STV Group (STVG) H2 2025 earnings summary

Executive summary

• Full year 2025 results met guidance, with group revenue at GBP 176.9 million and adjusted operating profit of GBP 11.6 million, reflecting disciplined execution amid a tough advertising and commissioning market.

• Cost savings program is on track, targeting GBP 8 million permanent savings by FY26, with GBP 4 million already delivered.

• STV Radio launched in January 2026, showing strong early advertiser and audience engagement.

• No final FY25 dividend recommended to preserve liquidity, with intent to resume dividends when prudent.

• Clear plan for 2026, leveraging the FIFA World Cup, STV Radio, and international studio commissions.

Financial highlights

• Group revenue for 2025 was GBP 176.9 million, down 6% year-over-year; adjusted operating profit fell 44% to GBP 11.6 million, with a margin just under 7%.

• Studios revenue was GBP 83 million, down 1% year-over-year, supported by scripted activity.

• Advertising revenue declined 10%, with national linear advertising down 16% and regional linear down 1%.

• Digital revenues grew 3% to just over GBP 20 million; STV Player streaming hours up 9%, daily active users up 10%.

• Net debt ended the year at just over GBP 45 million, leverage at 2.4x–2.5x, and interest cover at 6.1x, all within covenant limits.

Outlook and guidance

• Entering 2026 with optimism due to the expanded World Cup, scaling of STV Radio, and international studio commissions.

• Q1 2026 advertising revenue expected to be down ~5%, but World Cup-related advertising expected to boost Q2.

• Cost savings of GBP 8 million on track for FY26; majority of incremental savings to be realized through headcount reduction.

• Net debt and leverage expected to rise slightly mid-year due to World Cup cash timing, then fall by year-end.

• Cost discipline and strategic execution remain priorities.