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ITV (ITV) investor relations material
ITV H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2025 performance exceeded expectations, with strategic progress in digital and cost management despite a 3% revenue decline and 31% drop in adjusted EBITA year-over-year, impacted by strong 2024 comparatives.
Studios delivered 3% revenue growth and 11% external revenue growth, offsetting advertising declines; digital advertising revenue rose 12% and streaming hours increased 15%.
Transformation into a leaner, more digital, and diversified business continues, with strong progress in Studios and digital advertising.
Permanent non-content cost savings for 2025 increased to £45m, with a one-off cost of £40m to achieve these efficiencies.
Interim dividend of 1.7p per share declared, with a full-year target of at least 5.0p, reflecting strong cash generation and confidence in strategy.
Financial highlights
Total group revenue down 3% to £1,848m; group external revenue down 1% to £1,585m compared to H1 2024.
Studios revenue grew 3% year-over-year in H1; external revenue up 11%, internal revenue down 13% due to production phasing.
Group adjusted EBITA down 31% to £146m; adjusted EBITA margin fell to 9% from 13%.
Adjusted EPS down 45% to 1.8p; statutory EPS down 82% to 1.2p.
Net debt increased to £586m (from £515m at June 2024); net debt to adjusted EBITDA at 1.1x.
Outlook and guidance
Studios expected to deliver good revenue growth in 2025 at a 13–15% margin, with H2 weighted for revenue and profit.
Content costs for 2025 expected at £1.23bn, £20m below original guidance.
Digital advertising revenue expected to grow strongly; on track for at least £750m digital revenues by 2026.
Total advertising revenue expected marginally down in Q3 due to tough Euro 2024 comparatives.
Adjusted effective tax rate expected around 27% over the medium term.
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