m 1.1m

1.2m

1.3m

1.8m

2.2m

As part of our mission to not just sell

technology, but help customers afford,

install, repair and protect amazing

technology, we launched Currys flexpay in

October 2024 as a credit service that gives

customers extra flexibility when purchasing

their tech. Customers can choose to pay

through fixed monthly payments or via

the buy now, pay later feature, and gain

exclusive access to a range of low rate

and interest free promotional credit offers

on selected products.

Currys has grown its active credit customer

count to over 2.6m, and these customers

are our happiest, with NPS scores up +13pts

YoY, higher than non-credit customers.

They spend more (+10% higher average

transaction value), are more likely to

purchase complete solutions and linked

products (+13% higher attach rates), and

are nearly twice as likely to return and shop

again at Currys within 12 months.

Currys flexpay launches at a time when

over 20% of eligible spending is done

through credit. This makes it our most

popular credit offering, with spending

now surpassing that made on credit

card transactions.

Once customers have their tech, they want

to keep it working. Currys is uniquely well

placed to keep tech working as we are

the only tech retailer that operates its

own repair facilities, allowing us to offer

customers the protection they want at

good value.

The result of this can been seen in the 11.9m

protection plans in place across the Group.

During the year, our team of almost 1,500

engineers successfully completed 1.6m

customer repair activities, both at our repair

centres and in customers’ homes.

iD Mobile is our award-winning mobile virtual network

operator in the UK. In partnership with Three, its blend

of affordability, flexibility and a feature-rich offering

has earned it a reputation as the ‘value’ network.

iD Mobile has experienced substantial growth. In

2024/25, thanks to a value-driven proposition that’s

resonating with consumers, it added 0.5m subscribers

to reach the 2.2 million milestone.

iD Mobile represents an important source of growing,

recurring and predictable revenue.

Currys flexpay – Taking credit to the next level

Giving tech longer life through our unique repair capabilities

iD Mobile – a rapidly growing asset that’s resonating with consumers

UK&I credit adoption UK&I credit sales

UK&I active repair plans Nordics active repair plans

19/20 20/21 21/22 22/23 23/24 24/25

18/19 19/20 20/21 21/22 22/23 23/24 24/25

Source: Currys internal information

(1) RPU – Revenue per user

Drivers of gross margin

We will continue to improve gross margins.

We will achieve this through focusing

on ‘Sold With’ solutions, our services,

monetising our improving customer

experience and continuing to improve

marketing and promotional efficiency.

We will continue to optimise our supply

chain, channels and service operation

costs, and we will continue to leverage

our ever improving understanding of

end-to-end profitability, and not chase

less profitable sales.

24 Currys plc Annual Report & Accounts 2024/25

21/22

24/25

Long Term

Target

22/23

23/24

24/25

+39%

Yo2Y

17.7%

20.1%

21.9%

22/23

23/24

24/25

+380bps

Yo2Y

1.8m

1.9m

2.0m

8.9m

10.1m

9.9m

22/23

23/24

24/25

19%

30%

40%

22/23

23/24

24/25

+21pts

Yo2Y

11%

20%

29%

22/23

23/24

24/25

+18pts

Yo2Y

Our strategy: Grow Profits

Grow

Profits

In a business that is low margin, highly

discretionary and vulnerable to economic

downturns, discipline on margins and costs

is important. However, in a business that is

highly operationally leveraged, growing sales

profitably is important to increasing profits

and building resilience into our business model.

We’re unlocking new avenues of profitable

growth through what we sell, who we sell to

and how we sell it. In the next year we will

focus on four key areas.

Computing and gaming are seeing renewed

demand, driven by the post-pandemic PC

replacement cycle, Windows 10 phase-out,

and rapid AI adoption. With over 75% share

in Windows AI computing, we’re the clear

retail leader. In gaming, upcoming launches

like Nintendo Switch 2 and the ROG Xbox Ally

handheld are set to fuel further momentum.

New products is an area where we can drive

incremental sales from generally higher margin

categories. We are targeting growth

in categories where we are underweight

(like gaming accessories), in emerging tech such

as the innovations in health & beauty and in

adjacent, non-tech categories like BBQs, where

our capabilities give us a competitive edge.

Finally, our B2B business is accelerating

following targeted investment and

reorganisation. With strong early traction, we

aim to double UK&I B2B sales within three years.

We continue to grow profits, by growing revenue through increasing share of wallet

and new sources of profitable growth, managing margins and reducing costs.

Solution selling

UK&I ‘Sold With’ adoption Nordics value added

services adoption

Higher services adoption

UK&I credit adoption Active protection plans

Monetising the improved

customer experience

D&I&R revenue per order

(1)

Not chasing less

profitable sales

Reduced supply chain and

service operation costs

Monetising improved data and

analytics:

• End-to-end profitability model

• Improved marketing and

promotional efficiency

• Improved pricing discipline

Repeat visit rate

(1) D&I&R – Delivery, Installation and Recycling revenue.

UK & I Nordics

Financial Statements Investor InformationGovernanceStrategic Report

0.3

19/20 20/21 21/22 22/23 23/24 24/25

Target

1.9%

2.1%

2.8%

0.6%

2.9% 2.9%

1.9%

>3.0%

19/20

20/21 21/22 22/23 23/24 24/25

Target

3.6%

3.5%

1.7%

2.1%

>3.0%

0.7%

Costs

We treat every pound spent in the business as if it was our own. We must take costs out of the business to offset the impact

of inflation and to increase our profits. We will continuously look to make savings across our cost base, by renegotiating or

retendering contracts, improving marketing efficiency, streamlining IT expenditure through system consolidation, and optimising

logistics, operations and head office payroll. Where possible head office and IT payroll will be reduced.

Our efforts are concentrated on four areas

Supply chain

Getting our supply chain

working as effectively as it

possibly can be and also

the outsourcing of our

warehousing and logistics.

Goods not

for resale

Retendering contracts

and consolidating

supply base.

Stores

Retraining and

multiskilling colleagues,

removing tasks.

IT & central

Simplifying processes,

removing duplication and

low value add tasks and

moving IT to the cloud.

EBIT margin target

Through these actions we are confident in achieving an adjusted EBIT margin of at least 3% in both UK&I and Nordics.

In the UK&I we are close to this level. In the Nordics we have confidence in returning to 3% margins and expect to do so

sooner if the consumer environment improves.

UK&I adjusted EBIT margin (%)

(1)

Nordics adjusted EBIT margin (%)

(1) UK&I adjusted EBIT margin in 22/23 includes a non-repeat £30m mobile revaluation which accounts for 0.6% of total UK&I adjusted EBIT margin.

26 Currys plc Annual Report & Accounts 2024/25

Capable and Committed Colleagues

Delivering a great customer experience requires a great colleague experience

At Newark, Currys employs over 1,000 repair engineers working to give tech longer life. Many of these

experts are trained in-house, with 28 apprentices having been trained up in the last year. The average

tenure of the colleagues is ten years, as the culture of continuous innovation drives loyalty.

This culture drives benefits for the business, as innovation in areas including RepairLive and AI have delivered savings for the Group through

reducing the cost to repair products.

Our colleagues lead our innovation to give tech longer life through our continuous improvement programme, where our expert colleagues

are encouraged to share their ideas though out Continuous Improvement initiative.

Strategy in action – Case study on Newark

Newark is the centre of our UK supply chain and

home to one of Europe’s largest tech repair centres

Our full range of services and support makes it easy for our customers to discover, choose, afford and

enjoy the right technology to the full. In the UK&I, Newark is at the heart of our extensive distribution

network, enabling fast and efficient delivery to stores and customer homes.

Almost 3m products are processed

each year for returns or to be repaired,

refurbished or recycled.

1,500,000

sq ft

2,600

People

Financial Statements Investor InformationGovernanceStrategic Report

Sources: Currys Internal information

We help get

you started

Delivery | Installation | Set up

We help you get

the most out of

your tech

Connectivity | Help & support

Tutorials | Subscriptions

We help give your

tech longer life

Protection | Repair | Refurbish

Trade in | Recycle

We help you

afford amazing

tech

Credit

Services: £814m revenue

£1.1bn

of sales on Credit

23/24 24/25

Recurring service revenue

UK&I Nordics

Easy to Shop

Distributing stock all over the UK and

Ireland, supported by our well established

network and 296 stores

Our customers tell us that they prefer omnichannel. Whether a

customer chooses to shop online, in-store or through a mix of

both channels, every product that a customer purchases starts

its journey at Newark before being delivered to one of our

296stores or direct to the customer’s home.

Newark is at the heart of our supply chain, receiving over

28m units per year, from over 200 different suppliers and able

to flex quickly between stores and online. Currys can get the

products that customers want and allow them to shop how

they choose, resulting in happier customers.

Customers for Life

Built through our range of services –

Newark is at the heart of our delivery,

installation and repair services

At Currys, we do more for customers than

periodically sell them a box, and our operations

at Newark are key to our operations.

We help get customers get started. Last year we delivered

2.9m big-box items to customer homes across the UK&I,

completing 900k installation services.

We help give tech longer life. The 9.9m active Care & Repair

plans in the UK&I are serviced by our operations in Newark.

This makes us uniquely placed among technology retailers

in our markets as all competitors outsource repair services,

resulting in a less differentiated service.

Tailored propositions

valued by customers

Competitive prices

Help to make

sustainable choices

Delivered reliably

Grow Profits

Newark is central to both realising cost savings and delivering higher margin, recurring revenue.

Cost savings have come through more

efficient logistics and distribution,

streamlining returns and through maximising

the value of repairs through refurbishment

and parts harvesting.

Repair services are a significant source

of high-margin, recurring revenue, all

supported by the unique capabilities

that we have in Newark.

28 Currys plc Annual Report & Accounts 2024/25

Our stakeholders

Section 172 statement

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.

This statement explains how the Board has

embedded stakeholder considerations

into its decision-making including two case

studies 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

Stakeholder management

The Group’s purpose is embodied in its

vision – We help everyone enjoy amazing

technology, setting the overall context

for the Company and the Board. The

Company’s values are embedded across

the business and set out in the Colleague

Code of Conduct. At the heart of these

values is a commitment to run a business

which complies with all applicable laws

and regulations while keeping colleagues

and customers safe, respecting the

diversity and dignity of everyone we

interact with, protecting the business assets

and reputation and delivering value for

our stakeholders.

A clear corporate governance structure is

in place which, together with the Group’s

Delegation of Authority Policy, ensures

that business decisions are made 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. By considering the Group’s purpose,

vision and values together with its strategic

priorities and having a process in place for

decision-making, the Board does, however,

aim to make sure that all decisions are

considered and made following reflection

across a broader view of stakeholder

considerations.

Non-executive directors receive

stakeholder feedback and insights both

through their direct access to the Group’s

key stakeholders and through regular

reports from the management team,

including updates on customer satisfaction

metrics and comments.

Directors meet colleagues from a range

of areas of the business during offsite

Board meetings and store visits and receive

colleague engagement survey results,

and a non-executive director attends the

International Colleague Forum meetings,

while another non-executive director attends

the Leadership Inclusion Forum meetings.

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.

Non-executive directors meet with

management to discuss sustainability

topics at the Environment, Social and

Governance Committee.

Directors receive a briefing on s172(1) duties

as part of their induction programme.

The pre-read 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

ensures 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 ensures that

stakeholder considerations are sufficiently

discussed during Board decision-making

in meetings.

The Board challenges whether any

decision made is the ‘right thing to do’ to

ensure a fair long-term outcome for all

stakeholders including relationships the

Company has with external bodies and

the impact on the communities the Group

operates in.

Director

context

Understanding

stakeholder interests

Board

decisions

Financial Statements Investor InformationGovernanceStrategic Report

Case study:

Growth of Business to Business (‘B2B’)

Case study:

Customer experience

During the year, the Board considered the Group’s B2B strategy in Nordics and UK&I and approved that B2B

continues to be a strategic priority with B2B capability enhanced in both markets and across all functions.

In March 2025 a new Chief Services

Officer role was created to lead and

accelerate performance across Currys

Business, Credit and Services. The Chief

Services Officer is a member of the

Executive Committee.

The Board considered the needs and

expectations of our customers and

agreed that business customers would be

better served by distinct B2B specialists

in front-line teams. Investing in B2B offers

and services would enable business

customers to benefit from the Group’s

extensive existing store network, product

range, knowledgeable colleagues and

effective supplier relationships.

The Board considered the impact on

our colleagues. Investment in colleague

training and upskilling and establishing

expert account management services

for business customers would present

additional career development

opportunities for colleagues.

The Board considered the implications

for our shareholders and agreed

that B2B presented a large growth

opportunity that was likely to increase

profits leading to further strengthening

the Group in both markets and improving

long-term shareholder returns.

The directors agreed that the expansion

of B2B was likely to benefit our suppliers

and partners in extending sales of

their products to medium and small

businesses using the Group’s existing

sales channels.

The Board considered our communities

and environment and agreed that the

increasing the scale of the Group’s B2B

customer base would also help drive

the Group’s services and these included

giving technology a longer life through

repair, recycling and reuse, and reducing

the Group’s impact on the environment

including achieving net zero emissions

by 2040.

Oversight and synergies

During the year, the Board received

several updates on customers and

continued to invest in the customer

experience across several Easy to

Shop initiatives.

In the Nordics, this included delivery

of the full operation of the Nordics

Distribution Centre. The increased

capacity has had benefits such as

the Nordics being able to stock Epoq

kitchens in Sweden instead of in Czech

Republic to reduce customer lead times.

In the UK&I, this included re-engineering

the majority of the stores to increase

store space for the products customers

most want to physically see and increase

space for new product categories.

The rollout of electronic shelf labelling

(already in place in the Nordics) is

underway.

The Board received customer insights

from a range of methods including

external market research and analysis

of internal data on transactions, online

behaviours and customer feedback.

These insights are being used to enhance

the customer proposition, shape strategic

priorities and investment decisions and

enhance understanding of the priorities

that customers have.

The Board analysed the insights on our

customers to enhance understanding

of the needs of each customer segment

and ensure that investment decisions

are correctly prioritised. Customers will

benefit from an improved product and

services proposition and store and

online customer journey based on

customer feedback.

The Board considered the possible

impacts on our colleagues. And

agreed that improvements in customer

satisfaction would support improvements

in colleague satisfaction. Initiatives

such as electronic shelf labelling would

reduce colleague hours and increase the

time spent selling to customers.

The Board considered the impact of

the customer insight approach on our

shareholders. The improvements to the

customer experience would enable a

more efficient business with improved

customer and colleague satisfaction

and help accelerate profitable growth

for the Group.

The Board considered the impact on

the Group’s suppliers and partners

and agreed that a proposition based

on customer insights would increase

the efficiency and financial success

of the business for both the Group

and its suppliers and partners.

The Board challenged the possible

impacts on our communities and

environment and noted that initiatives

designed to enhance the customer

experience would also have wider

benefits to improve efficiency and

reduce waste. For example, stocking

Epoq kitchens in Sweden rather than

Czech Republic would lower the

carbon emissions in this area by 75%.

30 Currys plc Annual Report & Accounts 2024/25

How we engage Stakeholder focus How we engaged in 2024/25 How we engaged in 2024/25 Future priorities

Our customers

• In store

• Online

• Social media

• Customer centres

• Post-sales customer satisfaction survey

• ShopLive

• RepairLive

• Email

• Product availability

• Product range

• Product value and affordability

• Product sustainability and ethical

sourcing

• Customer journey experience

• Services and Credit

• Advice and support

• Choice of how to purchase; online

or in store

• Seamless delivery experience

• We deployed a new creative execution and media

strategy during the year which created significant

growth in advertising sales and received positive

feedback from customers.

• The Board received updates on customer experience

throughout the year, including deep dive sessions

in May 2024 and December 2024, The directors

reviewed the analysis of customer insights work and

the proposed initiatives to respond to the data and

enhance the customer experience.

• The Board visited stores in Norway in October 2024

and in Sweden in March 2025 to gain insights into the

customer experience.

• Customer feedback is collected from thousands of customers each week. We use NPS in the UK&I and

Nordics to measure the benchmark against industry leaders, Customer feedback is used to gain insights

and help the business better understand customer expectations and concerns. Machine learning and

AI solutions are used to quantify the sentiment of comments.

• During the year, external consultants were used to do complete further analysis of customer

behaviours. The insights gained will be used to further enhance the customer experience.

• In addition to deep dives, the Board receives regular updates on customer feedback including in the

Group Chief Executive’s report at each Board meeting.

• Expand the proposition and support

for business customers.

• Continue to help customers discover,

choose, afford and enjoy the right

technology for them and continue to

deliver Easy to Shop improvements.

• Respond to customers’ ever-increasing

concerns on sustainability.

• Use customer insights to prioritise

initiatives and build valuable customer

relationships.

Our colleagues

• Induction and training programmes

• International Colleague Forum

• Intranet

• Emails

• Team meetings

• Meetings with line manager

• Colleague surveys

• Events including annual Peak event in

the UK & Ireland and the Campus event

in the Nordics

• Company culture and values

• Well-being

• Reward

• Benefits

• Flexible working

• Health and safety

• Training and development

• Inclusion and diversity

• Company social purpose and

sustainability

• New store-based colleagues who join the business

attend a training event before they start work serving

customers in stores. A separate induction programme

is in place for corporate colleagues.

• During the year, a new ‘Amazing Managers’ programme

was launched for managers across the business to

continue to upskill, support and drive consistency

across our manager population.

• Regular colleague surveys are used to seek feedback

which is then shared with the Board and used in

decision-making. Colleague engagement reached

record levels during the year with a Group eSat of 82.

Infosys colleagues were included for the first time

this year.

• Colleagues that prepare Board and committee papers include their contact details and directors

can contact them directly when they would like further detail.

• An International Colleague Forum is in place as a single listening and engagement forum for all

colleagues. Useful feedback obtained from this Forum this year included colleague insights on

barriers to execution and preferred systems and platforms. Non- executive directors met privately with

representatives from the International Colleague Forum in January 2025 to receive direct feedback on

current topics of interest and priorities for colleagues.

• Directors visit stores and meet colleagues in person. The Board visited The Academy@Fort Dunlop

during the year to experience the UK&I store colleague induction programme. The Board visited stores

in Norway in October 2024 and Sweden in March 2025 and these visits included spending time with

store colleagues.

• Continue to build on high colleague

engagement scores and ensure

that action plans are in place for

opportunities that colleagues have

identified.

• Continue to upgrade the tools and

information available to colleagues

(including on the Colleague Hub).

• Continue to support colleagues

including guidance and tools such

as Champion Health support from

the Company’s well-being partner.

Our communities and environment

• Surveys, forums and web platforms

• Website

• Annual reports

• Social media

• Engagement meetings

• Charity and supplier partnerships

• Multi-stakeholder collaborations

• We help everyone enjoy amazing

technology

• Being a responsible contributor to society

• Being a good employer

• Having sustainable business practices

• Minimising impact to the environment and

addressing climate change

• The Board has an ESG Committee to enable

increased Board-level focus on ESG activities in the

Group for internal and external stakeholders and

our communities. More information is available on

page 103.

• The Company has a Sustainable Business team which

oversees the Group’s charitable partnerships and

environment initiatives including engagement with

external stakeholders.

• All directors have access to ESG meeting papers and minutes and receive regular updates on ESG

at Board meetings, including from the Chair of the ESG Committee, via the CEO report, and through

deep dive updates such as on circular economy.

• The Company continued to work with suppliers, partners and industry bodies to help drive industry

action to improve its use of resources and create circular business models through design, repair,

recycling and reuse. The Company is a member of the Circular Electronics Partnership (‘CEP’), who

maximise the value of components, products and materials throughout their lifecycle.

• The Company has worked with the Digital Poverty Alliance (‘DPA’) during the year to lead sustainable

action against digital poverty in our communities.

• Continue to deliver under the

three ESG strategic priorities in our

communities: growing our circular,

business models, achieving net zero

emissions by 2040, and helping

eradicate digital poverty.

• Continue to partner with external

bodies to support the delivery of

the strategic objectives including the

DPA in the UK and partnerships in the

Nordics that fight digital exclusion.

Our shareholders

• Results announcements and

presentations

• Annual report & accounts

• Annual general meeting

• Investor roadshows

• Shareholder meetings

• Company website

• Registrar contact

• Consultation with major shareholders

on key topics

• Ensuring the long-term sustainable future

of the business

• Financial and share price performance

• Dividend policy and capital allocation

• Current trading

• Business strategy and vision

• Director remuneration

• Shareholder communications and

engagement

• ESG issues

• The Investor Relations team manages a programme of

regular meetings with the Group’s largest shareholders

and most of these meetings are also attended by at

least one Board director. For other shareholders, the

primary point of contact is the Company’s registrar,

although any matters can be escalated to either the

Investor Relations or Company Secretariat teams as

appropriate.

• During the year, the Remuneration Committee Chair

held several meetings with the Company’s largest

shareholders to discuss the Remuneration Policy to

be submitted to shareholders at the Annual General

Meeting (‘AGM’) in 2025.

• The Board receives updates from the Investor Relations team at every scheduled Board meeting.

These include updates on any material changes to the composition of the shareholder register,

a summary of investor interactions that have taken place during the period including investor

questions and topics discussed.

• The Board receives updates from the Company’s brokers periodically and these include shareholder

feedback and market sentiment. The Board last received an update from its brokers in January 2025.

• The Company completes an analysis of its shareholder register each year to ensure that the annual

general meeting is held in the location that is accessible to as many of the Company’s shareholders

as possible. The meeting was held in central London in September 2024 and all of the directors

spent time with shareholders after the conclusion of the formal meeting.

• Continue regular engagement

with shareholders.

• Enhance disclosures in annual reports

and accounts and on the Company’s

website to provide more information

on topics of most interest to

shareholders including ESG matters.

Our suppliers and partners

• Formal engagement strategy including

regular visits and meetings

• Supplier relationship management

team

• Supplier questionnaires

• Due diligence process for new suppliers

• Strong customer demand

• Good collaboration and

communications

• Reliability

• Value

• Health and safety

• Compliance

• Sustainability and ethical sourcing

• The Board receives regular feedback on substantive

supplier and partner matters via the Group Chief

Executive and the Chief Commercial Officer.

• A supplier conference was held in London in March

2025 to share key messages with suppliers and

partners and to foster collaboration.

• A formal engagement strategy is in place for each key supplier and partner. This strategy is customised in

each case but includes regular meetings and calls between the Group Chief Executive and his counterpart

at the supplier company and between the Chief Commercial Officer and his counterpart. This is supported

by a team of colleagues engaging regularly to assess progress against agreed business plans.

• A suite of policies and standards are in place to ensure that suppliers and partners adhere to high

ethical standards including prevention of modern slavery and anti-bribery. More information on this

is available in the Sustainable business report on page 51.

• The Group Chief Executive participates in regular meetings with the Group’s largest suppliers and

partners and receives regular updates on all suppliers and partners from the Chief Commercial Officer.

• Collaborate with suppliers and

partners to drive shared ESG goals

including minimising the Group’s impact

on the environment.

• Continue to maintain healthy

reciprocal relationships that benefit

each of the stakeholder groups.

Our stakeholders

Section 172 statement continued

Financial Statements Investor InformationGovernanceStrategic Report

How we engage Stakeholder focus How we engaged in 2024/25 How we engaged in 2024/25 Future priorities

Our customers

• In store

• Online

• Social media

• Customer centres

• Post-sales customer satisfaction survey

• ShopLive

• RepairLive

• Email

• Product availability

• Product range

• Product value and affordability

• Product sustainability and ethical

sourcing

• Customer journey experience

• Services and Credit

• Advice and support

• Choice of how to purchase; online

or in store

• Seamless delivery experience

• We deployed a new creative execution and media

strategy during the year which created significant

growth in advertising sales and received positive

feedback from customers.

• The Board received updates on customer experience

throughout the year, including deep dive sessions

in May 2024 and December 2024, The directors

reviewed the analysis of customer insights work and

the proposed initiatives to respond to the data and

enhance the customer experience.

• The Board visited stores in Norway in October 2024

and in Sweden in March 2025 to gain insights into the

customer experience.

• Customer feedback is collected from thousands of customers each week. We use NPS in the UK&I and

Nordics to measure the benchmark against industry leaders, Customer feedback is used to gain insights

and help the business better understand customer expectations and concerns. Machine learning and

AI solutions are used to quantify the sentiment of comments.

• During the year, external consultants were used to do complete further analysis of customer

behaviours. The insights gained will be used to further enhance the customer experience.

• In addition to deep dives, the Board receives regular updates on customer feedback including in the

Group Chief Executive’s report at each Board meeting.

• Expand the proposition and support

for business customers.

• Continue to help customers discover,

choose, afford and enjoy the right

technology for them and continue to

deliver Easy to Shop improvements.

• Respond to customers’ ever-increasing

concerns on sustainability.

• Use customer insights to prioritise

initiatives and build valuable customer

relationships.

Our colleagues

• Induction and training programmes

• International Colleague Forum

• Intranet

• Emails

• Team meetings

• Meetings with line manager

• Colleague surveys

• Events including annual Peak event in

the UK & Ireland and the Campus event

in the Nordics

• Company culture and values

• Well-being

• Reward

• Benefits

• Flexible working

• Health and safety

• Training and development

• Inclusion and diversity

• Company social purpose and

sustainability

• New store-based colleagues who join the business

attend a training event before they start work serving

customers in stores. A separate induction programme

is in place for corporate colleagues.

• During the year, a new ‘Amazing Managers’ programme

was launched for managers across the business to

continue to upskill, support and drive consistency

across our manager population.

• Regular colleague surveys are used to seek feedback

which is then shared with the Board and used in

decision-making. Colleague engagement reached

record levels during the year with a Group eSat of 82.

Infosys colleagues were included for the first time

this year.

• Colleagues that prepare Board and committee papers include their contact details and directors

can contact them directly when they would like further detail.

• An International Colleague Forum is in place as a single listening and engagement forum for all

colleagues. Useful feedback obtained from this Forum this year included colleague insights on

barriers to execution and preferred systems and platforms. Non- executive directors met privately with

representatives from the International Colleague Forum in January 2025 to receive direct feedback on

current topics of interest and priorities for colleagues.

• Directors visit stores and meet colleagues in person. The Board visited The Academy@Fort Dunlop

during the year to experience the UK&I store colleague induction programme. The Board visited stores

in Norway in October 2024 and Sweden in March 2025 and these visits included spending time with

store colleagues.

• Continue to build on high colleague

engagement scores and ensure

that action plans are in place for

opportunities that colleagues have

identified.

• Continue to upgrade the tools and

information available to colleagues

(including on the Colleague Hub).

• Continue to support colleagues

including guidance and tools such

as Champion Health support from

the Company’s well-being partner.

Our communities and environment

• Surveys, forums and web platforms

• Website

• Annual reports

• Social media

• Engagement meetings

• Charity and supplier partnerships

• Multi-stakeholder collaborations

• We help everyone enjoy amazing

technology

• Being a responsible contributor to society

• Being a good employer

• Having sustainable business practices

• Minimising impact to the environment and

addressing climate change

• The Board has an ESG Committee to enable

increased Board-level focus on ESG activities in the

Group for internal and external stakeholders and

our communities. More information is available on

page 103.

• The Company has a Sustainable Business team which

oversees the Group’s charitable partnerships and

environment initiatives including engagement with

external stakeholders.

• All directors have access to ESG meeting papers and minutes and receive regular updates on ESG

at Board meetings, including from the Chair of the ESG Committee, via the CEO report, and through

deep dive updates such as on circular economy.

• The Company continued to work with suppliers, partners and industry bodies to help drive industry

action to improve its use of resources and create circular business models through design, repair,

recycling and reuse. The Company is a member of the Circular Electronics Partnership (‘CEP’), who

maximise the value of components, products and materials throughout their lifecycle.

• The Company has worked with the Digital Poverty Alliance (‘DPA’) during the year to lead sustainable

action against digital poverty in our communities.

• Continue to deliver under the

three ESG strategic priorities in our

communities: growing our circular,

business models, achieving net zero

emissions by 2040, and helping

eradicate digital poverty.

• Continue to partner with external

bodies to support the delivery of

the strategic objectives including the

DPA in the UK and partnerships in the

Nordics that fight digital exclusion.

Our shareholders

• Results announcements and

presentations

• Annual report & accounts

• Annual general meeting

• Investor roadshows

• Shareholder meetings

• Company website

• Registrar contact

• Consultation with major shareholders

on key topics

• Ensuring the long-term sustainable future

of the business

• Financial and share price performance

• Dividend policy and capital allocation

• Current trading

• Business strategy and vision

• Director remuneration

• Shareholder communications and

engagement

• ESG issues

• The Investor Relations team manages a programme of

regular meetings with the Group’s largest shareholders

and most of these meetings are also attended by at

least one Board director. For other shareholders, the

primary point of contact is the Company’s registrar,

although any matters can be escalated to either the

Investor Relations or Company Secretariat teams as

appropriate.

• During the year, the Remuneration Committee Chair

held several meetings with the Company’s largest

shareholders to discuss the Remuneration Policy to

be submitted to shareholders at the Annual General

Meeting (‘AGM’) in 2025.

• The Board receives updates from the Investor Relations team at every scheduled Board meeting.

These include updates on any material changes to the composition of the shareholder register,

a summary of investor interactions that have taken place during the period including investor

questions and topics discussed.

• The Board receives updates from the Company’s brokers periodically and these include shareholder

feedback and market sentiment. The Board last received an update from its brokers in January 2025.

• The Company completes an analysis of its shareholder register each year to ensure that the annual

general meeting is held in the location that is accessible to as many of the Company’s shareholders

as possible. The meeting was held in central London in September 2024 and all of the directors

spent time with shareholders after the conclusion of the formal meeting.

• Continue regular engagement

with shareholders.

• Enhance disclosures in annual reports

and accounts and on the Company’s

website to provide more information

on topics of most interest to

shareholders including ESG matters.

Our suppliers and partners

• Formal engagement strategy including

regular visits and meetings

• Supplier relationship management

team

• Supplier questionnaires

• Due diligence process for new suppliers

• Strong customer demand

• Good collaboration and

communications

• Reliability

• Value

• Health and safety

• Compliance

• Sustainability and ethical sourcing

• The Board receives regular feedback on substantive

supplier and partner matters via the Group Chief

Executive and the Chief Commercial Officer.

• A supplier conference was held in London in March

2025 to share key messages with suppliers and

partners and to foster collaboration.

• A formal engagement strategy is in place for each key supplier and partner. This strategy is customised in

each case but includes regular meetings and calls between the Group Chief Executive and his counterpart

at the supplier company and between the Chief Commercial Officer and his counterpart. This is supported

by a team of colleagues engaging regularly to assess progress against agreed business plans.

• A suite of policies and standards are in place to ensure that suppliers and partners adhere to high

ethical standards including prevention of modern slavery and anti-bribery. More information on this

is available in the Sustainable business report on page 51.

• The Group Chief Executive participates in regular meetings with the Group’s largest suppliers and

partners and receives regular updates on all suppliers and partners from the Chief Commercial Officer.

• Collaborate with suppliers and

partners to drive shared ESG goals

including minimising the Group’s impact

on the environment.

• Continue to maintain healthy

reciprocal relationships that benefit

each of the stakeholder groups.

32 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Our approach

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, helping people stay

connected, productive, fit, clean, healthy and entertained. We’re here to help everyone

enjoy those benefits and with our scale and expertise we are uniquely placed to do so.

We’re fully committed to operating

a responsible business and driving

meaningful difference through long-term

objectives. We’re acutely aware that

electronic waste is the world’s fastest

growing waste stream and is expected

to grow to nearly 82m tonnes by 2030.

We have to face facts: we can’t keep

throwing stuff away. Our relationship with

tech needs to change and as a leading

technology retailer, we’re uniquely

placed to lead the way in changing this

relationship. We believe there’s a far

better way – better for customers, better

for us, better for communities and better

for the planet. And that better way is to

give technology a longer life.

We 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.

We are uniquely positioned within tech

retail to help give technology a longer

life through protection, repair, trade-in

and recycling. Central to this offering is

one of Europe’s largest technology repair

centres, our facility in Newark and the

repair service business in the Nordics.

Giving tech a longer life is attractive

to customers, positions the Group as

a long-term sustainable business and

also supports our aim to achieve net

zero emissions by 2040 and to help

eradicate digital poverty. This approach,

whether experienced in-store or online,

is supported in all our markets.

Materiality

As part of our commitment to robust

corporate governance and sustainable

business practices, we regularly review

our performance, reflect on stakeholder

views, and undertake benchmarking and

horizon scanning to ensure our strategy

remains relevant.

In preparation for meeting future

requirements of the EU Corporate

Sustainability Reporting Directive

(‘CSRD’), we undertook a double

materiality assessment (‘DMA’) for the

Group to identify the environmental,

social and governance matters that

are most material to our business and

our stakeholders. This assessment was

conducted in alignment with the European

Financial Reporting Advisory Group

(‘EFRAG’) guidelines, ensuring adherence

to best practices and a forward-looking

approach to sustainability reporting.

The assessment evaluated sustainability

matters through two lenses: this includes

the actual or potential impact of our

activities on the environmental, social,

governance (‘ESG’) factors (Impact

materiality) and evaluating ESG issues that

can reasonably be expected to affect

our financial performance, position or

value creation in the short, medium or long

term (Financial materiality). Through this

we were able to identify the sustainability

topics, subtopics and sub-subtopics most

critical to our operations, wider value

chain and stakeholders.

The sustainability matters that were

identified as material were evaluated

and validated by our Executive

Committee and ESG Committee, ensuring

alignment with our strategic priorities and

stakeholder expectations. The results

support a continued focus on our three

strategic priorities identified in 2021/22

– circular business models, net zero

emissions and helping eradicate digital

poverty. We will continue to take action

that integrates the results of our DMA

into the Group’s strategy and business

planning. We will report in line with

CSRD requirements in 2027/28.

Governance

The ESG Committee of the Board

approves the Group’s ESG strategy

and policies, overseeing delivery and

the management of ESG risks and

opportunities. The ESG Committee

is comprised of three non-executive

directors of the Board. Read more

about the Committee on page 103.

Our strategy is driven and delivered

by our colleagues including subject

matter experts that are fully integrated

across our business. Their work is led and

championed by the Group Sustainability

& ESG Director and overseen by the

Group Sustainability Leadership

Team (‘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. The GSLT also

set and oversee the delivery of the

Group’s sustainability objectives

and key performance indicators (‘KPIs’)

including oversight of the management

of ESG risks. They review and submit

progress to the Executive Committee

and ESG Committee.

Elkjøp Nordic and our UK Customer

Repair Centre in Newark are ISO 14001

certified, and we use the Environmental

Management system to continuously

improve our environmental performance.

We also have continued certification of

our Energy Management standard with

ISO 50001:2018 for our UK & Ireland

estate and fleet.

Sustainability

Financial Statements Investor InformationGovernanceStrategic Report

Our performance

We make it easy to understand our progress. We set clear

targets and commitments and report on progress and

performance. We’re serious about our responsibilities and

want to inspire more engaged colleagues and build a business

investors feel good about investing in. We’re proud of our high

colleague engagement scores on sustainability and that these

continue to increase. Environmental targets continue to feature

in our annual bonus scorecard with a metric on e-waste

collection volumes (5%). Read more about our remuneration

on pages 124-125.

We’re proud of our achievements. Our performance has been recognised

in a number of ratings and assessments of our business, including:

Rating provider Score Date

MSCI A April 2025

S&P 45 February 2025

Sustainalytics 13.7 May 2025

FTSE 4 June 2024

CDP B February 2025

Risk

The business has a systematic approach to ESG risk management.

Our approach has been benchmarked against other leading

organisations. Details on our principal risk on sustainability is

available on page 57. This risk is monitored by the ESG Committee

and the Executive Committee, with the aim of better managing the

broad spectrum of ESG risks.

The ESG Committee, supported by the GSLT, regularly assess

and quantify ESG risks (including identifying any new and

emerging risks) and recommend to the Board and Audit

Committee any changes required to those risks already

identified. We look to ensure our ESG risk assessment and

classification remains appropriate and suitable for our business.

In this report:

Our strategic priorities

Read more about our strategic priorities,

achievements, and next steps on pages

34-35.

Engagement

Read more about governance.

Read the Terms of Reference for the

ESG Committee.

Management systems

Certifications of our Energy and

Environmental Management systems.

Policy

Details of our sustainability policies and

standards, which are reviewed regularly.

Tax

Read our Tax strategy.

Our colleagues

Our capable and committed colleagues

are our greatest asset. Our colleague

engagement is world-class and our

colleagues 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.

Read more on pages 18-19 about how we are

focused on:

• Highly engaged, high-performing teams,

with the best talent.

• Working as one business that is flexible

and affordable.

• Living our vision and values, a great place

to work.

We help everyone enjoy amazing technology

Social

Impact

We will help

eradicate digital

poverty

Circular

Economy

We will give tech

a longer life

Climate

Action

We will achieve net

zero emissions

by 2040

Stakeholder input

Good Governance

Responsible sourcing

Being a good employer

34 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Our strategic priorities and achievements

Our Sustainability and Social Impact strategy is proposed by our Group Chief Executive

and approved by our ESG Committee. Our strategy reflects those issues that are most

important for our business, our stakeholders and our value chain.

Our material issues What we do Link to UN Sustainable Development Goals What we did this year Achievements What we will do next

Circular economy

Objective: We will improve our

use of resources and create

circular business models.

Read about our focus on circular

economy and giving technology

a longer life on pages 36-38.

• We are a leader in

extending the life of

technology through repair,

recycling and reuse.

• We work together

with manufacturers

and suppliers to offer

customers more efficient

and responsibly sourced

products.

How our activities support key targets:

8.4 – We help customers to make more sustainable

buying decisions, enabling them to live more resource

efficient lifestyles.

12.5 – Our work to give tech a longer life is helping

change people’s relationship with tech and reduce

waste generation through incentivising and enabling

more recycling and reuse.

13.1 – Through our marketing, communications and

touchpoints with customers, we are focused on helping

raise awareness of environmental impacts.

• Making repair an easy and attractive

option for customers, including launching

new UK repair programmes for Microsoft

Surface laptops and Xbox devices.

• Continued to build on our UK Cash for Trash

plans by launching partnerships with Cancer

Research and Deloitte.

• Increased focus on our trade-in offer and

made the journey even easier for customers

in the Nordics.

• Increased sales of refurbished tech in both

the UK&I (+11%) and the Nordics (+29%).

• Worked closely with Government

departments and hosted ministerial visits

to help inform policy making on e-waste

and tech repairability.

11.9m

active care services and tech insurance

plans across the Group

1.6m

customer repair activity across our Group

to keep tech working

5.5m

†

units of e-waste collected across our

Group for reuse or recycling

• Launch updated Elcare strategy on repairs

in the Nordics and grow market share.

• Increase understanding of how repairs help

reduce and/or avoid the creation of GHG

emissions.

• Continue to work with Government to provide

a business perspective in repair, recycling and

reuse of tech.

• Continue to work with our suppliers to make

further improvements to remove non-essential

plastics from product packaging.

Climate action

Objective: We will achieve

net zero

(1)

by 2040.

Read about our focus on climate

action on pages 39-47.

• We are reducing

our impact on the

environment not only

through the energy and

resources used by our

operations, but also in

our wider value chain.

• We innovate and

introduce new products

and propositions that

help customers reduce

their energy consumption

and carbon footprint.

How our activities support key targets:

7.2 and 7.3 – Our approach to reducing the impact of

the energy we use includes using renewable sources

and increasing energy efficiency.

12.6 – We report our energy and greenhouse gas

(‘GHG’) emissions publicly and work with our suppliers

to support and encourage them to measure and report

on their own activities.

13.2 – We are embedding climate change matters into

our business strategy and increasing our institutional

capacity on climate change mitigation, adaptation

and impact reduction, and we work with suppliers to

support and encourage them to do the same.

• Continued to install LED lighting, replace

gas-powered heating, ventilation and

air conditioning (‘HVAC’) systems and

expanded our use of vehicles powered

by electric or alternative fuels in the UK &

Ireland.

• Engaged with suppliers to gather more

product-level carbon footprint data.

• Refreshed our approach to scenario

analysis to assess the impacts of climate

change.

• Conducted a climate risk review to

evaluate the climate impact on our

operations and supply chain.

-2.8%

year-on-year reduction in Scope 1 and 2

market-based emissions

-38.5%

total emission reduction from baseline

for Scope 3 purchased goods and services

and use of sold products (categories 1

and 11)

• Expand our electric and alternative fuelled

vehicle trials and introduce 50 new electric

vehicles (‘EVs’) in the UK & Ireland.

• Continue to install LED lighting and replace

oil-, LPG- and gas-powered HVAC systems.

• Continue to work to understand and provide

fuller disclosure on the resilience of our

strategy for our wider supply chain.

• Publish a net zero roadmap and climate

transition plan.

Our communities

Objective: We will help

eradicate digital poverty.

Read about our communities

on pages 48-50.

• 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.

How our activities support key targets:

4.4 – Our Tech4Families programme provides laptops

for school-aged children and their families to support

their education and digital skills competence at home.

Our digital skills volunteering programme is supporting

communities and organisations develop digital skills.

10.2 – Tech4Families supports greater inclusivity in

the digital world, promoting increased education and

social inclusivity. And by supporting the DPA’s advocacy

work, and aligning with the Department for Science,

Innovation and Technology (‘DSIT’) Digital Inclusion

Action Plan we are working in partnership to do more

to support those facing digital poverty.

• Signed the UK DPA’s Charter for Digital

Inclusion and supported their launch of

a Tech4Families proof of concept study

demonstrating the value of a keyboarded

device.

• Continued to identify opportunities

to support people to enjoy amazing

technology through our annual Tech Trouble

survey in the Nordics and through new

colleague volunteering campaigns in the

UK & Ireland.

• Launched £1 donation to the DPA for every

UK online sale of refurbished tech across

our mobile and computing categories.

• Elkjøp has supported organisations with

NOK 1m in funding in Norway, donated

tablets in Sweden and offered 30 minutes

of free technical support to all customers

in Denmark.

NOK 1m

funding for organisations in Norway

to reduce digital exclusion

customer micro-donations milestone

reached for Tech4Families in the UK

• Evaluate the success of our colleague

volunteering offer and develop opportunities

for all in UK & Ireland.

• Launch Pennies on currys.co.uk to enable

customers to make micro-donations to charity

when shopping with us online.

• Support End Digital Poverty Day in the UK with

opportunities for customer and colleagues

to learn more about digital poverty and

fundraise for the DPA.

• Work with the UK Government and other

partners to identify ways to further support

people to access the tech they need at

no to low cost.

• Elkjøp will continue to participate in the

Norwegian government forum for digital

inclusion.

† 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 & 2 GHG emissions which have been highlighted with a †. For more details of the scope of their work, please refer to their assurance opinion on our

Group website, www.currysplc.com/sustainable-business/policies-disclosures

(1) Net zero is defined in the Glossary and definitions section on page 221.

Financial Statements Investor InformationGovernanceStrategic Report

Approach

Read more about the

17 UN Sustainable

Development Goals at:

https://sdgs.un.org/

goals

Our material issues What we do Link to UN Sustainable Development Goals What we did this year Achievements What we will do next

Circular economy

Objective: We will improve our

use of resources and create

circular business models.

Read about our focus on circular

economy and giving technology

a longer life on pages 36-38.

• We are a leader in

extending the life of

technology through repair,

recycling and reuse.

• We work together

with manufacturers

and suppliers to offer

customers more efficient

and responsibly sourced

products.

How our activities support key targets:

8.4 – We help customers to make more sustainable

buying decisions, enabling them to live more resource

efficient lifestyles.

12.5 – Our work to give tech a longer life is helping

change people’s relationship with tech and reduce

waste generation through incentivising and enabling

more recycling and reuse.

13.1 – Through our marketing, communications and

touchpoints with customers, we are focused on helping

raise awareness of environmental impacts.

• Making repair an easy and attractive

option for customers, including launching

new UK repair programmes for Microsoft

Surface laptops and Xbox devices.

• Continued to build on our UK Cash for Trash

plans by launching partnerships with Cancer

Research and Deloitte.

• Increased focus on our trade-in offer and

made the journey even easier for customers

in the Nordics.

• Increased sales of refurbished tech in both

the UK&I (+11%) and the Nordics (+29%).

• Worked closely with Government

departments and hosted ministerial visits

to help inform policy making on e-waste

and tech repairability.

11.9m

active care services and tech insurance

plans across the Group

1.6m

customer repair activity across our Group

to keep tech working

5.5m

†

units of e-waste collected across our

Group for reuse or recycling

• Launch updated Elcare strategy on repairs

in the Nordics and grow market share.

• Increase understanding of how repairs help

reduce and/or avoid the creation of GHG

emissions.

• Continue to work with Government to provide

a business perspective in repair, recycling and

reuse of tech.

• Continue to work with our suppliers to make

further improvements to remove non-essential

plastics from product packaging.

Climate action

Objective: We will achieve

net zero

(1)

by 2040.

Read about our focus on climate

action on pages 39-47.

• We are reducing

our impact on the

environment not only

through the energy and

resources used by our

operations, but also in

our wider value chain.

• We innovate and

introduce new products

and propositions that

help customers reduce

their energy consumption

and carbon footprint.

How our activities support key targets:

7.2 and 7.3 – Our approach to reducing the impact of

the energy we use includes using renewable sources

and increasing energy efficiency.

12.6 – We report our energy and greenhouse gas

(‘GHG’) emissions publicly and work with our suppliers

to support and encourage them to measure and report

on their own activities.

13.2 – We are embedding climate change matters into

our business strategy and increasing our institutional

capacity on climate change mitigation, adaptation

and impact reduction, and we work with suppliers to

support and encourage them to do the same.

• Continued to install LED lighting, replace

gas-powered heating, ventilation and

air conditioning (‘HVAC’) systems and

expanded our use of vehicles powered

by electric or alternative fuels in the UK &

Ireland.

• Engaged with suppliers to gather more

product-level carbon footprint data.

• Refreshed our approach to scenario

analysis to assess the impacts of climate

change.

• Conducted a climate risk review to

evaluate the climate impact on our

operations and supply chain.

-2.8%

year-on-year reduction in Scope 1 and 2

market-based emissions

-38.5%

total emission reduction from baseline

for Scope 3 purchased goods and services

and use of sold products (categories 1

and 11)

• Expand our electric and alternative fuelled

vehicle trials and introduce 50 new electric

vehicles (‘EVs’) in the UK & Ireland.

• Continue to install LED lighting and replace

oil-, LPG- and gas-powered HVAC systems.

• Continue to work to understand and provide

fuller disclosure on the resilience of our

strategy for our wider supply chain.

• Publish a net zero roadmap and climate

transition plan.

Our communities

Objective: We will help

eradicate digital poverty.

Read about our communities

on pages 48-50.

• 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.

How our activities support key targets:

4.4 – Our Tech4Families programme provides laptops

for school-aged children and their families to support

their education and digital skills competence at home.

Our digital skills volunteering programme is supporting

communities and organisations develop digital skills.

10.2 – Tech4Families supports greater inclusivity in

the digital world, promoting increased education and

social inclusivity. And by supporting the DPA’s advocacy

work, and aligning with the Department for Science,

Innovation and Technology (‘DSIT’) Digital Inclusion

Action Plan we are working in partnership to do more

to support those facing digital poverty.

• Signed the UK DPA’s Charter for Digital

Inclusion and supported their launch of

a Tech4Families proof of concept study

demonstrating the value of a keyboarded

device.

• Continued to identify opportunities

to support people to enjoy amazing

technology through our annual Tech Trouble

survey in the Nordics and through new

colleague volunteering campaigns in the

UK & Ireland.

• Launched £1 donation to the DPA for every

UK online sale of refurbished tech across

our mobile and computing categories.

• Elkjøp has supported organisations with

NOK 1m in funding in Norway, donated

tablets in Sweden and offered 30 minutes

of free technical support to all customers

in Denmark.

NOK 1m

funding for organisations in Norway

to reduce digital exclusion

customer micro-donations milestone

reached for Tech4Families in the UK

• Evaluate the success of our colleague

volunteering offer and develop opportunities

for all in UK & Ireland.

• Launch Pennies on currys.co.uk to enable

customers to make micro-donations to charity

when shopping with us online.

• Support End Digital Poverty Day in the UK with

opportunities for customer and colleagues

to learn more about digital poverty and

fundraise for the DPA.

• Work with the UK Government and other

partners to identify ways to further support

people to access the tech they need at

no to low cost.

• Elkjøp will continue to participate in the

Norwegian government forum for digital

inclusion.

36 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Circular economy

We will improve our use of resources

and create circular business models

Our relationship with tech needs to change and as the leading omnichannel retailer

of technology products and services in all the markets we operate in, we’re uniquely

placed to lead the way in changing this relationship. We believe there’s a far better way

– better for customers, better for us, better for communities and better for the planet.

And that better way is to give technology a longer life.

We all love new technology and want to

feel good about buying a new piece of

kit. But we also know that not only is the

total amount of materials consumed by

the global economy continuing to rise

(1)

but

electronic waste is also the world’s fastest

growing waste stream and is expected to

grow to nearly 82m tonnes by 2030

(2)

We have to face facts; we can’t keep

throwing stuff away. That’s why we don’t just

sell amazing technology; we save it too.

As a leading technology retailer with one

of Europe’s largest tech repair labs and an

in-home repair service, we’re positioned to

help customers extend the life of their tech.

Our in-store and online services provide

expert assistance, making it easier for

customers to buy new technology.

When you buy amazing

technology

Expert help is at the heart of why

customers shop with us, and our

colleagues are passionate about

helping customers buy new technology.

We know customers want to reduce

their environmental impact. We work

with suppliers to offer energy-efficient

appliances, like washing machines and

ovens, and water-efficient dishwashers.

We enjoy bringing innovation to the

market like fridge technology that keeps

vegetables fresher for longer, tumble

dryers with heat pumps and washing

machines that autodose (and therefore

help reduce) detergent usage.

In the UK & Ireland, customers can use the

YourEko tool to compare the lifetime cost

and energy consumption of large domestic

appliances, helping them choose the

best-performing products for their budget.

In the Nordics:

• We are using social media to engage

consumers in taking care of their tech, for

example with TikTok videos on cleaning

filters in washing machines, cleaning ear

buds and other useful life hacks.

• We have launched a range of own label

white goods, Epoq, which are sold with

a seven-year warranty – a real proof of

our ambition to give tech longer life and

a promise that has been well received

by customers.

• Higher demand for 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 53.4% to 55.8%.

As part of our move towards circular

business models, Currys and Elkjøp

continue to sell refurbished tech through

their online platforms and in some stores.

Currys, in the UK, has sold over 130,000

refurbished tech items in 2024/25, an

increase of +11%. The volume has been

driven prominently through mobiles, laptops

and small tech devices. Elkjøp Nordic

continues to sell refurbished smartphones

with demand for popular models higher

than expected and sales increased by

+29% this year. We will continue to increase

the sales of refurbished goods next year.

When customers buy our amazing

technology, we can help protect it from day

one with our range of care services and tech

insurance plans. Customers want to enjoy

technology and that’s why, through our care

services and tech insurance plans over 11m

of our customers are getting peace of mind

and giving their new technology longer life.

Our plans are a promise that we’ll help

customers give technology longer life if

something goes wrong.

(1) The Circularity Gap Report 2025.

(2) The global E-waste Monitor 2024.

Financial Statements Investor InformationGovernanceStrategic Report

When you need help

to repair it

We recognise that making repairs a

natural choice requires convenience,

competitive pricing and communicating

the services available. With a

significant grey market for repairs, with

unauthorised players and parts, as a

leading retailer in all our markets we

are a trusted advisor for repairs and

can influence consumer behaviour.

We’ve been repairing tech since the 1980s.

Last year, we completed 1.6m customer

repair activity across the Group. We have

around 1,500 skilled colleagues working

to give tech a longer life across the Group,

67% of whom work in one of Europe’s largest

tech repair labs, our UK Customer Repair

Centre in Newark, along with approximately

200 expert field engineers carrying out

repairs in customer homes in the UK &

Ireland. Elkjøp also have repair centres,

Elcare, that employ around 250 skilled

repairers in Norway, Sweden and Finland.

Our commitment to repair and reuse

remains unwavering, as evidenced by the

huge number of repairs conducted each

year. We handle a wide range of electronic

devices, ensuring they are brought back to

optimal working condition, with our repair

capabilities at Newark also enabling us

to drive circularity by reusing spare parts

coming from second-hand products,

supplying 34% of spare parts needed to

make repairs. This not only supports our

sustainability efforts but also provides

our customers with reliable and affordable

repair services.

Our repair experts also help customers

in the UK & Ireland identify the cause of

a fault, undertake DIY fixes and assist with

arranging a repair through our RepairLive

service, an on demand service, available

via video call for laptops and TVs. This

year has seen RepairLive grow in volume,

taking over 1,900 customer connections

a week with 22% of customer issues being

resolved during the process, avoiding the

need for a return – a great win for customer

convenience that also reduces the costs

and environmental impact of logistics.

This year we launched new repair

programmes for Microsoft Surface laptops

and Xbox devices in the UK & Ireland,

restoring many devices to full functionality,

extending their lifespan and reducing

electronic waste.

In the Nordics, we are focused on making

it easier for both our colleagues and

customers to handle repair services. We

will better integrate our repair business

with our retail operation next year and will

launch an updated Elcare strategy with

ambitions of growing market share in the

repair and service market in the Nordics.

We continue to create awareness of

repairs being an attractive option for

customers through our marketing and

communications. For example in-store

signage in the Nordics encourages

customers to consider whether an item

can be repaired instead of replaced and

in the UK & Ireland we worked with Eddie

Hall, ‘World’s Strongest Man’, to promote

our services for affordable, convenient

and trustworthy repairs, no matter where

customers purchased their tech from. Elkjøp

is also running a pilot to test how customers

can be nudged into repairing more. In one

store in downtown Oslo we have been

testing a customer promise on completing

a repair service within three days.

When you’re ready

for something new

Trade-in is the bridge between old and

new tech. When you want to upgrade,

we do it in a way that’s good for your

pocket by using the trade-in value to

make sure your new technology is more

affordable. We can also give it longer

life in a different form to somebody else.

We have continued trade-ins, where we offer

gift cards or money for old devices, and we

have online trade-in calculators available

to determine the value of products. In the

UK & Ireland, we support most of our existing

categories with a trade-in proposition

and 60,300 products have been traded

in, with an average value of £137 being

given to customers this year. We have also

seen over 200,000 Cash4Trash vouchers

redeemed, saving customers over £1m.

This year Elkjøp Nordic has made the

trade-in process easier for both customers

and colleagues, by integrating trade-in

to our systems and making it easier for

customers to check the value of their

products both at home or in our stores.

We will continue to seek opportunities to

increase trade-in campaigns and activities

with more suppliers and product categories.

When it’s reached

the end of life

We want everyone to bring their old

or unwanted tech into our stores to be

reused or recycled for free – whether

they bought it from us or not. If we can’t

reuse it, then we can harvest parts

which can be put to good use by our

amazing repair colleagues in our repair

labs. Or we can recycle it.

In 2024/25 5.5m pieces of e-waste were

collected for reuse and recycling across

our Group, equivalent to 87,000 tonnes.

