STV Group plc Full Year Results 2025

17 Mar 2026

Results are in line with expectations, underpinned by operational discipline and strategic delivery. 

Key financials and operating highlights

• Group revenue of £176.9m, down 6%
• Total Advertising Revenue (TAR) of £89.3m, down 10%, driven by national linear
• Studios revenue £83.0m, down 1%, a resilient performance
• Group adjusted operating profit of £11.6m, down 44%; statutory operating profit £3.8m
• Both divisions reported a 35% decline in adjusted operating profit
• Group adjusted operating margin of 6.6% (2024: 11.0%)
• Management actions taken as planned to deliver annualised cost savings totalling £8m by end FY26
• Group net debt at lower end of guidance range, at £45.3m (2024: £38.7m)
• Successful launch of Audio business, including STV Radio, attracting new advertisers to STV
• STV Player achieved highest ever consumption, up 9% to 75m hours
• Strengthened advertising proposition through pause ads and STV ADapt, with new advertiser product innovation coming in 2026
• No final dividend proposed in respect of 2025 (2024: full year 11.3p) 

Rufus Radcliffe, Chief Executive, said: 

"Throughout a challenging 2025 for both of our key markets, we acted decisively to adapt the business to rapidly changing conditions, and have delivered results in line with latest guidance as well as making clear progress across our strategic pillars. We remain focused on improving financial performance in 2026 supported by tight cost discipline despite continued limited market visibility. Our new Audience division, bringing together broadcast, streaming and audio, is maximising reach and engagement, strengthening our advertising proposition and opening new commercial opportunities following the launch of STV Radio.

“STV Studios continues to deliver high‑quality, returnable IP with strong international appeal, supported by an expanded customer mix and disciplined portfolio management. 

“Having taken decisive steps to re-engineer the Group’s cost base in the period, this focus on tight cost discipline will remain a priority in 2026. We also believe 2026 offers reasons for optimism, including the Men’s Football World Cup, new advertiser product innovation, and major new scripted and unscripted deliveries for global streamers. We believe that the transforming media landscape will continue to offer opportunities for STV.” 

Strategic progress: 

Content

• STV Studios continues to win commissions and deliver projects in a difficult market, with 37 new commissions and recommissions in 2025 (2024: 51):
• Two Cities delivered series 3 of Blue Lights to BBC One; period drama ‘spectacular’ Amadeus launched on Sky and NOW in December
• STV Studios Drama delivered The Witness to Netflix, the label’s first commission for a global streamer
• New returnable unscripted series: Game of Wool (Channel 4); and Jimmy Carr’s Am I The A****** (Comedy Central), both recommissioned this month
• Studios adjusted operating margin was 4.7% (2024: 7.2%), reflecting lower format sales and margin pressure from commissioners
• Building blocks of margin improvement remain: 33 returning series in production (2024: 37); secondary sales revenue of £7.3m (2024: £7.7m)
• Forward production orderbook of £33m at Dec-25 (Aug-25: £40m); no cancellations notified
• Positive start to 2026 with production underway on three drama series all delivering in 2026: Blue Lights 4 (BBC One), Army of Shadows (Channel 4), and Criminal Record 2 (Apple TV). 

Audience

• Average monthly reach of STV/STV Player was 75% of Scots (3.5m), greater than the ad tier of Netflix, Amazon Prime and Disney+ combined
• STV & STV Player combined still number 1 commercial destination for audiences in Scotland with 97% of top 500 commercial programme audiences across all TV channels and SVOD platforms on STV
• STV Player achieved highest ever consumption with total viewing hours up 9% to 75m and registered Daily Active Users up 10%
• STV Radio successfully launched as planned in Jan-26, attracting new audiences and advertisers to STV
• Pilot brands for STV ADapt seeing strong returns with progress towards full roll-out in H2 2026 on plan 

Net debt and cash management

• Net debt of £45.3m included amounts under non-recourse production financing of £2.3m (2024: £38.7m including production financing of £9.9m)
• Increase in net debt partly relates to loss for the year of £4m (2024: profit for the year £13.1m)
• Leverage 2.5x (covenant max 3x); interest cover 6.1 (covenant min 4x)
• On track to deliver annualised run rate savings of £8m by end FY26
• £4.1m delivered across FY24/FY25
• Actions taken to deliver balance of £3.9m in FY26; £3m from restructuring programme implemented in H2 2025
• Accounting deficit on defined benefit pension schemes reduced to £39.2m (2024: £48.3m)
• Flexibility obtained for contributions payable in FY26 

Market Outlook

• Advertising outlook for Q1 2026:
• Total advertising revenue (TAR) expected to be down c.5%
• National linear expected to be down c.7%
• Regional linear expected to be down c.11%; regional significantly outperformed national in 2025 with 2026 decline a result of shifting spend patterns for a small number of larger advertisers
• VOD revenue expected to be +3%
• FIFA Men’s World Cup expected to drive advertising revenue in Q2
• First RAJAR listening figures for STV Radio expected in August
• Studios: forward orderbook at end December 2025 of £33m 

Dividend

• Although the business continues to be cash generative, given continued pressure on operating margins and the current debt profile, the Board believes that it is prudent not to declare a dividend in respect of 2025, to preserve financial flexibility and liquidity as the business stabilises
• The Directors understand the importance of optimising value for shareholders, and it is the Directors’ intention to return to paying a dividend when it is prudent for the Group to do so 

There will be a presentation for analysts on STV’s Full Year Results for 2025 today, Tuesday 17 March, at 12.30pm via Zoom. Should you wish to attend this presentation, please email Angela Wilson at angela.wilson@stv.tv.