**ITV PLC Q3 Trading Update Summary (November 2025):**
ITV PLC reported a strong Q3 performance for the nine months ending September 2025, exceeding market expectations despite a challenging advertising environment. Key highlights include
**Revenue Growth** Total Group revenue grew 2% year-to-date (YTD), driven by an 11% increase in ITV Studios and a 15% rise in digital advertising, fueled by the success of ITVX.
**Advertising Performance** Total advertising revenue (TAR) was flat in Q3, ahead of guidance, but down 5% YTD due to a strong 2024 comparator (Mens Euros). TAR is expected to decline by 9% in Q4 2025 due to economic uncertainty.
**Cost Management** ITV identified ยฃ35 million in temporary savings for Q4 in Media & Entertainment (M&E), primarily from content and discretionary spend, to offset reduced advertising demand.
**ITV Studios** On track to deliver full-year revenue growth with a 13-15% margin, supported by strong demand from global streaming platforms.
**Digital Growth** Digital revenues grew 13%, with ITVX streaming hours up 14%. ITV remains on track to achieve ยฃ750 million in digital revenues by 2026.
**Outlook** Full-year guidance remains unchanged, with ITV Studios expected to meet revenue and margin targets. M&E digital advertising revenue is expected to grow, but TAR will decline due to economic softness.
**Liquidity** ITV maintains strong liquidity with ยฃ1.377 billion in total liquidity and net debt of ยฃ508 million as of September 2025.
CEO Carolyn McCall emphasized ITVs resilience, strategic cost management, and confidence in delivering growth in ITV Studios and digital revenues, despite macroeconomic challenges. The company remains focused on its "More Than TV" strategy and expects to outperform the broadcast advertising market in Q4.
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### Key Notes:
1. **Revenue Comparisons**: All figures are for the nine months ending 30 September, comparing 2025 to 2024. 2. **Debt**: Net debt is provided for 2025, with a decrease from ยฃ586 million in June 2025 to ยฃ508 million in September 2025. 3. **Digital Revenue**: 2024 figures were restated to ยฃ384 million due to changes in categorization. 4. **TAR**: Expected to decline by 6% for the full year 2025 compared to 2024, with a 9% decline in Q4 2025. This table provides a concise comparison of key financials and debt between 2024 and 2025 based on the provided text.