Slide 1: STV Interim Results to 30 June 2025
STV Interim Results to 30 June 2025 25 September 2025 Amadeus, Two Cities for Sky 1
Slide 2: Agenda
Agenda Introduction Paul Reynolds Overview Rufus Radcliffe Finance Review Lindsay Dixon Strategic Update Rufus Radcliffe Q&A 2
Slide 3: H1 position and short-term outlook
H1 position and short-term outlook Revenue of £90.0m and adjusted operating profit of £6.7m delivered in H1 Q3 TAR expected to be down c.8%, as previously guided; October looking similar Studios orderbook at end August of £40m Excludes new commission from Two Cities Television for C4, for de
Slide 4: No change to guidance for FY25
No change to guidance for FY25 Revenue Adj. operating margin Audience £90-95m 13-15% Studios £75-85m c.4% Group £165-180m c.7% Cost saving expectations for full year re-confirmed at £2.5m 4
Slide 5: Measures in place to protect profits and cash
Measures in place to protect profits and cash Cost savings programme £3m reduction in cost base per annum, incremental to existing £5m target for FY26 c.£2.5m to be delivered in 2026 with c.£1m cost of change Further savings being targeted in News, requiring changes to our licences; in discu
Slide 6: Finance Review
Finance Review Lindsay Dixon 6
Slide 7: H1 2025 key financials
H1 2025 key financials Total National Regional Total Digital Advertising Advertising Advertising Revenue Revenue Revenue Revenue Revenue £90.0m £45.6m £28.5m £7.5m £10.8m 2024 flat 2024 -10% 2024 -16% 2024 +2% 2024 +5% Adjusted Adjusted Studios Adjusted Total Net Operating Operating Revenue EPS Debt
Slide 8: Group results
H1 2025 H1 2024 Group results Revenue £m £m Change - Audience 47.8 52.9 -9% - Studios 42.2 37.5 +13% Audience revenues driven by TAR down 90.0 90.4 10% Studios revenues in growth despite Adjusted operating profit* difficult commissioning backdrop - Audience 9.1 12.2 -25% Adjusted operating pro
Slide 9: Advertising revenue
Advertising revenue 2025 v 2024 2025 v 2023 Q3 Q3 H1 H1 outlook outlook TAR (gross) by quarter 30 National -16% -10% -4% -7% 25 Regional +2% -15% +3% +1% 20 15 VOD +5% +8% +18% +13% 10 TAR -10% -8% +3% -4% 5 - Q1 Q2 Q3 2023 2024 2025 H1 TAR in growth compared to 2023 (gross, excluding national VOD
Slide 10: Studios orderbook
Studios orderbook 120 Criminal Record 2 commissioned 100 Two Cities acquisition Amadeus delivered (Amadeus, Blue Lights 3 & 4) 80 Blue Lights 3 delivered 60 Criminal Record 1 delivery 40 20 0 Total orderbook at end August of £40m Unscripted orderbook £22m; scripted £18m Revenue from orderbook
Slide 11: Adjusted operating profit
Adjusted operating profit £12m More than 70% profit decline £10.6m driven by national linear £10m advertising £8m £6.7m Net impact from Studios £6m investments since Jun-24 is reduction of £1.4m £4m £2m Savings include: Full year effect of H2 2024 £0m savings (£1.2m) Savings in H1 2025 (£0
Slide 12: Net debt & leverage
Net debt & leverage Core RCF Cash Corporate Non-recourse Utilisation on hand debt prod fin Total net debt At 1 January 2025 (39.9) 11.1 (28.8) (9.9) (38.7) Net cash movements - (0.2) (0.2) - (0.2) Net (drawdown)/repayment (1.7) - (1.7) 4.7 3.0 Amortisation of fees 0.2 - 0.2 - 0.2 At 30 June 2025 (41
Slide 13: Bank facility amended - additional downside headroom
Bank facility amended - additional downside headroom Facility increased to £75m (from £70m) to February 2027 Leverage covenant amendments during 2026 to provide additional headroom for cash management flexibility Management central case shows business continues to operate within existing facil
Slide 14: Pension deficit continues to reduce
Pension deficit continues to reduce H1 2025 FY 2024 H1 2024 Recovery plan ends October 2030 – on track to achieve Assets (£m) 268.4 270.8 284.0 Liabilities (£m) (312.8) (319.1) (329.4) Flexibility agreed with trustees for contributions payable in FY26/27 Deficit (£m) (44.4) (48.3) (45.4) Total
Slide 15: Overview of the Group’s cost base
Overview of the Group’s cost base Total group costs excl. direct programme production 100% Direct costs 5.5% Non-cash costs ITV contracted & variable 5% 25% People Property 41.5% 4.5% PSB/TX 4.5% Professional services ITV contracted & inflation- 3% linked 8% Other 3% 15
Slide 16: Addressable cost base and savings plan
Addressable cost base and savings plan Addressable cost base is c.40% of the total Excludes costs to ITV, direct sales teams, other direct costs Non-cash also excluded as addressed through capex re-phasing Cost savings plan to save £3m pa, equivalent to c.8% of addressable costs Implementa
Slide 17: Strategic Update & Outlook
Strategic Update & Outlook Rufus Radcliffe 17
Slide 18: FastFwd Strategic Delivery
