ITV plc Full Year Results 2025

ITV PLC

05 March 2026

 

ITV plc Full-Year results for the twelve months ended 31 December 2025

Carolyn McCall, ITV Chief Executive, said:

"ITV delivered a good performance in 2025, ahead of current market expectations and against a challenging market backdrop.  With a strong digital platform, we have successfully capitalised on growth opportunities, delivered resilient profits and generated good levels of cash.

"Our results demonstrate the scale of our transformation as we continue to successfully execute our More Than TV strategy. As part of the strategy, in 2022 we set intentionally ambitious targets and have been adapting as necessary in a rapidly evolving media and entertainment market. These targets are helping us transform ITV - creating a much more entrepreneurial, ambitious culture. Our strategy is yielding clear results, generating strong outcomes across both ITV Studios and M&E. And in doing so, we have achieved a key strategic goal with two-thirds of our revenues now coming from ITV Studios and our digital M&E business.

"ITV Studios continues to outperform the wider market, a testament to its world-class talent, global scale, diversification, and unique IP library. At the same time, ITVX is successfully driving profitable growth in digital viewing and revenue. This growth is underpinned by the reach and strong cash generation of our broadcast business. We have an exceptional content line-up for 2026, and are the only commercial streamer and broadcaster in the UK with rights to both the significantly expanded Men's Football World Cup, and every England Men's rugby match.

"In line with ITV's dividend policy, the Board is proposing a 5.0p per share full year ordinary dividend, bringing the total paid for this financial year to around £190m.

"We have created two resilient and attractive businesses, and ITV today is a demonstrably leaner, more agile and increasingly digital business, well adapted to deliver future growth. As we head into 2026 and beyond, we are focused on delivering continued strategic progress, driving profitable growth and strong cash generation, underpinned by our unwavering value creation strategy."

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^[1] 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.

2025 Group Financial Performance

Twelve months to 31 December	2025 £m	2024 £m	Change £m	Change %
ITV Studios total revenue[2]	2,130	2,038	92	5
Total advertising revenue	1,723	1,820	(97)	(5)
M&E non-advertising revenue	268	282	(14)	(5)
M&E total revenue	1,991	2,102	(111)	(5)
Total group revenue	4,121	4,140	(19)	-
Internal revenue[3]	(610)	(652)	42	6
Group external revenue	3,511	3,488	23	1
Total non-advertising revenue	2,398	2,320	78	3
ITV Studios adjusted EBITA	297	299	(2)	(1)
M&E adjusted EBITA	234	250	(16)	(6)
Adjusted EBITA	531	549	(18)	(3)
Unrealised profit in stock adjustment	3	(7)	10	143
Group adjusted EBITA	534	542	(8)	(1)
Group adjusted EBITA margin	15.2%	15.5%	-	(0.3)% points
Profit before tax (statutory)	338	521	(183)	(35)
Profit before tax (adjusted)	448	472	(24)	(5)
Adjusted EPS	8.5p	9.6p	(1.1)p	(11)
Statutory EPS	5.9p	10.4p	(4.5)p	(43)
Net debt as at 31 December	(566)	(431)	(135)	(31)
Reported net debt to adjusted EBITDA leverage	1.0x	0.7x	-	-

ITV's full preliminary results:

ITV plc's preliminary results for the twelve months ended 31 December 2025 have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

A copy of the preliminary results can be read by accessing the link below. Click on or paste the following link into your web browser to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/3965V_1-2026-3-4.pdf

A copy of the preliminary results will shortly be available on the ITV Plc corporate website: www.itvplc.com/investors/results-centre.

This announcement is made in accordance with Disclosure Guidance and Transparency Rule 6.3.5(1A).

Virtual results presentation webcast and Q&A:

ITV's virtual results presentation and Q&A session will be held for investors and analysts at 9.00 am today (GMT) via the following link: https://www.investis-live.com/itv/69663a4207020e000f8113d9/bfpft

You are now able to pre-register to join.

If you would like to ask a question, you will be able to do so via the following Conference Call details:

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Notes to Editors:

1.    Unless otherwise stated, all financial figures refer to the 12 months ended 31 December 2025, with the change compared to the same period in 2024.

2.    Total advertising revenue (TAR), which includes ITV Family NAR, digital advertising and sponsorship, was down 6% in Q4 and down 5% in FY, which was better than previous guidance. TAR is expected to be down around 2% in Q1 2026 compared to the same period in 2025, which is better than we expected.  Figures for ITV plc are based on ITV estimates and current forecasts.

3.    Key performance indicators

Twelve months to 31 December	2025	2024	Change
Group adjusted EPS	8.5p	9.6p	(11)%
Cost savings	£63m	£60m	5%
Profit to cash conversion	65%	83%	(18)% pts
ITV Studios total organic revenue growth	1%	(5)%	6% pts
ITV Studios adjusted EBITA margin %	13.9%	14.7%	(0.8)% pts
Total high-end scripted hours	325 hrs	296 hrs	10%
Number of formats sold in 3 or more countries	20	20	-
% of ITV Studios total revenue from streaming platforms	28%	25%	3% pts
Total M&E digital revenue (excluding Zoo55)	£614m	£556m	10%
Total streaming hours	2,304m	1,980m	16%
Monthly active users	16.5m	14.7m	12%
Share of top 1,000 commercial broadcast TV programmes	91%	92%	(1)% pts
Share of commercial viewing (SOCV)	31.7%	32.2%	(0.5)% pts
UK subscribers as at 31 December	0.9m	1.0m	(10)%

●         Our definition of total organic revenue excludes the impact of any acquisitions made during the current or prior period and the year-on-year movement in foreign exchange. In 2025, the unfavourable translation impact of foreign exchange on total revenue was £15 million.

