Q3 2025 Currys PLC Trading Statement Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Wayne Browne Browne - Panmure Liberum - Analyst : Hi, gents. Firstly, well done, I thought could peak trading update in difficult conditions. So just quickly three questions from me. Firstly, what's in guidance for the UK and the Nordics in terms of revenue growth for FY 26? And I can give you the other two. I don't know if you want them all at once. Then just on the UK, a little bit of a slowdown from the H1 run rate, maybe you can just talk us through that. It looks like all the trends and the categories are kind of performing as we expected. You mentioned computing and a few others. So just give us some flavor as to what happened over peak. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 15, 2025 / 9:00AM, CURY.L - Q3 2025 Currys PLC Trading Statement Call And then we've obviously got this pension review, which is clearly potentially another catalyst coming through the pipe. Now that you've got dividends resuming back if there's any further cash which becomes available post the pension review. I suppose any thoughts as to what the board has discussed on more dividends, buybacks, or what you might do with that extra cash? That's it.

Question: Wayne Browne Browne - Panmure Liberum - Analyst : Okay. All very fair. Thank you very much and well done again.

Question: Monique Pollard - Citigroup Inc. - Analyst : Okay. You can hear me. Wonderful. Excellent. Three questions if I can. The first was just on the UK credit adoption. Obviously, that growing really nicely up 2.5 percentage points to 23%. Just wanted to understand whether you saw any risks there from the UK regulatory environment or red tape around that offering? And the second question I had was on the improvement in the Nordics gross margin. Just wondered if you could give us any color on how much of that improvement is being driven by better full price realization versus the benefit of the growth margin from changes in the mix, products being sold particularly around solutions and services, I would imagine. And then the final question I had was around this sort of service care and repair offering. Obviously, that's a big competitive advantage that you have. Are you seeing any competitors seeing your performance and looking to develop more comprehensive offerings in that field of their own?

Question: Monique Pollard - Citigroup Inc. - Analyst : Excellent. That's very clear. Thank you.

Question: Richard Chamberlain - RBC Capital Markets - Analyst : Thank you. Good morning, Alex. Yeah, a couple from me, please. So on the sort of product trends, interesting in the statement you call out strong mobile trends in the UK, but it sounds like -- and the trends have been somewhat weaker in the Nordics on the mobile side. So I just wondered how you're playing the divergence there? And then in the Nordics, as I think you've explained, it does sound like you're gaining share now pretty clearly. Are there any particular sort of categories or countries? I guess, you would call out where you think that the share gains are likely to be most pronounced. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 15, 2025 / 9:00AM, CURY.L - Q3 2025 Currys PLC Trading Statement Call

Question: Richard Chamberlain - RBC Capital Markets - Analyst : Okay. Very helpful. Thank you.

Question: Nick Barker - BNP Paribas Exane - Analyst : Hi there. Thanks for taking my questions. The first one is just on Nordics credit adoption. You've mentioned UK credit adoption but how is it progressing in the Nordics? And my second question is, I know it's generally more about the consumer over peak. But you mentioned in the statement that B2B performed especially strongly. I was wondering if you can provide a bit more color on that. What's been working well there? Thank you.

Question: Nick Barker - BNP Paribas Exane - Analyst : Sure, of course. So I said, I know the peak trading is more about the consumer, but you mentioned in the statement that B2B performed especially strongly. Can you provide a bit of color on that? What's been working well there? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 15, 2025 / 9:00AM, CURY.L - Q3 2025 Currys PLC Trading Statement Call

Question: Nick Barker - BNP Paribas Exane - Analyst : Thank you very much.

Question: David Hughes - Shore Capital Partners - Analyst : Good morning, all. A couple of questions from me, please. Firstly, in terms of sales growth, are you able to give any detail about what the mix within that is in terms of underlying volume growth versus any price inflation versus any kind of AOV trading up, trading down from customers and some detail there? And then secondly, from what you've highlighted, it sounds like consumer electronics has done very well. And are you able to give any detail on what MDA has looked like over the peak period? Thank you.

Question: David Hughes - Shore Capital Partners - Analyst : Okay, thanks very much.

Question: Adam Tomlinson - Berenberg Bank - Analyst : Morning, everyone. Hope you can hear me okay. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 15, 2025 / 9:00AM, CURY.L - Q3 2025 Currys PLC Trading Statement Call

Question: Adam Tomlinson - Berenberg Bank - Analyst : Great. So first a couple of questions please on the Nordic. So obviously great to be back in growth there and still tough markets, as you point out. I suppose, are you able to give any color on the sort of consistency of that growth through the period exit rates holding up and just how much confidence that gives you in terms of that growth continuing as we look forward into the coming months? The second question on the Nordics is just around, you note further cost savings being achieved. And I suppose you've mentioned in the past the Nordics itself a very lean, well-run business. So I'm just interested in where you're finding those cost savings? And then the third question is on satisfaction. Great to see those internal metrics continuing to pick up. But I think that for me, the Trustpilot improvement really stood out there. And obviously, being an external metric, great results. So just interested in how you think you've achieved that improvement there as well. Thanks very much.

Question: Adam Tomlinson - Berenberg Bank - Analyst : Yeah, really helpful. Thank you very much.

Question: Charlie Rothbart - HSBC - Analyst : Good morning, everyone. Can you hear me at all?

Question: Charlie Rothbart - HSBC - Analyst : Well, my sympathy. Very well done this morning. Thanks very much for taking the questions. Adam has once again beaten me with all the interesting one. So I thought I might just quickly ask you about your changes in guidance. I suppose a GBP20 million decrease in D&A stands out, given the sort of increase in -- the GBP10 million increase in PBT. So could you talk around that and then sort of what's changed for the -- where CapEx is being spent to get below GBP80 million and then why your cash payments of lease loss and interest is down GBP10 million as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 15, 2025 / 9:00AM, CURY.L - Q3 2025 Currys PLC Trading Statement Call