ITV plc (ITV) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to ITV's 2025 full year results. As always, I'm here with Chris Kennedy, our CFO and COO. I'm going to start this morning with a brief summary of the 2025 highlights and then Chris will talk you through our financial and operating performance in a bit more detail. ITV delivered a good performance in 2025, outperforming market expectations despite the challenging market backdrop. We have transformed ITV and are demonstrably a much leaner and more agile business with a strong digital platform. We have capitalised on numerous growth opportunities as a result and are generating strong levels of cash. We've created two attractive and resilient businesses in ITV studios and media and entertainment. We have successfully changed the shape of ITV and achieved a key strategic target. Two-thirds of our total revenue now comes from studios and M&E Digital. And that really demonstrates the scale of ITV's transformation. Before discussing our results, I wanted to mention the leak in November about potential transaction. As you know, we confirmed that we were in preliminary discussions with Sky regarding the possible sale of our M&E business. We are actively engaged with Sky and we will provide an update to you when we can. The effectiveness of our strategy to diversify ITV's revenue streams is clear in our results with the growth in ITV Studios and our digital M&E business combined with our disciplined cost management largely offsetting a difficult linear advertising segment. In line with our dividend policy, the Board has proposed a final dividend of 3.3p, giving an unchanged full-year dividend of 5p, a total payment of around £190 million. I'll now hand over to Chris to go through the numbers in more detail. Thank you, Carolyn. Good morning, eve...