FastFwd Strategic Delivery Active Studios portfolio management Studios IP generation Accelerated merger of broadcast and digital Stabilised viewing performance Expanded advertising proposition - STV Radio on track News provision of the future 18
Slide 19: Our simplified structure and strategic focus allows us to adapt
Our simplified structure and strategic focus allows us to adapt to difficult market conditions 1 Audience Content Scotland’s leading platform for audiences and advertisers A globally recognised content powerhouse International business and mindset Building the audience Strong organic and inorgan
Slide 20: Structural and cyclical headwinds continue in advertising and viewing
Structural and cyclical headwinds continue in advertising and viewing We are focused on delivering a future proofed sustainable Audience division Resilient viewing STV delivered 96% of top 500 commercial audiences H1'25 Daily Reach: (27%) 1.3m Weekly Reach: (55%) 2.6m Monthly Reach: (76%) 3.5m STV P
Slide 21: Best ever H1 for viewing
Best ever H1 for viewing: 37m hours, +8% (+2.9m) Third party viewing grew +16% YoY 54% of drama viewing for U45s 21
Slide 22: STV audio business is strategically complementary
STV audio business is strategically complementary All Comm. TV incl Bvod All Comm. Radio 1000 800 Aud ( 000's) 600 400 200 0 0700 1230 1800 2330 0600 0630 0730 0800 0830 0900 0930 1000 1030 1100 1130 1200 1300 1330 1400 1430 1500 1530 1600 1630 1700 1730 1830 1900 1930 2000 2030 2100 2130 2200 2230
Slide 23: Ramping up to launch
Ramping up to launch Significant STV Radio brand awareness OFCOM DSP licence granted Tunnock’s confirmed as first advertiser Marquee breakfast show and daytime presenter line-up confirmed 23
Slide 24: 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, Essence
Slide 25: News plays key role in STV brand
News plays key role in STV brand STV News at Six is Scotland’s most watched news programme Consumption of news is changing: Digital proposition to be enhanced Total cost base must be reduced Discussions started with OFCOM Licence changes Retain news gathering resource; reduce cost an
Slide 26: Slow down in UK unscripted PSB commissioning
Slow down in UK unscripted PSB commissioning Content A globally recognised content powerhouse International business and mindset Strong organic and inorganic potential The best home for ambitious, creative talent 26
Slide 27: Focus on returnable IP and long-term value-creation
Focus on returnable IP and long-term value-creation SCRIPTED: UN-SCRIPTED: Blue Lights series 3 & 4 15 returning series Amadeus 12 new, returnable series Criminal Record series 2 The Witness Army Of Shadows Secondary sales £2m in H1 2025, in line with H1 2024 27
Slide 28: Long-term growth drivers
Long-term growth drivers Global demand for premium drama and formats STV Studios has strong relationships with streamers, broadcasters and international co-producers Leading nations and regions producer PSBs need to actively commission outside of London – Bridge of Lies, The Hit List, Game of Wo
Slide 29: Active unscripted portfolio management
Active unscripted portfolio management STV Studios Entertainment closed for new development in H2 2025 No further investment in Mighty Productions Laser focus on right sizing development spend on stable and growing market segments 29
Slide 30: Priorities for next 6 months
Priorities for next 6 months: Diversifying Audience proposition: STV Player growth New digital ad products Launch STV Radio Change to STV News output Studios portfolio management: Right-size portfolio for market conditions Focus development on returnable IP to drive margin Leverage nat
Slide 31: Creating long-term value
Creating long-term value Audience Studios Grow digital revenue Creative leaders with deep customer relationships Further diversification through audio Grow returnable, international IP Mass commercial audiences Strong development slate Strategic cost management Strategic cost managem
Slide 32: Appendices
Appendices Blue Lights, Two Cities for BBC 32
Slide 33: Divisional p&ls
Divisional p&ls H1 H1 H1 H1 Audience 2025 2024 Change Studios 2025 2024 Change £m £m v 2024 £m £m v 2024 Revenue Revenue 42.2 37.5 13% - National advertising 28.5 34.1 -16% Operating costs (42.2) (37.4) -13% - Regional advertising 7.5 7.4 2% Operating profit - 0.1 - - Digital revenue 10.8 10.3 5% -
Slide 34: Adjusting items
Adjusting items H1 2025 H1 2024 Operating Operating Profit PBT Profit PBT Adjusted result 6.7 4.1 10.6 8.6 Operating Items: Restructuring costs (2.0) (2.0) (0.5) (0.5) Amortisation of intangible assets (0.9) (0.9) (0.8) (0.8) HETV tax credits (0.5) (0.5) (2.3) (2.3) Acquisition & integration - - (0.