Transformation of Revenue Mix
Two-thirds of total revenue now comes from ITV Studios and M&E digital, demonstrating achievement of a key strategic target and successful diversification away from linear advertising.
Studios Revenue Growth and Scale
ITV Studios total revenue rose 5% to GBP 2.13 billion, with external revenue up 10% and U.K. & international revenue up 14%, reflecting strength with global streaming partners and digital distribution.
Studios Profitability
Studios adjusted EBITA was GBP 297 million with an EBITA margin of 13.9%, while the business remains within industry-leading margin range (target 13%–15%).
Digital Revenue and Ad Growth
Digital advertising revenue grew 12% to GBP 540 million and total digital revenues increased 10% to GBP 614 million, with digital now representing 31% of total advertising revenues.
Cost Discipline and Savings
Delivered GBP 63 million of permanent noncontent savings in 2025 (GBP 253 million cumulative since 2019); M&E permanent cost savings GBP 32 million and temporary savings GBP 15 million; Studios delivered GBP 31 million in cost savings.
Balanced M&E Profitability
Despite advertising headwinds, M&E adjusted EBITA margin held steady at 11.8% due to disciplined cost management and optimized content spend (content costs down 5%; noncontent costs down 6%).
Strong Cash and Balance Sheet
Net debt ended at GBP 566 million with a leverage ratio of 1x; profit-to-cash conversion was 65% for the year and averaged ~80% over 2023–2025, supporting reinvestment and shareholder returns.
Zoo 55 and Digital Distribution Momentum
Zoo 55 generated over 47 billion global views (up >30% YoY), FAST viewing up 28% YoY, social video >24 billion views on 200+ channels, and management is on track for GBP 120 million of high-margin digital revenue from Zoo 55 by end-2027.
ITVX and Planet V Performance
ITVX achieved a 25% CAGR in streaming hours and 16% CAGR in digital advertising revenues since 2022; Planet V leverages 40 million registered users and has attracted >1,500 new advertisers since launch.
Dividend and Capital Allocation
Board proposed final dividend of 3.3p, keeping full-year ordinary dividend unchanged at 5p (total cash return ~GBP 190 million), while maintaining investment-grade balance sheet and clear capital allocation priorities.
Audience Reach and Sports Rights
ITV delivered 91% of the Top 1,000 commercial audiences in 2025 and secured exclusive commercial rights to an expanded FIFA Men's World Cup (+19 matches, +60% matches) and the new Men's Rugby Nations Championship, bolstering live reach and ad potential.
Linear Inventory Digitization Roadmap
30% of linear inventory was capable of targeted ads at year-end with a roadmap to increase capability to ~50% by end-2026, enabling more digital/programmatic buying options for advertisers.