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"ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "26000000.0", "decimals": -6, "dimensions": { "concept": "itvplc:NetCashFlowOnLeaseLiabilitiesIncludingInterest", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "itvplc:NetCashFlowOnLeaseLiabilitiesIncludingInterest", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "itvplc:InterestPaidOnLeaseLiabilities", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "itvplc:InterestPaidOnLeaseLiabilities", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-553": { "value": "SECTION 1: BASIS OF PREPARATION In this section This section sets out the Group\u2019s accounting policies that relate to the financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also shows new UK-adopted accounting standards, amendments and interpretations, and whether they are effective in 2025 or later years. We explain how these changes are expected to impact the financial position and performance of the Group. The financial statements consolidate those of ITV plc(\u2018the Company\u2019) and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in associates and jointly controlled entities. The Company is registered in England and Wales. These Group financial statements were prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The accounting policies have been applied consistently in the financial years presented. The financial statements are principally prepared on the basis of historical cost. Where other bases are applied, these are identified in the relevant accounting policy. The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u2018FRS 101\u2019). The notes form part of the financial statements. Going concern As at 31 December 2025, the Group was in a net debt position of \u00a3566 million (2024: \u00a3431 million), including gross borrowings of \u00a3868 million (2024: \u00a3858 million) offset by cash and cash equivalents of \u00a3302 million (2024: \u00a3427 million). As of the date of approving these financial statements, the Group has five committed facilities in place to maintain its financial flexibility: A \u00a3500 million multilateral Revolving Credit Facility (RCF), maturing in January 2029 A \u00a3100 million bilateral RCF, maturing in December 2028 A \u00a3200 million bilateral loan facility maturing in December 2030. \u00a3125 million was available at 31 December 2025 and the full \u00a3200 million became available from 1 January 2026 A \u00a3300 million bilateral financing facility, free of financial covenants and maturing in June 2026 A \u00a3300 million committed term loan facility, entered into in June 2025, available for drawing from 26 June 2026 and maturing three years from the date of drawdown. This committed facility has been put in place ahead of the September 2026 bond maturing At 31 December, all facilities available at that date were undrawn (31 December 2024: undrawn). Together with cash and cash equivalents of \u00a3302 million, this provided total liquidity of \u00a31,327 million (31 December 2024: \u00a31,377 million). This provides the Group with sufficient liquidity to meet the requirements of the business in the short to medium term under a variety of scenarios, including a severe but plausible downside scenario related to the Group\u2019s principal risks. The two RCFs are subject to leverage and interest cover semi-annual covenant tests that require the Group to maintain a leverage ratio of below 3.5x and interest cover above 3.0x (measures as defined in the RCF documentation). At 31 December 2025, the Group had covenant net debt of \u00a3477 million (2024: \u00a3314 million) and its financial position was well within its covenants. The leverage and interest cover tests will be tested again on 30 June 2026. For further information on covenants, see section 4.1. In assessing going concern, the Directors considered the Group\u2019s current financial position, committed facilities, covenant requirements and cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The assessment is based on the Board-approved five-year plan (2026-2030), approved in December 2025. Consistent with the approach taken in the viability assessment, Management also prepared two additional detailed cashflow forecasts under alternative structural and operational bases. Severe but plausible downside scenarios, both individually and in combination, were applied to each base forecast. These downside scenarios included: A significant and sustained downturn in advertising revenue and underperformance in Streaming Reduced commissioning budgets and weaker performance in ITV Studios and A major operational disruption, including a cyber incident Under the combined severe but plausible downside scenario applied to all three forecast bases, the Group continues to maintain sufficient liquidity and remains within its committed financing facilities throughout the assessment period. Accordingly, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these consolidated financial statements and have therefore prepared the consolidated financial statements on a going concern basis. The Directors propose a final dividend of 3.3p per share (2024: 3.3p), which equates to a full year dividend of 5.0p per share, subject to shareholders approval at the AGM on 7 May 2026. The Directors intend to at least maintain this dividend over the medium term (which was included in all scenarios modelled). The Directors will continue to balance shareholder returns with a commitment to maintain investment grade credit metrics over the medium term and to continue to invest in the Group\u2019s strategy. Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Subsidiaries, joint ventures, associates and investments Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are considered. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of less than or equal to three months from the date of acquisition. The carrying value of cash and cash equivalents is considered to approximate fair value. Foreign currencies The primary economic environment in which the Group operates is the UK and therefore the consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019). Where Group companies based in the UK transact in foreign currencies, these transactions are translated into pounds sterling at the exchange rate on the transaction date. Foreign currency monetary assets and liabilities are translated into pounds sterling at the year end exchange rate. Where there is a movement in the exchange rate between the date of the transaction and the year end, a foreign exchange gain or loss is recognised in the income statement. Non-monetary assets and liabilities measured at historical cost are translated into pounds sterling at the exchange rate on the date of the transaction. The assets and liabilities of Group companies outside of the UK are translated into pounds sterling at the year end exchange rate. The revenue, expenses and other comprehensive income of these companies are translated into pounds sterling at the average monthly exchange rate during the year. Where differences arise between these rates, they are recognised in the translation reserve within other comprehensive income. The Group\u2019s net investments in companies outside the UK may be hedged where the currency exposure is considered to be material. Hedge accounting is implemented on certain foreign currency firm commitments, for which the effective portion of any foreign exchange gains or losses is recognised in other comprehensive income (note 4.3). Exchange differences arising on the translation of the Group\u2019s interests in joint ventures and associates are recognised in the translation reserve within other comprehensive income. On disposal of a foreign subsidiary, an interest in a joint venture or an associate, the related translation reserve is released to the income statement as part of the gain or loss on disposal. Where a forward currency contract is used to manage foreign exchange risk and hedge accounting is not applied, any impact of movements in currency for both the forward currency contracts and the assets and liabilities is taken to the income statement. Accounting judgements and estimates The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The current macroeconomic environment has caused considerable estimation and judgement to be applied, particularly in respect of pension obligations and discount rates used for impairment reviews. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving material judgement or complexity and therefore may have a material impact on the financial statements in the next 12 months are set out below. Additional detail on the judgements and sources of estimation uncertainty applied by management are set out in the accounting policies section of the relevant notes:
Area
Key judgements
Key sources of estimation uncertainty
Exceptional items The classification of income or
(See note 2.2) expenses as exceptional items
Transmission Whether the transponder capacity
commitments contracts should be classified as
(See note 3.1.1) leases in accordance with IFRS 16
Acquisition-related Whether future amounts payable Estimates of cash flow forecasts
liabilities (See note 3.1.4 is linked to employment to support the calculation of the
and 3.1.5) future liabilities
Employee-related The individuals who are included Estimates of the amounts required
provisions (See note 3.7) in the calculation to settle or assume the liability
Defined benefit pension Estimates of the assumptions
(See note 3.8) for valuing the defined benefit
obligation
In addition to the above, there are a number of areas which involve a high degree of estimation and are significant to the financial statements but are not expected to have a material impact on them in the next 12 months. The key areas underlying estimation uncertainty include the estimation of net realisable values for programme rights, allocation of programme rights between linear and ITVX, impairment of goodwill and intangible assets and taxation. More detail on each of these items is given in the relevant notes. The Directors recognise the climate crisis and the potential impact it may have on both the wider world and the success of ITV. The threat continues to evolve, and businesses globally have a responsibility to take meaningful action to mitigate and prevent further climate change. The Directors are committed to reducing the impact of ITV on the environment. Climate-related risks have been identified as an emerging business risk; however, the Directors do not view them as a source of material estimation uncertainty for the Group. For further detail, see the Risks and Uncertainties section of the Strategic Report. New or amended accounting standards The following new standards and/or amendments were effective 1 January 2025 but have not had a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Impact on
Accounting standard
Requirement
financial statements
Amendments to IAS 21 The amendment clarifies how an assessment is No material changes
'The Effects of Changes made as to whether a currency is exchangeable, to the Group\u2019s
in Foreign and how estimates of a spot rate are made when financial position
Exchange Rates\u2019 a currency lacks exchangeability. or performance.
Accounting standards effective in future periods IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective from 1 January 2027, has now been adopted by the UK Endorsement Board. The Group\u2019s process to determine the potential impact of applying this standard is ongoing. The Directors have considered the impact on the Group of other new and revised accounting standards, interpretations or amendments that are not yet effective and do not expect them to have a significant impact on the Group\u2019s results and Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-603": { "value": "
These Group financial statements were prepared in accordance with UK-adopted International
Accounting Standards and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-604": { "value": "Going concern As at 31 December 2025, the Group was in a net debt position of \u00a3566 million (2024: \u00a3431 million), including gross borrowings of \u00a3868 million (2024: \u00a3858 million) offset by cash and cash equivalents of \u00a3302 million (2024: \u00a3427 million). As of the date of approving these financial statements, the Group has five committed facilities in place to maintain its financial flexibility: A \u00a3500 million multilateral Revolving Credit Facility (RCF), maturing in January 2029 A \u00a3100 million bilateral RCF, maturing in December 2028 A \u00a3200 million bilateral loan facility maturing in December 2030. \u00a3125 million was available at 31 December 2025 and the full \u00a3200 million became available from 1 January 2026 A \u00a3300 million bilateral financing facility, free of financial covenants and maturing in June 2026 A \u00a3300 million committed term loan facility, entered into in June 2025, available for drawing from 26 June 2026 and maturing three years from the date of drawdown. This committed facility has been put in place ahead of the September 2026 bond maturing At 31 December, all facilities available at that date were undrawn (31 December 2024: undrawn). Together with cash and cash equivalents of \u00a3302 million, this provided total liquidity of \u00a31,327 million (31 December 2024: \u00a31,377 million). This provides the Group with sufficient liquidity to meet the requirements of the business in the short to medium term under a variety of scenarios, including a severe but plausible downside scenario related to the Group\u2019s principal risks. The two RCFs are subject to leverage and interest cover semi-annual covenant tests that require the Group to maintain a leverage ratio of below 3.5x and interest cover above 3.0x (measures as defined in the RCF documentation). At 31 December 2025, the Group had covenant net debt of \u00a3477 million (2024: \u00a3314 million) and its financial position was well within its covenants. The leverage and interest cover tests will be tested again on 30 June 2026. For further information on covenants, see section 4.1. In assessing going concern, the Directors considered the Group\u2019s current financial position, committed facilities, covenant requirements and cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The assessment is based on the Board-approved five-year plan (2026-2030), approved in December 2025. Consistent with the approach taken in the viability assessment, Management also prepared two additional detailed cashflow forecasts under alternative structural and operational bases. Severe but plausible downside scenarios, both individually and in combination, were applied to each base forecast. These downside scenarios included: A significant and sustained downturn in advertising revenue and underperformance in Streaming Reduced commissioning budgets and weaker performance in ITV Studios and A major operational disruption, including a cyber incident Under the combined severe but plausible downside scenario applied to all three forecast bases, the Group continues to maintain sufficient liquidity and remains within its committed financing facilities throughout the assessment period. Accordingly, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these consolidated financial statements and have therefore prepared the consolidated financial statements on a going concern basis. The Directors propose a final dividend of 3.3p per share (2024: 3.3p), which equates to a full year dividend of 5.0p per share, subject to shareholders approval at the AGM on 7 May 2026. The Directors intend to at least maintain this dividend over the medium term (which was included in all scenarios modelled). The Directors will continue to balance shareholder returns with a commitment to maintain investment grade credit metrics over the medium term and to continue to invest in the Group\u2019s strategy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Subsidiaries, joint ventures, associates and investments Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are considered. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of less than or equal to three months from the date of acquisition. The carrying value of cash and cash equivalents is considered to approximate fair value. Foreign currencies The primary economic environment in which the Group operates is the UK and therefore the consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019). Where Group companies based in the UK transact in foreign currencies, these transactions are translated into pounds sterling at the exchange rate on the transaction date. Foreign currency monetary assets and liabilities are translated into pounds sterling at the year end exchange rate. Where there is a movement in the exchange rate between the date of the transaction and the year end, a foreign exchange gain or loss is recognised in the income statement. Non-monetary assets and liabilities measured at historical cost are translated into pounds sterling at the exchange rate on the date of the transaction. The assets and liabilities of Group companies outside of the UK are translated into pounds sterling at the year end exchange rate. The revenue, expenses and other comprehensive income of these companies are translated into pounds sterling at the average monthly exchange rate during the year. Where differences arise between these rates, they are recognised in the translation reserve within other comprehensive income. The Group\u2019s net investments in companies outside the UK may be hedged where the currency exposure is considered to be material. Hedge accounting is implemented on certain foreign currency firm commitments, for which the effective portion of any foreign exchange gains or losses is recognised in other comprehensive income (note 4.3). Exchange differences arising on the translation of the Group\u2019s interests in joint ventures and associates are recognised in the translation reserve within other comprehensive income. On disposal of a foreign subsidiary, an interest in a joint venture or an associate, the related translation reserve is released to the income statement as part of the gain or loss on disposal. Where a forward currency contract is used to manage foreign exchange risk and hedge accounting is not applied, any impact of movements in currency for both the forward currency contracts and the assets and liabilities is taken to the income statement. Accounting judgements and estimates The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The current macroeconomic environment has caused considerable estimation and judgement to be applied, particularly in respect of pension obligations and discount rates used for impairment reviews. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving material judgement or complexity and therefore may have a material impact on the financial statements in the next 12 months are set out below. Additional detail on the judgements and sources of estimation uncertainty applied by management are set out in the accounting policies section of the relevant notes:
Area
Key judgements
Key sources of estimation uncertainty
Exceptional items The classification of income or
(See note 2.2) expenses as exceptional items
Transmission Whether the transponder capacity
commitments contracts should be classified as
(See note 3.1.1) leases in accordance with IFRS 16
Acquisition-related Whether future amounts payable Estimates of cash flow forecasts
liabilities (See note 3.1.4 is linked to employment to support the calculation of the
and 3.1.5) future liabilities
Employee-related The individuals who are included Estimates of the amounts required
provisions (See note 3.7) in the calculation to settle or assume the liability
Defined benefit pension Estimates of the assumptions
(See note 3.8) for valuing the defined benefit
obligation
In addition to the above, there are a number of areas which involve a high degree of estimation and are significant to the financial statements but are not expected to have a material impact on them in the next 12 months. The key areas underlying estimation uncertainty include the estimation of net realisable values for programme rights, allocation of programme rights between linear and ITVX, impairment of goodwill and intangible assets and taxation. More detail on each of these items is given in the relevant notes. The Directors recognise the climate crisis and the potential impact it may have on both the wider world and the success of ITV. The threat continues to evolve, and businesses globally have a responsibility to take meaningful action to mitigate and prevent further climate change. The Directors are committed to reducing the impact of ITV on the environment. Climate-related risks have been identified as an emerging business risk; however, the Directors do not view them as a source of material estimation uncertainty for the Group. For further detail, see the Risks and Uncertainties section of the Strategic Report. New or amended accounting standards The following new standards and/or amendments were effective 1 January 2025 but have not had a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Impact on
Accounting standard
Requirement
financial statements
Amendments to IAS 21 The amendment clarifies how an assessment is No material changes
'The Effects of Changes made as to whether a currency is exchangeable, to the Group\u2019s
in Foreign and how estimates of a spot rate are made when financial position
Exchange Rates\u2019 a currency lacks exchangeability. or performance.
Accounting standards effective in future periods IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective from 1 January 2027, has now been adopted by the UK Endorsement Board. The Group\u2019s process to determine the potential impact of applying this standard is ongoing. The Directors have considered the impact on the Group of other new and revised accounting standards, interpretations or amendments that are not yet effective and do not expect them to have a significant impact on the Group\u2019s results and Consolidated Statement of Financial Position.
Accounting policies
Revenue measurement and recognition
The Group derives revenue from the transfer of goods and services. Revenue recognition is based
on the delivery of performance obligations and an assessment of when control is transferred to the
customer. Revenue is recognised either when the performance obligation in the contract has been
performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is
transferred to the customer.
Customer contracts can have a wide variety of performance obligations, from production contracts
to format licences and distribution activities. For these contracts, each performance obligation is
identified and evaluated including whether the Group had control of the good or service before
transferring to the customer.
Under IFRS 15 the Group needs to evaluate if a format or licence represents a right to access the
content (revenue recognised over time) or represents a right to use the content (revenue recognised
at a point in time). The Group has determined that most format and licence revenues are satisfied at
a point in time due to there being limited ongoing involvement in the use of the licence following its
transfer to the customer.
The transaction price, being the amount to which the Group expects to be entitled and has rights to
under the contract, is allocated to the identified performance obligations. The transaction price will
also include an estimate of any variable consideration where the Group\u2019s performance may result
in additional revenues. Variable consideration is estimated based on the achievement of agreed
targets, such as audience targets and is recognised only to the extent that it is highly probable that
a significant reversal of revenue recognised will not occur when the uncertainty associated with the
variable consideration is subsequently resolved.
Revenue is stated exclusive of VAT and equivalent sales taxes.
Complexity in advertising revenue measurement and recognition is driven by a combination of automated and manual processes involved in measuring the value delivered to the customer and therefore the value of variable consideration due. Complex contracts in all classes of revenue are assessed individually, and judgement is exercised in identifying performance obligations, allocating price to them, and assessing if the Group had control over the good or service before it was transferred to the customer. Timing of revenue recognition is another area of judgement particularly in respect of contracts in the ITV Studios division to assess whether revenue should be recognised at a point in time or over time. In assessing the transaction price, any non-cash consideration received from a customer is included. Non-cash consideration is measured at fair value. It takes into account the value of what the Group is receiving rather than the value of what the Group is giving up. The Group applies the practical expedient allowing it not to adjust for significant financing components in contracts where the time between the transfer of goods or services and payment is one year or less. Revenue recognition criteria for the key classes of revenue are as follows:
Segment
Major classes of revenue and revenue recognition policy
Payment terms
ITV Studios
Programme Revenue generated from the programmes produced Payment term is
production for broadcasters and streaming platforms in the UK, over the term of
US and internationally is recognised at the point of the contract
delivery of an episode and acceptance by the
customer. Revenue from producer for hire contracts,
where in an event of cancellation, cost is recovered
plus a margin, is recognised over time, over the term
of the contract
Format licences A licence is granted for the exploitation of a format in Payment term is
a stated territory, media and period. Licence revenue over the term of
is recognised when the licence period has the contract
commenced (point in time)
Programme A licence is granted for the transmission of a Payment term is
distribution programme in a stated territory, media and period and over the term of
rights revenue is recognised at the point when the contract the contract
is signed, the content is available for download,
and the licence period has started (point in time)
Where a licence is renewed or extended and the
content remains unchanged and available to the
customer, revenue is recognised when the contract is
signed (point in time)
Segment
Major classes of revenue and revenue recognition policy
Payment terms
Media & Entertainment
Total advertising Net advertising revenue is generated from selling spot Received in the
revenue airtime on linear TV and is recognised at the point of month after
transmission transmission
Online advertising revenue from video on demand is Received in the
generated from selling advertising on ITVX and is month after
recognised at the point of delivery campaign is
Revenue from the sponsorship of programmes across delivered
ITV linear channels and online is recognised over the Received prior to
period of transmission transmission
Subscriptions Revenue from subscription services is recognised Payment term is
over the subscription period over the term of
the contract or
subscription period
SDN Revenue is generated from the carriage fee or Payment term is
capacity of the digital multiplex and is recognised over the term of
over the term of the contract the contract
Partnerships and Revenue from platforms such as Sky and Virgin Media Payment term is
other revenue O2, and third-party commissions. Revenue related to over the term of
performance obligations delivered over time (e.g. the contract
provision of HD and SD channels and updated library
content) are recognised over the term of the contract
while revenues related to one-time provision of
content are recognised on delivery of the content
(point in time)
Interactive revenue is earned from entries to Payment term is
competitions and is recognised as the event occurs within two months
(point in time) of the competition
being aired
Minorities revenue is the revenue received from Payment term is
Channel 3 licencees that are not part of the ITV over the term of
Group. The performance obligations are delivered as the contract
programming is delivered to the licensee and revenue
is recognised over the term of the contract (over time)
Accounting policies Exceptional items as described above are highlighted on the face of the Consolidated Income Statement. See the Operating and Financial Performance Review on pages 16 to 27 for the detailed explanation of the Group\u2019s use of adjusted performance measures. Gains or losses on disposal of non-core assets are also considered exceptional due to their nature and impact on the Group\u2019s underlying quality of earnings. Accounting policies The tax charge for the year is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income and directly in equity, according to the accounting treatment of the related transactions. The tax charge comprises both current and deferred tax. The calculation of the Group\u2019s tax charge involves estimation and judgement in respect of certain items whose tax treatment cannot be fully determined until a resolution has been reached with the relevant tax authority. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment in respect of previous years. The Group recognises liabilities for anticipated tax issues based on estimates and judgement of the additional taxes that are likely to become due. Amounts are accrued based on management\u2019s interpretation of specific tax law and the likelihood of settlement. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. Deferred tax Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. The following temporary differences are not provided for: The initial recognition of goodwill The initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is calculated using tax rates that are enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit
will be available to utilise the temporary difference. Recognition of deferred tax assets, therefore,
involves judgement regarding the timing and level of future taxable income.
Deferred tax assets and liabilities are disclosed net to the extent that they relate to taxes levied by
the same authority and the Group has the right of set-off.
Accounting policies Rights are recognised when the Group controls the respective rights and the risks and rewards associated with them. Programme rights not yet utilised are included in the Consolidated Statement of Financial Position at the lower of cost and net realisable value. In assessing net realisable value for programmes in production, judgement is required when considering the contracted sales price and estimated costs to complete.
Accounting policies
Distribution rights are programme rights the Group buys from producers to derive future revenue,
principally through licensing to other broadcasters. These are classified as non-current assets as
these rights are used to derive long-term economic benefit for the Group.
Distribution rights are recognised initially at cost and charged through operating costs in the
Consolidated Income Statement over a period not exceeding five years, reflecting the value and
pattern in which the right is consumed. Advances paid for the acquisition of distribution rights are
disclosed as distribution rights as soon as they are contracted. These advances are not expensed
until the programme is available for distribution. Up to that point, they are assessed annually for
impairment through the reassessment of the future sales expected to be earned from that title.
Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed.
Accounting policies
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value
of current and non-current trade payables are considered to approximate fair value. Trade and other
payables due within one year can be analysed as follows:
Accounting policies
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Right of use assets
A contract contains a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. These assets are called right of use assets and have
been included on the Group\u2019s balance sheet at a value equal to the discounted future lease payments.
Impairment of assets
Property, plant and equipment that is subject to depreciation is reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
Indicators of impairment may include changes in technology and business.
Depreciation
Depreciation is provided to write off the cost of property, plant and equipment less estimated
residual value, on a straight-line basis over their estimated useful lives. The annual depreciation
charge is sensitive to the estimated useful life of each asset and the expected residual value at the
end of its life. The major categories of property, plant and equipment are depreciated as follows:
Asset class
Depreciation policy
Freehold land
not depreciated
Freehold buildings
up to 60 years
Leasehold improvements
shorter of residual lease term or estimated useful life
Vehicles, equipment and fittings
1
 3 to 20 years
Right of use assets
over the term of the lease
1 Equipment includes studio production and technology assets
Assets under construction are not depreciated until the point at which the asset comes into use by
the Group.
Accounting policies
Goodwill
Goodwill represents the future economic benefits that arise from assets that are not capable
of being individually identified and separately recognised. Goodwill is stated at its recoverable
amount being cost less any accumulated impairment losses and is allocated to the business to
which it relates.
All business combinations that have occurred since 1 January 2009 were accounted for using the
acquisition method. Under this method, goodwill is measured as the fair value of the consideration
transferred (including the recognition of any part of the business not yet owned (non-controlling
interests)), less the fair value of the identifiable assets acquired and liabilities assumed, all measured
at the acquisition date. The identification of acquired assets and liabilities and the allocation of the
purchase price to them is considered a key judgement and is based on the Group\u2019s understanding
and experience of the media business. Any contingent consideration expected to be transferred in
the future is recognised at fair value at the acquisition date and recognised within other payables.
Contingent consideration classified as an asset or liability that is a financial instrument is measured
at fair value with changes in fair value recognised in the Consolidated Income Statement. The
determination of fair value is based on an estimate of discounted cash flows. The key assumptions
take into consideration the probability of meeting each performance target and the discount rate.
Where less than 100% of a subsidiary is acquired, and call and put options are granted over the
remaining interest, a non-controlling interest is initially recognised in equity at fair value, which is
established based on the value of the put option. A call option is recognised as a derivative financial
instrument, carried at fair value. The put option is recognised as a liability within other payables,
carried at the present value of the put option exercise price, and a corresponding charge is included
in merger and other reserves. Any subsequent remeasurement of the put option liability is
recognised within finance income or cost.
Subsequent adjustments to the fair value of net assets acquired can only be made within 12 months
of the acquisition date, and only if fair values were determined provisionally at an earlier reporting
date. These adjustments are accounted for from the date of acquisition.
Acquisitions of non-controlling interests are accounted for as transactions with owners and therefore
no goodwill is recognised as a result of such transactions. Transaction costs incurred in connection
with those business combinations, such as legal fees, due diligence fees and other professional fees,
are expensed as incurred. The Directors consider these costs to reflect the cost of acquisition and to
form a part of the capital transaction, and highlight them separately as exceptional items.
Other intangible assets
Intangible assets other than goodwill are those that are distinct and can be sold separately or which arise
from legal rights.
