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2025 Full-Year Highlights:

Full year 2025 - financial performance ahead of current market expectations

Group total external revenue was up 1% and Group total revenue was flat year on year, with 5% growth in ITV Studios' total revenues and 10% growth in digital revenues, offsetting the decline in linear advertising against a strong 2024 comparative. Group adjusted EBITA was down only 1% year-on-year, with tight cost management largely offsetting the decline in TAR. Group adjusted EPS was down 11% to 8.5p. 

ITV Studios reported a strong performance with 10% growth in external revenue, reflecting strong demand from global streaming platforms. In addition, we generated double-digit revenue growth in Zoo 55, as we maximised the value of our high-value content library through digital distribution. ITV Studios' adjusted EBITA was £297m (2024: £299m), with an adjusted EBITA margin of 13.9% (2024: 14.7%), which reflects the change in revenue mix year-on-year as previously guided. 

M&E delivered a solid performance in 2025, as ITVX continues to drive strong viewing, up 16%, and digital advertising revenues, up 12%.  Total revenue was down 5%, as a result of a 5% decline in ITV TAR (vs guidance of down 6%), against a strong advertising performance in 2024, driven by the Men’s Euros. M&E adjusted EBITA was down 6%, due to the decrease in TAR offset by significant cost savings. 

In total across the Group, we achieved £63m of permanent non-content cost savings which funded investments and offset inflation, along with £15m of temporary savings in M&E in response to the softer advertising demand in Q4 2025, as previously guided. In total, ITV has now delivered £253m of permanent cost savings since the start of 2019.

Following our announcement in November 2025, we remain in discussions with Sky regarding a possible sale of the M&E business. There can be no certainty as to whether a transaction will take place and an update will be made in due course.

Outlook - Confident in delivering profitable revenue growth in ITV Studios and ITVX, with continued cost management and strong cash generation, underpinned by our leading linear broadcast business

ITV Studios is on track for another year of good growth in total revenue in 2026, ahead of the market, driven by external revenue. Full-year adjusted EBITA margin is expected to be at the lower end of the 13% to 15% range, reflecting the revenue mix in the year.  Revenue, margin and profit will be weighted to H2, due to the phasing of scripted deliveries and timing of high-margin licensing deals.

We expect M&E to continue to generate strong, profitable digital advertising revenue growth driven by the success of ITVX, which has already recouped its entire investment, four years earlier than expected. We will continue to expand our non-advertising digital revenues, building on our progress to date.

Q1 TAR is forecast to be down around 2%, which is better than we expected. As is normal, advertisers are holding back budgets in order to spend in Q2 and Q3 around the expanded Men’s Football World Cup. We are showing 19 more matches than in 2022, and with more matches at peak time. We are confident that the football will deliver a strong advertising performance. 

As part of the continuing cost-saving programme, we will deliver a further £20m of additional permanent non-content cost savings in 2026 as we continue to create a leaner business. We expect our total content spend to be around £1.225bn in 2026, as we continue to optimise our content spend to best reflect viewer dynamics.

Planning assumptions for the full year 2026

• The following planning assumptions are based on our current view:

• Profit and Loss Impact:

• Total content costs are expected to be around £1.225 billion as we continue to optimise our content spend to best reflect viewer dynamics. H1 content costs will be broadly in line with the prior year 

• In total, we expect to deliver £20 million of non-content savings. These will come from a combination of new initiatives and annualised benefits from the 2025 savings

• Adjusted financing costs are expected to be around £40 million

• The adjusted effective tax rate is expected to be around 27% over the medium-term 

• Exceptional items are expected to be around £55 million, comprising corporate transaction-related costs, largely relating to earnout payments for previous acquisitions and restructuring and transformation costs. Cash impact is expected to be similar

• Cash Impact:

• Profit to cash conversion is expected to be around 80% on average over the medium term

• Total capex is expected to be around £60 million as we continue to invest in our digital capabilities

• The Board has proposed a final dividend of 3.3p, which will be paid in May 2026. This gives a full-year dividend of 5.0p, a total of around £190 million.