ITV (ITV) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 performance met expectations, reflecting successful strategy execution and cost discipline.

• ITV Studios returned to growth post-US strikes, with external revenue up 20% and total Studios revenue up 1%.

• ITVX digital advertising revenue grew 15%, outpacing the market; total digital revenue up 10%.

• Group external revenue rose 4% to £756m, offsetting a 2% decline in total advertising revenue.

• On track to deliver £30m in non-content cost savings for the year.

Financial highlights

• Total external Group revenue: £756m (+4% YoY); total Group revenue: £875m (-1% YoY).

• ITV Studios revenue: £386m (+1% YoY); external Studios revenue up 20%, internal revenue down 26%.

• Media & Entertainment revenue: £489m (-3% YoY); total advertising revenue: £423m (-2% YoY).

• Digital revenue: £133m (+10% YoY); total streaming hours: 507m (+12% YoY).

• Net debt at 31 March 2025: £455m; total liquidity: £1,431m (cash £406m, undrawn facilities £1,025m).

Outlook and guidance

• ITV Studios expects good revenue growth in 2025, faster than the global content market, with H2 weighted for profit and margin.

• Full-year Studios margin to be lower than 2024 but within 13-15% target range.

• Media & Entertainment TAR expected down ~14% in Q2 and ~8% in H1 2025 vs. strong 2024 comparatives; flat vs. 2023.

• Digital advertising revenue growth to remain strong; on track for £750m digital revenues by 2026.