Director/PDMR Shareholding.

8 September 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 8 September 2025, the following awards (the "Additional 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"):

As set out in the 2024/25 Directors' Remuneration Report, shareholders were asked to approve an increase in the annual LTIP award level from 250% of base salary to 300% of base salary, for 2025/26 only.  Awards were granted on the 23 July 2025 equal to 250% of base salary ("Main Award"), and, following the approval of the current Remuneration Policy by shareholders at the AGM on 4 September 2025, Additional Awards equal to 50% of base salary have now been granted. Further details of the awards are set out in the 2024/25 Directors' Remuneration Report, which is available to view at www.currysplc.com.

The share price used to calculate the numbers of shares making up the Additional Awards (each a nil cost option) was the mid-market price on 22 July 2025 (£1.159), being the day prior to the grant of the Main Award made on 23 July 2025.

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 Additional Awards.

In line with the Main Award, the Additional 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 Additional Awards are achieved. Any Ordinary Shares which vest in respect of the Additional Awards will be subject to an additional five-year holding period (on a net of tax basis) from the Grant Date.

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

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

30% of each Additional 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 each Additional 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 each Additional 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 each Additional Award will vest if cumulative free cash flow over the three-year period is £305m, rising to 62.5% of this portion of each Additional Award 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 each Additional 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 each Additional Award will vest if cumulative adjusted basic EPS over the three-year period is 30p, rising to 62.5% of this portion of each Additional 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 1,132,444,341 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