Despite strong performance in the UK

& Ireland, a decline in the take-up of

recycling services in the Nordics meant we

did not meet our bonus scorecard target this

year. New targets will be set for 2025/26.

We provide free in-store drop off

and collect our customers’ unwanted

electrical equipment and small electrical

appliances for recycling when we deliver

their new technology. We have expanded

our Cash for Trash programme in the UK

by working in partnership with Cancer

Research and selected other charity

Key facts

82m

number of tonnes e-waste is

expected to grow to globally

by 2030

1.6m

repair activity to customers

tech completed across our

Group

5.5m

†

items of e-waste collected

for reuse and recycling across

our Group

† We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 for e-waste which

has been highlighted with a †. For more details of the scope of their work, please refer to their assurance opinion

on our website, www.currysplc.com/sustainable-business/policies-disclosures

38 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Circular economy continued

shops. Donated technology that can’t

be directly resold by the charity is taken

to our delivery depots. Once dropped

off, the unwanted tech will be sent to our

central sorting facility in Newark, where it

will be assessed, then either refurbished,

repaired, have the parts harvested or be

responsibly recycled. This collaboration

not only supports a great cause by

reducing cost for the charity but also helps

in diverting electronic waste from landfill.

These charity partnerships have seen an

impressive response, with thousands of

items being brought in and repurposed.

We also joined forces with Deloitte to drive

recycling of tech as well as awareness

of e-waste and digital inclusion through

support of Deloitte’s new ‘Recycle for

Good’ launch, empowering Deloitte’s

25,000 UK colleagues to recycle their

old tech and electricals at our stores.

In 2025 we plan to roll out a Nordic version

of Cash for Trash in Sweden, Denmark and

Finland.

Collaborating with others

Giving technology longer life shows how

purpose and profit can – and must – go

hand in hand. We’re doing the right thing

and making a profit – and that means we’re

in it for the long-run. We’re leading the way

in changing everyone’s relationship with

tech for the better and we are helping to

accelerate industry change by working

with others.

We’ve been working closely with the

UK Government and stakeholders as

they develop their circular economy

policies to address e-waste. We hosted

Minister Mary Creagh MP at our Newark

Customer Repair Centre to showcase

the great work we do there to give tech

longer life, and continue to work with the

Department for Environment, Food & Rural

Affairs (‘DEFRA’) as part of their Circular

Economy Taskforce. We also welcomed

the Norwegian minister for climate and

environment, Andreas Bjelland Eriksen, to

Elcare in Kongsvinger, Norway, to show how

our repair services operate and explain

how we picture the possibility of creating

even more ‘green’ jobs within repair services

if the VAT on repair services is reduced to

incentivise more repairs.

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. This year we have

supported their project to create a circular

electronics guide.

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 2024/25 we sourced 1,377 unique

products, shipping over 8m units that

had 8,855 tonnes of packaging, of

which 1,943 tonnes was plastic.

In 2024/25 we removed 1.27m items of

plastic and over 50 tonnes of plastic.

Since the start of the initiative in 2019,

we’ve decreased plastic packaging by

-16% and removed 7.97m items of plastic

weighing 306 tonnes.

At the end of 2024/25 over 99.9% of our

packaging is recyclable, with 82% through

normal household collection (based on

UK infrastructure). Of the remaining 18%

that can’t be recycled kerbside, 86% is

expanded polystyrene which is needed

to protect the product.

In the UK & Ireland, we continue to

provide an in-store takeback scheme

for TV packaging (including polystyrene),

and we also offer our customers a free

packaging recycling service when we

deliver and unbox large household

appliances. We also offer packaging

recycling services in the Nordics.

We remain committed to finding solutions

that reduce environmental impact by

conducting trials to understand the

lifecycle impacts of packaging changes.

Applying best practice from previous

work we have many products that are

now plastic-free from launch, such

as Sandstrom smart plugs, many Logik

batteries and an entire range of Logik

keyboards and mice.

Collaborating with others

We continue to give unrestricted access

to our Product Packaging Guidance

to share best practice with the wider

industry. This guide outlines preferred

materials to use and which materials

to avoid based on data sources and

engagement with specialist organisations

and experts.

We continuously assess new packaging

materials for recyclability to prevent the

introduction of unsuitable packaging.

Looking ahead

The costs of raw materials, shipping and

protecting the product from damage

present challenges to the viability

of some plastic reduction options. In

addition, we face additional costs from

new UK extended producer responsibility

regulations. In 2025/26 we will continue

to work with our suppliers to make further

improvements to reduce packaging and

remove all non-essential plastics from

product packaging to reduce costs

and environmental impact. We will

also continue to engage suppliers and

investigate ways to get used packaging

and other raw materials back to

suppliers for circular production.

Read our Product Packaging

Guidance on our Group website,

www.currysplc.com

Financial Statements Investor InformationGovernanceStrategic Report

Board

ESG

Committee

Audit Committee

Risk

Committee

Executive

Committee

Group Sustainability Leadership Team

Reporting on progress

against climate targets

Principal risk reporting

including Sustainability

Reporting as part of principal risk reporting

including Sustainability

Ongoing sustainability and climate risk management activities

Sustainable business

Climate action

TCFD Statement of Compliance

Currys is disclosing in accordance

with the Financial Conduct Authority

(‘FCA’) Policy Statement 20/17 and

Listing Rule UKLR 14.3.24. The main

disclosures are set out on pages 39-47.

We align our disclosures with the TCFD’s

recommendations and recommended

disclosures and have considered the

relevant guidance including Section C of

the TCFD Annex. We comply with ten of

the recommendations and continue to

work on providing fuller disclosure on

the resilience of our strategy for our

wider supply chain (2c).

In the last year we have:

• Initiated a trial with 27 suppliers

seeking detailed lifecycle carbon

data. This helps us understand the

emissions from different products

and help inform decision-making.

• Developed a new internal tool

for scenario analysis to better

understand and manage

climate-related risks.

• Conducted a climate risk review

to evaluate the climate impact on

our operations and supply chain.

We have omitted disclosing against UK

Climate-related Financial Disclosures (f)

as there is no material impact in the

short-term horizon and therefore, 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 intend to

demonstrate full alignment with all

recommendations in our 2025/26

disclosures.

We will achieve net zero by 2040

The climate crisis remains one of the greatest threats to our planet and we recognise

the impact this has 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 the new products and propositions we are launching,

to the circular business models we are growing and the emissions reduction investments

we are making; climate change impacts are integrated in what we do.

Climate Governance

The Board fully support the Group’s

science-based targets and commitment to

net zero

(1)

by 2040 across our Scope 1, 2 and

3 emissions and is continuously seeking to

increase their knowledge on climate-related

risks and opportunities. We have assessed

our Board members skills, experience and

expertise on environment issues including

climate change, see page 73.

Our ESG Committee, chaired by Eileen

Burbidge, Independent Non-Executive

Director, leads our management and

response to issues including climate-

related risks. The Committee considers,

monitors and reviews climate change

related issues in its meetings to ensure that

the appropriate strategy, programmes and

investments are in place to build robust

and effective risk management. The ESG

Committee meets at least two times a year

with representation including at least three

Board members. The Committee will make

any recommendations to the Board as it

deems appropriate within its remit where

action or improvement is needed.

Reporting to the ESG Committee, the GSLT

brings together representation from the UK

& Ireland and Nordics, including one Board

member and two Executive Committee

members. The GSLT supports the ESG

Committee in the development of the

Group’s Sustainability and Social Impact

strategy and ensures it remains fit for

purpose and aligned to the Group’s vision.

Chaired by Paula Coughlan, Chief People,

(1) Net zero is defined in the Glossary and definitions section on page 221.

40 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Climate action continued

Communications and Sustainability

Officer, the GSLT also reviews and submits

progress to the Risk Committee, Executive

Committee and Board. A TCFD Steering

Group is in place to support the business

in continuing to develop and embed a

well-informed strategy that can meet the

needs of the Paris Agreement. This Group

has established a new internal approach

for climate scenario analysis.

In day-to-day operations, we have

assigned management-level responsibility

for different climate-related issues in the

business and climate-related risks and

opportunities are incorporated into the

ESG Risk Register.

Examples of this governance in action

include:

• Risk Registers are reviewed on a regular

basis with key updates being discussed

at the Risk Committee.

• Climate risks and opportunities are

included in Board agendas through ESG

update papers.

• Progress against our annual climate

targets is reported to the Executive

Committee quarterly and included on

a regular basis within the Group Chief

Executive report at Board meetings.

• The ESG Committee’s deliberations

are reported by its Chair at the next

Board meeting and the minutes of each

meeting are circulated to all members

of the Board.

• The Executive Committee reviewed and

approved the capital investments and

operational expenditure required to

deliver emissions reduction in the next

three years as part of our longer-term

net zero objectives. These investments

are integrated into our three-year

strategic plan and our annual budget,

which were reviewed and formally

approved by the Board.

Climate change strategy

Our purpose is to help everyone enjoy

amazing technology. We recognise our

responsibility in ensuring that our corporate

purpose responds to climate risks and

opportunities to create long-term value for

our stakeholders. Predicting climate change

impacts is complex, affecting businesses

differently over time. Recognising these

challenges, we developed an internal

scenario analysis model.

We have reviewed and updated our

previous scenario analysis and built a new

climate model with projections to 2040,

utilising internal expertise and robust

third party data. This model facilitates

our understanding of potential climate-

related impacts to our direct operations

and enhances our ability to manage risk

proactively.

We assessed potential impacts using the

IPCC’s Shared Socioeconomic Pathways,

modelling scenarios for >4°C, 2 – 3°C and

<2°C enabling us to assess a wide range of

climate possibilities. The disclosed impacts

for the <2°C pathway is most closely

aligned to the Paris Agreement and our

targets, while the 2 – 3°C pathway aligns

with current warming pathway as reported

by the Intergovernmental Panel on Climate

Change (‘IPCC’).

Our analysis covered short (2026),

medium (2030), and long-term (2040)

horizons, considering climate impact and

adaptation spending. We used third-party

GDP predictions to model economic

changes per scenario (including scenarios

for <2°C of warming and >4°C of warming,

finding minimal divergence until after

2030. By 2040, the divergence in potential

financial impact exceeds £10m annually

across the three climate scenarios. The

table summarises the potential financial

impact associated with physical and

transitional risks over the short- (one year),

medium- (five years) and long-term (15

years). These time periods were selected

so that the short- and medium-term

views can inform our strategy and internal

financial planning processes.

The scenario analysis findings are

consistent with previous disclosures.

Potential financial impact

Scenario 2026 2030 2040

<2°C <£1m <£1m >£10m

2 – 3°C <£1m <£1m >£10m

4+°C <£1m <£1m >£10m

Scenario analysis has helped us

understand our exposure to climate

change, build effective mitigation plans,

stress-test resilience, and improve the

delivery of our net zero strategy.

The pathways indicate projected

temperature increases by the end of

the century, with variations dependent

on the scenario. These changes may

exacerbate heatwaves, directly impacting

operational efficiency and increasing

cooling requirements across our facilities.

Changes in precipitation patterns, including

more frequent and intense rainfall events,

may disrupt transportation and inventory

management, while prolonged periods

of drought in some regions could affect

production reliability and sourcing of

water-dependent raw materials.

The table on page 41 captures the key

strategic climate-related risks and

opportunities impacting our business,

identified through our risk management and

scenario analysis. The integration of these

findings into our strategic planning is critical

for ensuring the resilience of business. The

table on page 42 shows how our strategy

supports climate-related matters.

We will continue to review and refine our

modelling in line with emerging trends and

to extend this to consider the potential

impacts associated with our wider value

chain.

Financial Statements Investor InformationGovernanceStrategic Report

Risks, opportunities and potential financial impacts

Type Opportunity Potential financial impacts

Physical risks and

opportunities to

offset operational

costs

Use of more efficient modes of transport. Reduced operating costs.

Use of lower-emission sources of energy. Reduced exposure to future fossil fuel prices.

Reduction in energy usage to reduce consumption. Reduced energy-associated operating costs.

Transitional risks

and commercial

opportunities

resulting from

market and

changing consumer

preferences

Ability to diversify business practices. Reputational benefits resulting in increased demand for

goods and services.

Shift in consumer preferences. Better competitive position to reflect shifting consumer

preferences, resulting in increased revenues.

Increased footfall from consumers seeking air-conditioning for some

regions on extreme heat days.

Upside in revenue sales.

Increased online sales due to extreme weather events causing

consumers to shop online more than in store.

Potential for increased delays of deliveries if consumers

are reliant upon us to deliver in extreme weather events.

Transitional risks

and opportunities

for improving

our resilience

and reputation

Reputation as one of the leading employers responding to how climate

change could affect productivity, health, safety and well-being.

Benefits to workforce management and planning

(e.g. improved health and safety, employee satisfaction)

resulting in lower costs.

Reputation as one of the leading retailers responding to climate

change for consumers.

Increased footfall/online sales as consumers see us as

a retailer that takes sustainability and climate change

seriously.

Participation in renewable energy programmes and adoption of

energy efficiency measures.

Increased market valuation through resilience planning

(e.g. infrastructure, land, buildings).

Diversified supply chain. Increased reliability of supply chain and ability to operate

under various conditions.

42 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Climate action continued

Strategy Description Benefits

Growing circular business models

This links to our

transitional risks

and commercial

opportunities.

Read more on

pages 36-38.

Growing our circular share of business is a core

strategic priority throughout the Group and a key

lever in our long-term plan. We already offer an

extensive range of services that extend the lifecycle

of products and reduce waste, including repairs,

trade-in, re-commerce, rental and recycling, but we

recognise there is substantial opportunity to do more.

These services help customers save money, access

quality products, and dispose of unwanted items easily

and responsibly. They also help us grow customers for

life through building ongoing relationships, grow profits

through tapping into new value pools, and do the right

thing for the planet and society.

Developing new products and propositions

This links to our

transitional risks

and commercial

opportunities.

Read more on

page 36.

We are constantly innovating and introducing new

products and propositions that help customers

reduce their energy consumption and carbon

footprint such as energy-efficient appliances and

smart home devices. They are a key component in

our strategy to develop new sources of profitable

growth. We continue to explore and expand our

offer in the area, including an ongoing solar panel

trial in the Nordics.

These products and propositions help customers

save money on their energy bills, improve their comfort

and convenience, and generate clean energy. They

also help us differentiate ourselves from competitors,

increase market share, enhance brand reputation and

access new markets.

Investing in reducing operational GHG emissions

This links to reducing

our physical risks.

Read more on

page 44.

We are investing in various initiatives that reduce

our own emissions and support the transition to a

low-carbon economy. This includes converting to use

electric and alternative fuels in our fleet, deploying

new HVAC systems, managing and reducing energy

demand, and sourcing renewable energy.

These initiatives can help lower operational costs,

improve energy efficiency, mitigate the potential

impacts of extreme heat and comply with regulatory

requirements. They also help us demonstrate

responsibility, attract and retain talent, and engage

with stakeholders.

Working with suppliers to reduce value chain emissions

This links to reducing

our physical risks

and commercial

opportunities.

Read more on

pages 44-45.

Scope 3 emissions from across our value chain

account for over 99% of our total emissions, with

the most material impacts being from purchased

goods and services and the use of sold products.

We are working with our suppliers and manufacturers

to raise awareness, drive progress and share best

practice. We are using information from our suppliers

to help colleagues and customers understand the

opportunities and benefits of lower-carbon

lifestyle choices.

Our approach will help customers live a lower-carbon

lifestyle through the use of more energy-efficient

products as well as our services that help give tech

a longer life. Products which are more profitable and

better for our customers’ pocket too due to lower

lifetime costs.

Reporting our progress and collaborating with others

This links to our

commercial

opportunities

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 recognise the importance of collaborative

action; we support the EV100 and the British Retail

Consortium’s (‘BRC’) Climate Action Roadmap.

We proactively support policy changes and

recommendations through our memberships of

EV100, BRC and the UK Electric Fleets Coalition.

Collaborating with others helps us to increase our

impact and accelerate industry change. Greater

regulatory certainty and oversight of the net zero

agenda gives greater confidence to businesses

and investors to invest in low-carbon technologies.

Climate-related risks and opportunities are considered as part of both our business strategy and our Sustainability and Social Impact

strategy. The table below shows how our strategy supports climate-related matters.

Financial Statements Investor InformationGovernanceStrategic Report

Climate risk

Identifying and assessing

climate-related risks

Climate risk forms part of our Group

principal risk of Sustainability. We identify

climate-related risks through twice yearly

bottom-up risk assessments via the

GSLT and through ongoing monitoring of

climate-related events and publications

undertaken by the Sustainability team.

Risks may be identified through additional

processes, for example through a DMA,

and may also be highlighted as part of

emerging risk monitoring by Group Risk.

Climate risks are assessed using our Group

Risk Assessment Criteria (including financial,

reputational, and likelihood of occurring)

with supplementary criteria where relevant

– for example in the case of a 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. We have an

ESG Risk Register which incorporates short-,

medium- and long-term physical and

transitional climate-related risks. There

is a climate-specific Risk Register which

includes climate-related risks covering

both transitional and physical risks scored

against impact and likelihood, along with

further mitigation actions identified and

assigned to the relevant management

team. Each risk is assigned a business

owner who is responsible for monitoring

and mitigating the risk.

This year, we conducted an in-depth

review of our climate Risk Register which

involved engagement from subject matter

experts across the Group. Together with our

scenario analysis work, this comprehensive

deep dive has contributed significantly to

renewing our perspective on climate risk.

By driving an understanding of both

current and near-term climate impacts, we

have been able to refine our view of risk

exposure and improve our preparedness

for future challenges.

Climate risks are monitored throughout

the year by the GSLT and ESG Committee.

The GSLT are responsible for reviewing

the ESG risk profile, including climate

risk, at each meeting to ensure that the

risks are being appropriately managed,

acting as an escalation point where

required for relevant cross-functional

working on sustainability-related activities

and escalating any issues to the ESG

Committee where appropriate. The ESG

Committee is an established Committee of

the Board and is responsible for overseeing

the management of climate-related risks.

Integration into overall

risk management

Our Sustainability and Climate Risk

Management Framework aligns to our

Group Risk Management Framework

and Group risk management processes

(detailed on pages 87-88). As an

aggregate of the above, climate-

related risks are managed as part of the

Sustainability Group principal risk. Any

relevant activities are included as part of

the quarterly Group principal risk reporting

on Sustainability to the Risk Committee

and subsequently to the Audit Committee.

Climate metrics and targets

We are fully 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 net zero

roadmap includes near-term emissions

reduction targets to reduce Scope 1 and 2

GHG emissions by 50% absolute across

the Group by 2029/30 from a 2019/20

base year, and to reduce absolute Scope

3 GHG emissions from purchased goods

and services and use of sold products

by 50% within the same timeframe.

Our near-term targets have been

approved by the Science Based Targets

initiative (‘SBTi’). The targets covering GHG

emissions from the Group’s operations

(Scope 1 and 2) are consistent with

reductions required to keep warming to

1.5°C, the most ambitious goal of the Paris

Agreement. Our target for the emissions

from our value chain (Scope 3) meet the

SBTi’s criteria for ambitious value chain

goals, meaning they are in line with current

best practice.

Following the disposal of Kotsovolos

on 10 April 2024, in accordance with the

GHG Protocol Corporate Accounting

and Reporting Standard recommended

materiality threshold and SBTi Criteria

and Recommendations guideline (criteria

R12), the materiality of this change triggers

a recalculation of our target boundary

and baseline, which has been completed

and updated progress against targets is

disclosed on page 46.

2024/25 represented the fourth year with

a Scope 1 and 2 emission-based KPI in the

bonus scorecard for corporate colleagues

in the UK&I, the Nordics Management team

and the Group Leadership Team, affirming

the importance of reducing emissions and

tackling climate change as a business.

While we narrowly missed this year (see

page 124), these emissions reduced by

-2.8% year-on-year.

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. An

update on our data and progress against

our targets is included on pages 46-47.

Our data methodology and assurance

opinion are available on our Group

website, www.currysplc.com.

We use a range of KPIs to measure and

monitor our progress including energy

MWh/1,000 sq ft, the use of renewable

electricity and the number of vehicles

in our fleet. We also report our Scope 3

emissions, the recyclability of product

packaging and the volume of e-waste

we collect for recycling and reuse.

We have reviewed the key physical and

transition risks for our operations and the

opportunities for our wider value chain. The

risk, opportunities and potential financial

impacts are quantified in the strategy

section. We are actively addressing

climate-related risks and opportunities

and report on the key data we use to

monitor our progress, for example moving

towards circular business models

(see pages 36-38).

We will continue to review our targets and

metrics and focus on disclosing recognised

cross-industry metrics where these align to

the risk and opportunities we identify.

44 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Climate action continued

Investing in reducing

operational emissions

Energy

We continue to take action to reduce

our use of energy, which leads to cost

efficiencies and emissions reductions.

Our energy consumption across the Group

has increased by +0.4% year-on-year.

See more data on pages 46-47.

We have continued certification of our

Energy Management standard with ISO

50001:2018 for our UK & Ireland estate

and fleet. We also submitted Energy

Savings Opportunity Scheme (‘ESOS’)

reports for UK & Ireland and the ESOS

action plan in the UK. Elkjøp Nordic and

our UK Customer Repair Centre in Newark

are ISO 14001 certified, and we use the

Environmental Management system to

continuously improve our environmental

objectives, performances and internal

auditing.

We continue to optimise our Building

Management system control for HVAC

systems, increase the use of LEDs and

optimise lighting levels, and improve

our reporting and monitoring of energy

consumption. This year we have:

• Removed the demand for natural gas

at 13 retail sites in the UK & Ireland by

replacing 14 HVAC systems and utilising

new heat pump installations.

• Replaced the lighting in the sales area

of 64 UK & Ireland stores with new

efficient LED lighting with a saving of

1,391,092kWh in year and an estimated

full-year saving of 2,241,971kWh. We

also replaced the lighting in one

Customer Service Centre with new more

efficient LED lighting and controls.

• Undertaken Building Management

system upgrades in eight UK &

Ireland stores saving an estimated

190,000kWh.

To further reduce the impact of our

energy usage, we continue to have

100% of our properties in the UK, Ireland,

Norway, Sweden, Finland and Denmark

powered with renewable electricity either

through supplier contracts or backed by

purchased renewable energy certificates

(REGOs). We have 16 sites across the

Group with solar PV installed and continue

to explore opportunities to introduce

solar PV onto more buildings. In the spring

of 2025, we installed solar panels at our

new warehouse at Jönköping, Sweden,

with a maximum production capacity of

449,000kWh. These panels are scheduled

to become fully operational later in

the year.

Transport

We continue to target reductions through

efficient routing, improved driver training,

the use of telematics and our ‘in-cab’

driver alert system, and – in the UK & Ireland

– implementing ISO 50001. See more data

on pages 46-47.

We are a signatory to the Climate Group’s

EV100 initiative which brings together

companies committed to accelerating the

transition to EVs. We are fully committed to

transitioning 100% of our company cars

and small van fleet and 50% of our

medium to heavy fleet to electric or

alternative fuel by 2030.

We have 30 EVs and 16 vehicles running

on alternative fuels in service across

the Group. Whilst this represents a small

proportion of the total vehicles in our

owned fleet, we plan to invest over £4m

in the next three years to progress our

transition away from diesel vehicles.

We have continued to transition our fleet

over to battery electric vehicles (‘BEV’)

or alternative fuels this year. The UK &

Ireland now have two BEV 4.05 tonne vans

operating from Basingstoke and Birmingham

that provide home delivery and installation

services. Challenges still exist in terms of

lead times and availability of suitable

vehicles from manufacturers (particularly

7.5 tonne options) and in the case of BEV

the lead time, cost and capability to install

suitable charging infrastructure at our

delivery depot locations.

During the year, we progressed a trial at

our Bolton delivery depot using a separate

hydrotreated vegetable oil (‘HVO’) fuel

tank to operate 15 7.2 tonne Iveco Daily

home delivery vans. This has allowed

us to compare the ease of supply, use

and efficiency of HVO compared to

conventional diesel. We have found no

specific issues with HVO versus diesel in

terms of vehicle range or performance, but

with the benefit of the CO

e reduction.

In addition to this we are still operating a

7.2 tonne delivery vehicle which is powered

by compressed natural gas (‘CNG’) from

our Newark delivery depot and utilise solar

panels on more than 300 vehicle roofs.

During the year the solar panels generated

49,114kWh of solar energy, saved 98,046

litres of diesel fuel and 251 tonnes of CO

We continue to work with our third-party

logistics partners to drive environmental

progress. Last year, we implemented

several initiatives, such as creating a fully

electrified corridor from port to our Nordic

Distribution Centre in Sweden with new

EVs. This change reduced emissions and

operational waiting times, and has been

cost neutral. We have also partnered with

Maersk to use a part biofuel blend when

shipping Currys products from the Far East

and biofuel vehicles in the UK to transport

goods from main ports to our warehouses.

In the Nordics, we can now offer eco-

labelled parcel distribution to pick-up

locations across all of Sweden. The Nordic

eco-label, the Swan, ensures the provider

meets sustainability criteria such as a high

share of EVs.

Working with suppliers to

reduce value chain emissions

Our Scope 3 emissions, which account

for more than 99% of our total emissions

include the indirect emissions from across

our value chain. The most significant

impacts are within purchased goods and

services and the use of sold products.

We aim to reduce these emissions

through activities involving our suppliers,

manufacturers, colleagues and customers.

We are committed to reducing our

absolute Scope 3 GHG emissions. This

year we have completed a rebaselining

exercise for Scope 3 across both 2019/20

and 2023/24 data sets, not only to

remove the Kotsovolos business from the

data set, but to better account for the

greater granularity of product information

that is now available. This has resulted

in a considerable reduction in our total

Scope 3 footprint for 2019/20 and is more

representative of our progress to date.

We have a target of reducing emissions

from purchased goods and services

and the use of sold products by 50%

by 2029/30, from a 2019/20 base year.

We have achieved a -38.5% reduction to

date. Due to increasing total sales, as well

as increased sales of energy-consuming

items and relative stability in grid carbon

efficiency across major markets, our total

Financial Statements Investor InformationGovernanceStrategic Report

Scope 3 emissions have risen by +4.6% year

on year. We will continue to drive forward

our understanding of product efficiency

and offering more energy efficient

products. See more data on page 46.

Our Scope 3 emissions are highly complex,

requiring close collaboration with

suppliers and manufacturers to help them

decarbonise their businesses and supply

chains, where we have varying degrees

of influence. Many of our suppliers are

spread across the globe and at different

stages of their emission reduction journeys,

with each country having different

legislative environments and targets.

Our cross-functional, Group-wide working

group, led by our UK & Ireland Commercial

team, has made progress in several areas

this year. This includes:

• Expanding our supplier engagement

trial across more suppliers and

categories, asking key suppliers about

the information they hold on the

lifecycle emissions of their products.

• Working with our Business Information

and Data teams to gather more energy

consumption data on the products

we sell, increasing the accuracy of our

primary data to calculate emissions.

Energy and GHG

emissions data

This section details the energy consumption

and GHG emissions from the activities

of Currys for the period 28 April 2024 to

3 May 2025, 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’).

For the mandatory Scope 1 and 2 emission

reporting requirements, an operational

control approach has been used to define

the GHG emissions boundary. We have

reported on all emission sources required. We

have calculated and reported our emissions

in line with the GHG Protocol Corporate

Accounting and Reporting Standard

(revised edition) and used emission factors

from the UK Department of Business, Energy

& Industrial Strategy for emissions, the

Association of Issuing Bodies (‘AIB’), and the

International Energy Agency (‘IEA’). During

the year we recalculated our baseline year

emissions to reflect the disposal of the

Kotsovolos operations last year; prior year

data has also been restated.

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 opinion on our Group website,

www.currysplc.com/sustainable-business/

policies-disclosures.

We have achieved reductions in electricity

consumption and Scope 1 and 2 emissions

in 2024/25. Read more about measures

taken to improve energy and fuel efficiency

on page 44. Read more about measures

taken to tackle value chain emissions on

pages 44-45. Progress against our net zero

target is positive, with a -38.6% reduction

in Scope 1, 2 and 3 emissions achieved in

2024/25 against a 2019/20 baseline.

Information on our energy

and emissions data methodology

is available on our Group website,

www.currysplc.com

46 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Climate action continued

The Company-wide kWh energy consumption for the reporting period 28 April 2024 to 3 May 2025 are as follows:

GHG emissions (tonnes of CO

e emitted) 2024/25 Change (%)

2023/24

(Restated

(1)

)

2023/24

(Previously

reported)

2019/20

(Restated

(1)

)

2019/20

(Previously

reported)

Scope 1 15,238

†

-0.7% 15,338 16,479 19,457 20,742

Scope 2 (location-based) 19,006

†

-7.5% 20,547 27,775 40,393 51,131

Scope 2 (market-based) 864

†

-29.2% 1,221 1,221 5,383 16,121

Scope 3, category 1: Purchased goods

and services 1,793,028 -7.9% 1,946,305 2,610,143 4,203,269 4,300,532

Scope 3, category 3: Fuel- and

energy-related activities 12,599 0.4% 12,553 14,795 13,313 15,905

Scope 3, category 4: Upstream

transportation and distribution 63,620 3.2% 61,636 67,900 165,115 165,115

Scope 3, category 5: Waste

generated in operations 895 -59.9% 2,232 2,447 922 972

Scope 3, category 6: Business travel 5,810 23.0% 4,722 4,836 2,754 2,754

Scope 3, category 7: Employee

commuting 38,606 7.7% 35,840 39,492 25,466 27,275

Scope 3, category 9: Downstream

transportation and distribution 17,034 -1.7% 17,321 18,324 35,906 35,906

Scope 3, category 11: Use of sold

products 8,519,733 7.7% 7,910, 269 14,089,417 12,569,750 30,425,451

Scope 3, category 12: End-of-life

treatment of sold products 2,644 -56.0% 6,011 6,990 9,074 9,843

Total: Scope 1, Scope 2 market-

based, Scope 3 (all categories)

(2)

10,470,071 4.6% 10,013,448 16,872,044 17,050,409 35,020,616

GHG emissions performance versus targets

(tonnes of CO

e emitted) 2024/25

Change against

baseline (%)

2023/24

(Restated

(1)

)

2023/24

(Previously

reported)

2019/20

(Restated

(1)

)

2019/20

(Previously

reported)

Scope 1 and Scope 2 market-based

emissions 16,102 -35.2% 16,559 17,700 24,840 36,863

Purchased goods and services

and use of sold products emissions

(categories 1 and 11) 10,312,761 -38.5% 9,856,573 16,699,560 16,773,019 34,725,983

Global energy consumption (kWh) 2024/25

(1)

% change

2023/24

(Restated

(1)

)

2023/24

(Previously

reported)

2019/20

(Restated

(1)

)

2019/20

(Previously

reported)

Transport (including diesel,

petrol, LPG) 54,012,967 3.2% 52,313,051 55,842,008 67,425,499 71,261,546

Natural gas 14,993,496 6.0% 14,140,307 14,140,307 21,883,400 22,142,355

Heating (district heating, oil and LPG) 13,573,397 3.7% 13,092,620 13,092,620 214,868 214,868

Electricity 146,171,345 -1.5% 148,330,861 169,472,806 218,032,637 236,971,131

Total 228,751,204

†

0.4% 227,876,836 252,547,741 307,556,404 330,589,900

of which UK 144,028,458 2.5% 140,568,565 140,568,565 214,964,357 214,964,357

Intensity ratio: MWh/1,000 sq ft

occupied floor area

(3)

11.49 -3.3% 11.88 11.60 16.25 16.24

Total renewable energy

purchased or generated 146,118,207

†

-1.4% 148,247,148 169,389,094 Not available Not available

Financial Statements Investor InformationGovernanceStrategic Report

The Company-wide emissions for the reporting period 28 April 2024 to 3 May 2025 are as follows:

† 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 opinion on our Group website,

www.currysplc.com/sustainable-business/policies-disclosures

(1) All data has been restated to reflect the disposal of Kotsovolos on 10 April 2024. For Scope 3 emissions, we have removed Kotsovolos information across all categories

and have also undertaken further revisions related to: increased availability of product information including wattage and product usage (Category 11); latest available

emission factors (Categories 1 and 11) and improved our calculation model by reducing our use of a spend-based approach (Category 1). The removal of Kotsovolos

reduced our total Scope 3 emissions by 29% (4,804,577 tonnes CO

e) in 2023/24 and 19% (6,627,228 tonnes CO

e) in 2019/20. Increased availability of product

information, updated emissions factors and methodology refinements to Category 1 and 11 data reduced our Scope 3 emissions (excluding Kotsovolos) by 17% (2,052,876

tonnes CO

e) in 2023/24 and 40% (11,330,956 tonnes CO

e in 2019/20. In total this resulted in a 41% reduction in emissions in 2023/24 and of 51% in 2019/20. The changes

all constitute reasons for recalculation according to the GHG protocol; the restatements enable better comparability. More information on this restatement process can

be found in our Basis of Reporting at https://www.currysplc.com/sustainable-business/policies-disclosures/

(2) Our Basis of Reporting, available on our Group website, www.currysplc.com, includes an assessment of the relevant Scope 3 categories.

(3) Overall floor area of the Group for 2024/25 is estimated to be 19,900,185 sq ft.

(4) The electricity consumption figure includes Scope 2 generation emissions but not Scope 3 transmission and distribution losses.

(5) Electricity and gas usage is based on supplier bills. Manual gap filling was conducted for a small proportion of electricity supplies using an average of the consumption

year to date or previous months. This is because this report was due before some electricity and gas bills had been provided by the suppliers. This report also includes

electricity consumption through supplies where the landlord procures the energy; some of this consumption has been estimated either based on the average energy

consumption per floor area for site type or using last year’s data estimation.

(6) Refrigerant data processing methodology and exclusions: Where refrigerant top-ups are reported, we assume this covers leakage across the estate under that contractor’s

responsibility to repair the leak and top-up the refrigerant, as such no estimation of leakage has been completed for units where no top-ups were carried out. See our

Basis of Reporting on our Group website, www.currysplc.com/sustainable-business/policies-disclosures

Emissions on location basis 2024/25 % change

2023/24

(Restated

(1)

)

2023/24

(Previously

reported)

2019/20

(Restated

(1)

)

2019/20

(Previously

reported)

Scope 1 15,238

†

-0.7% 15,338 16,479 19,457 20,742

of which combustion of fuel

(5)

14,849 1.3% 14,663 15,501 18,883 19,868

of which operation of facilities

(6)

389 -42.4% 675 978 573 874

Scope 2

(4),(5)

19,006

†

-7.5% 20,547 27,775 40,393 51,131

Total 34,244 -4.6% 35,885 44,254 59,849 71,873

of which UK 30,317 -4.1% 31,623 30,160 51,886 51,866

Intensity ratio: tCO

e/1,000 sq ft

occupied floor

(3)

1.72 -8.0% 1.87 2.03 3.20 3.53

Emissions on market basis 2024/25 % change

2023/24

(Restated

(1)

)

2023/24

(Previously

reported)

2019/20

(Restated

(1)

)

2019/20

(Previously

reported)

Scope 1 15,238

†

-0.7% 15,338 16,479 19,457 20,742

of which combustion of fuel

(5)

14,849 1.3% 14,663 15,501 18,883 19,868

of which operation of facilities

(6)

389 -42.4% 675 978 573 874

Scope 2

(4),(5)

864

†

-29.2% 1,221 1,221 5,383 16,121

Total 16,102 -2.8% 16,559 17,700 24,839 36,863

of which UK 14,596 -2.6% 14,986 14,605 21,762 21,762

Intensity ratio: tCO

e/1,000 sq ft

occupied floor area

(3)

0.81 -5.8% 0.86 0.81 1.30 1.81

48 Currys plc Annual Report & Accounts 2024/25

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 and responsible Credit offering. But

that’s not all: 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 want everyone to be able to

enjoy equal access to the benefits of

technology. Operating across six countries,

our approach is tailored to meet the

needs of each region and their relevant

socioeconomic conditions. During the year

we have continued to embed the Group

Social Impact Principles and seen more

colleagues than ever get behind our work

with the DPA in the UK, including through

fundraising.

Wherever we operate we can help:

• Our colleagues help people in their local

communities access and enjoy tech.

• Our customers help us raise funds to

help those who are excluded.

• Our suppliers work collaboratively

with us to be a force for good.

Defining digital poverty

We are committed to helping eradicate

digital poverty, in all countries we operate

in. We support the DPA’s definition and

consider digital poverty to be the inability

to interact with the online world fully, when,

where and how an individual needs to.

Digital poverty is a pervasive issue that

impacts not only the oldest in society

who have been unable to keep pace with

technological advancements, or those with

acute affordability issues, but individuals of

all ages and socioeconomic backgrounds.

Our annual research in the Nordics,

Tech Trouble, enables us to keep track

of customer challenges:

• 1 in 3 in the Nordic region think

technological development is

happening so fast that it is difficult

to keep up.

• 35% think that the price of technology

makes it difficult to keep up.

• 25% believe unequal access to

technology is creating an increased

class divide.

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 each year by eliminating

digital poverty and ensuring basic digital

needs are met for all individuals.

Digital inclusion is no longer something that’s

a ‘nice to have’ – it’s an essential and we

were pleased to see the UK Government

recognise this in their Digital Inclusion Action

Plan: First Steps published in February.

We are committed to working with them

to address digital poverty, which also

supports progress on the UN Sustainable

Development Goal to reduce inequality

within and among countries.

Working to tackle digital poverty

We partnered with the Learning Foundation

in 2021 to launch the DPA as a Founding

Partner, a project that quickly grew into

a leading initiative. In 2024, the Learning

Foundation officially became the DPA,

reflecting its success and impact. We’re

proud of our role in enabling them to

convene, compel and inspire collaboration

within the UK community to lead sustainable

action against digital poverty. We continue

to be an active and engaged member

of the DPA’s work, providing advice and

support on strategy, events and reports. This

year saw the appointment of Moira Thomas,

our Group Sustainability & ESG Director, to

the DPA’s Board of Trustees.

We also signed the DPA’s Charter for Digital

Inclusion; a call to action for organisations

across the private, public and third sectors

to embed digital inclusivity into their daily

operations. By signing the Charter, we have

committed to the following impactful actions:

• Raising Awareness: Amplifying

colleagues’ and customers’

understanding of digital poverty

and its extensive impacts.

• Digital Skills Development: Providing

resources and training to enhance

digital literacy and skills across our

workforce and communities.

• Partnerships for Impact: Collaborating

with other organisations to maximise

efforts and achieve greater impact.

Whilst it’s important we continue to spotlight

this issue and drive systemic change, it’s

also critical that we provide the financial

backing to help support those in digital

need in the short-term. That’s why we

continue with our Tech4Families programme

(see page 49) in partnership with the DPA

in the UK and our local initiatives in the

Nordics (see page 50).

Raising Awareness

We continue to take action to raise

awareness of the challenges of digital

poverty and the opportunities presented

by fixing it once and for all. During the

year we achieved this through a range

of activities including:

• We celebrated the second annual

End Digital Poverty Day in September.

Retail colleagues raised over £30,000

through our ‘CurrysVille’ campaign.

Colleagues spent six weeks undertaking

bite-sized awareness raising activities

through an online platform, to

understand the issues of digital poverty

and crucially how to run an event in

store to share that knowledge and raise

money for the DPA. We also sponsored

the DPA’s annual gala to mark the day

and led an internal communications

campaign to reach as many colleagues

as possible.

• We launched a short video casestudy

highlighting the difference that laptops

provided through Tech4Families have

made to the lives of families in the UK.

• From March, we have made a £1

donation for every online sale of

refurbished tech in the UK, across our

mobile and computing categories,

(1) Digital Poverty in the UK: A socio-economic assessment of the implications of digital poverty in the UK, September 2023

Financial Statements Investor InformationGovernanceStrategic Report

towards those living in digital poverty.

In the first two months this raised

£8,060. This incentive is aimed to

help change the nation’s relationship

with tech and sits alongside offering

12-month warranty-assured products

and devices refurbished to an excellent

like-new condition.

Digital Skills Development

This year we launched a pilot to increase

our impact by providing corporate

colleagues in the UK & Ireland with the

opportunity to volunteer their skills and

time with local organisations on charitable,

community-based projects tackling

digital poverty.

We are working with Neighbourly, a

social platform that helps charities and

community groups connect with companies

who are looking to make a positive impact.

By arranging volunteering activities through

Neighbourly, we’re able to keep track of

the impact we’re having as a business.

One of the volunteering opportunities

centres around delivering Ai123 training,

developed by Neighbourly in association

with Microsoft. Neighbourly research

found that over 64% of small charity

organisations said they were struggling to

integrate AI due to limited understanding on

where to start, resources and support. This

campaign helps upskill our own colleagues

to then enable them to deliver basic

AI skills training to small good causes.

In the first four months of our pilot 35

colleagues have undertaken some form

of digital skills volunteering.

Partnerships for Impact

This year we renewed our corporate

membership of the DPA and participated

in their Industry Forum. We have spoken at

and participated in key DPA events and

hosted webinars with them, all with the aim

of highlighting the importance of business

and charities coming together to tackle

the issue of digital inclusion.

We continue to seek opportunities to

work collaboratively with suppliers where

our goals align. For example, we have

joined forces with Deloitte to promote

tech recycling, empowering their 25,000

UK people to recycle their old tech and

electricals at our stores as part of their

‘Recycle for Good’ scheme.

There is still much work to be done to

eliminate digital poverty in the UK which

businesses and charities alone cannot

address; the Government’s support is

vital. Following the launch of the UK

Government’s Digital Inclusion Action Plan,

we are working closely with DSIT and other

business and charity partners to commit

our support in taking this plan forward.

Tech4Families in the UK

It’s never been more important to make sure

families can get online. 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.

In December we celebrated 2m individual

customer donations to the DPA though

Pennies since launching Tech4Families in

May 2022. We look forward to raising even

more in 2025/26 as we launch Pennies on

www.currys.co.uk.

During the year we have continued to

channel funds collected from our UK

stores through Pennies to support a further

623vulnerable families in need by providing

life changing access to digital technology

through Tech4Families. The scheme was

50 Currys plc Annual Report & Accounts 2024/25

Sustainable business

Our communities continued

shortlisted for The Responsible Retailer

Award at the Retail Week Awards 2025

for the second year running.

August saw the launch of a proof of

concept study to demonstrate the value

of a keyboarded device, which was

independently assessed by the Institute

of Development Studies at the University

of Sussex. The results showed that:

• Technology access for children is now

effectively an educational necessity.

• 88% of parents agreed that their

children were disadvantaged to some

extent by not having access to a laptop

for studying.

• 85% of children who have received

a laptop through Tech4Families

were getting one for the first time, as

many children typically rely on old

smartphones to access schoolwork.

In helping more children get access to a

laptop through the Tech4Families scheme,

we’re increasing their ability and motivation

to learn and achieve educational outcomes.

Fighting digital exclusion

in the Nordics

Elkjøp Nordic is using our position and role

in society to fight digital exclusion. We work

to raise awareness, increase knowledge,

and enable access for people who are

falling behind in the rapid development

of technology. To connect, play or learn

with technology should be easy and fun

but that is not always the case. That is why

we support organisations and associations

with products and guidance – in addition

to financial resources.

The support we provide is based both

on an open application process and

long-term partnerships for local, national

and global initiatives, including a key

focus on combating digital poverty.

Examples include:

• Elkjøp Norway has supported 32

organisations across the whole country

after receiving 171 applications for

the total of NOK 1m in funding. This

involves organisations supporting both

youngsters and elderly to reduce digital

exclusion.

• Working with Danish People’s Aid,

Elgiganten Denmark held a Support

Weeks campaign instore, where we

offered 30 minutes of free technical

support to all customers. This came

from insights from the annual Tech

Trouble report, showing that especially

older people struggle with using

their technology. The purpose of the

campaign was to bring some attention

to digital exclusion and to our insights

into this challenge.

• Elgiganten Sweden is the main partner

of the nonprofit organisation Stiftelsen

Läxhjälpen, supporting their Homework

Help programme, which helps students

in vulnerable areas pass primary school

and obtain a high school qualification.

In 2024/25, we donated tablets to help

voluntary teachers more easily manage

their classes.

• In Finland, Gigantti continued the

cooperation with Huippula, part of

Save the Children, working to educate

children on digital skills and inclusion.

In the Nordics, we also supported free

gaming experiences for children and

youth in April. The concept, GAMING IRL,

sees us partner with Norway’s largest

esports centres to give children and youth

the opportunity to experience the joy,

community and sense of achievement that

gaming can bring. Recognising that not all

children have the equipment, knowledge

or space to game, we are working with

partner organisations to create safe

and free meeting places for children who

otherwise wouldn’t have access to gaming.

The aim is to bring hundreds of children

together for free gaming fun over the next

two years, offering them the opportunity

and feeling of being together as a team.

Elkjøp is also participating in the

Norwegian government forum for digital

inclusion, together with a range of public

and private organisations. We see that

there is an affordability, generation and a

language gap in how we use technology.

Elkjøp encourages governments and other

public and private sectors to increase

awareness, knowledge and training on

digital exclusion, for different groups.

“This laptop allows our 5 year old and

7 year old to complete their online

homework and find their way around a

computer for the future when homework

will increase and be more digital based.

They are also learning how to type on a

keyboard rather than on a tablet or phone

which we find is really important in life.

This improves their cognitive skills and

hand and eye co-ordination too.”

Anonymous, mother of a beneficiary of Tech4Families.

Financial Statements Investor InformationGovernanceStrategic Report

Sustainable business

Our suppliers

Responsible sourcing

Bringing amazing and more sustainable tech to our customers isn’t something we do alone.

Our partnerships with suppliers make a big difference too.

We collaborate with our manufacturers

and suppliers to make sure the products

we sell are safe and responsibly sourced.

In addition, we consider their overall

sustainability performance, particularly

their energy efficiency and climate

change impact.

Our policies and standards

For customers to enjoy our amazing

technology they need peace of mind that

we’re sourcing responsibly. With over 6,400

suppliers globally, with the majority based

in Europe and China, we want to use our

size and unique capabilities to do good.

Beyond compliance with all relevant

national and international legislation, we

have our own Standards for Responsible

Sourcing that set out our expectations for

all suppliers, partners and subsequent

supply chains. The Standards 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 tackle

modern slavery and human trafficking in our

operations and supply chain and report

progress annually in our Modern Slavery

Statement. Our Anti-Modern Slavery &

Human Trafficking Policy clearly states

the actions our colleagues, suppliers and

partners must take if a case of modern

slavery is discovered or suspected.

An Anti-Bribery, Gifts and Hospitality Policy

is in place. The procedures in place to

oversee the anti-corruption and bribery

control environment is reviewed by the

Audit Committee on at least an annual

basis and most recently in June 2024.

The full policy is reviewed by the Board

periodically.

Our progress

This year we reviewed and republished

our Standards for Responsible Sourcing,

and our Anti-Modern Slavery & Human

Trafficking, Child Labour Remediation

& Young Workers and Conflict Minerals

Policies. The policies now all reference

our anonymous whistleblowing channels

and the Group Whistleblowing Policy.

Our internal Modern Slavery Escalation

Process was republished alongside a new

document detailing agencies working in

each of the countries where we operate

who can support should a person

experiencing modern slavery be identified.

We continued our work with Bright Future

to provide secure employment for survivors

of modern slavery. This year we helped

another person find safe and stable

work at Currys. In total we have hosted

placements for eight survivors and helped

six find permanent work within our business.

We collaborated again with Slave-Free

Alliance, part of the global anti-slavery

charity Hope for Justice, to review our

security and cleaning providers in the

UK & Ireland. And, following last year’s

review of Elkjøp’s Distribution Centre

in Sweden, we launched a project to

increase accessibility and ensure all

employees, regardless of language, can

access important information (e.g. relating

to whistleblowing). To support this a new

concept for internal communication was

launched, using short informative videos

instead of text.

We completed 47 ethical audits on

our own label and licensed brand

suppliers this year, continuing to drive

further reductions in working hours.

We set suppliers targets for continuous

improvement, review corrective action

plans and re-audit as necessary.

We have invited more suppliers to join the

EcoVadis platform to enable us to measure

their sustainability performance, with

64% of Group spend now assessed for

sustainability and 63% for carbon maturity,

increasing by 5% and 13% on last year

respectively. Over 96% of our own label

order value is with suppliers who have an

EcoVadis rating.

Through our membership of the Responsible

Business Alliance, we continue to expand

our understanding of the mineral risks

associated with our industry, gaining

greater insight into the supply chain

stages, composition and ESG issues

relating to the technologies we sell. This

year we engaged our own label and

licensed brand suppliers through sharing

our updated Conflict Minerals Policy,

supporting guidance and additional

resources and training materials. We also

surveyed supplier’s conflict mineral due

diligence and will use this data to inform

our approach going forward. And through

our work on climate change we also

engaged with key suppliers to understand

more about the information they hold on

the lifecycle emissions of their products

(read more on page 45).

Looking ahead

In 2025/26 we will:

• Continue work with our own label and

licensed brand suppliers to increase

their average score on EcoVadis.

• Collaborate with Slave-Free Alliance

to review our understanding of, and

response to human rights risks in our

operations and supply chain.

• Refresh our modern slavery ‘Spot the

signs’ training for our colleagues in

supply chain and service operations.

• Refresh our responsible sourcing training

module for all buyers and colleagues

working with suppliers.

Our policies and standards

Read our policies and standards on our

Group website, www.currysplc.com

Modern slavery

Read our Modern Slavery Statement on

our Group website, www.currysplc.com

Read more about our work with suppliers

to sell tech that uses less resources on

page 36.

52 Currys plc Annual Report & Accounts 2024/25

Risk management

approach

The Group recognises that taking risks is an inherent part of doing business and that

competitive advantage can be gained through effectively managing risk. The Group

has developed and continues to evolve robust risk management processes, and risk

management is integrated into business decision-making. The Group’s approach to risk

management and risk governance framework is set out in the Corporate Governance

Report on pages 79 to 90. The risks are linked to the strategic priorities on pages 16 to 17.

Principal risks

Our approach to horizon

scanning and emerging risks

In order to promote sustainable success,

the business continues to analyse the risks

likely to emerge in the short, medium and

longer term that may impact the delivery

of our strategy. To provide a view over the

medium to longer term, a horizon scanning

approach is required.

Our approach to undertaking horizon

scanning is based on conducting both

reviews of external thought leadership

and also through obtaining the views of

key business stakeholders on emerging risks.

Horizon scanning takes place throughout

the year to ensure that the horizon is

consistently scanned for developments

and changes that may impact the business.

Any emerging risks are included in Risk

Committee and Audit Committee reporting

to form a view as to whether any of these

should be considered a principal risk.

Risks and potential impacts

The Group continues to develop its

risk management processes, fully

integrating risk management into business

decision-making. The risk management

process mirrors the operating model with

each business unit responsible for the

ongoing identification, assessment and

management of their existing and emerging

risks. The output of these assessments is

aggregated to compile an overall

Group-level view of risk.

The principal risks and uncertainties,

together with their potential impacts and

changes in net risk since the last report,

are set out in the tables below along with

an illustration of actions being taken to

mitigate them.

Financial Statements Investor InformationGovernanceStrategic Report

Key changes to the risk profile

During 2024/25 we conducted an end-to-end review of our

principal and emerging risks through individual discussions with

key stakeholders, risk owners, executive management and the

Board. As a result, a number of changes were made to the

Group risk profile, these included:

• The total number of principal risks has reduced from 13 to 12.

• Competition has been recognised as a standalone risk in our

principal risk profile, in recognition of the shift in competitive

landscape and to reflect our continued focus on this as

a business.

• The Health and Safety risk has been expanded to include

elements of people risk such as emerging employment

legislation, retention and engagement.

• Information security and data protection have been

combined into a single risk, as have crystallisation of

legacy tax issues and financial, liquidity and treasury.

• Both the financial services regulation and the sustainability

risks have increased due to the heightened regulatory

landscape and associated increase in regulation and

legislation.

• The business continuity risk is being reassessed in light of

recent cyber attacks on the UK retail sector. Significant

activity is taking place internally to closely monitor and

mitigate the risk. We are also working closely with external

parties including the National Cyber Security Centre to learn

from those impacted and implement recommendations.

Risk profile

Likelihood Impact

Increased

12 4

Decreased

No change

New

3 3

Principal risks

Business continuity

Business transformation

Competition

Financial services regulation

Information security and data protection

IT systems and infrastructure

Liquidity, tax and treasury

Macroeconomic environment

People and safety

Product safety

Supply chain resilience

Sustainability

Colour key

Strategic

Regulatory

Technology

Operational

Financial

54 Currys plc Annual Report & Accounts 2024/25

Principal risks

and uncertainties

1 Business continuity

Risk owner:

Chief Operating Officer

Risk category:

Operational

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to effectively

respond, maintain, and

recover operations in

the event of significant

business disruption

and/or incident.

What is the impact?

• Reduced revenue

and profitability.

• Deteriorating cash flow.

• Reputational damage.

• Loss of competitive

advantage.

How we manage it

• Business continuity plans in place and

tested for key business locations.

• Enablement of home working for office-

based and contact centre colleagues.

• Disaster recovery plans in place and

tested for key IT systems and data

centres.

• Cross-functional crisis team to manage

response to significant events.

• Major risks insured.

• Business Continuity Policy.

Changes since

last report

This risk has remained

elevated over

2024/25.

2 Business transformation

Risk owner:

Group Information Officer

Risk category:

Strategic

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to deliver the

required Transformation

activities to achieve

the desired cost, margin,

compliance and growth.

What is the impact?

• Reduced revenue

and profitability.

• Deteriorating cash flow.

• Reduced market share.

How we manage it

• Transformation programme office

established and delivering key

strategic objectives.

• Development of customer credit

propositions.

• Enhancement of data analytics

capabilities.

• Robust portfolio governance.

Changes since

last report

This risk has remained

stable over 2024/25.

3 Competition

Risk owner:

Chief Commercial Officer

Risk category:

Strategic

Risk movement:

N/A

Link to strategy

Considered in the

viability statement:

What is the risk?

Failure to anticipate

and effectively respond

to changing competitor

behaviour and/or

the disruptive retail

landscape.

What is the impact?

• Reduced revenue

and profitability.

• Deteriorating cash flow.

• Reduced market share.

• Reputational damage.

How we manage it

• Trading meetings, quarterly business

reviews, budgeting and planning

processes.

• Working closely with suppliers on

partnerships and strategies.

• Continued development of propositions

and focus on retail fundamentals.

Changes since

last report

This is a new risk for

2024/25.

4 Financial services regulation

Risk owner:

Chief Services Officer

Risk category:

Regulatory

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to manage

the business of the

Group in compliance

with financial services

regulation to which

the Group is subject

in a number of areas

including insurance

operations and

consumer credit

activities.

What is the impact?

• Enforcement action

by the regulator.

• Loss of authorisation

and inability to trade

regulated products.

• Reputational damage.

• Financial penalties.

• Reduced revenues

and profitability.

• Deteriorating cash flow.

• Customer

compensation.

• Board oversight and risk management

structures monitor compliance and

ensure that the Company’s culture

focuses on good customer outcomes.

• Regulatory Compliance Committee,

Product Governance and other internal

governance structures.

• Financial Services Risk Management

Framework and Compliance Framework

in place.

• Compliance monitoring and internal

audit review of the operation and

effectiveness of compliance standards

and controls.

