STV Group (STVG) Q4 2025 TU earnings summary

Executive summary

• Full year 2025 revenue expected at the top end of £165m–£180m guidance.

• Adjusted operating profit anticipated in line with consensus at £11.4m.

• Cost-saving actions to deliver £2.5m reduction in 2026, incremental to £5m run rate target.

• New Audio business launched, with STV Radio receiving positive early feedback.

Financial highlights

• Q4 total advertising revenue (TAR) down approximately 10% year-over-year.

• Full year TAR also down about 10% due to challenging macroeconomic conditions.

• Year-end net debt expected at the lower end of £45m–£50m guidance.

Outlook and guidance

• Macroeconomic uncertainty and subdued advertising/commissioning markets persist into early 2026.

• 2026 FIFA World Cup anticipated as a key event for advertisers and viewers.

• On track to achieve previously identified cost savings and maintain balance sheet resilience.