ITV H1 profits down 31%
July 24, 2025
UK commercial PSB ITV says its H1 performance is ahead of market expectations as it continues to execute successfully Phase Two of the More Than TV strategy, including the expansion of its UK and global production business in ITV Studios, supercharging its streaming business, ITVX and optimising its highly cash generative linear broadcast business.
Total revenue was 3 per cent lower, and group adjusted EBITA was 31 per cent lower year-on-year. This comparison is impacted by a very strong advertising period in H1 2024, driven by the Men’s Euros. Total advertising revenue in H1 2025 was up 2 per cent compared to 2023 and better than guidance. ITVX is continuing its strong performance with digital advertising revenue up 12 per cent compared to 2024. Meanwhile, the phasing of high-margin ITV Studios productions and distribution is weighted towards the second half, giving us confidence that ITV Studios is on track for good revenue growth for the full year, ahead of the global content market.
ITV says it expects to see continued good growth in digital advertising revenues over the medium term and remains on track to deliver at least £750 milllion (€864m) of digital revenues by 2026. “We have built a really strong platform in ITVX, which broke even two years earlier than expected and has already recouped its entire investment,” it adds.
It continues to develop new advertising and non-advertising revenue opportunities by extending its reach and growing the supply of targetable audiences, with strategic content partnerships, such as YouTube and Disney+, along with increasing targetable inventory with linear addressable advertising
Carolyn McCall, ITV Chief Executive, said: “ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market. We have the agility and capability to make the most of new revenue opportunities while driving profitable growth, strong cash generation and attractive returns to shareholders.”
“ITV Studios continues to see positive momentum, with strong growth in external revenues in H1, driven by content for the global streaming platforms, including The Devil’s Hour for Amazon Prime Video, and Run Away for Netflix.”
“In M&E, ITVX continued its strong performance despite comparatives of the men’s Euros, and Broadcast maintained its strength in delivering the biggest commercial audiences in the UK. This reinforces M&E’s market-leading position in UK Streaming and Broadcast, delivering strong cash generation.”
“We are on track to deliver our 2026 key financial targets, with sustained good growth in ITV Studios and ITVX coupled with strategic cost management as we reshape our cost base to reflect the dynamics of the industry in which we operate.”
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