The main intangible assets the Group has valued are formats, brands, licences, contractual
arrangements, customer contracts and relationships and libraries.
Within ITV, there are two types of other intangible assets: those assets directly purchased by
the Group for day-to-day operational purposes (such as software licences and development)
and intangible assets identified as part of an acquisition of a business.
Intangible assets acquired directly by the Group are stated at cost less accumulated amortisation.
Those separately identified intangible assets acquired as part of an acquisition or business
combination are shown at fair value at the date of acquisition less accumulated amortisation.
Each class of intangible assets\u2019 valuation method on initial recognition, amortisation method and
estimated useful life is set out in the table below:
Class of
intangible asset
Amortisation method
Estimated useful life
Valuation method
Brands
Straight-line
8 to 14 years
Applying a royalty rate to the expected
future revenue over the life of the brand
Formats
Straight-line
up to 8 years
Expected future cash flows from those
Customer Straight-line or up to 6 years assets existing at the date of acquisition
contracts reducing balance are estimated. If applicable, a contributory
as appropriate charge is deducted for the use of other
Customer
Straight-line
5 to 10 years
assets needed to exploit the cash flow.
relationships The net cash flow is then discounted back
to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those
arrangements depending on the contracts existing at the date of acquisition
contract terms are estimated. If applicable, a contributory
charge is deducted for the use of other
assets needed to exploit the cash flow.
The net cash flow is then discounted back
to present value
Licences
Straight-line
11 to 29 years
Start-up basis of expected future cash
depending on flows existing at the date of acquisition.
term of licence If applicable, a contributory charge is
deducted for the use of other assets
needed to exploit the cash flow. The net
cash flow is then discounted back to
present value. Public service broadcasting
(PSB) licences are valued as a start-up
business with only the licence in place
Libraries Sum of digits or
up to 20 years
Initially at cost and subsequently at cost
and other straight-line as less accumulated amortisation
appropriate
Software
Straight-line
1 to 10 years
Initially at cost and subsequently at cost
licences and
development
less accumulated amortisation
Cloud computing arrangements
Cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38
\u2018Intangible Assets\u2019, IFRS 16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has
control of the software intangible asset. Control is assumed if the Group has the right to take
possession of the software and run it on its own or a third-party\u2019s computer infrastructure or if
the Group has exclusive rights to use the software whereby the supplier cannot make the software
available to other customers.
Configuration of the software involves the setting of various flags or switches within the application
software or defining values to set up the software\u2019s existing code to function in a specified way.
Customisation involves modifying the software code in the application or writing additional code.
Customisation generally changes or creates additional functionalities within the software. In both
situations, the Group also needs to assess if there is a separate intangible asset. If no separate
intangible asset is identified, then these costs are expensed when incurred. If an asset is identified,
it is capitalised and amortised over the life of the asset.
Fair value on acquisition
Determining the fair value of the purchase consideration allocated to intangible assets arising on
acquisition requires judgement. The Directors make estimates regarding the timing and amount
of future cash flows derived from exploiting the assets being acquired. The Directors then estimate
an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on
current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates,
operating costs and the expected useful lives of assets. Judgements are also made regarding whether,
and for how long, licences will be renewed; this drives our amortisation policy for those assets.
The Directors estimate the appropriate discount rate that reflects current market assessments
of the time value of money and the risks specific to the assets or businesses being acquired.
Amortisation
Amortisation is charged to the Consolidated Income Statement over the estimated useful lives of
intangible assets unless such lives are judged to be indefinite. Indefinite life assets, such as goodwill,
are not amortised but are tested for impairment at each year end.
Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash-generating unit (\u2018CGU\u2019), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policies
The Group measures the cost of the acquisition at the fair value of the consideration paid; allocates
that cost to the acquired identifiable assets and liabilities based on their fair values; and allocates
the rest of the cost to goodwill. The Group also recognises any excess of acquired assets and
liabilities over the consideration paid in the Consolidated Income Statement immediately.
IFRS accounting standards require that when consideration is based on future performance, some
of this consideration is to be included in the purchase price used in determining goodwill (\u2018contingent
consideration\u2019). Examples of contingent consideration include top-up payments and recoupable
performance adjustments. Any remaining consideration is recognised as a liability or expense
outside of acquisition accounting (put option liabilities and employment-linked contingent
payments known as \u2018earnout\u2019 payments).
Where a payment is employment-linked, it is treated as a cash-settled share-based payment. The
liability is measured at fair value taking into account the terms and conditions of the arrangement
and the extent to which employees have rendered service to date. The liability is remeasured at each
reporting date with changes in the carrying value recognised in the Income Statement for the period.
The Group recognises non-controlling interests in an acquired entity either at fair value or at
the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
The valuation choice is made on an acquisition by acquisition basis.
Accounting policies
The Group recognises a profit or loss on a disposal of non-current assets such as investments in
associates, joint ventures and subsidiary undertakings at the date the asset was disposed of or
control of the asset is lost. The Group derecognises assets and liabilities in relation to the assets
disposed of as well as any non-controlling interests where applicable and cumulative translation
differences recognised in equity. The resultant profit or loss on disposal recognised in the
Consolidated Income Statement is excluded from Adjusted results.
Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit. Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists. Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value.
Accounting policies
A provision is recognised in the Consolidated Statement of Financial Position when the Group has
a present legal or constructive obligation arising from past events, it is probable cash will be paid
to settle it and the amount can be estimated reliably. Provisions are determined by discounting the
expected future cash flows by a rate that reflects current market assessments of the time value of
money and the risks specific to the liability.
The unwinding of the discount is recognised as a financing cost in the Consolidated Income
Statement. The value of the provision is determined based on assumptions and estimates in relation
to the amount and timing of actual cash flows, which are dependent on future events.
Accounting policies Defined contribution scheme Obligations under the Group\u2019s defined contribution schemes are recognised as an operating cost in the Consolidated Income Statement as incurred. For 2025, total contributions expensed were \u00a324 million (2024: \u00a323 million). Defined benefit scheme The Group\u2019s Defined Benefit Schemes (\u2018the Schemes\u2019) within this note refer to the ITV Pension Scheme, the Unfunded Scheme, the Granada supplementary scheme and the UTV Pension Scheme combined. The Group\u2019s obligation in respect of the Defined Benefit Scheme is calculated by estimating the amount of future retirement benefit that eligible employees (\u2018beneficiaries\u2019) have earned during their services. That benefit payable in the future is discounted to today\u2019s value and then the fair value of scheme assets is deducted to measure the defined benefit pension position. The accounting defined benefit pension surplus or deficit (IAS 19) is different from the actuarial valuation surplus or deficit as they are calculated on the basis of different assumptions, such as discount rate. The accounting defined benefit pension surplus or deficit (IAS 19) figure is calculated as at the balance sheet date, and the actuarial valuation surplus or deficit (or funding surplus or deficit) is calculated per the last triennial valuation. The triennial valuation of the ITV Pension Scheme (the Scheme) as at 31 December 2022 was completed in 2024. At the valuation date, the Scheme had a surplus of \u00a383 million. This is compared to a deficit of \u00a3252 million at the previous valuation date of 31 December 2019. As the Scheme is in surplus, there are no deficit contributions payable. The Group will continue contributing the annual payment under the London Television Centre Pension Funding Partnership. For 2025, contributions under this partnership were \u00a33 million (2024: \u00a33 million). The IAS 19 surplus or deficit does not drive the deficit funding contribution. The liabilities of the Schemes are measured by discounting the best estimate of future cash flows to be paid using the \u2018projected unit\u2019 method. These calculations are complex and are performed by a qualified actuary. There are many judgements and estimates necessary to calculate the Group\u2019s estimated liabilities, the main assumptions are set out later in this note. Movements in assumptions during the year are called \u2018actuarial gains and losses\u2019 and these are recognised in the period in which they arise through the Consolidated Statement of Comprehensive Income. An unfunded scheme in relation to former beneficiaries who accrued benefits in excess of the maximum allowed for tax purposes is accounted for under IAS 19 and the Group is responsible for meeting the pension obligations as they fall due. For the four former Granada executives within the Unfunded Scheme, there is additional security in the form of a charge over \u00a333 million (2024: \u00a345 million) of securitised gilts held by the Group, which are classified as other pension assets to reflect the Group\u2019s net pension surplus or deficit. In April 2025, \u00a311 million of liabilities for pensioners who receive a pension from the Unfunded Scheme were transferred to the ITV Pension Scheme. The remaining members will also transfer to the ITV Pension Scheme when they have been in receipt of their pension for more than 12 months. The Group contributed \u00a312 million to the ITV Pension Scheme, which was funded through the sale and maturity of gilts (other pension assets) in the year. In July 2025, the Ulster Television Pension and Life Assurance Scheme (the \u2018UTV Pension Scheme\u2019) was merged into the ITV Pension Scheme, involving the transfer of the Scheme assets and liabilities on an unsegregated basis. In February 2026, after the reporting date, the UTV Pension Scheme was wound up in accordance with the relevant rules and regulations. There are no remaining members, assets or liabilities. In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. As part of the transfer arrangements, the Group paid \u00a325 million into the Scheme and \u00a36 million to the Pension Protection Fund (PPF). An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The principal employer of the ITV Pension Scheme and the Granada supplementary scheme is Granada Group Limited.
Accounting policies
Borrowings
Borrowings are recognised initially at fair value less directly attributable transaction costs, with
subsequent measurement at amortised cost using the effective interest rate method. Under the
amortised cost method, the difference between the amount initially recognised and the redemption
value is recorded in the Consolidated Income Statement over the period of the borrowing on an
effective interest rate basis.
Accounting policies
Derivative financial instruments are initially recognised at fair value and are subsequently
remeasured at fair value with the movement recorded in the Consolidated Income Statement,
except where derivatives qualify for cash flow hedge accounting. In this case, the effective portion
of a cash flow hedge is recognised in other comprehensive income and presented in the hedging
reserve within equity. The cumulative gain or loss is later reclassified to the Consolidated Income
Statement in the same period as the relevant hedged transaction is realised. Derivatives with
positive fair values are recorded as assets and negative fair values as liabilities.
Accounting policies
Net financing costs comprise interest income on funds invested, gains/losses on the disposal of
financial instruments, changes in the fair value of financial instruments, interest expense on borrowings,
unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling
interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest
income and expense is recognised as it accrues in profit or loss, using the effective interest method.
Accounting policies
Lease liabilities represent the discounted future lease payments. Discount rates are calculated
for similar assets, in similar economic environments, taking into account the length of the lease.
The unwinding of the discounting is recognised in net financing costs in the Consolidated Income
Statement. The following table outlines the maturity analysis of the lease liabilities:
Fair value reserve
Financial assets are stated at fair value, with any gain or loss recognised directly in the fair value
reserve in equity, unless the loss is a permanent impairment, when it is then recorded in the
Consolidated Income Statement.
Dividends
Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders
or their payment. Dividends are distributed based on the realised distributable reserves (within retained
earnings) of ITV plc (the Company) and not based on the Group\u2019s retained earnings.
Accounting policies For each of the Group\u2019s share-based compensation schemes, the fair value of the equity instrument granted is measured at grant date and spread over the vesting period via a charge to the Consolidated Income Statement with a corresponding increase in equity. The fair value of the share options and awards is measured using either market price at grant date or, for the SAYE scheme, a Black-Scholes model, taking into account the terms and conditions of the individual scheme. Expected volatility is based on the historical volatility of ITV plc shares over a three or five year period, based on the life of the options. A dividend yield discount is applied when determining a fair value for those options that do not accrue dividends during the course of the vesting period. Vesting conditions are limited to service conditions and performance conditions. For performance- based schemes, the relevant Group performance measures are projected to the end of the performance period in order to determine the number of options expected to vest. This estimate of the performance measures is used to determine the option fair value, discounted to present value. The Group revises the number of options that are expected to vest, including an estimate of forfeitures at each reporting date based on forecast performance measures. The impact of the revision to original estimates, if any, is recognised in the Consolidated Income Statement, with a corresponding adjustment to equity. Exercises of share options granted to employees can be satisfied by market purchase or issue of new shares. No new shares may be issued to satisfy exercises under the terms of the DSA. During the year, exercises were satisfied by using shares purchased in the market and held in the ITV Employees\u2019 Benefit Trust as well as the issue of new shares. Share-based compensation charges totalled \u00a316 million in 2025 (2024: \u00a318 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-681": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-670": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-605": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position.
Recognition and derecognition of financial assets and liabilities
The Group recognises a financial asset or liability when it becomes a party to the contract. Financial
instruments are no longer recognised in the Consolidated Statement of Financial Position when the
contractual cash flows expire or when the Group no longer retains control of substantially all the
risks and rewards under the instrument.
Accounting policies Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate method. Under the amortised cost method, the difference between the amount initially recognised and the redemption value is recorded in the Consolidated Income Statement over the period of the borrowing on an effective interest rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-606": { "value": "
Subsidiaries, joint ventures, associates
and investments
Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where
the Group is exposed or has rights to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. In assessing control, potential
voting rights that are currently exercisable or convertible are considered.
A joint venture is a joint arrangement in which the Group holds an interest under a contractual
arrangement where the Group and one or more other parties undertake an economic activity that
is subject to joint control. The Group accounts for its interests in joint ventures using the equity
method. Under the equity method, the investment in the entity is stated as one line item at cost
plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received
and other changes in net assets.
An associate is an entity, other than a subsidiary or joint venture, over which the Group has
significant influence. Significant influence is the power to participate in, but not control or jointly
control, the financial and operating decisions of an entity. These investments are also accounted
for using the equity method.
Investments are entities where the Group concludes it does not have significant influence and are
held at fair value unless the investment is a start-up business, in which case it is valued initially at
cost as a proxy for fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-642": { "value": "Subsidiaries, joint ventures, associates and investments Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are considered. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit. Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists. Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-671": { "value": "Subsidiaries, joint ventures, associates and investments Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are considered. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit. Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists. Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-682": { "value": "Subsidiaries, joint ventures, associates and investments Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are considered. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit. Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists. Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-643": { "value": "Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non- current assets and liabilities or equity investments in non-current assets Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables F inancial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-644": { "value": "Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-607": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of less than or equal to three months from the date of acquisition. The carrying value of cash and cash equivalents is considered to approximate fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-608": { "value": "Foreign currencies The primary economic environment in which the Group operates is the UK and therefore the consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019). Where Group companies based in the UK transact in foreign currencies, these transactions are translated into pounds sterling at the exchange rate on the transaction date. Foreign currency monetary assets and liabilities are translated into pounds sterling at the year end exchange rate. Where there is a movement in the exchange rate between the date of the transaction and the year end, a foreign exchange gain or loss is recognised in the income statement. Non-monetary assets and liabilities measured at historical cost are translated into pounds sterling at the exchange rate on the date of the transaction. The assets and liabilities of Group companies outside of the UK are translated into pounds sterling at the year end exchange rate. The revenue, expenses and other comprehensive income of these companies are translated into pounds sterling at the average monthly exchange rate during the year. Where differences arise between these rates, they are recognised in the translation reserve within other comprehensive income. The Group\u2019s net investments in companies outside the UK may be hedged where the currency exposure is considered to be material. Hedge accounting is implemented on certain foreign currency firm commitments, for which the effective portion of any foreign exchange gains or losses is recognised in other comprehensive income (note 4.3). Exchange differences arising on the translation of the Group\u2019s interests in joint ventures and associates are recognised in the translation reserve within other comprehensive income. On disposal of a foreign subsidiary, an interest in a joint venture or an associate, the related translation reserve is released to the income statement as part of the gain or loss on disposal. Where a forward currency contract is used to manage foreign exchange risk and hedge accounting is not applied, any impact of movements in currency for both the forward currency contracts and the assets and liabilities is taken to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-645": { "value": "
The primary economic environment in which the Group operates is the UK and therefore the
consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-609": { "value": "Accounting judgements and estimates The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The current macroeconomic environment has caused considerable estimation and judgement to be applied, particularly in respect of pension obligations and discount rates used for impairment reviews. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving material judgement or complexity and therefore may have a material impact on the financial statements in the next 12 months are set out below. Additional detail on the judgements and sources of estimation uncertainty applied by management are set out in the accounting policies section of the relevant notes:
Area
Key judgements
Key sources of estimation uncertainty
Exceptional items The classification of income or
(See note 2.2) expenses as exceptional items
Transmission Whether the transponder capacity
commitments contracts should be classified as
(See note 3.1.1) leases in accordance with IFRS 16
Acquisition-related Whether future amounts payable Estimates of cash flow forecasts
liabilities (See note 3.1.4 is linked to employment to support the calculation of the
and 3.1.5) future liabilities
Employee-related The individuals who are included Estimates of the amounts required
provisions (See note 3.7) in the calculation to settle or assume the liability
Defined benefit pension Estimates of the assumptions
(See note 3.8) for valuing the defined benefit
obligation
In addition to the above, there are a number of areas which involve a high degree of estimation and are significant to the financial statements but are not expected to have a material impact on them in the next 12 months. The key areas underlying estimation uncertainty include the estimation of net realisable values for programme rights, allocation of programme rights between linear and ITVX, impairment of goodwill and intangible assets and taxation. More detail on each of these items is given in the relevant notes. The Directors recognise the climate crisis and the potential impact it may have on both the wider world and the success of ITV. The threat continues to evolve, and businesses globally have a responsibility to take meaningful action to mitigate and prevent further climate change. The Directors are committed to reducing the impact of ITV on the environment. Climate-related risks have been identified as an emerging business risk; however, the Directors do not view them as a source of material estimation uncertainty for the Group. For further detail, see the Risks and Uncertainties section of the Strategic Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-646": { "value": "
New or amended accounting standards
The following new standards and/or amendments were effective 1 January 2025 but have not had
a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Impact on
Accounting standard
Requirement
financial statements
Amendments to IAS 21 The amendment clarifies how an assessment is No material changes
'The Effects of Changes made as to whether a currency is exchangeable, to the Group\u2019s
in Foreign and how estimates of a spot rate are made when financial position
Exchange Rates\u2019 a currency lacks exchangeability. or performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-610": { "value": "New or amended accounting standards The following new standards and/or amendments were effective 1 January 2025 but have not had a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Impact on
Accounting standard
Requirement
financial statements
Amendments to IAS 21 The amendment clarifies how an assessment is No material changes
'The Effects of Changes made as to whether a currency is exchangeable, to the Group\u2019s
in Foreign and how estimates of a spot rate are made when financial position
Exchange Rates\u2019 a currency lacks exchangeability. or performance.