Changes since

last report

This risk has increased

in impact over

2024/25.

Financial Statements Investor InformationGovernanceStrategic Report

5 Information security and data protection

Risk owner:

Chief Information Officer

Risk category:

Technology

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to govern and

control customer,

colleague and business

data in accordance

with legislation including

EU General Data

Protection Regulation.

Failure to prevent,

monitor and respond to

an information security

event.

What is the impact?

• Reputational damage.

• Financial penalties.

• Reduced revenue

and profitability.

• Deteriorating cash flow.

• Customer

compensation.

• Loss of competitive

advantage.

How we manage it

• Significant investment in information

security safeguards, IT security controls,

monitoring, in-house expertise and

resources as part of a managed

information security improvement plan.

• Technology Risk Forum with responsibility

for oversight, co-ordination and

monitoring of information security

and data protection risk.

• Audit programme over key suppliers’

information security standards.

• Ongoing programme of penetration

testing, security health checks, red

teaming and scenario exercises.

• Control activities operate over

management of customer and employee

data in accordance with the Group’s

data protection policy and processes.

Changes since

last report

This newly combined

risk has remained

stable over 2024/25.

6 IT systems and infrastructure

Risk owner:

Chief Information Officer

Risk category:

Technology

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

A key system becomes

unavailable for a period

of time impacting our

ability to trade and

continue operations.

What is the impact?

• Reduced revenue

and profitability.

• Deteriorating cash flow.

• Loss of competitive

advantage.

• Restricted growth

and adaptability.

• Reputational damage.

How we manage it

• Ongoing IT transformation to align

IT infrastructure to future strategy.

• Peak planning and preparation to

ensure system stability and availability

over high-demand periods.

• Individual system recovery plans in

place in the event of failure which are

tested in line with an annual plan, with

full recovery infrastructure available

for critical systems.

• Long-term partnerships with tier 1

application and infrastructure

providers established.

• A mature IT service design and transition

process controls and manages the

transition of new and changed services

into production.

Changes since

last report

This risk has remained

stable over 2024/25.

7 Liquidity, tax and treasury

Risk owner:

Chief Financial Officer

Risk category:

Financial

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to manage Currys’

access to sufficient

liquidity at any given

time may impact the

Group’s ability to meet

its financial and legacy

tax obligations.

What is the impact?

• Reduced revenue

and profitability.

• Deteriorating cash flow.

How we manage it

• Regular monitoring of cash and liquidity

levels takes place at the Cash Steering

Committee.

• 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 enquiries.

Changes since

last report

This newly combined

risk has remained

stable over 2024/25.

Risk movement

Increased Stable Decreased

Link to strategy

Colleagues

Easy to shop

Customers for life

Grow profits

56 Currys plc Annual Report & Accounts 2024/25

Principal risks

and uncertainties continued

8 Macroeconomic environment

Risk owner:

Chief Financial Officer

Risk category:

Strategic

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to mitigate the

impacts of volatile

external financial

factors such as tariffs,

exchange rates, interest

rates and inflation

across our key markets.

What is the impact?

• The potential for

increased operating

costs to Currys plc.

• The potential for

external factors to

impact consumer

demand which may in

turn result in electrical

spend by customers.

How we manage it

• Rolling forecast to analyse future

expected performance across the

financial year.

• Business plan updates to the Executive

Committee to analyse the investment

initiatives taking place and progress

against delivery and financial benefits,

alongside more detailed daily and

weekly training performance.

• Cost flexibility in operating model.

• Hedging strategy in place for foreign

exchange and energy.

• Expanding the availability of our credit

and service offerings for customers.

Changes since

last report

This risk has remained

elevated over

2024/25.

9 People and safety

Risk owner:

Chief Operating Officer

Risk category:

Operational

Risk movement:

Link to strategy

Considered in the

viability statement:

Yes

What is the risk?

Failure to: 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.

Failure to comply with

evolving employment

legislation.

What is the impact?

• Employee engagement

and satisfaction.

• Increased operating

costs.

• Employee/customer

illness, injury or loss

of life.

• Reputational damage.

• Financial penalties.

• Legal action.

How we manage it

• Colleague engagement surveys.

• Identification of cost reduction

opportunities and associated activities.

• 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.

• Audit programme including factory audits

for own-brand products and third-party

supply chains.

Changes since

last report

This risk has remained

stable over 2024/25.

10 Product safety

Risk owner:

Chief Operating Officer

Risk category:

Operational

Risk movement:

Link to strategy

Considered in the

viability statement:

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 product.

What is the impact?

• Financial penalties.

• Reduced cash flow.

• Reputational damage.

How we manage it

• Factory audits conducted over

OEM suppliers.

• Technical evaluation of OEM products

prior to production.

• Product inspection of OEM products

prior to shipment.

• Monitoring of reported incidents.

• Safety governance reviews conducted

by internal by Technical and Business

Standards teams.

• Establish protocols and procedures

to manage product recalls.

Changes since

last report

This risk has remained

stable over 2024/25.

Financial Statements Investor InformationGovernanceStrategic Report

11 Supply chain resilience

Risk owner:

Chief Operating Officer

Risk category:

Operational

Risk movement:

Link to strategy

Considered in the

viability statement:

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.

• Ensuring alignment of key suppliers

to future strategy and meetings with

strategic suppliers’ management.

• Continuing to leverage the scale of

operations to strengthen relationships

with key suppliers and maintain a good

supply of scarce products.

• Working with suppliers to ensure

availability of products through key

supplier group engagement programme.

• Ethical supply chain due diligence over

our supplier base.

• Control structures to ensure appropriate

supplier relationship management for

GFR, GNFR and OEM.

Changes since

last report

This risk has remained

stable over 2024/25.

12 Sustainability

Risk owner:

Chief People, Communications

and Sustainability Officer

Risk category:

Strategic

Risk movement:

Link to strategy

Considered in the

viability statement:

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?

• Reduced cash flow

as customers shop

elsewhere.

• Reputational damage.

• Loss of competitive

advantage.

How we manage it

• Roadmap to net zero by 2040.

• Commitment to EV100.

• Oversight from the Group Sustainability

Leadership Team, ESG Committee,

ExCo and the Board.

• Group ESG strategy regularly reviewed.

• Partnerships with reputable external

agencies Circular Electronics Partnership

(on circular economy), British Retail

Consortium (on climate change),

Digital Poverty Alliance.

• Management reporting on progress

against target for e-waste and

emissions with metrics included

in annual bonus scorecard.

Changes since

last report

This risk has increased

over 2024/25.

Risk movement

Increased Stable Decreased

Link to strategy

Colleagues

Easy to shop

Customers for life

Grow profits

58 Currys plc Annual Report & Accounts 2024/25

Going concern

and viability statement

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, noting that whilst the most recent strategic plan has

a four-year outlook, this is not the typical planning horizon for

the Group and is instead the result of current macroeconomic

uncertainty. The Group’s strategic plan is updated annually, and

the period of three years reflects 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 2024/25, 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, for which the Group

obtained relaxation from October 2023 to October 2024.

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 and 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.

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.

Financial Statements Investor InformationGovernanceStrategic Report

£(92)m

£82m

£149m

24/25

23/24

22/23

+78

+81

+82

24/25

23/24

22/23

7.4p

7.9p

11.3p

24/25

23/24

22/23

£107m

£118m

£162m

24/25

23/24

22/23

+55

24/25

(43.6)p

14.9p

10.0p

24/25

23/24

22/23

£(462)m

£28m

£124m

24/25

23/24

22/2 3

21.3%

33.3%

35.2%

24/25

23/24

22/23

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.

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 the European Securities and Markets Authority (‘ESMA’) and are consistent with those used internally by the Group’s Chief Operating Decision Maker 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 Financial Information of this report.

2. Group NPS methodology has been updated for 2024/25 due to the Nordics moving from Happy of Not to NPS.

3. Reduction in scope 1 & 2 market based emissions against a 2019/20 baseline. 2022/23 and 2023/24 figures have been restated following the disposal of Greece.

Financial

Free cash flow

(1)

£149m

Adjusted EPS

11.3p

Adjusted profit before tax*

(1)

£162m

EPS

10.0p

Profit/(loss) before tax

(1)

£124m

Non-financial

Colleague engagement

+82

Net promoter score

(1)

+55

Net zero by 2040 (Scope 1 &

2 market based emissions)

(3)

35.2%

60 Currys plc Annual Report & Accounts 2024/25

Performance

summary

Group like-for-like sales growth was +2%, driven by the UK&I which grew +4%. The UK consumer environment was resilient, as cost inflation

softened and interest rates started to fall. The Nordics consumer environment, though subdued, slowly improved throughout the year,

as interest rates started to fall in most countries.

Year-on-year

Revenue

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Like-for-

% change

- UK & Ireland 5,286 4,970 +6% +6% +4%

- Nordics 3,420 3,506 (2)% 0% 0%

Group 8,706 8,476 +3% +4% +2%

Like-for-like Sales - YoY H1 Peak Post-Peak H2 Full year

UK & Ireland +5% +2% +4% +3% +4%

Nordics (2)% +1% +3% +2% 0%

Group +2% +2% +4% +3% +2%

UK&I adjusted EBIT increased +8% YoY as sales growth and gross margin improvement offset cost increases. Sales were driven by market

share gains and through strategic initiatives. Gross margin climbed +20bps due to higher adoption of services and solutions, better

monetisation of our improved customer experience, a focus on more profitable sales, and cost savings. Operating costs rose driven by

wage growth and other inflationary pressures, an increase in investment spend (which is increasingly expensed rather than capitalised)

and deliberate investment in marketing.

Nordics adjusted EBIT increased +18% (+24% currency neutral) YoY. Sales were down (4)% on a 52-week basis, driven by flat like-for-like

sales coupled with currency headwinds and store closures. Gross margin climbed +60bps towards historically high levels, while cost

savings and efficiencies offset inflationary cost pressures.

Group operating cash flow rose +6% YoY due to the improved profitability. Free cash flow was £149m, +82% YoY as lower cash

exceptionals, lower interest costs and working capital inflow more than offset the planned increases in capital expenditure. Net cash

inflow was £88m after £50m of scheduled pension contributions.

Financial Statements Investor InformationGovernanceStrategic Report

Profit and Cash Flow Summary

2024/25

£m

2023/24

£m

2024/25

Adjusted

£m

2023/24

Adjusted

£m

Reported

% change

Currency

neutral

% change

Segmental EBIT

- UK & Ireland 145 88 153 142 +8% +8%

- Nordics 53 29 72 61 +18% +24%

EBIT on continuing operations 198 117 225 203 +11% +13%

EBIT Margin 2.3% 1.4% 2.6% 2.4% +20 bps +20 bps

Net interest expense on leases (56) (59) (56) (59) (5)% (5)%

Other net finance costs (18) (30) (7) (26) (73)% (74)%

Profit before tax on continuing operations 124 28 162 118 +37% +41%

Tax on continuing operations (16) (1) (40) (31)

Profit after tax on continuing operations 108 27 122 87 +40% +44%

Profit after tax on discontinued operations - 138

Profit after tax 108 165

Earnings per share on continuing operations 10.0p 2.4p 11.3p 7.9p +43%

Operating cash flow 260 246 +6% +7%

Operating cash flow margin 3.0% 2.9% +10 bps +10 bps

Cash generated from continuing operations 507 419

Free cash flow 149 82 +82%

Net cash 184 96 +92%

Outlook and guidance

Current year guidance

The Group is facing into several headwinds this year, including cost increases driven by the UK government’s recent budget, general cost

inflation, and the weaker Norwegian Kroner reducing reported profits. To counteract these, the Group is pursuing cost saving measures

and is well placed to take advantage of growth opportunities.

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 £65m

• Capital expenditure of around £95m

• Exceptional cash outflow of around £30m

• Pension contributions of £78m, in line with scheduled increase

• Cash dividend payments of £25m across the 2024/25 final and expected 2025/26 interim dividend

• Other technical cashflow items:

• Depreciation & amortisation around £265m

• Cash payments of leasing costs around £260m

• Cash tax around £20m

• Cash interest of around £15m

• Share purchases to cover colleague share awards of £15-20m

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’) and are consistent with those used internally by the Group’s Chief Operating Decision Maker 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 Financial Information of this report.

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

2. Viva-Glint, April 2025 survey completed by 22,200 colleagues across the Group.

3. Company compiled consensus for 2025/26 forecasts Group adjusted PBT of £167m. Full forecasts are available on the corporate website:

https://www.currysplc.com/investors/consensus-and-analyst-coverage/

62 Currys plc Annual Report & Accounts 2024/25

Performance

summary continued

Longer term guidance

The Group is continuing to target at least 3% adjusted EBIT margin in both the UK&I and the Nordics.

Alongside this, the Group will remain focused on free cash flow generation. The Group expects to keep annual capital expenditure

below £100m, for exceptional cash costs to be below £10m by 2026/27, and to keep working capital at least neutral despite

continued outflow from the expected growth of the iD Mobile business.

The Group’s cash tax will remain below adjusted P&L tax due to the tax deductions from defined benefit pension scheme contributions

and the benefit of brought forward losses in the UK and Nordics.

The Group will aim to distribute consistent and growing cash to shareholders as outlined in the capital allocation framework which

is set out below.

Capital allocation

The Group’s continued focus on free cash flow resulted in year-end net cash of £184m and a pension deficit of £(103)m, a net position

of £81m. This is the Group’s strongest balance sheet position in over a decade.

On this strong foundation, the Group has a clear capital allocation framework:

1. Maintain a prudent balance sheet – This has historically been defined as meeting banking covenants and our own targets for

indebtedness fixed charge cover of >1.5x and indebtedness leverage of <2.5x. Alongside these targets, the Group will look to

maintain a year-end net cash balance of at least £100m for the foreseeable future. This level of cash allows us to efficiently

manage the working capital cycle of the business and protect the balance sheet in the event of unexpected market downturns.

2. Pay required pension cash contributions – The Group is currently scheduled to pay £78m of contributions per annum from 2025/26

through to a final payment of £43m in 2028/29, a total of £277m. The triennial pension review commenced in March 2025 and is

expected to conclude by the end of calendar year 2025. The Group is continuing to work proactively with the scheme trustees to

agree a revised forward funding schedule that should allow pensions contributions to reduce over time, reflecting the significant

strengthening of the pension position over recent periods.

3. Invest to grow business/profits/cashflow – The Group has set an annual capital expenditure target of less than £100m, which is low

by historic levels, but reflects the well-invested nature of the Group’s assets and that an increasing proportion of investment spend is

expensed through the P&L. The Group continues to prioritise high returning projects and the efficient use of capital and is comfortable

that this level of expenditure provides sufficient bandwidth to achieve our objectives.

4. Pay and grow an ordinary dividend – The Board reconfirms its previous commitment to a progressive dividend policy and to

recommence cash dividend payments at a level that represents around 5x adjusted EPS cover, starting with the final dividend of

1.5p (representing 2/3rds of a full year dividend). Future dividends are expected to grow and will be declared in the normal course

alongside interim and year-end results. The interim dividend is expected to be set at one-third of the preceding full year dividend.

5. Surplus capital available for share buybacks – The Group is committed to returning excess cash to shareholders through a share

buyback programme. The Board recognises that the strength of the balance sheet should allow this to commence sooner rather

than later, however, any decision is subject to the conclusion of the current pension triennial review.

Financial Statements Investor InformationGovernanceStrategic Report

Our business is managed and evaluated across two reporting segments: UK & Ireland and Nordics. The table below presents the

combined Group results, followed by detailed explanations for each segment.

Following the disposal of Kotsovolos on 10 April 2024, the Greece reporting segment has been removed from the prior year results.

Income Statement

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Revenue 8,706 8,476 +3% +4%

Recurring service revenue

814 749 +9% -

Adjusted EBITDA 491 479 +3% +4%

Adjusted EBITDA margin 5.6% 5.7% (10) bps -

Depreciation of right-of-use assets (181) (178)

Depreciation of other assets (39) (41)

Amortisation (46) (57)

Adjusted EBIT 225 203 +11% +13%

Adjusted EBIT margin 2.6% 2.4% +20 bps +20 bps

Interest on lease liabilities (56) (59)

Finance income 11 4

Adjusted finance costs (18) (30)

Adjusted PBT 162 118 +37% +41%

Adjusted PBT margin 1.9% 1.4% +50 bps +50 bps

Adjusted tax (40) (31)

Adjusted Profit after tax on continuing operations 122 87

Adjusted EPS 11.3p 7.9p

Statutory Reconciliation

Adjusting items to EBITDA (4) (63)

EBITDA 487 416 +17% +19%

Adjusting items to depreciation and amortisation (23) (23)

EBIT 198 117 +69% 73%

EBIT Margin 2.3% 1.4% +90 bps +90 bps

Adjusting items to finance costs (11) (4)

PBT 124 28 +343% +357%

Adjusting items to tax 24 30

Profit after tax on continuing operations 108 27 +300% +331%

EPS – total 10.0p 14.9p

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Performance review

2024/25

64 Currys plc Annual Report & Accounts 2024/25

Performance review

2024/25 continued

Cash flow

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Adjusted EBITDAR 495 483 +2% +4%

Adjusted EBITDAR margin 5.7% 5.7% - -

Cash payments of leasing costs (249) (247)

Other non-cash items in EBIT 14 10

Operating cash flow 260 246 +6% +7%

Operating cash flow margin 3.0% 2.9% +10 bps +10 bps

Capital expenditure (77) (48)

Adjusting items to cash flow (33) (4 8)

Free cash flow before working capital 150 150 - +3%

Working capital 38 (2)

Network receivable (24) (32)

Segmental free cash flow 164 116 +41% +45%

Cash tax paid (4) (7)

Cash interest paid (11) (27)

Free cash flow 149 82 +82% +85%

Dividend - -

Purchase of own shares – share buyback - -

Purchase of own shares – employee benefit trust (15) (12)

Pension (50) (36)

Disposals including discontinued operations (5) 162

Other 9 (3)

Movement in net cash/(debt) 88 193 (54)% (59)%

Net cash 184 96 +92% +86%

UK & Ireland

Number of stores 2024/25 2023/24

UK 280 282

Ireland 16 16

Total UK&I 296 298

Selling space ‘000 sq. ft

UK 5,159 5,223

Ireland 207 207

Total UK&I 5,366 5,430

Financial Statements Investor InformationGovernanceStrategic Report

Income Statement

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Revenue 5,286 4,970 +6% +6%

Of which recurring service revenue

606 541 +12% -

Adjusted EBITDA 306 294 +4% +4%

Adjusted EBITDA margin 5.8% 5.9% (10) bps (10) bps

Depreciation of right-of-use assets (98) (97)

Depreciation of other assets (19) (18)

Amortisation (36) (37)

Adjusted EBIT 153 142 +8% +8%

Adjusted EBIT margin 2.9% 2.9% - -

Adjusting items to EBIT (8) (54)

EBIT 145 88 +65% +66%

EBIT margin 2.7% 1.8% +90 bps +100 bps

Cash flow

Adjusted EBITDAR 310 298 +4% +4%

Adjusted EBITDAR margin 5.9% 6.0% (10) bps (10) bps

Cash payments of leasing costs (148) (150)

Other non-cash items in EBIT 14 8

Operating cash flow 176 156 +13% +13%

Operating cash flow margin 3.3% 3.1% +20 bps +20 bps

Capital expenditure (50) (22)

Adjusting items to cash flow (28) (32)

Free cash flow before working capital 98 102 (4)% (4)%

Working capital 21 13

Network receivable (24) (32)

Segmental free cash flow 95 83 +14% +14%

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Total UK&I sales increased +6%, driven by like-for-like sales growth of +4%. The 53rd week added around +2% to revenue but did not

have a material impact on profits or cashflow. The online share of business increased +2%pts to 47%.

Mobile was the strongest performing category, with growth in iD Mobile and handset-only sales. Computing sales were also positive,

with AI technology sales building momentum. Consumer electronics and domestic appliances were stable compared to last year.

Additional growth was driven by new categories and accessories which grew significantly from a low base. Growth was supported

by additional above-the-line and online performance marketing.

The UK&I market was broadly flat year-on-year, with the store channel reducing by around (5)% while the online market increased

by +2%. Our market share was up +50bps compared to the previous year, with growth in both channels.

Gross margin increased +20bps reflecting the higher adoption rate of credit and other services, complete solution sales and costs

savings and efficiencies to offset inflation in supply chain. There was also a continued focus on the end-to-end profitability of product

sales. Operating costs increased in absolute terms due to wage and other inflation, as well as deliberate investment in marketing and

increases in expensed investment spend. The operating expense to sales ratio worsened by (20)bps as these cost increases more than

offset operating leverage.

Adjusted EBIT increased to £153m at 2.9% EBIT margin, flat YoY.

In the period, adjusting items to EBIT totalled £(8)m mainly due to £(11)m of amortisation, £(6)m of restructuring charges, +£3m of provision

release for onerous contract following successful renegotiation, and +£7m of provision release related to historical regulatory matters.

66 Currys plc Annual Report & Accounts 2024/25

The cash costs in the period primarily relate to ongoing strategic change and leases on closed properties.

2024/25

£m

2023/24

£m

P&L Cash P&L Cash

Acquisition/disposal related items (11) - (11) -

Strategic change programmes (6) (24) (11) (26)

Impairment losses and onerous contracts 3 (1) (17) (2)

Regulatory 7 (2) (13) (3)

Other (1) (1) (2) (1)

Total (8) (28) (54) (32)

Operating cash flow was up +13% to £176m due to higher operating profit, slightly offset by lower lease costs. Capital expenditure more

than doubled to £50m due to the planned resumption of investment during the year, with spend focused on channel improvements and

a variety of small-scale IT and system upgrades. Adjusting items are described above. Working capital cash outflow was driven by the

growth of iD Mobile, with the total £24m iD Mobile related outflow almost entirely offset by efficiencies in the rest of the business.

In combination, this resulted in segmental free cash inflow of £95m, +£12m higher than last year.

Nordics

2024/25 2023/24

Number of stores Own stores Franchise stores Total Own stores Franchise stores Total

Norway 75 64 139 80 64 144

Sweden 93 77 170 96 76 172

Denmark 49 - 49 47 - 47

Finland 20 18 38 20 22 42

Other Nordics - 16 16 - 16 16

Nordics 237 175 412 243 178 421

Selling space ‘000 sq ft Own stores Franchise stores Total Own stores Franchise stores Total

Norway 1,028 652 1,680 1,062 654 1,716

Sweden 1,106 404 1,510 1,150 389 1,539

Denmark 816 - 816 788 - 788

Finland 507 166673 508 196 704

Other Nordics - 106 106 - 106 106

Nordics 3,457 1,328 4,785 3,508 1,345 4,853

Performance review

2024/25 continued

Financial Statements Investor InformationGovernanceStrategic Report

Income Statement

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Of which recurring service revenue

208 208 - -

Adjusted EBITDA 185 185 - +4%

Adjusted EBITDA margin 5.4% 5.3% +10 bps +20 bps

Depreciation of right-of-use assets (83) (81)

Depreciation of other assets (20) (23)

Amortisation (10) (20)

Adjusted EBIT 72 61 +18% +24%

Adjusted EBIT margin 2.1% 1.7% +40 bps +40 bps

Adjusting items to EBIT (19) (32)

EBIT 53 29 +83% +100%

EBIT margin 1.5% 0.8% +70 bps +80 bps

Cash flow

Adjusted EBITDAR 185 185 - +3%

Adjusted EBITDAR margin 5.4% 5.3% +10 bps +10 bps

Cash payments of leasing costs (101) (97)

Other non-cash items in EBIT - 2

Operating cash flow 84 90 (7)% (2)%

Operating cash flow margin 2.5% 2.6% (10) bps (10) bps

Capital expenditure (27) (26)

Adjusting items to cash flow (5) (16)

Free cash flow before working capital 52 48 +8% +16%

Working capital 17 (15)

Segmental free cash flow 69 33 +109% +111%

1. Recurring service revenue is the total of Commission, Support service and Connectivity revenue.

Revenue remained flat on a currency neutral basis, driven by flat like-for-like sales. The 53rd week added c.+2% to revenue, but did not

have a material impact on profits or cashflow. The online share of business increased +2%pts to 29%.

Compared to last year, the Nordic market declined around (1)% as weakness in Mobile was largely offset by growth in small domestic

appliances and consumer electronics, while major domestic appliances and computing were flat YoY. Our market share was stable

at 28.1%.

Gross margin was again up strongly, growing +60bps YoY, and +240bps compared to two years ago. This was driven through balanced

trading and focus on strategic initiatives, particularly increased service revenue. Operating costs were broadly flat as cost savings

across marketing, procurement and changes to the store portfolio offset the impact of inflation. The operating expense to sales ratio

worsened by (20)bps due to operating deleverage from lower sales.

As a result, adjusted EBIT increased by +18% (+24% on a currency neutral basis) to £72m.

In the period, adjusting items to EBIT totalled £(19)m, with £(12)m due to the amortisation of acquisition intangibles as well as £(7)m

of restructuring costs. The cash cost of restructuring was £(5)m in the year.

2024/25 £m 2023/24 £m

P&L Cash P&L Cash

Acquisition/disposal related items (12) - (12) -

Strategic change programmes (7) (5) (5) (16)

Impairment losses and onerous contracts - - (15) -

Total (19) (5) (32) (16)

68 Currys plc Annual Report & Accounts 2024/25

Operating cash flow reduced by (7)% to £84m, driven by higher leasing cost. Capital expenditure was £27m, a +4% increase YoY as

investment was maintained. Significant areas of expenditure included store refits, IT transformation and our new Nordic Distribution Centre

in Jönköping. Working capital inflow was £17m, due to deliberately lower stock levels and timings of year end promotional campaigns.

Finance Costs

Interest on lease liabilities was £(56)m, lower than last year and in line with the decrease in our overall lease commitment. The cash

impact of this interest is included within “Cash payments of leasing costs” in segmental free cash flow.

The adjusted net finance costs were lower than last year primarily due to lower interest costs as the Group’s indebtedness substantially

improved. The net cash impact of these costs was £(11)m from £(27)m in the prior year.

The finance cost on the defined benefit pension scheme is an adjusting item and decreased by £(3)m compared to the prior year due

to the lower balance.

2024/25

£m

2023/24

£m

Interest on lease liabilities (56) (59)

Finance income 11 4

Finance costs (18) (30)

Adjusted net finance costs (63) (85)

Finance costs on defined benefit pension schemes (8) (11)

Other finance costs (3) 7

Net finance costs on continuing operations (74) (89)

Tax

The full year adjusted effective tax rate of 24% was slightly lower than the previous year rate of 27% due to the impact of increased

profits in the Nordics that are taxed at lower rates than the UK tax rate of 25%.

Taxation payments of £4m (2023/24: £7m) were lower due to reduced payments on account in the Nordics and a £1m rebate being

received in the legacy Carphone Warehouse business in the Netherlands. The cash tax rate of 3% is lower than the adjusted effective

rate of 24% primarily due to the tax impact of brought forward UK tax attributes (including capital allowances, future pension

contributions and tax losses) and adjusting items which reduce taxes payable.

Cash flow

2024/25

£m

2023/24

£m

Reported

% change

Currency

neutral

% change

Operating cash flow 260 246 +6% +7%

Capital expenditure (77) (48)

Adjusting items to cash flow (33) (48)

Free cash flow before working capital 150 150 - +3%

Working capital 38 (2)

Network receivables (24) (32)

Segmental free cash flow 164 116 +41% +45%

Cash tax paid (4) (7)

Cash interest paid (11) (27)

Free cash flow 149 82 +82% +85%

Dividend - -

Purchase of own shares – share buyback - -

Purchase of own shares – employee benefit trust (15) (12)

Pension (50) (36)

Disposals including discontinued operations (5) 162

Other 9 (3)

Movement in net cash 88 193 (54)% (59)%

Opening net cash/(debt) 96 (97) n/a

Closing net cash/(debt) 184 96 +92% +86%

Performance review

2024/25 continued

Financial Statements Investor InformationGovernanceStrategic Report

Segmental free cash flow was an inflow of £164m (2023/24: £116m) mainly due to improvements in working capital in segmental

performance above. Interest and tax outflows totalled £(15)m as described above, resulting in free cash flow of £149m

(2023/24: £82m).

During the prior year, the Group disposed of its Greece business, Kotsovolos, generating cash proceeds of £162 million.

Final fees associated with the transaction were paid in 2024/25.

The employee benefit trust acquired £15m worth of shares to satisfy colleague share awards.

Pension contributions of £50m (2023/24: £36m) were in line with the contribution plan agreed with the pension fund trustees at the

previous triennial review.

Other movements relate to currency translation differences due to changes on foreign net debt across multiple currencies.

The closing net cash position was £184m, compared to a net cash position of £96m at 27 April 2024. The average net cash for the year

was £136m (2023/24: £(69)m net debt).

The Board has proposed a final dividend of 1.5p per ordinary share for the year ended 3 May 2025. The final dividend is subject

to shareholder approval at the Company’s Annual General Meeting in September 2025. The ex-dividend date is 28 August 2025,

with a record date of 29 August 2025 and an intended final dividend payment date of 26 September 2025.

Balance sheet

3 May 2025

Group

£m

27 April 2024

Group

£m

Goodwill 2,251 2,237

Other fixed assets 1,090 1,156

Working capital (195) (163)

Net cash/(debt) 184 96

Net lease liabilities (937) (999)

Pension (103) (171)

Deferred tax 32 8

Provisions (56) (72)

Income tax payable (23) (20)

Net assets 2,243 2,072

Goodwill increased £14m as currency revaluations impacted goodwill allocated to Nordics.

Other fixed assets decreased by £(66)m, as capital expenditure was more than offset by depreciation and amortisation.

3 May 2025

Group

£m

27 April 2024

Group

£m

Inventory 1,037 1,034

Trade Receivables 195 195

Trade Payables (1,186) (1,180)

Trade working capital 46 49

Network commission receivables and contract assets 47 66

Network accrued income 230 187

Network receivables 277 253

Other Receivables 313 269

Other Payables (820) (743)

Derivatives (11) 9

Working capital (195) (163)

At year-end, total working capital was £(195)m. Group inventory was £1,037m, broadly flat vs last year and trade payables increased

by £6m to £(1,186)m. Based on average balances, stock days marginally increased to 62 (2023/24: 61) while trade payable days slightly

decreased to 73 (2023/24: 74).

70 Currys plc Annual Report & Accounts 2024/25

Total network receivables increased £24m due to growth of iD Mobile.

Most of the movement in other payables was driven by strong sales in the additional trading week of FY25, driving higher accruals

and contract liabilities.

Lease liabilities have reduced by £(62)m against 27 April 2024 due to the closure of stores and reduction in rents at lease renewals.

The IAS 19 accounting deficit of the defined benefit pension scheme amounted to £(103)m (27 April 2024: £(171)m). The reduction

of £(68)m during the period was primarily driven by £50m of contributions and small changes in assumptions on future inflation

expectations. The application of a higher discount rate was favourable for the deficit, but this was entirely offset by a lower return

on assets as the asset portfolio is structured to materially hedge the scheme’s funding position against movements in the discount rate.

As agreed during the last triennial valuation, pension contributions will rise to £78m per annum for the three years starting in 2025/26,

with a final payment of £43m in 2028/29, when the deficit is scheduled to be closed. During this period, the Group must match shareholder

distributions above £12m for 2024/25 and above £60m for 2025/26 onwards by additional contributions to the pension scheme.

The triennial pension review commenced in March 2025 and is expected to conclude by the end of calendar year 2025. The Group

is continuing to work proactively with the scheme trustees to agree a revised forward funding schedule that should allow pensions

contributions to reduce over time.

3 May 2025

£m

27 April 2024

£m

29 April 2023*

£m

Net cash/(debt) 184 96 (97)

Restricted cash (30) (36) (30)

Net lease liabilities (937) (999) (1,228)

Pension liability (103) (171) (249)

Total closing indebtedness (886) (1,110) (1,604)

Less: year-end net cash/(debt) (184) (96) 97

Add: average net cash/(debt) 136 (69) (96)

Total average indebtedness (934) (1,275) (1,603)

3 May 2025

£m

27 April 2024

£m

29 April 2023*

£m

Operating cashflow 260 246 268

Cash payments of leasing costs 249 247 283

Operating cash flow plus cash payments of leasing 509 493 551

Bank covenant ratios

Fixed charges (cash lease costs + cash interest) 260 274 309

Fixed charge cover 1.96x 1.80x 1.78x

Net cash excluding restricted funds 154 60 (127)

Net debt leverage (0.59)x (0.24)x 0.47x

Net indebtedness ratios

Fixed charges (cash lease costs + cash interest + pension contributions) 310 310 387

Total indebtedness fixed charge cover 1.64x 1.59x 1.42x

Total closing indebtedness (886) (1,110) (1,604)

Total indebtedness leverage 1.74x 2.25x 2.91x

* Figures not restated for the disposal of Kotsovolos as these calculations are consistent with the covenants in place at the time

At 3 May 2025 the Group had a net cash position of £184m (2023/24: net cash £96m) and average net cash for the year of £136m

(2023/24: average net debt £(69)m).

During the year, the Group refreshed its revolving credit facility and now has access to a £525m facility that expires in September

2028 (with an option to extend for an additional year) with a syndicate of six banks. The covenants on the debt facilities are net debt

leverage <2.5x (2024/25: (0.59)x) and fixed charge cover >1.5x (2024/25: 1.96x).

Performance review

2024/25 continued

Financial Statements Investor InformationGovernanceStrategic Report

The deferred tax asset increased to £32m from £8m in the year primarily due to the partial recognition of a £23m UK deferred tax asset,

following the Group’s improved trading performance and outlook.

Provisions primarily relate to property, reorganisation and sales provisions. The balance decreased by £(16)m during the year due to

releases for provisions related to historical regulatory matters.

Comprehensive income/Changes in equity

Total equity for the Group increased from £2,072m to £2,243m in the period, driven by profit after tax of £108m, the actuarial gain

(including taxation) on the defined benefit pension scheme of £54m, £17m for the translation of overseas operations, and movements in

relation to share schemes (including taxation) of £15m. This was partially offset by hedging losses of £(8)m and purchase of own shares

by the EBT of £(15)m.

Share count

The weighted average number of shares used for basic earnings reduced by 25m to 1,081m due to an increase in the average number

of shares held by the Group EBT to satisfy colleague shareholder schemes.

The dilutive effect of share options and other incentive schemes increased as some schemes improved performance against vesting

conditions.

3 May 2025

Million

27 April 2024

Million

Weighted average number of shares

Average shares in issue 1,133 1,133

Less average holding by Group EBT and treasury shares held by Company (52) (27)

For basic earnings per share 1,081 1,106

Dilutive effect of share options and other incentive schemes 51 22

For diluted earnings per share 1,132 1,128

Approval of Strategic Report

This Strategic Report was approved by the Board and signed on its behalf by:

Alex Baldock

Group Chief Executive

2 July 2025

72 Currys plc Annual Report & Accounts 2024/25

Governance

at a glance

Compliance with the UK Corporate

Governance Code 2018 (the ‘Code’)

The Board confirms that throughout the year ended 3 May 2025

and as at the date of this report, the Company applied the

principles of, and was fully compliant with, the provisions of

the Code.

A copy of the Code is available from the website of the Financial

Reporting Council (‘FRC’), www.frc.org.uk.

Each year the Board reviews a copy of the Code, and the

supporting information that demonstrates how the Company

has complied with each provision prior to making this statement.

The Corporate Governance Report sets out how the Company

has complied with the provisions in the following sections of the

Code: Board Leadership and Company Purpose, Division of

Responsibilities, Composition, Succession and Evaluation, and

Audit, Risk and Internal Control. The Remuneration Committee

Report describes how the Company has implemented each

of the provisions in the Remuneration section of the Code.

The Board notes that the UK Corporate Governance Code 2024

will apply to the Company for the 2025/26 annual report and

plans to be fully compliant with all provisions, including the

enhanced disclosures on risk management and internal control.

Board highlights from 2024/25

• Received updates on customer experience and the Company’s

‘Customers for Life’ strategy.

• Completed deep dive sessions on Credit, Mobile, B2B, Culture

& Values, Inclusion & Diversity, Brand & Marketing and the

Company’s ‘Right First Time’ programme.

• Continued close oversight of the Company’s Nordic business

including an investor event in Oslo, and Board visits to Oslo

and Stockholm including store visits and meetings with 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.

Board tenure as at 3 May 2025

Board meeting attendance in 2024/25

(1) Steve Johnson attended all Board meetings since his appointment on

1 June 2024.

Directors Meetings attended

Alex Baldock



Eileen Burbidge MBE



Ian Dyson



Magdalena Gerger



Steve Johnson

(1)



Bruce Marsh



Octavia Morley



Gerry Murphy



Adam Walker



Company Secretary Meetings attended

Nigel Paterson



Non-Executive Directors Appointed Tenure

Eileen Burbidge MBE January 2019 6 years 4 months

Ian Dyson September 2022 2 years 8 months

Magdalena Gerger May 2023 2 years

Steve Johnson June 2024 11 months

Octavia Morley April 2024 1 years 1 month

Gerry Murphy August 2014 10 years 8 months

Adam Walker June 2023 1 years 10 months

Executive Directors

Alex Baldock April 2018 7 years 1 month

Bruce Marsh July 2021 3 years 9 months

Direct reports of Executive

Committee members

Percentage of direct reports

of Executive Committee

members All colleagues

Percentage of

all colleagues

Total 63 24,457

Men 44 70% 17,736 73%

Women 19 30% 6,721 27%

Colleague diversity at 3 May 2025

Financial Statements Investor InformationGovernanceStrategic Report

Board skills and experience (no score = general understanding to 3 = deep subject matter expertise)

Directors

Ian Dyson

Board Chair and Nominations

Committee Chair

Eileen Burbidge

Independent Non-Executive

Director and ESG Committee

Chair

Magdalena Gerger

Independent Non-Executive

Director

Steve Johnson

Independent Non-Executive

Director

Octavia Morley

Senior Independent Director and

Remuneration Committee Chair

Gerry Murphy

Independent Non-Executive

Director

Adam Walker

Independent Non-Executive

Director and Audit Committee

Chair

Alex Baldock

Group Chief Executive

Bruce Marsh

Group Chief Financial Officer

General retailing experience

3 2 3 3 3 2 1 3 3

E-commerce

2 2 2 3 2 3 2

Commercial/supplier management

1 1 3 2 3 1 1 2 2

Supply chain/logistics

1 1 2 2 2 1 1 2 2

Environment including climate change

2 2 2 2 1 1 1 2 2

Social impact in communities

1 3 3 2 1 2

Strategy (development and implementation)

3 2 3 3 3 3 3 3 3

Accounting, finance and audit

3 1 1 2 2 3 3 2 3

Corporate transactions

3 3 2 1 3 3 3 2

Risk management

3 2 3 2 3 3 3 2

Listed company governance

3 2 3 3 2 3 2 2

Remuneration

2 1 2 2 3 2 2 2 2

Compliance/regulatory

2 1 2 3 1 2 2 2 2

People/corporate culture/organisational design

2 3 3 2 3 1 2 2 2

IT and technology

1 3 1 2 1 2 2 2 2

Marketing/advertising

1 2 3 2 2 1 1 2 1

Consumer financial services

1 3 3 2 2 3 2

International businesses

2 2 3 1 1 1 3 3 2

Current executive leadership

N Y N Y N N N Y Y

Number of

Board members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

Men 6 66.7% 3 7 77.8%

Women 3 33.3% 1 2 22.2%

Not specified/prefer not to say 0 0 0 0 0

Board and Executive Committee diversity at 3 May 2025

Number of

Board members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

White British or other White

(including minority-white groups)

8 88.9% 4 9 100%

Mixed/Multiple Ethnic Groups 0 0 0 0 0

Asian/Asian British 1 11.1% 0 0 0

Black/African/Caribbean/Black British 0 0 0 0 0

Other ethnic group, including Arab 0 0 0 0 0

Not specified/prefer not to say 0 0 0 0 0

74 Currys plc Annual Report & Accounts 2024/25

Board of

directors

Board director tenure, diversity and skills information can be found in the Governance

at a glance section on pages 72 and 73. Detailed director biographies can be found

on the Company’s website.

Committee membership

Audit Committee

Nominations Committee

Disclosure Committee

Remuneration Committee

ESG Committee

Committee Chair

Ian Dyson (63)

Chair of the Board

Appointed: September 2022

Summary: Over 20 years’ experience

on public company boards. Strong

leadership experience of consumer

facing industries from previous FTSE 100

and FTSE 250 roles.

Board meeting attendance: 8/8

Eileen Burbidge MBE (54)

Independent Non-Executive Director

Appointed: January 2019

Summary: An established leader in

the UK Fintech and digital technology

industries with a focus on tech

innovation and value creation. A strong

advocate for a range of social impact

and sustainability issues.

Board meeting attendance: 8/8

New Board member

Elaine Bucknor

Independent Non-Executive Director

Elaine Bucknor will join the Board on

8 September 2025 as an independent

non-executive director and a member

of the Company’s Audit Committee.

Summary: Experienced technology

leader and cybersecurity expert who

has worked for over 30 years in the

technology sector.

Octavia Morley (57)

Senior Independent Director

Appointed: April 2024

Summary: Experienced retail executive

in chief executive officer, non-executive

director and remuneration committee

chair roles.

Board meeting attendance: 8/8

Steve Johnson (53)

Independent Non-Executive Director

Appointed: June 2024

Summary: Experienced executive with

strong expertise of financial services

and digital retail.

Board meeting attendance: 7/ 7

(all meetings since appointment date)

Scan the QR code to read

full Board member

biographies on our website.

Financial Statements Investor InformationGovernanceStrategic Report

Alex Baldock (54)

Group Chief Executive

Appointed: April 2018

Summary: Experienced executive with

an outstanding track record in leading

and transforming large, complex,

consumer-facing businesses.

Board meeting attendance: 8/8

Gerry Murphy (73)

Independent Non-Executive Director

Appointed: August 2014

Summary: Chartered accountant with

extensive audit and finance experience

in consumer business, retail, media,

technology and communications

sectors.

Board meeting attendance: 8/8

Bruce Marsh (57)

Group Chief Financial Officer

Appointed: July 2021

Summary: Finance executive with

history of successful delivery of large

complex business transformations and

leadership of high-performing finance

functions in retail environments.

Board meeting attendance: 8/8

Adam Walker (57)

Independent Non-Executive Director

Appointed: June 2023

Summary: Chartered accountant with

over 20 years’ experience on listed

boards in both an executive and

non-executive capacity.

Board meeting attendance: 8/8

Magdalena Gerger (61)

Independent Non-Executive Director

Appointed: May 2023

Summary: Over 20 years’ experience

in non-executive director roles including

extensive marketing and international

expertise, especially in the Nordics

markets.

Board meeting attendance: 8/8

Nigel Paterson (58)

General Counsel and Company

Secretary

Appointed: April 2015

Summary: Solicitor with extensive

legal, governance and risk expertise in

consumer business, retail, technology

and communications sectors.

Board meeting attendance: 8/8

76 Currys plc Annual Report & Accounts 2024/25

Directors’

report

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’) DTR 7.2 and the management

report required by DTR 4.1, comprises the Strategic Report on pages 1 to 71, the

Corporate Governance Report on pages 79 to 90, together with this Directors’ Report

on pages 76 to 78. 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 74 and 75. Full biographies for each director

are available on the Company’s website, www.currysplc.com.

During the year, Fiona McBain stepped down as a non-executive

director of the Board on 5 September 2024. On 1 June 2024, Steve

Johnson was appointed as a non-executive director of the Board.

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 121

to 137.

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 138.

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 121 to 137. 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

3 May 2025. Details of the final and interim dividends for the

year are included in the below table.

As at 2 July 2025, the Company’s employee benefit trust (‘EBT’)

held 58,942,955 ordinary shares. The right to receive dividends is

waived by the trustees of the EBT each year and for 2024/25 will

be waived in respect of the balance of shares held as at the final

dividend record date on 29 August 2025.

Year ended

3 May 2025

Year ended

27 April 2024

Interim dividend nil nil

Final dividend 1.5p nil

Total dividends 1.5p nil

Financial Statements Investor InformationGovernanceStrategic Report

Colleague involvement

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’ involvement in the Group’s share plans are

disclosed in the Remuneration Report on pages 121 to 137.

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.

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 report on pages 32

to 51. 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 nor 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 voting

rights of the Company’s shares are identical, with each share

carrying the right to one vote. The Company does not hold any

shares in treasury.

Details of employee share schemes are provided in note 4 to

the Group financial statements. As at 3 May 2025, the EBT held

58,965,910 shares. The EBT acquired 19,110,092 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.

78 Currys plc Annual Report & Accounts 2024/25

Directors’

report continued

Significant shareholdings

As at 3 May 2025, 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. 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

Percentage

of share

capital

RWC Asset Management LLP 147,044,292 12.97%

Cobas Asset Management 67, 836 ,749 5.98%

Equiniti Trust (Jersey), trustee of the EBT 59,037,809 5.20%

Schroders plc 56.602,103 4.99%

Artemis Investment Management LLP 56,419,795 4.98%

Ruffer 52,373,898 4.62%

D P J Ross 50,088,811 4.41%

Majedie Asset Management 44,288,264 3.80%

Greater Manchester Pension Fund 33,245,349 2.93%

Frasers Group Plc 32,000,000 2.82%

Odey Asset Management LLP 31,851,616 2.81%

On 19 May 2025, Cobas Asset Management disclosed its holding

of 56,175,799 shares or 4.95%.

On 16 May, 3 June and 12 June 2025 RWC Asset Management LLP

disclosed a decreased holding. On 12 June 2025 the holding was

113,033,492 shares or 9.97%.

On 2 July 2025, being the last practicable date prior to the

publication of this Annual Report & Accounts, no further changes

to the shareholdings reported above had been notified to the

Company in accordance with DTR 5.

Directors’ interests in the Company’s shares and the movements

thereof are detailed in the Remuneration Report on pages 121

to 137.

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 2024, 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 26 October 2025, or, if earlier,

until the conclusion of the Company’s Annual General Meeting

(‘AGM’) in 2025. The Company will seek the usual renewal of

this authority at the AGM in September 2025.

Purchase of own shares

Authority was given by the shareholders at the annual general

meeting in 2024 to purchase a maximum of 113,349,465 shares,

such authority remaining valid until 26 October 2025, or, if earlier,

until the conclusion of the Company’s AGM in 2025. The authority

was not exercised during the year. The Company will seek the

usual renewal of this authority to purchase its own shares at

the AGM in September 2025.

Use of financial instruments

Information about the use of financial instruments is given in note

23 to the Group financial statements.

Post-balance sheet date events

Events after the balance sheet date are disclosed in note 28

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 2024/25

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 2025.

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

2 July 2025

Financial Statements Investor InformationGovernanceStrategic Report

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 shareholders, our customers,

our colleagues, 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 2018

(the ‘Code’).

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,

and the responsibility it has to, the Company’s stakeholders as

part of its decision-making. The Board delegates clearly defined

responsibilities to its committees and the 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 on pages 1 to 71. 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

2025, non-executive directors met privately with representatives

of the International Colleague Forum to learn more about the

key current issues impacting colleagues. In addition, all non-

executive directors have access to the Company’s intranet and

have corporate email addresses and receive all corporate

communications sent to colleagues. The non-executive directors

frequently have direct contact with Executive Committee members

and their direct reports. Non-executive directors are invited to

Company events such as the annual Peak event in the UK and the

Campus event in the Nordics. The Board also visit key sites and

stores. The October 2024 and March 2025 Board meetings were

held in the Nordics and included store visits and the opportunity

to meet office and store colleagues. One non-executive director

attends Leadership Inclusion Forum meetings and another

non-executive director attends International Colleague Forum

meetings. Non-executive directors therefore have multiple

opportunities to hear feedback directly from colleagues across

different geographies and areas of the business and gain insights

into corporate culture.

Corporate governance framework

The Currys plc Board is supported by five committees:

• Audit Committee – oversees financial reporting, risk

management, internal controls and the relationship with the

external Auditor;

• Disclosure Committee – oversees the procedures and

controls for the identification and disclosure of price sensitive

information;

• Environment, Social and Governance (‘ESG’) Committee –

approves the Group’s ESG strategy and oversees the delivery

of this strategy including the management of ESG risks;

• 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.

These committees 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 nine 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 87 for further information). The Group

Sustainability Leadership Team (‘GSLT’) also reports into the

Executive Committee. The GSLT oversees the Group’s performance

against ESG targets and is responsible for the delivery of the

strategy approved by the ESG Committee (see page 103 for

further information).

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 the

International businesses.

80 Currys plc Annual Report & Accounts 2024/25

Currys plc Board Audit Committee

Disclosure Committee

Nominations Committee

Remuneration Committee

ESG Committee

Executive Committee

Main operating

subsidiaries

Group Sustainability

Leadership Team

Risk Committee

Regulatory Compliance Committee

Product Governance Committee

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 14 January 2025 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 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

• Continued close oversight of the Nordics business with deep

dive updates, an Oslo investor event and Board visits to Oslo

and Stockholm.

• Received deep dive updates on key topics including credit,

customer experience, brand and marketing, talent and

leadership succession planning, inclusion & diversity, culture &

values, Mobile and B2B.

• Evaluated strategic profit levers, cost savings and new sources

of growth.

• Received updates from the Company’s brokers on shareholder

feedback, market sentiment and takeover offers received.

The matters reserved for Board decision are

available in full on the Company’s website,

www.currysplc.com

The Board and committees structure

Financial Statements Investor InformationGovernanceStrategic Report

Board activities during 2024/25

Strategy

• Oversight of Group performance

against strategy and delivery of

transformation projects.

• Nordics business deep dives.

• B2B business deep dive.

• ‘Right First Time’ deep dive.

• Credit business deep dive.

• Global Business Services update.

• Online update.

• UK&I marketing strategy.

• Customer experience update.

Financial and operational

performance

• The Company’s preliminary and interim

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 Pension Scheme governance.

Committee updates

• Updates from each Committee Chair – Audit, Disclosure, ESG, Nominations and

Remuneration – following committee meetings.

Stakeholders

Customers

• Customer experience deep dive.

• Customer feedback and metrics.

• Consumer Duty update.

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.

• Oslo investor event.

Colleagues

• Meeting of the non-executive directors

with International Colleague Forum

representatives in January 2025.

• Health and safety update.

• Meeting store colleagues during store

visits in the Nordics and UK.

• 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.

• Update on the circular business plans

and strategy.

• ESG measures in bonus scorecard metrics

for 2025/26.

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.

• Externally facilitated Board effectiveness

process completed.

82 Currys plc Annual Report & Accounts 2024/25

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 explain

business developments and financial results to the Company’s

shareholders and to understand 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 twice during the financial year to hear their perspective

on shareholder interactions and feedback.

The Group Chief Executive has principal responsibility for investor

relations. He is supported by an Investor Relations department

that, amongst other matters, ensures there is a full programme

of regular dialogue with major institutional shareholders and

potential shareholders as well as with sell-side analysts

throughout the year. In all such dialogue, care is taken to ensure

that no price-sensitive information is released.

The Chair of the Board and non-executive directors are available

to meet with major shareholders as required. During the year, the

Chair of the Remuneration Committee met with several major

shareholders to discuss the proposed Remuneration Policy to be

submitted to shareholders at the AGM in September 2025.

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 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.

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.

Financial Statements Investor InformationGovernanceStrategic Report

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.

During the financial year, Steve Johnson joined the Board on

1 June 2024 and Fiona McBain stepped down from the Board

on 5 September 2024 after serving over seven years as a director.

There is a clear division of responsibilities between the executive

leadership of the business and the leadership of the Board and

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 14 January 2025 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 2024/25 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 72. None of the directors

on the Board at the end of the financial year were absent from

any scheduled Board or committee meetings during the year.

Fiona McBain was absent from one Board meeting shortly before

she stepped down from the Board, but she provided input to the

Chair in advance of the meeting.

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 and

one at an UK offsite location. The other meetings are held 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 2024 Board meeting was held at the Group’s training

centre for store colleagues, Fort Dunlop, in Birmingham, UK. The

October 2024 Board meeting was held at the Group’s offices in

Oslo, Norway. The March 2025 Board meeting was held at the

Group’s offices in Stockholm, Sweden where the Board received

a deep dive of the performance of Elgiganten in Sweden.

For more on Director responsibilities see the

Company’s website, www.currysplc.com

84 Currys plc Annual Report & Accounts 2024/25

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

More than half of the Board (excluding the Chair of the Board,

Ian Dyson) is considered to be independent 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 addressed this with each

director during 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 re-election at the Company’s AGM in September 2025 other

than Eileen Burbidge and Gerry Murphy who will step down from

the Board. Biographical information for each of the directors

submitting themselves for re-election is shown on the Company’s

website, www.currysplc.com.

Board succession and changes to the Board

During the year, Steve Johnson was appointed as a non-executive

director on 1 June 2024 and Fiona McBain stepped down on

5 September 2024 after serving over seven years on the Board

as a non-executive director.

At the end of the financial year, the average director tenure

was 3.5 years.

The Board, with the support of the Nominations Committee,

has initiated searches during the year to identify suitable

non-executive director candidates. The Board were particularly

interested in candidates with significant experience of the

Norwegian market. The Board composition discussions included

considering longer-term succession plans, the need to ensure

Board diversity and the Board skills matrix.

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 review in October 2024. 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

2023/24 process

The 2023/24 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;

• 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;

• communications between the Board and the management

team are appropriate and effective;

• the level of delegation of matters to Board committees

is appropriate and the role, remit and authority of each

committee is appropriately defined with effective reporting

back to the Board.

The Board considered the results of the process at the meeting held

on 25 April 2024. The main follow up actions agreed included to:

• ensure the Board continue to have increased oversight of the

Nordics; and

• ensure the Board continue to spend sufficient time on

management succession planning.

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 2021/22. In compliance

with the Code, an externally facilitated Board effectiveness

review was completed for 2024/25.

Financial Statements Investor InformationGovernanceStrategic Report

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 most 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 which are

effectively linked and supported.

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.

An externally facilitated Board performance 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. 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 73.

The review this year again concluded that the Board possessed the

necessary personal attributes, skills and experience to discharge

its duties fully and to challenge management effectively.

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 in place. 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 consider

the need for 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 2024.

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 following table. The Chair of

the Board will meet with a new director (or the Senior Independent

Director in the event of a new chair) 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.

86 Currys plc Annual Report & Accounts 2024/25

Corporate governance

report continued

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.

Standard induction programme

briefings and information

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 Nordics.

• The UK&I Distribution Centre in Newark.

• The store colleague training centre The Academy@FortDunlop.

Financial Statements Investor InformationGovernanceStrategic Report

Assurance provision

Board

Responsible for risk management and internal control

Defines Currys’ risk appetite

Reviews and approves the risk profile

Risk Committee

• Reviews Group risk profile.

• Monitors the management of principal

risks.

• Considers new and emerging risks.

Audit Committee

• Reviews Group risk profile.

• Monitors the management

of principal risks.

• Considers new emerging risks.

• Reviews the effectiveness of

internal control.

• Approves the annual internal

and external audit plans.

• Considers the internal audit

reviews across the Group.

Executive management

• Responsible for the

implementation of the risk

management process and

the operation of the internal

control environment.

