ITV on track for full-year guidance as H1 profit rises and £100m buyback announced

ITV PLC (LSE:ITV) said its first-half 2026 performance was broadly in line with expectations and that it remains on track to deliver its full-year guidance, supported by growth in ITV Studios and continued momentum in digital advertising.

Group revenue increased 2% to £1.9 billion in the six months to 30 June 2026, with external revenue up 1% at £1.6 billion. Group adjusted EBITA was unchanged from a year earlier, while adjusted earnings per share rose 22% to 2.2p. Statutory profit before tax increased 16% to £78 million and statutory earnings per share rose 25% to 1.5p.

ITV Studios reported 2% revenue growth, driven by higher internal revenue and growth in distribution revenues. Adjusted EBITA declined 9%, reflecting the timing of production deliveries, high-margin licensing deals weighted to the second half of the year and previously announced scheduling changes to soaps and daytime production.

Media & Entertainment generated 2% revenue growth, with Total Advertising Revenue increasing 3% during the first half and 8% in the second quarter. ITVX recorded a 27% increase in viewing and digital advertising revenue grew 13% year-on-year, supported by the Men’s Football World Cup.

Chief executive Carolyn McCall said: “ITV delivered a solid H1 performance and we remain on track to deliver our full-year guidance, including good revenue growth in ITV Studios and strong, profitable digital revenue growth within Media & Entertainment.”

The company said it continues to expect ITV Studios to deliver full-year revenue growth ahead of the wider market, with margins at the lower end of its 13% to 15% target range. It expects Total Advertising Revenue to decline by around 5% in the third quarter because of macroeconomic headwinds, leaving revenue for the first nine months broadly flat year-on-year.

The board declared an interim dividend of 1.7p per share, unchanged from last year, representing a distribution of around £60 million. ITV also announced a £100 million share buyback, representing an early return of part of the expected £950 million net cash proceeds from the proposed sale of Media & Entertainment to Sky.

The sale of Media & Entertainment to Sky, announced on 6 July 2026, remains subject to regulatory approval. ITV said the Competition and Markets Authority has begun its review and, if the transaction proceeds to a Phase 2 investigation, completion is expected in the second half of 2027.