Accounting standards effective in future periods IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective from 1 January 2027, has now been adopted by the UK Endorsement Board. The Group\u2019s process to determine the potential impact of applying this standard is ongoing. The Directors have considered the impact on the Group of other new and revised accounting standards, interpretations or amendments that are not yet effective and do not expect them to have a significant impact on the Group\u2019s results and Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-647": { "value": "Accounting standards effective in future periods IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective from 1 January 2027, has now been adopted by the UK Endorsement Board. The Group\u2019s process to determine the potential impact of applying this standard is ongoing. The Directors have considered the impact on the Group of other new and revised accounting standards, interpretations or amendments that are not yet effective and do not expect them to have a significant impact on the Group\u2019s results and Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "ITV Studios ITV Studios is a scaled global creator, owner and distributor of high-quality TV content, producing some of the most successful shows in the world. It operates in 13 countries, across 60+ labels and is diversified by genre, geography and customer in the key creative markets around the world. ITV Studios is the largest producer in the UK, one of the world\u2019s largest studio groups, and one a key player in the markets in which it operates. ITV Studios is a trusted supplier with well-established relationships with major content buyers and leading creative talent. With a high-quality content library of over 100,000 hours and a digital distribution network through Zoo 55, ITV Studios\u2019 digital label, it is also one of the pre-eminent global distributors of content. ITV Studios UK produces a diverse range of new and established scripted and unscripted titles for global streaming platforms and FTA broadcasters. ITV Studios US produces scripted and unscripted content for all major US networks, cable channels, and streaming platforms. To better align with evolving market dynamics, during the year, we have brought our US scripted and unscripted businesses under single leadership. ITV Studios International produces original scripted and unscripted content across our non-UK and non-US production bases. Global Partnerships monetises its portfolio of some of the world\u2019s most successful entertainment formats and maximises commercial opportunities from its brands. The key focus is on driving growth by monetising existing high-value formats and supporting the creation of new global formats. ITV Studios launched Zoo 55, a new digital content label designed to drive high-margin growth from the global digital distribution market. Zoo 55 enables ITV Studios to expand the reach of both its long and short-form content across a broader range of platforms, engaging wider global audiences within this fast-growing segment of the content market. Media & Entertainment ITV is the UK\u2019s largest commercial streamer and broadcaster. Through M&E, the Group make British- focused content available on ITVX \u2013 its free, advertiser-funded streaming service \u2013 alongside its free-to-air linear TV channels and third-party partners, allowing viewers to watch whenever and wherever they choose. For advertisers, ITV offers a combination of mass audience reach, targeted advertising, and commercial and creative partnerships, all delivered in a brand-safe, reliably measured environment across ITVX and our linear TV channels. We further extend this scale and reach by offering digital advertising around our content, and partner content on YouTube. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "value": "Revenue measurement and recognition The Group derives revenue from the transfer of goods and services. Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer. Customer contracts can have a wide variety of performance obligations, from production contracts to format licences and distribution activities. For these contracts, each performance obligation is identified and evaluated including whether the Group had control of the good or service before transferring to the customer. Under IFRS 15 the Group needs to evaluate if a format or licence represents a right to access the content (revenue recognised over time) or represents a right to use the content (revenue recognised at a point in time). The Group has determined that most format and licence revenues are satisfied at a point in time due to there being limited ongoing involvement in the use of the licence following its transfer to the customer. The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract, is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenues. Variable consideration is estimated based on the achievement of agreed targets, such as audience targets and is recognised only to the extent that it is highly probable that a significant reversal of revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is stated exclusive of VAT and equivalent sales taxes. Complexity in advertising revenue measurement and recognition is driven by a combination of automated and manual processes involved in measuring the value delivered to the customer and therefore the value of variable consideration due. Complex contracts in all classes of revenue are assessed individually, and judgement is exercised in identifying performance obligations, allocating price to them, and assessing if the Group had control over the good or service before it was transferred to the customer. Timing of revenue recognition is another area of judgement particularly in respect of contracts in the ITV Studios division to assess whether revenue should be recognised at a point in time or over time. In assessing the transaction price, any non-cash consideration received from a customer is included. Non-cash consideration is measured at fair value. It takes into account the value of what the Group is receiving rather than the value of what the Group is giving up. The Group applies the practical expedient allowing it not to adjust for significant financing components in contracts where the time between the transfer of goods or services and payment is one year or less. Revenue recognition criteria for the key classes of revenue are as follows:
Segment
Major classes of revenue and revenue recognition policy
Payment terms
ITV Studios
Programme Revenue generated from the programmes produced Payment term is
production for broadcasters and streaming platforms in the UK, over the term of
US and internationally is recognised at the point of the contract
delivery of an episode and acceptance by the
customer. Revenue from producer for hire contracts,
where in an event of cancellation, cost is recovered
plus a margin, is recognised over time, over the term
of the contract
Format licences A licence is granted for the exploitation of a format in Payment term is
a stated territory, media and period. Licence revenue over the term of
is recognised when the licence period has the contract
commenced (point in time)
Programme A licence is granted for the transmission of a Payment term is
distribution programme in a stated territory, media and period and over the term of
rights revenue is recognised at the point when the contract the contract
is signed, the content is available for download,
and the licence period has started (point in time)
Where a licence is renewed or extended and the
content remains unchanged and available to the
customer, revenue is recognised when the contract is
signed (point in time)
Segment
Major classes of revenue and revenue recognition policy
Payment terms
Media & Entertainment
Total advertising Net advertising revenue is generated from selling spot Received in the
revenue airtime on linear TV and is recognised at the point of month after
transmission transmission
Online advertising revenue from video on demand is Received in the
generated from selling advertising on ITVX and is month after
recognised at the point of delivery campaign is
Revenue from the sponsorship of programmes across delivered
ITV linear channels and online is recognised over the Received prior to
period of transmission transmission
Subscriptions Revenue from subscription services is recognised Payment term is
over the subscription period over the term of
the contract or
subscription period
SDN Revenue is generated from the carriage fee or Payment term is
capacity of the digital multiplex and is recognised over the term of
over the term of the contract the contract
Partnerships and Revenue from platforms such as Sky and Virgin Media Payment term is
other revenue O2, and third-party commissions. Revenue related to over the term of
performance obligations delivered over time (e.g. the contract
provision of HD and SD channels and updated library
content) are recognised over the term of the contract
while revenues related to one-time provision of
content are recognised on delivery of the content
(point in time)
Interactive revenue is earned from entries to Payment term is
competitions and is recognised as the event occurs within two months
(point in time) of the competition
being aired
Minorities revenue is the revenue received from Payment term is
Channel 3 licencees that are not part of the ITV over the term of
Group. The performance obligations are delivered as the contract
programming is delivered to the licensee and revenue
is recognised over the term of the contract (over time)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-611": { "value": "The results for the year aggregate these classes of revenue into the following categories:
2025 2025 2024 2024
\u00a3m % of total \u00a3m % of total
ITV Studios UK
989
868
ITV Studios US
310
391
ITV Studios International
434
380
Global Partnerships
397
399
Total ITV Studios
1,2
2,130
52%
2,038
49%
Total advertising revenue (TAR)
1,723
42%
1,820
44%
Subscriptions
48
48
SDN
38
43
Partnerships and other revenue
182
191
Media & Entertainment
1,991
48%
2,102
51%
Total revenue
3
4,121
4,140
1 ITV Studios UK, ITV Studios US and Studios International revenues are mainly programme production. Global Partnerships revenue is from programme distribution rights, format licences and gaming, live events and merchandising 2 Total ITV Studios revenue includes \u00a389 million (2024: \u00a3106 million) of intra-segment revenue derived from trading between Global Partnerships and ITV Studios productions 3 Includes internal revenue as discussed in the APMs (page 35) Digital revenues, which is reported within M&E revenue, of \u00a3614 million (2024: \u00a3556 million) include digital advertising revenue and subscription revenue, digital sponsorship and partnership revenue, ITV Win and other revenues from digital business ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "value": "The results for the year aggregate these classes of revenue into the following categories:
2025 2025 2024 2024
\u00a3m % of total \u00a3m % of total
ITV Studios UK
989
868
ITV Studios US
310
391
ITV Studios International
434
380
Global Partnerships
397
399
Total ITV Studios
1,2
2,130
52%
2,038
49%
Total advertising revenue (TAR)
1,723
42%
1,820
44%
Subscriptions
48
48
SDN
38
43
Partnerships and other revenue
182
191
Media & Entertainment
1,991
48%
2,102
51%
Total revenue
3
4,121
4,140
1 ITV Studios UK, ITV Studios US and Studios International revenues are mainly programme production. Global Partnerships revenue is from programme distribution rights, format licences and gaming, live events and merchandising 2 Total ITV Studios revenue includes \u00a389 million (2024: \u00a3106 million) of intra-segment revenue derived from trading between Global Partnerships and ITV Studios productions 3 Includes internal revenue as discussed in the APMs (page 35) Digital revenues, which is reported within M&E revenue, of \u00a3614 million (2024: \u00a3556 million) include digital advertising revenue and subscription revenue, digital sponsorship and partnership revenue, ITV Win and other revenues from digital business ventures. Timing of revenue recognition The following table includes classes of revenue from contracts disaggregated by the timing of recognition:
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Products and services Products and services
transferred at a point in time transferred over time
Total advertising revenue, subscriptions, SDN and
other M&E revenue
1,714
1,797
272
299
Programme production, programme distribution
rights
1,185
970
256
342
Format licences
78
76
6
4
Total external revenue
2,977
2,843
534
645
Forward bookings The following table includes revenue from contracts signed before the reporting date that is to be recognised in periods after the reporting date (i.e. the performance obligations remain unsatisfied or partially unsatisfied at the reporting date):
2026 2027 2028 Beyond
\u00a3m \u00a3m \u00a3m \u00a3m
Media & Entertainment
141
41
13
1
ITV Studios
202
36
18
29
Total revenue
343
77
31
30
Internal supply
(14)
(8)
\u2013
\u2013
Total external revenue
329
69
31
30
The Group applies the practical expedients in IFRS 15 and, therefore, does not disclose information about remaining performance obligations that have original expected durations of less than one year or where the price is not yet known (e.g. net advertising revenue (NAR)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "Segmental information Operating segments, which have not been aggregated, are determined in a manner that is consistent with how the business is managed and reported to the Executive Committee and Board. The Executive Committee is regarded as the chief operating decision-maker and considers the business, primarily from an operating activity perspective. The Group\u2019s segments are Media & Entertainment and ITV Studios, the results of which are outlined in the following tables:
Media &
ITV Studios Entertainment Consolidated
2025 2025 2025
\u00a3m \u00a3m \u00a3m
Total segment revenue
2,130
1,991
4,121
Internal revenue
1
(605)
(5)
(610)
Revenue from external customers
1,525
1,986
3,511
Adjusted EBITA
2
297
234
531
Unrealised profit in stock adjustment 3
Group adjusted EBITA
3
 534
Media &
ITV Studios Entertainment Consolidated
2024 2024 2024
\u00a3m \u00a3m \u00a3m
Total segment revenue
2,038
2,102
4,140
Internal revenue
1
(646)
(6)
(652)
Revenue from external customers
1,392
2,096
3,488
Adjusted EBITA
2
299
250
549
Unrealised profit in stock adjustment (7)
Group adjusted EBITA
3
 542
1 Internal revenue originates mainly in the UK and includes trading between ITV Studios and M&E, and Global Partnerships and ITV Studios productions 2 Adjusted EBITA is EBITA adjusted to exclude exceptional items and includes the benefit of production tax credits under the HETV scheme. Expenditure credits under the new Audio-Visual Expenditure Credit (\u2018AVEC\u2019) scheme are reported within EBITA. Further details on AVEC are provided in the APMs. Adjusted EBITA is also stated after the elimination of intersegment revenue and costs 3 Group adjusted EBITA removes the profit recorded in the ITV Studios business related to content sold to the Media & Entertainment business but unutilised and held on the balance sheet at the year end. A reconciliation of Group adjusted EBITA to statutory profit before tax is provided on page 34 The Group\u2019s principal operations are in the UK. Revenue from external customers in the UK is \u00a32,152 million (2024: \u00a32,204 million) and revenue from external customers in other countries is \u00a31,359 million (2024: \u00a31,284 million), of which revenue of \u00a3677 million (2024: \u00a3662 million) was generated in the US. The Operating and Financial Performance Review provides further detail on ITV\u2019s international revenues. Internal revenue, which is earned on arm\u2019s length terms, is predominantly generated from the supply of ITV Studios programmes to Media & Entertainment for transmission primarily on the ITV network. In preparing the segmental information, centrally managed costs have been allocated between reportable segments on a methodology driven principally by revenue, headcount or building occupancy of each segment. This is consistent with the basis of reporting to the Board of Directors. There is one media buying agency (2024: two agencies) acting on behalf of a number of advertisers that represent the Group\u2019s major customers. This agency is the only customer that individually represents over 10% of the Group\u2019s revenue from external customers. Revenue of approximately \u00a3431 million (2024: \u00a3481 million) was derived from this customer in 2025. This revenue is attributable to the Media & Entertainment segment. The following table shows the total of non-current assets other than financial instruments, deferred tax assets, and pension assets broken down by location of the assets:
2025 2024
\u00a3m \u00a3m
UK
1,394
1,352
US
317
336
Rest of the world
130
117
Total non-current assets
1,841
1,805
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "Group adjusted EBITA The Directors assess the performance of the reportable segments based on a measure of adjusted EBITA. The Directors use this non-IFRS measurement basis as it excludes the effect of transactions that could distort the understanding of the Group\u2019s performance for the year and comparability between periods. See the Operating and Financial Performance Review on pages 16 to 27 for the detailed explanation of the Group\u2019s use of adjusted performance measures. A reconciliation of Group adjusted EBITA to statutory profit before tax is provided as follows:
2025 2024
Note \u00a3m \u00a3m
Group adjusted EBITA
1
534
542
Production tax credits
(1)
(16)
EBITA before exceptional items
1
533
526
Operating exceptional items
2.2
(107)
(65)
Amortisation and impairment
(63)
(143)
Operating profit
363
318
Net financing costs
4.4
(25)
\u2013
Share of losses of joint ventures and associated undertakings
\u2013
(9)
Profit on disposal of associates, joint ventures and subsidiary
undertakings
\u2013
212
Statutory profit before tax
338
521
1 The Audio-Visual Expenditure Credit (\u2018AVEC\u2019) legislation, which was adopted by the Group in 2024, resulted in an increase of \u00a3101 million (2024: \u00a353 million) to EBITA before exceptional items and an increase to Group adjusted EBITA of \u00a320 million (2024: \u00a313 million). Further details on AVEC are provided in the APMs ", "dimensions": { "concept": "itvplc:DisclosureOfGroupAdjustedEBITDA", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-559": { "value": "
Cash generated from operations
A reconciliation of profit before tax to cash generated from operations before exceptional items is
as follows:
2025 2024
Note \u00a3m \u00a3m
Cash flows from operating activities
Statutory profit before tax
338
521
Add back:
Profit on disposal of associates, joint ventures and
subsidiary undertakings
\u2013
(212)
Share of losses of joint ventures and associated undertakings
\u2013
9
Net financing costs
4.4
25
\u2013
Operating exceptional items
2.2
107
65
Depreciation of property, plant and equipment (net of
exceptional items)
3.2
48
47
Amortisation and impairment
63
143
Share-based compensation
4.8
16
18
(Increase)/decrease in programme rights and distribution rights
(32)
18
Increase in receivables, contract assets and production
inventories
(190)
(177)
Increase in payables and contract liabilities
26
15
Movement in working capital
(196)
(144)
Cash generated from operations before exceptional items
401
447
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-612": { "value": "Cash generated from operations A reconciliation of profit before tax to cash generated from operations before exceptional items is as follows:
2025 2024
Note \u00a3m \u00a3m
Cash flows from operating activities
Statutory profit before tax
338
521
Add back:
Profit on disposal of associates, joint ventures and
subsidiary undertakings
\u2013
(212)
Share of losses of joint ventures and associated undertakings
\u2013
9
Net financing costs
4.4
25
\u2013
Operating exceptional items
2.2
107
65
Depreciation of property, plant and equipment (net of
exceptional items)
3.2
48
47
Amortisation and impairment
63
143
Share-based compensation
4.8
16
18
(Increase)/decrease in programme rights and distribution rights
(32)
18
Increase in receivables, contract assets and production
inventories
(190)
(177)
Increase in payables and contract liabilities
26
15
Movement in working capital
(196)
(144)
Cash generated from operations before exceptional items
401
447
", "dimensions": { "concept": "itvplc:DisclosureOfCashGeneratedFromOperations", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-672": { "value": "Operating costs The major components of operating costs of \u00a33,148 million (2024: \u00a33,170 million) are content costs of \u00a31,210 million (2024: \u00a31,268 million), other net costs of production of \u00a31,329 million (2024: \u00a31,245 million), staff costs of \u00a3391 million (2024: \u00a3402 million), depreciation, amortisation and impairment of \u00a3111 million (2024: \u00a3190 million) and operating exceptional items of \u00a3107 million (2024: \u00a365 million). Staff costs Staff costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
545
548
Social security and other costs
93
86
Share-based compensation (see note 4.8)
16
18
Pension costs
30
29
Total staff costs
1
684
681
Less: staff costs allocated to productions, exceptional items or capitalised
(293)
(279)
Net staff costs
391
402
1 Staff costs include the costs of the Executive Committee including two Executive Directors but excludes the Non-executive Directors and the Chairman of the Board Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2025
2024
ITV Studios
4,015
4,018
Media & Entertainment
2,470
2,595
6,485
6,613
The monthly average number of people employed over the year is:
2025
2024
ITV Studios
4,202
4,239
Media & Entertainment
2,557
2,726
6,759
6,965
The decrease in headcount is due to the Group\u2019s cost saving programme, predominantly in the Media & Entertainment division. Depreciation Depreciation in the year was \u00a348 million (2024: \u00a347 million), of which \u00a333 million (2024: \u00a332 million) relates to ITV Studios and \u00a315 million (2024: \u00a315 million) to Media & Entertainment. See notes 3.2 for further details. Audit fees The Group\u2019s external auditor is PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. Fees for audit-related assurance services of \u00a30.2 million (2024: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2025 were also incurred. In the prior year, non- audit fees of \u00a30.1 million were paid to PricewaterhouseCoopers LLP for agreed upon procedures relating to specific transactions such as the bond issue. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2025 2024
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
1.9
2.1
For the audit of subsidiaries of the Group
1.5
1.5
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
3.6
3.8
Other assurance services
\u2013
0.1
Total non-audit services
1
\u2013
0.1
Total fees paid to auditors
3.6
3.9
1 See details of non-audit services policy in the Audit and Risk Committee Report on page 94 Other than noted above, there were no fees payable in 2025 or 2024 to PricewaterhouseCoopers LLP or its associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-648": { "value": "Operating costs The major components of operating costs of \u00a33,148 million (2024: \u00a33,170 million) are content costs of \u00a31,210 million (2024: \u00a31,268 million), other net costs of production of \u00a31,329 million (2024: \u00a31,245 million), staff costs of \u00a3391 million (2024: \u00a3402 million), depreciation, amortisation and impairment of \u00a3111 million (2024: \u00a3190 million) and operating exceptional items of \u00a3107 million (2024: \u00a365 million). Staff costs Staff costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
545
548
Social security and other costs
93
86
Share-based compensation (see note 4.8)
16
18
Pension costs
30
29
Total staff costs
1
684
681
Less: staff costs allocated to productions, exceptional items or capitalised
(293)
(279)
Net staff costs
391
402
1 Staff costs include the costs of the Executive Committee including two Executive Directors but excludes the Non-executive Directors and the Chairman of the Board Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2025
2024
ITV Studios
4,015
4,018
Media & Entertainment
2,470
2,595
6,485
6,613
The monthly average number of people employed over the year is:
2025
2024
ITV Studios
4,202
4,239
Media & Entertainment
2,557
2,726
6,759
6,965
The decrease in headcount is due to the Group\u2019s cost saving programme, predominantly in the Media & Entertainment division. Depreciation Depreciation in the year was \u00a348 million (2024: \u00a347 million), of which \u00a333 million (2024: \u00a332 million) relates to ITV Studios and \u00a315 million (2024: \u00a315 million) to Media & Entertainment. See notes 3.2 for further details. Audit fees The Group\u2019s external auditor is PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. Fees for audit-related assurance services of \u00a30.2 million (2024: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2025 were also incurred. In the prior year, non- audit fees of \u00a30.1 million were paid to PricewaterhouseCoopers LLP for agreed upon procedures relating to specific transactions such as the bond issue. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2025 2024
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
1.9
2.1
For the audit of subsidiaries of the Group
1.5
1.5
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
3.6
3.8
Other assurance services
\u2013
0.1
Total non-audit services
1
\u2013
0.1
Total fees paid to auditors
3.6
3.9
1 See details of non-audit services policy in the Audit and Risk Committee Report on page 94 Other than noted above, there were no fees payable in 2025 or 2024 to PricewaterhouseCoopers LLP or its associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-560": { "value": "Operating costs The major components of operating costs of \u00a33,148 million (2024: \u00a33,170 million) are content costs of \u00a31,210 million (2024: \u00a31,268 million), other net costs of production of \u00a31,329 million (2024: \u00a31,245 million), staff costs of \u00a3391 million (2024: \u00a3402 million), depreciation, amortisation and impairment of \u00a3111 million (2024: \u00a3190 million) and operating exceptional items of \u00a3107 million (2024: \u00a365 million).
Staff costs
Staff costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
545
548
Social security and other costs
93
86
Share-based compensation (see note 4.8)
16
18
Pension costs
30
29
Total staff costs
1
684
681
Less: staff costs allocated to productions, exceptional items or capitalised
(293)
(279)
Net staff costs
391
402
1 Staff costs include the costs of the Executive Committee including two Executive Directors but excludes the Non-executive
Directors and the Chairman of the Board
Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of
productions during the year; however, they exclude short-term contractors and freelancers who
are engaged on productions. The weighted average FTEE over the year is:
2025
2024
ITV Studios
4,015
4,018
Media & Entertainment
2,470
2,595
6,485
6,613
The monthly average number of people employed over the year is:
2025
2024
ITV Studios
4,202
4,239
Media & Entertainment
2,557
2,726
6,759
6,965
The decrease in headcount is due to the Group\u2019s cost saving programme, predominantly in the
Media & Entertainment division.
Depreciation
Depreciation in the year was \u00a348 million (2024: \u00a347 million), of which \u00a333 million (2024: \u00a332 million)
relates to ITV Studios and \u00a315 million (2024: \u00a315 million) to Media & Entertainment. See notes 3.2 for
further details.
Audit fees
The Group\u2019s external auditor is PricewaterhouseCoopers LLP. The Group may engage
PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its
expertise and experience with the Group are important and are in line with the Group\u2019s policy on
auditor independence.
Fees for audit-related assurance services of \u00a30.2 million (2024: \u00a30.2 million), being the review
of the interim results for the six months to 30 June 2025 were also incurred. In the prior year, non-
audit fees of \u00a30.1 million were paid to PricewaterhouseCoopers LLP for agreed upon procedures
relating to specific transactions such as the bond issue.
Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2025 2024
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
1.9
2.1
For the audit of subsidiaries of the Group
1.5
1.5
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
3.6
3.8
Other assurance services
\u2013
0.1
Total non-audit services
1
\u2013
0.1
Total fees paid to auditors
3.6
3.9
1 See details of non-audit services policy in the Audit and Risk Committee Report on page 94
Other than noted above, there were no fees payable in 2025 or 2024 to PricewaterhouseCoopers
LLP or its associates for the audit of financial statements of any associate or pension scheme of
the Group, or internal audit activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-613": { "value": "Staff costs Staff costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
545
548
Social security and other costs
93
86
Share-based compensation (see note 4.8)
16
18
Pension costs
30
29
Total staff costs
1
684
681
Less: staff costs allocated to productions, exceptional items or capitalised
(293)
(279)
Net staff costs
391
402
1 Staff costs include the costs of the Executive Committee including two Executive Directors but excludes the Non-executive Directors and the Chairman of the Board Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2025
2024
ITV Studios
4,015
4,018
Media & Entertainment
2,470
2,595
6,485
6,613
The monthly average number of people employed over the year is:
2025
2024
ITV Studios
4,202
4,239
Media & Entertainment
2,557
2,726
6,759
6,965
The decrease in headcount is due to the Group\u2019s cost saving programme, predominantly in the Media & Entertainment division. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-614": { "value": "Depreciation Depreciation in the year was \u00a348 million (2024: \u00a347 million), of which \u00a333 million (2024: \u00a332 million) relates to ITV Studios and \u00a315 million (2024: \u00a315 million) to Media & Entertainment. See notes 3.2 for further details.
B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a323 million
(2024: \u00a399 million)
Amortisation and impairment of assets acquired through business combinations and investments
of \u00a363 million (2024: \u00a3143 million), excluding amortisation of software licences and development of
\u00a343 million (2024: \u00a336 million), net of related tax charge of \u00a33 million (2024: \u00a38 million net tax credit).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-615": { "value": "Audit fees The Group\u2019s external auditor is PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. Fees for audit-related assurance services of \u00a30.2 million (2024: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2025 were also incurred. In the prior year, non- audit fees of \u00a30.1 million were paid to PricewaterhouseCoopers LLP for agreed upon procedures relating to specific transactions such as the bond issue. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2025 2024
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
1.9
2.1
For the audit of subsidiaries of the Group
1.5
1.5
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
3.6
3.8
Other assurance services
\u2013
0.1
Total non-audit services
1
\u2013
0.1
Total fees paid to auditors
3.6
3.9
1 See details of non-audit services policy in the Audit and Risk Committee Report on page 94 Other than noted above, there were no fees payable in 2025 or 2024 to PricewaterhouseCoopers LLP or its associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-649": { "value": "Accounting policies Exceptional items as described above are highlighted on the face of the Consolidated Income Statement. See the Operating and Financial Performance Review on pages 16 to 27 for the detailed explanation of the Group\u2019s use of adjusted performance measures. Gains or losses on disposal of non-core assets are also considered exceptional due to their nature and impact on the Group\u2019s underlying quality of earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-561": { "value": "
Exceptional items
Operating exceptional items are analysed as follows:
2025 2024
(Charge)/credit Ref. \u00a3m \u00a3m
Operating exceptional items:
Corporate transaction-related expenses
A
(38)
(8)
Restructuring and transformation costs
B
(69)
(50)
Property costs
C
\u2013
1
Employee-related tax provision
D
(3)
1
Transponder onerous contract
E
\u2013
(4)
Pension related costs
F
(3)
\u2013
Legal settlements
G
8
\u2013
Legal and other costs
H
(2)
(5)
Total operating exceptional items
(107)
(65)
Tax on operating exceptional items
17
13
Total operating exceptional items net of tax
(90)
(52)
A. Corporate transaction-related expenses
Corporate transaction-related expenses of \u00a338 million (2024: \u00a38 million) are performance-based,
employment-linked consideration to former owners and professional fees related to completed
corporate transactions and potential corporate transactions.