Supported by the Group Director of Internal Audit, Risk and Insurance

Group Sustainability

Leadership Team

Regulatory

Compliance

Committee

Business Continuity

Steering Committee

Technology Risk

Forum

Business unit

and functional

risk experts

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 risk 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 preparing and maintaining Risk Registers and 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; and providing reports and

recommendations to the Audit Committee and the Board including

to assist 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, Executive Committee and other senior

leaders, to gather views on existing and emerging risks.

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.

Group risk management structure

88 Currys plc Annual Report & Accounts 2024/25

Corporate governance

report continued

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 52 to 57.

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. This year’s review covered all

material controls during the year and up to the date of approval

of the Annual Report & Accounts 2024/25, which were approved

by the Audit Committee and the Board.

The diagram on page 87 shows the governance structure in place

over the Group’s risk management activities, as at 2 July 2025.

Risk appetite

The external environment over the last 12 months has become

more uncertain, both economically and politically. As such, Currys

continues to face a broad range of dynamic risks reflecting the

environment in which it operates. The risks arising from Currys’

business model and the external environment can be significant.

Successful financial performance for the business is achieved by

managing and anticipating changes in these risks through intelligent

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

91 to 98 and the Board has considered the controls findings

raised in the Independent Auditor’s report on pages 139 to 149.

No significant failings or weaknesses were identified during the

period ending 3 May 2025. 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 52 to 58.

Controls, by their very nature, are designed to manage rather than

eliminate risk and can only provide reasonable assurance against

material misstatement or loss.

Financial Statements Investor InformationGovernanceStrategic Report

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:

Governance

• The Board has defined a risk appetite which sets the boundaries within which risk-based decision-making

can occur and outlines the expectations for the operation of the control environment.

• 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 Responsible Sourcing policy.

• All senior managers and colleagues engaged in FCA-regulated activities in the UK 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 to the achievement of successful delivery and the achievement

of projected benefits.

• A Programme Management Office in the UK&I operates to oversee delivery of our major Perform

and Transform change initiatives.

• Control activities operate to manage risk associated with our technology and information security.

These continue to evolve in line with the deployment of new systems 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 and development is provided to colleagues to cover their responsibilities for risk management

as part of the relevant compliance modules, and their operational obligations.

• Our performance management process holds colleagues accountable for their responsibilities.

• Fraud and loss prevention processes operate across our omnichannel and supply chain activities.

• Continuous improvement takes place throughout the organisation to improve the operation of processes

and controls. This is informed by actions identified through internal audit and compliance monitoring

reviews as well as customer feedback, the results of quality assurance and through the complaints

management process.

• The business is working towards ensuring compliance with potential legislation changes relating

to controls, as part of changes in the UK Corporate Governance Code.

90 Currys plc Annual Report & Accounts 2024/25

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 controls or 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. A financial services risk management framework identifies

control objectives for activities that underpin the delivery of good customer outcomes in our financial

services regulated activities.

• The Group Risk team undertakes horizon scanning to identify emerging risks and opportunities 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.

• 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 respond 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, 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 76 to 78. 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

Group’s corporate 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

2 July 2025

Financial Statements Investor InformationGovernanceStrategic Report

Audit

committee report

Chair’s statement

I am pleased to present my first Audit Committee (the ‘Committee’) report for the year

ended 3 May 2025. This report describes how the Committee has carried out its duties

to provide independent scrutiny of the Group’s financial reporting, risk management

and internal control systems during the year, in order to determine whether these remain

effective and appropriate.

Fiona McBain stepped down as Audit Committee Chair in September 2024 and I would

like to thank her for her service to the Committee and for the comprehensive handover

I received from her during 2024. Although I have been a Committee member since June

2023, I received an induction as part of the transition into the Chair role and I continue to

meet 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 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.

There have not been any significant changes to the responsibilities and role of the

Committee during this financial year. This year, the Committee has continued to consider

the significant accounting and management judgements and monitor the integrity of the

financial statements. The Committee reviewed the Annual Report & Accounts to ensure

that the report as a whole is fair, balanced and understandable and recommended that

this be approved by the Board. The Committee also received deep dive updates during

2024 on the Company’s proposed approach to CSRD reporting and on stock loss in

addition to continued oversight of cyber security programmes.

The Committee continues to monitor with interest the external market reforms designed to

enhance the quality of audits and anticipates that there will be an evolution of the duties

of audit committees. The Committee also notes the that the Company will be subject

to the UK Corporate Governance Code 2024 for subsequent annual reports and will

comply with the enhanced reporting on the effectiveness of internal controls.

Committee

members

Meeting

attendance

Fiona McBain* 3/3

Adam Walker** 5/5

Eileen Burbidge 5/5

Steve Johnson 4/4

Gerry Murphy 5/5

* Committee Chair to 5 September 2024.

** Committee Chair from 5 September 2024.

Committee membership changes during

the year: Adam Walker succeeded Fiona

McBain as the Chair of Audit Committee on

5 September 2024. Steve Johnson joined the

Committee on 1 June 2024.

Percentage of Committee that are

independent non-executive directors: 100%

Committee members that meet the

UK Corporate Governance Code 2018

requirement to have recent and relevant

financial experience: Adam Walker,

Gerry Murphy

Committee reports to: Currys plc Board

Further information

The biographies for the

Committee members

are set out in full on the

Company’s website

The Committee Terms of

Reference, which include the

duties of the Committee,

were approved on 14 January

2025 are available on the

Company’s website

2024/25 Highlights

• Consideration of accounting and

management judgements.

• Business deep dives including

cyber, CSRD and group risks.

Number of meetings

during the year:

Number of meetings held since

the end of the financial year:

Minimum meetings

to be held each year:

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.

92 Currys plc Annual Report & Accounts 2024/25

Key matters considered

The principal activities of the Committee during the year ended

3 May 2025 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 2024/25, when taken as a whole, are fair, balanced

and understandable;

• reviewing the half-yearly results in December 2024;

• considering the presentation, fairness, and balance of

the Group’s alternative performance measures (‘APMs’);

• reviewing the Group Risk Register and 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;

• 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;

• considering the external audit plan, audit reports and updates

from KPMG;

• monitoring the effectiveness of the external Auditor; and

• receiving presentations and challenging management

on matters such as cyber controls, stock loss, fraud and

theft, regulatory compliance, minimum control standards

assessments, whistleblowing, and procedures in place to

prevent money laundering and bribery 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 3 May 2025,

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.

Audit

committee report continued

Responsibilities

The principal duties of the Committee are to:

Accounting and financial reporting

• monitor the integrity of the half-yearly statement

and annual report & accounts, and any formal

announcements relating to the Group’s financial

performance, report to the Board on significant reporting

issues and judgement contained in them;

• review significant 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 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 Listing

Rules, and the recommendations of the TCFD.

Risk management and internal control

• review the Group’s 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 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; and

• reviewing the effectiveness of the Company’s compliance

function.

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

• 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.

Financial Statements Investor InformationGovernanceStrategic Report

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 58 of the Annual Report & Accounts

2024/25.

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; and

• the robustness and severity of the stress-test scenarios with reference to the Group’s Risk

the Annual Report & Accounts 2024/25, 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.

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 2024/25 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 209 to 221.

The Committee concluded that the Annual Report & Accounts 2024/25, 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.

94 Currys plc Annual Report & Accounts 2024/25

Accounting and financial reporting matters Matters considered and how the Committee discharged its duties

Impairment testing of

non-financial assets

The Group discloses impairment of non-financial assets as an ‘estimation uncertainty’

as set out in note 1(d) to the Group financial statements.

The Group has significant goodwill, intangible assets and fixed asset investments which are

reviewed for impairment annually, or where there is an indicator of impairment. The Committee

reviewed appropriateness and accuracy of cash flow forecasts, discount rates and

long-term growth rates used in the impairment review performed at both the interim and year

end dates. Specific attention was paid to cash flow forecasts in light of uncertainties such as

high inflation, climate risk and the level of sensitivities applied by management in determining

reasonable possible changes to cash flows. No impairment of goodwill was recognised in the

period and further detail is provided in note 8 to the Group financial statements.

In addition, the assumptions and approach to calculating the value in use (‘VIU’) of the

Company’s investment were reviewed in detail. This included assessing the components

of the subsidiaries’ VIU and ensuring consistency with the goodwill impairment models.

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 £51m (2023/24: £50m).

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’ as set out in note 1(d) to the Group financial statements.

Pension

The Committee received reports on the methodology and the basis of the assumptions used

for the defined benefit pension obligation. The Group regularly engages with the trustees on

the scheme’s investment strategy and its management.

The Group’s defined benefit pension schemes are assessed twice a year, and the scheme

liabilities are based on actuarial assumptions regarding inflation, discount rates, and

longevity. These assumptions are used to calculate the defined benefit obligation and the

surplus or deficit in the UK defined benefit pension scheme is recognised in the consolidated

statement of comprehensive income. The Group receives details of invested assets from

external valuation experts to value these assets. The valuations closest to year end are

used and the private investments are rolled forward to incorporate future investments

and distributions. The assumptions have been disclosed in the financial statements.

Further detail is disclosed in note 19 to the Group financial statements.

Audit

committee report continued

Financial Statements Investor InformationGovernanceStrategic Report

Risk management and internal control

The Committee is responsible for reviewing the Group’s risk management and internal control systems. Details of the overall risk

management and governance policies and procedures are given in the Corporate Governance Report on pages 79 to 90. The

Committee reviewed management’s assessment of risk and internal control, results of work performed by the second lines of defence

and internal audit, and the results and controls observations arising from the interim review procedures and the annual audit performed

by the external Auditor. The Committee also ensured that all risk topics were covered, as defined by its terms of reference, with detailed

reviews of risk topics scheduled throughout the year monitoring potential areas of concern.

Specific matters considered by the Committee to discharge its duties are detailed below:

Risk management and internal control Matters considered and how the Committee discharged its duties

Bribery and corruption

• The Committee reviewed the arrangements put in place to satisfy requirements to comply

with regulation for anti-bribery and corruption, including a review of the Group’s policy on

bribery and corruption.

Anti-money laundering

• The Committee reviewed the arrangements put in place to satisfy requirements to comply

with regulation for anti-money laundering, including a review of the Group’s policy on

anti-money laundering.

Data protection

• The Committee reviewed data protection compliance throughout the Group, particularly

in relation to the embedding of policies, procedures and processes implemented to

comply with the requirements of EU General Data Protection Regulation.

Compliance

• The Committee reviewed the nature of financial services regulated activities across

the Group’s business operations and the governance and oversight arrangements for

the operation of an effective FCA compliance regime in the business including the

implementation of the FCA’s Consumer Duty requirements. The Committee considered

compliance and regulatory reports prepared by the Regulatory Compliance Committee

and monitored key developments and ongoing activities for the Compliance team in

areas of governance, policy and compliance monitoring.

Information security and

IT controls framework

• The Committee regularly reviews the progress of the ongoing security improvement

programme and periodically considers and reviews the IT general controls framework

and related improvement initiatives progressed by the management team, in order to

monitor that appropriate actions are taken.

• The Company is currently undergoing a large transformation programme across many

areas of the business including its IT infrastructure. All transformation programmes are

managed in line with the Group risk management methodology to manage the risk

appropriately in order to provide reasonable reassurance against material losses.

Internal controls

• As per the obligations placed on the Committee under the Code, the Committee formally

considered a review of the system of risk management and internal control. The Committee

noted developments in the system of risk management and internal control, management

plans for 2024/25 and agreed the statements contained in the Annual Report & Accounts

2024/25. The Committee reviewed the results of internal audit reviews and minimum

controls standards assessments.

Whistleblowing

• The Committee reviews a summary of all whistleblowing calls received by the Group,

both through the independently operated hotline and other channels. The Committee

confirmed that the calls had been appropriately dealt with (both individually and in

aggregate) in accordance with the Group’s Whistleblowing Policy.

96 Currys plc Annual Report & Accounts 2024/25

Internal Audit

Internal Audit is an independent, objective assurance function that impartially appraises the Group’s control activities. Internal Audit

works with management to help improve the overall control environment and assist management, the Committee and the Board in

discharging their respective duties relating to maintaining an adequate and effective system of internal control and risk management,

and safeguarding the assets, activities and interests of the Group.

Internal audit Matters considered and how the Committee discharged its duties

Audit reviews of

significant risk areas

• The Committee considered the alignment of the Internal Audit plan with Currys strategy

and the key risks facing the business.

• During the period, internal audits included coverage of the following significant risk areas

of the business in the UK&I and Nordics:

– cyber and data;

– business transformation;

– relationships with major suppliers and third-party contracts;

– business continuity and disaster recovery;

– sustainability;

– health and safety;

– financial and operational controls; and

– financial services regulatory compliance.

• The Committee considered the key trends and material findings arising from Internal Audit’s

work and the adequacy of the agreed management actions in relation to those findings.

Assurance programme

• The Committee approved the Internal Audit plan in April 2024 and received an update

relating to the execution of the plan at each Committee meeting. It also considered

progress on delivery of the Internal Audit strategy.

• As part of the rolling assurance programme, audits were performed over the following

processes to provide assurance to the Committee that controls were operating within

these areas:

– Reviews across Group (UK&I and Nordics) operations relating to high risk processes

operated by Infosys, governance for AI use cases, circular economy commitments

and IT licences management.

– Specific UK&I reviews including Infosys’ contract compliance framework for information

security and data protection, Consumer Duty controls in ‘first line’ operations, Services

revenue, transport operations compliance and programme governance for Azure

migrations.

– Specific Nordics reviews including financial services regulatory compliance, customer

marketing consents and distribution operations.

• The Committee considered the actions taken by management in relation to the audit findings.

• The Committee considered the results from these audits during its assessment of the

effectiveness of the system of internal control operated by management. The Committee

concluded that the system of internal control was appropriately monitored and managed.

Effectiveness of internal

audit and adequacy of its

resources

• The Committee approved the Internal Audit charter, concluding the role and mandate

were appropriate to the current needs of the organisation.

• The Committee monitored the work of Internal Audit and formally reviewed the

effectiveness of internal audit and the adequacy of its resources, considering:

– scope, resources and access to information as laid out in the Internal Audit charter;

– the reporting line of Internal Audit;

– the Internal Audit work plan;

– the results of the work of Internal Audit; and

– Feedback received from key sponsors in the business, stakeholders and Board members.

• Internal Audit reviewed and updated its methodology to reflect changes in applicable

professional standards for internal auditors which became effective in January 2025.

• Internal Audit appointed a new partner for co-sourcing services in May 2025 following

a competitive tender process (supported by Currys’ Finance and Procurement teams).

The Committee validated Internal Audit’s decision on a new partner.

• The Committee concluded that the internal audit department had in all respects been

effective during the period under review and performed its duties in accordance with its

agreed charter.

Audit

committee report continued

Financial Statements Investor InformationGovernanceStrategic Report

External audit

The external Auditor is appointed by shareholders to provide an opinion on the annual report & accounts and certain disclosures

prepared by Group management. KPMG acted as the external Auditor to the Group throughout the year. The Committee is responsible

for oversight of the external Auditor, including approving the annual audit plan and all associated audit fees. The key matters in relation

to external audit that were considered by the Committee were:

External audit Matters considered and how the Committee discharged its duties

Effectiveness of the

external Auditor

• The Committee reviewed and agreed the annual audit plan, specifically considering

the appropriateness of the key risks identified and proposed audit work, the scope of

the audit and materiality levels applied which are detailed in the Independent Auditor’s

report on pages 139 to 149.

• As part of the reporting of the half year and full year results, the Committee reviewed the

reports presented by KPMG in assessing the Group’s significant accounting judgements

and estimates, and considered the audit work undertaken, level of challenge and quality

of reporting.

• Following due consideration of the above, the Committee continues to be satisfied with

the quality and effectiveness of the external audit.

Auditor

independence

• The Committee considered the external Auditor’s assessment of and declaration of

independence presented in the annual audit plan and final audit report, and the

safeguards in place to make such declarations.

• The Committee considered the annual audit fee and fees for non-audit services, with due

regard to the balance between audit and non-audit fees and the nature of non-audit

fees undertaken in accordance with the policy as set out below.

• The Committee reviewed and approved the Group policy on the employment of former

employees of the external Auditor in April 2025.

The Committee specifically considered the findings of the FRC’s Audit Quality Review team’s assessment of KPMG’s 2023 audit of the

Group. The Committee discussed these with the Auditor and separately with management, noting the observations raised and KPMG’s

proposed responses. The Committee continued to monitor progress of the Auditor’s proposals over the year and considered these as

part of its annual review of the effectiveness of the external audit.

98 Currys plc Annual Report & Accounts 2024/25

Policy on provision of non-audit services provided

by the external Auditor

Under the Group’s policy on auditor independence, the external

Auditor may only provide services which include:

a) audit services comprising issuing audit opinions on the Group’s

consolidated financial statements and on the statutory

financial statements of subsidiaries and joint ventures;

b) audit-related services comprising review of the Group’s

consolidated interim financial statements, and opinions/audit

reports on information provided by the Group upon request

from a third party such as prospectuses, comfort letters and

rent certificates, etc; and

c) services otherwise required of the external Auditor by local

law or regulation.

Any exceptions are subject to pre-approval by the Group

Chief Financial Officer, and such permission is only granted in

exceptional circumstances. Where the non-audit assignment is

expected to generate fees of over £100,000, prior approval

must be obtained from the Committee.

During the period under review, the non-audit services performed

by the external Auditor primarily arose from the interim financial

review procedures and the assurance of e-waste collection,

energy consumption and emissions data in the annual report

& accounts 2023/24. The Committee has reviewed the services

performed by the external Auditor during the year and is satisfied

that these services did not prejudice the external Auditor’s

independence and that it was appropriate for them to perform

these services.

The level of non-audit fees paid to the current external Auditor,

and approved by the Committee, is set out in note 3 to the Group

financial statements and amounted to £0.4m (2023/24: £1m)

compared with £2.3m (2023/24: £2.2m) of audit fees. The

non- audit fees as a percentage of audit fees was 17% in 2024/25

(2023/24: 45%), which reflects the restrictive policy governing the

use of the appointed external Auditor for non-audit services.

Consideration of external Auditor appointment

and independence

The Committee considers the appropriateness of the

reappointment of the external Auditor each year, including the

rotation of the audit partner. KPMG have formally confirmed to

the Board its independence as external Auditor of the Company.

In determining whether to recommend the external Auditor

for reappointment for this year, the Committee considered

the external Audit firm’s internal control procedures, the audit

effectiveness review and tenure and agreed that the audit

processes are effective and that KPMG LLP continues to

be independent.

Accordingly, the Company confirms that it has complied with the

CMA Statutory Audit Services Order for the financial year under

review and the Committee concluded that it was in the best

interests of the Company’s shareholders to reappoint KPMG

as the external Auditor for 2025/26. The Committee’s

recommendation that a resolution to reappoint KPMG be

proposed at the Company’s AGM in September 2025 has

been accepted and endorsed by the Board.

Adam Walker

Chair of the Audit Committee

2 July 2025

Audit

committee report continued

Financial Statements Investor InformationGovernanceStrategic Report

Disclosure

committee report

2024/25 Highlights

• Preliminary results for the financial

year ended 27 April 2024.

• Trading updates.

• Interim results for the half year

ended 26 October 2024.

Number of meetings

during the year:

Number of meetings held since

the end of the financial year:

Chair’s statement

I am pleased to present the Disclosure Committee (the ‘Committee’) report for the year

ended 3 May 2025. The principal role of the Committee is to ensure that adequate

procedures, systems and controls are maintained to enable the Company to fully meet

its legal and regulatory obligations regarding the timely and accurate identification and

effective disclosure of all price-sensitive information.

The Committee is comprised of the Group Chief Financial Officer (Committee Chair), the Group

Chief Executive and the General Counsel and Company Secretary. The Chair of the Board and

the Senior Independent Director have access to the papers for all meetings and are able to act

as ‘alternates’ to the Committee members in the event that the quorum of three members cannot

be met. This has not been necessary during the year and all Committee members have been

able to attend all meetings. The Company Secretary, or their nominee, acts as Secretary to the

Committee. The minutes of each Committee meeting are circulated to all members of the Board.

The Committee was considered as part of the internal Board and committee effectiveness

review that was carried out this year and this review concluded that the Committee discharges

its duties effectively.

Meetings

There were 6 Committee meetings during 2024/25 and two additional meetings were held

after the end of the financial year. Committee meetings are scheduled in advance of

preliminary and interim results announcements and scheduled trading updates. Meetings

can be convened by the Company Secretary, or by the Committee Chair at other times

as required. The Committee receives input as appropriate from the other Board directors,

the Company’s brokers and senior management and invites the Investor Relations Director

to attend all meetings.

Responsibilities

The principal duties of the Committee are to:

• establish and maintain adequate procedures, policies, systems and controls to enable

the Company to fully comply with its legal and regulatory obligations regarding the

timely and accurate identification and disclosure of all price-sensitive information;

• determine whether information is inside information and if it requires immediate

disclosure or whether disclosure can be delayed;

• keep under review the adequacy of the disclosure and communications policies,

implement and monitor compliance;

• monitor communications received from any regulatory body in relation to the conduct

of the Group, and review any proposed responses;

• consider generally the requirement for stock exchange announcements, including in

relation to the delayed disclosure of inside information, substantive market rumours,

and leaks of inside information;

• consider and give final approval for trading statements and/or results to be released

to meet legal and regulatory requirements; and

• review the content of all material regulatory announcements, transactional

shareholder circulars, prospectuses, and any other documents issued by the

Company, and ensure that these comply with all applicable requirements.

Key matters considered

During the year ended 3 May 2025 the Committee met to consider the following matters:

• the pre-close trading update and preliminary results for the financial year ended 27 April 2024;

• the trading update for 17 weeks ended 24 August 2024;

• the interim results for the 26 weeks ended 26 October 2024; and

• the Peak trading update for the ten weeks to 4 January 2025.

After the year end, the Committee met twice to consider the pre-close and full year

trading updates.

Bruce Marsh

Chair of the Disclosure Committee

2 July 2025

Committee

members

Meeting

attendance

Bruce Marsh (Chair) 6/6

Alex Baldock 6/6

Nigel Paterson 6/6

Alternate members:

Ian Dyson, Chair of the Board and Octavia

Morley, Senior Independent Director were

alternate members during the year but were

not required to attend any meetings.

Committee membership changes during

the year: None

Percentage of Committee that are

independent non-executive directors: 0%

Committee reports to: Currys plc Board

Further information

The biographies for the

Committee members

are set out in full on the

Company’s website

The Committee Terms of

Reference, which include the

duties of the Committee,

were approved on 14 January

2025 are available on the

Company’s website

100 Currys plc Annual Report & Accounts 2024/25

Nominations

committee report

2024/25 Highlights

• Considered succession planning

for key Board roles.

Number of meetings

during the year:

Number of meetings held since

the end of the financial year:

Minimum meetings

to be held each year:

Chair’s statement

I am pleased to present the Nominations Committee (the ‘Committee’) report for

the year ended 3 May 2025. The Committee has continued to oversee the structure,

size and composition of the Board during the year, having regard to the collective

skills, knowledge, experience and diversity in all its forms. This report sets out the key

responsibilities of the Committee and describes how it has discharged its duties.

The Committee reviewed governance and best practice standards that relate to its

remit in October 2024 and May 2025. These requirements were discussed, and the

Committee concluded that the Board’s size and composition and the balance of skill,

knowledge and experience remained appropriate to meet the current leadership needs

of the Group. In compliance with the UK Corporate Governance Code (the ‘Code’). The

Committee considered the time commitments of each director, director independence,

director tenure, the diversity of the Board, the collective skills and experience of

the Board, directors’ external appointments and potential conflicts of interests and

concluded that these remained appropriate for the effective function of the Board.

The Board supports the FTSE Women Leaders Review target for Board to be comprised

of 40% females by 2024 and the Parker Review target to have at least one director from

an ethnic minority background by 2024. Although the Company is not currently compliant

with the FTSE Women Leaders Review target, it is not complacent about diversity and will

continue to seek opportunities to further increase all forms of diversity on the Board as

part of Board succession planning. Further information on the gender and ethnic diversity

of the Board and senior management team is available in the ‘Governance at a glance’

section of this report. A Leadership Inclusion Forum is in place to focus on increasing the

diversity of the workforce. All directors receive updates on colleague issues including

diversity at Board meetings.

Succession planning and the oversight of the development of a diverse pipeline for

succession have been a key focus of the Committee and the Board during the year. The

Board received regular updates during the year including a deep dive on culture, values,

diversity and inclusion in March 2025.

Meetings and membership

The Committee is compliant with the Code requirement that the majority of the members

of the Committee are independent non-executive directors. Other members of the

Board or senior management can attend meetings at the invitation of the Committee

Chair. The Company Secretary, or their nominee, acts as Secretary to the Committee.

The Committee’s deliberations are reported by its Chair at the next Board meeting and

the minutes of each meeting are circulated to all members of the Board. All directors

(including those that are not members of the Committee) were invited to join all

Committee meetings during the year to be updated on the process to recruit a new

Senior Independent Director.

Committee

members

Meeting

attendance

Ian Dyson (Chair) 4/4

Magdalena Gerger 4/4

Octavia Morley 4/4

Committee membership changes during

the year: None

Percentage of Committee that are

independent non-executive directors: 100%

Committee reports to: Currys plc Board

Further information

The biographies for the

Committee members

are set out in full on the

Company’s website

The Committee Terms of

Reference, which include the

duties of the Committee,

were approved on 14 January

2025 are available on the

Company’s website

101

Financial Statements Investor InformationGovernanceStrategic Report

Responsibilities

The principal duties of the Committee are to:

• review the structure, size and composition of the Board, and

recommend changes to the Board as necessary;

• evaluate the balance of skills, independence of thinking,

experience, knowledge and diversity at both Board and senior

management levels and make recommendations to the Board

as necessary;

• give full consideration to orderly succession planning for both

the Board and senior management positions and oversee the

development of a diverse pipeline for succession;

• 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 2024/25

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;

• 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 2025;

• confirmation that the Board composition was compliant

with applicable diversity targets;

• 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

• consideration of the external corporate governance

developments relating to the remit of the Committee.

Board evaluation

The Board effectiveness review for 2024/25 was facilitated

externally by Ian White. The process included questionnaires,

Board and Committee meeting observations 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 84.

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 and the leadership needs of the Company.

External search firms are used to support the recruitment of new

directors. Korn Ferry supported the recruitment of Steve Johnson

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.

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 eight

or nine directors is appropriate and effective for the leadership

of the Group although increasing to a Board size of ten in the short

term is appropriate to enable succession planning for key Board

and committee roles. During the year, the Committee considered

Board tenure, noting in particular that Gerry Murphy has exceeded

the recommended nine-year tenure. Gerry Murphy and Eileen

Burbidge will step down from the Board in September 2025 as

part of an orderly succession plan.

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 CEO 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.

102 Currys plc Annual Report & Accounts 2024/25

Nominations

committee report continued

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 73.

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

2024/25, 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 2024. The Board no longer has a

separate policy that only applies to the Board but has approved

the adoption of the UK & Ireland 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 & Ireland policy are replicated in

similar policies in the International businesses. 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.

Re-election

At the forthcoming AGM in September 2025, all directors as

listed on pages 74 and 75 and the Notice of AGM will present

themselves for re-election other than Gerry Murphy and

Eileen Burbidge.

At the date of this report, Gerry Muphy has served on the

Board for over ten years and Eileen Burbidge has served for over

six years. Both will step down from the Board as part of an orderly

succession plan.

Each of the directors submitting themselves for re-election is

being unanimously recommended by the other members of the

Board due to their experience, knowledge, wider management

and industry experience, continued effectiveness and commitment

to their role, and significant contribution to the Board. More

information on the individual contributions of each director is

available within their biographies on www.currysplc.com.

Ian Dyson

Chair of the Board

2 July 2025

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Environmental, Social and Governance (‘ESG’)

committee report

2024/25 Highlights

• Reviewed Group Sustainability

Strategy, 3 Year Plans and

policies.

• Evaluated ESG disclosures and

reviewed the Group’s Double

Materiality Assessment.

Number of meetings

during the year:

Number of meetings held since

the end of the financial year:

Minimum meetings

to be held each year:

Meeting attendees: Chief People,

Communications and Sustainability Officer, Group

Sustainability & ESG Director and other 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.

Chair’s statement

I am pleased to present the ESG Committee (the ‘Committee’) report for the year

ended 3 May 2025. The remit of the Committee includes the approval of the Group’s

ESG strategy, the oversight of the delivery of this strategy and monitoring of ESG risks

and opportunities. The framework across the Group to respond to ESG challenges

and opportunities has continued to mature each year since the establishment of the

Committee in October 2022. The Committee’s oversight has also evolved and become

more structured during this time.

ESG activities continue to be important to each of the Company’s main stakeholder

groups and are essential to deliver the Company’s vision – We Help Everyone Enjoy

Amazing Technology. During the year, the Committee has recommitted to the Group’s

ESG priorities – growing our circular business, achieving net zero by 2040 on climate,

and alleviating digital poverty.

2024/2025 activities

During the year ended 3 May 2025, the Committee’s work included the following:

• reviewing and challenging the Group sustainability strategy and Three-Year Plan;

• monitoring ESG key performance indicators and the progress made against these;

• receiving and challenging People Plan updates for the UK&I and Nordics, including

colleague well-being, inclusion and diversity;

• review of the outputs of the Group’s Double Materiality Assessment;

• reviewing and challenging of achievements and progress on moving to circular

business models;

• reviewing and challenging of progress with moving to net zero emissions;

• receiving updates on ESG best practice and upcoming legislative changes;

• oversight of the identification and management of ESG risks;

• evaluation of ESG disclosures including CSRD reporting in the Annual Report &

Accounts 2024/25; and

• reviewing the operation of the Committee, the terms of reference and ESG policies

and procedures.

In addition to attending meetings of the Committee, each of the Committee members

have visited the UK Distribution Centre in Newark to receive an overview of the Company’s

repair and recycling business. Each of the Committee members attended the May 2024

Board meeting at the Company’s UK training centre, Fort Dunlop. This included insights

into the store colleague induction experience. The Committee members, along with the

other non-executive Board members, were given an opportunity to speak privately with

representatives from the International Colleague Forum in January 2025. This session

provided an opportunity for the Committee members to discuss topics such as colleague

well-being, colleague engagement, the Group’s activities to reduce waste and emissions

and any other topics of interest to either colleagues or the directors.

The Committee has also continued to oversee the work of the GSLT. The GSLT

co-ordinates the delivery of the Group’s sustainability agenda and metrics. The GSLT

is comprised of several senior leaders in the business and attended by representatives

from teams including Supply Chain, Risk, Sustainability, Services and Commercial. During

the year, the GSLT progressed each of the Group’s ESG priorities. This included continuing

Committee

members

Meeting

attendance

Eileen Burbidge

(Committee Chair) 4/4

Magdalena Gerger 4/4

Octavia Morley 4/4

Committee membership changes during

the year: None

Percentage of Committee that are

independent non-executive directors: 100%

Committee reports to: Currys plc Board

Further information

The biographies for the

Committee members

are set out in full on the

Company’s website

The Committee Terms of

Reference, which include the

duties of the Committee,

were approved on 14 January

2025 are available on the

Company’s website

104 Currys plc Annual Report & Accounts 2024/25

Environmental, Social and Governance (‘ESG’)

committee report continued

to raise funds and awareness to tackle digital poverty, progressing

plans to deliver the necessary reduction in Scope 1 & 2 emissions,

developing a plan to reduce the Group’s Scope 3 emissions, and

continuing to evolving our engagement with the Group’s suppliers.

Reporting

The GSLT reports into the Executive Committee to enable the

Executive Committee members to support the cross-functional

steps required to deliver the ESG agenda. The Committee

oversees the work of the GSLT and receives updates at each

meeting. All Board directors have access to the Committee

agendas, papers and minutes. I provide an update to each Board

meeting on the activities of the Committee including directing

Board members to any papers or reports that are of particular

interest to all directors.

I am very pleased with the progress that has been made on the

delivery of the Group’s ESG priorities during the year. I would like to

thank the Sustainability team, the GSLT and the many colleagues

across multiple teams in the Group that continue to collaborate

effectively across business areas and geographies to deliver this

commendable progress.

The Committee and the Group have set challenging goals for ESG,

while reporting obligations and best practice continues to evolve,

but I am confident that the team will continue the strong progress

towards realising the Company’s ESG strategy.

Eileen Burbidge, MBE

Chair of the ESG Committee

2 July 2025

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Financial Statements Investor InformationGovernanceStrategic Report

Remuneration

committee report

2024/25 Highlights

• Establishing the 2025 Directors’

Remuneration Policy including

development and consultation

with shareholders.

• Undertaking a tender process and

appointing Deloitte as executive

remuneration advisors to the

Committee.

Number of meetings

during the year:

Number of meetings held since

the end of the financial year:

Minimum meetings

to be held each year:

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.

Chair’s statement

On behalf of the Board, I am pleased to present the 2024/25 Directors’ Remuneration

Report setting out our philosophy and proposed policy for directors’ remuneration,

together with the activities of the Remuneration Committee (the ‘Committee’) for the

financial year ending 3 May 2025. Our Directors’ Remuneration Policy was last approved

by shareholders at the annual general meeting in 2022. This Report therefore includes

details of the proposed changes that we are making to our Policy which shareholders

will be able to vote on at the AGM on 4 September 2025. The report includes a

‘Remuneration at a glance’ section on page 109, which also contains details of the

proposed changes to our Remuneration Policy.

In determining the executive directors’ remuneration 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.

Policy review

As referred to above, our Directors’ Remuneration Policy was last approved by

shareholders at the annual general meeting in 2022. During the year, the Committee

carried out a thorough review of the current Remuneration Policy to ensure it remains

appropriate to support the business with the delivery of its strategy. The review found

that while elements of the package work well and remain fit for purpose, there are some

areas where changes are required to ensure that the overall framework continues to be

effective in supporting the motivation and retention of our experienced management

team over the mid-term to deliver on our strategic goals. The Committee was guided by

several key principles around what the Policy should achieve:

• Incentivise the delivery of long-term performance, reflecting Currys’ performance-

orientated culture, and ensure pay for performance alignment in what remains a

challenging environment.

• Recognise the criticality of the next three years for Currys in building on the strong

momentum generated in 2024/25 to deliver long-term value generation for our

shareholders.

• Allow Currys to motivate and retain key management to deliver over that timeframe,

ensuring that we maintain our strong pipeline of talent and ability to develop robust

internal succession plans. We have a longstanding management team, led by a

Chief Executive who is well supported by both the organisation and our shareholders.

The Chief Executive is the right person to deliver the next phase of our strategy and it

is critical to ensure he remains in role for the mid-term.

Being guided by these principles, the Committee developed a revised Policy during the

course of 2024/25. We undertook a first round of consultation on our initial proposals

with our top 7 shareholders in February 2025. This resulted in some changes to the

proposals, which we subsequently took forward to the second round of consultation

with our broader shareholder base and the proxy agencies in April 2025. The Committee

continued to listen and gather feedback and based on the outcome of the second

round, made further changes to the final proposals to respond in certain areas where

some shareholders had concerns – notably to lower the overall uplift in quantum and

soften the changes to bonus deferral. We closed out the consultation process in June,

with a letter setting out the final form of the proposals and the changes that had been

made over the previous four months. I would like to thank shareholders and the major

Committee

members

Meeting

attendance

Octavia Morley

(Chair) 7/ 7

Magdalena Gerger 7/ 7

Gerry Murphy 7/7

Adam Walker 7/7

Committee membership changes during

the year: None

Percentage of Committee that are

independent

non-executive directors: 100%

Committee reports to: Currys plc Board

Further information

The biographies for the

Committee members

are set out in full on the

Company’s website

The Committee Terms of

Reference, which include

the duties of the Committee,

were approved on 14 January

2025 are available on

the Company’s website

106 Currys plc Annual Report & Accounts 2024/25

Remuneration

committee report continued

investor bodies for their constructive input at each stage. On

balance, the final proposals which the Committee approved

had good levels of shareholder support.

Policy changes

The following key changes have been made to the Policy:

1. Increase in annual bonus opportunity to place greater

emphasis on the delivery of tangible building blocks

which are critical for long-term success.

We are proposing to increase the annual bonus opportunity

from 150% to 175% of base salary for both Executive Directors.

This will provide for a greater emphasis on the delivery of clear

one-year targets, which on an incremental basis will build towards

longer-term outperformance. It is important that management

are rewarded for making the right decisions over the short-term

in order to deliver the building blocks for long-term success.

We had initially considered a larger increase but have restricted

it to a further 25% of salary to recognise feedback from some

shareholders on the level of uplift.

As part of its discussions, the Committee reviewed detailed

benchmarking data against several relevant comparator

groups. The Committee recognises that Currys is a large and

complex business and market capitalisation on its own does not

adequately reflect that size, nor the experience and calibre of

management required to run the business. Within this context,

and reflecting on the principles outlined above which underpin

the key objectives of the Policy review, the Committee’s view is

that the proposed uplift is appropriate.

In terms of the metrics against which this will be measured,

the current split of financial versus non-financial annual bonus

metrics is 70:30. During the consultation, we heard a desire from

some shareholders for an increased emphasis on financial

performance. As such, all the proposed increase in annual bonus

opportunity will be based on financial measures, reducing the

overall non-financial component from 30% to 25%.

2. A one-off increase in LTIP opportunity

(for 2025/26 award only)

Currys enters 2025/26 with real momentum and the next three

years will be critical for Currys in building on that progress and

delivering sustained shareholder value. Recognising this – and the

importance of our Group Chief Executive, Group Chief Financial

Officer and management team being kept in place to deliver this

performance – we are proposing a one-off increase in Long Term

Incentive Plan (‘LTIP’) opportunity from 250% to 300% of salary

for the 2025/26 award only. Stretching targets will ensure that

this additional reward is tied to delivering on our growth plans,

such that management will only achieve more pay for delivering

more performance.

3. Reduction in deferral requirements where shareholding

guidelines are met.

The Committee strongly believes in aligning managements’ interests

with those of shareholders. This is achieved through a number of

means, including our stretching performance-based LTIP, including

the additional two-year holding period, robust within- and post-

employment shareholding requirements, and appropriate malus

and clawback provisions. These all ensure that management’s

remuneration is strongly aligned with Currys’ performance and the

experience of shareholders. Within that context, the Committee’s

view is that requiring additional deferral of annual bonus amounts

contributes to complexity and creates unnecessary layering of

governance features. It also reduces the motivational aspect

of the plan.

While we initially considered removing deferral entirely, during

the consultation process it became clear that some shareholders

continue to value an element of deferral to support shareholder

alignment and to support the use of clawback, if ever required.

As such, it is proposed that bonus deferral will be reduced from

one-third of any bonus to 25%. This reduction would only apply

where shareholding guidelines are met and therefore sufficient

alignment with shareholders is achieved via other means

(including the elements set out above).

In developing these proposals, the Committee has sought to

ensure that the framework continues to motivate and retain key

management to drive Currys’ success over the next three years,

while being mindful of the need for remuneration to remain

appropriate and aligned with the shareholder experience. We

have valued the consultation with shareholders and made several

changes to the proposals as a result, which we hope has achieved

a balanced outcome for all stakeholders.

Remuneration in context

Corporate performance

During the year, the Company’s performance has continued its

upward trajectory, with profits and cashflow growing significantly,

and a stronger balance sheet.

In the UK&I, there have been substantial improvements to both our

Online and Stores channels resulting in growing sales, market share,

gross margins and profits. In the Nordics, we held market share,

increased gross margins, tightly controlled costs and grew profits

in a still-tough consumer environment.

Read more about our performance in the Performance Review

section from page 63.

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 85, up +1pt and +11pts ahead of the global

benchmark. This puts Currys in the top 3% of benchmarked

companies worldwide for colleague engagement. In the Nordics,

eSat also increased by +1pt to 79. The combined Group eSat

of 82 is +8pts above the global benchmark.

Colleagues have also benefited from pay increases during the

year. In the Nordics, pay increases varied by country. All Finnish

colleagues received an additional €60 per month, and Danish,

Swedish and Norwegian colleagues received increases of +2%,

+3.1% and +5% per annum respectively. In the UK&I, the hourly paid

colleagues have had pay increased to an average of £12.33 per

hour with top performers on £13.95 an hour including bonuses.

Head office colleagues have also benefited from a +4% pay rise.

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Financial Statements Investor InformationGovernanceStrategic Report

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

There has been significant improvement to the customer

experience this year. In both the Nordics and UK&I, improvements

have been made to the Online channel, including easier

navigation during the shopping journey, searching and filtering,

an easier checkout and the addition of further payment types.

Store improvements in the UK have included re-engineered store

formats to allow more room for expansion into new categories

and new electronic shelf edge labelling (‘ESEL’) in 100 UK stores

to increase agility and efficiency. Customer satisfaction scores

increased again in both markets.

Our shareholders

During 2024, the Company undertook to recommence shareholder

returns by July 2025 subject to trading remaining in line with

expectations and a dividend of 1.5p per share will be paid on

26 September 2025. 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

valuable for shareholders.

Our communities

This year in the UK&I, we launched a pilot to increase our impact by

providing corporate colleagues with the opportunity to volunteer

their skills and time with local organisations on charitable,

community-based projects tackling digital poverty. In the Nordics,

Elkjøp, Elgiganten and Gigantti continued to support activities and

initiatives supporting both youngsters and the elderly to reduce

digital exclusion.

Our environment

During the year we have continued to evolve our activities to

give technology a longer life through repair, recycling and reuse.

This has included expanding our repairs business and recycling

initiatives, expanding the use of LED lighting across our estate

and electric vehicles across our fleet and continuing the journey

to achieve net zero emissions by 2040.

2024/25 incentive outcomes

Annual performance bonus

The annual performance bonus in respect of 2024/25 was based

on achievement of stretching targets against five metrics of EBIT

(55%), free cash flow (15%), Net Promoter Score (10%), employee

engagement (10%) and environmental targets (10%).

On this basis, the formulaic outcome for performance was

90.05% of maximum for the executive directors. Full details on

the targets set and performance against them can be found on

page 124 of this Report. The Committee considered whether or not

to adjust the formulaic outcome and was satisfied that it was fair

and appropriate given the financial performance delivered and

the wider stakeholder experience outlined above, and that no

discretion was necessary.

In accordance with the current Remuneration Policy, executive

directors must defer one-third of their awarded bonus into shares

for a period of two years and they will do this again for 2024/25.

Long Term Incentive Plan

Vested award: The 2022 LTIP award was subject to relative TSR

(50%) and cumulative free cash flow (50%) targets measured

over three years. Based on the achieved level of performance, the

threshold required for vesting for the free cash flow element was

not met. The TSR vesting achieved was 88.06% against the FTSE

250 comparator group. On this basis, the overall LTIP vesting

was 44.03%.

Again, the Committee considered whether to make an adjustment

to the formulaic outcome. Overall, the Committee was satisfied

that the outcome is both fair and appropriate given the share

price performance and the wider stakeholder experience

outlined above. Vested shares will be subject to a further

two-year holding period.

Full details on the 2022 LTIP targets set and performance against

them can be found on page 126.

2025/26 remuneration

Base salary

The Committee reviewed Alex Baldock’s and Bruce Marsh’s

salary for 2025/26 and applied an increase of +3% to both,

effective 27 July 2025, increasing their salaries to £1,009,770 and

£522,110 respectively. This salary increase is in line with the 3%

pay budget applied to the UK & Ireland corporate head office

population effective on the same date and is below the +6%

increase for hourly paid UK colleagues received with effect from

30 March 2025. The average increase for the Nordics Head Office

population was +4.4%, effective 1 April 2025.

Annual performance bonus

Subject to approval of the Policy, the maximum annual bonus

opportunity for 2025/26 will be 175% of base salary for both

Executive Directors. Measures are selected to reflect the Group’s

key objectives and for 2025/26 the bonus will include a clawback

facility in order to demonstrate the Company’s objective to

reinforce a culture of ‘Good Customer Outcomes’. The emphasis

on financial metrics will be increased from 70% to 75% of the

bonus, with 55% based on adjusted EBIT and 20% on free cash

flow. The remaining 25% will be based on a combination of

non-financial metrics, with 10% on Customer 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 will ensure that we continue to build a differentiated

offering from competitors. 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. We propose that deferral

will fall to 25% where the executive director has met their

shareholding guideline, as is currently the case for Alex Baldock.

108 Currys plc Annual Report & Accounts 2024/25

Remuneration

committee report continued

Targets have been calibrated to be appropriately stretching

taking in to account internal and external circumstances as well

as the increased annual bonus potential. As the specific targets

are regarded as commercially sensitive, they will not be disclosed

on a forward-looking basis and so the targets and performance

against all the scorecard elements will be fully disclosed in next

year’s Remuneration Report.

LTIP

As discussed above, subject to approval of the new Policy at

the AGM 2025, the 2025/26 LTIP award will be made at 300%

of salary for both Executive Directors. The award will be granted

in two tranches, with an award equal to 250% of salary being

granted at the usual time prior to the AGM, and a further award

equal to 50% of salary being granted following shareholder

approval of the new Policy at the AGM. The awards granted

following the AGM will be determined based on the same share

price and vesting terms as the awards granted prior to the AGM.

We are not proposing any material changes to the performance

conditions. The award will be assessed against cumulative free

cash flow (40%), cumulative EPS (30%) and relative TSR (30%)

targets. The financial targets can be found on page 135. Following

a review of the TSR comparator group, we will be changing from

the full FTSE 250 Index to an Adjusted FTSE 250 group. This

comprises the FTSE 250 Index, minus companies in the Basic

Resources, Energy, and Financial Services sectors. The intention is

that this group provides a better match for the market dynamics

that Currys experiences and is therefore a better group against

which to measure Currys’ relative performance. The group contains

around 115 companies.

As set out in last year’s Report, we had originally considered

whether to introduce an environmental metric into the 2025/26 LTIP.

Ultimately, the Committee concluded that the immediate focus for

LTIP participants should remain on financial performance metrics

and therefore we will not be taking an environmental LTIP metric

forward at this stage. An environmental measure remains in the

annual bonus providing continued focus in this area.

I hope you find that the letter and the following Report clearly

explains the remuneration approach we have taken for 2024/25

and how we will implement the Policy in 2025/26. We have sought

to ensure that a balanced approach has been taken for all

stakeholders based on their experiences and feedback during the

year. As always, we would welcome any comments on this Report.

We look forward to your continued engagement and thank you for

the feedback provided to date.

Octavia Morley

Chair of the Remuneration Committee

2 July 2025

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Total remuneration earned in the year

The chart below reflects the on-target and actual remuneration outcomes for 2024/25.

Fixed pay

Alex Baldock

On-target Actual

Bruce Marsh

On-target Actual

Annual bonus

LTIP

£3,404

£3,818

£1,706

£1,857

£4,000

£3,000

£2,000

£1,000

Remuneration (£’000)

Remuneration at a glance

2024/25 2025/26 proposed

Base salary

• CEO (Alex Baldock) – £980,360

• CFO (Bruce Marsh) – £506,900

• CEO (Alex Baldock) – £1,009,770 (+3%)

• CFO (Bruce Marsh) – £522,110 (+3%)

Increase in line with the pay budget applied to the

UK & Ireland corporate head office population.

Annual

performance

bonus

Maximum

opportunity

• 150% of base salary

• One-third deferred into shares

or a period of two years

• 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)

• EBIT (55%)

• Free cash flow (15%)

• Non-financial (30%)

– Net Promoter Score (10%)

– Employee engagement (10%)

– Environmental (10%)

– E-waste take back volumes (5%);

and

– Progress to net zero (5%)

• EBIT underpin and ‘Good Customer

Outcomes’* clawback

*Formerly known as ‘Treating Customers Fairly’.

• EBIT (55%)

• Free cash flow (20%)

• Non-financial (25%)

– Net Promoter Score (10%)

– Employee engagement (10%)

– Environmental – UK&I e-waste take

back volumes (5%)

• ‘Good Customer Outcomes’* clawback

*Formerly known as ‘Treating Customers Fairly’.

LTIP Maximum

opportunity

• 250% of base salary • 300% of base salary

The intention is that award levels will revert to 250% of

salary for 2026/27 onwards.

Performance

metrics

(weighting)

• Cumulative free cash flow (40%)

• Cumulative EPS (30%)

• TSR relative to the FTSE 250 (30%)

• Cumulative free cash flow (40%)

• Cumulative EPS (30%)

• TSR relative to an Adjusted FTSE 250

group (30%) – see page 108 for further

details

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-cessation

• 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

110 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy

The purpose of this Report is to inform shareholders of the

Company’s directors’ remuneration for the year ended 3 May 2025

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 8 September 2022 and was

effective from that date. Following several proposed changes to

the Policy, a new authority will be sought from shareholders in a

binding vote at the AGM on 4 September 2025 and the new Policy

will be effective from that date for a maximum period of three

years. The Annual Remuneration Report will be put to an advisory

vote at the AGM 2025.

Proposed Policy changes

1. Increase in annual bonus opportunity from 150% to 175%

of base salary for both Executive Directors.

2. A one-off increase in LTIP opportunity (for 2025/26 award

only) from 250% to 300%.

3. Reduction in deferral requirements from one-third of annual

bonus to 25% where shareholding guidelines are met.

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’). The provisions of the Code

were carefully considered in designing the new remuneration policy.

This Report has 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

Listing Rules of the Financial Conduct Authority. 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.

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Remuneration Policy table

The individual elements of the remuneration packages offered to executive directors are summarised in the following table:

Base salary (fixed pay)

Purpose and link to strategy To support the recruitment, retention and motivation of high-performing colleagues.

To reflect their skills, experience and importance to the business.

Operation Normally reviewed annually.

The review reflects a range of factors including merit levels, internal relativity, external

market data and cost. Our overall policy, having due regard to the factors noted, is normally

to ensure that salaries are competitive against companies of similar size and complexity,

including retail peers.

Salaries for new appointments as executive directors will be set in accordance with the

recruitment policy set out on pages 118 and 119.

The Committee takes into consideration the impact of base salary increases on the package

as a whole, as other elements of pay (such as pension contributions) are generally based

on a percentage of salary.

Maximum opportunity Ordinarily, increases for executive directors will be no higher than increases across the Group.

Increases beyond those granted across the Group may be awarded in certain circumstances,

such as changes in responsibilities or the scope of the role (including where undertaken

temporarily), significant increases in the size or complexity of the Group, significant changes

in market practice, or performance/progression in the role, particularly where placed on a

below-market salary at appointment.

Salary levels for current directors are shown in the Annual Remuneration Report.

Performance assessment/targets Salaries are normally reviewed annually by the Committee at the appropriate meeting having

due regard to the individual’s experience, performance and added value to the business.

112 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy continued

Benefits (fixed pay)

Purpose and link to strategy In line with the Company’s strategy to keep remuneration weighted to variable pay that

incentivises outperformance, a modest range of benefits is provided.

Benefits may vary based on the personal choices of the executive director.

Provision of one-off or ongoing relocation or other related assistance may be provided

to support the appointment or relocation of a director.

Operation Executive directors are entitled to a combination of benefits which include, but are not

limited to:

• car allowance or the use of a driver for Company business;

• private medical cover;

• life assurance;

• holiday and sick pay; and

• a range of voluntary benefits including the purchase of additional holiday.

Executive directors will be eligible for other benefits which are introduced for the wider

workforce on broadly similar terms. The Committee may introduce other benefits if it is

considered appropriate to do so.

Any reasonable business-related expenses (including the tax thereon) can be reimbursed

if determined to be a taxable benefit.

Should an executive director be recruited from, or be based in, a non-UK location, benefits

may be determined by those typically provided in the normal country of residence and/or

reflect local market legislation.

Relocation or other related assistance could include, but is not limited to, removal and other

relocation costs, tax equalisation, tax advice and accommodation costs.

Maximum opportunity The cost to the Group of providing such benefits will vary from year to year in accordance

with the cost of providing such benefits and is kept under regular review.

Performance assessment/targets Not applicable.

Pension (fixed pay)

Purpose and link to strategy A pension is provided which is consistent with that provided to other corporate colleagues

in the UK and in line with our strategy to keep remuneration weighted to variable pay that

incentivises outperformance.

Operation Defined contribution plans are offered to all colleagues.

Executive directors may choose to receive a cash allowance in lieu of all or a part of their

pension contributions (see below).

Maximum opportunity Executive directors will receive a pension contribution in line with the level paid to the

majority of the UK workforce across the Group, as determined by the Committee

(currently 3% of base salary).

Performance assessment/targets Not applicable.

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Financial Statements Investor InformationGovernanceStrategic Report

Annual performance bonus (variable pay)

Purpose and link to strategy Annual performance bonuses are in place to incentivise the delivery of stretching,

near-term business targets based on our business strategy.

These bonuses provide a strong link between reward and performance and drive the

creation of further shareholder value.

The principles and approach are consistently applied across the Group ensuring alignment

to a common vision and strategy.

They are based on a balanced approach ensuring appropriate behaviours are adopted

and encouraging a longer-term focus.

Operation For threshold level of performance, a bonus of up to 20% of the maximum potential

award is payable. A sliding scale determines payment between the minimum and maximum

bonus payable.

Where shareholding guidelines have not been met, normally one-third of any bonus earned

will be deferred into shares for a period of two years with the remaining two-thirds paid in

cash. Where shareholding guidelines have been met, normally the deferral will be reduced

to 25% of any bonus earned, deferred into shares for a period of two years, with the

remaining 75% paid in cash.

Any bonus earned is non-pensionable. Where any bonus is deferred, dividends

(or equivalents) may accrue.

The Committee retains full discretion to:

• change the performance metrics and targets and the weighting attached to these

part-way through a performance year if there is a significant and material event which

causes the Committee to believe the original metrics, weightings and targets are no longer

appropriate; and

• make downward or upward adjustments to the amount of bonus earned resulting from

the application of the performance conditions, if the Committee believes that the bonus

outcomes are not appropriate.

Recovery and withholding provisions (‘malus and clawback’) apply for material

misstatement, misconduct, calculation error, reputational damage, corporate failure,

material failure of risk management and internal controls and unreasonable failure to

protect the interests of colleagues and customers, enabling performance adjustments

and/or recovery of sums already paid. These provisions will apply for up to three years from

payment for the cash element and up to three years from grant for the deferred element.

Maximum opportunity Maximum annual bonus potential for all executive directors is 175% of base salary.

Performance assessment/targets All measures and targets are reviewed and set by the Committee, typically at the beginning

of the financial year with a view to supporting the achievement of the Group strategy.

Performance is normally assessed against a range of key financial and non-financial

measures of success for Currys. In considering performance against the non-financial

elements of the bonus, the Committee will assess whether a threshold level of profit

has been achieved and the affordability of the formulaic bonus outcomes.

The weighting of measures will be determined by the Committee each year. Financial

measures (such as profit and cash) will represent the majority of the bonus opportunity,

with other measures representing the balance.

114 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy continued

Long term incentive scheme (variable pay): Long Term Incentive Plan (‘LTIP’)

Purpose and link to strategy Long-term incentive schemes are transparent and demonstrably aligned with the interests

of shareholders over the long term.

The LTIP is designed to reward and retain executives over the longer term, whilst aligning

an individual’s interests with those of shareholders and in turn delivering significant

shareholder value.

Operation Discretionary awards of nil-priced options or conditional share awards are granted over

shares.

