Slide 1: ITV PLC 2025 Full Year Results
ITV PLC 2025 FULL YEAR RESULTS Full Year results for the twelve months ended 31st December 2025 5 March 2026
Slide 2: Agenda
Agenda SECTION 1 Page Key Messages 3 SECTION 2 Financial & Operating Performance 6 SECTION 3 Strategic Update 13 2
Slide 3: Key Messages
KEY MESSAGES Carolyn McCall 3
Slide 4: Key Messages
Financial & Operating Highlights Strategic Update Performance Key Messages ● Good FY25 performance, ahead of market expectations ● Demonstrates scale of ITV’s transformation ○ Created two attractive and resilient businesses ○ Two-thirds of total revenues now come from ITV Studios and M&E digital bus
Slide 5: 2025 Group Financial Performance
Financial & Operating Highlights Strategic Update Performance 2025 Group Financial Performance FY performance ahead of market expectations Total Group Total ITV Studios Total Advertising Revenue Revenue Revenue £4,121m £2,130m £1,723m flat vs. 2024 up 5% vs. 2024 down 5% vs. 2024 Group adjusted Digi
Slide 6: Financial & Operating Performance
FINANCIAL & OPERATING PERFORMANCE Chris Kennedy 6
Slide 7: ITV Studios
Financial & Operating Highlights Strategic Update Performance ITV STUDIOS ITV Studios P&L - Good revenue growth, leveraging its world class talent, scale and unique IP ● Total Revenue up 5%, ahead of the global content market: Organic revenue ○ External revenue up 10% driven by deliveries to global
Slide 8: Media & Entertainment
Financial & Operating Highlights Strategic Update Performance MEDIA & ENTERTAINMENT Continued strong growth in digital advertising revenues, with significant cost savings mitigating the decline in TAR Twelve months to 31 2025 2024 Change ● TAR down 5%, better than guidance December (£m) (£m) % ○ Wit
Slide 9: Key Balance Sheet Metrics
Financial & Operating Highlights Strategic Update Performance KEY BALANCE SHEET METRICS Robust Balance Sheet and Good Cash Generation 65% £187m PROFIT TO CASH FREE CASH FLOW (31 Dec 2024: 83%) (31 Dec 2024: £325m) 1.0x £207m £566m LEVERAGE1 NET PENSION SURPLUS NET DEBT (31 Dec 2024: 0.7x) (31 Dec 20
Slide 10: Disciplined Capital Allocation Framework
Financial & Operating Highlights Strategic Update Performance DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Framework 2025 1. REINVESTMENT: Invest organically in line Organic Investment: ITVX, Planet V, Outcomes with our strategic priorities and SME initiatives, and Zoo 55 2. INVESTMENT GRADE BALANCE SHE
Slide 11: Reshaping Cost Base and Enhancing Profitability
Financial & Operating Highlights Strategic Update Performance Reshaping cost base and enhancing profitability through ongoing productivity and efficiency gains £253m of cumulative savings delivered since the start of 2019 2025: Cumulative Permanent Cost Savings 2019 - 2025 (£m) ● Delivered £63m of p
Slide 12: 2026 Outlook
Financial & Operating Highlights Strategic Update Performance 2026 OUTLOOK Studios Outlook M&E Outlook ● Expect good total revenue growth over the full year, ahead of the market, driven by ● Expect M&E to continue to deliver strong, external revenue profitable digital revenue growth, driven by ITVX
Slide 13: Strategic Update
STRATEGIC UPDATE Carolyn McCall 13
Slide 14: Strategic Execution
STRATEGIC EXECUTION Phase Two of More than TV strategy expand STUDIOS Further diversifying and Successful execution of expanding by genre, geography the strategy delivers ITV’s and customer and growing faster than the market vision of being a leader in UK advertiser-funded streaming, and a diversifi
Slide 15: Expand Studios: World-Class Talent
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Confident in growing faster than the global content market at attractive margins, leveraging ITV’s key competitive advantages and value drivers Global Scaled World-class Talent Unique IP Library Studios World-class talent p
Slide 16: Attracting and Retaining World-Class Talent