B. Restructuring and transformation costs Restructuring and transformation costs of \u00a369 million (2024: \u00a350 million) relate to one-off significant restructuring, transformation and efficiency programmes of the business. Within this, there were \u00a354 million (2024: \u00a336 million) of restructuring and other costs associated with our strategic cost programme to reshape the cost base and enhance profitability across the Group. In addition, \u00a315 million (2024: \u00a314 million) of costs were incurred relating to our transformation programme, which is associated with delivering our digital strategy, including our new programme rights, finance and HR systems and simplifying our holding company structures and processes. C. Property costs In 2024, the Group received a rebate in relation to one of the properties it exited in 2022 as part of the move to Broadcast Centre, with the credit being recognised in exceptional items, consistent with the original charge that was previously classified as exceptional. D. Employee-related tax provisions During the year \u00a33 million was charged for an exceptional provision for employee-related taxes (2024: \u00a31 million was released for an exceptional provision for employee-related taxes that was no longer required). See note 3.7 for further details of the provisions held. E. Transponder onerous contract In 2024, the Group cleared a third transponder and recognised an onerous contract provision of \u00a34 million for capacity that was no longer generating revenue. The provision was fully utilised in 2024. F. Pension related costs In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised in the Consolidated Statement of Financial Position through Exceptional Pension related items. A further \u00a36 million was paid to the Pension Protection Fund, covering loans incurred since the date of the agreement leading up to the transfer. Consequently, the provision held of \u00a352 million for this matter, has been released to Exceptional Pension related items, consistent with the initial recognition of the provision. See note 3.8 for further details. G. Legal settlements The Group reached a settlement with its insurers during the period regarding a historical legal matter. This settlement amount has been recognised as a credit in exceptional items, consistent with the original charge that was previously classified as exceptional. H. Legal and other costs Legal and other costs of \u00a32 million (2024: \u00a35 million) relates primarily to legal costs for matters considered to be outside the normal course of business. ", "dimensions": { "concept": "itvplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-562": { "value": "Accounting policies The tax charge for the year is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income and directly in equity, according to the accounting treatment of the related transactions. The tax charge comprises both current and deferred tax. The calculation of the Group\u2019s tax charge involves estimation and judgement in respect of certain items whose tax treatment cannot be fully determined until a resolution has been reached with the relevant tax authority. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment in respect of previous years. The Group recognises liabilities for anticipated tax issues based on estimates and judgement of the additional taxes that are likely to become due. Amounts are accrued based on management\u2019s interpretation of specific tax law and the likelihood of settlement. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. Deferred tax Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. The following temporary differences are not provided for: The initial recognition of goodwill The initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is calculated using tax rates that are enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to utilise the temporary difference. Recognition of deferred tax assets, therefore, involves judgement regarding the timing and level of future taxable income. Deferred tax assets and liabilities are disclosed net to the extent that they relate to taxes levied by the same authority and the Group has the right of set-off. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-616": { "value": "Deferred tax Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. The following temporary differences are not provided for: The initial recognition of goodwill The initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is calculated using tax rates that are enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to utilise the temporary difference. Recognition of deferred tax assets, therefore, involves judgement regarding the timing and level of future taxable income. Deferred tax assets and liabilities are disclosed net to the extent that they relate to taxes levied by the same authority and the Group has the right of set-off. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-617": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2025 2024
\u00a3m \u00a3m
Current tax:
Current tax charge on profit before exceptional items
(106)
(94)
Current tax credit on exceptional operating items
17
13
Current tax charge on the profit on disposal of associates, joint ventures
and subsidiary undertakings
\u2013
(22)
(89)
(103)
Adjustments related to prior periods
(7)
20
(96)
(83)
Deferred tax:
Origination and reversal of temporary differences
(13)
(7)
Deferred tax charge on the profit on disposal of associates, joint ventures
and subsidiary undertakings
\u2013
(27)
Impact of changes to statutory tax rates
(6)
\u2013
(19)
(34)
Adjustments related to prior periods
2
2
(17)
(32)
Total taxation charge in the Consolidated Income Statement
(113)
(115)
Current tax charge The total current tax charge of \u00a396 million (2024: \u00a383 million charge) includes a \u00a37 million charge (2024: \u00a320 million credit) relating to prior years, and the deferred tax charge of \u00a317 million (2024: \u00a332 million charge) includes a \u00a32 million credit (2024: \u00a32 million credit) relating to prior years. This adjustment has arisen following changes in estimates of taxes that have already become due or will become due in the future. Deferred tax charge In 2025, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a313 million, compared with a charge of \u00a37 million in 2024. Total tax reconciliation In order to understand how, in the Consolidated Income Statement, a tax charge of \u00a3113 million (2024: \u00a3115 million) arises on a profit before tax of \u00a3338 million (2024: \u00a3521 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
338
521
Notional taxation charge at UK corporation tax rate of 25% (2024: 25%) on
profit before tax
(85)
(130)
Non-taxable income/non-deductible expenses
(10)
(17)
Prior year adjustments
(5)
22
Other taxes
(10)
(11)
Current year losses not recognised
(7)
(10)
Impact of overseas tax rates
1
6
Impact of changes in tax rates
(6)
\u2013
Pillar 2 top-up tax
(2)
(2)
Production tax credits
11
27
Statutory taxation charge in the Consolidated Income Statement
(113)
(115)
Non-deductible expenses are expenses that are not expected to be allowable for tax purposes. Similarly, non-taxable income is income that is not expected to be taxable. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters, which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. Other taxes of \u00a310 million (2024: \u00a311 million) includes state taxes of \u00a35 million in the US, \u00a34 million of irrecoverable withholding tax in the UK, and \u00a31 million of IRAP taxes in Italy. The tax impact of current year losses not recognised is \u00a37 million (2024: \u00a310 million) and relates to \u00a32 million (2024: \u00a31 million) in France, \u00a34 million (2024: \u00a39 million) in Italy, and \u00a31 million in Australia (2024: nil). No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are there suitable taxable temporary differences against which the losses can unwind. The impact of overseas tax rates reflects the fact that some of our profits are earned in territories other than the UK and taxed at rates different from the UK corporation tax rate. In 2025, the total impact is a \u00a31 million credit (2024: \u00a36 million credit) due to profits arising in lower tax jurisdictions. The impact of changes in tax rates is a \u00a36 million charge (2024: nil) and relates to an increase in the US state tax apportionment basis. The Finance (No2) Act 2023 (Pillar Two) introduced a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. Most territories in which the ITV Group operates qualify for one of the safe harbour exemptions such that Pillar 2 top-up taxes should not apply. In 2025 territories that failed to meet the exemptions are estimated to incur Pillar 2 taxes of \u00a32 million (2024: \u00a32 million). The amendments to IAS 12 \u2018Income Taxes\u2019 provide a mandatory exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. In line with our accounting policy on current tax, provisions are held on the balance sheet within current tax liabilities in respect of uncertain tax positions where management believes that it is probable that future payments of tax will be required. Production tax incentives were \u00a311 million in 2025 (2024: \u00a327 million), includes residual UK HETV tax credits of \u00a31 million (2024: \u00a316 million) and the impact of overseas production incentives of \u00a310 million (2024: \u00a311 million). Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a320 million (2024: \u00a36 million credit) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include: \u00a31 million deferred tax credit (2024: \u00a31 million credit) on gilts, \u00a31 million deferred tax credit on derivatives (2024: \u00a32 million charge) and \u00a31 million deferred tax credit was recognised on the cost of hedging (2024: \u00a3nil). A \u00a31 million deferred tax charge (2024: \u00a3nil) has been recognised in equity in respect of share-based payments. There has been \u00a315 million current tax (2024: \u00a3nil) recognised in other comprehensive income in the current year on pensions. There has been a \u00a31 million current tax charge recognised in equity in the current year in relation to share-based compensation (2024: \u00a32 million credit). Taxation \u2013 Consolidated Statement of Financial Position The table below outlines the deferred tax assets/(liabilities) that are recognised in the Consolidated Statement of Financial Position, together with their movements in the year:
At Recognised in Recognised Business At
1 January the income in OCI acquisitions Foreign 31 December
2025 statement and equity and other exchange 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
(3)
\u2013
\u2013
\u2013
(8)
Intangible assets
(62)
(15)
\u2013
(2)
4
(75)
Pension scheme
(54)
14
(20)
\u2013
\u2013
(60)
Tax losses
9
(2)
\u2013
\u2013
\u2013
7
Share-based compensation
6
2
(1)
\u2013
\u2013
7
Tax credits
\u2013
\u2013
\u2013
4
\u2013
4
Other temporary differences
21
(13)
3
\u2013
(1)
10
(85)
(17)
(18)
2
3
(115)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2024 statement and equity Other exchange 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(6)
\u2013
(6)
(1)
(62)
Pension scheme
(59)
(1)
6
\u2013
\u2013
(54)
Tax losses
32
(23)
\u2013
\u2013
\u2013
9
Share-based compensation
5
1
\u2013
\u2013
\u2013
6
Other temporary differences
23
(3)
(1)
2
\u2013
21
(53)
(32)
5
(4)
(1)
(85)
At 31 December 2025, the net deferred tax liability position is \u00a3115 million (2024: \u00a385 million liability), consisting of total deferred tax assets of \u00a385 million (2024: \u00a385 million) and total deferred tax liabilities of \u00a3200 million (2024: \u00a3170 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a3121 million (2024: deferred tax asset of \u00a37 million and a deferred tax liability of \u00a392 million). The deferred tax balances relate to: Property, plant and equipment temporary differences arising on assets qualifying for tax depreciation Temporary differences on intangible assets, including those arising on business combinations Programme rights \u2013 temporary differences on intercompany profits on stock Pension scheme temporary differences on the IAS 19 pension surplus and SDN and LTVC pension funding partnerships Temporary differences arising from the timing of the use of tax losses Share-based compensation temporary differences on share schemes Other temporary differences on provisions and financial instruments The deferred tax balance associated with the pension surplus is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year in respect of the transfer of the unapproved scheme and the unwind of SDN as the contingent asset and the actuarial gain recognised in the year. A deferred tax asset of \u00a37 million (2024: \u00a39 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3370 million (2024: \u00a3371 million) in respect of capital losses of \u00a31,480 million (2024: \u00a31,483 million) has not been recognised due to uncertainties as to whether capital gains will arise in the appropriate form and relevant territories against which such losses could be utilised. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a35 million (2024: \u00a36 million) in respect of UK losses of \u00a320 million (2024: \u00a322 million) and \u00a338 million (2024: \u00a333 million) in respect of overseas losses of \u00a3154 million (2024: \u00a3133 million) including \u00a31 million in respect of losses that expire between 2026 and 2028. In addition to this the Group has not recognised \u00a33 million (2024: \u00a34 million) in respect of other overseas short-term timing differences of \u00a311 million (2024: \u00a318 million). Subsidiaries of ITV plc have undistributed earnings of \u00a357 million (2024: \u00a350 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as ITV plc is able to control the timing of the distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-563": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2025 2024
\u00a3m \u00a3m
Current tax:
Current tax charge on profit before exceptional items
(106)
(94)
Current tax credit on exceptional operating items
17
13
Current tax charge on the profit on disposal of associates, joint ventures
and subsidiary undertakings
\u2013
(22)
(89)
(103)
Adjustments related to prior periods
(7)
20
(96)
(83)
Deferred tax:
Origination and reversal of temporary differences
(13)
(7)
Deferred tax charge on the profit on disposal of associates, joint ventures
and subsidiary undertakings
\u2013
(27)
Impact of changes to statutory tax rates
(6)
\u2013
(19)
(34)
Adjustments related to prior periods
2
2
(17)
(32)
Total taxation charge in the Consolidated Income Statement
(113)
(115)
Current tax charge The total current tax charge of \u00a396 million (2024: \u00a383 million charge) includes a \u00a37 million charge (2024: \u00a320 million credit) relating to prior years, and the deferred tax charge of \u00a317 million (2024: \u00a332 million charge) includes a \u00a32 million credit (2024: \u00a32 million credit) relating to prior years. This adjustment has arisen following changes in estimates of taxes that have already become due or will become due in the future. Deferred tax charge In 2025, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a313 million, compared with a charge of \u00a37 million in 2024.
Total tax reconciliation
In order to understand how, in the Consolidated Income Statement, a tax charge of \u00a3113 million
(2024: \u00a3115 million) arises on a profit before tax of \u00a3338 million (2024: \u00a3521 million), the taxation
charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax
charge as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
338
521
Notional taxation charge at UK corporation tax rate of 25% (2024: 25%) on
profit before tax
(85)
(130)
Non-taxable income/non-deductible expenses
(10)
(17)
Prior year adjustments
(5)
22
Other taxes
(10)
(11)
Current year losses not recognised
(7)
(10)
Impact of overseas tax rates
1
6
Impact of changes in tax rates
(6)
\u2013
Pillar 2 top-up tax
(2)
(2)
Production tax credits
11
27
Statutory taxation charge in the Consolidated Income Statement
(113)
(115)
Non-deductible expenses are expenses that are not expected to be allowable for tax purposes.
Similarly, non-taxable income is income that is not expected to be taxable.
Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters,
which differs from expectations held when the related provision was made. Where the outcome is
more favourable than the provision made, the difference is released, lowering the current year tax
charge. Where the outcome is less favourable than our provision, an additional charge to current
year tax will occur.
Other taxes of \u00a310 million (2024: \u00a311 million) includes state taxes of \u00a35 million in the US, \u00a34 million
of irrecoverable withholding tax in the UK, and \u00a31 million of IRAP taxes in Italy.
The tax impact of current year losses not recognised is \u00a37 million (2024: \u00a310 million) and relates to
\u00a32 million (2024: \u00a31 million) in France, \u00a34 million (2024: \u00a39 million) in Italy, and \u00a31 million in Australia
(2024: nil). No deferred tax on these losses has been recognised as we do not have certainty over
future taxable profits in those jurisdictions nor are there suitable taxable temporary differences
against which the losses can unwind.
The impact of overseas tax rates reflects the fact that some of our profits are earned in territories
other than the UK and taxed at rates different from the UK corporation tax rate. In 2025, the total
impact is a \u00a31 million credit (2024: \u00a36 million credit) due to profits arising in lower tax jurisdictions.
The impact of changes in tax rates is a \u00a36 million charge (2024: nil) and relates to an increase in the
US state tax apportionment basis.
The Finance (No2) Act 2023 (Pillar Two) introduced a global minimum effective tax rate of 15% for
large groups for financial years beginning on or after 31 December 2023. Most territories in which the
ITV Group operates qualify for one of the safe harbour exemptions such that Pillar 2 top-up taxes
should not apply. In 2025 territories that failed to meet the exemptions are estimated to incur Pillar 2
taxes of \u00a32 million (2024: \u00a32 million).
The amendments to IAS 12 \u2018Income Taxes\u2019 provide a mandatory exemption from the requirement
to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that
implements the Pillar Two model rules.
In line with our accounting policy on current tax, provisions are held on the balance sheet within
current tax liabilities in respect of uncertain tax positions where management believes that it is
probable that future payments of tax will be required.
Production tax incentives were \u00a311 million in 2025 (2024: \u00a327 million), includes residual UK HETV
tax credits of \u00a31 million (2024: \u00a316 million) and the impact of overseas production incentives of
\u00a310 million (2024: \u00a311 million).
Taxation \u2013 Other comprehensive income (OCI) and equity
As analysed in the table below a deferred tax charge of \u00a320 million (2024: \u00a36 million credit) has
been recognised on actuarial movements on pensions. Other temporary differences recognised
in other comprehensive income include: \u00a31 million deferred tax credit (2024: \u00a31 million credit) on
gilts, \u00a31 million deferred tax credit on derivatives (2024: \u00a32 million charge) and \u00a31 million deferred
tax credit was recognised on the cost of hedging (2024: \u00a3nil). A \u00a31 million deferred tax charge
(2024: \u00a3nil) has been recognised in equity in respect of share-based payments.
There has been \u00a315 million current tax (2024: \u00a3nil) recognised in other comprehensive income in the
current year on pensions. There has been a \u00a31 million current tax charge recognised in equity in the
current year in relation to share-based compensation (2024: \u00a32 million credit).
Taxation \u2013 Consolidated Statement of Financial Position
The table below outlines the deferred tax assets/(liabilities) that are recognised in the Consolidated
Statement of Financial Position, together with their movements in the year:
At Recognised in Recognised Business At
1 January the income in OCI acquisitions Foreign 31 December
2025 statement and equity and other exchange 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
(3)
\u2013
\u2013
\u2013
(8)
Intangible assets
(62)
(15)
\u2013
(2)
4
(75)
Pension scheme
(54)
14
(20)
\u2013
\u2013
(60)
Tax losses
9
(2)
\u2013
\u2013
\u2013
7
Share-based compensation
6
2
(1)
\u2013
\u2013
7
Tax credits
\u2013
\u2013
\u2013
4
\u2013
4
Other temporary differences
21
(13)
3
\u2013
(1)
10
(85)
(17)
(18)
2
3
(115)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2024 statement and equity Other exchange 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(6)
\u2013
(6)
(1)
(62)
Pension scheme
(59)
(1)
6
\u2013
\u2013
(54)
Tax losses
32
(23)
\u2013
\u2013
\u2013
9
Share-based compensation
5
1
\u2013
\u2013
\u2013
6
Other temporary differences
23
(3)
(1)
2
\u2013
21
(53)
(32)
5
(4)
(1)
(85)
At 31 December 2025, the net deferred tax liability position is \u00a3115 million (2024: \u00a385 million liability), consisting of total deferred tax assets of \u00a385 million (2024: \u00a385 million) and total deferred tax liabilities of \u00a3200 million (2024: \u00a3170 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a3121 million (2024: deferred tax asset of \u00a37 million and a deferred tax liability of \u00a392 million). The deferred tax balances relate to: Property, plant and equipment temporary differences arising on assets qualifying for tax depreciation Temporary differences on intangible assets, including those arising on business combinations Programme rights \u2013 temporary differences on intercompany profits on stock Pension scheme temporary differences on the IAS 19 pension surplus and SDN and LTVC pension funding partnerships Temporary differences arising from the timing of the use of tax losses Share-based compensation temporary differences on share schemes Other temporary differences on provisions and financial instruments The deferred tax balance associated with the pension surplus is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year in respect of the transfer of the unapproved scheme and the unwind of SDN as the contingent asset and the actuarial gain recognised in the year. A deferred tax asset of \u00a37 million (2024: \u00a39 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3370 million (2024: \u00a3371 million) in respect of capital losses of \u00a31,480 million (2024: \u00a31,483 million) has not been recognised due to uncertainties as to whether capital gains will arise in the appropriate form and relevant territories against which such losses could be utilised. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a35 million (2024: \u00a36 million) in respect of UK losses of \u00a320 million (2024: \u00a322 million) and \u00a338 million (2024: \u00a333 million) in respect of overseas losses of \u00a3154 million (2024: \u00a3133 million) including \u00a31 million in respect of losses that expire between 2026 and 2028. In addition to this the Group has not recognised \u00a33 million (2024: \u00a34 million) in respect of other overseas short-term timing differences of \u00a311 million (2024: \u00a318 million). Subsidiaries of ITV plc have undistributed earnings of \u00a357 million (2024: \u00a350 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as ITV plc is able to control the timing of the distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-650": { "value": "Total tax reconciliation In order to understand how, in the Consolidated Income Statement, a tax charge of \u00a3113 million (2024: \u00a3115 million) arises on a profit before tax of \u00a3338 million (2024: \u00a3521 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
338
521
Notional taxation charge at UK corporation tax rate of 25% (2024: 25%) on
profit before tax
(85)
(130)
Non-taxable income/non-deductible expenses
(10)
(17)
Prior year adjustments
(5)
22
Other taxes
(10)
(11)
Current year losses not recognised
(7)
(10)
Impact of overseas tax rates
1
6
Impact of changes in tax rates
(6)
\u2013
Pillar 2 top-up tax
(2)
(2)
Production tax credits
11
27
Statutory taxation charge in the Consolidated Income Statement
(113)
(115)
Non-deductible expenses are expenses that are not expected to be allowable for tax purposes. Similarly, non-taxable income is income that is not expected to be taxable. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters, which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. Other taxes of \u00a310 million (2024: \u00a311 million) includes state taxes of \u00a35 million in the US, \u00a34 million of irrecoverable withholding tax in the UK, and \u00a31 million of IRAP taxes in Italy. The tax impact of current year losses not recognised is \u00a37 million (2024: \u00a310 million) and relates to \u00a32 million (2024: \u00a31 million) in France, \u00a34 million (2024: \u00a39 million) in Italy, and \u00a31 million in Australia (2024: nil). No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are there suitable taxable temporary differences against which the losses can unwind. The impact of overseas tax rates reflects the fact that some of our profits are earned in territories other than the UK and taxed at rates different from the UK corporation tax rate. In 2025, the total impact is a \u00a31 million credit (2024: \u00a36 million credit) due to profits arising in lower tax jurisdictions. The impact of changes in tax rates is a \u00a36 million charge (2024: nil) and relates to an increase in the US state tax apportionment basis. The Finance (No2) Act 2023 (Pillar Two) introduced a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. Most territories in which the ITV Group operates qualify for one of the safe harbour exemptions such that Pillar 2 top-up taxes should not apply. In 2025 territories that failed to meet the exemptions are estimated to incur Pillar 2 taxes of \u00a32 million (2024: \u00a32 million). The amendments to IAS 12 \u2018Income Taxes\u2019 provide a mandatory exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. In line with our accounting policy on current tax, provisions are held on the balance sheet within current tax liabilities in respect of uncertain tax positions where management believes that it is probable that future payments of tax will be required. Production tax incentives were \u00a311 million in 2025 (2024: \u00a327 million), includes residual UK HETV tax credits of \u00a31 million (2024: \u00a316 million) and the impact of overseas production incentives of \u00a310 million (2024: \u00a311 million). Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a320 million (2024: \u00a36 million credit) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include: \u00a31 million deferred tax credit (2024: \u00a31 million credit) on gilts, \u00a31 million deferred tax credit on derivatives (2024: \u00a32 million charge) and \u00a31 million deferred tax credit was recognised on the cost of hedging (2024: \u00a3nil). A \u00a31 million deferred tax charge (2024: \u00a3nil) has been recognised in equity in respect of share-based payments. There has been \u00a315 million current tax (2024: \u00a3nil) recognised in other comprehensive income in the current year on pensions. There has been a \u00a31 million current tax charge recognised in equity in the current year in relation to share-based compensation (2024: \u00a32 million credit). Taxation \u2013 Consolidated Statement of Financial Position The table below outlines the deferred tax assets/(liabilities) that are recognised in the Consolidated Statement of Financial Position, together with their movements in the year:
At Recognised in Recognised Business At
1 January the income in OCI acquisitions Foreign 31 December
2025 statement and equity and other exchange 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
(3)
\u2013
\u2013
\u2013
(8)
Intangible assets
(62)
(15)
\u2013
(2)
4
(75)
Pension scheme
(54)
14
(20)
\u2013
\u2013
(60)
Tax losses
9
(2)
\u2013
\u2013
\u2013
7
Share-based compensation
6
2
(1)
\u2013
\u2013
7
Tax credits
\u2013
\u2013
\u2013
4
\u2013
4
Other temporary differences
21
(13)
3
\u2013
(1)
10
(85)
(17)
(18)
2
3
(115)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2024 statement and equity Other exchange 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(6)
\u2013
(6)
(1)
(62)
Pension scheme
(59)
(1)
6
\u2013
\u2013
(54)
Tax losses
32
(23)
\u2013
\u2013
\u2013
9
Share-based compensation
5
1
\u2013
\u2013
\u2013
6
Other temporary differences
23
(3)
(1)
2
\u2013
21
(53)
(32)
5
(4)
(1)
(85)
At 31 December 2025, the net deferred tax liability position is \u00a3115 million (2024: \u00a385 million liability), consisting of total deferred tax assets of \u00a385 million (2024: \u00a385 million) and total deferred tax liabilities of \u00a3200 million (2024: \u00a3170 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a3121 million (2024: deferred tax asset of \u00a37 million and a deferred tax liability of \u00a392 million). The deferred tax balances relate to: Property, plant and equipment temporary differences arising on assets qualifying for tax depreciation Temporary differences on intangible assets, including those arising on business combinations Programme rights \u2013 temporary differences on intercompany profits on stock Pension scheme temporary differences on the IAS 19 pension surplus and SDN and LTVC pension funding partnerships Temporary differences arising from the timing of the use of tax losses Share-based compensation temporary differences on share schemes Other temporary differences on provisions and financial instruments The deferred tax balance associated with the pension surplus is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year in respect of the transfer of the unapproved scheme and the unwind of SDN as the contingent asset and the actuarial gain recognised in the year. A deferred tax asset of \u00a37 million (2024: \u00a39 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3370 million (2024: \u00a3371 million) in respect of capital losses of \u00a31,480 million (2024: \u00a31,483 million) has not been recognised due to uncertainties as to whether capital gains will arise in the appropriate form and relevant territories against which such losses could be utilised. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a35 million (2024: \u00a36 million) in respect of UK losses of \u00a320 million (2024: \u00a322 million) and \u00a338 million (2024: \u00a333 million) in respect of overseas losses of \u00a3154 million (2024: \u00a3133 million) including \u00a31 million in respect of losses that expire between 2026 and 2028. In addition to this the Group has not recognised \u00a33 million (2024: \u00a34 million) in respect of other overseas short-term timing differences of \u00a311 million (2024: \u00a318 million). Subsidiaries of ITV plc have undistributed earnings of \u00a357 million (2024: \u00a350 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as ITV plc is able to control the timing of the distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-673": { "value": "The Finance (No2) Act 2023 (Pillar Two) introduced a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. Most territories in which the ITV Group operates qualify for one of the safe harbour exemptions such that Pillar 2 top-up taxes should not apply. In 2025 territories that failed to meet the exemptions are estimated to incur Pillar 2 taxes of \u00a32 million (2024: \u00a32 million). The amendments to IAS 12 \u2018Income Taxes\u2019 provide a mandatory exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-564": { "value": "
The calculation of Basic EPS and Adjusted EPS, together with the diluted impact on each, is set
out below:
Basic earnings per share
2025
2024
Statutory profit for the year attributable to equity shareholders of
ITV plc (\u00a3m)
220
408
Weighted average number of ordinary shares in issue \u2013 million
3,736
3,935
Basic earnings per ordinary share
5.9p
10.4p
Diluted earnings per share
2025
2024
Statutory profit for the year attributable to equity shareholders of
ITV plc (\u00a3m)
220
408
Weighted average number of ordinary shares in issue \u2013 million
3,736
3,935
Dilution due to share options \u2013 million
41
42
Total weighted average number of ordinary shares in issue \u2013 million
3,777
3,977
Diluted earnings per ordinary share
5.8p
10.3p
Adjusted earnings per share
2025 2024
Ref. \u00a3m \u00a3m
Statutory profit for the year attributable to equity shareholders of
ITV plc
220
408
Exceptional items (net of tax)
A
90
52
Profit for the year before exceptional items
310
460
Amortisation and impairment of acquired intangible assets
B
23
99
Adjustments to net financing income
C
(14)
(20)
Profit on disposal of associates, joint ventures and subsidiary
undertakings
D
\u2013
(163)
Adjusted profit for the year attributable to ITV shareholders
319
376
Weighted average number of ordinary shares in issue \u2013 million
3,736
3,935
Adjusted earnings per ordinary share
8.5p
9.6p
Diluted adjusted earnings per share
2025
2024
Adjusted profit (\u00a3m)
319
376
Weighted average number of ordinary shares in issue \u2013 million
3,736
3,935
Dilution due to share options \u2013 million
41
42
Total weighted average number of ordinary shares in issue \u2013 million
3,777
3,977
Diluted adjusted earnings per ordinary share
8.4p
9.5p
Details of the adjustments to earnings are as follows: A. Exceptional items (net of tax) \u00a390 million (2024: \u00a352 million) Exceptional items of \u00a3107 million (2024: \u00a365 million), net of related tax credit of \u00a317 million (2024: \u00a313 million). The exceptional items have been taxed in accordance with the tax treatment of the underlying transaction at the tax rate of the jurisdiction to which they relate. The \u00a3107 million exceptional charge comprises exceptional costs of \u00a3124 million and an exceptional credit of \u00a317 million. \u00a340 million of the net exceptional costs were disallowed for tax purposes, consequently there is no associated tax credit. See note 2.2 for the detailed composition of exceptional items. B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a323 million (2024: \u00a399 million) Amortisation and impairment of assets acquired through business combinations and investments of \u00a363 million (2024: \u00a3143 million), excluding amortisation of software licences and development of \u00a343 million (2024: \u00a336 million), net of related tax charge of \u00a33 million (2024: \u00a38 million net tax credit). C. Adjustments to net financing income (net of tax) \u00a314 million (2024: net financing income (net of tax) \u00a320 million) Net financing costs of \u00a325 million (2024: \u00a3nil), is adjusted to reflect the underlying cash cost of interest for the business. These adjustments of \u00a318 million (2024: \u00a325 million) relates principally to finance costs on acquisitions, imputed pension interest and other financial gains and losses that do not reflect the relevant interest cash cost to the business and are not yet realised balances. The tax charge in relation to these adjustments is \u00a34 million (2024: \u00a35 million). D. Profit on disposal of associates, joint ventures and subsidiary undertakings \u00a3nil (2024: \u00a3163 million) In 2024, the profit on disposal of associates, joint ventures and subsidiary undertaking of \u00a3212 million was net of a related tax charge of \u00a349 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-651": { "value": "B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a323 million (2024: \u00a399 million) Amortisation and impairment of assets acquired through business combinations and investments of \u00a363 million (2024: \u00a3143 million), excluding amortisation of software licences and development of \u00a343 million (2024: \u00a336 million), net of related tax charge of \u00a33 million (2024: \u00a38 million net tax credit). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-565": { "value": "Accounting policies Rights are recognised when the Group controls the respective rights and the risks and rewards associated with them. Programme rights not yet utilised are included in the Consolidated Statement of Financial Position at the lower of cost and net realisable value. In assessing net realisable value for programmes in production, judgement is required when considering the contracted sales price and estimated costs to complete. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-566": { "value": "
Programme rights
The Group\u2019s policies with respect to programme rights recognise that the pattern of consumption on
linear and streaming (ITVX) varies. Consumption of content varies based on the type of programme
right as well as the type of platform it is transmitted on. Programme rights are expensed through
operating costs reflecting the pattern in which management expects the right to be consumed.
The Group has defined policies on how programme rights are allocated to linear and streaming based on a pattern of viewing. There are also distinct policies across the platforms when these programme rights are recognised in the Consolidated Statement of Financial Position; when these costs are released to the Consolidated Income Statement; and the impairment review of the carrying values of programme rights held.
