Slide 1: STV Full Year Results 2025
STV Full Year Results 2025 Strategic Progress in Challenging Markets Tuesday 17th March
Slide 2: Agenda
Agenda Overview Rufus Radcliffe Finance Review Lindsay Dixon Strategic Progress Rufus Radcliffe Q&A 2
Slide 3: Summary
Summary Financial performance in line with latest guidance Group revenue £176.9m Group adjusted operating profit £11.6m Accelerated cost savings programme on track to deliver £8m permanent savings to cost base by FY26 STV Radio launched in January with strong reception from listeners and a
Slide 4: Finance Review
Finance Review Lindsay Dixon 4
Slide 5: FY25 key financials
FY25 key financials Total National Regional Total Digital Advertising Advertising Advertising Revenue Revenue Revenue Revenue Revenue £176.9m £89.3m £56.4m £15.4m £20.1m 2024 -6% 2024 -10% 2024 -16% 2024 -1% 2024 +3% Adjusted Adjusted Studios Adjusted Net Operating Operating Revenue EPS Debt* Profit
Slide 6: Group results
2025 2024 Group results Revenue £m £m Change - Audience 93.9 103.9 -10% Audience revenues reflect TAR down 10%; - Studios 83.0 84.1 -1% driven by national linear down 16% 176.9 188.0 -6% Studios revenues hold up against subdued commissioning backdrop; Dec-25 Adjusted operating profit* orderbook
Slide 7: Advertising revenue
Advertising revenue Total Advertising Revenue 2024/2025 2025 v 2024 25v23 26v25 £12.0m Q1 H1 H2 FY FY Outlook £10.0m National -16% -15% -16% -12% -7% £8.0m £6.0m Regional +2% -4% -1% +2% -11% £4.0m VOD +5% Flat +3% +12% +3% £2.0m TAR -10% -11% -10% -8% -5% - Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25
Slide 8: Adjusted operating profit
Adjusted operating profit £20.6m £20.0m 80% of profit decline result of lower linear advertising revenue £15.0m £11.6m Scripted performance in line with 2024; unscripted more £10.0m challenging £5.0m Savings across 2024 and 2025 total £4.1m of original £5m target by end FY26 - 8
Slide 9: Cost savings
Cost savings FY26 On track to deliver original £5m run rate target savings by end FY26 Broadcast operations 1.0 £4.1m realised across FY24/25 Freelance/News 1.0 Studios 1.5 Restructuring programme implemented H2 2025 predominantly complete Central/support functions 1.5 Will realise increment
Slide 10: Net debt & leverage
Net debt & leverage Core RCF Cash Corporate Non-recourse Total Utilisation on hand debt prod fin net debt At 1 January 2025 (39.9) 11.1 (28.8) (9.9) (38.7) Net cash movements - 1.2 1.2 - 1.2 Net (drawdown)/repayment (14.8) - (14.8) 7.6 (7.2) Amortisation of fees (0.6) - (0.6) - (0.6) At 31 December
Slide 11: Strategy Progress
Strategy Progress Rufus Radcliffe 11
Slide 12: Core pillars of FastFwd Strategy
Core pillars of FastFwd Strategy Audience Division. Broadcast. Streaming. Audio. Maximise reach and engagement Expanded advertiser proposition Diversified revenue opportunities Studios Division: Labels for current market and future growth Returnable IP International appeal New digital op
Slide 13: The Audience Division operates at scale, providing stability and reach
The Audience Division operates at scale, providing stability and reach in a rapidly changing market STV continues to reach 75% or 3.5m Scots p/m Bigger than Netflix, Prime Video & Disney* combined 97% of top 500 overnight audiences on STV Record year for STV Player Overall streaming hours
Slide 14: STV Radio has launched well. Full performance data in August
STV Radio has launched well. Full performance data in August 14
Slide 15: Fit for the future
Fit for the future Average Monthly Views* 66.5m Page views Video views 52.7m 29.6m 27.5m 23.0m 12.2m 11.7m 15.8m 13.8m 8.6m 15.8m 13.8m 14.4m 17.4m 15.8m 13.8m 2020 2021 2022 2023 2024 2025 Most watched news show STV News on 13 digital platforms Awaiting Ofcom decision on simplifying licence
Slide 16: STV's growing advertiser proposition
STV's growing advertiser proposition Scotland’s leading advertising platform • Mass • Targeted • Micro-targeted • New formats • Video + Audio TV is most effective advertising platform* TV and radio multiplier effect +20%** *Thinkbox Profit ROI, Full Payback Profit Ability 2; Ebiquity, EssenceM