Awards will be granted annually and will usually vest after three years subject to continued

service and the achievement of performance conditions.

The level of vesting is dependent on achievement of performance targets, usually over a

three-year period. No more than 25% of the maximum will be payable for threshold level

of performance.

The Committee retains full discretion to:

• change the performance metrics and targets and the weighting attached to these

part-way through a performance period if there is a significant and material event which

causes the Committee to believe the original metrics, weightings and targets are no longer

appropriate; and

• make downward or upward adjustments to the amount of LTIP earned resulting from

the application of the performance conditions, if the Committee believes that the LTIP

outcomes are not appropriate.

The post-tax number of share awards vesting will typically be subject to a further two-year

holding period, during which they cannot be sold, unless in exceptional circumstances and

with the Committee’s permission.

Dividend equivalents (as determined by the Committee) may be accrued on the shares

earned from any award.

Awards will be subject to recovery and withholding provisions (‘malus and clawback’) for

material misstatement, misconduct, calculation error, reputational damage and corporate

failure, material failure of risk management and internal controls and unreasonable failure to

protect the interests of colleagues and customers, enabling performance adjustments and/

or recovery of sums already paid. These provisions will apply for up to six years from grant.

The Committee has the discretion in certain circumstances to grant and/or settle an award

in cash. For the executive directors this would only be used in exceptional circumstances.

In the event of a change of control, any unvested awards will normally vest immediately. The

extent to which LTIP awards vest will be determined by the Committee taking into account the

extent to which the performance conditions have been satisfied and, unless the Committee

determines otherwise, the proportion of the performance period that has elapsed.

Maximum opportunity The normal maximum grant per participant in any financial year will be a market value

of 250% of base salary, with up to 375% in exceptional circumstances, e.g. recruitment.

As described above, it is intended that the maximum grant for the 2025/26 award will

be 300% of base salary.

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Performance assessment/targets Performance targets are reviewed by the Committee prior to each grant and are set to

reflect the key priorities of the business at that time.

The Committee determines the metrics from a range of measures, including but not limited

to, market-based performance measures such as TSR and financial metrics such as free

cash flow. The Committee retains the flexibility to introduce new measures in the future if

considered appropriate given the business context, although financial measures in total

will not be weighted any less than 60% of the total award. Material changes will be

subject to consultation with major shareholders.

The actual metrics applying for each award will be set out in the Annual Remuneration

Report and any changes in the metrics will be explained.

All employee share plans

Purpose and link to strategy Encourages colleagues to make a long-term investment in the Company’s shares and

therefore be aligned to the long-term success of the Group.

Operation Executive directors may be eligible to participate in the Group all-employee share schemes,

on the same terms as other eligible colleagues.

Maximum opportunity The same limits apply to executive directors as to all other participants in the schemes

and are in line with the appropriate regulations.

The Committee reserves the right to adjust the savings limits for future schemes in

accordance with the statutory limits in place from time to time.

Performance assessment/targets None of the schemes are subject to any performance conditions.

Share ownership guidelines

Purpose and link to strategy Provides close alignment between the longer-term interests of executive directors and

shareholders in terms of the Company’s long-term success.

Operation The Company expects executive directors to retain a certain percentage of base salary

in the Company’s shares, with a five-year period in which to reach these limits. Executive

directors are also expected to retain these shares post stepping down from the Board.

The shares which count towards this requirement are determined by the Committee and

typically include beneficially owned shares (both directly and indirectly) as well as any

shares which are unvested but not subject to any further performance conditions (on a net

of tax basis).

Maximum opportunity Not applicable.

Performance assessment/targets The Company will ordinarily require all executive directors to retain 250% of base salary in

the Company’s shares during employment. On stepping down from the Board, an executive

director will normally be required to retain shares equivalent to 100% of their required

shareholding for two years post standing down (or their actual shareholding at the point

of cessation if lower).

Details of the directors’ shareholding are shown in the table on page 133.

116 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy continued

Non-executive directors and chair of the Board/deputy chair fees

Purpose and link to strategy To provide a competitive fee for the performance of non-executive director duties,

sufficient to attract and retain high-calibre individuals to the role.

Operation The fees are set to align with the duties undertaken, taking into account market rates, and

are normally reviewed on an annual basis. Factors taken into consideration include the

expected time commitment and specific experience.

Additional fees may be payable to reflect additional Board or Committee responsibilities

as appropriate, including for acting as the senior independent director, as chair of any Board

committee, for membership of a Board committee and for being the Consumer Duty Champion,

and the non-executive director that attends colleague forum sessions. For material,

unexpected increases in time commitments, the Board may pay extra fees on a pro-rated

basis to reflect additional workload.

Non-executive directors do not participate in the annual performance bonus or the

long-term incentive plans or pension arrangements. Benefits may be introduced if

considered appropriate.

Any reasonable business-related expenses (including the tax thereon) can be reimbursed

if determined to be a taxable benefit.

Maximum opportunity There is an aggregate annual limit for all Directors fees, as imposed by the Articles of

Association (not including fees in relation to any executive office or chair of the Board,

deputy chair, senior independent director or committee chair fees). This is currently set

at £2,000,000.

Performance assessment/targets Not applicable.

Selection of performance metrics

The Policy provides flexibility for the Committee to determine the measures to be used in the annual performance bonus and the LTIP.

The measures used currently, and their purposes are set out below.

Measure Where used Purpose

EBIT Annual performance bonus Key measure of annual financial delivery.

Free cash flow Annual performance bonus A principal measure of the financial health of the business

including the management of working capital, captured over

a one-year period.

Net promoter score Annual performance bonus Captures the overall perception of our business in the eyes

of our customers.

Employee engagement Annual performance bonus Reflects how well we engage our colleagues – a factor which

we know to be a key driver of retention and performance.

Environmental Annual performance bonus Reflects our focus on the climate agenda.

Cumulative free cash flow LTIP A principal measure of the financial health of the business

including the management of working capital, captured over

a multiyear period.

EPS LTIP A key measure of the ongoing earnings of the underlying

Group.

Relative TSR LTIP Seeks to measure the growth in shareholders’ investment

in the Group (share price movements plus dividends paid)

relative to other similar companies.

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Illustration of Remuneration Policy

The Remuneration Policy scenario chart below illustrates the level and mix of potential total remuneration the ongoing executive

directors could receive under the Remuneration Policy at three levels of performance: minimum, target and maximum.

Remuneration Policy

£8,000

£7,000

£6,000

£5,000

£4,000

£3,000

£2,000

£1,000

Remuneration (£000s)

Alex Baldock

Minimum Target Maximum Maximum

+ 50% share

price growth

Minimum Target Maximum Maximum

+ 50%share

price growth

£1,172

£6,978

£552

£3,554

Bruce Marsh

Fixed pay

Annual bonus

Long-term incentives

£3,713

£5,632

£1,866

£2,858

(1) Fixed pay is based on the base salary payable at 27 July 2025, taxable benefits and pension contributions.

(2) Annual variable pay represents the annual performance bonus entitlement. No bonus is assumed at the minimum performance level. Target performance assumes

a payment of 105% of salary (i.e. 60% of maximum) and at maximum performance a payment of 175% of base salary.

(3) Long term incentives relate to the LTIP. Given the intention to make an award of 300% of salary in 2025, followed by awards of 250% of salary in 2026 and 2027,

we have shown an average annualised maximum opportunity for the three-year Policy period of 267% of salary. No awards vest at the minimum performance level.

Target performance assumes a vesting level of 55% of maximum, and maximum performance assumes that the award vests in full.

(4) The chart above does not take into account the impact of share price appreciation, other than the fourth bar, which assumes a growth in the share price of 50% over

the vesting period for LTIP and Deferred Share Bonus Plan awards.

Remuneration Committee discretions

The Committee operates the annual performance bonus plan, LTIP

and all-employee plans in accordance with their respective rules,

the Listing Rules and HMRC rules (or overseas equivalent) where

relevant. The Committee retains discretion, consistent with market

practice, over a number of areas relating to the operation and

administration of these plans. These include but are not limited to:

• entitlement to participate in the plan;

• when awards or payments are to be made;

• size of award and/or payment (within the rules of the plans

and the approved Policy);

• determination of a good leaver for incentive plan purposes

and the appropriate treatment based on the rules of each

plan;

• discretion as to the measurement of performance conditions

and pro-rating in the event of a change of control;

• any adjustment to awards or performance conditions for

significant events or exceptional circumstances; and

• the application of recovery and withholding provisions.

Shareholder consultation

The Committee would normally expect to consult with its

major shareholders when making any significant changes to the

Remuneration Policy of the Company. Any feedback received

is taken into consideration when determining future policy, as set

out in more detail for the 2024/25 Policy consultation on page

105. The Committee also takes into consideration remuneration

guidance issued by leading investor bodies, in addition to the

principles of good governance relating to directors’ remuneration

as set out in the Code.

Colleague engagement and consultation

When considering remuneration arrangements for executive

directors, the Committee takes into account, as a matter of course,

the pay and conditions of colleagues at all levels throughout the

Group, to ensure appropriate alignment. The Committee receives

regular updates regarding any major changes to colleague

remuneration during the year and reviews information on internal

measures, including details of our gender pay gap and the

ratio of Group Chief Executive remuneration to UK colleagues’

remuneration. The Committee considers how these compare

externally and change over time and these factors are taken

into account when considering remuneration arrangements for

the Executive Directors. The Committee is also kept informed of

general employment conditions across the Group, including the

annual pay review outcomes.

118 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy continued

The Company communicates regularly with colleagues by way of

email updates, live Q&A sessions and intranet posts to provide

information about our strategy, our performance and

on operational matters as well as asking for feedback on

how colleagues are feeling via regular employee surveys.

The Committee and the Board places great importance on

listening to the views of our colleagues on a range of issues

including pay and benefits, and the International Colleague

Forum is in place to unify country forums into a single listening and

engagement forum for colleagues. In 2024/25, Octavia Morley,

the Remuneration Committee Chair, attended two International

Colleague Forum meetings with the Chief People, Communications

and Sustainability Officer and non-executive directors also met

privately with representatives from the Forum in January 2025 to

receive direct feedback on current topics of interest and priorities

for colleagues.

Many of our colleagues are also shareholders and as such

are able to attend annual general meetings, vote on all of the

resolutions and share their views on the Policy in the same way

as other shareholders.

Remuneration policy for the wider workforce

The Group employs a large number of colleagues across different

countries. Our reward framework is structured to suit the needs of

the different businesses, colleague groups and locations. Reward

packages differ for a variety of reasons including the impact on

the business, local practice, custom and legislation.

For management, the current bonus and LTIP structure cascades

down to around 200 managers ensuring management are

focused on delivering strategic objectives and are aligned

to overall shareholders’ experience.

In determining salary increases across the wider workforce, the

Company takes into consideration Company performance and

other market metrics as necessary. When determining salary

increases for executive directors, the Committee takes into

consideration salary increases throughout the Group as a whole.

The Company actively encourages wide employee share

ownership. The Colleague Shareholder Scheme has provided

the opportunity for all colleagues, subject to eligibility criteria,

to become shareholders in the Company. In addition, the Group’s

UK & Ireland colleagues, who meet the eligibility criteria, are invited

to join the Company’s SAYE schemes.

Discretionary share plans are also extended to both senior

management and other key members of the workforce, as the

Company feels that it is important to incentivise and retain these

colleagues over the longer-term in order for the Company to

continue to grow.

Recruitment or promotion policy

On appointment or promotion, base salary levels will be set taking

into account a range of factors including market levels, experience,

internal relativities and cost. If an individual is appointed on a base

salary below the desired market positioning, the Committee retains

the discretion to realign the base salary over an appropriate

period, contingent on individual performance, which may result

in a higher rate of annualised increase above ordinary levels.

Other elements of annual remuneration will be in line with the

Remuneration Policy table. As such, variable remuneration will

be capped as set out in the Policy table.

The following exceptions will apply:

• in the event that an internal appointment is made or an

executive director joins as a result of a transfer of an

undertaking, merger, reconstruction or similar reorganisation,

the Committee retains the discretion to continue with existing

remuneration provisions and the provision of benefits. This

discretion will not be used in respect of pension contributions

in excess of the Committee’s commitment to ensure that any

newly appointed executive director will receive a pension

contribution in line with the level paid to the majority of the

UK workforce;

• as deemed necessary and appropriate to secure an

appointment, the Committee retains the discretion to make

additional payments linked to relocation (including any tax

thereon);

• for an overseas appointment, the Committee will have

discretion to offer appropriate benefits and pension provisions

which reflect local market practice and relevant legislation;

• the Committee may set alternative performance conditions for

the remainder of the initial annual bonus performance period,

taking into account the circumstances and timing of the

appointment; and

• the Committee retains the discretion to provide an immediate

interest in Company performance by making a long term

incentive award as soon as practicable following recruitment

in accordance with the Policy table under its existing long

term incentive schemes or such future schemes as may

be introduced by the Company with the approval of its

shareholders (where required). The Committee will determine,

at the time of award, the level of the award, the performance

conditions and time horizon that would apply to such awards,

taking into account the strategy and business circumstances

of the Company.

Service contracts will be entered into on terms similar to those

for the existing executive directors, summarised in the recruitment

table below. However, the Committee may authorise the payment

of a relocation and/or repatriation allowance, as well as other

associated international mobility terms and benefits, such as tax

equalisation and tax advice.

In addition to the annual remuneration elements noted

above, where the individual forfeits outstanding variable pay

opportunities or contractual rights at a previous employer as a

result of appointment, the Committee may offer compensatory

payments or awards, in such form as the Committee considers

appropriate, taking into account all relevant factors including

the form of awards, expected value and vesting timeframe of

forfeited opportunities. When determining any such ‘buyout’, the

guiding principle would be that awards would generally be on a

like-for-like basis unless this is considered by the Committee not to

be practical or appropriate. The Committee will have the authority

to rely on Listing Rule 9.3.2(2) to make the award if necessary.

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With respect to the appointment of a new chair of the Board or

non-executive director, terms of appointment will be consistent

with those currently adopted. Variable pay will not be considered

and as such no maximum applies. With respect to non-executive

directors, fees will be consistent with the Policy at the time of

appointment. If necessary, to secure the appointment of a new

chair of the Board not based in the UK, payments relating to

relocation and/or housing may be considered.

Elements of remuneration on appointment are set out in the

recruitment table below.

A timely announcement with respect to any director’s appointment

and remuneration will be made to the regulatory news services

and posted on the Company’s corporate website.

Recruitment table for executive directors

Area Feature Policy

Service contract

and incentive plan

provisions

• Notice period

• Entitlements on termination

• Restrictive covenants

• Variable elements

• Up to 12 months from either side.

• As summarised in the Policy on loss of office.

• Provisions for mitigation and payment in lieu of notice.

• Garden leave provisions.

• Non-compete, non-solicitation, non-dealing and confidentiality

provisions.

• The Committee has the discretion to determine whether an individual

shall participate in any incentive in the year of appointment.

• The Committee shall have the discretion to determine appropriate

bonus performance targets if participating in the year of

appointment.

Annual remuneration • Base salary • To be determined on appointment, taking into account factors

including market levels, experience, internal relativities and cost.

• Salary progression • If appointed at below market levels, salary may be realigned

over the subsequent period subject to performance in role. In this

situation, the Committee reserves the discretion to make increases

above ordinary levels.

• This initial market positioning and intention to increase pay above the

standard rate of increase in the Remuneration Policy table (subject

to performance) will be disclosed in the first Remuneration Report

following appointment.

• Benefits and allowances • The Committee retains the discretion to provide additional benefits

as reasonably required. These may include, but are not restricted

to, relocation payments, housing allowances and cost of living

allowances (including any tax thereon).

Policy on loss of office

Service contracts contain neither liquidated damages nor a

change of control clause.

The Company shall have a right to make a payment in lieu of notice

in respect of base salary, benefits, including car allowance and

pension contributions, only for the director’s contractual period of

notice or, if termination is part way through the notice period, the

amount relating to any unexpired notice to the date of termination.

There is an obligation on directors to mitigate any loss which they

may suffer if the Company terminates their service contract, by for

example seeking alternative employment, unless the Committee

determines otherwise. The Committee will take such mitigation

obligation into account when determining the amount and timing

of any compensation payable to any departing director.

A director may also be entitled to a payment in respect of

accrued but untaken holiday and any statutory entitlements

on termination. No compensation is paid for dismissal, save

for statutory entitlements.

A director may be entitled to receive a redundancy payment in

circumstances where, in the judgement of the Committee, they

satisfy the statutory tests governing redundancy payments. Any

redundancy payment shall be calculated by reference to the

redundancy payment policy in force for all colleagues in the

relevant country at the time of the redundancy and may include

modest outplacement costs.

If a director’s employment terminates prior to the relevant annual

performance bonus payment date, or the director is under notice

of termination on that date, ordinarily no bonus is payable for

that financial year. The Committee shall though retain discretion

to make a bonus payment in circumstances where the Committee

considers them to be a ‘good leaver’ and it would be appropriate

to do so having regard to the contribution of the director during

the financial year, the circumstances of the departure and the

best interests of the Company. Any payment would typically be

pro-rated to reflect the period served during the relevant year.

The Committee retains the discretion to pay any bonus wholly

in cash.

120 Currys plc Annual Report & Accounts 2024/25

Remuneration

policy continued

Any entitlements under long-term incentive schemes operated

by the Company, including amounts deferred from the annual

bonus via the DSBP, shall be determined based on the rules of the

relevant scheme. The default position of the LTIP is that awards

will normally lapse on termination of employment, except where

certain good leaver circumstances exist (e.g. death, ill-health, injury,

disability, redundancy, transfer of an undertaking outside of the

Group or retirement or any other circumstances at the Committee’s

discretion) whereby the awards may vest on cessation, or the

normal vesting date, in both cases subject to performance and

time pro-rating. Although, the Committee can decide not to

pro-rate an award (or pro-rate to a lesser extent) if it regards it

as appropriate to do so in the particular circumstances. The two-

year holding period on outstanding LTIP awards would typically

continue to apply. However, the Committee retains the discretion

to determine that all holding periods should end on the earlier of

their normal date or two years post standing down from the Board.

The default position of the DSBP is that awards will normally

lapse on termination of employment, except where certain good

leaver circumstances exist (e.g. death, ill-health, injury, disability,

redundancy, transfer of an undertaking outside of the Group or

retirement or any other circumstances at the Committee’s discretion)

whereby the awards may vest in full on cessation, or on the normal

vesting date.

The Committee shall be entitled to exercise its judgement with

regard to settlement of potential claims, including but not limited

to wrongful dismissal, unfair dismissal, breach of contract and

discrimination, where it is appropriate to do so in the interests

of the Company and its shareholders.

In the event that any payment is made in relation the loss of office

for an executive director, this will be fully disclosed in the following

Remuneration Report. A timely announcement with respect to the

termination of any director’s appointment will be made to the

regulatory news service and posted on the Company’s

corporate website.

Service agreements

Service agreements for executive directors

Each of the executive directors’ service agreements provides for:

• the reimbursement of expenses incurred by the executive

director in performance of their duties;

• 25 days’ paid holiday each year;

• sick pay; and

• a notice period of 12 months from either party.

In situations where an executive director is dismissed, the

Committee reserves the right to make additional exit payments

where such payments are made in good faith, such as:

• in discharge of a legal obligation; and

• by way of settlement or compromise of any claim arising

in connection with the termination of the director’s office

and employment.

Service agreements are available for inspection at the Company’s

registered office, 1 Portal Way, London, W3 6RS and at the offices

of the Company’s solicitors, Freshfields Bruckhaus Deringer LLP,

100 Bishopsgate, London, EC2P 2SR, during usual business hours

on weekdays (excluding public holidays in England and Wales).

The documents will also be available for inspection at the AGM

venue for at least 15 minutes before the AGM until the conclusion

of the AGM.

Letters of appointment

Each of the non-executive directors has a letter of appointment.

Non-executive directors derive no other benefit from their office,

except that the Committee retains the discretion to continue with

existing remuneration provisions, including pension contributions

and the provision of benefits, where an executive director

becomes a non-executive director. It is Company policy not to

grant share options or share awards to non-executive directors.

The Chair of the Board and the other non-executive directors

have a notice period of three months from either party.

Appointments are reviewed by the Nominations Committee and

recommendations made to the Board accordingly.

Letters of appointment are available for inspection at the

Company’s registered office, 1 Portal Way, London W3 6RS and

at the offices of the Company’s solicitors, Freshfields Bruckhaus

Deringer LLP, 100 Bishopsgate, London EC2P 2SR, during usual

business hours on weekdays (excluding public holidays in England

and Wales).

The documents will also be available for inspection at the AGM

venue for at least 15 minutes before the AGM until the conclusion

of the AGM.

External appointments

The Board supports executive directors should they chose to

take non-executive directorships as a part of their continuing

development and agrees that the executive directors may retain

their fees from one such appointment. Further details on current

external directorships and fees can be found in the Remuneration

Report on page 131.

Dilution limits

All the Company’s equity-based incentive plans incorporate

The Investment Association’s current Principles of Remuneration

(‘Guidelines’) on headroom which provide that overall dilution

under all plans should not exceed 10% in relation to the

Company’s issued share capital (or reissue of treasury shares)

over a ten-year period. In addition, the LTIP operates with a 5%

in ten-year dilution limit (excluding historic discretionary awards).

The Company regularly monitors the position and prior to making

any award the Company ensures that it will remain within these

limits. Any awards which will be satisfied by market purchase

shares are excluded from such calculations. As at 2 July 2025,

the Company’s dilution position, which remains within the current

Guidelines, was 4.6% for all plans (against a limit of 10%) and

1.1% for the LTIP (against a limit of 5%).

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Annual Remuneration Report

for 2024/25

The following sections set out how the Remuneration Policy was

implemented during 2024/25 and how it will be implemented for

the following year.

Remuneration Meetings and membership

Only members of the Remuneration Committee are entitled to

attend Committee meetings. The Chair of the Board, Group

Chief Executive, Group Chief Financial Officer, General Counsel

and Company Secretary, Chief People, Communications and

Sustainability Officer, Group Reward Director, Head of Executive

Reward and Share Plans and other members of senior management,

and representatives from the Company’s remuneration advisor

(previously Willis Towers Watson and more recently Deloitte)

attended the relevant Committee meetings by invitation.

No directors participate in discussions about their own remuneration.

The General Counsel and Company Secretary, or his nominee,

acts as Secretary to the Committee and attends all meetings.

The Committee’s deliberations are reported by its Chair at the

subsequent Board meeting and the minutes of each meeting are

circulated to all members of the Board following approval by

the Committee members.

The Committee meets as and when required and at least twice

a year. Biographical details for each Committee member are

available on the Company’s website www.currysplc.com.

The Committee has the following principal duties:

• making recommendations to the Board on the Company’s

framework of executive remuneration;

• determining the fees of the Chair of the Board and any deputy chair;

• considering and making recommendations to the Board

on the remuneration of the executive directors and senior

management relative to performance and market data;

• approving contracts of employment which exceed defined

thresholds of total remuneration or have unusual terms or

termination periods;

• considering and agreeing changes to the Remuneration Policy

or major changes to colleague benefit structures;

• reviewing the reward and benefits structures across the Group

for all colleague levels; and

• approving and operating employee share-based incentive

schemes and associated performance conditions and targets.

Responsibilities

The Board has delegated to the Committee responsibility for

determining policy in relation to the remuneration for executive

directors, the Chair of the Board and other senior management

that promote the long-term sustainable success of the business

through the attraction and retention of executives who have the

ability, experience and dedication to deliver outstanding returns

for our shareholders. This delegation includes their terms and

conditions of employment in addition to the operation of the

Group’s share-based employee incentive schemes.

The Committee also makes recommendations and monitors

the level and the overall reasonableness of the structure of

remuneration for the general workforce. The Committee approves

the service agreements of each executive director, including

termination arrangements and considers the achievement of

the performance conditions under annual and long-term

incentive arrangements.

Key matters considered

The principal activities of the Committee during 2024/25 included:

Executive directors remuneration and governance

• establishing the 2025 Directors’ Remuneration Policy including

development and consultation with shareholders;

• Directors’ Remuneration Report reviewed and approved;

• annual performance bonus:

– 2023/24 – assessed the performance of the executive

directors against targets;

– 2024/25 – agreed the design including the performance

measures and targets;

• LTIP:

– 2021/22 – assessed the performance against targets and

approved the vesting outcome;

– 2024/25 – agreed the design including the performance

measures and targets;

• undertaking a tender process and appointing Deloitte as

executive remuneration advisors to the Committee; and

• monitoring the developments in the corporate governance

environment and shareholder expectations.

Wider workforce across the Group

• approval of the July 2021 and February 2022 Colleague

Shareholder Award vesting;

• approval of the UK Gender Pay Gap reporting and assessing

the international reporting obligations, including the filing of

the Irish Gender Pay Gap Report;

• review and approval of various senior management

arrangements on joining and leaving the Company;

• approval of share awards to senior management under the

2016 LTIP and reviewing the share award design for senior

management levels;

• approval of the launch of the 2025 Irish and UK Sharesave

schemes;

• assessing the retention options for senior management top

talent and business critical roles, and approving the grant

of a Critical Leader Award;

• benchmarking and approving the remuneration package

for a new Executive Committee role;

• benchmarking and approval of base pay changes for

Executive Committee roles;

• reviewing the wider workforce pay and bonus arrangements;

and

• monitoring and ensuring alignment of remuneration practices

across the Group.

122 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

Single figure of directors’ remuneration for the year ended 3 May 2025 (audited information)

Base salary

and fees

(7)

£’000

Pension

contributions

(1)

£’000

Taxable

benefits

(2)

£’000

Total fixed

remuneration

£’000

Annual

performance

bonus

(3)

£’000

Deferred

Share Bonus

Plan award

(3)

£’000

LTIP

Payments

(4)

£’000

Total

variable

remuneration

£’000

Total

remuneration

£’000

Executive

Alex Baldock 990 30 132 1,152 875 437 1,354 2,666 3,818

Bruce Marsh 512 15 14 541 452 226 638 1,316 1,857

1,502 45 146 1,693 1,327 663 1,992 3,982 5,675

Non-executive

Eileen Burbidge 78 0 0 78 0 0 0 0 78

Ian Dyson 306 0 0 306 0 0 0 0 306

Magdalena

Gerger

78 0 1 79 0 0 0 0 79

Stephen

Johnson

(5)

67 0 4 71 0 0 0 0 71

Octavia Morley 101 0 0 101 0 0 0 0 101

Gerry Murphy 73 0 0 73 0 0 0 0 73

Adam Walker 75 0 2 77 0 0 0 0 77

Former non-

executive

directors

Fiona McBain

(6)

27 0 2 29 0 0 0 0 29

805 0 9 814 0 0 0 0 814

2,307 45 155 2,507 1,327 663 1,992 3,982 6,489

(1) Pension contributions comprise the Company’s contribution or allowance in lieu. The contribution amount was 3% for Alex Baldock and Bruce Marsh.

(2) Taxable benefits for the executive directors include private medical insurance and car allowance or driver benefit amounts. £125,021 for Alex Baldock relates to

the provision of a car and driver and includes the grossed-up element payable to cover the tax liability arising from business activities considered taxable by HMRC.

In addition, the benefits for Alex Baldock includes the gain resulting from the 2025 Sharesave grant, in which he participates on the same basis as all eligible colleagues.

For non-executive directors they include routine travel expenses relating to travel, accommodation and subsistence costs incurred in connection with attendance at

Board meetings and other Board business during the year, which are considered taxable by HMRC.

(3) One-third of the annual performance bonus is deferred into shares for a period of two years.

(4) Share plans vesting represent the value of LTIP awards where the performance period ends on 3 May 2025 and are based on a share price of £0.9512, being the three-month

average to 3 May 2025 and an estimate of the accrued dividend equivalent up to 3 May 2025 using the same share price. The proportion of the value of the LTIP that is

attributable to share price appreciation (the appreciation being the difference between the face value at the date of award and the vested value of the award) is 34%.

(5) Stephen Johnson joined the Board on 1 June 2024.

(6) Fiona McBain stepped down from the Board on 5 September 2024.

(7) The 2024/25 financial year is a 53-week year, therefore salary and fees have been reported on this basis.

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Financial Statements Investor InformationGovernanceStrategic Report

Single figure of directors’ remuneration for the year ended 27 April 2024 (audited information)

Base salary

and fees

£’000

Pension

contributions

(1)

£’000

Taxable

benefits

(2)

£’000

Total fixed

remuneration

£’000

Annual

performance

bonus

(3)

£’000

Deferred

Share Bonus

Plan award

(3)

£’000

LTIP

payments

£’000

Total

variable

remuneration

£’000

Total

remuneration

£’000

Executive

Alex Baldock 934 28 135 1,097 880 440 0 1,320 2,417

Bruce Marsh 487 15 17 519 459 230 0 689 1,208

1,421 43 152 1,616 1,339 670 0 2,009 3,625

Non-executive

Eileen Burbidge 76 0 0 76 0 0 0 0 76

Ian Dyson 300 0 0 300 0 0 0 0 300

Magdalena

Gerger

(4)

75 0 4 79 0 0 0 0 79

Fiona McBain 77 0 4 81 0 0 0 0 81

Octavia Morley

(5)

8 0 0 8 0 0 0 0 8

Gerry Murphy 71 0 0 71 0 0 0 0 71

Adam Walker

(6)

64 0 1 65 0 0 0 0 65

Former non-

executive directors

Tony DeNunzio

(7)

140 0 3 143 0 0 0 0 143

Andrea Gisle

Joosen

(8)

14 0 0 14 0 0 0 0 14

825 0 12 837 0 0 0 0 837

2,246 43 164 2,453 1,339 670 0 2,009 4,462

(1) Pension contributions comprise the Company’s contribution or allowance in lieu. The contribution amount was 3% for Alex Baldock and Bruce Marsh.

(2) Taxable benefits for the executive directors include private medical insurance and car allowance or driver benefit amounts. £130,116 for Alex Baldock relates to

the provision of a car and driver and includes the grossed-up element payable to cover the tax liability arising from business activities considered taxable by HMRC.

In addition, the benefits for both Alex Baldock and Bruce Marsh includes the gain resulting from the 2024 Sharesave grant, in which they participate on the same basis

as all eligible colleagues. For non-executive directors they include routine travel expenses relating to travel, accommodation and subsistence costs incurred in connection

with attendance at Board meetings and other Board business during the year, which are considered taxable by HMRC.

(3) One-third of the annual performance bonus is deferred into shares for a period of two years.

(4) Magdalena Gerger was appointed to the Board on 1 May 2023.

(5) Octavia Morley was appointed to the Board on 1 April 2024.

(6) Adam Walker was appointed to the Board on 8 June 2023

(7) Tony DeNunzio stepped down from the Board on 25 April 2024.

(8) Andrea Gisle Joosen stepped down from the Board on 6 July 2023.

124 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

Base salary

The Committee reviewed Alex Baldock’s and Bruce Marsh’s salary for 2024/25 and applied an increase of +4%, to both effective

28 July 2024, increasing their salaries to £980,360 and £506,900 respectively. This salary increase was in line with the 4% pay budget

applied to the UK & Ireland corporate head office population effective on the same date and below the +9.5% increase for hourly paid

UK colleagues received with effect from 1 April 2024. The average increase for the Nordics Head Office population was +5%, effective

1 April 2024.

Pension

Alex Baldock and Bruce Marsh both receive a 3% pension allowance, and this is in line with the wider workforce and the Investment

Association guidelines.

Annual performance bonus for 2024/25 (audited information)

The maximum bonus opportunity for executive directors was 150% of base salary based on performance in the 12-month period to the

end of the financial year. The maximum is payable at the maximum level of performance, 20% of the maximum opportunity is payable

on achievement of threshold performance (30% of base salary) and 60% on achievement of target performance (90% of base

salary). No bonus is payable if the minimum EBIT threshold is not achieved.

The Committee determined at the beginning of the year that the disclosure of performance targets was commercially sensitive and

therefore these were not disclosed in last year’s Directors’ Remuneration Report.

The targets approved by the Committee are confirmed in the table below along with the actual performance against these.

The Committee has a robust process for considering and calibrating performance targets, taking into account internal and external

expectations, which ensures that they represent a significant stretch which corresponds to the creation of value for shareholders.

Measure

As a percentage

of maximum

bonus

opportunity Threshold Target Maximum Actual

Potential bonus

percentage

achieved

Adjusted EBIT 55% £198m £213m £228m £231m

(1)

55%

Free cash flow 15% £84m £113m £142m £157m

(1)

15%

Customer Net Promoter Score 10% 52.76 53.94 55.48 54.71 8%

Employee engagement score 10% 79 80 81 82 10%

Environmental:

• E-waste take back volumes (units) 5% 5,644,752 5,789,504 5,934,255 5,526,820 0%

• Progress to net zero (tonnes of

e emitted) 5% 16,357 15,809 15,541 16,068 2.05%

Total 90.05%

Total awarded 90.05%

(1) Consistent with previous years, the adjusted EBIT and free cash flow targets and actual figures above are calculated using constant currency rates set in accordance

with the Company target setting and budgeting process (for example NOK:GBP currency rate of £1:13NOK). This is to ensure a like-for-like comparison between target and

actual outturn. Adjusted EBIT and free cash flow figures disclosed in the rest of the Annual Report & Accounts are based on the rates applicable under IFRS, as set out in

note 1 to the Group financial statements (for example average NOK:GBP currency rate of £1:13.89NOK).

The financial outcomes reflect that during the year, the Company’s performance continued on its upward trajectory, with profits and

cash flow in particular growing significantly.

In the UK&I, there have been substantial improvements to both Online and Stores channels resulting in growing sales, market share, gross

margins and profits. In the Nordics, we held market share, increased gross margins, tightly controlled costs and grew profits in a still-tough

consumer environment.

Colleague engagement scores reached the highest level on record this year, with the combined Group eSat of 82 being +8pts above

the global benchmark.

Read more about the Group’s activities on e-waste and our progress against emissions reduction targets on pages 36 to 47.

The Good Customer Outcomes (formerly ‘Treating Customers Fairly’) withholding condition applies to the executive directors. This states

that the Company must achieve threshold performance on the ‘Must Do’ assessment regarding regulated products. If this threshold

is not met, 10% of the bonus must be withheld. The Good Customer Outcome threshold was achieved for 2024/25 and therefore no

withholding is required.

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Financial Statements Investor InformationGovernanceStrategic Report

The Committee considered whether or not to adjust the formulaic outcome of 90.05% and decided it was satisfied that the

outcome is both fair and appropriate given the financial performance delivered and the wider stakeholder experience outlined in

the Remuneration Report in the context section on pages 106 to 107. Therefore, for the avoidance of doubt, no Committee discretion

was exercised in respect of the formulaic outcome outlined above.

In accordance with the current Remuneration Policy, executive directors must defer one third of their awarded bonus into shares for

a holding period of two years. One third of the bonus will be deferred for a period of two years in line with the Policy.

LTIP and other share awards (audited information)

LTIP awards made during 2024/25

Nil cost option awards of 250% of base salary were made to the executive directors on 17 July 2024.

The 2024/25 LTIP award is subject to three performance conditions, cumulative free cash flow, cumulative EPS and TSR measured

against the FTSE 250 comparator group, weighted 40%, 30% and 30% respectively. The performance period for the award is the

three financial years up to the end of the 2026/27 financial year.

The relative TSR condition (30% weighting) measured against the companies ranked in the FTSE 250 at the start of the performance

period, will be assessed over the three-year performance period, with vesting determined as follows:

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 2026/27 financial year Percentage of the free cash flow element vesting

Below £295m 0%

£295m 25%

Between £295m and £325m Pro rata between 25% and 62.5% on a straight-line basis

Between £325m and £370m Pro rata between 62.5% and 100% on a straight-line basis

Above £370m 100%

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 2026/27 financial year Percentage of the EPS element vesting

Below 27 pence 0%

27 pence 25%

Between 27 pence and 30 pence Pro rata between 25% and 62.5% on a straight-line basis

Between 30 pence and 33 pence Pro rata between 62.5% and 100% on a straight-line basis

Above 33 pence 100%

The free cash flow and EPS targets were set taking into account a number of inputs including market consensus at the time of the award

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.

As part of the shareholder engagement process, the Committee considered introducing shadow targets for the 2023 and 2024 LTIP

awards following the Government’s changes to the Employers National Insurance regime. On balance, the Committee have decided not

to proceed with formal shadow targets, recognising the concerns held by some shareholders. At the point of vesting, the Committee will

assess the formulaic outcome against the overall level of performance delivered during the period, in the usual manner. If discretion was

required, full and clear disclosure of what was changed and the rationale for this would be included in the relevant Remuneration Report.

Calculations of the achievement against the targets will be independently performed and approved by the Committee. Free cash flow

and adjusted basic EPS are defined in the Glossary and definitions section on pages 209 to 221.

126 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 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 colleagues and customers, enabling performance adjustments and/or recovery of sums already paid. These provisions

will apply for up to six years from grant.

The awards are subject to a two-year post vesting holding period, during which the executive director is not permitted to sell any shares

vesting, other than those required to settle any tax obligations.

The table below sets out the LTIP awards made to the executive directors in 2024/25:

Nil cost options

awarded

Share price at

date of award

(£)

Face value

(1)

(£)

End of

performance

period Vesting date

Minimum value

at threshold

vesting

(2)

(£)

Alex Baldock – 250% of salary 3,003,983 0.7845 2,356,625 1 May 2027 17 July 2027 £575,638

Bruce Marsh – 250% of salary 1,553,219 0.7845 1,218,500 1 May 2027 17 July 2027 £297,636

(1) The face value is calculated based on the number of options awarded multiplied by the mid-market share price at the close of business on the day prior to grant, being

16 July 2024 (£0.7845).

(2) The minimum value at threshold vesting is calculated based on a threshold vesting of 25% of maximum. The value is calculated using the share price at the grant date of the

award (£0.7665), being 17 July 2024.

Deferred Share Bonus Plan awards made during 2024/25

On 1 August 2024 the following nil cost options were granted to Alex Baldock and Bruce Marsh under the Company Deferred Share

Bonus Plan (‘DSBP’):

Nil cost options

awarded

Share price

used to grant

award

(1)

(£)

Face value

(2)

(£) Vesting date

Alex Baldock 540,671 0.8135 439,836 1 August 2026

Bruce Marsh 282,225 0.8135 229,590 1 August 2026

(1) The share price used to calculate the numbers of shares granted was using the mid-market price at close on the business day prior to grant, being 31 July 2024.

(2) The face value is calculated based on the number of options awarded multiplied by the share price used to grant the award.

The awards represent one-third of the 2023/24 annual performance bonus entitlement granted in accordance with the Company’s

approved Remuneration Policy, approved by shareholders at the annual general meeting 2022. Details of the 2023/24 annual

performance bonus were disclosed in the 2023/24 Directors’ Remuneration Report.

Each award (a nil cost option) will be satisfied using market purchase shares and will ordinarily vest and become exercisable on the

second anniversary of grant.

Vesting of LTIP awards made during 2022/23 (audited information)

Nil cost option awards equivalent to 250% of base salary were made to Alex Baldock and Bruce Marsh on 25 July 2022. The performance

period for the awards was the three financial years up to the end of the 2024/25 financial year and there were two equally weighted

performance conditions. Half of the awards were subject to the achievement of a relative TSR performance condition, measured against

the constituents of the FTSE 250 at the start of the performance period. The remaining half of the awards was subject to the achievement

of a cumulative free cash flow target. The performance period for these awards ended on 3 May 2025.

The performance measures for the award and the outcomes are shown below.

TSR target

Level of performance

Below Threshold Threshold Maximum Achieved

TSR Performance over performance period Below Median Median Upper Quartile

-9. 51% 17.62% 13.30%

Vesting level 0% 25% 100% 88.06%

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Financial Statements Investor InformationGovernanceStrategic Report

Cumulative free cash flow

Level of performance

Below threshold Threshold Target Maximum Achieved

Cumulative free cash flow over

the performance period

Below £280m £280m £330m £380m £139m

Vesting level 0% 10% 25% 100% 0%

The free cash flow target and outcome figures shown above are the adjusted figures excluding the Greece business. The adjustment was

made on the basis that the sale of the Greek business took place part way through the performance period and therefore the revised

numbers better reflect Company performance. In either instance, the threshold required for vesting for the free cash flow element was

not achieved. The TSR element vested at 88.06%, and therefore the overall vesting was 44.03%.

The Committee reviewed whether any discretion should be applied to the vesting outcomes and determined that it was satisfied that

the outcome was appropriate given the overall performance of the Company. On this basis, the Committee determined that the awards

should be paid in accordance with the vesting outcome.

All awards are subject to a two-year post vest holding period, during which the executive director is not permitted to sell any shares

vesting, other than those required to settle any tax obligations.

Nil cost options

awarded

Overall vesting

awards Vesting date

Alex Baldock 3,083,824 44.03% 1,357,808 25 July 2025

Bruce Marsh 1,454,303 44.03% 640,330 25 July 2025

Accrued dividend equivalents, calculated by reference to the value of dividends that would have been payable between the grant

of the award and the start of the exercise period will be added to each award.

Vesting of 2021/22 Deferred Share Bonus Plan awards (audited information)

On 25 July 2022 the following nil cost options were granted to Alex Baldock and Bruce Marsh under the Currys DSBP. The awards were

granted in respect of one-third of the 2021/22 annual bonus entitlement and the award vested two years from the grant date:

Nil cost options

awarded

Share price

used to grant

award

(1)

(£)

Face value

(2)

(£) Vesting date

Alex Baldock 523,659 0.7015 367,347 25 July 2024

Bruce Marsh 198,979 0.7015 139,584 25 July 2024

(1) The share price used to calculate the numbers of shares granted was using the mid-market price on the day prior to grant, being 22 July 2022.

(2) The face value is calculated based on the number of options awarded multiplied by the share price used to grant the award.

The awards vested on 25 July 2024. Alex Baldock and Bruce Marsh retained all their shares, net of tax and commission, in line with the

executive shareholding requirement.

Accrued dividend equivalents, calculated by reference to the value of dividends that would have been payable between the grant

of the award and the start of the exercise period were added to each award.

128 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

Performance graph

The graph below shows the value, by 3 May 2025, of £100 invested in shares in the Company on 2 May 2015, compared with the value

of £100 invested in the FTSE 250 Index on the same date. The other points plotted are the values at intervening financial year ends.

£0

Data is sourced from S&P CapIQ.

2 May

2015

30 April

2016

29 April

2017

28 April

2018

27 April

2019

2 May

2020

1 May

2021

30 April

2022

28 April

2023

3 May

2025

27 April

2024

Currys

FTSE 250

£50

£100

£150

£200

The FTSE 250 has been used as it is a broad market which includes the Company and a number of its competitors as well as being the

comparator group used for the relative TSR portion of LTIP awards.

Group Chief Executive pay

The following table shows, over the same ten-year period as the performance graph, the Group Chief Executive’s single total figure of

remuneration, the amount of bonus earned as a percentage of the maximum remuneration possible, and the vesting of long-term awards

as a percentage of the maximum number of shares that could have vested, where applicable.

Year

CEO single figure

of remuneration

£’000

Annual bonus payout

against maximum

Long term incentive vesting

rates against maximum

opportunity

2024/25 Alex Baldock 3,818 90.05 44.03

2023/24 Alex Baldock 2,417 94.21 0

2022/23 Alex Baldock 2,046

(1)

33.39

(3)

2021/22 Alex Baldock 2,494

(1)

83.8 26.5

2020/21 Alex Baldock

(2)

2,884

(1)

88 50

2019/20 Alex Baldock

(2)

1,038 0 n/a

2018/19 Alex Baldock 1,619 58

(3)

n/a

20 17/18 Alex Baldock 1,946

(4)

0 n/a

20 17/18 Sebastian James 2,716

(5)

0 n/a

2016/17 Sebastian James 1,795 83 n/a

2015/16 Sebastian James 1,616 68 n/a

(1) The CEO single figure has been restated to account for the LTIP value on the vesting date.

(2) As a result of Covid-19, Alex Baldock voluntarily agreed to a temporary 20% base pay reduction with effect from 5 April 2020 to 28 June 2020.

(3) Alex Baldock voluntarily deferred 100% of his annual performance bonus into a share award, vesting two-years from grant.

(4) The single figure has been restated to include the value of the buy-out award, of 989,078 nil cost options, which was granted on 3 April 2018. The face value of the award

at the date of grant was £1,871,336, using the share price on the date of grant of £1.8920. As there were no performance conditions attached to this award other than

continued employment the value of the award at grant should have been included in the 2017/18 CEO single figure. Full details of the award were detailed in the 2017/18

Remuneration Report.

(5) The single figure includes the taxable benefit relating to the waiving of the loan from the Dixons Share Plan award.

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Financial Statements Investor InformationGovernanceStrategic Report

Annual percentage change in remuneration

The table below provides the percentage change in the annual remuneration of directors and the average UK colleague from 2019/20 onwards.

As the parent company only employs a small number of the workforce, the average UK colleague was deemed to be the most

appropriate comparator group, as the UK has the largest employee base, and the Committee considers remuneration levels in

the UK when setting salaries and fees for executive and non-executive directors and the Group Chief Executive is based in the UK.

Percentage change from

2023/24 to 2024/25

Percentage change from

2022/23 to 2023/24

Percentage change from

2021/22 to 2022/23

Percentage change from

2020/21 to 2021/22

Percentage change from

2019/20 to 2020/21

Salary

and

fees

(1)

Taxable

benefit

(6)

Annual

bonuses

Salary

and

fees

Taxable

benefit

(6)

Annual

bonuses

Salary

and fees

Taxable

benefits

(6)

Annual

bonuses

Salary

and

fees

(11)

Taxable

benefits

(6)

Annual

bonuses

Salary

and

fees

(10)

Taxable

benefits

(6)

Annual

bonuses

Executive Directors

Group Chief

Executive

– Alex Baldock

6.0% -2.1% -0.6% 3.8% 32.5% 192.8% 2.7% 35.7% -59.1% 3.9% 123% -3.7% -0.8% -67% 100%

(8)

Group Chief

Financial Officer

– Bruce Marsh

5.0% -16.4% -1.5% 10.3% 28.9% 211.5% 30.9% 24.8% -47. 2% n/a n/a n/a n /a n /a n/a

Non-Executive Directors

Eileen Burbidge 2.4% 0% n/a 14.5%

(3)

0.0% n/a 2.3%

(3)

0% n /a 2.8% 0% n/a -1.3% -100% n/a

Ian Dyson 1.9% -100% n/a 53.3%

(4)

-53.3% n/a n/a n /a n /a n/a n/a n/a n /a n /a n/a

Magdalena Gerger 3.6% -72.5% n/a n/a n /a n/a

Stephen Johnson

(2)

n/a n/a n /a

Fiona McBain

(2)

n/a n/a n /a 0% -26.1% n/a 2% 691.1 % n/a 2.8% 100% n/a -1.3% -100% n/a

Octavia Morley

(2)

n/a n/a n /a n /a n/a n/a

Gerry Murphy 1.9% 0% n/a 0% 0% n /a 2% 0% n/a 2.8% 0% n /a -1.3% 0% n/a

Adam Walker

(2)

n/a n/a n /a n /a n/a n/a

Employees 5.5%

(5)

0.0%

(7)

n/a

(9)

8.5%

(5)

(7)

n/a

(9)

24.2%

(5)

(7)

n/a

(9)

2.0%

(5)

(7)

n/a

(9)

-6.5%

(5)

(7)

n/a

(9)

(1) The 2024/25 financial year is a 53-week year, therefore salary and fees have been reported on this basis

(2) Stephen Johnson joined the Board on 1 June 2024. Fiona McBain stepped down from the Board on 5 September 2024. Octavia Morley and Adam Walker joined the Board

on 1 April 2024 and 8 June 2023 respectively.

(3) Eileen Burbidge received additional fees relating to the establishment of the ESG Committee, effective 1 May 2023.

(4) Ian Dyson joined the Board on 1 September 2022.

(5) The average employee percentage change has been calculated using the median pay data collated for CEO pay ratio reporting purposes. The calculation includes data

for UK colleagues who were furloughed and had Covid-19 related salary reductions in 2020/21.

(6) The Group Chief Executive and non-executive directors’ taxable benefit figure includes the variable expenses relating to travel and subsistence costs deemed taxable by

HMRC as referenced in the single figure tables on pages 122 and 123. No expenses were claimed by the non-executive directors in 2020/21 due to travel restrictions, claims

were made in 2019/20 and 2021/22. The absolute amounts for the non-executive directors’ taxable benefit figure are relatively small (especially as business travel was

more limited due to Covid-19 in 2021/22) and so small changes have resulted in the large percentage differences in the table.

(7) The percentage change in taxable benefits for the UK workforce is considered to be 0% since there have been no material changes in UK benefits.

(8) No annual performance bonus was paid out for 2019/20 for UK or Group, due to the EBIT performance threshold not being met by the business areas, so a 100% increase

has been applied for 2020/21, as an annual performance bonus has been paid for 2020/21.

(9) The median UK colleague is not eligible for an annual performance bonus.

(10) No pay increases were applied for 2020/21 for the Group Chief Executive, Group Chief Financial Officer and non-executive directors, however they voluntarily agreed

to a temporary 20% base pay reductions with effect from 5 April 2020 to 28 June 2020.

Relative importance of spend on pay

The following table sets out both the total cost of remuneration for the Group compared with adjusted EBIT and profits distributed for

2024/25 and the prior year. Adjusted EBIT was chosen by the Committee as it is the most appropriate measure of the Group’s performance.

Adjusted EBIT is defined in the Glossary and definitions section on page 211.

2024/25

£m

2023/24

£m

Change

Dividends 0 0 N/A

Share buybacks

(1)

0 0 N/A

Adjusted EBIT

(2)

225 203 10.84

Total staff costs

(3)

904 855 5.73

Number Number

Change

Average employee numbers 24,441 27,778 -12.01

(1) There were no share buybacks in 2023/24 and 2024/25.

(2) Extracted from note A1 to the Glossary and definitions section.

(3) Extracted from note 4 to the Group financial statements.

130 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

CEO pay ratio

The legislation requires the publishing of the ratio of total remuneration of the Group Chief Executive to the 25th, 50th and 75th

equivalent percentile of full-time equivalent colleagues.

The ratio is shown in the table below:

Financial year Methodology

P25

(Lower Quartile)

P50

(Median)

P75

(Upper Quartile)

2024/25 Option A 137:1 117:1 93:1

2023/24 Option A 95:1 88:1 70:1

2022/23(1) Option A 86:1 81:1 64:1

2021/22(1) Option A 127:1 111:1 82:1

2020/21(1) Option A 167:1 142:1 107:1

2019/20 Option A 54:1 48:1 37:1

2018/19 Option A 79:1 65:1 50:1

(1) The CEO pay ratios have been restated to account for the actual value of the LTIP at the vesting date.

Of the three calculation approaches available in the regulations, we have chosen Methodology A because we believe it to be the

most appropriate and robust way for the Company to calculate the ratio.

In determining the figures, the following should be noted:

• The single total figure of remuneration of our UK colleagues was calculated and ranked using 2024/25 P60 and P11D data, employer

pension contributions and payments under the Company share schemes, in line with the reporting regulations. P60 data was used as

it also includes the value of any overtime payments made in the year.

• Part time colleagues’ earnings have been annualised on a full-time equivalent basis.

• Joiners and leavers were excluded from the ranking.

• The 25th, 50th and 75th percentile colleagues’ single total figure of remuneration was then identified and compared to the CEO pay,

as shown in the single total figure of remuneration table on page 122.

The following table provides base salary and total remuneration information in respect of the 25th, 50th and 75th percentile

colleagues, on a full-time equivalent basis.

Financial Year Remuneration

Group Chief

Executive

(£)

P25

(Lower Quartile)

(£)

P50

(Median)

(£)

P75

(Upper Quartile)

(£)

2024/25 Base salary 989,993 27,013 27,398 37,129

Total remuneration 3,817,383 27,944 32,694 41,211

The Committee has confirmed that the ratio is consistent with the Company’s wider policies on colleague pay and reward, taking into

account a range of factors including market practice, experience and National Living Wage requirements.

The ratio of the CEO’s pay to that of all colleagues is likely to be a volatile number, mainly resulting from the Group Chief Executive having

a larger proportion of his total remuneration linked to business performance than other colleagues in the UK workforce and therefore

it does not necessarily shed any light on the alignment or otherwise with regard to pay, reward and progression for the UK workforce.

This alignment is, however, something that the Committee considers as part of its overall responsibilities. The increase in the CEO pay ratio

for 2024/25 reflects that the 2022 LTIP award partially vested this year (whereas the 2021 LTIP award lapsed in full last year).

Service agreements

Service contracts

The following table summarises key terms of the service contracts in place with the executive directors:

Date of contract

Alex Baldock 3 April 2018

Bruce Marsh 12 July 2021

More details are set out in the Service agreements section of the Report on page 120.

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Financial Statements Investor InformationGovernanceStrategic Report

Letter of appointment

Non-executive directors are normally appointed for three-year terms, subject to annual re-election at the 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

Eileen Burbidge 1 January 2019

Ian Dyson 1 September 2022

Magdalena Gerger 1 May 2023

Stephen Johnson 1 June 2024

Fiona McBain

(1)

1 March 2017

Octavia Morley 1 April 2024

Gerry Murphy 6 August 2014

Adam Walker 1 June 2023

(1) Fiona McBain stepped down from the Board on the 5 September 2024.

External directorships

The policy relating to external directorships is outlined in the Remuneration Policy; the following external directorships were undertaken

and fees retained:

• Alex Baldock was paid a fee of £67,935 for the year to 3 May 2025 in respect of his non-executive role at RS Group.

• Bruce Marsh was appointed a non-executive director of at DFS Furniture PLC on 1 August 2024 and was paid a fee of £43,273

from appointment to 3 May 2025.

Leavers and joiners

During the year, Stephen Johnson was appointed as a non-executive director of the Board on 1 June 2024 and Fiona McBain stepped

down as a non-executive director of the Board on 5 September 2024.

Payments to past directors (audited information)

No payments were made to past directors in 2024/25.

