Arqiva delivers “solid” H1
March 3, 2026
By Chris Forrester
Arqiva, the UK’s major media services and communications infrastructure operator, has announced its financial results for the six months ended 31 December 2025 and that funds managed and advised by Polus Capital Management have agreed to acquire a 26.54 per cent shareholding in the company from Macquarie Asset Management.
Arqiva CEO Shuja Khan, commented: “We’ve delivered a solid first half performance despite a competitive market context. Revenue growth of 14 per cent and stable EBITDA reflect the strength of our long-term contracted model, the continued expansion of our Smart Utilities business and our focus on cost discipline. Our Media & Broadcast division remains resilient, supported by key contract renewals and high service availability.”
Media and Broadcast revenues fell by 1 per cent year-on-year to £235 million (£237.9m in HY25 2025) largely reflecting lower pass-through revenues driven by lower power consumption and energy prices. Renewal pricing pressures in DTT and DTH continue .
“Operationally, we’ve made good progress against our priorities. We’ve launched new products across both Media & Broadcast and Utilities, mobilised significant new contracts in the water sector, and continue to invest in the capabilities that will support our long-term growth. At the same time, we are sharpening our focus on cost efficiency and ensure we are operating as effectively as possible across the business.”
“Looking ahead, we remain confident in our full-year outlook. Our strong order book, disciplined financial management, and recent refinancing activity provide a stable platform for continued delivery. Together with the expected onboarding of a new shareholder in Polus, we are well positioned for the future – to deliver against our strategy, support our customers and invest in the future of our infrastructure,” Khan added.
Arqiva H1 highlights include:
· Smart Utilities Networks revenue grew by 66 per cent, supported by mobilisation of new AMP8 water contracts worth over £500 million
· Media & Broadcast performance remained stable, with key contract renewals including multi-year extensions with major DTT customers through 2030
· Order book remains robust at approximately £2.8 billion, providing long-term revenue visibility
· Group revenue up 14 per cent to £347.3 million driven by mobilisation of new water metering contracts
· EBITDA broadly flat at £153.1 million reflecting a decline in margin due to changes in mix
· Total loss after tax of £739.8 million largely reflecting non-cash exceptional net impairment losses
· Net operating cash inflow of £87.8 million
· Capex of £34.3 million fully funded by operating cash flow
· Successful refinancing completed, including £500 million subordinated bond issuance and extension of key credit facilities; no major debt maturities until June 2028
· Strong liquidity of £286 million as at December 31st 2025
· Senior leverage of 3.07x; improvements in senior interest and debt service cover ratios
· Fully compliant with all financial covenants; no change in credit ratings
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