ITV (ITV) Q3 2026 TU earnings summary

Executive summary

• Nine-month revenue was £2,762m, down 1% YoY; external revenue was £2,358m, down 2%.

• Studios remained on track for good FY revenue growth, while M&E expected continued profitable digital growth despite weaker advertising demand.

• The agreed sale of M&E to Sky was progressing as planned; completion remained expected in H2 2027.

Financial highlights

• Total advertising revenue was £1,238m, down 1% YoY; non-advertising revenue was £1,524m, down 2%.

• Total digital revenue increased 7% to £461m; total streaming hours rose 29% to 2,153m.

• Favorable foreign-exchange translation added £1m to nine-month total revenue on a constant-currency basis.

Outlook and guidance

• Studios expected good FY revenue growth ahead of market, driven by external revenue; EBITA margin guided to the lower end of the 13%–15% range.

• Studios revenue, margin and profit were heavily weighted to Q4, supported by a strong delivery pipeline and high-margin licensing deals.

• M&E TAR expected down 5%–10% in Q4 and 2%–3% for FY 2026 vs 2025; profitable digital revenue growth remained on track.

• £30m of additional temporary Q4 M&E savings identified: £25m in content and £5m in discretionary non-content costs; FY content budget expected at ~£1.2bn.