Type of programme
Streaming policy
Linear policy
Acquired content Cost charged to the Income Statement Cost charged to the Income
on a declining-balance method over the Statement over a number of linear
licence period transmissions (episodic)
Commissioned Cost charged to the Income Statement Cost charged to the Income
content on a declining-balance method over the Statement on first linear
licence period transmission (episodic)
Sports rights Cost charged to the Income Statement Cost charged to the Income
on first transmission Statement on first linear
transmission
Current affairs, live Cost charged to the Income Statement Cost charged to the Income
events, soaps on first transmission Statement on first linear
transmission
Library of content Costs charged to the Income Statement
(ITVX only) on a straight-line basis over the licence
period
Acquired programme rights are purchased for the primary purpose of broadcasting on the ITV family of channels, including ad-funded streaming service and subscription streaming service platforms. These are recognised within current assets the earlier of when payments are made or when the rights are ready for exploitation. Commissions, which primarily comprise programmes purchased, based on editorial specification and over which the Group has some control, are recognised in current assets as payments are made. The net realisable value assessment for acquired, commissioned and sports rights is based on estimated airtime value. The net realisable value is assessed on a portfolio basis unless specific indicators of impairment are identified. During the pandemic, sports rights were reviewed separately for impairment following the impact of the pandemic on the planned sporting schedule and the consequential impact on TAR and audience mix for certain sporting events. There are no current specific indicators of impairment, therefore sports rights have now reverted to being assessed with all other content on a portfolio basis. Programme rights and other inventory at the year end are shown in the table below:
2025 2024
\u00a3m \u00a3m
Acquired programme rights
233
273
Commissions
120
72
Sports rights
44
26
397
371
\u00a35 million relates to programme rights and other inventory that will be transmitted in 2027 and beyond (2024: \u00a3nil transmitted in 2026 and beyond). Included within programme rights and other inventory is \u00a344 million (2024: \u00a326 million) relating to programme rights that have been paid for but that are not yet in licence. These amounts are considered to be prepayments but are included within programme rights and other inventory as it is more useful to the reader to show all such rights together. Programme and transmission commitments The Group has transponder capacity commitments for a period up to three years. Payments increase over time, limited by specific RPI caps. There is judgement in assessing whether the transponder capacity contract should be classified as a lease in accordance with IFRS 16 \u2018Leases\u2019. The Group has concluded that this contract does not constitute a lease, as the Group does not control the underlying assets due to the nature of the operation of the assets and the rights retained by the supplier under the contract. The contracted future payments are therefore commitments and included in the table below. Programming commitments are transactions entered into in the ordinary course of business with programme suppliers, sports organisations and film distributors in respect of rights to broadcast on the ITV network including ITVX. Commitments in respect of these transactions, which are not reflected in the Consolidated Statement of Financial Position, are due for payment as follows:
Transmission Programme Total
2025 \u00a3m \u00a3m \u00a3m
Within one year
10
428
438
Later than one year and not more than five years
9
708
717
19
1,136
1,155
Transmission Programme Total
2024 \u00a3m \u00a3m \u00a3m
Within one year
10
628
638
Later than one year and not more than five years
19
321
340
29
949
978
", "dimensions": { "concept": "itvplc:DisclosureOfProgrammeRights", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-567": { "value": "Accounting policies Distribution rights are programme rights the Group buys from producers to derive future revenue, principally through licensing to other broadcasters. These are classified as non-current assets as these rights are used to derive long-term economic benefit for the Group. Distribution rights are recognised initially at cost and charged through operating costs in the Consolidated Income Statement over a period not exceeding five years, reflecting the value and pattern in which the right is consumed. Advances paid for the acquisition of distribution rights are disclosed as distribution rights as soon as they are contracted. These advances are not expensed until the programme is available for distribution. Up to that point, they are assessed annually for impairment through the reassessment of the future sales expected to be earned from that title. ", "dimensions": { "concept": "itvplc:DescriptionOfAccountingPolicyForDistributionRights", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-568": { "value": "
The following table provides movements in distribution rights in the year:
2025 2024
\u00a3m \u00a3m
At 1 January
35
14
Additions
31
35
Charged to the Income Statement
(25)
(14)
At 31 December
41
35
The increase in the year primarily relates to a higher value of premium scripted content from external
producers to further grow the business.
", "dimensions": { "concept": "itvplc:DisclosureOfDistributionRights", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-687": { "value": "3.1.3 Trade and other receivables Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Due within one year:
Trade receivables
411
397
Other receivables
267
207
Prepayments
66
78
744
682
Due after more than one year:
Trade receivables
89
51
Other receivables
11
30
100
81
Total trade and other receivables
844
763
Expenditure credits in relation to AVEC are recognised in Other receivables over the production period with the corresponding entry within production inventories in note 3.1.7. This is primarily the reason for the increase in other receivables due within one year. \u00a3500 million (2024: \u00a3448 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2025 2024
\u00a3m \u00a3m
Current
454
397
Up to 30 days overdue
30
29
Between 30 and 90 days overdue
9
16
Over 90 days overdue
7
6
500
448
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-683": { "value": "3.1.3 Trade and other receivables Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Due within one year:
Trade receivables
411
397
Other receivables
267
207
Prepayments
66
78
744
682
Due after more than one year:
Trade receivables
89
51
Other receivables
11
30
100
81
Total trade and other receivables
844
763
Expenditure credits in relation to AVEC are recognised in Other receivables over the production period with the corresponding entry within production inventories in note 3.1.7. This is primarily the reason for the increase in other receivables due within one year. \u00a3500 million (2024: \u00a3448 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2025 2024
\u00a3m \u00a3m
Current
454
397
Up to 30 days overdue
30
29
Between 30 and 90 days overdue
9
16
Over 90 days overdue
7
6
500
448
3.1.6 Contract assets and liabilities Many of the programmes the Studios division produces are sold internationally and also used within the ITV network. Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work unbilled at the reporting date. Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service. The following table provides movements in contract assets and liabilities in the year:
2025
2024
1
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
176
(253)
202
(187)
Decrease due to balance transferred to trade
receivables
(152)
\u2013
(166)
\u2013
Increases as a result of the changes in the
measure of progress
204
\u2013
136
\u2013
Decreases due to revenue recognised in the year
\u2013
248
\u2013
150
Increase due to cash received
\u2013
(249)
\u2013
(189)
Acquisitions
6
(21)
4
(27)
Balance at 31 December
2
234
(275)
176
(253)
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Contract assets is stated net of provisions for impairment of \u00a31 million (2024: \u00a31 million) which have been included in the reconciliation in note 3.1.3 Non-current contract assets of \u00a339 million (2024: \u00a34 million) is included in the above reconciliation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-618": { "value": "3.1.3 Trade and other receivables Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Due within one year:
Trade receivables
411
397
Other receivables
267
207
Prepayments
66
78
744
682
Due after more than one year:
Trade receivables
89
51
Other receivables
11
30
100
81
Total trade and other receivables
844
763
Expenditure credits in relation to AVEC are recognised in Other receivables over the production period with the corresponding entry within production inventories in note 3.1.7. This is primarily the reason for the increase in other receivables due within one year. \u00a3500 million (2024: \u00a3448 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2025 2024
\u00a3m \u00a3m
Current
454
397
Up to 30 days overdue
30
29
Between 30 and 90 days overdue
9
16
Over 90 days overdue
7
6
500
448
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-569": { "value": "Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-570": { "value": "
The carrying value of trade receivables is considered to approximate fair value. Trade and other
receivables can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Due within one year:
Trade receivables
411
397
Other receivables
267
207
Prepayments
66
78
744
682
Due after more than one year:
Trade receivables
89
51
Other receivables
11
30
100
81
Total trade and other receivables
844
763
Expenditure credits in relation to AVEC are recognised in Other receivables over the production
period with the corresponding entry within production inventories in note 3.1.7. This is primarily the
reason for the increase in other receivables due within one year.
\u00a3500 million (2024: \u00a3448 million) of total trade receivables, stated net of provisions for impairment,
are aged as follows:
2025 2024
\u00a3m \u00a3m
Current
454
397
Up to 30 days overdue
30
29
Between 30 and 90 days overdue
9
16
Over 90 days overdue
7
6
500
448
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-652": { "value": "The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Due within one year:
Trade receivables
411
397
Other receivables
267
207
Prepayments
66
78
744
682
Due after more than one year:
Trade receivables
89
51
Other receivables
11
30
100
81
Total trade and other receivables
844
763
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-688": { "value": "3.1.4 Trade and other payables due within one year Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and non-current trade payables are considered to approximate fair value. Trade and other payables due within one year can be analysed as follows:
2025
2024
1
\u00a3m \u00a3m
Trade payables
168
166
VAT and social security
22
36
Other payables
181
180
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
1
Acquisition-related liabilities \u2013 other
2
3
2
Accruals
545
495
924
880
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment 3.1.5 Trade and other payables due after more than one year Trade and other payables due after more than one year can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Trade payables
55
33
Other payables
42
32
Acquisition-related liabilities \u2013 employment-linked contingent consideration
19
12
Acquisition-related liabilities \u2013 other
2
15
19
76
63
Total trade and other payables due after more than one year
131
96
2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment Trade payables due after more than one year relates primarily to royalty creditors in both 2025 and 2024. Other payables due after more than one year relates primarily to film creditors. Acquisition-related liabilities or performance-based employment-linked earnouts are the estimated amounts payable to previous owners. The estimated future payments that are accrued over the period the sellers are required to remain with the business are treated as exceptional costs (see note 2.2). Those amounts not linked to employment are estimated and recognised at acquisition at their time discounted value, with the unwind of the discount recorded as part of finance costs. Acquisition-related liabilities at 31 December 2025 were \u00a342 million (2024: \u00a334 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a3115 million (2024: \u00a3105 million) are sensitive to forecast profits as they are based on a multiple of earnings. The range of reasonably possible outcomes for the undiscounted liability is between \u00a392 million and \u00a3227 million. The liabilities due after more than one year are expected to be settled between 2027 and 2032. All earnouts are sensitive to forecast profits as they are based on a multiple of earnings and judgement is required where there may be adjustments to forecasted profits for actual outcomes or when earnouts are negotiated, hence the reason for the range noted above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-684": { "value": "3.1.4 Trade and other payables due within one year Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and non-current trade payables are considered to approximate fair value. Trade and other payables due within one year can be analysed as follows:
2025
2024
1
\u00a3m \u00a3m
Trade payables
168
166
VAT and social security
22
36
Other payables
181
180
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
1
Acquisition-related liabilities \u2013 other
2
3
2
Accruals
545
495
924
880
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-674": { "value": "3.1.4 Trade and other payables due within one year Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and non-current trade payables are considered to approximate fair value. Trade and other payables due within one year can be analysed as follows:
2025
2024
1
\u00a3m \u00a3m
Trade payables
168
166
VAT and social security
22
36
Other payables
181
180
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
1
Acquisition-related liabilities \u2013 other
2
3
2
Accruals
545
495
924
880
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-619": { "value": "3.1.4 Trade and other payables due within one year Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and non-current trade payables are considered to approximate fair value. Trade and other payables due within one year can be analysed as follows:
2025
2024
1
\u00a3m \u00a3m
Trade payables
168
166
VAT and social security
22
36
Other payables
181
180
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
1
Acquisition-related liabilities \u2013 other
2
3
2
Accruals
545
495
924
880
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment 3.1.5 Trade and other payables due after more than one year Trade and other payables due after more than one year can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Trade payables
55
33
Other payables
42
32
Acquisition-related liabilities \u2013 employment-linked contingent consideration
19
12
Acquisition-related liabilities \u2013 other
2
15
19
76
63
Total trade and other payables due after more than one year
131
96
2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment Trade payables due after more than one year relates primarily to royalty creditors in both 2025 and 2024. Other payables due after more than one year relates primarily to film creditors. Acquisition-related liabilities or performance-based employment-linked earnouts are the estimated amounts payable to previous owners. The estimated future payments that are accrued over the period the sellers are required to remain with the business are treated as exceptional costs (see note 2.2). Those amounts not linked to employment are estimated and recognised at acquisition at their time discounted value, with the unwind of the discount recorded as part of finance costs.
Acquisition-related liabilities at 31 December 2025 were \u00a342 million (2024: \u00a334 million) which
represents the amount accrued to date at their time discounted value. The total undiscounted
estimated future payments of \u00a3115 million (2024: \u00a3105 million) are sensitive to forecast profits
as they are based on a multiple of earnings. The range of reasonably possible outcomes for the
undiscounted liability is between \u00a392 million and \u00a3227 million. The liabilities due after more than
one year are expected to be settled between 2027 and 2032.
All earnouts are sensitive to forecast profits as they are based on a multiple of earnings and
judgement is required where there may be adjustments to forecasted profits for actual outcomes
or when earnouts are negotiated, hence the reason for the range noted above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-571": { "value": "Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and non-current trade payables are considered to approximate fair value. Trade and other payables due within one year can be analysed as follows: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-675": { "value": "3.1.5 Trade and other payables due after more than one year Trade and other payables due after more than one year can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Trade payables
55
33
Other payables
42
32
Acquisition-related liabilities \u2013 employment-linked contingent consideration
19
12
Acquisition-related liabilities \u2013 other
2
15
19
76
63
Total trade and other payables due after more than one year
131
96
2 Acquisition-related liabilities \u2013 other includes amounts payable to sellers under put options agreed on acquisition and contingent consideration not linked to employment Trade payables due after more than one year relates primarily to royalty creditors in both 2025 and 2024. Other payables due after more than one year relates primarily to film creditors. Acquisition-related liabilities or performance-based employment-linked earnouts are the estimated amounts payable to previous owners. The estimated future payments that are accrued over the period the sellers are required to remain with the business are treated as exceptional costs (see note 2.2). Those amounts not linked to employment are estimated and recognised at acquisition at their time discounted value, with the unwind of the discount recorded as part of finance costs. Acquisition-related liabilities at 31 December 2025 were \u00a342 million (2024: \u00a334 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a3115 million (2024: \u00a3105 million) are sensitive to forecast profits as they are based on a multiple of earnings. The range of reasonably possible outcomes for the undiscounted liability is between \u00a392 million and \u00a3227 million. The liabilities due after more than one year are expected to be settled between 2027 and 2032. All earnouts are sensitive to forecast profits as they are based on a multiple of earnings and judgement is required where there may be adjustments to forecasted profits for actual outcomes or when earnouts are negotiated, hence the reason for the range noted above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-653": { "value": "3.1.6 Contract assets and liabilities Many of the programmes the Studios division produces are sold internationally and also used within the ITV network. Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work unbilled at the reporting date. Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service. The following table provides movements in contract assets and liabilities in the year:
2025
2024
1
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
176
(253)
202
(187)
Decrease due to balance transferred to trade
receivables
(152)
\u2013
(166)
\u2013
Increases as a result of the changes in the
measure of progress
204
\u2013
136
\u2013
Decreases due to revenue recognised in the year
\u2013
248
\u2013
150
Increase due to cash received
\u2013
(249)
\u2013
(189)
Acquisitions
6
(21)
4
(27)
Balance at 31 December
2
234
(275)
176
(253)
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Contract assets is stated net of provisions for impairment of \u00a31 million (2024: \u00a31 million) which have been included in the reconciliation in note 3.1.3 Non-current contract assets of \u00a339 million (2024: \u00a34 million) is included in the above reconciliation. ", "dimensions": { "concept": "itvplc:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-620": { "value": "3.1.6 Contract assets and liabilities Many of the programmes the Studios division produces are sold internationally and also used within the ITV network. Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work unbilled at the reporting date. Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service. The following table provides movements in contract assets and liabilities in the year:
2025
2024
1
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
176
(253)
202
(187)
Decrease due to balance transferred to trade
receivables
(152)
\u2013
(166)
\u2013
Increases as a result of the changes in the
measure of progress
204
\u2013
136
\u2013
Decreases due to revenue recognised in the year
\u2013
248
\u2013
150
Increase due to cash received
\u2013
(249)
\u2013
(189)
Acquisitions
6
(21)
4
(27)
Balance at 31 December
2
234
(275)
176
(253)
1 In the 31 December 2024 comparative, \u00a319 million previously classified as Trade and other payables within one year, has been re- presented as Contract liabilities to better reflect the underlying nature of certain contracts and align with the current year disclosures 2 Contract assets is stated net of provisions for impairment of \u00a31 million (2024: \u00a31 million) which have been included in the reconciliation in note 3.1.3 Non-current contract assets of \u00a339 million (2024: \u00a34 million) is included in the above reconciliation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-572": { "value": "3.1.7 Production inventories Production inventories include work in progress and finished programmes in relation to costs capitalised by ITV Studios in the course of fulfilling production contracts. These costs are capitalised when they relate directly to a contract or to a specifically identifiable anticipated contract, the costs generate or enhance the resources of the entity that will be used in satisfying or continuing to satisfy performance obligations in the future, and the costs are expected to be recovered. These costs are presented as production inventories assets and represent actual costs incurred on the production. The asset is charged to the income statement as the performance obligations are satisfied. Production inventories at the year end is detailed below:
2025 2024
\u00a3m \u00a3m
Production inventories
384
342
During the year, \u00a3340 million was charged to the Consolidated Income Statement for completed productions delivered (2024: \u00a3230 million). Expenditure credits in relation to AVEC are recognised in Other receivables in note 3.1.3 over the production period with the corresponding entry within production inventories. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-621": { "value": "3.1.8 Working capital management Cash and working capital management continues to be a critical area of focus. During the year, the cash outflow from working capital was \u00a3196 million (2024: outflow of \u00a3144 million) derived as follows:
2025 2024
\u00a3m \u00a3m
(Increase)/decrease in programme rights and distribution rights
(32)
18
Increase in receivables, contract assets and production inventories
(190)
(177)
Increase in payables and contract liabilities
26
15
Working capital outflow
(196)
(144)
Managing credit and liquidity risk
Credit risk
The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative
financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6)
and cash and cash equivalents (see note 4.1).
Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long- term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure are limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board-approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s, S&P and Fitch. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV.
Liquidity risk
The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments
with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a
minimum of \u00a3250 million of cash and undrawn facilities available at all times.
Long-term funding comes from the UK and European capital markets, while any short to medium-
term debt requirements were provided throughout 2025 through bank credit facilities detailed
above. At 31 December 2025, the Group had \u00a31,025 million bank credit facilities available.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank
facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring
includes financial ratios to assess any possible future impact on credit ratings and headroom and
takes into account the accessibility of cash and cash equivalents.
Fair value versus book value
The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2025 2024 2025 2024
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
Other short-term loans
Various
12
10
12
10
\u20ac600 million Eurobond
Sept 2026
313
\u2013
312
\u2013
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
\u2013
298
\u2013
292
\u20ac500 million Eurobond
June 2032
436
417
447
420
Other long-term loans
Various
4
8
4
8
4.3 MANAGING MARKET RISKS: DERIVATIVE FINANCIAL INSTRUMENTS Keeping it simple What is a derivative? A derivative is a type of financial instrument typically used to manage risk. A derivative\u2019s value changes over time in response to underlying variables, such as exchange rates or interest rates and is entered into for a fixed period. A hedge is where a derivative is used to manage exposure in an underlying variable. The Group is exposed to certain market risks. In accordance with Board-approved policies, which are set out in this note, the Group manages these risks by using derivative financial instruments to hedge the underlying exposures. Why do we need them? The key market risks facing the Group are: Currency risk arising from: i. Translation risk, that is the risk in the period of adverse currency fluctuations in the translation of foreign currency profits, assets and liabilities (balance sheet risk) and non-functional currency monetary assets and liabilities (income statement risk) ii. Transaction risk, that is the risk that currency fluctuations will have a negative effect on the value of the Group\u2019s non-functional currency trading cash flows. A non-functional currency transaction is a transaction in any currency other than the reporting currency of the subsidiary Interest rate risk to the Group arises from significant changes in interest rates on borrowings issued at or swapped to floating rates How do we use them? The Group mainly employs three types of derivative financial instruments when managing its currency and interest rate risk: Foreign exchange swap contracts are derivative instruments used to hedge income statement translation risk arising from short-term intercompany loans denominated in a foreign currency Forward foreign exchange contracts are derivative instruments used to hedge transaction risk so they enable the sale or purchase of foreign currency at a known fixed rate on an agreed future date Cross-currency interest rate swaps are derivative instruments used to exchange the principal and interest coupons in a debt instrument from one currency to another Analysis of the derivatives used by the Group to hedge its exposure and the various methods used to calculate their respective fair values are detailed in this section. Accounting policies Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recorded in the Consolidated Income Statement, except where derivatives qualify for cash flow hedge accounting. In this case, the effective portion of a cash flow hedge is recognised in other comprehensive income and presented in the hedging reserve within equity. The cumulative gain or loss is later reclassified to the Consolidated Income Statement in the same period as the relevant hedged transaction is realised. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Determining fair value The fair value of forward foreign exchange contracts and cross-currency interest rate swaps is determined by the change in price between the contracted rates and the market rates at the reporting date. The contracted cash flows are then discounted by the time remaining to the settlement date of the contract, with a discount curve that incorporates credit risk. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account current interest rates and the Group\u2019s current creditworthiness, as well as that of the swap counterparties. How do we manage our currency and interest rate risk? Currency risk As the Group expands its international operations, the performance of the business becomes increasingly sensitive to movements in foreign exchange rates, primarily with respect to the US dollar and the euro. The Group\u2019s foreign exchange policy is to use forward foreign exchange contracts to hedge material non-functional currency-denominated costs or revenue for up to five years forward. The Group ensures that its net exposure to foreign currency-denominated cash balances is kept to a minimal level, where necessary using foreign currency swaps to exchange balances back into sterling or by buying or selling foreign currencies at spot rates. The Group also utilises foreign exchange swaps and cross-currency interest rate swaps both to manage foreign currency cash flow timing differences and to hedge foreign currency-denominated monetary items. The following table highlights the Group\u2019s exposure to foreign currency risk resulting from a 10% strengthening/weakening in sterling against the US dollar, euro and Australian dollar, assuming all other variables are held constant:
Impact on Impact on
profit before profit before Impact on Impact on
tax tax Equity Equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(15)
(9)
8
8
US dollar \u2013 decrease 10%
19
11
(10)
(9)
Euro \u2013 increase 10%
(6)
(1)
3
3
Euro \u2013 decrease 10%
2
2
(3)
(2)
Australian dollar \u2013 increase 10%
(2)
(2)
(2)
1
Australian dollar \u2013 decrease 10%
2
3
4
(1)
Interest rate risk The Group\u2019s interest rate policy is to allow fixed rate gross debt to vary between 20% and 100% of total gross debt to accommodate floating rate borrowings under the Revolving Credit Facility. For financial assets and liabilities classified at fair value through profit or loss, the movements in the year relating to changes in fair value and interest are not separated. At 31 December 2025, the Group\u2019s fixed rate debt represented 71% of total gross debt (2024: 71%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-573": { "value": "3.1.8 Working capital management Cash and working capital management continues to be a critical area of focus. During the year, the cash outflow from working capital was \u00a3196 million (2024: outflow of \u00a3144 million) derived as follows:
2025 2024
\u00a3m \u00a3m
(Increase)/decrease in programme rights and distribution rights
(32)
18
Increase in receivables, contract assets and production inventories
(190)
(177)
Increase in payables and contract liabilities
26
15
Working capital outflow
(196)
(144)
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-574": { "value": "Accounting policies Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Right of use assets A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. These assets are called right of use assets and have been included on the Group\u2019s balance sheet at a value equal to the discounted future lease payments. Impairment of assets Property, plant and equipment that is subject to depreciation is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment may include changes in technology and business. Depreciation Depreciation is provided to write off the cost of property, plant and equipment less estimated residual value, on a straight-line basis over their estimated useful lives. The annual depreciation charge is sensitive to the estimated useful life of each asset and the expected residual value at the end of its life. The major categories of property, plant and equipment are depreciated as follows:
Asset class
Depreciation policy
Freehold land
not depreciated
Freehold buildings
up to 60 years
Leasehold improvements
shorter of residual lease term or estimated useful life
Vehicles, equipment and fittings
1
 3 to 20 years
Right of use assets
over the term of the lease
1 Equipment includes studio production and technology assets Assets under construction are not depreciated until the point at which the asset comes into use by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-622": { "value": "Depreciation Depreciation is provided to write off the cost of property, plant and equipment less estimated residual value, on a straight-line basis over their estimated useful lives. The annual depreciation charge is sensitive to the estimated useful life of each asset and the expected residual value at the end of its life. The major categories of property, plant and equipment are depreciated as follows:
Asset class
Depreciation policy
Freehold land
not depreciated
Freehold buildings
up to 60 years
Leasehold improvements
shorter of residual lease term or estimated useful life
Vehicles, equipment and fittings
1
 3 to 20 years
Right of use assets
over the term of the lease
1 Equipment includes studio production and technology assets Assets under construction are not depreciated until the point at which the asset comes into use by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-623": { "value": "
Property, plant and equipment can be analysed as follows:
Improvements to Vehicles,
Freehold leasehold land and equipment Right
land and buildings and fittings of use
buildings Long Short Owned assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
12
84
18
247
160
521
Additions
\u2013
\u2013
\u2013
14
12
26
Reclassifications
(1)
(3)
\u2013
4
\u2013
\u2013
Foreign exchange
\u2013
\u2013
\u2013
1
(1)
\u2013
Disposals and retirements
\u2013
\u2013
\u2013
\u2013
(10)
(10)
At 31 December 2024
11
81
18
266
161
537
Additions
\u2013
\u2013
\u2013
26
28
54
Foreign exchange
\u2013
(2)
1
(2)
(1)
(4)
Disposals and retirements
\u2013
\u2013
\u2013
(44)
(14)
(58)
At 31 December 2025
11
79
19
246
174
529
Depreciation
At 1 January 2024
2
28
13
155
60
258
Charge for the year
1
3
1
22
20
47
Reclassifications
2
(4)
2
\u2013
\u2013
\u2013
Foreign exchange
\u2013
\u2013
\u2013
1
1
2
Disposals and retirements
\u2013
\u2013
\u2013
\u2013
(7)
(7)
At 31 December 2024
5
27
16
178
74
300
Charge for the year
1
2
1
23
21
48
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
\u2013
\u2013
(44)
(14)
(58)
At 31 December 2025
6
29
17
157
81
290
Net book value
At 31 December 2025
5
50
2
89
93
239
At 31 December 2024
6
54
2
88
87
237
Included within property, plant and equipment are assets in the course of construction of \u00a313 million
(2024: \u00a311 million).
