**Summary of ITV PLC Full Year Results 2025 (Released March 2026)**
ITV PLC reported a resilient performance for the full year 2025, exceeding market expectations despite a challenging industry backdrop. The company’s **More Than TV** strategy continued to drive transformation, with two-thirds of revenues now coming from ITV Studios and its digital Media & Entertainment (M&E) business.
**Key Financial Highlights**
**Group total external revenue** increased by **1%** to £3.51 billion, with **ITV Studios** revenue growing **5%** to £2.13 billion, driven by strong demand from global streaming platforms.
**Digital revenues** rose **10%** to £614 million, offsetting a **5% decline** in linear advertising revenue.
**Adjusted EBITA** remained stable, down only **1%** to £531 million, supported by **£63 million** in permanent non-content cost savings.
**Adjusted EPS** declined **11%** to 8.5p, while the Board proposed a **5.0p per share** full-year dividend, totaling £190 million.
**Business Segments**
**ITV Studios** outperformed the market, with **10% growth** in external revenue, reflecting its global scale and diversification. Adjusted EBITA margin was **13.9%**, slightly down due to revenue mix changes.
**M&E** saw **16% growth** in ITVX viewing and **12% growth** in digital advertising revenues, though total revenue declined **5%** due to lower linear advertising.
**Strategic Progress**
ITVX successfully drove profitable growth, recouping its entire investment four years ahead of schedule.
The company secured exclusive rights to major sporting events, including the expanded Men’s Football World Cup and all England Men’s rugby matches.
Discussions with Sky regarding a potential sale of the M&E business are ongoing, though no certainty of a transaction exists.
**Outlook for 2026**
ITV Studios is expected to deliver **good revenue growth**, with adjusted EBITA margins at the lower end of the **13%-15%** range.
M&E is forecast to generate strong digital advertising revenue growth, supported by ITVX’s success.
**Q1 2026 TAR** is expected to decline by **2%**, better than anticipated, with advertisers focusing on Q2 and Q3 around the Football World Cup.
An additional **£20 million** in permanent non-content cost savings is planned for 2026, with total content spend around **£1.225 billion**.
**Conclusion**
ITV PLC demonstrated its ability to adapt and grow in a rapidly evolving media landscape, with a focus on digital transformation, cost efficiency, and strategic content investments. The company remains confident in its ability to deliver profitable growth and strong cash generation in 2026 and beyond.
| Metric | 2025 (£m) | 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| ITV Studios total revenue | 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) | 0% |
| 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%) |
| Group adjusted EBITA | 534 | 542 | (8) | (1%) |
| Profit before tax (adjusted) | 448 | 472 | (24) | (5%) |
| Adjusted EPS (p) | 8.5 | 9.6 | (1.1) | (11%) |
| Net debt as at 31 December | (566) | (431) | (135) | (31%) |