Director/PDMR Shareholding.

23 July 2025

NOTIFICATION OF GRANT OF SHARE AWARDS

Currys plc (the "Company")

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMR") and persons closely associated with them in accordance with the Market Abuse Regulations.

Awards under the Currys plc Long Term Incentive Plan 2016

On 23 July 2025, the following awards (the "Awards") over ordinary shares of 0.1 pence in the Company ("Ordinary Shares") were granted under the Currys plc Long Term Incentive Plan 2016 ("LTIP"):

The share price used to calculate the numbers of shares making up each Award (each a nil cost option) was the mid-market price on the day prior to the grant, being 22 July 2025 (£1.159).

The number of Ordinary Shares stated above is the maximum number that could vest to each PDMR upon full satisfaction of the performance conditions attaching to the Awards.

The Awards will ordinarily vest and become exercisable on 23 July 2028 (the "Vesting Date"), subject to each PDMR's continued service with the Company and the extent to which the performance conditions applicable to the Awards are achieved. In the case of the awards granted to Alex Baldock and Bruce Marsh, any Ordinary Shares which vest will be subject to an additional two-year holding period (on a net of tax basis) from the Vesting Date.

As set out in the 2024/25 Directors' Remuneration Report, shareholders are being asked to approve an increase in the LTIP award level for 2025/26.  The award granted on the 23 July 2025 is equal to 250% of base pay. The intention is that, subject to the approval of the Policy by shareholders at the 2025 AGM, an additional award will be made, following the AGM, to provide a total award of 300% of base salary. Further details of the award and Policy proposals are set out in the 2024/25 Directors' Remuneration Report, which will be available to view at www.currysplc.com from 31 July 2025.

The performance conditions applicable to the Awards are set out as follows:

1)      30% Relative Total Shareholder Return ("TSR")

30% of the Award is subject to the achievement of a relative TSR performance condition, measured against an Adjusted FTSE 250 group, which reflects the FTSE 250 Index minus companies in the Basic Resources, Energy, and Financial Services sectors, at the start of the performance period. The starting point for measurement will be 4 May 2025 and the closing point will be the final day of the 2027/2028 Financial Year, with one month averaging periods up to the beginning and end of the performance period. 25% of this portion of the Award will vest for achievement of median TSR versus the comparator group, with maximum vesting at upper quartile or above and straight-line vesting between these two points.

2)      40% Cumulative Free Cash Flow⁽¹⁾

40% of the Award is subject to the achievement of a performance condition measuring the Company's cumulative free cash flow over the three-year period starting on 4 May 2025 and ending on the final day of the 2027/2028 Financial Year. 25% of this portion of the Awards will vest if cumulative free cash flow over the three-year period is £305m, rising to 62.5% of this portion of the Awards vesting if cumulative free cash flow over the three-year period is £360m, and with maximum vesting if cumulative free cash flow over the three-year period is £415m or higher, and straight-line vesting between these points.

3)      30% Cumulative EPS

30% of the Award is subject to the achievement of a performance condition measuring the Company's cumulative adjusted basic EPS over the three-year period starting on 4 May 2025 and ending on the final day of the 2027/2028 Financial Year. 25% of this portion of the Award will vest if cumulative adjusted basic EPS over the three-year period is 30p, rising to 62.5% of this portion of the Award vesting if cumulative adjusted basic EPS over the three-year period is 35p, and with maximum vesting if cumulative adjusted basic EPS over the three-year period is 40p or higher, and straight-line vesting between these points.

The Remuneration Committee believes that the above targets represent a significant degree of stretch.  The Committee will also consider the formulaic outcome at the time of vesting to ensure that this is aligned with the holistic performance achieved and the broader stakeholder experience.  The Committee may use discretion to adjust the outcome downwards if appropriate in the specific circumstances.

(1)      As noted in the most recently published annual report, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group. For the purposes of the Free Cash Flow targets, any potential cash outflows as a result of such cases will be consistently excluded from both targets and outcomes. However, the Committee will apply judgement to ensure that the formulaic outcome is appropriate in light of the shareholder experience.

This announcement is made in accordance with the requirements of Market Abuse Regulation Article 19. 

As at the date of this announcement, the Company has 1,133,494,651 Ordinary Shares in issue.

Details of the full notifications received by the Company are set out below.

Enquiries:

Sarah Thomas    Deputy Company Secretary     +44 (0)7401 373 188

Dan Homan       Head of Investor Relations       +44 (0)7401 400 442