Stv Group Plc · LSE:STVG
Stv — H1 2026 Earnings Presentation
28 slides from Stv's earnings presentation, Sep 8, 2026
Slide 1: STV Interim Results to 30 June 2026
STV Interim Results to 30 June 2026 8 September 2026
Slide 2: H1 position and outlook
H1 position and outlook Revenue of £66.1m and adjusted operating profit of £5.9m Strong Audience performance, supported by digital, audio and FIFA World Cup Studios impacted by continued commissioning softness, resulting in lower profitability and non- cash impairment Management actions supp
Slide 3: Finance Review
Finance Review Lindsay Dixon 3
Slide 4: H1 2026 key financials
H1 2026 key financials Total National Regional Total Digital Advertising Advertising Advertising Revenue Revenue Revenue Revenue Revenue £66.1m £48.1m £30.2m £7.1m £12.2m 2025 -27% 2025 +5% 2025 +6% 2025 -6% 2025 +13% Adjusted Adjusted Studios Adjusted Total Net Operating Operating Revenue EPS Debt*
Slide 5: Group results
Group results H1 2026 H1 2025 £m £m Change Revenue Audience revenues driven by TAR +5% - Audience 50.6 47.8 +6% FIFA World Cup and launch of STV Radio - Studios 15.5 42.2 -63% 66.1 90.0 -27% Studios revenues in H1-25 included Adjusted operating profit* significant drama contribution Audience 1
Slide 6: Advertising revenue
Advertising revenue Year on year performance TAR by quarter (26v25) Q1 Q2 H1 £30.0m National advertising revenue -3% +16% +6% £25.0m £20.0m Regional advertising revenue -11% -1% -6% £15.0m Digital advertising revenue +9% +18% +13% £10.0m £5.0m Total advertising revenue -2% +14% +5% - Q1 Q2 Q3 Outloo
Slide 7: Adjusted operating profit
Adjusted operating profit £9.0m £8.0m £1.2m £7.0m -£0.5m £6.7m £0.2m £5.9m £6.0m £1.5m £5.0m £0.2m £4.0m -£3.4m £3.0m £2.0m £1.0m £0.0m Advertising revenue Studios scripted Cost savings H1 2026 H1 2025 (net) Radio margin Studios unscripted Net other FIFA World Cup driving national revenues +6% and
Slide 8: Net debt & leverage
Net debt & leverage RCF Cash on Core Corporate Non-recourse Total Utilisation Hand Debt Prod Finance Net Debt At 1 January 2026 (55.3) 12.3 (43.0) (2.3) (45.3) Net cash movements - (4.7) (4.7) - (4.7) Net repayment 7.0 - 7.0 0.3 7.3 Amortisation of fees (0.2) - (0.2) - (0.2) At 30 June 2026 (48.5) 7
Slide 9: Pension deficit continues to reduce
Pension deficit continues to reduce H1 2026 FY 2025 H1 2025 Contributions to schemes £1m in H1; none £m £m £m payable in H2 Assets 263.6 271.4 268.4 Next triennial valuation due end December Liabilities (301.2) (310.6) (312.8) 2026 Deficit (37.6) (39.2) (44.4) Re-phased contributions agreed wi
Slide 10: Guidance on a page
Guidance on a page Audience: Q3 looking to return to pre-World Cup levels with TAR expected to be down c.5% Cost savings coming through as planned; News savings coming through in H2 Studios: Production orderbook of contracted activity at end Jun-26 of £36m (Dec-25: £33m) Delays in commis
Slide 11: Strategic Update & Outlook
Strategic Update & Outlook Rufus Radcliffe 11
Slide 12: Core strategic pillars
Core strategic pillars 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 opportunitie
Slide 13: STV continues to be Scotland's leading platform for audiences
STV continues to be Scotland’s leading platform for audiences Scale & strong streaming growth The World Cup in numbers Higher peak time audience than all other Commercial broadcasters, SVOD platforms 3.0m 39m 3.5m and YouTube STV & STV Player total Viewing hours across Viewing hours on reach acros
Slide 14: The strategic rationale
The strategic rationale All Comm. TV incl Bvod All Comm. Radio 1000 800 600 400 200 0 0600 0700 0800 0900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 2100 2200 2300 0000 0100 0200 Source: Barb - All Commercial TV & BVOD, Scotland : Weekdays 2024, avg aud by daypart ; Radio = RAJAR Jul - D
Slide 15: STV Radio has got off to a strong start
has got off to a strong start 139k 1.3m 9.3 hrs weekly reach listening hrs avg time per listener STV Radio is in 84% of STV Radio is the the top ten most listened-to only pan Scotland listeners in the commercial radio target audience commercial station stations in Scotland of 35+ Source: Rajar, Scot