Disposals and retirements for the year include the early exit from lease obligations and assets written off with nil net book value that are not expected to generate any future economic benefits. The net book value of right of use assets of \u00a393 million (2024: \u00a387 million) relates primarily to properties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-575": { "value": "Property, plant and equipment can be analysed as follows:
Improvements to Vehicles,
Freehold leasehold land and equipment Right
land and buildings and fittings of use
buildings Long Short Owned assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
12
84
18
247
160
521
Additions
\u2013
\u2013
\u2013
14
12
26
Reclassifications
(1)
(3)
\u2013
4
\u2013
\u2013
Foreign exchange
\u2013
\u2013
\u2013
1
(1)
\u2013
Disposals and retirements
\u2013
\u2013
\u2013
\u2013
(10)
(10)
At 31 December 2024
11
81
18
266
161
537
Additions
\u2013
\u2013
\u2013
26
28
54
Foreign exchange
\u2013
(2)
1
(2)
(1)
(4)
Disposals and retirements
\u2013
\u2013
\u2013
(44)
(14)
(58)
At 31 December 2025
11
79
19
246
174
529
Depreciation
At 1 January 2024
2
28
13
155
60
258
Charge for the year
1
3
1
22
20
47
Reclassifications
2
(4)
2
\u2013
\u2013
\u2013
Foreign exchange
\u2013
\u2013
\u2013
1
1
2
Disposals and retirements
\u2013
\u2013
\u2013
\u2013
(7)
(7)
At 31 December 2024
5
27
16
178
74
300
Charge for the year
1
2
1
23
21
48
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
\u2013
\u2013
(44)
(14)
(58)
At 31 December 2025
6
29
17
157
81
290
Net book value
At 31 December 2025
5
50
2
89
93
239
At 31 December 2024
6
54
2
88
87
237
Included within property, plant and equipment are assets in the course of construction of \u00a313 million (2024: \u00a311 million).
Disposals and retirements for the year include the early exit from lease obligations and assets
written off with nil net book value that are not expected to generate any future economic benefits.
The net book value of right of use assets of \u00a393 million (2024: \u00a387 million) relates primarily to properties.
Capital commitments
The Group has capital commitments of \u00a36 million at 31 December 2025 (2024: \u00a32 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-625": { "value": "Capital commitments The Group has capital commitments of \u00a36 million at 31 December 2025 (2024: \u00a32 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-654": { "value": "Capital commitments The Group has capital commitments of \u00a36 million at 31 December 2025 (2024: \u00a32 million). 5.2 CONTINGENT ASSETS AND LIABILITIES Keeping it simple A contingent asset or liability is an asset or liability that is not sufficiently certain to qualify for recognition as an asset or provision where uncertainty may exist regarding the outcome of future events. Contingent liabilities There are contingent liabilities in respect of certain litigation and guarantees, broadcasting issues, and in respect of warranties given in connection with certain disposals of businesses. In addition, the determination of employment tax status of some individuals contracted by ITV is complex and a future liability could arise in relation to this. None of these items are expected to have a material effect on the Group\u2019s results or financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-576": { "value": "Accounting policies Goodwill Goodwill represents the future economic benefits that arise from assets that are not capable of being individually identified and separately recognised. Goodwill is stated at its recoverable amount being cost less any accumulated impairment losses and is allocated to the business to which it relates. All business combinations that have occurred since 1 January 2009 were accounted for using the acquisition method. Under this method, goodwill is measured as the fair value of the consideration transferred (including the recognition of any part of the business not yet owned (non-controlling interests)), less the fair value of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. The identification of acquired assets and liabilities and the allocation of the purchase price to them is considered a key judgement and is based on the Group\u2019s understanding and experience of the media business. Any contingent consideration expected to be transferred in the future is recognised at fair value at the acquisition date and recognised within other payables. Contingent consideration classified as an asset or liability that is a financial instrument is measured at fair value with changes in fair value recognised in the Consolidated Income Statement. The determination of fair value is based on an estimate of discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount rate. Where less than 100% of a subsidiary is acquired, and call and put options are granted over the remaining interest, a non-controlling interest is initially recognised in equity at fair value, which is established based on the value of the put option. A call option is recognised as a derivative financial instrument, carried at fair value. The put option is recognised as a liability within other payables, carried at the present value of the put option exercise price, and a corresponding charge is included in merger and other reserves. Any subsequent remeasurement of the put option liability is recognised within finance income or cost. Subsequent adjustments to the fair value of net assets acquired can only be made within 12 months of the acquisition date, and only if fair values were determined provisionally at an earlier reporting date. These adjustments are accounted for from the date of acquisition. Acquisitions of non-controlling interests are accounted for as transactions with owners and therefore no goodwill is recognised as a result of such transactions. Transaction costs incurred in connection with those business combinations, such as legal fees, due diligence fees and other professional fees, are expensed as incurred. The Directors consider these costs to reflect the cost of acquisition and to form a part of the capital transaction, and highlight them separately as exceptional items. Other intangible assets Intangible assets other than goodwill are those that are distinct and can be sold separately or which arise from legal rights. The main intangible assets the Group has valued are formats, brands, licences, contractual arrangements, customer contracts and relationships and libraries. Within ITV, there are two types of other intangible assets: those assets directly purchased by the Group for day-to-day operational purposes (such as software licences and development) and intangible assets identified as part of an acquisition of a business. Intangible assets acquired directly by the Group are stated at cost less accumulated amortisation. Those separately identified intangible assets acquired as part of an acquisition or business combination are shown at fair value at the date of acquisition less accumulated amortisation. Each class of intangible assets\u2019 valuation method on initial recognition, amortisation method and estimated useful life is set out in the table below:
Class of
intangible asset
Amortisation method
Estimated useful life
Valuation method
Brands
Straight-line
8 to 14 years
Applying a royalty rate to the expected
future revenue over the life of the brand
Formats
Straight-line
up to 8 years
Expected future cash flows from those
Customer Straight-line or up to 6 years assets existing at the date of acquisition
contracts reducing balance are estimated. If applicable, a contributory
as appropriate charge is deducted for the use of other
Customer
Straight-line
5 to 10 years
assets needed to exploit the cash flow.
relationships The net cash flow is then discounted back
to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those
arrangements depending on the contracts existing at the date of acquisition
contract terms are estimated. If applicable, a contributory
charge is deducted for the use of other
assets needed to exploit the cash flow.
The net cash flow is then discounted back
to present value
Licences
Straight-line
11 to 29 years
Start-up basis of expected future cash
depending on flows existing at the date of acquisition.
term of licence If applicable, a contributory charge is
deducted for the use of other assets
needed to exploit the cash flow. The net
cash flow is then discounted back to
present value. Public service broadcasting
(PSB) licences are valued as a start-up
business with only the licence in place
Libraries Sum of digits or
up to 20 years
Initially at cost and subsequently at cost
and other straight-line as less accumulated amortisation
appropriate
Software
Straight-line
1 to 10 years
Initially at cost and subsequently at cost
licences and
development
less accumulated amortisation
Cloud computing arrangements Cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 \u2018Intangible Assets\u2019, IFRS 16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third-party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Configuration of the software involves the setting of various flags or switches within the application software or defining values to set up the software\u2019s existing code to function in a specified way. Customisation involves modifying the software code in the application or writing additional code. Customisation generally changes or creates additional functionalities within the software. In both situations, the Group also needs to assess if there is a separate intangible asset. If no separate intangible asset is identified, then these costs are expensed when incurred. If an asset is identified, it is capitalised and amortised over the life of the asset. Fair value on acquisition Determining the fair value of the purchase consideration allocated to intangible assets arising on acquisition requires judgement. The Directors make estimates regarding the timing and amount of future cash flows derived from exploiting the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates, operating costs and the expected useful lives of assets. Judgements are also made regarding whether, and for how long, licences will be renewed; this drives our amortisation policy for those assets. The Directors estimate the appropriate discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or businesses being acquired. Amortisation Amortisation is charged to the Consolidated Income Statement over the estimated useful lives of intangible assets unless such lives are judged to be indefinite. Indefinite life assets, such as goodwill, are not amortised but are tested for impairment at each year end. Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash-generating unit (\u2018CGU\u2019), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-689": { "value": "Goodwill Goodwill represents the future economic benefits that arise from assets that are not capable of being individually identified and separately recognised. Goodwill is stated at its recoverable amount being cost less any accumulated impairment losses and is allocated to the business to which it relates. All business combinations that have occurred since 1 January 2009 were accounted for using the acquisition method. Under this method, goodwill is measured as the fair value of the consideration transferred (including the recognition of any part of the business not yet owned (non-controlling interests)), less the fair value of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. The identification of acquired assets and liabilities and the allocation of the purchase price to them is considered a key judgement and is based on the Group\u2019s understanding and experience of the media business. Any contingent consideration expected to be transferred in the future is recognised at fair value at the acquisition date and recognised within other payables. Contingent consideration classified as an asset or liability that is a financial instrument is measured at fair value with changes in fair value recognised in the Consolidated Income Statement. The determination of fair value is based on an estimate of discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount rate. Where less than 100% of a subsidiary is acquired, and call and put options are granted over the remaining interest, a non-controlling interest is initially recognised in equity at fair value, which is established based on the value of the put option. A call option is recognised as a derivative financial instrument, carried at fair value. The put option is recognised as a liability within other payables, carried at the present value of the put option exercise price, and a corresponding charge is included in merger and other reserves. Any subsequent remeasurement of the put option liability is recognised within finance income or cost. Subsequent adjustments to the fair value of net assets acquired can only be made within 12 months of the acquisition date, and only if fair values were determined provisionally at an earlier reporting date. These adjustments are accounted for from the date of acquisition. Acquisitions of non-controlling interests are accounted for as transactions with owners and therefore no goodwill is recognised as a result of such transactions. Transaction costs incurred in connection with those business combinations, such as legal fees, due diligence fees and other professional fees, are expensed as incurred. The Directors consider these costs to reflect the cost of acquisition and to form a part of the capital transaction, and highlight them separately as exceptional items. Accounting policies The Group measures the cost of the acquisition at the fair value of the consideration paid; allocates that cost to the acquired identifiable assets and liabilities based on their fair values; and allocates the rest of the cost to goodwill. The Group also recognises any excess of acquired assets and liabilities over the consideration paid in the Consolidated Income Statement immediately. IFRS accounting standards require that when consideration is based on future performance, some of this consideration is to be included in the purchase price used in determining goodwill (\u2018contingent consideration\u2019). Examples of contingent consideration include top-up payments and recoupable performance adjustments. Any remaining consideration is recognised as a liability or expense outside of acquisition accounting (put option liabilities and employment-linked contingent payments known as \u2018earnout\u2019 payments). Where a payment is employment-linked, it is treated as a cash-settled share-based payment. The liability is measured at fair value taking into account the terms and conditions of the arrangement and the extent to which employees have rendered service to date. The liability is remeasured at each reporting date with changes in the carrying value recognised in the Income Statement for the period. The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation choice is made on an acquisition by acquisition basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-624": { "value": "Goodwill Goodwill represents the future economic benefits that arise from assets that are not capable of being individually identified and separately recognised. Goodwill is stated at its recoverable amount being cost less any accumulated impairment losses and is allocated to the business to which it relates. All business combinations that have occurred since 1 January 2009 were accounted for using the acquisition method. Under this method, goodwill is measured as the fair value of the consideration transferred (including the recognition of any part of the business not yet owned (non-controlling interests)), less the fair value of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. The identification of acquired assets and liabilities and the allocation of the purchase price to them is considered a key judgement and is based on the Group\u2019s understanding and experience of the media business. Any contingent consideration expected to be transferred in the future is recognised at fair value at the acquisition date and recognised within other payables. Contingent consideration classified as an asset or liability that is a financial instrument is measured at fair value with changes in fair value recognised in the Consolidated Income Statement. The determination of fair value is based on an estimate of discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount rate. Where less than 100% of a subsidiary is acquired, and call and put options are granted over the remaining interest, a non-controlling interest is initially recognised in equity at fair value, which is established based on the value of the put option. A call option is recognised as a derivative financial instrument, carried at fair value. The put option is recognised as a liability within other payables, carried at the present value of the put option exercise price, and a corresponding charge is included in merger and other reserves. Any subsequent remeasurement of the put option liability is recognised within finance income or cost. Subsequent adjustments to the fair value of net assets acquired can only be made within 12 months of the acquisition date, and only if fair values were determined provisionally at an earlier reporting date. These adjustments are accounted for from the date of acquisition. Acquisitions of non-controlling interests are accounted for as transactions with owners and therefore no goodwill is recognised as a result of such transactions. Transaction costs incurred in connection with those business combinations, such as legal fees, due diligence fees and other professional fees, are expensed as incurred. The Directors consider these costs to reflect the cost of acquisition and to form a part of the capital transaction, and highlight them separately as exceptional items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-626": { "value": "Other intangible assets Intangible assets other than goodwill are those that are distinct and can be sold separately or which arise from legal rights. The main intangible assets the Group has valued are formats, brands, licences, contractual arrangements, customer contracts and relationships and libraries. Within ITV, there are two types of other intangible assets: those assets directly purchased by the Group for day-to-day operational purposes (such as software licences and development) and intangible assets identified as part of an acquisition of a business. Intangible assets acquired directly by the Group are stated at cost less accumulated amortisation. Those separately identified intangible assets acquired as part of an acquisition or business combination are shown at fair value at the date of acquisition less accumulated amortisation. Each class of intangible assets\u2019 valuation method on initial recognition, amortisation method and estimated useful life is set out in the table below:
Class of
intangible asset
Amortisation method
Estimated useful life
Valuation method
Brands
Straight-line
8 to 14 years
Applying a royalty rate to the expected
future revenue over the life of the brand
Formats
Straight-line
up to 8 years
Expected future cash flows from those
Customer Straight-line or up to 6 years assets existing at the date of acquisition
contracts reducing balance are estimated. If applicable, a contributory
as appropriate charge is deducted for the use of other
Customer
Straight-line
5 to 10 years
assets needed to exploit the cash flow.
relationships The net cash flow is then discounted back
to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those
arrangements depending on the contracts existing at the date of acquisition
contract terms are estimated. If applicable, a contributory
charge is deducted for the use of other
assets needed to exploit the cash flow.
The net cash flow is then discounted back
to present value
Licences
Straight-line
11 to 29 years
Start-up basis of expected future cash
depending on flows existing at the date of acquisition.
term of licence If applicable, a contributory charge is
deducted for the use of other assets
needed to exploit the cash flow. The net
cash flow is then discounted back to
present value. Public service broadcasting
(PSB) licences are valued as a start-up
business with only the licence in place
Libraries Sum of digits or
up to 20 years
Initially at cost and subsequently at cost
and other straight-line as less accumulated amortisation
appropriate
Software
Straight-line
1 to 10 years
Initially at cost and subsequently at cost
licences and
development
less accumulated amortisation
Cloud computing arrangements Cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 \u2018Intangible Assets\u2019, IFRS 16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third-party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Configuration of the software involves the setting of various flags or switches within the application software or defining values to set up the software\u2019s existing code to function in a specified way. Customisation involves modifying the software code in the application or writing additional code. Customisation generally changes or creates additional functionalities within the software. In both situations, the Group also needs to assess if there is a separate intangible asset. If no separate intangible asset is identified, then these costs are expensed when incurred. If an asset is identified, it is capitalised and amortised over the life of the asset. Fair value on acquisition Determining the fair value of the purchase consideration allocated to intangible assets arising on acquisition requires judgement. The Directors make estimates regarding the timing and amount of future cash flows derived from exploiting the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates, operating costs and the expected useful lives of assets. Judgements are also made regarding whether, and for how long, licences will be renewed; this drives our amortisation policy for those assets. The Directors estimate the appropriate discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or businesses being acquired. Amortisation Amortisation is charged to the Consolidated Income Statement over the estimated useful lives of intangible assets unless such lives are judged to be indefinite. Indefinite life assets, such as goodwill, are not amortised but are tested for impairment at each year end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-655": { "value": "Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash-generating unit (\u2018CGU\u2019), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-627": { "value": "Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash-generating unit (\u2018CGU\u2019), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-577": { "value": "
Intangible assets
Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
4,019
540
457
11
176
105
216
5,524
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Additions
22
1
3
\u2013
\u2013
21
35
82
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(15)
(1)
\u2013
\u2013
\u2013
(1)
(17)
At 31 December 2024
4,041
526
455
11
176
125
232
5,566
Additions
29
\u2013
7
\u2013
\u2013
\u2013
28
64
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
(15)
14
(3)
\u2013
\u2013
(1)
\u2013
(5)
At 31 December 2025
4,055
540
459
11
176
124
248
5,613
Amortisation and impairment
At 1 January 2024
2,654
529
445
11
133
92
118
3,982
Charge for the year
76
3
5
\u2013
2
1
36
123
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(14)
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
At 31 December 2024
2,730
518
446
11
135
92
136
4,068
Charge for the year
\u2013
3
9
\u2013
2
1
43
58
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
\u2013
14
(3)
\u2013
\u2013
(2)
\u2013
9
At 31 December 2025
2,730
535
452
11
137
91
167
4,123
Net book value
At 31 December 2025
1,325
5
7
\u2013
39
33
81
1,490
At 31 December 2024
1,311
8
9
\u2013
41
33
96
1,498
Disposals and retirements for the year include assets written off with nil net book value that are not expected to generate any future economic benefits.
Goodwill impairment tests
The carrying amount of goodwill for each CGU is represented as follows:
2025 2024
\u00a3m \u00a3m
ITV Studios
939
925
Media & Entertainment
386
386
SDN
\u2013
\u2013
1,325
1,311
In the impairment review the Directors used the severe but plausible downside scenarios utilised for
the viability statement. When assessing impairment, the recoverable amount of each CGU is based
on value in use calculations or fair value less costs of disposal. These calculations require the use of
estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market
discount rate for value in use calculations and market multiples for fair value less costs of disposal.
ITV Studios
The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since
1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s
production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV
Studios goodwill also includes the goodwill arising from acquisitions since 2012.
The value in use calculations require the use of estimates, specifically: pre-tax cash flow projections;
long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on
the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an
estimated nominal long-term growth rate of 1% (2024: 1%). The growth rate used is consistent with
the long-term average growth rates for both the industry and the countries in which the businesses
are located and is appropriate because these are long-term businesses. The key assumptions on
which the forecast cash flows for the whole CGU were based (as represented by the approved
financial budget for 2026 and forecast to 2028) include revenue (including international revenue
and the ITV Studios share of M&E content budget, growth in commissions and hours produced),
margins and the pre-tax market discount rate. These assumptions have been determined by using
a combination of extrapolation of historical trends within the business, industry estimates and in-
house estimates of growth rates in all markets. No impairment was identified.
The discount rate has been updated to reflect the latest market assumptions for the risk-free rate,
the equity risk premium and the net cost of debt.
A pre-tax discount rate of 13.2% (2024: 11.5%) has been used in discounting the projected cash
flows. No reasonably possible change in assumptions or discount rate would lead to an impairment.
Media & Entertainment
The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999,
the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was
treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also
includes the goodwill arising on acquisition of UTV Limited in February 2016.
The recoverable amount of this CGU is calculated on a fair value less costs of disposal basis using
a market multiple of 6x EBITDA. No reasonably possible change in this assumption would lead to
an impairment.
SDN
Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in
2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally
the enhanced ability to promote Freeview as a platform, business relationships with the channels
which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was
renewed during 2022 and expires in 2034.