132 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

Directors’ interests in LTIP (audited information)

Date of grant

At 28 April

2024

Awarded in

the year

Lapsed or

forfeited in

the year

Exercised in

the year

At 3 May

2025

Date from

which first

exercisable

Expiry of

the exercise

period

Exercise

price

(p)

Alex Baldock

2016 LTIP 17-J ul-24 0 3,003,983 3,003,983 17-J ul-27 17-J u l-34 —

2023/24 DSBP 1-Aug-24 0 540,671 540,671 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 3-Aug-25 3-Aug-33 —

2016 LTIP 25-Jul-22 3,083,824 3,083,824 25-Jul-25 25-Jul-32 —

2020/21 DSBP 25-Jul-22 523,659 25,119

(1)

548,778 0 25-Jul-24 25-Jul-32 —

2016 LTIP 2-Aug-21 1,677,632 1,677,632 0 2-Aug-24 2-Aug-31 —

Total (with

performance

conditions) 9,730,549

Total (without

performance

conditions) 829,288

Bruce Marsh

2016 LTIP 17-J ul-24 0 1,553,219 1,553,219 17-J ul-27 17-Jul-34 —

2023/24 DSBP 1-Aug-24 0 282,225 282,225 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 3-Aug-25 3-Aug-33 —

2016 LTIP 25-Jul-22 1,454,303 1,454,303 25-Jul-25 25-Jul-32 —

2020/21 DSBP 25-Jul-22 198,979 9,544

(1)

208,523 0 25-Jul-24 25-Jul-32 —

2016 LTIP 2-Aug-21 803,018 803,018 0 2-Aug-24 2-Aug-31 —

Section 9.4.2 22-Oct-21 337,673 6,532

(1)

119,089 225,116 22-Oct-21 22-Oct-31 —

Total (with

performance

conditions) 4,966,339

Total (without

performance

conditions) 648,914

(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 28 April

2024

Awarded in

the year

Lapsed or

cancelled in

the year

Exercised in

the year

At 3 May

2025

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

Sharesave 10-Sept-19 97. 28 13,939 – 13,939 – – 1-Oct-24 1-Apr-25

Total 46,297 19,475 13,939 – 51,833

Bruce Marsh

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 – – – 34,928

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Financial Statements Investor InformationGovernanceStrategic Report

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 3 May 2025 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 3,268,418 9,730,549 881,121 3,756,871 393%

Bruce Marsh 389,984 4,966,339 683,842 766,565 155%

Non-executive directors

Eileen Burbidge 4,200 – – 4,200 n /a

Ian Dyson 350,000 – – 350,000 n/a

Magdalena Gerger 10,537 – – 10,537 n /a

Stephen Johnson

(4)

40,000 – – 40,000 n /a

Fiona McBain

(5)

28,129 – – 28,129 n/a

Octavia Morley

(6)

35,000 – – 35,000 n/a

Gerry Murphy 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 3 May 2025 and an average share price over the month to 3 May 2025 of £1.02.

(3) Executive directors have five years from their appointment date to reach their shareholding requirement of 250%.

(4) Stephen Johnson joined the Board on 1 June 2024 and purchased 40,000 at a price of 73p per share on 2 July 2024.

(5) Fiona McBain stepped down from the Board on 5 September 2024 and the shareholding shown is as at that date.

(6) Octavia Morley purchased 35,000 shares at a price of 89.55p per share on 28 January 2025.

There were no changes in the directors’ share interests between 3 May 2025 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 salary, 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.

The 2024/25 fees were considered and approved prior to the start of the financial year in March 2024. It was agreed that there would

not be any increase to fees, although a new Senior Independent Director annual fee of £15,000 and a Remuneration Committee

Chair annual fee of £10,300 was introduced. These roles were previously the responsibility of the deputy chair and this role had since

been removed. Following a further review of fees in October 2024, the annual fee for the ESG Committee Chair role was increased to

£10,300 to align with the Audit and Remuneration Committee Chair roles. In addition, two new annual fees of £10,000 and £5,000

were added in respect of a Consumer Duty Champion role and a fee for a Board member to attend colleague forum sessions.

All other fees remained unchanged. The Chair of the Board received an all-inclusive fee reflecting his duties. Other independent

non-executive directors received a basic fee of £61,200 and additional fees as set out in the table below for chairing or membership

of committees.

134 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

2024/25

£’000

From 1 November

2024

2024/25

£’000

up to 31 October

2024

2023/24

£’000

Chair of the Board

(1)

300 300 300

Senior Independent Director 15 15 15

Chair of Audit Committee

(2)

10.3 15.3 15.3

Chair of ESG Committee 10.3 10.0 n/a

Chair of Remuneration Committee 10.3 10.3 10.3

Member of Audit Committee 5.1 5.1 5.1

Member of Nominations Committee 5.1 5.1 5.1

Member of Remuneration Committee 5.1 5.1 5.1

Member of ESG Committee 5.1 5.1 n/a

Consumer Duty Champion 10 n /a n /a

Colleague forum attendance 5 n/a n/a

Basic Fee 61.2 61.2 61.2

(1) The Chair of the Board’s fee includes Chairship of the Nominations Committee.

(2) The Chair of the Audit Committee fee included a fee of £5,000 for oversight of the board of Carphone Warehouse Limited (later renamed Currys Retail Limited). This was

a follow up action agreed with the FCA several years ago. Such oversight is no longer required for Currys Retail Limited and therefore the £5,000 fee was removed when

Fiona McBain stepped down from the Board on 5 September 2024.

How the Remuneration Policy will be applied in 2025/26

Subject to shareholder approval at the AGM in September 2025, the Remuneration Policy arrangements for 2025/26 will be

implemented in line with the new Policy (on the assumption that the Policy is approved by shareholders).

Executive directors

i) Base salary

The following salaries will apply during the 2025/26 financial year:

Salary at

3 May 2025

£’000

Increase

in salary in

2025/26

Salary at

27 July 2025

£’000

Current directors

Alex Baldock 980.36 3% 1,009.77

Bruce Marsh 506.9 3% 522.11

The Committee reviewed Alex Baldock’s and Bruce Marsh’s salary for 2025/26 and applied an increase of +3% to both, effective

27 July 2025, increasing their salaries to £1,009,770 and £522,110 respectively. This salary increase is in line with the 3% pay budget

applied to the UK & Ireland corporate head office population effective on the same date and is below the +6% increase for hourly

paid UK colleagues received with effect from 30 March 2025. The average increase for the Nordics Head Office population is +4.4%,

effective 1 April 2025.

ii) Pension contributions

Company pension contributions or allowance in lieu of 3% of base salary will be paid to Alex Baldock and Bruce Marsh.

iii) Annual performance bonus

The maximum annual performance bonus for 2025/26 will be 175% of base salary. Measures are selected to reflect the Group’s key

objectives and for 2025/26 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 2025/26 are shown in the table below, reflecting an increased weighting from the prior year on the financial elements:

Weighting (as a percentage of

maximum bonus opportunity)

Adjusted EBIT 55%

Free cash flow 20%

Non-financial metrics (25%):

Customer Net Promoter Score 10%

Employee engagement 10%

Environmental – UK&I e-waste take back volumes 5%

135

Financial Statements Investor InformationGovernanceStrategic Report

In considering the calibration of the targets, the Committee considered both internal and external analyst forecasts, as well as the

increased in bonus quantum proposed under the new Policy, 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. Deferral falls to 25%

where the executive director has met their shareholding guideline, as is currently the case for Alex Baldock.

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 2025/26 LTIP award will be made at a one-off level of 300% of salary to both executive directors. The award will be granted in

two tranches, with 250% of salary granted at the usual time prior to the AGM, and 50% of salary granted following AGM approval of

the new Policy. The number of shares under the post-AGM tranche of the award will be calculated using the same share price as used

for the pre-AGM tranche, ensuring consistency.

The award will be assessed against cumulative free cash flow (40%), cumulative EPS (30%) and relative TSR (30%) targets measured

over three years. 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 2027/28 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 2027/28 financial year Percentage of the free cash flow element vesting

Below £305m 0%

£305m 25%

Between £305m and £360m Pro rata between 25% and 62.5% on a straight-line basis

Between £360m and £415m Pro rata between 62.5% and 100% on a straight-line basis

Above £415m 100%

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 2027/28 financial year Percentage of the EPS element vesting

Below 30 pence 0%

30 pence 25%

Between 30 pence and 35 pence Pro rata between 25% and 62.5% on a straight-line basis

Between 35 pence and 40 pence Pro rata between 62.5% and 100% on a straight-line basis

Above 40 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, as well as the increased quantum proposed for the 2025/26 LTIP, and were

comfortable that these represented an appropriate degree of stretch and value creation for shareholders.

136 Currys plc Annual Report & Accounts 2024/25

Annual Remuneration Report

for 2024/25 continued

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.

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 May 2025 and a +3% increase was applied to the Chair of the Board fee,

Committee membership fees and the base fee, in line with the +3% annual increase applied to the UK&I Corporate workforce. Increases

were also applied to the Audit and Remuneration Committee Chair fees to reflect the nature and scope responsibilities of these key

roles. All other fees remain unchanged.

2025/26

£’000

2024/25

£’000

Chair of the Board

(1)

310 300

Senior Independent Director 15.5 15

Chair of Audit Committee 12.5 10.3

Chair of ESG Committee 10.3 10.3

Chair of Remuneration Committee 12.5 10.3

Member of Audit Committee 5.5 5.1

Member of Nominations Committee 5.5 5.1

Member of Remuneration Committee 5.5 5.1

Member of ESG Committee 5.5 5.1

Consumer Duty Champion 10 10

Colleague forum attendance 5 5

Basic Fee 63.1 61.2

(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, (i) the Annual Remuneration Report resolution put to the annual general

meeting in 2024, and (ii) the Directors’ Remuneration Policy resolution put to the annual general meeting in 2022:

Resolution

Votes for % Votes against % Withheld

Approval of Annual Remuneration Report (AGM 2024) 753,564,938 88.07 102,063,154 11.93 95,004

Approval of Directors’ Remuneration Policy (AGM 2022) 630,74 2,347 65.95 325,630,007 34.05 33,828

The Committee recognises that c. 12% of shareholders voted against the Annual Remuneration Report in 2024. Over the course of the

last year, we have consulted extensively with shareholders as part of our Policy review, during which we have listened carefully to the

concerns of those shareholders who felt unable to support the Report and have taken this feedback onboard in considering the new

Policy. Similarly, we consulted extensively with shareholders following the lower vote on our previous Policy at the AGM 2022. Further

details of the outcome of that exercise were presented in our 2022/23 Directors’ Remuneration Report. One of the key changes we

made because of that consultation – to strengthen our post-cessation shareholding guidelines – has now been formally codified

under the new Policy.

137

Financial Statements Investor InformationGovernanceStrategic Report

Advice

At the end of the last financial year, the Committee agreed that a review of the executive remuneration advisors should be carried

out and a full tender process commenced in 2024/25. Deloitte were appointed as new advisors from September 2024 following the

completion of the tender process. Prior to Deloitte’s appointment, Willis Towers Watson (‘WTW’) advised the Committee. All advisors

listed 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 2024/25 for all remuneration

services provided to the Group.

WTW received fees of £28,000 (2023/24: £75,550) in relation to the provision of those services and Deloitte received fees of £124,700.

Fees are charged on a time and expenses basis. During the year, Deloitte and WTW also provided other ad hoc remuneration services to

the Group 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 2025.

Octavia Morley

Chair of the Remuneration Committee

2 July 2025

138 Currys plc Annual Report & Accounts 2024/25

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 appliable 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 provide 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

2 July 2025

Bruce Marsh

Group Chief

Financial Officer

2 July 2025

Statement of

directors’ responsibilities

139

Financial Statements Investor InformationGovernanceStrategic 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 53-week period ended 3 May 2025 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 3 May 2025

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 three financial periods ended 3 May 2025. We have fulfilled our ethical responsibilities under, and we remain independent of

the Group in accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities.

No non-audit services prohibited by that standard were provided.

Overview

Materiality:

Group financial statements as a whole

£11.0m (2024: £11.0m)

0.13% of Revenue (2024: 0.13% of Revenue from continuing operations)

Coverage 99% of Group revenue (2024: 98% of Group revenue)

Key audit matters Vs 2024

Recurring risks Carrying value of Parent Company’s investment in subsidiaries

NEW: Group pension obligation and valuation of Level 3 assets

Contingent tax liabilities

Independent

auditor’s report

140 Currys plc Annual Report & Accounts 2024/25

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 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.

The risk Our response

Contingent tax liabilities

Potential range of tax

exposure of £nil to £218m;

(2024: £nil to £218m)

Refer to page 91 (Audit

Committee Report), page 157

(accounting policy) and page

199 (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 27)

disclose the range estimated by the Group.

Our procedures included:

• Our tax expertise: Use of our own tax

specialists to evaluate the Group’s assessment

of the likely outcome of the enquiry, 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: Examining the calculations of the

potential tax exposure prepared by the directors

and agreeing key assumptions used to underlying

data.

• Assessing transparency: Assessing 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 (2024: acceptable).

Independent

auditor’s report continued

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The risk Our response

Group pension obligation

and valuation of

Level 3 assets

Gross defined benefit liability

of £1,033m (2024: £1,125m).

Level 3 assets of £212m

(2024: £230m)

Refer to page 91 (Audit

Committee Report), page 156

(accounting policy) and page

183 (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.

In addition, within the pension asset portfolio

there are a number of assets whose valuation

requires significant judgement as a result of

quoted prices being unavailable (Level 3

assets). Certain of these include assets for

which a net asset valuation (‘NAV’) is not readily

available, and therefore additional audit

procedures are necessary given the nature of

the valuation. The Group engages valuation

experts to value these assets.

The effect of these matters is that, as part

of our risk assessment, we determined that the

valuations of the gross defined benefit liability

and Level 3 assets 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: Challenging, 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

2022. We used our actuarial specialists to

challenge the methodology used to roll-forward

the results of the triennial valuation as at

31 March 2022.

Our procedures over Level 3 assets included:

• Tests of detail: We assessed historical accuracy

of valuations for assets to help inform whether

current valuations were appropriate.

• Methodology choice: We assessed the

valuation methodologies used with reference

to the International Private Equity and Venture

Capital Valuation guidance (‘IPEV’) for private

equity funds. For private credit funds we assessed

the valuation methodologies adopted for fair

value principles consistent with the accounting

framework.

Our procedures over external experts:

• Assessing experts’ credentials: Evaluating

the scope, competencies and objectivity of

the Group’s external experts who assisted in

determining the key unobservable inputs.

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 and disclosure of estimation

uncertainty over the valuation of Level 3 pension

assets.

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 and valuation of Level 3 assets to

be acceptable.

142 Currys plc Annual Report & Accounts 2024/25

Independent

auditor’s report continued

2. Key audit matters: our assessment of risks of material misstatement continued

The risk Our response

Carrying value of Parent

Company’s investment

in subsidiaries

£2,669m (2024: £2,559m)

Impairment charge:

£nil (2024: £nil)

Impairment reversal:

£110m (2024: £219m)

Refer to page 91 (Audit

Committee Report), page 202

(accounting policy) and page

203 (financial disclosures).

Forecast-based assessment

The Directors reviewed investments in

subsidiaries for indicators of impairment and

indicators that impairment charges recognised

in prior periods may no longer exist or may have

decreased. Where indicators are identified the

Directors estimated the recoverable amount of

the investment using the higher of value in use

(‘VIU’) or fair value less cost to sell.

The Director’s assessment resulted in a reversal

of an impairment charge of £110m in relation

to the investment in Currys Holdings Limited

which is the intermediate parent to all trading

subsidiaries in the Group.

The carrying amount of the Parent Company’s

investment in subsidiaries and impairment

reversal are significant, and at risk of error as a

result of the estimation involved in determining

the recoverable amount.

The estimated recoverable amount of this

balance is subjective due to the inherent

uncertainty in forecasting trading conditions,

including revenue growth and operating profit

margins in particular in the context of continuing

macro-economic pressures driven by inflation

and reduced consumer spending, especially

in Nordics.

The effect of these matters is that, as part of

our risk assessment, we determined that the

recoverable amount of the cost of investment

in subsidiaries and impairment reversal 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 C4) disclose

the sensitivity estimated by the Company.

Our procedures included:

• Our sector expertise: Evaluating assumptions

used, in particular those relating to forecast

revenue growth and profit margins assumptions

with reference to our knowledge of the

Group, including from our inspection of board

approved strategy plans;

• Benchmarking assumptions: Comparing the

Group’s assumptions over revenue growth and

operating profit margins to externally derived

data such as projected economic growth,

industry growth and cost inflation forecasts;

• Sensitivity analysis: Performing sensitivity

analysis on the assumptions noted above;

• Historical comparisons: Evaluating the track

record of historical assumptions used against

actual results achieved;

• Comparing valuations: Comparing the sum of

the discounted cash flows to the Group’s market

capitalisation to assess the reasonableness

of those cash flows; and assessing the

appropriateness of adjustments made to the

value in use estimates to reflect the subsidiaries’

equity value;

• Assessing transparency: Assessing whether

the parent company’s disclosures about the

sensitivity of the outcome of the impairment

assessment to changes in key assumptions

reflected the risks inherent in the recoverable

amount of investment in subsidiaries.

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 investment in

subsidiaries balance, and the related impairment

reversal to be acceptable (2024: no impairment

to be acceptable).

We continue to perform procedures over the Recoverability of goodwill in relation to the Nordics. However, following improved

performance of the Nordics business and the significant level of headroom, 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.

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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 £11.0m (2024: £11.0m), determined with reference to a benchmark

of Group revenue (2024: Group revenue from continuing operations)

of which it represents 0.13% (2024: 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 £8.8m (2024: £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, the parent Company total assets, of which it represents

0.16% (2024: 0.17%).

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% (2024: 75%) of materiality

for the financial statements as a whole, which equates to £8.3m

(2024: £8.3m) for the Group and £6.6m (2024: £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 £0.6m (2024:

£0.6m), in addition to other identified misstatements that warranted

reporting on qualitative grounds.

Overview of the scope of our audit

This year, we applied the revised Group auditing standard in

our audit of the consolidated financial statements. The revised

standard changes how an auditor approaches the identification

of components, and how the audit procedures are planned and

executed across components.

In particular, the definition of a component has changed, shifting the

focus from how the entity prepares financial information to how we,

as the Group auditor, plan to perform audit procedures to address

Group risks of material misstatement (‘RMMs’). Similarly, the Group

auditor has an increased role in designing the audit procedures as

well as making decisions on where these procedures are performed

(centrally and/or at component level) and how these procedures

are executed and supervised.

As a result, we assess scoping and coverage in a different way and

comparisons to prior period coverage figures are not meaningful. In this

report we provide an indication of scope coverage on the new basis.

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.

Group revenue

£8,706m

(2024: Group revenue from

continuous operations £8,476)

Group materiality

£11.0m

(2024: £11.0m)

£11.0m

Whole financial

statements materiality

(2024: £11.0m)

£8.3m

Whole financial statements

performance materiality

(2024: £8.3)

£9.9m

Range of materiality at

3 components (£8.8m-£9.9m)

£0.6m

Misstatements reported

to the audit committee

(2024: £0.6m)

Group revenue from

continuing operations

Group materiality

99%

Group revenue

Group total assets Group profit before tax

Full scope for Group audit purposes

Residual components

We performed audit procedures in relation to components that

accounted for the following percentages of Group profit before

tax and Group total assets:

Our audit procedure covered the following percentage

of Group revenue:

144 Currys plc Annual Report & Accounts 2024/25

Independent

auditor’s report continued

3. Our application of materiality and an overview of the scope of our audit continued

In total, we identified 5 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 5 quantitatively significant components which contained the largest percentages of either total revenue or total

assets of the Group, for which we performed audit procedures.

Accordingly, we performed audit procedures on 3 components, which includes the parent company, of which we involved component

auditors in performing the audit work on 1 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 £8.8.m (2024: £8.8m)

• UK&I £9.9m (2024: £9.9m)

• Nordics £8.8m (2024: £8.8m).

Our audit procedures covered 99% of Group revenue.

We performed audit procedures in relation to components that accounted for 99% of Group profit before tax and 99% 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 of 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 purchases 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 Sustainability section in the Strategic Report of the Annual Report on page 32 its commitment

to reach climate net zero green-house 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.

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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 28 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.

146 Currys plc Annual Report & Accounts 2024/25

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

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.

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 entity’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 27 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.

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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.

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,

he 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 58 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 155 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.

148 Currys plc Annual Report & Accounts 2024/25

Independent

auditor’s report continued

7. We have nothing to report on the other information in the Annual Report continued

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.

8. We have nothing to report on the other matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been

received from branches not visited by us; or

• the parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement

with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

9. Respective responsibilities

Directors’ responsibilities

As explained more fully in their statement set out on page 138, the directors are responsible for: the preparation of the financial

statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group

and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using

the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations,

or have no realistic alternative but to do so.

Auditor’s responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of

assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement

when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The Company is required to include these financial statements in an annual financial report prepared under Disclosure Guidance and

Transparency Rule 4.1.17R and 4.1.18R. This auditor’s report provides no assurance over whether the annual financial report has been

prepared in accordance with those requirements.

149

Financial Statements Investor InformationGovernanceStrategic Report

10. The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.

Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them

in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we

have formed.

Mark Flanagan (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

15 Canada Square

London, E14 5GL

2 July 2025

150 Currys plc Annual Report & Accounts 2024/25

Consolidated

income statement

Note

		Period ended	Period ended
		3 May	27 April
		2025	2024
		£m	£m
Continuing operations
Revenue	2, 3	8 , 70 6	8 , 476
Profit before interest and tax		198	117
Finance income		11	4
Finance costs		(85)	(93)
Net finance costs	5	(74)	(89)
Profit before tax		124	28
Income tax expense	6	(1 6)	(1)
Profit after tax for the period from continuing operations		108	27
Profit after tax for the period from discontinued operations	22	–	138
Profit after tax for the period		108	16 5
Earnings per share (pence)	7
Basic – continuing operations		10.0p	2.4p
Diluted – continuing operations		9. 5p	2.4p
Basic – total		10.0p	1 4 .9p
Diluted – total		9. 5p	14. 6p

151

Financial Statements Investor InformationGovernanceStrategic Report

Consolidated statement

of comprehensive income

			Period ended	Period ended
			3 May	27 April
			2025	2024
		Note	£m	£m
Profit after tax for the period			108	16 5
Items that may be reclassified to the income statement in subsequent periods:
Cash flow hedges
Fair value movements recognised in other comprehensive income		20	(1 0)	4
Reclassified and reported in income statement		20	4	6
Tax on movements on cash flow hedges		6	2	(1)
Gain/(loss) arising on translation of foreign operations		20	17	(4 1)
Reclassification of foreign currency translation differences due to disposal of foreign operations		20	–	(1)
			13	(3 3)
Items that will not be reclassified to the income statement in subsequent periods:
Actuarial gain on defined benefit pension schemes	– UK	19	26	52
	– Overseas	19	–	–
Tax on movements on defined benefit pension schemes		6	28	5
			54	57
Other comprehensive income for the period (taken to equity)			67	24
Total comprehensive income for the period – continuing operations			175	52
Total comprehensive income for the period – discontinued operations			–	137
Total comprehensive income for the period			175	1 89

152 Currys plc Annual Report & Accounts 2024/25

Consolidated

balance sheet

Note

		3 May	27 April
		2025	2024
		£m	£m
Non-current assets
Goodwill	8	2 , 2 51	2, 237
Intangible assets	9	204	24 6
Property, plant & equipment	10	1 25	111
Right-of-use assets	11	76 1	799
Lease receivables		2	3
Trade and other receivables	13	1 00	101
Deferred tax assets	6	41	20
		3,484	3 , 517
Current assets
Inventory	12	1 ,0 37	1 ,034
Lease receivables		1	1
Trade and other receivables	13	685	61 6
Income tax receivable		2	3
Derivative assets	23	5	13
Cash and cash equivalents	14	209	125
		1 ,93 9	1 ,79 2
Total assets		5 ,4 23	5, 309
Current liabilities
Trade and other payables	15	(1 , 889)	(1 , 8 0 9)
Derivative liabilities	23	(1 6)	(4)
Income tax payable		(2 5)	(23)
Loans and other borrowings	16	(2 5)	(2 9)
Lease liabilities	17	(201)	(202)
Provisions	18	(4 6)	(6 4)
		(2 , 202)	(2, 131)
Non-current liabilities
Trade and other payables	15	(117)	(1 1 4)
Lease liabilities	17	(7 39)	(8 01)
Retirement benefit obligations	19	(1 03)	(171)
Deferred tax liabilities	6	(9)	(1 2)
Provisions	18	(1 0)	(8)
		(9 78)	(1 ,1 0 6)
Total liabilities		(3 ,1 8 0)	(3 , 237)
Net assets		2, 24 3	2 , 07 2
Capital and reserves
Share capital	20	1	1
Share premium reserve		2, 263	2 , 26 3
Other reserves	20	(8 4 8)	(8 4 4)
Accumulated profits		827	652
Equity attributable to equity holders of the parent company		2 , 24 3	2 , 07 2

The financial statements were approved by the directors on 2 July 2025 and signed on their behalf by:

Alex Baldock Bruce Marsh

Group Chief Executive Group Chief Financial Officer

Company registration number: 7105905

153

Financial Statements Investor InformationGovernanceStrategic Report

			Share
		Share	premium	Other	Accumulated	Total
		capital	reserve	reserves*	profits	equity
	Note	£m	£m	£m	£m	£m
At 29 April 2023		1	2 , 26 3	(8 04)	4 32	1 , 892
Profit for the period		–	–	–	165	165
Other comprehensive (expense)/income recognised directly
in equity		–	–	(32)	56	24
Total comprehensive (expense)/income for the period		–	–	(32)	221	1 89
Amounts transferred to the carrying value of inventory
purchased during the period		–	–	(5)	–	(5)
Amounts transferred to accumulated profits		–	–	(1)	1	–
Net movement in relation to share schemes		–	–	10	(2)	8
Purchase of own shares – employee benefit trust		–	–	(1 2)	–	(1 2)
At 27 April 2024		1	2 , 26 3	(8 4 4)	6 52	2 , 072
Profit for the period		–	–	–	108	108
Other comprehensive income recognised directly in equity		–	–	13	54	67
Total comprehensive income for the period		–	–	13	162	1 75
Amounts transferred to the carrying value of inventory
purchased during the period		–	–	(4)	–	(4)
Net movement in relation to share schemes	4	–	–	2	9	11
Tax on items recognised directly in reserves	6	–	–	–	4	4
Purchase of own shares – employee benefit trust	4	–	–	(1 5)	–	(1 5)
At 3 May 2025		1	2 , 263	(8 4 8)	8 27	2 , 24 3

* A detailed reconciliation of Other reserves is provided in note 20b.

Consolidated statement

of changes in equity

154 Currys plc Annual Report & Accounts 2024/25

Consolidated

cash flow statement

		Period ended	Period ended
		3 May	27 April
		2025	2024
	Note	£m	£m
Operating activities
Cash generated from operations	24b	5 07	41 9
Contributions to defined benefit pension scheme	19	(5 0)	(3 6)
Income tax paid		(4)	(7)
Net cash flows from operating activities – continuing operations		453	3 76
Net cash flows from operating activities – discontinued operations		–	(1 0)
Net cash flows from operating activities		453	366
Investing activities
Acquisition of property, plant & equipment and other intangibles		(7 7)	(4 8)
Net cash flows from investing activities – continuing operations		(77)	(4 8)
Net cash flows from investing activities – discontinued operations		–	(11)
Net cash flows from investing activities – discontinued operations: proceeds on sale of business	24d	(5)	20 2
Net cash flows from investing activities		(82)	14 3
Financing activities
Interest paid		(67)	(87)
Capital repayment of lease liabilities		(20 5)	(1 95)
Purchase of own shares – employee benefit trust		(1 5)	(1 2)
Repayment of borrowings		–	(1 78)
Cash inflows/(outflows) from derivative financial instruments		7	(3)
Facility arrangement fees paid		(5)	(1)
Net cash flows from financing activities – continuing operations		(28 5)	(4 76)
Net cash flows from financing activities – discontinued operations		–	(1 7)
Net cash flows from financing activities		(28 5)	(4 9 3)
Increase in cash and cash equivalents and bank overdrafts		86	16
Cash and cash equivalents and bank overdrafts at the beginning of the period		96	81
Currency translation differences		2	(1)
Cash and cash equivalents and bank overdrafts at the end of the period	24a	184	96

155

Financial Statements Investor InformationGovernanceStrategic Report

Notes to the Group

financial statements

1 Significant accounting policies

a) Basis of preparation

Currys plc (the ‘Company’) is a public company limited by shares incorporated in the United Kingdom, which is registered in England

and Wales under the Companies Act 2006.

The consolidated financial statements have been prepared on a going concern basis in accordance with UK-adopted international

accounting standards.

The financial statements have been presented in Pound Sterling, based on the Group’s primary economic environment, and on

the historical cost convention except for the revaluation of certain financial instruments and defined benefit pension obligations,

as explained below. All amounts have been rounded to the nearest million (‘£m’), unless otherwise stated.

Significant accounting policies have been included in the relevant notes to the financial statements to which the policies relate. Where

accounting policies are applied to the financial statements as a whole, they are detailed further below. Unless otherwise stated, the

accounting policies are the same as those which have been applied consistently to all periods presented and in previous financial periods.

Alternative performance measures (‘APMs’)

In addition to IFRS measures, the Group uses certain APMs that are considered to be additional informative measures of ongoing trading

performance of the Group and are consistent with how performance is measured internally. The APMs used by the Group in addition

to IFRS measures are included within the Glossary and Definitions section of this Annual Report. This includes further information on

the definitions, purpose, and reconciliation to IFRS measures of those APMs that are used for internal reporting and presented to the

Group’s Chief Operating Decision Maker (‘CODM’). The CODM has been determined to be the Board.

Going concern

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 these financial statements.

In their consideration of going concern, the directors have reviewed the Group’s future cash forecasts and profit projections, which

are based on market data and past experience. In September 2024, Currys agreed a new Revolving Credit Facility of £525m with

a syndicate of six banks. The facility is bound by a Fixed Charge Cover Covenant Ratio of 1.50, covering testing periods across a

four-year window from September 2024.

As a result of the uncertainties surrounding the forecasts due to the current macroeconomic environment, the Group has also modelled

a severe but plausible downside scenario by applying a sales risk of 5% to all future years in the model, from May 2025/26 to April

2027/28. This sales risk can be offset with controllable mitigations across various operating expense line items and hence in this severe

but plausible downside scenario, the Group does not breach any of the Group’s facilities or banking covenants. Further, the Group has

numerous other mitigations available (in addition to those applied to the severe but plausible downside scenario) which are considered

controllable should sales drop below the severe but plausible downside, before requiring additional sources of financing in excess of

those that are committed. Such a scenario, and the sequence of events which could lead to it, is considered to be remote.

The directors are of the opinion that the Group’s forecasts and projections, which take into account reasonably possible changes in

trading performance including the impact of increased uncertainty and inflation in the wider economic environment, show that the Group

is able to operate within its current facilities and comply with its banking covenants for at least 12 months from the date of approval of

these financial statements. In arriving at their conclusion that the Group has adequate financial resources, the directors considered the

level of borrowings and facilities and that the Group has a robust policy towards liquidity and cash flow management.

For this reason, the Board considers it appropriate for the Company and the Group to adopt the going concern basis in preparing

the financial information. The long-term effect of macroeconomic factors is uncertain and should the impact on trading conditions be

more prolonged or severe than what the directors consider to be reasonably possible, the Group would need to implement additional

operational or financial measures.

b) Accounting convention and basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company

(its subsidiaries). Control is achieved where the Company has the power over the investee; is exposed, or has rights, to variable return

from its involvement with the investee; and has the ability to use its power to affect its returns.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with

those used by the Group. All intercompany transactions and balances are eliminated on consolidation.

156 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

1 Significant accounting policies continued

c) Foreign currency translation and transactions

Foreign currency transactions

Transactions denominated in foreign currencies are translated to the Group’s presentational currency using the exchange rate at the

date of the transaction. The Group uses foreign exchange forward contracts to hedge material transactions denominated in foreign

currencies, as outlined in note 23. Foreign exchange differences arising are recognised in the Group’s income statement in the period in

which they arise.

Foreign currency translation

Material monetary assets and liabilities denominated in foreign currencies are hedged, mainly using forward foreign exchange contracts

to create matching liabilities and assets, and are translated at the rates prevailing at the balance sheet date.

The results of foreign operations are translated each month at the monthly rate, and their balance sheets are translated at the rates

prevailing at the balance sheet date. Goodwill and acquisition intangible assets are held in the currency of the operation to which they

relate. Exchange differences arising on the translation of net assets, goodwill and results of foreign operations are recognised in the

Group statement of other comprehensive income and are included in the Group’s translation reserve.

The principal exchange rates against Pound Sterling used in these financial statements are as follows:

	Average		Closing
	2025	2024	2025	2024
Euro	1.19	1.16	1.17	1.17
Norwegian Krone	13.89	13.42	13.82	13.78
Swedish Krona	13.52	13.41	12.82	13.67
US Dollar	1.28	1.26	1.33	1.25

d) Key sources of estimation uncertainty and critical accounting judgements

Critical accounting judgements and estimates used in the preparation of the financial statements are continually reviewed and revised

as necessary. Whilst every effort is made to ensure that such judgements and estimates are reasonable, by their nature they are

uncertain, and as such changes may have a material impact.

Key sources of estimation uncertainty

Defined benefit pension schemes

The surplus or deficit in the UK defined benefit pension scheme that is recognised through the consolidated statement of comprehensive

income and expense is subject to a number of assumptions and uncertainties. The calculated liabilities of the scheme are based on

assumptions regarding inflation rates, discount rates and member longevity. Such assumptions are based on actuarial advice and are

benchmarked against similar pension schemes. The Group receives details of invested assets from external valuation experts to value

these assets. The valuations closest to year end are used and the private investments are rolled forward to incorporate future investments

and distributions. Refer to note 19 for further information.

Impairment of non-financial assets – Goodwill

As required by IAS 36, goodwill is subject to impairment review on an annual basis and as such a full impairment review per IAS 36 using

the value in use (‘VIU’) method has been undertaken during the period.

As a result of the impairment review, no impairments have been identified for the UK & Ireland where £1,329m of goodwill is allocated

or the Nordics where £922m of goodwill is allocated, and management do not consider that any reasonably possible changes in the

assumptions involved in the estimates will lead to a materially different outcome in the next financial period. Further details on the key

assumptions are included in note 8.

UK deferred tax asset

Deferred tax assets are only recognised by the Group to the extent that future taxable profits, which include the reversal of taxable

temporary differences, will be available against which deductible temporary differences can be utilised. On this basis, a net deferred

tax asset of £23m has been recognised in the UK in 2024/25, following the UK business’ improved trading performance and forecast

profitability, which is outlined further below.

The Group has a total potential UK deferred tax asset of £205m (excluding capital losses), relating primarily to unused capital

allowances, brought forward trading losses and its defined benefit pension scheme, that has been assessed for recoverability under

IAS 12. A full breakdown of potential deferred tax assets by category can be found in note 6c.

157

Financial Statements Investor InformationGovernanceStrategic Report

Management previously recognised a net £nil UK deferred tax asset in 2022/23 and 2023/24 on the basis of the prevailing

macroeconomic uncertainty at the time. Over this period and in 2024/25, the UK business has increased sales, improved gross margins

(through delivery of strategic initiatives, such as increased customer adoption of Services, and better end-to-end product modelling

analysis) and delivered substantial cost saving initiatives, resulting in better current and forecast profitability.

Due to the deferred tax asset originating in the recent past, and in light of the potential headwinds caused by UK legislative changes

that are difficult to predict into the future, management have taken an approach that provides a high degree of confidence in resuming

the recognition of the UK deferred tax asset and the £23m is recognised based on the taxable profits that are forecast to arise in the

2025/26 Budget year.

Should the time horizon for future taxable profits be increased to 3 years, which is a possibility in 2025/26 if UK profits continue to

materialise, then the deferred tax asset could increase materially to an amount of up to approximately £62m.

In making this assessment, management also considered the Group’s reasonable worst-case scenario that is modelled in its going

concern viability testing and provides a range of £13m to £36m over a 1 to 3 year time horizon. This scenario makes an assumption of

lower sales, offset with various risk mitigations (such as cost reductions) that management would implement in the event that such lower

sales materialised.

In measuring the deferred tax asset, management has reviewed the forecasts used for both going concern and viability assessment

and goodwill impairment testing and used the same underlying profit figures as a basis for the calculations.

Due to restrictions under UK tax rules which only enable the utilisation of brought forward tax losses against 50% of taxable profits over

£5m, it is unlikely that the total potential £205m deferred tax asset would fully unwind until several years after the Group’s business

plan, even in the event that the profits forecast in the Group’s business plan arose in perpetuity.

It should be noted that climate change is not expected to have a material impact on the Group’s performance (note 1a) and that

management does not build any other sensitivities into the Group’s goodwill impairment testing (note 8).

Critical accounting judgements

Taxation

The Group is subject to income taxes in a number of different jurisdictions and judgement is required in determining the appropriate

provision for transactions where the ultimate tax determination is uncertain. The Group recognises a provision when it is probable that an

obligation to pay tax will crystallise as a result of a past event. The quantum of provision recognised is based on the best information

available and has been assessed by in-house tax specialists, and where appropriate third-party taxation and legal advisors, and

represents the Group’s best estimate of the most likely outcome. Where the final outcome of such matters differs from the amounts

initially recorded, any differences will impact the income tax and deferred tax provisions in the period to which such determination is

made. Tax laws that apply to the Group’s businesses may be amended by the relevant authorities, for example as a result of changes

in fiscal circumstances or priorities. Such potential amendments and their application to the Group are monitored regularly and the

requirement for recognition of any liabilities (or changes in existing provisions) assessed where necessary.

The Group has recognised provisions in relation to uncertain tax positions of £51m at 3 May 2025 (2023/24: £50m) based on their most

recent weighted average probability of occurring. Due to the nature of the provisions recorded, the timing of the settlement of these

amounts remains uncertain. During the year the provision increased by £1m due to the further accrual of interest.

In relation to its uncertain tax positions, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre-

merger legacy transactions in the Carphone Warehouse Group. One of these cases has been heard before the First Tier Tax Tribunal

and is currently being considered for further appeal. The Group has risk assessed that certain cases have a probable chance of

resulting in cash outflows to HMRC that are measured at £51m as at 3 May 2025 (comprising the amount of tax payable and interest

up to 3 May 2025) (2023/24: £50m). It should be noted that penalties of up to 30% could be applied to the principal amount tax

payable, but these have not been considered probable based on the status of the position with HMRC. The cases could ultimately

result in cash outflows of between £nil and £91m, depending upon their outcome.

Furthermore, certain other tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group have not been

considered probable to result in cash outflows to HMRC. This has been determined based on the strength of third-party legal advice

and therefore no provision on the Group’s balance sheet has been made. The potential range of tax exposures relating to this case is

estimated to be £nil – £321m excluding penalties (2023/24: £nil – £305m). 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. This potential outflow has been disclosed as a contingent

liability within note 27 .

158 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

1 Significant accounting policies continued

e) Recent accounting developments

The Group has considered the following amendments to published standards that are effective for the Group for the financial period

beginning 28 April 2024 and concluded that they are either not relevant to the Group or that they do not have a significant impact on

the Group’s financial statements other than disclosures:

• Amendments to IFRS 16 ‘Leases’ on Lease Liability in a Sale and Leaseback

• Amendments to IAS 1 ‘Presentation of Financial Statements’ on Non-current Liabilities with Covenants

• Amendments to IAS 7 and IFRS 7 – ‘Supplier Finance Arrangements‘

• Amendments to IAS 12 ‘Income Taxes’ on International Tax Reform – Pillar Two Model Rules

The accounting policies for the Group have remained unchanged from those disclosed in the Annual Report for the period ended 27 April

2024. The Pillar Two Model rules were effective in the UK from 1 January 2024, but did not apply to the Group until the current accounting

period ended 3 May 2025. The rules have not had a material impact on the financial statements, which is outlined further in note 6.

The following standards and revisions will be effective for future periods:

• Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ on Lack of Exchangeability

• Amendments to IFRS 9 ‘Financial Instruments’ and IFRS ‘Financial Instruments: Disclosures’ – Classification and Measurement of

Financial Instruments, Contracts Referencing Nature-dependent Electricity

• IFRS 18 ‘Presentation and Disclosure in Financial Statements’

• IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’

The impact of IFRS 18 ‘Presentation and Disclosure in Financial Statements’, which will become effective for the financial period ended

29 April 2028, and IFRS 9 ‘‘Financial Instruments’ and IFRS ‘Financial Instruments: Disclosures’ – Classification and Measurement of

Financial Instruments, Contracts Referencing Nature-dependent Electricity’, which will become effective for the financial period ended

1 May 2027, are still under assessment by the Group. The Group has considered the impact of the remaining above standards and

revisions and have concluded that they will not have a significant impact on the Group’s financial statements.

2 Segmental analysis

The Group’s operating segments reflect the segments routinely reviewed by the CODM used to manage performance and allocate

resources. This information is predominantly based on geographical areas which are either managed separately or have similar trading

characteristics.

The Group’s operating and reportable segments have been identified as follows:

• UK & Ireland; comprises the operations of Currys, iD Mobile and B2B operations.

• Nordics; operates both franchise and own stores in Norway, Sweden, Finland and Denmark with further franchise operations

in Iceland, Greenland and the Faroe Islands.

UK & Ireland and Nordics are involved in the sale of consumer electronics and mobile technology products and services, primarily

through stores or online channels.

Transactions between segments are on an arm’s length basis.

159

Financial Statements Investor InformationGovernanceStrategic Report

a) Segmental results

			Period ended 3 May 2025
	UK & Ireland	Nordics	Eliminations	Total
	£m	£m	£m	£m
External revenue	5,286	3,420	–	8,706
Inter-segmental revenue	63	–	(63)	–
Total revenue	5,349	3,420	(63)	8,706
Profit before interest and tax	145	53	–	198
Finance income				11
Finance costs				(85)
Profit before tax on continuing operations				124
Depreciation and amortisation	(164)	(125)	–	(289)

			Period ended 27 April 2024
	UK & Ireland	Nordics	Eliminations	Total
	£m	£m	£m	£m
External revenue	4,970	3,506	–	8,476
Inter-segmental revenue	53	–	(53)	–
Total revenue	5,023	3,506	(53)	8,476
Profit before interest and tax	88	29	–	117
Finance income				4
Finance costs				(93)
Profit before tax on continuing operations				28
Depreciation and amortisation	(163)	(136)	–	(299)

No individual customer represented more than 10% of the Group’s revenue within the current or preceding period.

b) Geographical information

Revenues are allocated to countries according to the entity’s country of domicile. Revenue by destination is not materially different

to that shown by domicile. Non-current assets exclude financial instruments and deferred tax assets.

				Period ended 3 May 2025					Period ended 27 April 2024
	UK	Norway	Sweden	Other	Total	UK	Norway	Sweden	Other	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Revenue	5,092	1,010	1,129	1,475	8,706	4,784	1,039	1,140	1,513	8,476
Non-current assets	1,915	445	463	542	3,365	1,992	449	399	587	3,427

160 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

3 Revenue and profit before interest and taxation

Accounting policies

Revenue primarily comprises sales of goods and services net of returns, expected returns and excluding sales taxes. Revenue

is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes

amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a

customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged:

a) Sale of goods

Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where

consideration is received, or receivable, in advance of the customer obtaining control and the performance obligations being

satisfied, a contract liability is recognised.

It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a

separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most

likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the

Group’s refund policy based on the prior period return rates.

A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that

the Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to

recover goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount

of the goods sold less any recoverability costs and decrease in value.

b) Commission Revenue – Network agreements

Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the

Mobile Network Operator (‘MNO’). Over the life of these contracts the service provided by the Group to the MNO is the

procurement of connections to the MNO’s network.

The Group acts as an agent and earns a commission for the service provided to the MNO (‘network commission’). Revenue is

recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based

on a share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together

with a share of ‘out-of-bundle’ spend, spend after the contractual term, and amounts due from customer upgrades performed

directly by the network.

The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows

that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated

based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes

in consumer behaviour including as a result of regulatory changes impacting the sector.

Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will

not occur. This is based on the best estimate of expected future trends.

c) Commission Revenue – Insurance

Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised

when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission

receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will

not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue.

Any amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable

and is no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration

services is recognised over the life of the relevant policies when the Group’s performance obligations are satisfied.

d) Support services revenue – customer support agreements

Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations

are satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the

obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract

terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the

month to which payment relates, or on a ‘straight-line’ basis.

161

Financial Statements Investor InformationGovernanceStrategic Report

e) Connectivity revenue

Connectivity represents revenue recognised through our Mobile Virtual Network Operator (‘MVNO’) where we are the principal

in the arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance

obligations are calculated by allocating total contract revenue in the proportion to the standalone selling price (SSP) for each

performance obligation. The handset element is included within ‘Sale of goods’ and the connectivity element is recognised in

‘Connectivity revenue’.

Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision

of handset at contract commencement) or ‘over time’ as control of the performance obligation is transferred to the customer

(provision of monthly connectivity service).

f) Other services revenue

Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has

been fulfilled.

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Revenue	8,706	8,476
Cost of sales	(7,086)	(6,920)
Gross profit	1,620	1,556
Goodwill impairment	–	–
Operating expenses	(1,422)	(1,439)
Profit before interest and tax from continuing operations	198	117

The Group’s disaggregated revenues recognised under ‘Revenue from Contracts with Customers’ in accordance with IFRS 15 relates to the

following operating segments and revenue streams:

	Period ended 3 May 2025
	UK & Ireland	Nordics	Total
	£m	£m	£m
Sale of goods	4,541	3,117	7,658
Commission revenue	173	161	334
Support services revenue	231	47	278
Connectivity revenue	202	–	202
Other services revenue	139	95	234
Total revenue from continuing operations	5,286	3,420	8,706

	Period ended 27 April 2024
	UK & Ireland	Nordics	Total
	£m	£m	£m
Sale of goods	4,296	3,208	7,504
Commission revenue	178	165	343
Support services revenue	229	43	272
Connectivity revenue	134	–	134
Other services revenue	133	90	223
Total revenue from continuing operations	4,970	3,506	8,476

Revenue from commissions relates predominantly to network and insurance commissions which are further explained within the

accounting policies section above.

162 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

3 Revenue and profit before interest and taxation continued

Income received from suppliers such as volume rebates

The Group’s agreements with suppliers contain a price for units purchased as well as other rebates and discounts which are summarised

below:

Volume Rebates: This income is linked to purchases made from suppliers and is recognised as a reduction to cost of goods sold as

inventory is sold. Rebates that relate to inventory not sold are recognised within the value of inventory at the period end. Where an

agreement spans period ends, estimation is required regarding amounts to be recognised. Forecasts are used as well as historical data

in the estimation of the level of income recognised. Amounts are only recognised where the Group has a clear entitlement to the receipt

of the rebate and a reliable estimate can be made.

Customer discount support: This income is received from suppliers on a price per unit basis. The level of estimation is minimal as

amounts are recognised as a reduction to cost of goods sold based on the agreement terms and only once the item is sold.

Marketing income: This income is received in relation to marketing activities that are performed on behalf of suppliers. Marketing

income is recognised over the period as set out in the specific supplier agreements and is recognised as a reduction to cost of sales.

Supplier funding amounts that have been recognised and not invoiced are shown within accrued income on the balance sheet.

Cash inflows for supplier funding received are classified as operating cash flows.

Profit before interest and taxation for continuing operations is stated after charging/(crediting) the following:

Total Continuing Operations:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Depreciation of property, plant & equipment	39	41
Depreciation of right-of-use assets	181	178
Impairment reversal of right-of-use assets	–	(1)
Amortisation of acquisition intangibles	23	23
Amortisation of other intangibles	46	57
Impairment of other intangibles	–	27
Impairment of inventory	54	60
Gain on disposal from property, plant & equipment	(1)	–
Cost of inventory recognised as an expense	6,639	6,311
Cash flow hedge amounts reclassified and reported in income statement	4	6
Net foreign exchange gains	–	(3)
Share-based payments expense	11	8
Other employee costs	893	847
Restructuring costs*	13	16
Regulatory (income)/costs*	(7)	13

* Restructuring and regulatory costs are further detailed within note A4 in the Glossary and Definitions section of this Annual Report

Auditor’s remuneration comprises the following:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Fees payable to the Company’s Auditor for the audit of the Company’s annual accounts	0.1	0.1
Fees payable to the Company’s Auditor and its associates for the audit of the Company’s subsidiaries	2.2	2.1
Total audit fees	2.3	2.2
Audit-related assurance services:
Review of interim statement	0.2	0.2
Other assurance services	0.2	0.8
Total audit and audit-related assurance services	2.7	3.2
Total audit and non-audit fees	2.7	3.2

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Financial Statements Investor InformationGovernanceStrategic Report

4 Employee costs and share-based payments

a) Employee costs

The aggregate remuneration recognised in the income statement is as follows:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Salaries and performance bonuses	756	724
Social security costs	101	92
Other pension costs	36	31
	893	847
Share-based payments	11	8
	904	855

The average number of employees is:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	number	number
UK & Ireland	14,792	14,972
Nordics	9,914	9,803
Greece	–	3,003
	24 ,70 6	27,778

Compensation earned by key management, comprising the Board of Directors and Executive Committee, is as follows:

		Period ended 3 May 2025		Period ended 27 April 2024
	Board of	Executive	Board of	Executive
	Directors	Committee	Directors	Committee
	£m	£m	£m	£m
Short-term employee benefits	4	5	4	4
Termination benefits	–	–	–	–
Share-based payments	2	2	1	2
	6	7	5	6

Further information about individual directors’ remuneration, amounts related to long term incentive schemes, and pension contributions

is included in the audited information in the Remuneration Report. The gain on share options exercised by directors in the period was £1m

(2023/24: £1m).

b) Share-based payments

Accounting policies

Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over

the vesting period, based on an estimate of the number of shares that will eventually vest. A Monte Carlo model is used to measure

fair value.

For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of

leavers prior to vesting. For schemes with internal performance criteria such as free cash flow, the number of options expected to

vest is also adjusted based on expectations of performance against target. No adjustment is made for expected performance

against market-based performance criteria such as TSR, because the likelihood that the performance criteria will be met is taken

into account when estimating the fair value of the award on the grant date. The movement in cumulative expense since the previous

balance sheet date is recognised in the income statement, with a corresponding entry in reserves.

164 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

4 Employee costs and share-based payments continued

(i) Share option schemes

The Group offers discretionary awards of nil-priced options under the Long-Term Incentive Plan (‘LTIP’) to senior employees. Awards are

granted annually and will usually vest after three years subject to continued service. Some awards are also subject to the achievement

of performance conditions.

For awards granted during the periods ended 1 May 2021 and 30 April 2022 performance conditions are based on a combination

of relative TSR performance against a bespoke comparator Group of 22 European Special Line Retailers and other comparable

companies and cumulative free cash flow. For awards granted during the period ended 29 April 2023, performance conditions are

based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance period

and cumulative free cash flow. For awards granted during the periods ended 27 April 2024 and 3 May 2025, performance conditions

are based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance

period, cumulative free cash flow and earnings per share.

In February 2019, the Group launched the Colleague Shareholder Award which granted every permanent colleague with 12 months

service at least £1,000 of options which vest after three years. These awards were not subject to performance conditions.

The following table summarises the number and weighted average exercise price (‘WAEP’) of share options for these schemes:

		Period ended 3 May 2025		Period ended 27 April 2024
	Number	WAEP	Number	WAEP
	m	£	m	£
Outstanding at the beginning of the period	88	–	82	–
Granted during the period	30	–	36	–
Forfeited during the period	(18)	–	(20)	–
Exercised during the period	(2)	–	(10)	–
Outstanding at the end of the period	98	–	88	–
Exercisable at the end of the period	3	–	4	–

	Period ended	Period ended
	3 May	27 April
	2025	2024
Weighted average market price of options exercised in the period	£0.87	£0.50
Weighted average remaining contractual life of awards outstanding	8.1 yrs	8.4 yrs
Exercise price for options outstanding	£nil	£nil

(ii) SAYE scheme

The Group has SAYE schemes which allow participants to save up to £500 per month for either three or five years. At the end of the

savings period, participants can purchase shares in the Company based on a discounted share price determined at the commencement

of the scheme.

The following table summarises the number and WAEP of share options for these schemes:

		Period ended 3 May 2025		Period ended 27 April 2024
	Number	WAEP	Number	WAEP
	m	£	m	£
Outstanding at the beginning of the period	32	0.45	24	0.66
Granted during the period	9	0.73	25	0.39
Exercised during the period	–	–	–	–
Forfeited during period	(4)	0.61	(17)	0.65
Outstanding at the end of the period	37	0.50	32	0.45
Exercisable at the end of the period	–	0.48	–	0.68

	Period ended	Period ended
	3 May	27 April
	2025	2024
Weighted average market price of options exercised in the period	£0.85	£nil
Weighted average remaining contractual life of awards outstanding	2.6 yrs	3.2 yrs
Range of exercise prices for options outstanding	£0.39 – £0.93	£0.39 – £0.97

165

Financial Statements Investor InformationGovernanceStrategic Report

(iii) Fair value model

The fair value of options was estimated at the date of grant using a Monte Carlo model. The model combines the market price of

a share at the date of grant with the probability of meeting performance criteria, based on the historical performance of the Group.

The weighted average fair value of options granted during the period was £0.60 (2023/24: £0.41). The following table lists the inputs

to the model:

	Period ended	Period ended
	3 May	27 April
	2025	2024
Exercise price	£nil – £0.73	£nil – £0.39
Dividend yield	0% – 2.9%	0% – 2.5%
Historical and expected volatility	40% – 43%	43%
Expected option life	4 – 10 yrs	4 – 10 yrs
Weighted average share price	£0.83	£0.60

The expected volatility reflects the assumption that the historical volatility is indicative of future trends.

(iv) Charge to the income statement and entries in reserves

During the period ended 3 May 2025, the Group recognised a non-cash accounting charge to the income statement of £11m

(2023/24: £8m) in respect of equity-settled share-based payments, with a corresponding credit through reserves.

c) Employee Benefit Trust (‘EBT’)

		3 May 2025			27 April 2024
	Market	Nominal		Market	Nominal
	value	value	Number	value	value	Number
	£m	£m	m	£m	£m	m
Investment in own shares	68	0.1	59	26	–	42
Maximum number of shares held during the period	51	0.1	59	20	–	43

The number of shares held by the EBT remain held for potential awards under outstanding plans. The costs of administering the EBT are

charged to the income statement in the period to which they relate. Investments in own shares are recorded at cost and are recognised

directly in equity within other reserves as disclosed in note 20b.

The EBT acquired 19m (2023/24: 25m) of the Company’s shares during the period ended 3 May 2025 via market purchases for cash

consideration of £15m (2023/24: £12m). During the period the EBT subsequently issued 2m (2023/24: 10m) ordinary shares to employees

to satisfy share awards. These shares were held at a cost of £2m (2023/24: £10m).

The EBT has waived rights to receive dividends and agrees to abstain from exercising their right to vote. The shares have not been

allocated to specific schemes as further disclosed in the Directors’ Report. At 3 May 2025, the EBT held 5.2% (2023/24: 3.7%) of

the issued share capital of the Company.

166 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

5 Net finance costs

Accounting policies

Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for

financial liabilities that are measured at amortised cost is calculated using the effective interest method.

Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract

assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including

lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs

related to the Group’s defined benefit pension obligation.

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Unwind of discounts on trade and other receivables	5	4
Other interest income	6	-
Finance income	11	4
Interest on bank overdrafts, loans and borrowings	(9)	(21)
Interest expense on lease liabilities	(56)	(59)
Net interest on defined benefit pension obligations	(8)	(11)
Amortisation of facility fees	(4)	(2)
Intercompany interest	–	(3)
Other interest (expense)/income	(8)	3
Finance costs	(85)	(93)
Total net finance costs	(74)	(89)

All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees

which represent non-financial assets and net interest on defined benefit pension obligations.

6 Tax

Accounting policies

Current tax

Current tax is provided at amounts expected to be paid or recovered using the prevailing tax rates and laws that have been

enacted or substantively enacted by the balance sheet date and adjusted for any tax payable in respect of previous periods.

Deferred tax

Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the

balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the

extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the

Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse

in the foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of

overseas subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the

foreseeable future.

Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other

comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are

expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date.

Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction

and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted.

167

Financial Statements Investor InformationGovernanceStrategic Report

a) Tax expense

The income tax charge comprises:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Current tax
UK corporation tax at 25% (2023/24: 25%)	11	7
Overseas tax	6	5
	17	12
Adjustments made in respect of prior periods:
UK corporation tax	–	(4)
Overseas tax	–	(1)
	–	(5)
Total current tax	17	7
Deferred tax
UK corporation tax	(2)	(2)
Overseas tax	1	(4)
	(1)	(6)
Adjustments in respect of prior periods:
UK corporation tax	–	–
Overseas tax	–	–
	–	–
Total deferred tax	(1)	(6)
Total tax charge	16	1

b) Reconciliation of standard to actual (effective) tax rate

The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate

of UK corporation tax to profit/(loss) before taxation are as follows:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Profit before taxation	124	28
Tax at UK statutory rate of 25% (2023/24: 25%)	31	7
Items attracting no tax relief or liability (i)	1	2
Recognition of UK deferred tax asset (ii)	(2)	–
Movement in unprovided deferred tax (iii)	(13)	(4)
Differences in effective overseas tax rates	(1)	–
Other tax adjustments	–	1
Adjustments in respect of prior periods (iv)	–	(5)
Total tax charge	16	1

(i) Items attracting no tax relief or liability relate mainly to non-deductible expenditure, including non-qualifying depreciation.

(ii) As described in note 1d, the Group recognised a UK deferred tax asset of £23m, of which £2m was credited to the income statement (mainly in relation to tax losses),

£17m was credited to other comprehensive income (mainly in relation to it’s defined benefit pension scheme) and £4m was credited directly to equity (in relation to equity

settled share-based payments). These amounts relate to the deductible temporary differences that are expected to reverse in the next year (see also note 6c below).

(iii) The Group utilised accelerated capital allowances to shelter its taxable profits arising in the period ended 3 May 2025. As no deferred tax asset was recognised on

brought forward deductible temporary differences, this gives rise to a reconciling item that reduces the effective tax rate for the year. Following the partial recognition

of a UK deferred tax asset during the year ended 3 May 2025, to the extent that future taxable profits are sheltered by the utilisation of recognised deferred tax assets,

this will not give rise to a reconciling difference in the future.

(iv) The provisions for uncertain tax positions relating to the legacy Carphone Warehouse tax cases outlined in note 1d were remeasured during the prior period.

168 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

6 Tax continued

c) Deferred tax

	Accelerated	Retirement	Losses	Other
	capital	benefit	carried	temporary
	allowances	obligations	forward	differences	Total
	£m	£m	£m	£m	£m
At 29 April 2023	(26)	6	11	17	8
Sale of Greece business	–	–	–	(4)	(4)
(Charged)/credited directly to income statement	5	–	1	–	6
(Charged) to equity	–	(1)	–	(1)	(2)
At 27 April 2024	(21)	5	12	12	8
(Charged)/credited directly to income statement	–	–	(4)	5	1
Credited to other comprehensive income	–	17	–	2	19
Credited directly to equity	–	–	–	4	4
At 3 May 2025	(21)	22	8	23	32

The net deferred tax asset has increased by £24m in the year, which mainly relates to the partial recognition of a UK deferred tax asset

as described in note 1d.

The credit to equity of £23m in 2024/25 primarily relates to this deferred tax asset recognition and is in relation to the Group’s defined

benefit pension liability, for which tax deductions are available in the period that cash contributions are made into the scheme.

Deferred tax comprises the following gross balances:

	3 May	27 April
	2025	2024
	£m	£m
Deferred tax assets	148	127
Deferred tax liabilities	(116)	(119)
	32	8

Analysis of deferred tax relating to items (charged)/credited to equity in the period:

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Defined benefit pension schemes	17	(1)
Other temporary differences	6	(1)
	23	(2)

The Group recognised a UK deferred tax asset of £23m, of which £2m was credited to the income statement (mainly in relation to tax

losses) and £21m credited to equity (mainly in relation to it’s defined benefit pension scheme). These amounts relate to the deductible

temporary differences that are expected to reverse in the next year.

Following this UK deferred tax asset recognition, the Group has total unrecognised deferred tax assets relating to gross tax losses of

£1,505m (2023/24: £1,515m) of which £1,484m relates to the UK (2023/24: £1,494m). £1,095m (2023/24: £1,095m) of these losses relate

to carried forward capital losses in the legacy Dixons Group. The balance of the losses relates to carried forward trading losses,

principally due to the losses realised in the Carphone Warehouse business in the UK.

A deferred tax asset has not been recognised in respect of accelerated capital allowances (£279m), trading losses (£410m), other

deductible temporary differences (£65m) and pension contributions (£11m) to the extent that they exceed the Group’s taxable

temporary differences in the UK or where they are trapped in overseas entities with no future prospect of utilisation.

d) Amendments to IAS 12 – Pillar 2 Model rules

UK legislation in relation to the OECD’s Pillar 2 Model rules was effective from 1 January 2024 and applied to the Group for the first time

for the accounting period ended 3 May 2025. Management have calculated the Group’s Pillar 2 Income Taxes position and does not

expect a liability to arise for the year. For future periods, a material exposure is similarly not expected to arise on the basis that the

effective tax rates in the jurisdictions that it operates are above 15%.

The Group has applied the exemption in the amendments to IAS 12 and has neither recognised nor disclosed information about

deferred tax assets or liabilities relating to Pillar 2 Income Taxes.

169

Financial Statements Investor InformationGovernanceStrategic Report

7 Earnings per share

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Profit for the period attributable to equity shareholders – continued operations	108	27
Profit for the period attributable to equity shareholders – discontinued operations	–	138
Profit for the period – total	108	165
	Million	Million
Weighted average number of shares
Average shares in issue	1,133	1,133
Less average holding by Group EBT shares held by Company	(52)	(27)
For basic earnings per share	1,081	1,106
Dilutive effect of share options and other incentive schemes	51	22
For diluted earnings per share	1,132	1,128
	Pence	Pence
Earnings per share
Basic earnings per share – continuing operations	10.0	2.4
Diluted earnings per share – continuing operations	9.5	2.4
Basic earnings per share – discontinued operations	–	12.5
Diluted earnings per share – discontinued operations	–	12.2
Basic earnings per share – total	10.0	14.9
Diluted earnings per share – total	9.5	14.6

170 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

8 Goodwill

Accounting policies

On acquisition of a subsidiary or associate, the fair value of the consideration is allocated between the identifiable net tangible

and intangible assets and liabilities on a fair value basis, with any excess consideration representing goodwill. At the acquisition

date, goodwill is allocated to each Group of cash-generating units (‘CGUs’) expected to benefit from the combination and held

in the currency of the operations to which the goodwill relates.

Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill

may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates,

at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (‘VIU’) of each

CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated,

an impairment charge is recognised in the income statement.

On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on

disposal.

Cost	£m
At 29 April 2023	3,006
Foreign exchange	(33)
At 27 April 2024	2,973
Foreign exchange	14
At 3 May 2025	2,987
Accumulated impairment	£m
At 29 April 2023 and 27 April 2024	(736)
Impairment	–
At 3 May 2025	(736)
Carrying amount	£m
At 29 April 2023	2,270
At 27 April 2024	2,237
At 3 May 2025	2,251

An impairment review has been performed as described in note 8b below, which identified no impairment charge for the current period

(2023/24: £nil) recorded against the goodwill of the UK & Ireland CGU or the Nordics CGU.

a) Carrying value of goodwill

The components of goodwill comprise the following businesses:

	3 May	27 April
	2025	2024
	£m	£m
UK & Ireland	1,329	1,329
Nordics	922	908
	2,251	2,237

b) Goodwill impairment testing

As required by IAS 36, goodwill is subject to impairment review on an annual basis and as such an impairment review has been undertaken

during the period ended 3 May 2025. As a result of the review, no impairment has been identified for the current or prior period. The testing

methodology is described below.

Key assumptions

The key assumptions used in calculating VIU are:

i. management’s sales and costs projections;

ii. the long-term growth rate beyond the plan period; and

iii. the pre-tax discount rate.

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Financial Statements Investor InformationGovernanceStrategic Report

The long-term sales and cost projections are based on the Board approved three-year strategic plan. The projections consider

the outlook for addressable markets and the relative performance of competitors, together with management’s views on the future

achievable growth in market share and impact of the committed initiatives, including the Group’s commitment to long-term sustainability

targets and the initiatives being undertaken to mitigate physical and transitional climate change risks as detailed on page 42 of this

report. The likely impact of climate change on discounted cash flows has been assessed as immaterial. In forming these projections,

management draws on past experience as a measure to forecast future performance. The cash flows include ongoing capital

expenditure required to maintain the store network and e-commerce channels in order to operate the omnichannel businesses and

to compete in their respective markets, as well as any planned capital investment required to achieve the Group’s net zero targets.

A key component in determining the expected cash flows is the forecast operating profit in 2027/28, which drives the terminal value

in the VIU calculation. The compound annual growth rate in sales and costs can rise as well as fall year-on-year depending not only

on the year three targets, but also on the current financial year base.

Other key assumptions comprise the long-term growth rate and pre-tax discount rate. Growth rates used were derived from third-party

long-term growth rate forecasts and are based on the GDP growth rate for the territories in which the businesses operate. The pre-tax

rates have been derived from the post-tax weighted average cost of capital (‘WACC’) for each CGU, using the capital asset pricing

model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta), and has

been calculated by reference to an industry peer Group of quoted companies. The pre-tax rates applied to the forecast cash flows

are based on a risk-free rate of interest appropriate to the geographic location of the cash flows related to the asset being tested.

The risks specific to the asset are reflected as an adjustment to the future estimated cash flows.

The value attributed to these assumptions for the most significant components of goodwill are as follows:

			3 May 2025				27 April 2024
	Compound	Compound			Compound	Compound
	annual	annual	Long-term	Pre-tax	annual	annual	Long-term	Pre-tax
	growth in	growth in	growth	discount	growth in	growth in	growth	discount
	sales	costs	rate	rate	sales	costs	rate	rate
UK & Ireland	1.9%	1.8%	1.5%	10.4%	1.9%	1.7%	1.5%	11.9%
Nordics	0.7%	0.4%	1.7%	9.2%	4.2%	3.8%	1.7%	10.2%

In line with the assumptions noted above the Group undertook an impairment review of both the UK & Ireland and Nordic CGUs at the

period end, prepared using the methodology required by IAS 36. This reflected headroom from the VIU above the carrying value of the

CGU carrying value of the UK & Ireland and Nordics CGUs. In accordance with IFRIC 10, any impairment recognised in prior periods has

not been reversed.

c) Goodwill impairment sensitivity analysis

Management do not consider that any reasonably possible changes in the key assumptions would cause the carrying amounts of the

CGUs to exceed their VIU and therefore a sensitivity analysis has not been disclosed.

172 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

9 Intangible assets

Accounting policies

Acquisition intangibles

Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are

capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less

accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is

provided to write off the cost of assets on a straight-line basis as follows:

Brands 7.0% – 13.3% per annum

Customer relationships 13.3% per annum

This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the

Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item.

Software and licences

Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the

development of software in order to bring the assets into use.

Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that

the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably.

Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred.

Costs associated with maintaining computer software are recognised as an expense as incurred unless they increase the future

economic benefits of the asset, in which case they are capitalised.

The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised

only when it increases the future economic benefits embodied in the specific asset to which it relates.

Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated

loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line

basis as follows:

Software and licences 10.0% – 33.3% per annum

Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion

that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the

intangible assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to

the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its

VIU. The VIU is calculated by applying discounted cash flow modelling to management’s projection of future profitability and any

impairment is determined by comparing the net book value with the VIU.

Cloud software licence agreements

Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement,

unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the

ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within

intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in

the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case

they are capitalised.

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				Acquisition intangibles
		Customer		Software and
	Brands	relationships	Sub-total	licences	Total
	£m	£m	£m	£m	£m
Balance at 27 April 2024	115	–	115	131	246
Additions	–	–	–	26	26
Amortisation	(23)	–	(23)	(46)	(69)
Foreign exchange	1	–	1	–	1
Balance at 3 May 2025	93	–	93	111	204
Cost	367	73	440	500	940
Accumulated amortisation and impairment losses	(274)	(73)	(347)	(389)	(736)
Balance at 3 May 2025	93	–	93	111	204
Included in net book value as at 3 May 2025
Assets under construction	–	–	–	7	7

		Acquisition intangibles
		Customer		Software and
	Brands	relationships	Sub-total	licences	Total
	£m	£m	£m	£m	£m
Balance at 29 April 2023	139	–	139	211	350
Additions	–	–	–	23	23
Amortisation	(23)	–	(23)	(61)	(84)
Disposed with subsidiary	–	–	–	(14)	(14)
Impairment	–	–	–	(27)	(27)
Foreign exchange	(1)	–	(1)	(1)	(2)
Balance at 27 April 2024	115	–	115	131	246
Cost	366	73	439	549	988
Accumulated amortisation and impairment losses	(251)	(73)	(324)	(41 8)	( 742)
Balance at 27 April 2024	115	–	115	131	246
Included in net book value as at 27 April 2024
Assets under construction	–	–	–	6	6

During the prior period ended 27 April 2024, impairment charges of £16m were recognised on software assets in the Nordics segment

with a view to achieving long-term efficiencies with alternative assets. In addition, £11m of impairments were recognised on software in

the UK & Ireland segment which had become obsolete due to system replacements and strategic reviews that took place in the period.

No impairments were recognised in relation to intangible assets in the current period.

Further information on the impairments recognised in the prior period is disclosed in note A4 in the Glossary and Definitions section of this

Annual Report.

Individually material intangible assets

Brands are included in intangible assets and are considered individually material to the financial statements. The primary intangible

assets, their net book values and remaining amortisation periods are as follows:

	3 May 2025		27 April 2024
		Remaining		Remaining
		amortisation		amortisation
	Net book value	period	Net book value	period
	£m	Periods	£m	Periods
Currys	48	5	60	6
Elgiganten	21	5	25	6
Elkjøp	13	5	16	6
Gigantti	11	5	14	6

174 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

10 Property, plant & equipment

Accounting policies

Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of

the asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised

borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the

specific asset to which it relates while maintenance related costs are recognised in the income statement when incurred.

With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date

the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property,

plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no

material impact has been identified.

Land and buildings 1.7% – 4.0% per annum

Fixtures, fittings and other equipment 10.0% – 33.3% per annum

Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the

conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied.

Where the property, plant & equipment form part of a separate CGU, such as a store, and business indicators exist which could

lead to the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by

calculating its VIU. The VIU in use is calculated by applying discounted cash flow modelling to management’s projection of

future profitability and any impairment is determined by comparing the net book value with the VIU.

		Fixtures, fittings
	Land and	and other
	buildings	equipment	Total
	£m	£m	£m
Balance at 27 April 2024	43	68	111
Additions	15	38	53
Disposals	–	(1)	(1)
Depreciation	(11)	(28)	(39)
Foreign exchange	–	1	1
Balance as at 3 May 2025	47	78	125
Cost	124	577	701
Accumulated depreciation	(77)	(499)	(576)
Balance as at 3 May 2025	47	78	125
Included in net book value as at 3 May 2025
Assets under construction	–	12	12

		Fixtures, fittings
	Land and	and other
	buildings	equipment	Total
	£m	£m	£m
Balance at 29 April 2023	62	93	155
Additions	8	22	30
Disposals	(1)	(1)	(2)
Depreciation	(13)	(33)	(46)
Disposed with subsidiary	(12)	(11)	(23)
Foreign exchange	(1)	(2)	(3)
Balance as at 27 April 2024	43	68	111
Cost	112	544	656
Accumulated depreciation	(69)	(476)	(545)
Balance as at 27 April 2024	43	68	111
Included in net book value as at 27 April 2024
Assets under construction	–	10	10

175

Financial Statements Investor InformationGovernanceStrategic Report

11 Right-of-use assets

Accounting policies

Right-of-use assets are recognised at the commencement of the lease, when the underlying asset becomes available for use,

and comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement

date, any initial direct costs less any lease incentives received upon initial recognition. They are subsequently measured at cost less

accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities.

Right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the

underlying asset.

Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the

right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers

those payments occurs.

	Land and	Vehicles and
	buildings	equipment	Total
	£m	£m	£m
Balance at 27 April 2024	779	20	799
Additions	145	3	148
Depreciation	(171)	(10)	(181)
Disposals	(13)	–	(13)
Foreign exchange	8	–	8
Balance as at 3 May 2025	748	13	761
Cost	1,513	64	1,577
Accumulated depreciation	(765)	(51)	(816)
Balance as at 3 May 2025	748	13	761

	Land and	Vehicles and
	buildings	equipment	Total
	£m	£m	£m
Balance at 29 April 2023	967	28	995
Additions	86	5	91
Depreciation	(182)	(11)	(193)
Disposals	(6)	–	(6)
Disposed with subsidiary	(70)	(2)	(72)
Impairment reversal	1	–	1
Foreign exchange	(17)	–	(17)
Balance as at 27 April 2024	779	20	799
Cost	1,433	62	1,495
Accumulated depreciation	(6 54)	(4 2)	(696)
Balance as at 27 April 2024	779	20	799

12 Inventory

Accounting policies

Inventories are stated at the lower of cost and net realisable value, and on a weighted average cost basis. Cost comprises direct

purchase cost and those overheads that have been incurred in bringing the inventories to their present location and condition,

less any attributable discounts and income received from suppliers in respect of that inventory. Net realisable value is based

on estimated selling price, less further costs expected to be incurred on disposal. Provision is made for obsolete, slow moving or

defective items where appropriate.

Certain purchases of inventories may be subject to cash flow hedges to address foreign exchange risk. Where this is the case a basis

adjustment is made; the initial cost of hedged inventory is adjusted by the associated gain or loss transferred from the cash flow

hedge reserve.

	3 May	27 April
	2025	2024
	£m	£m
Finished goods and goods for resale	1,037	1,034

176 Currys plc Annual Report & Accounts 2024/25

Notes to the Group

financial statements continued

13 Trade and other receivables

Accounting policies

Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and

other receivables are discounted at contract inception using a discount rate that is at an arm’s length basis and such that would be

reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair

value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and

other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets

is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using

12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using

lifetime expected credit losses. See note 23 for further disclosures.

	3 May	27 April
	2025	2024
	£m	£m
Trade receivables	227	227
Less expected credit loss allowances	(22)	(22)
	205	205
Contract assets	38	58
Prepayments	75	68
Other receivables	27	17
Accrued income	440	369
	785	717
Non-current	100	101
Current	685	616
	785	717

The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission receivable

on sales.

Included with the accrued income balance is accrued supplier income of £186m (2023/24: £166m) and accrued MVNO revenue of

£230m (2023/24: £187m).

As set out in the table below, adjustments are made in the trade receivables balance for expected credit loss allowances.

		3 May 2025			27 April 2024
		Expected			Expected
	Gross trade	credit loss	Net trade	Gross trade	credit loss	Net trade
	receivables	allowances	receivables	receivables	allowances	receivables
	£m	£m	£m	£m	£m	£m
Ageing of gross trade receivables and expected credit loss allowances:
Not yet due	152	(2)	150	150	(2)	148
Past due:
Under two months	24	(1)	23	31	(2)	29
Two to four months	8	(1)	7	13	(2)	11
Over four months	43	(18)	25	33	(16)	17
	75	(20)	55	77	(20)	57
	227	(22)	205	227	(22)	205

177

Financial Statements Investor InformationGovernanceStrategic Report

Movements in the expected credit loss allowances for trade receivables is as follows:

	3 May	27 April
	2025	2024
	£m	£m
Opening balance	(22)	(27)
Charged to the income statement	(2)	(1)
Receivables written off as irrecoverable	1	5
Amounts recovered during the period	1	–
Disposal of business	–	1
Closing balance	(22)	(22)

Management also consider the counterparty risk relating to its accrued income balance, which comprises amounts where the Group

has fulfilled its performance obligations but not yet invoiced the customer. The amounts are primarily due from large multinationals and

blue chip companies and hence the loss allowances made are not material. Further details with regards to trade receivables credit risk

are included in note 23.

Contract assets

	3 May	27 April
	2025	2024
	£m	£m
Insurance commission contract assets	1	2
Network commission contract assets	37	56
	38	58

The Group recognises contract assets where the performance obligations have been met but the right to consideration from the

customer is conditional on something other than the passage of time. This occurs on both insurance commission revenue and network

commission revenue as detailed in the accounting policies in note 3.

Upon the initial recognition of revenue from contracts with customers, the Group considers the risk profile for amounts due from network

and insurance customers based on historical experience and forward-looking information in accordance with IFRS 15. As such, credit

risk is factored into the initial recognition of revenue, while contract assets are adjusted at each reporting date to reflect the future

expected value. Therefore, no further expected credit loss is recognised as it is included within the initial measurement of the Group’s

contract assets. Further information is disclosed in note 23, while additional information on the measurement of expected consideration

is detailed below.

Network commission contract assets and receivables

As described in the accounting policies in note 3, the revenue earned by the Group for the acquisition of consumers on behalf of the

third-party network operator is subject to variable consideration. Some consideration is paid by the MNO at the time of connection

with the remainder paid over the duration of the consumer’s contractual relationship, which is usually between 1 and 5 years. Whilst

the underlying contract with the consumer predominately constitutes a fixed monthly value, variability arises due to future expected

behaviour of such consumers after the point of connection.

Under IFRS 15: ‘Revenue from Contracts with Customers’ the Group only recognises revenue to the extent that it is highly probable that

there will not be a significant reversal in the future. In determining the amount of revenue to recognise, the Group estimates the amount

that it expects to receive in respect of each consumer based on historical trends and anticipated changes in consumer behaviour.

A discounted cash flow methodology is used to measure the expected consideration, by estimating all future cash flows that will be

received from the MNO and discounting these based on the timing of receipt. Having estimated the expected consideration, the Group

applies a constraint to reduce it to a level where any future significant reversal of revenue would be considered highly improbable.

In the period ended 3 May 2025, £134m (2023/24: £150m) of revenue was recognised in relation to the contract with the MNO, of which

£9m (2023/24: £14m) related to performance obligations satisfied in previous periods due to changes in the estimated transaction

price, including CPI uplift on prior period transactions and other amounts settled by the MNO. Cash receipts from the MNO against

the contract asset balance were £158m (2023/24: £204m). Payment terms with the MNO are based on a mix of cash received upon

connection and future payments as the MNO receives monthly instalments from end consumers over the life of the consumer contract.

Once amounts are invoiced to the MNO, the invoiced balance is recognised in trade receivables rather than accrued income. Increases

in the asset balance in relation to discounting were £4m (2023/24: £4m), which reflects an increase in the present value of the asset due

to passage of time since initial recognition, and for which a corresponding credit is recognised in finance income in the income statement.

178 Currys plc Annual Report & Accounts 2024/25

14 Cash and cash equivalents

Accounting policies

Cash and cash equivalents are classified as held at amortised cost, comprising cash at bank and in hand, bank overdrafts and

short-term highly liquid deposits which have an original maturity of less than three months, are available on demand and are subject

to an insignificant risk of changes in value. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the

cash flow statement, are shown under current liabilities and further disclosed in note 16.

Cash and cash equivalents include restricted cash which predominantly comprises funds held by the Group’s insurance businesses

to cover regulatory reserve requirements. These funds are not available to offset the Group’s borrowings.

The credit card receivable within cash and cash equivalents is settled multiple times per week so is treated as a short-term highly

liquid investment. There is negligible credit risk associated with this balance.

	3 May	27 April
	2025	2024
	£m	£m
Cash and cash equivalents	209	125

Included within cash and cash equivalents is £30m (2023/24: £36m) of restricted cash and £53m (2023/24: £52m) of credit card receivable.

15 Trade and other payables

Accounting policies

Trade and other payables are initially recorded at fair value and subsequently measured at amortised cost.

Contract liabilities predominantly relate to the sale of customer support agreements. Revenue is recognised in full as each

performance obligation is satisfied under the contracts with the customer. Where consideration is received in advance of the

performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer

refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue

recognised respectively in the month to which payment relates, or on a straight-line basis.

		3 May 2025		27 April 2024
	Current	Non-current	Current	Non-current
	£m	£m	£m	£m
Trade payables	1,170	16	1,167	13
Other taxes and social security	213	–	184	–
Other creditors	2	–	1	–
Contract liabilities	215	96	193	96
Accruals	289	5	264	5
	1,889	117	1,809	114

The carrying amount of trade and other payables approximates their fair value.

Contract liabilities

	3 May	27 April
	2025	2024
	£m	£m
Opening balance	289	277
Revenue recognised in the period that was included in the opening balance	(176)	(147)
Increase in contract liabilities in the period not yet recognised in revenue	198	171
Disposed with subsidiary	–	(12)
Closing balance	311	289

Notes to the Group

financial statements continued

179

Financial Statements Investor InformationGovernanceStrategic Report

16 Loans and other borrowings

Accounting policies

Borrowings in the Group’s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are

initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated

with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility.

All other borrowing costs are recognised in the income statement in the period in which they are incurred.

Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value

being recognised in the income statement over the period of the borrowings on an effective interest basis.

Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held

at amortised cost.

	3 May	27 April
	2025	2024
	£m	£m
Current liabilities
Bank overdrafts	25	29
	25	29

Committed facilities

In September 2024, the Group refinanced its existing debt to one revolving credit facility which is due to mature in four years with an

option to extend (at the end of the first year) by one additional year. The interest rate payable for drawings under this facility is at

a margin over risk free rates (or other applicable interest basis) for the relevant currency and for the appropriate period. The actual

margin applicable to any drawing depends on the fixed charge cover ratio calculated in respect of the most recent accounting period.

A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when

aggregate drawings exceed certain levels. As at 3 May 2025 available facilities totalled £525m (2023/24: £627m) and the Group had

no drawings under these facilities (2023/24: £nil).

Uncommitted facilities

The Group also has overdrafts and short-term money market lines from UK and European banks denominated in various currencies, all

of which are repayable on demand. Interest is charged at the market rates applicable in the countries concerned and these facilities

are used to assist in short-term liquidity management. Total available facilities are £57m (2023/24: £62m). As at 3 May 2025 the Group

had £25m of drawings on uncommitted facilities (2023/24: £29m).

All borrowings are unsecured.

180 Currys plc Annual Report & Accounts 2024/25

17 Lease liabilities

Accounting policies

The Group as a lessee

The Group’s leasing activities predominantly relate to retail store properties, distribution properties, and distribution vehicle fleet.

The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use

asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term

leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (which comprise IT equipment

and small items of office furniture). For these leases, the Group recognises the lease payments as an operating expense on a

straight-line basis over the term of the lease with no corresponding right-of-use asset.

Lease liabilities

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,

discounted using the Group incremental borrowing rate as the rate implicit in the lease cannot be determined and subsequently

held at amortised cost in accordance with IFRS 9. The interest rate implied in the lease is determined based on a series of inputs

including: the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment. This is

the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value.

Lease payments included in the measurement of the lease liability comprise:

• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.

• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.

• The amount expected to be payable by the lessee under residual value guarantees.

• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options.

• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

• The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of

exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using

a revised discount rate.

• The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual

value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate

(unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease

liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised

discount rate at the effective date of the modification.

	3 May	27 April
	2025	2024
	£m	£m
Analysed as:
Current	201	202
Non-current	739	801
	940	1,003

Total undiscounted future committed payments due are as follows:

	3 May	27 April
	2025	2024
	£m	£m
Amounts due:
Year 1	234	250
Year 2	210	217
Year 3	175	190
Year 4	153	153
Year 5	116	131
Onwards	251	275
	1,139	1,216

The Group does not face a significant liquidity risk with regard to its lease liabilities.

Notes to the Group

financial statements continued

181

Financial Statements Investor InformationGovernanceStrategic Report

18 Provisions

Accounting policies

Provisions are recognised when a legal or constructive obligation exists as a result of past events, it is probable that an outflow

of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisions are discounted where the time value of money is considered to be material.

Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the

contract exceed the economic benefits expected to be received under the contract. Where the Group has assets dedicated

to the fulfilment of a contract that cannot be redirected, an impairment loss is recognised before a separate provision for

an onerous contract.

A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, and has raised a

valid expectation with those affected that it will carry out the restructuring by starting to implement the plan or announcing its main

features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the

restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing

activities of the entity.

All provisions are assessed by reference to the best available information at the balance sheet date. In calculating provisions,

estimates are made for the amount and timing of outflow of economic benefits, however, the Group do not consider that the actual

future economic outflows will vary materially from the estimated amounts.

			3 May 2025
	Reorganisation	Sales	Property	Other	Total
	£m	£m	£m	£m	£m
Balance at 27 April 2024	3	10	15	44	72
Additions	4	26	5	9	44
Released in the period	(1)	–	(2)	(15)	(18)
Utilised in the period	(2)	(26)	(4)	(10)	(42)
Balance at 3 May 2025	4	10	14	28	56
Analysed as:
Current	4	8	13	21	46
Non-current	–	2	1	7	10
	4	10	14	28	56

			27 April 2024
	Reorganisation	Sales	Property	Other	Total
	£m	£m	£m	£m	£m
Balance at 29 April 2023	7	10	27	4	48
Reclassifications (1)	–	–	–	20	20
Additions	8	25	5	27	65
Released in the period	(1)	–	(8)	(1)	(10)
Utilised in the period	(11)	(25)	(9)	(6)	(51)
Balance at 27 April 2024	3	10	15	44	72
Analysed as:
Current	3	9	14	38	64
Non-current	–	1	1	6	8
	3	10	15	44	72

(1) During the prior period some balances were reclassified from Trade and Other Payables to Provisions.

Reorganisation

Reorganisation provisions of £4m held at the reporting date mostly relate to redundancy costs. Reorganisation provisions are only

recognised when a detailed formal plan is in place and it has been communicated to those affected. The balance at 3 May 2025 is

related to reorganisation of Nordics operations and is expected to be utilised in the next 12 months.

182 Currys plc Annual Report & Accounts 2024/25

18 Provisions continued

Sales

Sales provisions relate to product and service warranties provided for up to one year. The anticipated costs of these are assessed

by reference to historical trends and any other information that is considered relevant. Management estimates the related provision for

future related claims based on historical information, as well as recent trends that might suggest that past cost information might differ

from future claims.

Property

Following the previously announced store closure programmes, the Group has a number of present obligations related to its property

portfolio that are explicitly excluded from the measurement of lease liabilities in accordance with IFRS 16. As such, at the reporting date

the Group has onerous contracts for unavoidable store closure costs including service fees, legal costs and dilapidations of £14m

primarily relating to the Currys PC World 3-in-1 programme and Carphone Warehouse store closures in the UK & Ireland.

Provisions for the costs described above are only recognised where there is a definitive business decision to exit a leased property,

it is believed the unavoidable cost of meeting or exiting the obligations exceed the expected benefit to be received and after any

impairment being recorded over right-of-use and store-related assets in accordance with IAS 36.

The amounts of future expenditures for store closure costs are reviewed throughout the period and are based on readily available

information at the reporting date as well as management’s historical experience of similar transactions.

Of the £14m related to closure programmes announced in prior periods, utilisation is to be incurred in conjunction with the profile of the

leases to which they relate. The longest lease will unwind over the next five years. Where appropriate and in the interests of the Group,

management will proactively seek to exit any liabilities early. Where there is a substantive expectation that the unavoidable costs

provided for will be reduced as a result of exit negotiations, the provision will be remeasured based on the best available information

and an amount released, as seen in the period.

Other

Other provisions predominantly relate to regulatory costs and other miscellaneous matters. As at the reporting date, provisions of

£12m were held for potential legal fees, customer redress and other costs related to other historical regulatory matters. Management

estimates the related provision based on historical claims information and applies this against any remaining potential claimants using

an expected value approach. Related cash outflows are expected to take place within the next three years.

As at the reporting date, further amounts in respect to other matters are as follows:

• £8m for costs related to mobile insurance contracts, which is expected to be utilised in the next period.

• £4m in relation to insurance claims against the Group based on estimate claim settlement, which will be utilised over time as the

claims are resolved.

• £4m in relation to estimated dilapidations for lease equipment which will be utilised at expiry of the lease.

The range of estimation uncertainty across all categories of provisions is not considered to be material.

Notes to the Group

financial statements continued

183

Financial Statements Investor InformationGovernanceStrategic Report

19 Retirement and other post-employment benefit obligations

Accounting policies

Company contributions to defined contribution pension schemes and contributions made to state pension schemes for certain

overseas employees are charged to the income statement on an accruals basis when employees have rendered service entitling

them to the contributions.

For defined benefit pension schemes, the difference between the market value of the assets and the present value of the accrued

pension liabilities is shown as an asset or liability in the consolidated balance sheet. The calculation of the present value is

determined by an independent actuary using the projected unit credit method. The calculation incorporates actuarial assumptions,

including the discount rates used to determine the present value of accrued pensions liabilities, inflation assumptions and the life

expectancy of members.

Actuarial gains and losses arising from changes in actuarial assumptions together with experience adjustments and actual return on

assets are recognised in the consolidated statement of comprehensive income and expensed as they arise. Such amounts are not

reclassified to the income statement in subsequent years.

Defined benefit costs recognised in the income statement are comprised mainly of net interest expense or income with such interest

being recognised within finance costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or

asset taking into account any changes in the net defined benefit obligation during the year as a result of contribution or

benefit payments.

		3 May	27 April
		2025	2024
		£m	£m
Retirement benefit obligations	– UK	102	170
	– Nordics	1	1
		103	171

The Group operates a defined benefit scheme and provides defined contribution benefits largely through a Master Trust solution.

The defined benefit scheme which operates in the UK holds assets in a separate trustee administered fund. The scheme is managed

by a board of trustees and is valued by a qualified actuary who advises the trustees at least every three years, with contributions

required being assessed in accordance with the actuary’s advice. Since 1 September 2002, the provision of defined benefit pensions for

employees in this scheme has been closed to new entrants and on 30 April 2010 was closed to future accrual with automatic provision

of defined contribution benefits being offered to those active members of the defined benefit section at that time. Defined contribution

benefits are offered to current eligible employees. The Nordics segment operates small unfunded pension schemes with characteristics

of defined benefit schemes. The liabilities of these schemes are shown above. They also operate defined contribution schemes.

a) Defined contribution pension schemes (continuing operations)

The pension charge in respect of defined contribution schemes was £36m (2023/24: £31m).

b) UK defined benefit pension scheme – actuarial valuation and key risks

A full actuarial valuation of the scheme was carried out at 31 March 2022 and showed a deficit of assets compared with liabilities of

£403m. This is a significant improvement from the position at 31 March 2019 which showed a deficit of £645m, and the scheme is ahead

of the expected progress from the full actuarial valuation at 31 March 2019.

As a result, a ‘recovery plan’ based on this valuation was agreed with the Trustees such that contributions in respect of the scheme were

£78m for the 2022/23 financial period, followed by lower contributions of £36m in 2023/24, £50m in 2024/25, and then the resumption

of the £78m per annum from 2025/26 to 2027/28 and a final payment of £43m in 2028/29. The next triennial actuarial valuation,

with an effective date of 31 March 2025, has commenced and discussions with the Trustees are currently ongoing and are expected

to complete by the end of this calendar year. The results are subject to finalisation and formal signing, however it is expected that

contributions will reduce in future years due to positive performance with the scheme’s valuation position over the past three years.

184 Currys plc Annual Report & Accounts 2024/25

19 Retirement and other post-employment benefit obligations continued

b) UK defined benefit pension scheme – actuarial valuation and key risks continued

Key risks

The defined benefit pension schemes expose the Group to actuarial risks such as longer than expected longevity of members, lower

than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets

of the schemes. These are explored further in the table below, including the mitigations employed.

Risk	Description	Mitigation
Investment	The IAS 19 defined benefit obligations are calculated	The trustees regularly monitor the funding position and
	using a discount rate derived from the yield obtained	consider their long-term plan to implement a diversified
	on high quality corporate bonds. If the pension	investment portfolio that generates sufficient returns whilst
	scheme’s assets underperform relative to this discount	managing the investment risks posed to the scheme.
	rate, the accounting deficit will increase.
		The Group regularly engages with the trustees on the
	If the underperformance of assets also results in a	scheme’s investment strategy and its management.
	larger deficit for the funding valuation (carried out
	every 3 years as a minimum), the pension scheme
	may require additional contributions from the Group.
Inflation	The IAS 19 defined benefit obligations are in part	As part of the investment strategy implemented by the
	linked to actual and future expected inflation.	trustees, inflation risk is mitigated through a liability-driven
	Therefore, a higher rate of inflation will result in	investment (‘LDI’) portfolio.
	a higher defined benefit obligation.
		The LDI portfolio consists of assets that increase/decrease
	A higher rate of inflation will also increase the	in value in line with inflation expectations. The scheme’s
	Scheme’s funding liability, which may require	holding in LDI is designed to hedge a large amount of the
	additional contributions from the Group, as a part	scheme’s funding liability and thereby mitigate the net
	of discussions on the triennial funding valuation.	impact of any adverse movements in inflation expectations.
Interest rate	The IAS 19 defined benefit obligations are calculated	As part of the investment strategy implemented by the
	using a discount rate derived from the yields obtained	trustees, interest rate risk is mitigated through the investment
	on corporate bonds of an appropriate duration. If	in a LDI portfolio.
	long-term corporate bond yields reduce, the IAS 19
	defined benefit obligations will increase.	The LDI portfolio consists of assets that increase/decrease
		in value in line with interest rate movements. The scheme’s
	Similarly, a reduction in gilt yields (which are used	holding in LDI is designed to hedge a large amount of the
	in part to calculate the liabilities for the funding	scheme’s funding liability and thereby mitigate the impact
	valuation) will result in a higher funding liability, which	of any adverse movements in interest rates.
	may require additional contributions from the Group,
	as a part of discussions on the triennial funding	However, as the LDI portfolio mitigates the interest rate risk
	valuation.	on the funding basis, deviations between gilt and corporate
		bond yields can lead to ineffective hedging in respect of the
		IAS 19 defined benefit obligations. The scheme’s credit asset
		allocation helps provide additional hedging in this area.
Liquidity	The scheme is required to meet ongoing cash flows	The scheme operates a collateral adequacy framework
	requirements, including benefit payments to members	which ensures there are sufficient levels of liquid assets
	and collateral calls on the scheme’s leveraged	to meet ongoing cash flows requirements, even in times of
	investments. There is therefore a risk that the scheme	market distress. The framework is regularly assessed and
	has insufficient liquid assets to meet these obligations.	appropriately managed to ensure it remains robust to
		respond to significant market events.
Longevity	The scheme provides pensions benefits for the duration	The trustees and the Group regularly monitor the outlook
	of a member’s life and typically to any surviving spouse.	for future life expectancy and the impact this might have
	Therefore, an increase in life expectancy will result in	on the defined benefit obligations.
	higher IAS 19 defined benefit obligations.
Legislation	The scheme is exposed to the risk that new legislation	The trustees and the Group regularly monitor this and are
	or regulation could impact the valuation of the	kept up to date by their advisors on ongoing changes in
	scheme’s liabilities in the future.	legislation and regulation, including the impact of these
		to the scheme and the associated liabilities.

Notes to the Group

financial statements continued

185

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c) UK Defined benefit pension scheme – IAS 19

The following summarises the components of net defined benefit expense recognised in the consolidated income statement,

the funded status and amounts recognised in the consolidated balance sheet and other amounts recognised in the consolidated

statement of comprehensive income. The methods set out in IAS 19 are different from those used by the scheme actuaries in

determining funding arrangements.

(i) Principal assumptions adopted

The assumptions used in calculating the expenses and obligations are set by the directors after consultation with the

independent actuary.

	3 May	27 April
Rates per annum	2025	2024
Discount rate	5.70%	5.20%
Rate of increase in pensions in payment (pre/post April 2006 accrual)	2.80%/1.95%	3.00%/2.00%
Rate of increase in deferred pensions (pre/post April 2006 accrual)	2.90%	3.15%
Inflation	2.90%	3.15%

The Group largely uses demographic assumptions underlying the formal actuarial valuation of the scheme as at 31 March 2022.

Post-retirement mortality has been assumed to follow the standard mortality tables ‘S3’ All Pensioners tables published by the

Continuous Mortality Investigation (‘CMI’), based on the experience of Self-Administered Pension Schemes (‘SAPS’) with multipliers

of 107% for males and 101% for females. This is consistent with the approach used for 2023/24.

While the longer-term implications of the Covid-19 pandemic on future life expectancy are far from certain, an allowance has been

made for future improvements in longevity by using the CMI 2023 Core projections model, with a weighting of 15% being included for

mortality data experience in 2022 and 2023. A long-term rate of improvement of 1.25% per annum for men and 1.00% per annum for

women has been assumed, which is the same as the 2023/24 assumption for both men and women. This assumption appropriately

reflects the pension scheme’s membership and the requirements of IAS 19.

Applying such tables for the year ended 3 May 2025 results in an average expected longevity of between 85.9 years and 87.2 years

for men and between 88.7 years and 89.8 years for women for those reaching 65 over the next 20 years.

At 27 April 2024, the CMI 2023 Core projections model was used, and the average expected longevity was between 85.9 years and

87.1 years for men and between 88.7 years and 89.8 years for women for those reaching 65 over the next 20 years.

(ii) Amounts recognised in the consolidated income statement

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Past service cost	–	–
Net interest expense on defined benefit obligation	8	11
Total expense recognised in the income statement	8	11

(iii) Amounts recognised in other comprehensive income

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Remeasurement of defined benefit obligation – actuarial gains/(losses) arising from:
Changes in demographic assumptions	–	46
Changes in financial assumptions	97	61
Experience adjustments	(2)	(4)
Remeasurement of scheme assets:
Actual return on plan assets (excluding amounts included in net interest expense)	(69)	(51)
Cumulative actuarial gain	26	52

186 Currys plc Annual Report & Accounts 2024/25

19 Retirement and other post-employment benefit obligations continued

c) UK Defined benefit pension scheme – IAS 19 continued

(iv) Amounts recognised in the consolidated balance sheet

	3 May	27 April
	2025	2024
	£m	£m
Present value of defined benefit obligations	(1,033)	(1,125)
Fair value of plan assets	931	955
Net obligation	(102)	(170)

Changes in the present value of the defined benefit obligation:

	3 May	27 April
	2025	2024
	£m	£m
Opening obligation	1,125	1,222
Past service cost	–	–
Interest cost	58	58
Remeasurements in other comprehensive income – actuarial (gains)/losses arising from changes in:
Demographic assumptions	–	(4 6)
Financial assumptions	(97)	(61)
Experience adjustments	2	4
Benefits paid	(55)	(52)
Closing obligation	1,033	1,125

The weighted average maturity profile of the defined benefit obligation at the end of the year is 14 years (2023/24: 15 years),

comprising an average maturity of 17 years for deferred members and 9 years for pensioners.

The experience adjustments for 2024/25 relate to higher than assumed inflation over the period and the impact of actual pension

increases during this period.

Changes in the fair value of the scheme assets:

	3 May	27 April
	2025	2024
	£m	£m
Opening fair value	955	975
Interest income	50	47
Employer contributions	50	36
Remeasurements in other comprehensive income:
Actual return on plan assets (excluding interest income)	(69)	(51)
Benefits paid	(55)	(52)
Closing fair value	931	955

Analysis of scheme assets:

		3 May	27 April
		2025	2024
		£m	£m
Credit funds	– Listed	194	164
	– Unlisted	210	228
Private equity	– Unlisted	1	2
Liability driven investments (‘LDIs’)*	– Listed	808	681
	– Unlisted	(396)	(253)
Synthetic equity*	– Unlisted	83	117
Cash and cash instruments	– Unlisted	31	15
Other	– Unlisted	–	1
		931	955

* These assets are managed together as part of one investment portfolio.

Notes to the Group

financial statements continued

187

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The table above provides the market value of the scheme assets split into key categories as at 3 May 2025. The scheme’s investment strategy is to:

• gain economic exposure to equity markets equivalent to a third of its assets through derivatives;

• invest a third of its assets in credit markets; and

• use a third of its assets to hedge inflation and interest rate risk, through a leveraged LDI strategy.

The scheme invests part of its assets in a bespoke fund to achieve this strategy. The fund consists of a synthetic (i.e. leveraged) equity

portfolio, a credit portfolio and a liability hedging portfolio. There is also an external credit fund also housed in the same bespoke

fund. The synthetic equity portfolio uses equity total return swaps and equity futures to provide economic exposure to a range of equity

markets while the credit portfolio provides economic exposure to short duration global credit. The objective of the LDI strategy is to

broadly hedge the scheme’s liabilities against inflation and interest rate risk up to the value of the scheme’s assets. This helps minimise

the risk of mismatching between changes in the scheme’s assets and liabilities.

The credit fund allocation includes investments within a buy and maintain credit fund (12% of total assets), and several types of private

credit funds.

In the fair value hierarchy, listed investments are categorised as level 1. Unlisted investments (including unlisted LDIs and synthetic equity)

relate to derivatives, which are categorised as level 2, and private credit and private equity funds which are categorised as level 3. Private

credit investments are valued by aggregating quotes from brokers where this information is available. If this information is not available,

investments are valued at the last available date of each investment plus any subsequent known movements including distributions (for

example, with the private credit funds). Private equity fund valuations are based on the last audited accounts of each investment with an

allowance for broad movements in market indices and any known movements including distributions since the last available accounts.

The investment strategy of the scheme is determined by the trustees based on advice provided by an independent investment consultant.

The Trustee’s objective is to achieve an above average long-term return on the scheme’s assets from a mixture of capital growth and

income, whilst managing investment risk and ensuring the strategy remains within the guidelines set out in the Pensions Act 1995 and 2004

and the scheme’s statement of investment principles. In setting the strategy, the nature and duration of the scheme’s liabilities are taken

into account, ensuring that an integrated approach is taken to investment risk and both short-term and long-term funding requirements. The

scheme invests in a diverse range of asset classes as set out above with matching assets primarily comprising holdings in inflation-linked

gilts, corporate bonds and liability driven investments.

Actual return on the scheme assets (excluding interest income) was a loss of £69m (2023/24: loss of £51m). Part of this related to the LDI

strategy, with the strategy resulting in a loss of value over the period in line with the scheme’s liability movement due to changes in financial

conditions over the period.

(v) Sensitivities

The value of the UK defined benefit pension scheme assets is sensitive to market conditions.

Changes in assumptions used for determining retirement benefit costs and liabilities may have a material impact on the 2024/25 income

statement and the balance sheet. The main assumptions are the discount rate, the rate of inflation and the assumed life expectancy.

The following table provides an estimate of the potential liability impacts of each of these variables if applied to the current period

consolidated income statement and consolidated balance sheet.

Note that due to the inclusion of an LDI strategy as part of the scheme’s assets, the strategy intends for fluctuations in the liability due to

discount and inflation variances to largely be offset by movements in the LDI. The sensitivity analysis below does not make any allowance

for this impact or the impact on the total fair value of the plan assets.

		Net finance costs impact		Liability impact
	Period ended	Period ended	Period ended	Period ended
	3 May	27 April	3 May	27 April
	2025	2024	2025	2024
Positive/(negative) effect	£m	£m	£m	£m
Discount rate: 1% increase	8	7	135	150
Inflation rate: 1% increase*	(7)	(9)	(116)	(133)
Life expectancy: 1-year increase	(2)	(2)	(42)	(4 5)

* The increase in scheme benefits provided to members on retirement is subject to an inflation cap.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is

unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Sensitivity analysis on the assets has not been performed due to the diverse portfolio and the range of different assumptions adopted

by each fund manager which would make it impractical.

188 Currys plc Annual Report & Accounts 2024/25

19 Retirement and other post-employment benefit obligations continued

c) UK Defined benefit pension scheme – IAS 19 continued

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others

relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. The Trustees of

the Scheme received legal advice to consider the implications of the case for the Scheme. Based on the legal advice received, the

case does not expose the Scheme to any new risks and, as such, there is no allowance for the ruling in the results at 3 May 2025. On

5 June 2025, the Department for Work and Pensions announced that the Government will introduce legislation to give pension schemes

affected by the Virgin Media ruling the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met

the necessary standards, therefore, the Directors believe that no additional liabilities will arise from the Virgin Media case.

20 Share capital, retained earnings and reserves

a) Share capital

	3 May	27 April	3 May	27 April
	2025	2024	2025	2024
	million	million	£m	£m
Authorised, allotted, called-up and fully paid ordinary shares of 0.1p each	1,133	1,133	1	1

	3 May	27 April	3 May	27 April
	2025	2024	2025	2024
	million	million	£m	£m
Ordinary shares of 0.1p each in issue at the beginning and end
of the period	1,133	1,133	1	1
Issued during the period	–	–	–	–
Repurchased and cancelled during the period	–	–	–	–
Ordinary shares of 0.1p each in issue at the beginning and end
of the period	1,133	1,133	1	1

b) Retained earnings and reserves

Movements in retained earnings and reserves during the reported periods are presented in the consolidated statement of changes

in equity. Movements within the individual reserves are as follows:

		Investment in
	Hedging	own shares	Translation	Demerger
	reserve	reserve	reserve	reserve	Total
	£m	£m	£m	£m	£m
As at 29 April 2023	(2)	(30)	(22)	(750)	(804)
Other comprehensive income and expense recognised directly in equity	9	–	(41)	–	(32)
Amounts transferred to the carrying value of inventory purchased during the period	(5)	–	–	–	(5)
Amounts transferred to accumulated profits	–	10	(1)	–	9
Purchase of own shares – EBT	–	(12)	–	–	(12)
As at 27 April 2024	2	(32)	(64)	(750)	(844)
Other comprehensive income and expense recognised directly in equity	(4)	–	17	–	13
Amounts transferred to the carrying value of inventory purchased during the period	(4)	–	–	–	(4)
Amounts transferred to accumulated profits	–	2	–	–	2
Purchase of own shares – EBT	–	(15)	–	–	(15)
As at 3 May 2025	(6)	(45)	(47)	(750)	(848)

Hedging reserve

The hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash

flow hedges. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate.

Investment in own shares reserve

The investment in own shares reserve is used to recognise the cost of shares in the Company held by the EBT. As further disclosed in

note 4c the shares held by the EBT are purchased in order to satisfy share option and SAYE plans issued by the Company as part of

employee share incentive schemes.

When shares are issued by the EBT to employees in order to satisfy employee share awards, the cost of these shares is transferred

to accumulated profits.

Notes to the Group

financial statements continued

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Translation reserve

The translation reserve accumulates exchange differences arising on translation of foreign subsidiaries which are recognised in other

comprehensive income. The cumulative amount is reclassified to accumulated profits when the related net investment is disposed of.

Demerger reserve

The demerger reserve arose as part of the demerger of the Group from TalkTalk in 2010.

21 Equity dividends

There were no dividends paid during the current or comparative periods.

The following distribution is proposed but has not been effected at 3 May 2025 and is subject to shareholders’ approval at the

forthcoming Annual General Meeting:

	£m
Final dividend for the period ended 3 May 2025 of 1 . 50p per ordinary share	16

The payment of this dividend is not subject to withholding taxes in the UK.

22 Discontinued operations

Accounting policies

A discontinued operation is a component of the Group which represents a significant separate line of business, either through its

activity or geographical area of operation, which has been sold, is held for sale or has been closed.

Where the sale of a component of the Group is considered highly probable at the balance sheet date and the business is

available for immediate sale in its present condition, it is classified as held for sale. Such classification assumes the expectation

that the sale will complete within one year from the date of classification. Assets and liabilities held for sale are measured at the

lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant &

equipment are no longer amortised or depreciated.

On 10 April 2024, Currys plc (Currys) announced that it has completed the sale of Dixons South East Europe A.E.V.E., the holding

company of Currys’ entire Greece and Cyprus retail business, trading as Kotsovolos, to Public Power Corporation S.A. Consequently,

Kotsovolos has been accounted for as a discontinued operation, the results of which are detailed below.

a) Profit after tax – discontinued operations

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Revenue	–	579
Expenses	–	(577)
Profit before tax	–	2
Income tax expense	–	(2)
Profit after income tax of discontinued operations	–	–
Gain on sale of the subsidiary after income tax	–	138
Profit for the period from discontinued operations	–	138

190 Currys plc Annual Report & Accounts 2024/25

23 Financial risk management and derivative financial instruments

Accounting policies

Non-derivative financial assets

Financial assets are recognised in the Group’s balance sheet when the Group becomes party to the contractual provisions of the

investment. The Group’s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to

receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments

and contract assets.

When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group’s intention with regard

to the collection, or sale, of contractual cash flows and whether the financial asset’s cash flows relate solely to the payment of

principal and interest on principal outstanding. All of the Group’s assets measured at amortised cost are subject to impairments

driven by the expected credit loss model as further stipulated in note 13 and below.

Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial

asset in a way that qualifies for derecognition in accordance with IFRS 9.

The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating

changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial

position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health

of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the

debtor will enter bankruptcy or financial reorganisation.

Non-derivative financial liabilities

The Group’s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date.

Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities

and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group’s balance sheet when the Group

becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are

derecognised when the obligation specified in the contract is discharged, cancelled or expires.

In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it

relates is derecognised and subsequently re-recognised on the modified terms.

Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented

on a net basis.

Derivatives

The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised

at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance

sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on

whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify

for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign

exchange hedging.

Cash flow hedge accounting

At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the

effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item.

This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument

remains an effective hedge.

The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow

hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance

costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the

income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If

the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in

other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction

is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other

comprehensive income is immediately transferred to the income statement and recognised within finance costs.

Notes to the Group

financial statements continued

191

Financial Statements Investor InformationGovernanceStrategic Report

Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously

recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the

non-financial asset or liability. Such transfers will not affect other comprehensive income.

Derivatives that do not qualify for hedge accounting

Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of

derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same

line as the item that is hedged.

The carrying amount of the Group’s financial assets, liabilities and derivative financial instruments are as follows:

	3 May	27 April
	2025	2024
	£m	£m
Lease receivables (3)	3	4
Cash and cash equivalents (1)	209	125
Trade and other receivables (1)	672	591
Derivative financial assets (2)	5	13
Derivative financial liabilities (2)	(16)	(4)
Trade and other payables (1)	(1,345)	(1,327)
Loans and other borrowings (1)	(25)	(29)
Lease liabilities (3)	(940)	(1,003)

(1) Held at amortised cost.

(2) Held at fair value through profit or loss.

(3) Measured in accordance with IFRS 16: ‘Leases’.

Financial instruments that are measured at fair value in the financial statements require disclosure of fair value measurements by level

based on the following fair value measurement hierarchy:

• Level 1 – quoted prices (unadjusted) in active markets for identical assets and liabilities.

• Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (that is,

as prices) or indirectly (that is, derived from prices).

• Level 3 – inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Listed investments held are categorised as level 1 in the fair value hierarchy and are valued based on quoted bid prices in an active market.

The significant inputs required to measure the Group’s remaining financial instruments at fair value on the balance sheet, being derivative

financial assets and liabilities, are observable and are classified as level 2 in the fair value hierarchy. There have also been no transfers

of assets or liabilities between levels of the fair value hierarchy.

Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early

redemption, or by revaluing forward currency contracts to period end market rates as appropriate to the instrument.