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Attracting and retaining world-class talent Recent Talent Deals and Partnerships Recent Acquisitions ● Fool Me Once - one of ● One of the largest independent Netflix's most streamed producers of natural history series of al
Slide 17: Unscripted
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Formidable slate of unscripted formats and scripted brands ● The Voice - The biggest entertainment format in the world with over 150 adaptations ● Love Island - Now in 28 markets. Love Island USA was the most- Unscripted wa
Slide 18: Expand Studios
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Scaled and Diversified Global Studios creating a strong platform for growth world's One of 32% #1 producer in the UK largest studio of revenue from strong scripted segment groups 28% revenue from 59% Growing faster of reven
Slide 19: Expand Studios
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Unique and valuable library and Zoo 55, Studios’ digital label, enabling ITV to maximise the monetisation of IP globally Social Video Free Ad Supported TV & AVOD Games and Gaming 310+ channel streams globally 40 games live
Slide 20: Expand Studios
Financial & Operating Highlights Strategic Update Performance expand STUDIOS Attractive and resilient business model delivering high-quality earnings Creator, owner, Diversified High recurring Low risk business producer and model revenues revenues distributor of IP Revenue Attractive Strong cash gro
Slide 21: Media & Entertainment
Financial & Operating Highlights Strategic Update Performance MEDIA & ENTERTAINMENT Focused on delivering profitable growth in digital revenues and strong cash generation, leveraging our compelling position Commercial leader Leading digital with a compelling Strong content Cost discipline and platfo
Slide 22: Supercharge Streaming
Financial & Operating Highlights Strategic Update Performance supercharge STREAMING ITVX and Planet V continue to gain momentum with strong growth in viewing and revenue First-class addressable advertising platform 25% CAGR in total streaming hours* targeting audiences 16% CAGR in MAUs* 20,000+ targ
Slide 23: Net Investment
Financial & Operating Highlights Strategic Update Performance supercharge STREAMING ITVX delivering strong growth in digital advertising and attractive returns Net Investment 23
Slide 24: Growing Demand for Targetable Advertising
Financial & Operating Highlights Strategic Update Performance supercharge STREAMING Growing demand for targetable advertising and expanding reach and supply of targetable inventory Strategic Partnerships SME Strategy Commercial Innovations ● ITV AdVentures direct sales team onboarding ● >40% of our
Slide 25: Optimise Broadcast
Financial & Operating Highlights Strategic Update Performance optimise BROADCAST Maintaining strength in delivering mass audiences which are sought by advertisers Exceptional line up in 2026 across Sport, Drama, Entertainment and Reality Only commercial 19 new and broadcaster in the UK returning wit
Slide 26: Summary - Continuing to Create Value
Financial & Operating Highlights Strategic Update Performance SUMMARY - continuing to create value ITV Studios M&E ○ World Class Talent ○ Fast growing digital advertising revenue ○ Scaled and diversified Studios ○ Leading digital platforms in ITVX and Planet V ○ Unique IP library and Zoo 55 digital
Slide 27: Q&A
Q&A 27
Slide 28: Appendices
APPENDICES 28
Slide 29: 2026 Planning Assumptions
2026 PLANNING ASSUMPTIONS, based on current expectations P&L Cash Expected to be c.£1.225bn, as we continue to optimise our Profit to cash conversion is expected to be CONTENT COSTS content spend to best reflect viewer dynamics. H1 content PROFIT TO CASH c.80% on average over the medium term costs w
Slide 30: Key Performance Indicators
KEY PERFORMANCE INDICATORS Group ITV Studios Media & Entertainment KPI FY 2025 KPI FY 2025 KPI FY 2025 ACTUAL ACTUAL ACTUAL Adjusted EPS 8.5p Total Studios Organic 1% Total Digital Revenues £614m (2024: 9.6p) Revenue Growth (2024: (5)%) (2024: £556m) Cost Savings £63m Studios Adjusted EBITA 13.9% To
