Free Trial

ITV (Baa3/BBB-/BBB-) Service Revenue Weakness Persists Though Ad Revenue Sees YoY Growth

COMMUNICATIONS


  • Q1 revenue -7% YoY came in below both estimates visible on BBG, mainly driven by a 16% decline in Studios revenue on the weighting of deliveries towards H2, the US strikes impact and the impact of advertising weakness on European broadcaster demand. Median & Ent looks broadly in line at +2% with total ad revenue +3%.
  • Noting the ITV pension is in surplus since the last valuation, removing a drag on FCF (GBP 40mn in FY23, FCF was GBP 361mn).
  • FY cost savings target and 2026 guidance confirmed; FY Studio revenue seen flat but with a YoY decline in Q2. For M&E they see total ad revenue +12% in Q2 and +8% in H2.
  • EUR 26s yet to stream.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.