Management considers that the carrying amount of financial assets and liabilities recorded at amortised cost and their fair value are

not materially different.

Offsetting financial assets and financial liabilities

The Group has forward foreign exchange contracts that are subject to enforceable master netting arrangements. Under these master

netting agreements gross assets and liabilities could be offset in the case of a counterparty default.

192 Currys plc Annual Report & Accounts 2024/25

23 Financial risk management and derivative financial instruments continued

(i) Financial assets

			3 May 2025
		Gross amounts
		of recognised	Net amounts of
		financial	financial assets	Financial
	Gross amounts	liabilities	presented in	instruments not
	of recognised	set off in the	the balance	set off in the
	financial assets	balance sheet	sheet	balance sheet	Net amount
	£m	£m	£m	£m	£m
Forward foreign exchange contracts*	5	–	5	(4)	1
	5	–	5	(4)	1

			27 April 2024
		Gross amounts
		of recognised	Net amounts of
		financial	financial assets	Financial
	Gross amounts	liabilities	presented in	instruments not
	of recognised	set off in the	the balance	set off in the
	financial assets	balance sheet	sheet	balance sheet	Net amount
	£m	£m	£m	£m	£m
Forward foreign exchange contracts*	13	–	13	(4)	9
	13	–	13	(4)	9

* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively.

(ii) Financial liabilities

			3 May 2025
			Net amounts
		Gross amounts	of financial
	Gross amounts	of recognised	liabilities	Financial
	of recognised	financial assets	presented in	instruments not
	financial	set off in the	the balance	set off in the
	liabilities	balance sheet	sheet	balance sheet	Net amount
	£m	£m	£m	£m	£m
Forward foreign exchange contracts*	(16)	–	(16)	4	(12)
	(16)	–	(16)	4	(12)

			27 April 2024
		Gross amounts	Net amounts
	Gross amounts	of recognised	of financial	Financial
	of recognised	financial assets	liabilities	instruments not
	financial	set off in the	presented in the	set off in the
	liabilities	balance sheet	balance sheet	balance sheet	Net amount
	£m	£m	£m	£m	£m
Forward foreign exchange contracts*	(4)	–	(4)	4	–
	(4)	–	(4)	4	–

* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively.

a) Financial risk management policies

The Group’s activities expose it to certain financial risks including market risk (such as foreign exchange risk and interest rate risk),

credit risk and liquidity risk. The Group’s Treasury function, which operates under treasury policies approved by the Group’s Tax and

Treasury Committee, uses certain financial instruments to mitigate potentially adverse effects on the Group’s financial performance from

these risks. These financial instruments consist of bank loans and deposits, spot and forward foreign exchange contracts, and foreign

exchange swaps.

Throughout the period under review, in accordance with Group policy, no speculative use of derivatives or other instruments was

permitted. No contracts with embedded derivatives have been identified and, accordingly, no such derivatives have been accounted

for separately.

Notes to the Group

financial statements continued

193

Financial Statements Investor InformationGovernanceStrategic Report

b) Foreign exchange risk

The Group undertakes certain transactions that are denominated in foreign currencies and consequently has exposure to exchange

rate fluctuations. These exposures primarily arise from inventory purchases, with most of the Group’s exposure being to Euro and

US Dollar. The Group uses spot and forward currency contracts to mitigate these exposures, with such contracts designed to cover

exposures ranging from one month to one year.

The translation risk on converting overseas currency profits or losses is not hedged and such profits or losses are converted into

Pound Sterling at average exchange rates throughout the period. The Group’s principal translation currency exposures are the Euro

and Norwegian Krone.

As at 3 May 2025, the total notional principal amount of outstanding currency contracts was £1,498m (2023/24: £1,474m) and had

a net fair value of £10m liability (2023/24: £9m asset). Monetary assets and liabilities and foreign exchange contracts are sensitive

to movements in foreign exchange rates.

The impact of fluctuations in foreign exchange rates on profit/loss is mitigated by using offsetting exposures and non-hedged

derivatives, however there may be residual minimal impact on profit/loss from residual exposures that are not fully matched.

This sensitivity can be analysed in comparison to period end rates (assuming all other variables remain constant) as follows:

		Period ended 3 May 2025		Period ended 27 April 2024
	Effect on profit	Effect on total	Effect on profit	Effect on total
	before tax*	equity	before tax*	equity
	£m	£m	£m	£m
10% movement in the US Dollar exchange rate	–	7	–	7
10% movement in the Euro exchange rate	–	21	–	23
10% movement in the Norwegian Krone exchange rate	–	10	–	12
10% movement in the Swedish Krona exchange rate	–	14	–	12
10% movement in the Danish Krone exchange rate	–	9	–	8
10% movement in the Chinese Yuan Offshore exchange rate	–	6	–	5

* Wherever possible the Group offsets foreign exchange fluctuations using matching foreign currency assets or liabilities or unhedged derivatives. The impact of unmatched

exposures is immaterial.

c) Interest rate risk

The Group’s interest rate risk arises primarily on cash, cash equivalents and loans and other borrowings, all of which are at floating rates

of interest, and which therefore expose the Group to cash flow interest rate risk. These floating rates are linked to risk-free rates and other

applicable interest rate bases as appropriate to the instrument and currency. Future cash flows arising from these financial instruments

depend on interest rates and periods agreed at the time of rollover. Group policy permits the use of long-term interest rate derivatives

in managing the risks associated with movements in interest rates, however none have been utilised in the current or prior period.

The effect on the income statement and equity of a 100 basis point movement in the interest rate for the currencies in which most

Group cash, cash equivalents, loans and other borrowings are denominated is below, assuming that the period end positions prevail

throughout the period:

Increase/(decrease) on profit before tax

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
1% increase in the GBP interest rate	2	–
1% increase in the NOK interest rat e	–	–

194 Currys plc Annual Report & Accounts 2024/25

23 Financial risk management and derivative financial instruments continued

d) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that

are settled by delivering cash or another financial asset. The Group manages its exposure to liquidity risk by reviewing regularly the

long-term and short-term cash flow projections for the business against the resources available to it.

In order to ensure that sufficient funds are available for ongoing and future developments, the Group has committed bank facilities,

excluding overdrafts repayable on demand, totalling £525m (2023/24: £627m). Further details of committed borrowing facilities are

shown in note 16.

The table below analyses the Group’s financial liabilities and derivative assets and liabilities into relevant maturity Groupings.

The amounts disclosed in the table are the contractual undiscounted cash flows, including both principal and interest flows, assuming

that interest rates remain constant and that borrowings are paid in full in the period of maturity.

			3 May 2025
		In more than
		one year but
		not more than	In more than
	Within one year	five years	five years	Total
	£m	£m	£m	£m
Lease liabilities	(234)	(653)	(253)	(1,140)
Derivative financial instruments – gross cash outflows:
Forward foreign exchange contracts	(1,498)	–	–	(1,498)
Derivative financial instruments – gross cash inflows:
Forward foreign exchange contracts	1,487	–	–	1,487
Loans and other borrowings	(25)	–	–	(25)
Trade and other payables	(1,329)	(16)	–	(1,345)
	(1,599)	(669)	(253)	(2,521)

			27 April 2024
		In more than
		one year but
		not more than	In more than
	Within one year	five years	five years	Total
	£m	£m	£m	£m
Lease liabilities	(250)	(691)	(275)	(1,216)
Derivative financial instruments – gross cash outflows:
Forward foreign exchange contracts	(1,474)	–	–	(1 ,474)
Derivative financial instruments – gross cash inflows:
Forward foreign exchange contracts	1,484	–	–	1,484
Loans and other borrowings	(29)	–	–	(29)
Trade and other payables	(1,314)	(13)	–	(1,327)
	(1,583)	(704)	(275)	(2,562)

e) Credit risk

Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from the

Group’s receivables from consumers. The Group’s exposure to credit risk is regularly monitored and the Group’s policy is updated as appropriate.

The credit risk associated with cash and cash equivalents and derivative financial instruments are closely monitored and credit ratings

are used in determining maximum counterparty credit risk.

Surplus cash is invested in investment grade institutions using only low risk, highly liquid instruments such as overnight deposits and money

market funds. The Group only invests in money market funds where cash can be withdrawn the same day, and which are comprised of

assets with a weighted-average maturity of less than 90 days.

Notes to the Group

financial statements continued

195

Financial Statements Investor InformationGovernanceStrategic Report

	3 May	27 April
	2025	2024
Counterparty credit rating	£m	£m
AAA to AA-	157	82
A+ to A-	49	41
BBB+ to BBB-	3	2
	209	125

All derivative assets are considered low risk financial instruments as they are held at banks that are investment grade.

The Group’s contract assets of £38m (2023/24: £58m) are generally owed to the Group by major multinational enterprises with whom

the Group has well-established relationships and are consequently not considered to add significantly to the Group’s credit risk

exposure. In addition, credit risk is also inherently associated with the MNO end subscribers. Exposure to credit risk associated with

the MNO subscriber is managed through an extensive consumer credit checking process prior to connection with the network. The large

volume of MNO subscribers reduces the Group’s exposure to concentration of credit risk. Further information for credit risk associated

to contract assets and the MNO is disclosed within note 13.

For the Group’s trade receivables in the UK and Nordics, it has adopted the simplified approach to calculating expected credit losses

allowed by IFRS 9. Historical credit loss rates are applied consistently to Groups of financial assets with similar risk characteristics.

These are then adjusted for known forward-looking impacts on creditworthiness.

The gross carrying amount of financial assets within trade and other receivables is made up of trade receivables of £227m (2023/24:

£227m), accrued income of £466m (2023/24: £393m) and other debtors of £27m (2023/24: £17m). The expected credit loss associated

with trade receivables is £22m (2023/24: £22m), with accrued income is £26m (2023/24: £24m) relating to iD Mobile, and with other

receivables is £nil (2023/24: £nil). The table below contains gross amounts which are deemed to have a material level of credit risk

of £240m (2023/24: £174m) for trade receivables, mainly in the main sales ledgers, and £256m (2023/24: £210m) for accrued income.

Other amounts within trade and other receivables are not considered to have a material level of credit risk because they primarily

relate to receivables with blue chip multinational companies with no history of default and no concentration of credit risk to the Group.

The Group applies the expected credit loss model, as described above, to all financial assets. The areas of risk and corresponding

expected credit loss are as follows:

	3 May 2025		27 April 2024
	Gross carrying	Expected	Gross carrying	Expected
	amount	credit loss	Amount	credit loss
	£m	£m	£m	£m
UK & Ireland – Business to Business	4	2	5	3
UK & Ireland – Main Sales Ledger	145	12	72	14
UK & Ireland – iD Mobile	256	26	210	24
Nordics – Business to Business	28	2	22	1
Nordics – Franchise Debtors	33	3	29	2
Nordics – Main sales ledger	30	3	46	2
	496	48	384	46

Ageing of the areas of credit risk is set out in the tables below:

	3 May	27 April
	2025	2024
Gross amounts of recognised financial assets	£m	£m
Not yet due	371	304
0 – 90 days	77	44
91 – 180 days	12	18
180+ days	36	18
	496	384

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group’s

maximum exposure to credit risk.

196 Currys plc Annual Report & Accounts 2024/25

23 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 3 May 2025 the Group had forward and swap foreign exchange contracts in place with a notional value of £812m (2023/24:

£790m) and a net fair value of £9m liability (2023/24: £9m asset) 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 £nil asset (2023/24: £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 3 May 2025, 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 3 May 2025			Period ended 27 April 2024
			Change in fair			Change in fair
			value used			value used
	Maturing		to calculate	Maturing		to calculate
	hedges in the	Weighted	hedge	hedges in the	Weighted	hedge
	next 12 months	average	ineffectiveness	next 12 months	average	ineffectiveness
	£m	hedge rate	£m	£m	hedge rate	£m
Hedging USD purchases into GBP (UK)	37	1.2804	(1)	48	1.2636	–
Hedging EUR purchases into GBP (UK)	20	1.1729	–	27	1.1516	–
Hedging CNY purchases into GBP (UK)	77	9.1215	(3)	63	8.9378	–
Hedging EUR purchases into NOK (Nordics)	300	11.7048	3	306	11.5477	7
Hedging USD purchases into NOK (Nordics)	47	10.9885	(2)	46	10.6233	2
Hedging SEK sales into NOK (Nordics)	151	0.9574	(5)	133	0.9812	1
Hedging DKK sales into NOK (Nordics)	97	0.6382	(1)	90	0.6455	(2)
Hedging GBP purchases into EUR (Ireland)	83	1.1717	–	77	1.1517	1
	812		(9)	790		9

The change in value of hedged items is a total of £(9)m (2023/24: £9m). 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.

Notes to the Group

financial statements continued

197

Financial Statements Investor InformationGovernanceStrategic Report

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 3 May 2025 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.

24 Notes to the cash flow statement

a) Reconciliation of cash and cash equivalents and bank overdrafts at the end of the period

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Cash at bank and on deposit	209	125
Bank overdrafts	(25)	(29)
Cash and cash equivalents and bank overdrafts at end of the period	184	96

b) Reconciliation of operating profit to cash generated from continuing operations

	Period ended	Period ended
	3 May	27 April
	2025	2024
	£m	£m
Profit after tax for the period	108	27
Income tax expense	16	1
Net finance costs	74	89
Profit before interest and tax	198	117
Depreciation and amortisation	289	299
Share-based payment charge	15	8
Loss on disposal of fixed assets	(1)	–
Impairments and other non-cash items	5	28
Operating cash flows before movements in working capital	506	452
Movements in working capital:
(Increase)/Decrease in inventory	(2)	(4 3)
(Increase)/Decrease in receivables	(65)	(36)
Increase/(Decrease) in payables	84	21
(Decrease)/Increase in provisions	(16)	25
	1	(33)
Cash generated from continuing operations	507	419

198 Currys plc Annual Report & Accounts 2024/25

24 Notes to the cash flow statement continued

c) Changes in liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s

consolidated cash flow statement as cash flows from financing activities.

			Lease
			additions,
	27 April	Financing cash	modifications	Foreign		3 May
	2024	flows	and disposals	exchange	Interest	2025
	£m	£m	£m	£m	£m	£m
Loans and other borrowings (note 16)	–	9	–	–	(9)	–
Lease liabilities (note 17) (i)	(1,003)	262	(135)	(8)	(56)	(940)
Total liabilities from financing activities (ii)	(1,003)	271	(135)	(8)	(65)	(940)

			Lease
			additions,
	29 April	Financing cash	modifications	Foreign		27 April
	2023	flows	and disposals	exchange	Interest	2024
	£m	£m	£m	£m	£m	£m
Loans and other borrowings (note 16)	(178)	197	4	(1)	(22)	–
Lease liabilities (note 17) (i)	(1,233)	275	1 (iii)	18	(64)	(1,003)
Total liabilities from financing activities (ii)	(1,411)	472	5	17	(86)	(1,003)

(i) Lease liabilities are secured over the Group’s right-of-use assets.

(ii) In addition to the amounts shown above, facility arrangement fees of £5m (2023/24: £1m) are included within cash flows from financing activities in the consolidated cash

flow statement.

(iii) This figure includes the disposal of lease liabilities related to Greece of £80m.

d) Proceeds on sale of business

On 10 April 2024,the Group announced that it has completed the sale of Dixons South East Europe A.E.V.E., the holding company of Currys’

entire Greece and Cyprus retail business, trading as Kotsovolos, to Public Power Corporation S.A. Further details about the disposal of

the subsidiary can be found in note 22. Total consideration received was £237m and £32m of cash was held in Dixons South East Europe

A.E.V.E. at the disposal date, resulting in a net cash inflow on disposal of £205m. A further £3m of transaction fees associated with the

sale were paid during FY24, resulting in net proceeds on disposal of £202m. 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.

25 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:

	3 May	27 April
	2025	2024
	£m	£m
Revenue from sale of goods and services	14	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.

Notes to the Group

financial statements continued

199

Financial Statements Investor InformationGovernanceStrategic Report

26 Capital commitments

	3 May	27 April
	2025	2024
	£m	£m
Intangible assets	1	1
Property, plant & equipment	–	5
Contracted for but not provided for in the accounts	1	6

27 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 £103m

up to 3 May 2025. 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.

28 Events after the balance sheet date

There were no material events after the balance sheet date.

200 Currys plc Annual Report & Accounts 2024/25

Note

3 May

2025

£m

27 April

2024

£m

Non-current assets

Investments in subsidiaries C4 2,669 2,559

2,669 2,559

Current assets

Cash and cash equivalents 130 30

Debtors C5 371 362

Derivative assets C7 20 16

521 408

Current liabilities

Creditors C6 (312) (227)

Derivative liabilities C7 (20) (16)

Income tax payable (7) (7)

Net current assets 182 158

Total assets less current liabilities 2,851 2,717

Net assets 2,851 2,717

Capital and reserves

Share capital C8 1 1

Share premium reserve C8 2,263 2,263

Profit and loss account 587 453

2,851 2,717

The Company’s profit for the period was £13 8m (2023/24: £289m profit).

The financial statements of the Company were approved by the Board on 2 July 2025 and signed on its behalf by:

Alex Baldock Bruce Marsh

Group Chief Executive Group Chief Financial Officer

Company registration number: 7105905

Company

balance sheet

201

Financial Statements Investor InformationGovernanceStrategic Report

Company statement

of changes in equity

Share capital

£m

Share premium

reserve

£m

Profit and loss

account

£m

Total equity

£m

At 29 April 2023 1 2,263 168 2,432

Total comprehensive income for the period – – 289 289

Purchase of own shares – employee benefit trust – – (12) (12)

Share-based payments – – 8 8

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

202 Currys plc Annual Report & Accounts 2024/25

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 3 May 2025 was 2 (2023/24: 2). Directors’ remuneration for the period

ended 3 May 2025, recharged from other Group companies was £2m (2023/24: £2m).

Judgements and sources of estimation uncertainty

As required by IAS 36, the Investments balance of the Company and its other assets are subject to an impairment review if it is

determined that indicators of impairment or impairment reversal exist. The Company has considered a number of factors including the

carrying value of the investment in subsidiaries in relation to the market capitalisation of the Group. While the carrying value remains

higher than the market capitalisation, the market capitalisation has increased in the period due to an increase in the Company’s share

price. Management concluded that some of these factors were an indicator of impairment reversal and consequently, an impairment

review was undertaken per IAS 36 which resulted in a reversal of a prior period non-cash impairment of £110m being recognised in the

Investments in Subsidiaries balance. Determining the recoverable amount of the investment balance requires assumptions relating to

discount rates, long-term growth rates and future cash flows.

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 3 May 2025 was £138m (2023/24: £289m 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.

Notes to the Company

financial statements

203

Financial Statements Investor InformationGovernanceStrategic Report

C4 Investments in subsidiaries

3 May

2025

£m

27 April

2024

£m

Opening balance 2,559 2,340

Reversal of impairments 110 219

Closing balance 2,669 2,559

Cost 2,676 2,676

Accumulated impairments (7) (117)

Net carrying amount 2,669 2,559

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 3 May 2025 the excess of the carrying amount of the net assets of the Company, which primarily

consists of investments in subsidiaries, above the market capitalisation of Currys plc had decreased in the period. This was considered to

be an indicator of impairment reversal and an impairment test over the investment in subsidiaries was performed in accordance with IAS 36.

The recoverable amounts of the investments have been determined as at 3 May 2025 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:

3 May 2025 27 April 2024

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 1.9% 1.8% 1.5% 10.4% 1.9% 1.7% 1.5% 11.8%

Nordics 0.7% 0.4% 1.7% 9.2% 4.2% 3.8% 1.7% 10.0%

Upon performing the impairment testing described above, it was determined that the recoverable amount of the investment was higher

than the carrying amount, and a reversal of impairments recognised in prior periods of £110m (2023/24: £219m reversal) was recognised

over the investment balance. This reversal primarily relates to a decrease in discount rate and a decrease in the Group pension liability.

At the period end, the recoverable amount, based on the adjusted VIU, shows a headroom of £92m (2023/24: £nil) above the carrying

amount of the investments in subsidiaries.

As described above, the cash flows used within the VIU calculation, the long-term growth rate and the discount rate are sources of

estimation uncertainty. A summary of the sensitivities applied to the key assumptions and the resulting impact on the current value of

the accumulated impairment recognised is below:

Key assumption Sensitivity applied

Headroom/

(Impairment)

£m

Movement

£m

Operating profit in final year of plan Increase of 10% 371 279

Decrease of 10% (187) (279)

Long-term growth rate Increase of 0.2% 169 77

Decrease of 0.2% 19 (73)

Pre-tax discount rate

Increase of 1.0% (271) (363)

Decrease of 1.0% 556 464

204 Currys plc Annual Report & Accounts 2024/25

C5 Debtors

3 May

2025

£m

27 April

2024

£m

Amounts owed by Group undertakings 371 362

Amounts falling due within one year 371 362

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

prior period an increase in expected credited losses of £3m 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. In the period ended 3 May 2025,

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, with no addition to expected credit losses.

C6 Creditors

3 May

2025

£m

27 April

2024

£m

Amounts owed to Group undertakings 286 223

Accruals – 4

Overdrafts 26 –

Amounts falling due within one year 312 227

C7 Derivatives

3 May

2025

£m

27 April

2024

£m

Foreign exchange contracts 20 16

Derivative assets 20 16

Foreign exchange contracts (20) (16)

Derivative liabilities (20) (16)

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 23 to the Group financial statements for further details.

As at 3 May 2025 the Company has external forward and swap foreign exchange contracts in place with a notional value of £2,445m

(2023/24: £2,404m) and a fair value of £20m asset (2023/24: £16m) and £20m liability (2023/24: £16m). These derivatives will mature

in between one month and one year.

Derivatives with a notional value of £1,614m (2023/24: £1,577m) and a fair value of £19m asset (2023/24: £15m) and £19m liability

(2023/24: £15m) were designated by subsidiaries in cash flow hedge relationships. These derivatives were passed down to the hedging

subsidiary using an internal derivative with the same (but opposite) terms to external derivatives. The purpose of these derivatives is

explained further in note 23.

Derivatives with a notional value of £291m (2023/24: £288m) and a fair value of £1m asset (2023/24: £nil) and £1m of liability

(2023/24: £nil) were not designated by subsidiaries in cash flow hedge relationships but were passed down to subsidiaries to offset

foreign currency balance sheet exposures. These derivatives were passed down using an internal derivative with the same (but opposite)

terms to external derivatives.

Derivatives with a notional value of £540m (2023/24: £539m) and a fair value of £nil asset (2023/24: £1m) and £nil liability

(2023/24: £1m) were used by the Company to minimise the translational impact on the Company balance sheet for amounts held in

foreign currencies. These were not passed down to subsidiaries.

Notes to the Company

financial statements continued

205

Financial Statements Investor InformationGovernanceStrategic Report

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 3 May 2025

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

Watermanweg 96, 3067 GG, Rotterdam 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*

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 International Retail

Properties 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

DSG Retail Ireland Pension Trust Limited 38 Upper Mount Street, Dublin 2, D02 PR89 Ireland Ordinary 100

206 Currys plc Annual Report & Accounts 2024/25

C9 Subsidiary undertakings continued

a) Subsidiaries as at 3 May 2025 continued

Name

Registered office address

Country of incorporation

or registration

Share class(es)

held

% held

Elcare Nordic AS Industrivegen, 53, 2212, Kongsvinger Norway Ordinary 100

Elcare Nordic Oy Silvastintie 1, 01510, Vantaa Finland Ordinary 100

Electrocare Nordic AB Arabygatan 9, 35246 Växjö, Kronobergs Län Sweden Ordinary 100

Elgiganten Aktiebolag Franzéngatan 6, 112 51 Stockholm Sweden Ordinary 100

ElGiganten A/S Arne Jacobsens Allé 16, 2.sal København S,

2300 Copenhagen

Denmark Ordinary 100

El-Giganten Logistik AB Möbelvägen 51, 556 52 Jönköping Sweden Ordinary 100

Elkjøp Holdco AS Nydalsveien 18A, 0484, Oslo Norway Ordinary 100

Elkjøp Nordic AS Nydalsveien 18A, 0484, Oslo Norway Ordinary 100

Elkjøp Norge AS Nydalsveien 12B, 0484, Oslo Norway Ordinary 100

Epoq Logistic DC k.s. Evropská 868, 664 42 Modřice Czech Republic Ordinary 100

Gigantti Oy Töölönlahdenkatu 2, FI-00100, Helsinki Finland Ordinary 100

Giga Mobiili Oy Töölönlahdenkatu 2, FI-00100, Helsinki Finland Ordinary 100

iD Mobile Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100

Mastercare Service and Distribution

Limited

1 Portal Way, London, W3 6RS United Kingdom Ordinary 100

MTIS Limited (in liquidation) Carphone Warehouse, Dixons Unit, 301 Omni

Park Shopping Centre, Swords Road, Dublin 9

Ireland Ordinary 100

New CPWM Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100

Petrus Insurance Company Limited 28 Irish Town Gibraltar Ordinary 100

Simplify Digital Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100

The Carphone Warehouse (Digital)

Limited

1 Portal Way, London, W3 6RS United Kingdom Ordinary 100*

The Carphone Warehouse Limited 3rd Floor Office Suite, Omni Park Shopping

Centre, Santry, Dublin 9

Ireland Ordinary 100

The Phone House Holdings (UK) Limited 1 Portal Way, London, W3 6RS United Kingdom Ordinary 100

* Interest held directly by Currys plc.

Notes to the Company

financial statements continued

207

Financial Statements Investor InformationGovernanceStrategic Report

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

c) Subsidiary undertakings exempt from audit

The following subsidiaries, all of which are incorporated in England and Wales are exempt from the requirements of the Companies Act

2006 relating to the audit of individual accounts by virtue of section 479A of that Act:

Name Company registration number

Carphone Warehouse Europe Limited 06534088

Connected World Services Distributions Limited 01847868

CPW Acton Five Limited 05738735

Currys Holdings Limited 07866062

Currys Retail Group Limited 03847921

DSG European Investments Limited 03891149

DSG International Holdings Limited 03887870

DSG International Retail Properties Limited 00476440

DSG Overseas Investments Limited 02734677

Simplify Digital Limited 06095563

The Carphone Warehouse (Digital) Limited 03966947

The Phone House Holdings (UK) Limited 03663563

iD Mobile Limited 09304672

Currys Retail Limited 02142673

208 Currys plc Annual Report & Accounts 2024/25

2024/25

£m

2023/24

£m

2022/23

£m

2021/22

£m

2020/21

£m

Adjusted results (continuing operations)

Revenue 8,706 8,476 8 ,874 10,144 10,330

EBIT 225 203 196 280 262

Interest (63) (85) (89) (88) (106)

Profit before tax 162 118 107 192 156

Tax (40) (31) (25) (52) (33)

Profit after tax 122 87 82 140 123

Earnings per share

– Basic 11.3p 7.9p 7.4p 12.4p 10.7p

– Diluted 10.8p 7.7p 7.3p 11.9p 10.3p

Five period record

(unaudited)

209

Financial Statements Investor InformationGovernanceStrategic Report

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

Included within our APMs 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 do 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.

210 Currys plc Annual Report & Accounts 2024/25

Adjusting items 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.

Glossary and

definitions continued

211

Financial Statements Investor InformationGovernanceStrategic Report

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.

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 are 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

(continuing operations)

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 3 May 2025

Total

profit

£m

Acquisition

/ disposal

items

£m

Strategic

change

programmes

£m

Impairment

losses and

onerous

contracts

£m

Regulatory

costs

£m

Other

£m

Interest

£m

Adjusted

profit

£m

UK & Ireland 145 11 6 (3) (7) 1 – 153

Nordics 53 12 7 – – – – 72

EBIT from continuing operations 198 23 13 (3) (7) 1 – 225

Finance income 11 – – – – – – 11

Finance costs (85) – – – – – 11 (74)

Profit before tax from continuing

operations 124 23 13 (3) (7) 1 11 162

Period ended 27 April 2024

Total

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 88 11 11 17 13 2 – 142

Nordics 29 12 5 15 – – – 61

EBIT from continuing operations 117 23 16 32 13 2 – 203

Finance income 4 – – – – – – 4

Finance costs (93) – – – – – 4 (89)

Profit before tax from continuing

operations 28 23 16 32 13 2 4 118

212 Currys plc Annual Report & Accounts 2024/25

A2 Reconciliation from statutory profit before interest and tax to EBITDA (continuing operations)

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

3 May

2025

£m

Period ended

27 April

2024

£m

Profit before interest and tax from continuing operations 198 117

Depreciation 220 219

Amortisation 69 80

EBITDA 487 416

A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR (continuing operations)

Adjusted EBITDA represents earnings before interest, tax, depreciation and amortisation. This measure also excludes adjusting items, the

nature of which are disclosed above and with further detail in note A4. It provides a useful measure of profitability for users by adjusting

for the items noted in A1 above as well as the volatility of depreciation and amortisation expense which, due to variable useful lives

and timing of capital investment, could distort the underlying profit generated from the Group in relative periods.

The depreciation adjusted within adjusted EBITDA includes right-of-use asset depreciation on leased assets under IFRS 16. As some

lease rental expenses are not depreciation linked to right-of-use assets due to being short term, low value or variable, a similar measure

of adjusted EBITDAR is provided. Adjusted EBITDAR provides a measure of profitability based on the above adjusted EBITDA definition

as well as deducting rental expenses not linked to right-of-use assets. The purpose of this measure is aligned to the adjusted EBITDA

purpose above, with the addition of excluding the full cost base of leases which can vary from period to period, for example when

leases are short term, whilst negotiations are ongoing regarding lease renewals.

The below reconciles adjusted EBIT to adjusted EBITDA and adjusted EBITDAR. The closest equivalent IFRS measures are considered to

be profit before interest and tax, the reconciliation of such from adjusted EBIT can be found in note A1.

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Adjusted EBIT 225 203

Depreciation 220 219

Amortisation 46 57

Adjusted EBITDA 491 479

Leasing costs in EBITDA 4 4

Adjusted EBITDAR 495 483

Glossary and

definitions continued

213

Financial Statements Investor InformationGovernanceStrategic Report

A4 Further information on the adjusting items between IFRS measures to adjusted profit measures

noted above (continuing operations)

Note

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Included in profit before interest and tax (continuing operations):

Acquisition/disposal related items (i) 23 23

Strategic change programmes (ii) 13 16

Impairment losses and onerous contracts (iii) (3) 32

Regulatory (income)/cost (iv) (7) 13

Other (v) 1 2

27 86

Included in net finance costs (continuing operations):

Net non-cash finance costs on defined benefit pension schemes (vi) 8 11

Other interest (vii) 3 (7)

Total impact on profit before tax (continuing operations) 38 90

Tax on adjusting items (viii) (24) (30)

Total impact on profit after tax (continuing operations) 14 60

(i) Acquisition/disposal related items

A charge of £23m (2023/24: £23m) relates primarily to amortisation of acquisition intangibles arising on the Dixons Retail Merger.

(ii) Strategic change programmes

During the period, costs of £13m have been incurred as the Group continues to deliver the long-term strategic plan. The costs incurred

relate to the following strategic change programmes:

• £2m (2023/24: £12m) of one-off implementation costs related to transferring service centre operations to a third party;

• £7m (2023/24: £4m) of additional restructuring costs in relation to the restructure of the Nordics central operations and retail

business as announced in a prior period.

Property rationalisation

Included within strategic change programmes in the period is £4m of costs that primarily relate to property rates for ongoing leases

for stores that were closed as part of previously announced store property rationalisation and closure programmes, as well as costs

associated with lease remeasurement following renegotiations. Amounts recognised in the prior period related to property programmes

were net £nil.

(iii) Impairment losses and onerous contracts

During the prior period the Group undertook a strategic review of the IT licensing portfolio which resulted in £1m of intangible impairments

and a provision for onerous contracts of £6m in relation to unavoidable future costs of licensing agreements. During the current period,

the remaining provision balance of £3m was released following successful contract renegotiations resulting in a corresponding credit to

adjusting items. During the prior period the Group also recognised £10m of impairments over intangible software assets in the UK & Ireland

segment that became obsolete due to system replacements that took place in the year.

Following the announcement in a prior period of the strategic decision to restructure elements of the Nordics segment, the 2023/24

adjusting items also included fixed asset impairment charges of £15m, recognised over assets held in the Nordics component of the Group.

This included £16m of impairments of inefficient intangible software assets with a view to achieving long-term efficiencies with alternative

assets. This was partially offset by a £1m net credit from reversals of right-of-use asset impairments following some additional store

closures and some planned closures from the prior period not executed.

(iv) Regulatory costs

During the prior period the Group provided for £13m of costs related to historic regulatory matters. In the current period, £7m of the

remaining provisions were released following a revision to the estimate of the amount required to settle the related obligations, and

the corresponding credit has been recognised as an adjusting item.

214 Currys plc Annual Report & Accounts 2024/25

A4 Further information on the adjusting items between IFRS measures to adjusted profit measures

noted above (continuing operations) continued

(v) Other

In the current period the Group has recognised £1m for professional fees incurred in relation to open tax cases and other non-operating

matters (2023/24: £2m).

In the prior period the Group recognised £2m of FX impact upon translation of an exceptional underlying intra-group balance that has

since been capitalised. A further £2m was recognised for professional fees incurred in relation to open tax cases and other non-operating

matters. These costs were partially offset by £2m of income from intra-group balance adjustments, which is offset in total statutory profit

by a corresponding cost in discontinued operations.

(vi) Net non-cash financing costs on defined benefit pension schemes

The net interest charge on defined benefit pension schemes represents the non-cash remeasurement calculated by applying the

corporate bond yield rates applicable on the last day of the previous financial period to the net defined benefit obligation.

(vii) Other interest

As outlined in note 1d, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy

transactions in the Carphone Warehouse Group. The Group has risk assessed that certain of the cases have a probable chance of

resulting in cash outflows to HMRC that are measured at £51m as at 3 May 2025 (comprising the amount of tax payable and interest up

to 3 May 2025) (2023/24: £50m). During the period, an interest charge of £1m (2023/24: £7m credit) was recorded in relation to these

cases which arose from the further accrual of one years’ interest, based on their most recent weighted average probability of occurring.

An additional £2m of finance costs have been recognised in adjusting items in respect of arrangement fees relating to the previous

Group Revolving Credit Facilities. This represents the residual prepayment balance that has been released to profit and loss upon the

refinancing to the new Group facility that took place in the period.

(viii) Tax on other adjusting items

The effective tax rate on adjusting items is 61%. The rate is higher than the UK statutory rate of 25% predominantly due to the claiming

of UK capital allowances in excess of depreciation for which no deferred tax asset was previously recognised.

A5 Reconciliation from statutory net finance costs to adjusted net finance costs (continuing operations)

Adjusted net finance costs exclude certain adjusting finance cost items from total finance costs. The adjusting items include net pension

interest costs and interest charged on Uncertain Tax Positions (‘UTP’). Further information on these items being removed from our adjusted

earnings measures is included within the definitions above.

The below provides a reconciliation from net finance costs, which is considered to be the closest IFRS measure, to adjusted net finance costs.

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Total net finance costs (74) (89)

Net interest on defined benefit pension obligations 8 11

Other interest 3 (7)

Adjusted total net finance costs (63) (85)

Glossary and

definitions continued

215

Financial Statements Investor InformationGovernanceStrategic Report

A6 Adjusted tax expense (continuing operations)

a) Tax expense

The income tax charge comprises:

Period ended 3 May 2025 Period ended 27 April 2024

Adjusted

£m

Adjusting

items

£m

Statutory

£m

Adjusted

£m

Adjusting

items

£m

Statutory

£m

Current tax

UK corporation tax at 25% (2023/24: 25%) 12 (1) 11 16 (9) 7

Overseas tax 3 3 6 6 (1) 5

15 2 17 22 (10) 12

Adjustments made in respect of prior periods:

UK corporation tax – – – – (4) (4)

Overseas tax – – – (1) – (1)

– – – (1) (4) (5)

Total current tax 15 2 17 21 (14) 7

Deferred tax

UK corporation tax 16 (18) (2) 10 (12) (2)

Overseas tax 9 (8) 1 – (4) (4)

25 (26) (1) 10 (16) (6)

Adjustments made in respect of prior periods:

UK corporation tax – – – – – –

Overseas tax – – – – – –

– – – – – –

Total deferred tax 25 (26) (1) 10 (16) (6)

Total tax charge 40 (24) 16 31 (30) 1

b) Reconciliation of standard to actual (effective) tax rate

The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate

of UK corporation tax to profit/(loss) before taxation are as follows:

Period ended 3 May 2025 Period ended 27 April 2024

Adjusted

£m

Adjusting

items

£m

Statutory

£m

Adjusted

£m

Adjusting

items

£m

Statutory

£m

Profit before taxation 162 (38) 124 118 (90) 28

Tax at UK statutory rate of 25% (2023/24: 25%) 41 (10) 31 30 (23) 7

Items attracting no tax relief or liability

(i)

1 – 1 2 – 2

Recognition of UK deferred tax asset

(ii)

– (2) (2) – – –

Movement in unprovided deferred tax

(iii)

– (13) (13) – (4) (4)

Differences in effective overseas tax rates (2) 1 (1) (1) 1 –

Other tax adjustments – – – 1 – 1

Adjustments in respect of prior periods

(iv)

– – – (1) (4) (5)

Total tax charge 40 (24) 16 31 (30) 1

The effective tax rate on adjusted earnings for the period ended 3 May 2025 is 24% (2023/24: 27%). The effective tax rate on adjusting

items is 61% (2023/24: 34%). The future effective tax rate is likely to be impacted by the geographical mix of profits and the Group’s

ability to take advantage of currently un-recognised deferred tax assets.

(i) Items attracting no tax relief or liability relate mainly to non-deductible expenditure, including non-qualifying depreciation.

(ii) As described in note 1d, the Group recognised a UK deferred tax asset of £23m, of which £2m was credited to the income statement (mainly in relation to tax losses),

£17m was credited to other comprehensive income (mainly in relation to its defined benefit pension scheme) and £4m was credited directly to equity (in relation to equity

settled share-based payments). These amounts relate to the deductible temporary differences that are expected to reverse in the next year (see also note 6c).

(iii) The Group utilised accelerated capital allowances to shelter its taxable profits arising in the period ended 3 May 2025. As no deferred tax asset was recognised on

brought forward deductible temporary differences, this gives rise to a reconciling item that reduces the effective tax rate for the year. Following the partial recognition

of a UK deferred tax asset during the year ended 3 May 2025, to the extent that future taxable profits are sheltered by the utilisation of recognised deferred tax assets,

this will not give rise to a reconciling difference in the future.

(iv) The provisions for uncertain tax positions relating to the legacy Carphone Warehouse tax cases outlined in note 1d were remeasured during the prior period.

216 Currys plc Annual Report & Accounts 2024/25

A7 Adjusted earnings per share (continuing operations)

Earnings per share (‘EPS’) measures are adjusted in order to show an adjusted EPS figure, which reflects the adjusted earnings per share

of the Group. We consider the adjusted EPS to provide a useful measure of the ongoing earnings of the underlying Group.

The below table shows a reconciliation of statutory basic and diluted EPS to adjusted basic and diluted EPS as these are considered

to be the closest IFRS equivalents.

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Profit after tax for the period (continuing operations)

Total 108 27

Adjustments 14 60

Adjusted profit after tax (continuing operations) 122 87

Million Million

Weighted average number of shares

Average shares in issue 1,133 1,133

Less average holding by Group EBT and Treasury shares held by Company (52) (27)

For basic earnings per share 1,081 1,106

Dilutive effect of share options and other incentive schemes 51 22

For diluted earnings per share 1,132 1,128

Pence Pence

Basic earnings per share

Total 10.0 2.4

Adjustments 1.3 5.5

Adjusted basic earnings per share (continuing operations) 11.3 7.9

Diluted earnings per share

Total 9.5 2.4

Adjustments 1.3 5.3

Adjusted diluted earnings per share (continuing operations) 10.8 7.7

Basic and diluted EPS are based on the profit for the period attributable to equity shareholders. Adjusted EPS is presented to show the

underlying performance of the Group. Adjustments used to determine adjusted earnings are described further in note A4.

A8 Reconciliations of cash generated from operations to free cash flow (continuing operations)

Operating cash flow comprises cash generated from/(utilised by) operations, adjusting items (the nature of which are disclosed

above), and after repayments of lease liabilities (excluding non-trading stores) and movements in working capital presented within the

Performance review. The measure aims to provide users with a clear understanding of cash generated from the operations of the Group.

Sustainable free cash flow comprises cash generated from/(utilised by) operations, but before movements in working capital, and

after capital expenditure, capital repayments of lease liabilities, net cash interest paid, and income tax paid. Free cash flow comprises

all items contained within sustainable free cash flow but after movements in working capital. Sustainable free cash flow and free cash

flow are considered to be useful for users as they represent available cash resources after operational cash outflows and capital

investment to generate future economic inflows. We consider it useful to present both measures to draw users’ attention to the impact

of movements in working capital on free cash flow.

Glossary and

definitions continued

217

Financial Statements Investor InformationGovernanceStrategic Report

The below provides a reconciliation of cash generated from operations, which is considered the closest equivalent IFRS measure,

to operating cash flow, sustainable free cash flow and free cash flow:

Reconciliation of cash inflow from operations to free cash flow

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Cash generated from continuing operations 507 419

Capital repayment of leases cost and interest (261) (255)

Less adjusting items to cash flow 33 48

Less movements in working capital presented within the Performance review (note A10) (14) 34

Other (5) –

Operating cash flow 260 246

Capital expenditure (77) (48)

Add back adjusting items to cash flow (33) (4 8)

Taxation (4) (7)

Cash interest paid (11) (27)

Sustainable free cash flow 135 116

Add back movements in working capital presented within the Performance review (note A10) 14 (34)

Free cash flow 149 82

Reconciliation of adjusted EBIT to free cash flow and sustainable free cash flow

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Adjusted EBIT (note A1) 225 203

Depreciation and amortisation (note A3) 266 276

Working capital presented within the Performance review (note A10) 14 (34)

Capital expenditure (77) (48)

Taxation (4) (7)

Interest (11) (27)

Repayment of leases* (245) (243)

Other non-cash items in EBIT** 14 10

Free cash flow before adjusting items to cash flow 182 130

Adjusting items to cash flow (33) (4 8)

Free cash flow 149 82

Less working capital presented within the Performance review (note A10) (14) 34

Sustainable free cash flow 135 116

* Repayment of leases excludes the impact of non-trading leases which are presented within adjusting items to cash flow.

** Other non-cash items in EBIT, as disclosed within the Performance review, comprise share-based payments, profit/loss on disposal of fixed assets, impairments and other

non-cash items.

218 Currys plc Annual Report & Accounts 2024/25

A9 Reconciliation from liabilities arising from financing activities to total indebtedness and net cash

Total indebtedness represents period end net cash, pension deficit, lease liabilities and lease receivables, less any restricted cash.

The purpose of this is to evaluate the liquidity of the Group with the inclusion of all interest-bearing liabilities.

Net cash comprises cash and cash equivalents and short-term deposits, less loans and other borrowings. Lease liabilities are not

included within net cash. We consider that this provides a useful alternative measure of the indebtedness of the Group and is used

within our banking covenants as part of the leverage ratio.

The below provides a reconciliation of total liabilities from financing activities, which is considered the closest equivalent IFRS measure,

to total indebtedness and net cash:

3 May

2025

£m

27 April

2024

£m

Lease liabilities* (note 17) (940) (1,003)

Total liabilities from financing activities (note 24c) (940) (1,003)

Cash and cash equivalents less restricted cash (note 14) 179 89

Overdrafts (note 16) (25) (29)

Lease receivables* 3 4

Pension liability (103) (171)

Total indebtedness (886) (1,110)

Restricted cash 30 36

Add back pension liability 103 171

Add back lease liabilities 940 1,003

Less lease receivables (3) (4)

Net cash 184 96

* Net lease liabilities within the Performance review relates to lease liabilities less lease receivables.

Within the Performance review management also refers to average net cash/(debt) and total average indebtedness. Average net

cash/(debt) and total average indebtedness comprises the same items as included in net cash and total indebtedness as defined

above, however the net cash element is calculated as the average between April to April for the full period to align to the Group’s

Remuneration Committee calculation and as reported internally.

A10 Reconciliation of statutory working capital to working capital presented within the

Performance review

Within the Performance review a reconciliation of the adjusted EBIT to free cash flow is provided. Within this, the working capital balance

of £14m (2023/24: £(34)m) differs to the statutory working capital balance of £1m (2023/24: £(33)m) as cash flows on adjusting items

are separately disclosed.

Working capital presented within the Performance review is a measure of working capital that is adjusted from total IFRS measures to

remove the working capital on adjusting items, the nature of which are disclosed above. A description of costs included within adjusting

items during the period and comparative periods is further disclosed in note A4.

As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of the

Group. A reconciliation of the disclosed working capital balance is as follows:

Period ended

3 May

2025

£m

Period ended

27 April

2024

£m

Movements in working capital (note 24b) 1 (33)

Adjusting items provisions 13 (1)

Working capital presented within the Performance review 14 (34)

Glossary and

definitions continued

219

Financial Statements Investor InformationGovernanceStrategic Report

A11 Summary of working capital presented within the Performance review

Within the Performance review a summary balance sheet is provided which includes a working capital balance of £(195)m

(2023/24: £(163)m). The below table provides a breakdown of how the summary working capital balance ties through to the

statutory balance sheet.

Note

3 May

2025

£m

27 April

2024

£m

Non-current assets

Trade and other receivables 13 100 101

Current assets

Inventory 12 1,037 1,034

Trade and other receivables 13 685 616

Derivative assets 23 5 13

Current liabilities

Trade and other payables 15 (1,889) (1,809)

Derivative liabilities 23 (16) (4)

Non-current liabilities

Trade and other payables 15 (117) (114)

Working capital presented within the Performance review (195) (163)

220 Currys plc Annual Report & Accounts 2024/25

Other definitions

The following definitions apply throughout this Annual Report & Accounts unless the context otherwise requires:

Acquisition

intangibles

Acquired intangible assets such as customer bases, brands and other intangible assets acquired through

a business combination capitalised separately from goodwill.

AI Artificial Intelligence

AGM Annual General Meeting

APM Alternative Performance Measure

ARA Annual Report & Accounts

BEV Battery Electric Vehicle

Board The Board of Directors of the Company.

BRC British Retail Consortium

B2B Business to business

Carphone

Warehouse or

Carphone Group

The Company or Group prior to the Merger on 6 August 2014.

CEO Chief Executive Officer

CFO Chief Financial Officer

CGU Cash-generating unit

CNG Compressed Natural Gas

CODM Chief Operating Decision Maker

e Carbon Dioxide Equivalent

Company or the

Company

Currys plc (incorporated in England & Wales under the Act, with registered number 07105905), whose registered

office is at 1 Portal Way, London W3 6RS.

Credit adoption Sales on Credit as a proportion of total sales

CSRD Corporate Sustainability Reporting Directive

Currys plc or Group The Company, its subsidiaries, interests in joint ventures and other investments.

Dixons Retail

Merger or Merger

The all-share merger of Dixons Retail plc and Carphone Warehouse plc which occurred on 6 August 2014.

DPA Digital Poverty Alliance

DTR Disclosure Guidance and Transparency Rules

DSPB Deferred Share Bonus Plan

EBT Employee benefit trust

EPS Earnings per share

ESG Environmental, social and governance

FCA Financial Conduct Authority

FRC Financial Reporting Council

FTSE Financial Times Stock Exchange

GfK Growth from Knowledge

GHG Greenhouse Gas

GSLT Group Sustainability Leadership Team

HMRC His Majesty’s Revenue and Customs

HVAC Heating, ventilation, and air conditioning

IFRS International Financial Reporting Standards as adopted by the UK.

ISO International Organisation for Standardisation

IT Information Technology

KPI Key Performance Indicator

LTIP Long Term Incentive Plan

Glossary and

definitions continued

221

Financial Statements Investor InformationGovernanceStrategic Report

Market share Market share is measured for each of the Group’s markets by comparing data for revenue or volume of units sold

relative to similar metrics for competitors in the same market.

MVNO Mobile Virtual Network Operator

MNO Mobile Network Operator

NED Non-Executive Director

Net zero Net zero emissions includes our Scope 1, 2 and 3 emissions as reported in the Sustainable business section of

the Strategic Report. In 2020, we collaborated with the British Retail Consortium and other major retailers on the

development of a Climate Action Roadmap to decarbonise the retail industry and its supply chains. The plan

aims to bring the retail industry and its supply chains to net zero by 2040. Our commitment to net zero meets

a number of the criteria of the Science Based Targets initiative’s Corporate Net-Zero Standard but is not fully

aligned or validated against this standard. We will develop and publish a robust net zero emissions roadmap

for the Group which will provide detail on carbon abatement for key emissions sources and neutralisation plans

of any source of residual emissions that remain unfeasible to remove.

NOK Norwegian Krone

NPS Net Promoter Score, a rating used by the Group to measure customers’ likelihood to recommend its operations.

OEM Original equipment manufacturer

Online Online sales, Online market share, and Online share of business relate to all sales where the journey is completed

via the website or app. This includes online home delivered, Order & Collect, Online in-store and ShopLive UK.

Online in-store Sales that are generated through in-store tablets for product that is not stocked in the store.

Order & collect Sales where the sale is made via the website or app and collected in store.

PEAK Planning, Execution, Analysis, Knowledge

Peak/post-Peak Peak refers to the ten-week trading period ended on 4 January 2025 as reported in the Group’s Christmas

Trading statement on 15 January 2025. Post-Peak refers to the trading period from 5 January 2025 to the Group’s

period end on 3 May 2025.

PCI Payment Card Industry

P60 UK Tax Form for End-of-year Earnings

P11D UK Tax Form for Benefits and Expenses

REGO Renewable Energy Guarantees of Origin

RCF Revolving credit facility

RS RS Group

SBTi Science Based Targets initiative

SECR Streamlined Energy and Carbon Reporting

Sharesave or SAYE Save as you earn share scheme

ShopLive UK The Group’s own video shopping service where store colleagues can assist, advise and demonstrate the use

of products to customers online face-to-face.

SID Senior Independent Director

Store Store sales, Store market share, and Store share of business relate to all sales where the journey is completed

in store. This excludes online home delivered, Order & Collect, Online in-store and ShopLive UK.

TCFD Taskforce on climate-related financial disclosures

TSR Total shareholder return

UK&I United Kingdom and Ireland

UN United Nations

VIU Value in Use

WAEP Weighted average exercise price

WTW Willis Towers Watson

222 Currys plc Annual Report & Accounts 2024/25

Currys plc is listed on the main market of the London Stock

Exchange (stock symbol: CURY) and is a constituent of the

FTSE 250.

Company registration number

07105905

Registered office

1 Portal Way, London W3 6RS, United Kingdom

Corporate website

www.currysplc.com

The website includes information about the Group’s vision

and strategy, business performance, corporate governance,

sustainability, latest news and press releases. The Investors section

includes information on the latest trading performance, records

of past financial results, share price information and analyst

coverage.

Share registrar

Equiniti is the share registrar for Currys plc. Shareholders can

contact Equiniti as follows:

Post – Aspect House, Spencer Road, Lancing, West Sussex,

BN99 6DA, United Kingdom

Online – https://equiniti.com/uk/contact-us/shareholder-

enquiries for FAQs as well as an online query form.

Telephone – +44 371 384 2030 (Please use the UK telephone

country code when calling from outside the UK). Telephone lines

are open on UK business days between 8.30am and 5.30pm

UK time; excluding UK Bank Holidays. For deaf and speech

impaired customers, Equiniti welcome calls via Relay UK.

Please see www.relayuk.bt.com for more information.

Shareholder enquiries

Any queries that shareholders have regarding their shareholdings,

such as a change of name or address, transfer of shares or lost

share certificates, should be referred to Equiniti using the contact

details above.

Managing shares online

Shareholders can manage their holdings online by registering with

Shareview at www.shareview.co.uk. This is a secure online platform

which is provided by Equiniti. To register, you will need your

shareholder reference number, which can be found on your share

certificate, form of proxy or any correspondence from Equiniti.

ShareGift

If you have a very small shareholding that is uneconomical to sell,

you may wish to consider donating it to ShareGift (Registered

charity no. 1052686), a charity that specialises in the donation of

small, unwanted shareholdings to good causes. You can find more

information by visiting sharegift.org or by calling 020 7930 3737.

Unauthorised brokers (boiler room scams)

Currys plc is legally obliged to make its share register available

to the general public in certain circumstances. Consequently,

some shareholders may receive unsolicited phone calls or

correspondence concerning investment matters which may imply

a connection to the company concerned. These are typically

from ‘brokers’ who target shareholders offering to buy their shares

or to sell them shares in what can turn out to be worthless or

high-risk investments. These communications can be persistent

and extremely persuasive.

Share fraud includes scams where investors receive unsolicited

calls and are offered shares that often turn out to be worthless or

non-existent, or an inflated price for shares they own. These calls

come from fraudsters operating in ‘boiler rooms’ that are mostly

based outside the UK. While high profits are promised, those who

buy or sell shares in this way usually lose their money.

If you are approached about a share scam, you should tell the

Financial Conduct Authority using the share fraud reporting form

at www.fca.org.uk/consumers/report-scam-us where you can

find out about the latest investment scams. You can also call

the Consumer Helpline on 0800 111 6768 or 0300 500 8082

from the UK or +44 207 066 1000 from abroad.

Electronic communications

Shareholders will receive annual report & accounts and other

documentation electronically, unless they tell our registrar that

they would like to continue to receive printed materials. This is in

line with best practice and underpins our commitment to reduce

waste. Shareholders may view shareholder communications

online instead of receiving them in hard copy. Shareholders may

elect to receive notifications by email whenever shareholder

communications are added to the website by visiting

www.shareview.co.uk and registering online.

Auditor

KPMG LLP, 15 Canada Square, Canary Wharf, London E14 5GL

www.kpmg.com/uk

Joint stockbrokers

Citigroup Global Markets Limited, 33 Canada Square, Canary

Wharf, London E14 5LB

www.citigroup.com

Liberum Capital Limited, 25 Ropemaker Street, London EC2Y 9LY

www.liberum.com

Company Secretary

Nigel Paterson, General Counsel and Company Secretary

cosec@currys.co.uk

Investor relations

Dan Homan, Investor Relations Director

ir@currys.co.uk

Shareholder and

corporate information

223

Financial Statements Investor InformationGovernanceStrategic Report

224 Currys plc Annual Report & Accounts 2024/25

Printed by a carbon neutral company to the EMAS

standard and Environmental Management System

certified to ISO 14001. This document is printed

on paper made of material from well-managed,

FSC

-certified forests and other controlled sources.

This publication has been manufactured using 100%

offshore wind electricity sourced from UK wind.

100% of the inks used are vegetable oil based, 95%

of press chemicals are recycled for further use and,

on average 99% of any waste associated with this

production will be recycled and the remaining 1%

used to generate energy.

The paper is Carbon Balanced with World Land Trust,

an international conservation charity, who offset carbon

emissions through the purchase and preservation of high

conservation value land. Through protecting standing

forests under threat of clearance, carbon is locked-in

that would otherwise be released.

CBP031831

Currys plc

1 Portal Way

London

W3 6RS

United Kingdom

E: ir@currys.co.uk

www.currysplc.com

Currys Annual Report & Accounts 2024/25