ITV (ITV) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 results met market expectations, with total external revenue up 1% year-over-year.

• Studios and digital revenue growth offset a decline in linear advertising revenue.

• Strategic focus remains on expanding Studios and accelerating digital Media & Entertainment (M&E) growth.

Financial highlights

• Group total external revenue rose to £766m from £756m, a 1% increase year-over-year.

• ITV Studios revenue grew 4% to £400m, with external revenue up 8%.

• Media & Entertainment revenue declined 2% to £477m, with digital revenue up 12% to £149m.

• Total advertising revenue fell 1.5% to £416m, outperforming guidance.

• Net debt increased to £592m from £566m at year-end 2025.

Outlook and guidance

• Full-year guidance unchanged: good revenue growth expected in Studios and strong profitable digital growth in M&E.

• ITV Studios margin expected at lower end of 13–15% range, with H2 weighted for revenue and profit.

• Total advertising revenue projected up ~10% in Q2 2026, driven by the Men's Football World Cup.