Slide 17: New digital pathways for brands via STV
New digital pathways for brands via STV Pause Ads STV ADapt STV Radio Launched Nov 25 Low-cost entry for SMEs, opening New brands to STV 15 regional brands using format up new market Incremental spend from key advertisers Capability can also be used for ITV AI Generated creative New
Slide 18: 2026 Focus: Maximising Reach. Delivering revenue growth
2026 Focus: Maximising Reach. Delivering revenue growth Grow & engage audiences: Accelerate digital revenue: Protect reach Launch and scale STV Adapt Use the World Cup halo to re-engage and and linear addressable (LAR) retain audiences. Grow pause ads Establish STV Radio in the Strengthe
Slide 19: STV Studios: strong revenue performance in tough market
STV Studios: strong revenue performance in tough market SCRIPTED: UN-SCRIPTED: Blue Lights series 3 & 4 17 returning series Amadeus 14 new, returnable series Criminal Record series 2 The Witness Army Of Shadows 19
Slide 20: New market conditions shaping the industry
New market conditions shaping the industry PSB spend is under pressure Linear unscripted – buyers prioritising proven, repeatable formats over risk-taking Streamer growth – platforms concentrating spend on fewer, higher impact titles Investment continues in premium scripted where demand for
Slide 21: Proactive steps were taken to protect value in 2025
Proactive steps were taken to protect value in 2025 Active label portfolio management optimising label mix to strengthen overall performance Sustain long-running IP for as long as possible Prioritise development where demand is strongest Secure continuity of core creative leadership Explor
Slide 22: 2026 Focus: positioning STV Studios for scalable growth
2026 Focus: positioning STV Studios for scalable growth Scaling Drama: Live commissions from BBC, Apple TV, Netflix & C4. Drama demand projected to grow Drama ‘pods’ allow us to scale drama in financially disciplined way STV strategic guidance, investment and infrastructure accelerates growth
Slide 23: 2026 Focus: positioning STV Studios for scalable growth
2026 Focus: positioning STV Studios for scalable growth Entering digital first market: STV invested in Fan Club in May ‘25 Strong potential for producers to create own digital first IP UK addressable markets >£1.6bn, 10% CAGR forecast to 2030* Digital first IP models support scalable ad and
Slide 24: Creating long-term value
Creating long-term value Audience Studios Grow digital revenue Creative leaders with deep customer relationships Mass commercial audiences Grow returnable, international IP Further diversification through audio New digital first IP market opportunities Strategic cost management Strat
Slide 25: Outlook
Outlook We remain cautious about the near-term macroeconomic environment Advertising recovery is uneven and commissioning remains slow We must deliver the strategy with continued cost discipline 2026 offers reasons for optimism: Expanded FIFA World Cup Establish STV Radio and roll out di
Slide 26: Appendices
Appendices 26
Slide 27: Divisional p&ls
Divisional p&ls Audience 2025 2024 Change Studios 2025 2024 Change £m £m £m £m Revenue Revenue 83.0 84.1 -1% - National advertising 56.4 66.8 -16% Operating costs (79.1) (78.0) -1% - Regional advertising 15.4 15.6 -1% - Digital revenue 20.1 19.5 +3% Operating profit 3.9 6.1 -35% - Other 2.0 2.0 - 93
Slide 28: Adjusting items
Adjusting items 2025 2024 £m Operating Operating Profit PBT Profit PBT Adjusted result 11.6 6.7 20.6 17.1 Operating items: Restructuring costs (4.0) (4.0) (1.0) (1.0) Amortisation of intangible assets (2.9) (2.9) (1.7) (1.7) HETV tax credits (0.9) (0.9) (3.9) (3.9) Acquisitions and integration - - (
Slide 29: Pension deficit continues to reduce
Pension deficit continues to reduce 2025 2024 2023 Recovery plan ends October 2030 – on track to achieve Assets (£m) 271.4 270.8 295.4 Flexibility agreed with trustees for Liabilities (£m) (310.6) (319.1) (350.2) contributions payable in FY26/27 Total payable c£20m, which Deficit (£m) (39.2) (