●         Total digital revenue includes digital advertising revenue and subscription revenue, as well as linear addressable revenue, digital sponsorship and partnership revenue, ITV Win, commission from STV for ITV selling their video-on-demand inventory, social media advertising revenue, and any other revenues from digital business ventures which qualify under the definition.  Given the nature of digital revenue, it will evolve over time.

●         Total streaming hours measure the total number of hours viewers spent watching ITV across all streaming platforms at a device level. This includes streaming hours for both ad-funded and subscription streaming. Given the nature of the market and our strategy to grow digital revenues, we will include viewing hours from platforms and services where we serve ITV content, where we can reliably and robustly measure and de-duplicate such hours. In 2025, streaming hours also include users accessing our IP-delivered content, for which data is now available. The prior year figure has been restated to reflect the inclusion of these hours; it was previously reported as 1,686m.

●         Total monthly active users (MAUs) measures the reach of ITV's content digitally. Given the nature of the market and our strategy to grow digital revenues, we will continue to evolve our measurement approach as new data and methodologies become available, to include users from platforms and services where we serve ITV content, where we can reliably and robustly measure and de-duplicate such users. To date, total MAUs have captured the average number of identifiable users who accessed our owned and operated ITVX platforms and services each month throughout the period. In 2025, total MAUs also include users accessing our linear channels on devices where we can identify the user, for which data is now available. The prior year figure has been restated to reflect this inclusion; it was previously reported as 14.3m.

●         The share of top 1,000 commercial broadcast TV programmes KPI includes TV viewing from transmission and seven days post-transmission on catch up, as well as six weeks prior to the transmission window. It excludes programmes with a duration of <ten minutes. This metric is calculated as a 12-month rolling average to normalise seasonal scheduling.

●         ITV Family share of commercial viewing is the total viewing of audiences over the period achieved by ITV's family of channels as a proportion of all commercial broadcast TV viewing in the UK, from transmission and seven days post transmission on catch up. ITV Family includes ITV1, ITV2, ITV3, ITV4, ITV Quiz (previously ITVBe), and associated "HD" and "+1" channels.

●         UK subscribers are users of ITVX's premium tier. It includes those who pay ITV directly, pay via a third-party (such as Amazon Prime Video Channels) or an operator, and free trialists. Prior to the closure in 2024, it also included subscribers to the BritBox UK service on Amazon Prime Video Channels along with the BritBox UK standalone app.

●         % change for performance indicators is calculated on rounded numbers.

4.    Digital revenue breakdown

Twelve months to 31 December	2025 £m	2024 £m	Change %
Digital advertising revenue	540	482	12
Subscription revenue	48	48	-
Other digital revenue	26	26	-
Total digital revenue	614	556	10

5.    Exceptional items: Total operating exceptional items were £107 million (2024: £65 million), which was marginally higher than guidance of £100 million. This total primarily included £69 million of restructuring and transformation costs and £38 million of corporate transaction‑related expenses, which are performance-based, employment-linked consideration to former owners, and professional fees related to completed corporate transactions and potential corporate transactions. Further details on total exceptional items are provided in the Finance Review and Section 2.2 of the Financial Statements.

6.    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.

7.    The full-year dividend timetable is as follows:

Ex-dividend date	Thursday 9 April 2026
Record date	Friday 10 April 2026
AGM	Thursday 7 May 2026
Dividend paid	Thursday 21 May 2026

8.    This announcement contains certain statements that are or may be forward looking statements. Words such as "targets", "expects", "aim", "anticipate", "intend", or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting ITV. Although ITV believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. They are not historical facts, nor are they guarantees of future performance; actual results may differ materially from those expressed or implied by these forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements. These factors include, but are not limited to (i) the general economic, business, political, regulatory and social conditions in the key markets in which the Group operates, (ii) a significant event impacting ITV's liquidity or ability to operate and deliver effectively in any area of our business, (iii) a major change in the UK advertising market or consumer demand, (iv) significant change in regulation or legislation, (v) a significant change in demand for global content, and iv) a material change in the Group strategy to respond to these and other factors. Certain of these factors are discussed in more detail elsewhere in this announcement and in ITV's 2025 Annual Report and Accounts including, without limitation, in ITV's approach to risk management.

Forward-looking statements speak only as of the date they are made and, except as required by applicable law or regulation, ITV undertakes no obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Nothing in this statement should be construed as a profit forecast.

9.    The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2025 and 2024, but is derived from the 2025 accounts. A full copy of the 2025 Annual Report and Accounts will be available online at www.itvplc.com in due course. Statutory accounts for 2024 have been delivered to the Registrar of Companies, and those for 2025 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under Sections 498(2) or 498(3) of the Companies Act 2006.

For further enquiries, please contact:

Investor Relations

Pippa Foulds                    [phone]

Faye Dipnarine                 [phone]

Media Relations

Paul Moore                       [phone]

Jenny Cummins                [phone]

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^[1] Our APMs are defined within the APMs section of this report. It also includes a full reconciliation between adjusted and statutory results. Statutory profit before tax was down 35% to £338m, and statutory EPS was down 43% to 5.9p. The decline reflects the prior year including £194m from the profit on sale of BritBox International

^[2] Total ITV Studios revenue includes £89 million (31 December 2024: £106 million) of intra-segment revenue derived from trading between Global Partnerships and ITV Studios productions

^[3] Internal revenue originates mainly in the UK and includes trading between ITV Studios and M&E, and Global Partnerships and ITV Studios productions

 

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