Currys FY2026 results preview: can the electricals retailer sustain its turnaround?

What to expect from Currys' full-year results

UK electricals retailer Currys is scheduled to report its full-year 2025/26 results on 2 July, with the market looking for confirmation that the company's multi-year turnaround remains on track following a strong trading update in May.

The group has already indicated that pre-tax profit for the year ended 2 May 2026 is expected to reach around £190.41 million. That represents growth of approximately 17.5% year-on-year and comes in ahead of its previous guidance range of £180 million to £190 million.

Like-for-like sales rose 4% across the group during the year, supported by market share gains in both the UK & Ireland and the Nordics. That broad-based momentum gives the retailer a firm platform heading into the formal results announcement.

For those looking to trade the results, it's worth keeping a close eye on how the shares react on the day, particularly given the combination of earnings upgrades and a concurrent leadership transition.

Strong momentum heading into results

Currys enters its annual results announcement with genuine operational momentum. Both major divisions contributed positively to full-year performance, with UK & Ireland like-for-like sales rising 3% and the Nordics delivering stronger growth of 6%.

The Nordic outperformance reflects improving consumer demand in those markets, alongside continued market share gains against weaker competition. It also provides some geographic diversification that reduces reliance on the more cost-pressured UK consumer.

The company's strategy of expanding higher-margin revenue streams continues to pay off. Growth in services, business-to-business sales, credit products and its iD Mobile network has helped offset persistent cost pressures affecting the wider retail sector.

iD Mobile subscribers increased 18% year-on-year to 2.6 million, strengthening the group's recurring revenue base. This is an increasingly important contributor to earnings quality, as recurring revenues are more predictable and less sensitive to short-term consumer sentiment.

Focus on margins and cash generation

Beyond headline profit growth, investors will pay close attention to Currys' profitability and cash generation. Management has consistently highlighted its ambition to achieve at least a 3% adjusted EBIT margin in both the UK & Ireland and Nordic businesses over the medium term.

While sales growth has been encouraging, the ability to maintain gross margins amid competitive pricing and inflationary pressures remains a key investment consideration. Any improvement or deterioration in margin guidance could have an outsized impact on the share price on results day.

Cash generation has become one of the retailer's strongest attributes. Currys expects to finish FY2026 with more than £170 million of net cash, after returning £74 million to shareholders through dividends and share buybacks during the year.

This represents a dramatic improvement from the highly leveraged balance sheet the company carried only a few years ago. Investors will be looking for updated guidance on future capital returns, particularly given management's stated intention to maintain a net cash position of at least £100 million while continuing share buybacks where appropriate.

CEO transition adds an extra dimension

The FY2026 results arrive during a leadership transition that adds an extra layer of significance to the announcement. Chief Executive Alex Baldock announced in March that he will step down after overseeing one of the UK's most notable retail turnarounds.

Since taking charge in 2018, Baldock has simplified the business, strengthened profitability, restored the balance sheet and re-established Currys as the market leader in electrical retailing across its core markets. His departure marks the end of a clearly defined strategic chapter for the group.

The market will therefore be keen for any update on succession plans and reassurance that the strategic direction remains unchanged. A clean handover with a credible successor could be well received, while uncertainty around leadership could weigh on sentiment.

You can follow Currys' share price movements and trade ahead of or after the announcement using our share dealing  service or by buying shares online through IG Invest.

Outlook for FY2027

Looking ahead, management commentary on consumer demand will likely be the most closely watched aspect of the results. While inflation has moderated significantly compared with recent years, household spending remains under pressure across many European markets.

Against that backdrop, Currys' ability to continue gaining market share, expand its services offering and grow recurring revenues will be central to sustaining earnings growth. Any upgrade to FY2027 profit guidance would be a strong positive signal.

Encouragingly, management stated in May that recent trading had remained "very solid" and that it had not yet seen any material impact from geopolitical uncertainty. The company also noted that energy costs are well hedged heading into the new financial year.

Those looking to trade around the results announcement can do so through spread betting or CFD trading, both of which offer access to Currys and thousands of other shares and markets.

Currys share price analysis and analyst ratings

The Currys share price – up around 20% year-to-date and outperforming the FTSE 100 – is seen consolidating below its mid-June high at 157.8p.

Currys/FTSE 100 year-to-date performance

Were a rise above 157.8p to be seen, the February peak at 162.8p would be eyed, a rise above which may lead to the December 2019 peak at 166.5p being reached. Further up lies the November 2018 peak at 180.6p.

Currys daily candlestick charts

While the February 2024-to-June 2026 uptrend line around 125p and -  more importantly - the March low at 116.7p underpin, the medium-term uptrend is deemed to remain intact.

Currys monthly candlestick charts

According to London Stock Exchange Group Data & Analytics, analysts currently rate Currys as a 'buy', with the 177.50 pence consensus price target implying 16% upside from current levels (as of 24 June 2026).

LSEG Data & Analytics

Key things to watch on 2 July

When Currys publishes its full-year results, these are the areas most likely to move the share price:

• Confirmation of adjusted pre-tax profit of around £191 million
• Gross margin performance in both the UK & Ireland and Nordic divisions
• Cash flow generation and year-end net cash position
• Capital return plans, including dividends and share buybacks
• Progress towards long-term EBIT margin targets
• Updates on the CEO succession process
• FY2027 guidance and management's assessment of consumer demand

After several years of restructuring and operational improvement, Currys appears to be entering FY2027 from a position of strength. The upcoming results should provide further evidence of whether the retailer can translate market share gains and recurring revenue growth into another year of earnings expansion.

How to invest in Currys shares

1. Do your research on Currys and the wider electricals retail sector ahead of the results on 2 July
2. Download IG Invest or open a share dealing account with us
3. Search for Currys (CURY) in our platform or app
4. Choose the number of shares or value of money you'd like to invest
5. Place your trade