Slide 31: M&E Key Performance Indicators Definitions
M&E KEY PERFORMANCE INDICATORS DEFINITIONS • Total digital revenue comprises all revenue streams from our digital businesses, predominantly digital advertising. It also includes digital advertising revenue and subscription revenue, as well as linear addressable revenue, digital sponsorship and partn
Slide 32: Financial Highlights
Financial Highlights 2025 2024 Change Twelve months to 31 December (£m) (£m) % ITV Studios revenue1 2,130 2,038 5 M&E revenue 1,991 2,102 (5) Total revenue 4,121 4,140 - Internal revenue2 (610) (652) 6 Total external revenue 3,511 3,488 1 ITV Studios adjusted EBITA1 297 299 (1) M&E adjusted EBITA 23
Slide 33: Total Advertising Revenue - Spend by Category
Total Advertising Revenue - Spend by Category FY 2025 YOY Largest categories £m % change Retail 391 - Entertainment and Leisure 152 (10) Airlines, Travel and Holidays 136 10 Finance 115 10 Food 109 (7) Cosmetics & Toiletries 95 (23) Publishing and Broadcasting 95 1 Cars and Car Dealers 85 (7) Househ
Slide 34: Reconciliation Between 2025 Statutory and Adjusted Earnings
Reconciliation Between 2025 Statutory and Adjusted Earnings Statutory Adjustments Adjusted Twelve months to 31 December (£m) (£m) (£m) EBITA1 533 1 534 Exceptional items (operating)2 (107) 107 - Amortisation and impairment3 (63) 20 (43) Operating profit 363 128 491 Net financing costs4 (25) (18) (43
Slide 35: Reconciliation Between 2024 Statutory and Adjusted Earnings
Reconciliation Between 2024 Statutory and Adjusted Earnings Statutory Adjustments Adjusted Twelve months to 31 December (£m) (£m) (£m) EBITA1 526 16 542 Exceptional items (operating) (65) 65 - Amortisation and impairment (143) 107 (36) Operating profit 318 188 506 Net financing (costs) / income - (2
Slide 36: Total Exceptional Items
Total Exceptional Items 2025 2024 Twelve months to 31 December (£m) (£m) Corporate transaction-related expenses1 (38) (8) Restructuring and transformation costs (69) (50) Property costs - 1 Employee-related tax provision (3) 1 Transponder onerous contract - (4) Pension related costs (3) - Legal sett
Slide 37: Net Financing Costs
Net Financing Costs 2025 2024 Twelve months to 31 December (£m) (£m) Financing costs directly attributable to bonds and loans (35) (34) Cash-related net financing (costs) / income (8) 9 Adjusted financing costs (43) (25) Net pension interest 8 8 Other net financial gains and unrealised foreign excha
Slide 38: P&L Tax Charge and Tax Cash
P&L Tax Charge and Tax Cash Twelve months to 31 December 2025 2024 (£m) (£m) Statutory profit before tax 338 521 HETV tax credits 1 16 Exceptional items 107 65 Amortisation and impairment1 20 107 Adjustments to net financing income (18) (25) Profit on disposal of joint ventures and subsidiary undert
Slide 39: Analysis of Net Debt
Analysis of Net Debt 2025 2024 31 December (£m) (£m) €360m Eurobond (previously €600m, reduced to €360m Jun 24) 423 419 €500m Eurobond (issued Jun 24) 318 316 Other loans 16 18 Total debt repayable on maturity 757 753 2025 2024 31 December (£m) (£m) Gross cash 302 427 Gross debt (including IFRS 16 l
Slide 40: Profit to Cash Conversion and Free Cash Flow
Profit to Cash Conversion and Free Cash Flow 2025 2024 Twelve months to 31 December (£m) (£m) Adjusted EBITA 534 542 Working capital movement (196) (144) Adjustment for production tax credits 26 62 Depreciation 48 47 Share-based compensation 16 18 Acquisition of property, plant and equipment and int
Slide 41: Reported Net Debt Tracker
Reported Net Debt Tracker - ae 187 (187) 23 (23) (38) Dec-24 Net debt Freecashflow _ Dividends Acquisition Share paid of subsidiaries, buyback investments and NCI a (60) Net outflow from exceptional items 9 (4) (19) Sale of Net lease subsidiaries and — movement investments Other Dec-25 Net Debt 41