In 2024, the Group fully impaired \u00a376 million of goodwill allocated to the SDN CGU. The impairment
charge arose as a result of a further unforeseen downturn in the long-term outlook for the digital
terrestrial television market. Impairment losses in respect of goodwill cannot subsequently
be reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-656": { "value": "Intangible assets Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
4,019
540
457
11
176
105
216
5,524
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Additions
22
1
3
\u2013
\u2013
21
35
82
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(15)
(1)
\u2013
\u2013
\u2013
(1)
(17)
At 31 December 2024
4,041
526
455
11
176
125
232
5,566
Additions
29
\u2013
7
\u2013
\u2013
\u2013
28
64
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
(15)
14
(3)
\u2013
\u2013
(1)
\u2013
(5)
At 31 December 2025
4,055
540
459
11
176
124
248
5,613
Amortisation and impairment
At 1 January 2024
2,654
529
445
11
133
92
118
3,982
Charge for the year
76
3
5
\u2013
2
1
36
123
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(14)
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
At 31 December 2024
2,730
518
446
11
135
92
136
4,068
Charge for the year
\u2013
3
9
\u2013
2
1
43
58
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
\u2013
14
(3)
\u2013
\u2013
(2)
\u2013
9
At 31 December 2025
2,730
535
452
11
137
91
167
4,123
Net book value
At 31 December 2025
1,325
5
7
\u2013
39
33
81
1,490
At 31 December 2024
1,311
8
9
\u2013
41
33
96
1,498
Disposals and retirements for the year include assets written off with nil net book value that are not expected to generate any future economic benefits. Goodwill impairment tests The carrying amount of goodwill for each CGU is represented as follows:
2025 2024
\u00a3m \u00a3m
ITV Studios
939
925
Media & Entertainment
386
386
SDN
\u2013
\u2013
1,325
1,311
In the impairment review the Directors used the severe but plausible downside scenarios utilised for the viability statement. When assessing impairment, the recoverable amount of each CGU is based on value in use calculations or fair value less costs of disposal. These calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate for value in use calculations and market multiples for fair value less costs of disposal. ITV Studios The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since 1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV Studios goodwill also includes the goodwill arising from acquisitions since 2012. The value in use calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an estimated nominal long-term growth rate of 1% (2024: 1%). The growth rate used is consistent with the long-term average growth rates for both the industry and the countries in which the businesses are located and is appropriate because these are long-term businesses. The key assumptions on which the forecast cash flows for the whole CGU were based (as represented by the approved financial budget for 2026 and forecast to 2028) include revenue (including international revenue and the ITV Studios share of M&E content budget, growth in commissions and hours produced), margins and the pre-tax market discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, industry estimates and in- house estimates of growth rates in all markets. No impairment was identified. The discount rate has been updated to reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt. A pre-tax discount rate of 13.2% (2024: 11.5%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. Media & Entertainment The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999, the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also includes the goodwill arising on acquisition of UTV Limited in February 2016. The recoverable amount of this CGU is calculated on a fair value less costs of disposal basis using a market multiple of 6x EBITDA. No reasonably possible change in this assumption would lead to an impairment. SDN Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in 2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally the enhanced ability to promote Freeview as a platform, business relationships with the channels which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was renewed during 2022 and expires in 2034. In 2024, the Group fully impaired \u00a376 million of goodwill allocated to the SDN CGU. The impairment charge arose as a result of a further unforeseen downturn in the long-term outlook for the digital terrestrial television market. Impairment losses in respect of goodwill cannot subsequently be reversed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-628": { "value": "Intangible assets Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
4,019
540
457
11
176
105
216
5,524
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Additions
22
1
3
\u2013
\u2013
21
35
82
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(15)
(1)
\u2013
\u2013
\u2013
(1)
(17)
At 31 December 2024
4,041
526
455
11
176
125
232
5,566
Additions
29
\u2013
7
\u2013
\u2013
\u2013
28
64
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
(15)
14
(3)
\u2013
\u2013
(1)
\u2013
(5)
At 31 December 2025
4,055
540
459
11
176
124
248
5,613
Amortisation and impairment
At 1 January 2024
2,654
529
445
11
133
92
118
3,982
Charge for the year
76
3
5
\u2013
2
1
36
123
Reclassifications
\u2013
\u2013
1
\u2013
\u2013
(1)
\u2013
\u2013
Disposals
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(18)
(23)
Foreign exchange
\u2013
(14)
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
At 31 December 2024
2,730
518
446
11
135
92
136
4,068
Charge for the year
\u2013
3
9
\u2013
2
1
43
58
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12)
(12)
Foreign exchange
\u2013
14
(3)
\u2013
\u2013
(2)
\u2013
9
At 31 December 2025
2,730
535
452
11
137
91
167
4,123
Net book value
At 31 December 2025
1,325
5
7
\u2013
39
33
81
1,490
At 31 December 2024
1,311
8
9
\u2013
41
33
96
1,498
Disposals and retirements for the year include assets written off with nil net book value that are not expected to generate any future economic benefits. Goodwill impairment tests The carrying amount of goodwill for each CGU is represented as follows:
2025 2024
\u00a3m \u00a3m
ITV Studios
939
925
Media & Entertainment
386
386
SDN
\u2013
\u2013
1,325
1,311
In the impairment review the Directors used the severe but plausible downside scenarios utilised for the viability statement. When assessing impairment, the recoverable amount of each CGU is based on value in use calculations or fair value less costs of disposal. These calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate for value in use calculations and market multiples for fair value less costs of disposal. ITV Studios The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since 1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV Studios goodwill also includes the goodwill arising from acquisitions since 2012. The value in use calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an estimated nominal long-term growth rate of 1% (2024: 1%). The growth rate used is consistent with the long-term average growth rates for both the industry and the countries in which the businesses are located and is appropriate because these are long-term businesses. The key assumptions on which the forecast cash flows for the whole CGU were based (as represented by the approved financial budget for 2026 and forecast to 2028) include revenue (including international revenue and the ITV Studios share of M&E content budget, growth in commissions and hours produced), margins and the pre-tax market discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, industry estimates and in- house estimates of growth rates in all markets. No impairment was identified. The discount rate has been updated to reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt. A pre-tax discount rate of 13.2% (2024: 11.5%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. Media & Entertainment The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999, the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also includes the goodwill arising on acquisition of UTV Limited in February 2016. The recoverable amount of this CGU is calculated on a fair value less costs of disposal basis using a market multiple of 6x EBITDA. No reasonably possible change in this assumption would lead to an impairment. SDN Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in 2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally the enhanced ability to promote Freeview as a platform, business relationships with the channels which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was renewed during 2022 and expires in 2034. In 2024, the Group fully impaired \u00a376 million of goodwill allocated to the SDN CGU. The impairment charge arose as a result of a further unforeseen downturn in the long-term outlook for the digital terrestrial television market. Impairment losses in respect of goodwill cannot subsequently be reversed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-578": { "value": "Accounting policies The Group measures the cost of the acquisition at the fair value of the consideration paid; allocates that cost to the acquired identifiable assets and liabilities based on their fair values; and allocates the rest of the cost to goodwill. The Group also recognises any excess of acquired assets and liabilities over the consideration paid in the Consolidated Income Statement immediately. IFRS accounting standards require that when consideration is based on future performance, some of this consideration is to be included in the purchase price used in determining goodwill (\u2018contingent consideration\u2019). Examples of contingent consideration include top-up payments and recoupable performance adjustments. Any remaining consideration is recognised as a liability or expense outside of acquisition accounting (put option liabilities and employment-linked contingent payments known as \u2018earnout\u2019 payments). Where a payment is employment-linked, it is treated as a cash-settled share-based payment. The liability is measured at fair value taking into account the terms and conditions of the arrangement and the extent to which employees have rendered service to date. The liability is remeasured at each reporting date with changes in the carrying value recognised in the Income Statement for the period. The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation choice is made on an acquisition by acquisition basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-579": { "value": "Acquisitions in 2025 The Group made two acquisitions in 2025 for cash consideration totalling \u00a322 million. These new businesses are reported within the ITV Studios operating segment. The businesses align with the strategy of strengthening the Group\u2019s existing position as a producer and global distributor of world-class content. Details of the acquisitions are included below: Moonage Pictures Limited On 1 April 2025, the Group announced it had acquired a majority shareholding of Moonage Pictures Limited and its subsidiaries in the UK. The company produces original, inventive content for the UK and international markets and is behind global hits including The Gentlemen and A Good Girl\u2019s Guide to Murder. The new business is now reported within the ITV Studios operating segment. The business fits with the strategy of strengthening the Group\u2019s existing position as a producer and global distributor of world-class content. Key terms At acquisition, the Group made a payment of \u00a314 million for the 57.51% shareholding which included adjustments for a share of net cash acquired. A further \u00a36 million of contingent consideration in respect of the share purchase was recognised. Based on the assessment of non-controlling interest, the Group has control over 57.51% of the business acquired and a non-controlling interest of \u00a33 million was recognised. Put and call options are in place over the remaining shareholding, with exercise prices based on a multiple of the average EBITA for the years 2025 to 2031. Acquisition accounting Net assets, including cash of \u00a311 million, has been recognised in the Group\u2019s results and Consolidated Statement of Financial Position with the surplus of consideration over the current fair value of the share of net assets acquired allocated to goodwill. Plano a Plano Productora Cine Y Television SL (Plano a Plano) On 22 July 2025, the Group announced that it had acquired 51% of the scripted independent production company Plano a Plano Productora Cine Y Television SL in Spain. The acquisition will further enhance ITV Studios strength in scripted production and provide further exposure to the Spanish language scripted market. Key terms At acquisition, the Group made a total payment of \u20ac9 million for 51% of the shareholding of Plano a Plano. Based on the assessment of non-controlling interest, the Group has control over 51% of Plano a Plano and a non-controlling interest of \u20ac1 million was recognised. Put and call options are in place over the remaining shareholding, with exercise prices based on a multiple of the average EBITA for the years 2025 to 2031. Acquisition accounting Net assets, including cash of \u20ac5 million, has been recognise in the Group\u2019s result and Consolidated Statement of Financial Position, with the surplus consideration over the current fair value of the share of net assets acquired allocated to goodwill. The contribution of both acquisitions to the Group\u2019s performance from the date of acquisition to the end of 2025 was Revenue of \u00a366 million and EBITA before exceptionals \u00a39 million. The proforma contribution to the Group\u2019s performance from January to December 2025 was Revenue \u00a383 million and EBITA before exceptionals \u00a311 million. Acquisition costs charged to operating exceptional items in the Consolidated Income Statement amounted to \u00a31 million for financial due diligence and legal costs for both the current year acquisitions. Acquisitions in 2024 The Group made two acquisitions in 2024 for cash consideration totalling \u00a349 million. There were no material changes to the fair values recognised at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-657": { "value": "Accounting policies The Group recognises a profit or loss on a disposal of non-current assets such as investments in associates, joint ventures and subsidiary undertakings at the date the asset was disposed of or control of the asset is lost. The Group derecognises assets and liabilities in relation to the assets disposed of as well as any non-controlling interests where applicable and cumulative translation differences recognised in equity. The resultant profit or loss on disposal recognised in the Consolidated Income Statement is excluded from Adjusted results. ", "dimensions": { "concept": "itvplc:DescriptionOfAccountingPolicyForDisposalOfAssociatesJointVenturesAndSubsidiaryUndertakings", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-629": { "value": "Accounting policies The Group recognises a profit or loss on a disposal of non-current assets such as investments in associates, joint ventures and subsidiary undertakings at the date the asset was disposed of or control of the asset is lost. The Group derecognises assets and liabilities in relation to the assets disposed of as well as any non-controlling interests where applicable and cumulative translation differences recognised in equity. The resultant profit or loss on disposal recognised in the Consolidated Income Statement is excluded from Adjusted results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-580": { "value": "Accounting policies The Group recognises a profit or loss on a disposal of non-current assets such as investments in associates, joint ventures and subsidiary undertakings at the date the asset was disposed of or control of the asset is lost. The Group derecognises assets and liabilities in relation to the assets disposed of as well as any non-controlling interests where applicable and cumulative translation differences recognised in equity. The resultant profit or loss on disposal recognised in the Consolidated Income Statement is excluded from Adjusted results. Disposals made in the prior year In the prior year, the Group sold its 50% interest in digital subscription streaming service BritBox International to the joint venture partner BBC Studios. The Group also sold back its minority shareholding in Blumhouse TV to Blumhouse Holdings. The Group recognised a net profit on disposal of these associates, joint ventures and subsidiary undertakings of \u00a3212 million from proceeds of \u00a3303 million. The carrying value of net assets disposed and related costs was \u00a391 million. ", "dimensions": { "concept": "itvplc:DisclosureOfDisposalsOfAssociatesJointVenturesAndSubsidaryUndertakings", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-581": { "value": "Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit. Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists. Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. ", "dimensions": { "concept": "itvplc:DescriptionOfAccountingPolicyForInvestments", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-582": { "value": "
The carrying amount of each category of our investments is represented as follows:
Equity
Associates investments Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
47
21
68
Additions
4
12
16
Share of profits losses
(3)
\u2013
(3)
Impairments/fair value adjustments
(18)
(2)
(20)
Disposals
(30)
\u2013
(30)
At 31 December 2024
\u2013
31
31
Additions
5
5
10
Impairments/fair value adjustments
(5)
(3)
(8)
Disposals
\u2013
(1)
(1)
At 31 December 2025
\u2013
32
32
The equity investments relate primarily to the Group\u2019s Media for Equity programme. No individual
investment is considered material to the Group. These investments are held at fair value with
adjustments to fair value loss recognised in Other Comprehensive Income.
Please refer to pages 192 and 193 for the list of other significant holdings held at 31 December 2025.
Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2025 2024
\u00a3m \u00a3m
Sales to joint ventures
5
4
Sales to associated undertakings
20
20
Purchases from joint ventures
31
35
Purchases from associated undertakings
82
81
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited. Sales to associated undertakings include airtime sales to DTV Services Limited, and the recognition of airtime sales as part of the Group\u2019s Media for Equity scheme. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2025 2024
\u00a3m \u00a3m
Amounts owed by joint ventures
1
\u2013
Amounts owed by associated undertakings
2
11
Amounts owed to joint ventures
1
3
Amounts owed to associated undertakings
2
8
None of the balances are secured. Balances owed by associated undertakings largely relate to DTV Services Limited. Balances owed to associated undertakings primarily relate to amounts owed to ITN Limited and Everyone TV Platforms Limited. Amounts paid to the Group\u2019s pension benefit plans are set out in note 3.8.
5.4 SUBSIDIARIES EXEMPT FROM AUDIT
Keeping it simple
Certain subsidiaries of the Group can take an exemption from having an audit. Strict criteria
must be met for this exemption to be taken, and it must be agreed by the Directors of that
subsidiary entity.
Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have
taken the exemption from having an audit of its financial statements. This exemption is taken in
accordance with the Companies Act 2006 s479A.
Company Company
number Company name number Company name
04195187
12 Yard Productions (Investments) Limited
03776018
Gorilla TV Limited
04042168
3sixtymedia Limited
00290076
Granada Group Limited
16617948
Big Talk Christmas Limited
03962410
Granada Limited
12092620
Big Talk Friday Limited
03106798
Granada Media Limited
16116907
Big Talk Help Limited
05344772
Granada Screen (2005) Limited
13087733
Big Talk Horseface Limited
00840590
Granada Television Limited
07037447
Big Talk Investments Limited
00733063
Granada Television Overseas Limited
13813181
Big Talk Ludwig Limited
00250311
Granada UK Rental and Retail Limited
16850442
Big Talk Marbles Limited
04842712
Interactive Telephony Limited
16617936
Big Talk Mole Limited
00608490
ITC Entertainment Group Limited
11723899
Big Talk Offenders Limited
00510330
ITC Entertainment Holdings Limited
11109572
Big Talk Peacock Limited
SC375274
ITV (Scotland) Limited
02897434
Big Talk Pictures Limited
11516620
ITV 112
Limited
15718662
Big Talk Secret Limited
16585282
ITV 70 Up Limited
06567813
Big Talk Studios Limited
15800907
ITV ADT Limited
15869612
Big Talk Transaction Limited
12956892
ITV AdVentures Limited
02936337
Boom Cymru TV Ltd
14047839
ITV Archie Limited
07922831
Boom Pictures Limited
16823441
ITV BB Limited
03866274
Box Clever Technology Limited
16229006
ITV Believe Me Limited
11801341
BritBox SVOD Limited
02578005
ITV Breakfast Limited
01891539
Broad Street Films Limited
02937518
ITV Consumer Limited
02285229
Campania Limited
14133299
ITV Grace Limited
04159249
Carlton Content Holdings Limited
04159210
ITV Holdings Limited
00301188
Carlton Film Distributors Limited
04159213
ITV International Channels Limited
03053908
Carlton Programmes Development Limited
14846610
ITV JCDM Limited
03210452
Carlton Screen Advertising (Holdings) Limited
SC473179
ITV LTVC (Scotland) Limited
03210363
Carltonco Ninety-Six
14863612
ITV Mandrake Limited
06409013
Cat\u2019s on the Roof Media Limited
00603893
ITV Network Limited
04257248
Channel Television Holdings Limited
11723842
ITV Nightingale Limited
08195508
Cirkus Limited
00603471
ITV Pension Scheme Limited
10240192
Cloth Cat LBB Limited
14460328
ITV RE Limited
02852812
Cosgrove Hall Films Limited
08554937
ITV Shetland Limited
08479545
Double Double Limited
11723826
ITV Spy Limited
07821062
EQ Pictures Limited
02203983
ITV Studios Global Partnerships Limited
15078072
Fifteen Days Limited
09498877
ITV TFG Holdings Limited
05946785
Gorilla TV Group Limited
11107934
ITV The Bay Limited
Company Company
number
Company name
number
Company name
16228996
ITV The Dark Limited
13813329
MT Mrs Sidhu Limited
14048049
ITV Venturer Limited
14763338
Output Productions Limited
03089273
ITV Ventures Limited
07473151
Oxford Scientific Films Limited
11107431
ITV Vera Limited
15175627
Planet V Limited
05518785
Juice Music UK Limited
13506403
Planet Woo Limited
08297277
Mainstreet Pictures Limited
09020906
Possessed Limited
16117245
Mammoth Screen (Betrayal) Limited
14163547
QSP ATF Limited
15502127
Mammoth Screen (COS) Limited
16229001
QSP Blame Limited
16897890
Mammoth Screen (EN) Limited
14784655
QSP Buried Limited
09355455
Mammoth Screen (End) Limited
15502132
QSP Coach House Limited
08546227
Mammoth Screen (End2) Limited
14163654
QSP FMO Limited
11109917
Mammoth Screen (End6) Limited
14462220
QSP MY Limited
11908267
Mammoth Screen (End7) Limited
14460933
QSP PD Limited
12368766
Mammoth Screen (End8) Limited
15782700
QSP Run Away Limited
10528827
Mammoth Screen (End9) Limited
16727887
QSP Tenby Limited
13087685
Mammoth Screen (Evans) Limited
16464474
QSP The Woods Limited
12368661
Mammoth Screen (FS) Limited
15801118
QSP Tip Toe Limited
NI734154
Mammoth Screen (FWNI) Limited
14460663
QSP TRK Limited
13989267
Mammoth Screen (GK) Limited
16482681
Quay West Productions Limited
11995990
Mammoth Screen (MD) Limited
09366311
Second Act Productions Limited
12735978
Mammoth Screen (MD2) Limited
07714999
Sightseers Film Limited
13989179
Mammoth Screen (MIE) Limited
03991026
So Television Limited
11062257
Mammoth Screen (NC) Limited
15546550
TGP Critical Limited
09660486
Mammoth Screen (Pol2) Limited
11423826
The Addressable Platform Limited
10031005
Mammoth Screen (Pol3) Limited
07155077
The Garden Productions Limited
10528763
Mammoth Screen (Pol4) Limited
02351132
TwoFour Broadcast Limited
11108289
Mammoth Screen (Pol5) Limited
08602993
TwoFour Group Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
05493388
TwoFour Group Limited
09646520
Mammoth Screen (QV) Limited
11816700
Unforgotten Productions Limited
16326446
Mammoth Screen (Rapture) Limited
02483078
World Productions Limited
NI678277
Mammoth Screen (TJ) Limited
15800988
WP BFB Limited
13087656
Mammoth Screen (Tower) Limited
14360979
WP Delia Limited
15502121
Mammoth Screen (TZ) Limited
12368643
WP Diplomat Limited
10528702
Mammoth Screen (VF) Limited
13988864
WP Fifteen Limited
11108322
Mammoth Screen (Vic3) Limited
12116627
WP Karen Pirie Limited
16444434
Mammoth Screen (WF) Limited
14988579
WP Lockerbie Limited
11108320
Mammoth Screen (WOF) Limited
15800942
WP LOD7 Limited
NI687412
Mammoth Screen (WOF2) Limited
13087865
WP Malpractice Limited
05976348
Mammoth Screen Ltd
12368475
WP Showtrial Limited
13412337
Metavision Limited
15801483
WP Springburn Limited
09477931
Monumental Television Limited
16768728
WP Sutherland Limited
15986342
MT Frauds Limited
14653603
WP The Gathering Limited
12368748
MT Ghosts Limited
16507273
WP The Party Limited
14764613
MT Marlow Murder Club Limited
12368477
WP The Suspect Limited
13989060
MT Maryland Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited and ITV Holdings (Cayman) Limited are exempt from audit under the requirement in the relevant jurisdictions
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-685": { "value": "The carrying amount of each category of our investments is represented as follows:
Equity
Associates investments Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
47
21
68
Additions
4
12
16
Share of profits losses
(3)
\u2013
(3)
Impairments/fair value adjustments
(18)
(2)
(20)
Disposals
(30)
\u2013
(30)
At 31 December 2024
\u2013
31
31
Additions
5
5
10
Impairments/fair value adjustments
(5)
(3)
(8)
Disposals
\u2013
(1)
(1)
At 31 December 2025
\u2013
32
32
The equity investments relate primarily to the Group\u2019s Media for Equity programme. No individual investment is considered material to the Group. These investments are held at fair value with adjustments to fair value loss recognised in Other Comprehensive Income. Please refer to pages 192 and 193 for the list of other significant holdings held at 31 December 2025. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2025 2024
\u00a3m \u00a3m
Sales to joint ventures
5
4
Sales to associated undertakings
20
20
Purchases from joint ventures
31
35
Purchases from associated undertakings
82
81
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited. Sales to associated undertakings include airtime sales to DTV Services Limited, and the recognition of airtime sales as part of the Group\u2019s Media for Equity scheme. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2025 2024
\u00a3m \u00a3m
Amounts owed by joint ventures
1
\u2013
Amounts owed by associated undertakings
2
11
Amounts owed to joint ventures
1
3
Amounts owed to associated undertakings
2
8
None of the balances are secured. Balances owed by associated undertakings largely relate to DTV Services Limited. Balances owed to associated undertakings primarily relate to amounts owed to ITN Limited and Everyone TV Platforms Limited. Amounts paid to the Group\u2019s pension benefit plans are set out in note 3.8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-676": { "value": "The carrying amount of each category of our investments is represented as follows:
Equity
Associates investments Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
47
21
68
Additions
4
12
16
Share of profits losses
(3)
\u2013
(3)
Impairments/fair value adjustments
(18)
(2)
(20)
Disposals
(30)
\u2013
(30)
At 31 December 2024
\u2013
31
31
Additions
5
5
10
Impairments/fair value adjustments
(5)
(3)
(8)
Disposals
\u2013
(1)
(1)
At 31 December 2025
\u2013
32
32
The equity investments relate primarily to the Group\u2019s Media for Equity programme. No individual investment is considered material to the Group. These investments are held at fair value with adjustments to fair value loss recognised in Other Comprehensive Income. Please refer to pages 192 and 193 for the list of other significant holdings held at 31 December 2025. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2025 2024
\u00a3m \u00a3m
Sales to joint ventures
5
4
Sales to associated undertakings
20
20
Purchases from joint ventures
31
35
Purchases from associated undertakings
82
81
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited. Sales to associated undertakings include airtime sales to DTV Services Limited, and the recognition of airtime sales as part of the Group\u2019s Media for Equity scheme. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2025 2024
\u00a3m \u00a3m
Amounts owed by joint ventures
1
\u2013
Amounts owed by associated undertakings
2
11
Amounts owed to joint ventures
1
3
Amounts owed to associated undertakings
2
8
None of the balances are secured. Balances owed by associated undertakings largely relate to DTV Services Limited. Balances owed to associated undertakings primarily relate to amounts owed to ITN Limited and Everyone TV Platforms Limited. Amounts paid to the Group\u2019s pension benefit plans are set out in note 3.8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-630": { "value": "The carrying amount of each category of our investments is represented as follows:
Equity
Associates investments Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
47
21
68
Additions
4
12
16
Share of profits losses
(3)
\u2013
(3)
Impairments/fair value adjustments
(18)
(2)
(20)
Disposals
(30)
\u2013
(30)
At 31 December 2024
\u2013
31
31
Additions
5
5
10
Impairments/fair value adjustments
(5)
(3)
(8)
Disposals
\u2013
(1)
(1)
At 31 December 2025
\u2013
32
32
The equity investments relate primarily to the Group\u2019s Media for Equity programme. No individual investment is considered material to the Group. These investments are held at fair value with adjustments to fair value loss recognised in Other Comprehensive Income. Please refer to pages 192 and 193 for the list of other significant holdings held at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-583": { "value": "Accounting policies A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation arising from past events, it is probable cash will be paid to settle it and the amount can be estimated reliably. Provisions are determined by discounting the expected future cash flows by a rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a financing cost in the Consolidated Income Statement. The value of the provision is determined based on assumptions and estimates in relation to the amount and timing of actual cash flows, which are dependent on future events. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-584": { "value": "
Provisions
The movements in provisions during the year are as follows:
Legal and
Contract Property other
provisions provisions provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
6
10
130
146
Additions
\u2013
3
29
32
Utilised
(6)
\u2013
(12)
(18)
Released
\u2013
(1)
(57)
(58)
Foreign exchange
\u2013
\u2013
1
1
At 31 December 2025
\u2013
12
91
103
Analysed between:
Current
\u2013
2
89
91
Non-current
\u2013
10
2
12
Provisions of \u00a391 million are classified as current liabilities (2024: \u00a3134 million). Unwind of the
discount is \u00a3nil in 2025 and 2024.
