Currys – clear drivers for continued growth and tailwinds for shares, now 148p, to perform well – AGM Update shortly

Performing well, AGM Update due

Mark Watson-Mitchell - 27.08.2026

“We Help Everyone Enjoy Amazing Technology,

however they choose to shop with us.”

On Thursday, 10^th September, the £1.7bn-capitalised Currys (LON:CURY) will hold its AGM for its 2026 results, ahead of which I expect to see an AGM Trading Update being issued.

Based upon recent statements from the famous electrical retail group together with broker analysis, I see the group’s shares rising at least 25% in due course from the current 148p.

However, although its recent advertising has caught viewer attention, I have to say that I am not that keen, which is probably because I am too old to understand the sub-texts.

The Business

Currys is a leading omnichannel retailer of technology products and services, operating online and through 691 stores in 6 countries.

In the UK & Ireland, it trades as Currys, and in the UK, it operates its own mobile virtual network, iD Mobile.

In the Nordics it trades under the Elkjøp brand.

It is the market leader in all markets, able to serve all households and employing more than 24,000 capable and committed colleagues.

The group believes in the power of technology to improve lives, helping people stay connected, productive, fit, healthy, and entertained.

Currys employees are there to help everyone enjoy those benefits and with its scale and expertise, it is considered uniquely placed to do so.

Its full range of services and support makes it easy for its customers to discover, choose, afford and enjoy the right technology to the full.

Its operations include one of Europe’s largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

2026 Final Results

On Thursday 2^nd July the group reported a strong financial year with group revenue up 6% to £9,254m, driven by like-for-like growth of 4%, and adjusted profit before tax increased 18% year-on-year to £191m.

Group free cash flow rose 5% to £157m, and the company ended the year with £176m in net cash.

The proposed final dividend is 2.25p, bringing the full-year dividend to 3.0p, a 100% increase year-on-year.

It also announced that a new £50m share buyback programme was commencing.

Management Comment

Soon to be departing Group CEO Alex Baldock stated that:

"Our performance continues to strengthen.

Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns.

"Currys is trending in the right direction on every dimension that matters.

Colleague engagement is among the top 10% of global businesses, customers are saying they're happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market #1.

Top line and bottom line, products and Services, the UK&I and the Nordics: all are in growth.

The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here.

Growth opportunities such as B2B have almost trebled the market accessible to us, are driving the topline today, and have much further to go.

And, though we've significantly increased the adoption of the solutions that delight customers and boost margins, the prize here remains larger still.”

Along with the Final Results, the company also announced the appointment of Fredrik Tønnesen as Group Chief Executive Officer, succeeding Alex Baldock.

The Equity

There are some 1,084.45m shares in issue.

Larger holders include RWC Asset Management LLP (10.35%), Wishbone Management LP (5.18%), Ruffer LLP (4.80%), JP Morgan Asset Management (UK) Ltd. (4.53%), Liontrust Portfolio Management Ltd. (4.06%), J.O. Hambro Capital Management Ltd. (3.87%), Société Générale Gestion SA (3.55%), Cobas Asset Management SGIIC SA (3.14%), Vanguard Capital Management LLC (3.10%), and Dimensional Fund Advisors LP (2.95%).

Broker Views

Eight firms closely follow the group, with five calling its shares as a Buy, two to Outperform and one as a Hold.

The average Target Price is 184p, the Lowest is 150p, while the Highest is 201p.

Analyst consensus average estimates suggest that the 2027 year will see revenues rise to £9,517m (£9,254m), with adjusted pre-tax profits of £199.0m (£191.0m), earnings of 13.9p (13.4p) and with a 3.3p (3.0p) per share dividend.

For 2028, £9,741m sales, £214.0m profits, 13.9p earnings and a 3.8p per share dividend.

The 2029 year could see a turnover of £9,939m, £230.0m profits, 15.2p in earnings and a 4.3p dividend per share.

The analysts include: Berenberg Bank - TP 210p Buy; Citigroup - TP 184p Buy; Deutsche - TP 155p Buy; and RBC Capital Markets - TP 165p Outperform.

At Panmure Liberum, its analyst trio of Wayne Brown, Ben Hunt and Anubhav Malhotra rate the group’s shares as a Buy, with a 200p Target Price.

For the current year to end April 2027, they estimate £9,477m sales, £195.3m profits, 14.1p earnings and a 3.3p dividend per share.

The 2028 year could show £9,667m sales with £204.4m profits, 15.0p earnings a 3.5p per share dividend.

Progressing further ahead into 2029, they see £9,860m sales, £212.0m profits, 16.0p earnings and a dividend of 3.7p per share.

My View

Currys shares are under-rated at just 148p – I see them very soon trading the 175p/190p price range.

(Profile 10.07.23 @ 49p set a Target Price of 61p*)

(Profile 18.12.23 @ 50.05p set a Target Price range of 61p-65p*)

(Profile 21.01.26 @ 125.40p set a Target Price at 155p*)

(Profile 19.02.26 @ 155.90p set a Target Price of 190p)