ITV Half Yearly Earnings Drop 31%

U.Ok. media large ITV posted a 31% drop in group adjusted EBITA (Earnings earlier than curiosity, taxes, and amortization) for the primary half of 2025, coming in at £146 million ($198 million), down from £213 million ($289 million) a yr earlier.

The autumn was pushed by powerful year-on-year comparisons in opposition to a Euros-boosted 2024 and a shifting combine in its Studios enterprise, although executives burdened that the group’s transformation technique stays on monitor.

Whole exterior income for the half dipped 1% to £1.59 billion ($2.16 billion), with complete group income down 3% to £1.85 billion ($2.51 billion), in keeping with interim outcomes launched Thursday.

Regardless of the drop, ITV CEO Carolyn McCall mentioned the broadcaster is “a leaner, extra digital enterprise in a powerful place to compete,” citing double-digit progress in digital promoting and powerful money technology. ITVX, its ad-supported streaming platform, recorded a 12% year-on-year enhance in digital advert revenues, as streaming hours surged 15% and month-to-month energetic customers rose to 16.4 million.

ITV Studios grew exterior income 11% to £632 million ($857 million), delivering new scripted titles for Prime Video (“The Satan’s Hour”), Netflix (“Run Away”), and Peacock (“Love Island USA”). Nonetheless, inner income dropped because of the absence of final yr’s high-profile programming like “Saturday Night time Takeaway” and males’s Euros soccer match protection. Studios’ total EBITA fell 21% to £107 million ($145 million), with revenue and margin weighted towards the second half.

In Media & Leisure (M&E), complete promoting income fell 7% to £824 million ($1.12 billion), although digital positive factors helped restrict the injury. Subscription and partnership revenues additionally dipped, contributing to an 8% fall in total M&E income to £955 million ($1.3 billion). M&E EBITA plunged 54% to £35 million ($47.5 million), partially cushioned by decrease content material spend and £23 million in price financial savings.

The corporate flagged ITV’s increasing digital footprint and upcoming slate — together with “Chilly Water,” “Set off Level,” and “Large Brother” — as key drivers for the second half. ITVX now hosts over 26,000 hours of content material, together with new partnerships with YouTube and Disney+ geared toward reaching youthful and broader audiences.

The broadcaster declared an interim dividend of 1.7p per share, in step with final yr, amounting to round £60 million ($81.5 million), and reiterated its dedication to a full-year strange dividend of no less than 5p.

Price-cutting stays central to ITV’s ahead technique. The corporate introduced an extra £15 million ($20.36 million) in non-content financial savings, bringing the 2025 complete to £45 million ($61 million), although attaining this may incur a £40 million ($54.3 million) one-off price. Distinctive prices for the total yr at the moment are anticipated to hit £100 million ($135.7 million), greater than double earlier steerage, on account of transformation-related spending and M&A-linked bills.

Web debt stood at £586 million ($796 million) on the finish of June, up from £515 million on the identical level final yr. Revenue to money conversion hit 109% on a 12-month rolling foundation, with free money movement for H1 at £43 million ($58 million).

Regardless of continued uncertainty within the macro atmosphere, ITV mentioned it stays assured in attaining good full-year income progress in each Studios and ITVX, with margins enhancing within the second half. “We’re on monitor to ship our 2026 key monetary targets,” mentioned McCall, “coupled with strategic price administration as we reshape our price base to mirror the dynamics of the trade wherein we function.”