Overview
- ITV said two-thirds of revenue now comes from ITV Studios and its digital M&E operations, hitting a stated strategic milestone.
- Total group revenue was broadly flat at £4.12 billion with adjusted EBITA down 1% to £534 million as cost controls cushioned softer demand.
- ITV Studios revenue rose 5% to £2.13 billion, with external sales up 10%, U.S. revenue down 18%, and an adjusted EBITA margin of 13.9% reflecting a changed mix.
- Media & Entertainment revenue fell 5% to £1.99 billion as total advertising declined 5%, while ITVX logged 16% growth in streaming hours, 12% growth in monthly users, and fully recouped its investment.
- ITV said discussions with Sky on a possible sale of the networks/M&E unit are ongoing with no certainty of a deal; management delivered further savings, shifted some programming into 2026, and guided Q1 2026 ad revenue down about 2% with Studios performance weighted to the second half.