Slide 16: Our expanded audience proposition is growing reach, particularly among younger audiences
Our expanded audience proposition is growing reach, particularly among younger audiences Adults = 77% monthly reach U45s = 69% monthly reach +5% +10% Adults 77% Under 45s 71% 69% 59% STV + Player STV + STV Player + STV Radio + STV + Player STV + STV Player + STV Radio + News + social media News + so
Slide 17: Digital views were up +14% YoY, driven by video views
digital views were up +14% YoY (+7.4m), driven by video views (+31% YoY) 1.7m 2.3m 6.7m YouTube X TikTok Meta 38.7m Page views 10.8m Average monthly page & video views 5m + views 7m + views 60.2m Source: Jan – Jun 2026, STV News website page views = Plausible | Video views = Social Sprout. News & Sp
Slide 18: STV continues to be Scotland's leading platform for advertisers
STV continues to be Scotland’s leading platform for advertisers Pause Ads: Scotland’s leading advertising platform 25 active brands • Mass • Targeted • Micro-targeted • New formats • Video + Audio 37 active brands, 10 new to STV TV is most effective advertising platform* TV and radio multiplie
Slide 19: Still to come in 2026
Still to come in 2026 19
Slide 20: Studios: creating value in a changing market
Studios: creating value in a changing market UK commissioning activity remains significantly below recent levels and recommissioning decisions are taking longer Viewing and advertising spend continue to migrate to digital platforms, reshaping the market Creative diversity and financial discipl
Slide 21: Returnable IP: Building enduring content franchises
Returnable IP: Building enduring content franchises 24 brands currently commissioned so far in 2026 Development spend focused on repeatable formats Potential to improve margins and generate distribution revenue as successful series return and scale Building long-term value through repeat com
Slide 22: Winning with global audiences and buyers
Winning with global audiences and buyers THE WITNESS • First commission for Netflix • First commission for Hulu • Unique access to high profile creative talent through Kevin McKidd and • #1 most watched show globally in week 1 • Returnable format Ferryman Films on Netflix • Global launch in October
Slide 23: Creating new paths to digital audiences & revenue
Creating new paths to digital audiences & revenue Digital first content is one of the fastest growing segments of the media market FanClub provided a capital light route to build capability and market understanding We are building expertise and relationships in a rapidly evolving sector Test
Slide 24: Active portfolio management
Active portfolio management Active review of portfolio and investment priorities Resources focused on the strongest growth opportunities Development prioritised towards returnable, international and scalable IP Cost discipline supporting profitability 24
Slide 25: STV: Building a broader, more diversified media business
STV: Building a broader, more diversified media business Audience Studios Scotland’s leading broadcaster, streamer One of UK’s leading independent and news provider complemented by a production groups fast-growing commercial radio station Portfolio of returnable, scripted and Strong audience
Slide 26: Appendices
Appendices 26
Slide 27: Divisional p&ls
Divisional p&ls Audience Studios 2026 2025 2026 2025 £m £m Change £m £m Change Revenue Revenue 15.5 42.2 -63% - National advertising 30.2 28.5 +6% - Regional advertising 7.1 7.5 -6% Operating costs (18.7) (42.2) 56% - Digital revenue 12.2 10.8 +13% - Other 1.2 0.9 +30% Operating loss (3.2) - 50.6 47
Slide 28: Adjusting items
Adjusting items 2026 2025 Operating 2026 Operating 2025 £m Profit PBT Profit PBT Adjusted operating results 5.9 3.9 6.7 4.1 Operating items: Impairment of Studios assets (25.4) (25.4) - - Restructuring costs (0.2) (0.2) (2.0) (2.0) Amortisation of intangible assets (0.8) (0.8) (0.9) (0.9) HETV tax c