ITV reports “solid” H1 boosted by World Cup
July 31, 2026

By Nik Roseveare



ITV, the UK commercial broadcaster, has reported that total Group revenue for H1 2026 was up 2 per cent to £1.9 billion (€2.2bn), with external Group revenue up 1 per cent year-on-year. It is the first set of results that ITV has published since announcing the sale of its network and streaming business to Sky – a deal which ITV expects to close midway through 2027.

Group adjusted EBITA was flat year-on-year, with growth in Total Advertising Revenue (TAR) offset by the expected decline in ITV Studios adjusted EBITA.


ITV Studios also delivered total revenue growth of 2 per cent, to £912 million, driven by a 9 per cent increase in internal revenue and strong growth in distribution revenues as it continued to successfully monetise its content library. External revenue declined 1 per cent driven by the phasing of deliveries. ITV Studios’ adjusted EBITA declined by 9 per cent, with an adjusted EBITA margin of 10.6 per cent. ITV attributed the decline in EBITA to the revenue mix and the profit impact of lower revenue from the previously announced scheduling changes to the Soaps and Daytime production.

Media & Entertainment (M&E) delivered a “good” first-half performance (despite the impact of the less healthy food (LHF) regulation introduced in October 2025), with total revenue up 2 per cent. H1 TAR increased by 3 per cent, with Q2 up 8 per cent year- on-year. This was driven by the FIFA World Cup 2026, which attracted strong advertising and sponsorship demand from both UK and global brands across many advertising categories, and significantly boosted engagement on ITVX, which delivered record H1 viewing, up 27 per cent, with digital advertising revenue up 13 per cent year-on-year. M&E adjusted EBITA grew 37 per cent with the growth in TAR, partially offset by the expected increase in marketing costs for ITV’s new brand campaign, and to support the launch of new formats and dramas in H1.

In total across the Group, ITV achieved £13 million of permanent non-content cost savings in H1 which it says helped fund investments and offset inflation. ITV is on track to deliver £20 million of non-content cost savings across the full year.

Carolyn McCall, ITV Chief Executive, commented: “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. ITV Studios’ H1 performance reflects the year-on-year phasing of our production slate, with revenue, profit, and margin weighted as usual towards the second half of the year as previously guided. This reflects a significant volume of large deliveries and high-margin licensing deals in H2, over which we have good visibility.”

“In M&E, ITVX continues to perform strongly, delivering double-digit growth in both viewing and digital advertising revenues during the period, while Total Advertising Revenue (TAR) grew strongly in the first half and into July, reflecting a very successful Men’s Football World Cup and continued strong demand from advertisers. The recently announced sale of M&E to Sky represents a substantial milestone for ITV. This transaction will unlock significant value for shareholders, with a net cash return of around £950 million, excluding any contingent consideration, and continued ownership of an attractive, growing global content business in ITV Studios. Underpinned by its world class talent, global scale and unique IP library, ITV Studios is well positioned to deliver above-market profitable organic revenue growth at industry leading margins, strong cash generation, attractive returns to shareholders and an investment grade balance sheet.”

“Macro-economic headwinds remain, but we are focused on the performance of both businesses, with continued momentum, disciplined execution of our strategic priorities and a strong second half delivery schedule in ITV Studios. Reflecting our commitment to attractive shareholder returns, the Board has declared an interim dividend of 1.7p, a total of around £60 million, unchanged on prior year. In addition, we are today announcing a £100 million share buyback. This represents an early return of part of the previously announced £950 million net cash return expected on completion of the sale of M&E,” she concluded.

Industry reaction

Commenting on ITV’s 2026 interim results, Amelia MacPherson, media and technology senior analyst at RSM UK said: “The World Cup has helped deliver a solid set of interim results for ITV, but the real test will be whether the broadcaster can turn this temporary boost into sustainable growth. Record engagement, particularly among younger audiences, demonstrates the continued value of live events, but retaining those viewers and deepening engagement with ITVX will be crucial if ITV is to convert short-term viewing gains into long-term advertising and digital revenue.”

“With the sale of ITV’s Media & Entertainment division to Sky, which includes the World Cup-related advertising revenues, expected to complete in late 2027, subject to CMA approval, today’s announcement of a £100 million share buyback signals management’s confidence in the group’s financial position and the expected completion of the deal.”

“While the near-term M&A outlook across the media sector remains cautious, with political change in the UK and wider geopolitical uncertainty including the conflict in Iran, creating additional complexity for dealmaking, the longer-term drivers for consolidation remain. The need for greater scale, stronger content libraries and improved operational efficiency is likely to continue shaping the sector over time.”

“Investor attention is increasingly focused on the performance of ITV Studios, as it will become the group’s core business following the completion of the Sky transaction.”

“ITV Studios’ H1 results reflect the broader industry trend that revenue and profits are often weighted towards the second half of the year, as higher-margin distribution deals are typically recognised later in the cycle. However, the global content market is showing signs of slower growth, reinforcing the importance of premium, proven content and established IP over untested new commissions. Returning franchises in H2 such as Line of Duty Season 7 from ITV Studios-owned World Productions highlight the value of content with an existing audience. The challenge for the industry now is balancing the value of established franchises with investment in the next generation of breakout content,” she concluded.