Contract provisions \u00a3nil (2024: \u00a36 million) Represents liabilities in respect of onerous contracts. In 2024, the provision included specific sports rights where the estimated revenue was less than the value of the rights held and for transponder capacity no longer utilised. The provision held at 31 December 2024 was fully utilised in the current year. Property provisions \u00a312 million (2024: \u00a310 million) These provisions primarily relate to expected dilapidation costs at the Group\u2019s rental properties. Legal and other provisions \u00a391 million (2024: \u00a3130 million) Represents provisions for potential liabilities (arising from legal disputes and claims) and their related legal costs. These include employee-related tax and other provisions of \u00a366 million (2024: \u00a364 million) and other legal and related costs. Box Clever Pension Scheme In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised in the Consolidated Statement of Financial Position through Exceptional Pension related items. See note 3.8 for further details. Consequently, the provision held of \u00a352 million for this matter, has been released to Exceptional Pension related items, consistent with the initial recognition of the provision. See note 2.2 for further details. Employee-related The determination of the employment tax status of some individuals contracted by the Group is complex. HMRC has issued assessments to the Group for several individuals engaged by the Group during the tax years 2016/17 to 2018/19 as employed for tax purposes. During 2025, we continued to review the provision, which resulted in an increase in the provision of \u00a35 million (2024: increase of \u00a35 million). This primarily related to interest on the existing provision which would be payable to HMRC. \u00a33 million of the increase to the provision was charged through exceptional items as this relates to periods up to 31 December 2024 and therefore does not relate to the current year (2024: \u00a31 million release of the provision through exceptional items). Due to ongoing reviews by HMRC and court cases in this matter, the final amount payable could be significantly different to the \u00a366 million currently provided (2024: \u00a361 million). It is difficult to provide a range for the expected final amounts payable as case law is continually evolving on this matter, particularly in relation to Front of Camera presenters. Very few cases have reached the higher courts and fact patterns can be very different in individual cases, so determination of employment status for tax purposes remains very subjective. Other Other provisions relate to redundancy provisions for roles at risk as the Group continues to reshape the cost base, enhance profitability, and support the growth drivers of the business, settlements or proposed settlements on a number of legal cases as well as historical environmental provisions in relation to our production sites, closure costs and provision for legal fees for other ongoing litigation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-677": { "value": "Provisions The movements in provisions during the year are as follows:
Legal and
Contract Property other
provisions provisions provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
6
10
130
146
Additions
\u2013
3
29
32
Utilised
(6)
\u2013
(12)
(18)
Released
\u2013
(1)
(57)
(58)
Foreign exchange
\u2013
\u2013
1
1
At 31 December 2025
\u2013
12
91
103
Analysed between:
Current
\u2013
2
89
91
Non-current
\u2013
10
2
12
Provisions of \u00a391 million are classified as current liabilities (2024: \u00a3134 million). Unwind of the discount is \u00a3nil in 2025 and 2024. Contract provisions \u00a3nil (2024: \u00a36 million) Represents liabilities in respect of onerous contracts. In 2024, the provision included specific sports rights where the estimated revenue was less than the value of the rights held and for transponder capacity no longer utilised. The provision held at 31 December 2024 was fully utilised in the current year. Property provisions \u00a312 million (2024: \u00a310 million) These provisions primarily relate to expected dilapidation costs at the Group\u2019s rental properties. Legal and other provisions \u00a391 million (2024: \u00a3130 million) Represents provisions for potential liabilities (arising from legal disputes and claims) and their related legal costs. These include employee-related tax and other provisions of \u00a366 million (2024: \u00a364 million) and other legal and related costs. Box Clever Pension Scheme In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised in the Consolidated Statement of Financial Position through Exceptional Pension related items. See note 3.8 for further details. Consequently, the provision held of \u00a352 million for this matter, has been released to Exceptional Pension related items, consistent with the initial recognition of the provision. See note 2.2 for further details. Employee-related The determination of the employment tax status of some individuals contracted by the Group is complex. HMRC has issued assessments to the Group for several individuals engaged by the Group during the tax years 2016/17 to 2018/19 as employed for tax purposes. During 2025, we continued to review the provision, which resulted in an increase in the provision of \u00a35 million (2024: increase of \u00a35 million). This primarily related to interest on the existing provision which would be payable to HMRC. \u00a33 million of the increase to the provision was charged through exceptional items as this relates to periods up to 31 December 2024 and therefore does not relate to the current year (2024: \u00a31 million release of the provision through exceptional items). Due to ongoing reviews by HMRC and court cases in this matter, the final amount payable could be significantly different to the \u00a366 million currently provided (2024: \u00a361 million). It is difficult to provide a range for the expected final amounts payable as case law is continually evolving on this matter, particularly in relation to Front of Camera presenters. Very few cases have reached the higher courts and fact patterns can be very different in individual cases, so determination of employment status for tax purposes remains very subjective. Other Other provisions relate to redundancy provisions for roles at risk as the Group continues to reshape the cost base, enhance profitability, and support the growth drivers of the business, settlements or proposed settlements on a number of legal cases as well as historical environmental provisions in relation to our production sites, closure costs and provision for legal fees for other ongoing litigation. 5.2 CONTINGENT ASSETS AND LIABILITIES Keeping it simple A contingent asset or liability is an asset or liability that is not sufficiently certain to qualify for recognition as an asset or provision where uncertainty may exist regarding the outcome of future events. Contingent liabilities There are contingent liabilities in respect of certain litigation and guarantees, broadcasting issues, and in respect of warranties given in connection with certain disposals of businesses. In addition, the determination of employment tax status of some individuals contracted by ITV is complex and a future liability could arise in relation to this. None of these items are expected to have a material effect on the Group\u2019s results or financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-585": { "value": "Accounting policies Defined contribution scheme Obligations under the Group\u2019s defined contribution schemes are recognised as an operating cost in the Consolidated Income Statement as incurred. For 2025, total contributions expensed were \u00a324 million (2024: \u00a323 million). Defined benefit scheme The Group\u2019s Defined Benefit Schemes (\u2018the Schemes\u2019) within this note refer to the ITV Pension Scheme, the Unfunded Scheme, the Granada supplementary scheme and the UTV Pension Scheme combined. The Group\u2019s obligation in respect of the Defined Benefit Scheme is calculated by estimating the amount of future retirement benefit that eligible employees (\u2018beneficiaries\u2019) have earned during their services. That benefit payable in the future is discounted to today\u2019s value and then the fair value of scheme assets is deducted to measure the defined benefit pension position. The accounting defined benefit pension surplus or deficit (IAS 19) is different from the actuarial valuation surplus or deficit as they are calculated on the basis of different assumptions, such as discount rate. The accounting defined benefit pension surplus or deficit (IAS 19) figure is calculated as at the balance sheet date, and the actuarial valuation surplus or deficit (or funding surplus or deficit) is calculated per the last triennial valuation. The triennial valuation of the ITV Pension Scheme (the Scheme) as at 31 December 2022 was completed in 2024. At the valuation date, the Scheme had a surplus of \u00a383 million. This is compared to a deficit of \u00a3252 million at the previous valuation date of 31 December 2019. As the Scheme is in surplus, there are no deficit contributions payable. The Group will continue contributing the annual payment under the London Television Centre Pension Funding Partnership. For 2025, contributions under this partnership were \u00a33 million (2024: \u00a33 million). The IAS 19 surplus or deficit does not drive the deficit funding contribution. The liabilities of the Schemes are measured by discounting the best estimate of future cash flows to be paid using the \u2018projected unit\u2019 method. These calculations are complex and are performed by a qualified actuary. There are many judgements and estimates necessary to calculate the Group\u2019s estimated liabilities, the main assumptions are set out later in this note. Movements in assumptions during the year are called \u2018actuarial gains and losses\u2019 and these are recognised in the period in which they arise through the Consolidated Statement of Comprehensive Income. An unfunded scheme in relation to former beneficiaries who accrued benefits in excess of the maximum allowed for tax purposes is accounted for under IAS 19 and the Group is responsible for meeting the pension obligations as they fall due. For the four former Granada executives within the Unfunded Scheme, there is additional security in the form of a charge over \u00a333 million (2024: \u00a345 million) of securitised gilts held by the Group, which are classified as other pension assets to reflect the Group\u2019s net pension surplus or deficit. In April 2025, \u00a311 million of liabilities for pensioners who receive a pension from the Unfunded Scheme were transferred to the ITV Pension Scheme. The remaining members will also transfer to the ITV Pension Scheme when they have been in receipt of their pension for more than 12 months. The Group contributed \u00a312 million to the ITV Pension Scheme, which was funded through the sale and maturity of gilts (other pension assets) in the year. In July 2025, the Ulster Television Pension and Life Assurance Scheme (the \u2018UTV Pension Scheme\u2019) was merged into the ITV Pension Scheme, involving the transfer of the Scheme assets and liabilities on an unsegregated basis. In February 2026, after the reporting date, the UTV Pension Scheme was wound up in accordance with the relevant rules and regulations. There are no remaining members, assets or liabilities. In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. As part of the transfer arrangements, the Group paid \u00a325 million into the Scheme and \u00a36 million to the Pension Protection Fund (PPF). An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The principal employer of the ITV Pension Scheme and the Granada supplementary scheme is Granada Group Limited. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-586": { "value": "
The defined benefit pension surplus (under IAS 19)
Net pension surplus of \u00a3207 million at 31 December 2025 (2024: \u00a3182 million) is stated after
including the unfunded scheme security asset of \u00a333 million (2024: \u00a345 million). The totals
recognised in 2025 and 2024 are:
2025 2024
\u00a3m \u00a3m
Total defined benefit scheme obligations
(1,990)
(1,998)
Total defined benefit scheme assets
2,164
2,135
Defined benefit pension surplus (IAS 19)
174
137
Presented as:
Defined benefit pension surplus
198
162
Defined benefit pension deficit
(24)
(25)
Defined benefit pension surplus (IAS 19)
174
137
Other pension asset
33
45
Net pension surplus
207
182
The following notes provide further detail on the value of the Schemes\u2019 assets and liabilities, how
these are accounted for and their impact on the financial statements.
Defined benefit scheme obligations Keeping it simple What causes movements in the defined benefit pension obligations? The areas that impact the defined benefit obligation (the pension scheme liabilities) position at the year end are as follows: Past service cost \u2013 is a change in present value of the benefits built up by the beneficiaries in the prior periods; can be positive or negative resulting from changes to the existing plan as a result of an agreement between ITV and employees or legislative change (including legal rulings) or as a result of significant reduction by ITV in the number of employees covered by the plan (curtailment) Interest cost \u2013 the pension obligations payable in the future are discounted to the present value at year end. A discount factor is used to determine the current value today of the future cost. The interest cost is the unwinding of one year\u2019s movement in the present value of the obligation. It is broadly determined by multiplying the discount rate at the beginning of the year by the updated present value of the obligation during the year. The discount rate is a key assumption explained later in this note. This interest cost is recognised through net financing costs in the Consolidated Income Statement (see note 4.4) Actuarial gains or losses \u2013 there are broadly two causes of actuarial movements: \u2018experience\u2019 adjustments, which arise when comparing assumptions made when estimating the liabilities and what has actually occurred, and adjustments resulting from changes in actuarial assumptions, e.g. movements in corporate bond yields or change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are recognised through other comprehensive income Benefits paid \u2013 any cash benefits paid out by the Scheme will reduce the obligation The movement in the present value of the Group\u2019s defined benefit obligation is analysed below:
2025 2024
\u00a3m \u00a3m
Defined benefit obligation at 1 January
1,998
2,194
Past service cost
49
\u2013
Interest cost
105
100
Actuarial gain
(8)
(149)
Benefits paid
(154)
(147)
Defined benefit obligation at 31 December
1,990
1,998
Of the above total defined benefit obligation at 31 December 2025, \u00a324 million relates to the unfunded schemes (2024: \u00a337 million). In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised as a past service cost through Exceptional Pension related items. Assumptions used to estimate the Scheme obligations Keeping it simple What are the main assumptions used to estimate the Scheme obligations? The main assumptions are: An estimate of increases in pension payments and the effect of inflation The life expectancy of beneficiaries The discount rate used to estimate the present day fair value of these obligations How do we determine the appropriate assumptions? The Group takes independent actuarial advice relating to the appropriateness of the assumptions used. IFRS requires that we estimate a discount rate by reference to high-quality fixed income investments in the UK that match the estimated term of the pension obligations. The inflation assumption has been set by looking at the difference between the yields on fixed and index-linked government bonds. The inflation assumption is used as a basis for the remaining financial assumptions, except where caps have been implemented. The discount rate has therefore been obtained using the yields available on AA rated corporate bonds, which match projected cash flows. The Group\u2019s estimate of the weighted average term of the liabilities is 10 years (2024: 11 years). The principal assumptions used in the Schemes\u2019 valuations at the year end were:
2025
2024
Discount rate
5.45%
5.45%
Inflation assumption (RPI)
2.90%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI
1
5% pension increases)
2.75%/2.80% 2.75%/3.05%
Rate of increase to deferred pensions (CPI)
2.25%
2.70%
1 Limited Price Index From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Price Index including owner occupier housing costs (CPIH). The gap between CPIH and Consumer Price Index (CPI), to which some benefits are linked, is assumed to be zero. For Defined Benefit schemes, it means that members with RPI-linked pension increases will see future retirement benefits increase more slowly from 2030 than they otherwise would. The Group\u2019s approach to setting RPI and CPI inflation assumptions is as follows: The Group continued to set RPI inflation in line with the market break-even expectations for inflation less an inflation risk premium of 0.3% The assumptions linked to RPI and CPI as at 31 December 2025 have been determined by weighting the cash flows to which the relevant inflation link applies The table below reflects published standard mortality tables in conjunction with the results of investigations into the mortality experience of Scheme beneficiaries. The assumed life expectations on retirement for the ITV Pension Scheme are:
2025
2025
2024
2024
Retiring today at age
60
65
60
65
Males
26.1
21.6
25.6
21.1
Females
27.6
22.9
27.4
22.6
Retiring in 20 years at age
60
65
60
65
Males
27.7
22.9
27.1
22.3
Females
29.2
24.4
28.9
24.1
The net pension surplus is sensitive to changes in assumptions. These are disclosed further in this note. Total defined benefit scheme assets Keeping it simple The Scheme holds assets across a number of different classes, which are managed by the Trustee, who consults with the Group on changes to its investment policy. What are the Pension Scheme assets? At 31 December 2025, the Schemes\u2019 assets were invested in a diversified portfolio that consisted primarily of debt securities, infrastructure, property and insurance policies matching the pensions due to certain beneficiaries. The tables below set out the major categories of assets. Financial instruments are in place in order to provide protection against changes in market factors (interest rates and inflation), which could act to increase the net pension surplus/deficit. One such instrument is the longevity swap, which the Scheme transacted in 2011 to obtain protection against the effect of increases in the life expectancy of the majority of pensioner beneficiaries at that date. Under the swap, the Trustee agreed to make pre-determined payments in return for payments to meet the specified pension obligations as they fall due, irrespective of how long the beneficiaries and their dependants live. The difference in the present values of these two streams of payments is reflected in the Scheme assets. The swap had a nil valuation at inception and, using market-based assumptions, is subsequently adjusted for changes in the market life expectancy and market discount rates, in line with its fair value. How do we measure the pension Scheme assets? Defined benefit scheme assets are measured at their fair value and can change due to the following: Interest income on scheme assets \u2013 this is determined by multiplying the fair value of the Scheme assets by the discount rate, both taken as of the beginning of the year. This is recognised through net financing costs in the Consolidated Income Statement Return on assets arise from differences between the actual return and interest income on Scheme assets and are recognised in the Consolidated Statement of Other Comprehensive Income Employer\u2019s contributions are paid into the Scheme to be managed and invested Benefits and administrative expenses paid out by the Schemes will lower the fair value of the Schemes\u2019 assets
The movement in the fair value of the defined benefit schemes\u2019 assets is analysed below:
2025 2024
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,135
2,355
Interest income on Scheme assets
113
108
Gain/(loss) on assets, excluding interest income
8
(180)
Employer contributions
69
6
Benefits paid
(154)
(147)
Administrative expenses paid
(7)
(7)
Fair value of Scheme assets at 31 December
2,164
2,135
How are the Schemes\u2019 assets invested?
The Trustee is responsible for deciding the investment strategy for the Schemes\u2019 assets, although
changes in investment policies require consultation with the Group. The assets are invested in
different classes to hedge against unfavourable movements in the funding obligation. When
selecting the mix of assets to hold, and considering their related risks and returns, the Trustee will
weigh up the variability of returns against the target long-term rate of return on the overall portfolio.
The fair value of the Schemes\u2019 assets is shown in the following table by major category:
Market value Quoted Market value Market value Quoted Market value
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
374
374
464
463
Index-linked interest gilts
573
573
499
494
Interest rate and inflation
hedging derivatives (swaps,
repos and reverse repos)
(111)
(111)
(290)
(312)
836
836
39%
673
645
32%
Other bonds
1,229
61
57%
1,284
60
60%
Return-seeking investments
Infrastructure
170
174
Property
139
146
309
14%
320
15%
Other investments
Cash and cash equivalents
34
136
Insurance policies
1
41
41
Longevity swap fair value
(204)
(319)
Cash flow swap fair value
(81)
\u2013
(210)
(10%)
(142)
(7%)
Total Scheme assets
2,164
897
2,135
705
100%
1 Insurance policies include a surrender value of \u00a331 million (2024: \u00a330 million) invested in Cash Accumulated with Profits Fund
Included in the above are overseas assets of \u00a380 million (2024: \u00a3118 million). None of these assets are quoted. The Trustee entered into a longevity swap in 2011, which hedges the risk of increasing life expectancy over the next 70 years for 11,700 current pensioners at inception covering \u00a31.7 billion of the pension obligation. In March 2025, the Group bifurcated the existing longevity swap, creating two IAS 19 plan assets; a cash flow swap and a pure longevity swap. The fair value of the two plan assets has been assessed separately with the difference between the old longevity swap and the two plan assets taken through other comprehensive income. The fair value of the longevity swap is negative due to declining mortality assumptions and equals the discounted value of the projected net cash flows resulting from the contract. The fair value loss has reduced in 2025 primarily due to the increase in gilt yields over the period. Defined pension deficit sensitivities Keeping it simple Which assumptions have the biggest impact on the Scheme? It is important to note that comparatively small changes in the assumptions used may have a significant effect on the Consolidated Income Statement and Consolidated Statement of Financial Position. This \u2018sensitivity\u2019 to change is analysed below to demonstrate how small changes in assumptions can have a large impact on the estimation of the defined benefit pension obligation. The Trustee manages the investment, mortality and inflation risks to ensure the pension obligations are met as they fall due. The investment strategy is aimed at the Trustee\u2019s actuarial valuation liabilities rather than IAS 19 defined pension liabilities. As such, the effectiveness of the risk hedging strategies on a valuation basis will not be the same as on an accounting basis. Those hedging strategies have significant impact on the movement in the net pension deficit as assumptions change, offsetting the impacts on the obligation disclosed below. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). Changes in the assumptions may occur at the same time as changes in the market value of Scheme assets, which may or may not offset the changes in assumptions. Changes in assumptions have a different level of impact as the value of the net pension surplus/(deficit) fluctuates, because the relationship between them is not linear. The analysis below considers the impact of a single change in principal assumptions on the defined benefit obligation while keeping the other assumptions unchanged and does not take into account any risk hedging strategies:
Assumption
Change in assumption
Impact on defined benefit obligation
Discount rate
Increase by 0.1%
Decrease by \u00a320million
Decrease by 0.1%
Increase by \u00a320million
Increase by 0.5%
Decrease by \u00a395 million
Decrease by 0.5%
Increase by \u00a3105 million
Rate of inflation
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a355 million
The sensitivity analysis has been determined by extrapolating the impact on the defined benefit obligation at the year end with changes in key assumptions that might reasonably occur. While the Schemes\u2019 risk hedging strategy is aimed at a valuation basis, the Directors estimate that on an accounting basis any change in asset values would significantly offset the above impact on the defined benefit obligation. In particular, while an increase in assumption of life expectancies by one year would increase the defined benefit obligation by \u00a355 million, the assets would benefit from an estimated increase of the value of the longevity swap by \u00a350 million, resulting in a net decrease in the defined pension surplus of \u00a35 million. Further, the ITV Pension Scheme invests in UK government bonds and interest rate and inflation swap contracts and therefore movements in the defined benefit obligation are typically offset, to an extent, by asset movements. Keeping it simple What was the impact of movements on the Schemes\u2019 assets and liabilities? The notes above describe how the Scheme obligations and assets are comprised and measured. The following note sets out the impact of various movements and expenses of the Scheme on the Group\u2019s financial statements. Amounts recognised through the Consolidated Income Statement Amounts recognised through the Consolidated Income Statement are as follows:
2025 2024
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(7)
(7)
(7)
Amount charged to exceptional costs:
Past service costs
(49)
\u2013
Amounts credited to net financing cost
Net interest on Scheme assets and defined benefit obligation
8
8
Total credit in the Consolidated Income Statement
(48)
1
Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2025 2024
\u00a3m \u00a3m
Remeasurement gains/(losses)
Gain/(loss) on scheme assets excluding interest income
8
(180)
Actuarial (losses)/gains on liabilities arising from change in:
\u2013 experience adjustments
(7)
(7)
\u2013 financial assumptions
32
142
\u2013 demographic assumptions
(17)
14
8
149
Total recognised in the Consolidated Statement of Comprehensive Income
16
(31)
The actuarial gain of \u00a38 million (2024: \u00a3149 million) on the Schemes\u2019 liabilities was principally due to the reduction in market implied inflation which reduced the value of the liabilities. This actuarial gain was partially offset by the change to the mortality assumptions, which increased the value of the liabilities. The \u00a38 million gain (2024: \u00a3180 million loss) on the Schemes\u2019 assets was principally due to the change in the fair value of the combined longevity swap and cash flow swap, increasing the value of the assets. This has been partially offset by the decrease in market implied inflation, reducing the value of the inflation-linked assets. Addressing the defined benefit pension deficit Keeping it simple The Group works closely with the Trustee to agree appropriate levels of funding for the Scheme. This involves agreeing a Schedule of Contributions at each triennial valuation, which specifies the contribution rates for the employer and, where relevant, scheme beneficiaries and the date these contributions are due. A recovery plan setting out the steps that will be taken to address a funding shortfall is also agreed. In the event that the Group\u2019s defined benefit scheme is in a net liability position, the Directors must take steps to manage the size of the deficit. Apart from the funding agreements mentioned above, this could involve pledging additional assets to the Scheme, as was the case in the SDN and London Television Centre pension funding partnerships. The levels of ongoing contributions to the Scheme are based on the expected future cash flows of the Scheme. Contributions in 2025 for administration expenses are \u00a37 million (2024: \u00a37 million). The Group had two asset-backed pension funding agreements with the Trustee in the year \u2013 the SDN pension funding partnership and the London Television Centre pension funding partnership which were set up in 2010 and 2014 respectively to address the pension deficit at that time. SDN Pension Funding Partnership In 2010, to address the deficit on the defined benefit pension scheme, ITV established a Pension Funding Partnership (PFP) with the Trustees backed by SDN. The PFP was subsequently extended in 2011 and amended in 2022. On 17 December 2025, the Group and the Trustees agreed to exit and unwind the PFP and the partnership was dissolved on 19 December 2025. The Group made a one-off payment of \u00a325 million to the Scheme and has provided a \u00a375 million surety bond as collateral for any payments that may be due to the Scheme, albeit no further payments are anticipated. SDN is no longer provided as collateral for future payments to the Scheme. London Television Centre Pension Funding Partnership In 2014, ITV established a Pension Funding Partnership with the Trustees backed by the London Television Centre, which resulted in the assets of Section A of the defined benefit pension scheme being increased by \u00a350 million. In November 2019, the London Television Centre was sold. \u00a350 million of the proceeds was previously held in a restricted bank account as a replacement asset in the pension funding arrangement. In 2022, this security was replaced with a surety bond and the cash was released to the Group. This structure continues to be reviewed. The Scheme\u2019s interest in these Partnerships reduces any deficit on a funding basis but does not impact any deficit on an IAS 19 basis as the Scheme\u2019s interest is not a transferrable financial instrument. Defined benefit funding contributions The accounting surplus or deficit does not drive the funding contribution. The Group\u2019s funding contributions in 2025 were \u00a33 million (31 December 2024: \u00a33 million), relating to the annual payment under London Television Centre Pension Funding Partnership. The Group also made the following one-off additional contributions to the ITV Pension Scheme: \u00a312 million, funded through the sale and maturing of gilts (other pension assets), following the transfer of liabilities for pensioners who receive a pension from the Unfunded Scheme \u00a325 million into the Scheme and \u00a36 million to the Pension Protection Fund (PPF) under the agreements in relation to the transfer of the Box Clever Group Pension Scheme \u00a325 million in relation to the unwind of the SDN Pension funding partnership Deficit contributions are agreed with the Trustees following the triennial valuations. The ITV Pension Scheme is in surplus following the latest triennial valuations; therefore no deficit contributions are payable. The payments due under the London Television Centre PFP (\u00a33 million) will be assessed annually. Other matters IFRIC 14 clarifies how the asset ceiling rules should be applied if the Schemes are expected to be in surplus, for example as a result of deficit funding agreements. The Group has determined that it has an unconditional right to a refund of any surplus assets if the Schemes are run off until the last member dies. On this basis, IFRIC 14 rules do not cause any change in the pension deficit accounting or disclosures. In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made between 1997 and 2016, without the correct actuarial certification, were not valid. In July 2024, the Court of Appeal upheld the High Court\u2019s decision that based on the relevant legislation at the time, that a written actuarial confirmation was required in many circumstances where an alteration to the scheme\u2019s rules affected pension benefits attributable to past or future service benefits. Without evidence of a written confirmation, an amendment could be void. The decision does not give any guidance on what evidence would be sufficient. The Pension Schemes Bill 2025 includes draft legislation that enables affected pension schemes to treat historical benefit changes as valid if they obtain with retrospective effect written actuarial confirmation that historical benefit changes met the necessary standards and for amendments to schemes who have been wound-up before the legislation comes into force to be treated as always being valid. The Group has not yet completed its review of the historical rule amendments; however, when the new legislation is enacted, any potential impact could be mitigated by requesting retrospective confirmation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-658": { "value": "The defined benefit pension surplus (under IAS 19) Net pension surplus of \u00a3207 million at 31 December 2025 (2024: \u00a3182 million) is stated after including the unfunded scheme security asset of \u00a333 million (2024: \u00a345 million). The totals recognised in 2025 and 2024 are:
2025 2024
\u00a3m \u00a3m
Total defined benefit scheme obligations
(1,990)
(1,998)
Total defined benefit scheme assets
2,164
2,135
Defined benefit pension surplus (IAS 19)
174
137
Presented as:
Defined benefit pension surplus
198
162
Defined benefit pension deficit
(24)
(25)
Defined benefit pension surplus (IAS 19)
174
137
Other pension asset
33
45
Net pension surplus
207
182
The following notes provide further detail on the value of the Schemes\u2019 assets and liabilities, how these are accounted for and their impact on the financial statements. Defined benefit scheme obligations Keeping it simple What causes movements in the defined benefit pension obligations? The areas that impact the defined benefit obligation (the pension scheme liabilities) position at the year end are as follows: Past service cost \u2013 is a change in present value of the benefits built up by the beneficiaries in the prior periods; can be positive or negative resulting from changes to the existing plan as a result of an agreement between ITV and employees or legislative change (including legal rulings) or as a result of significant reduction by ITV in the number of employees covered by the plan (curtailment) Interest cost \u2013 the pension obligations payable in the future are discounted to the present value at year end. A discount factor is used to determine the current value today of the future cost. The interest cost is the unwinding of one year\u2019s movement in the present value of the obligation. It is broadly determined by multiplying the discount rate at the beginning of the year by the updated present value of the obligation during the year. The discount rate is a key assumption explained later in this note. This interest cost is recognised through net financing costs in the Consolidated Income Statement (see note 4.4) Actuarial gains or losses \u2013 there are broadly two causes of actuarial movements: \u2018experience\u2019 adjustments, which arise when comparing assumptions made when estimating the liabilities and what has actually occurred, and adjustments resulting from changes in actuarial assumptions, e.g. movements in corporate bond yields or change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are recognised through other comprehensive income Benefits paid \u2013 any cash benefits paid out by the Scheme will reduce the obligation The movement in the present value of the Group\u2019s defined benefit obligation is analysed below:
2025 2024
\u00a3m \u00a3m
Defined benefit obligation at 1 January
1,998
2,194
Past service cost
49
\u2013
Interest cost
105
100
Actuarial gain
(8)
(149)
Benefits paid
(154)
(147)
Defined benefit obligation at 31 December
1,990
1,998
Of the above total defined benefit obligation at 31 December 2025, \u00a324 million relates to the unfunded schemes (2024: \u00a337 million). In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised as a past service cost through Exceptional Pension related items. Assumptions used to estimate the Scheme obligations Keeping it simple What are the main assumptions used to estimate the Scheme obligations? The main assumptions are: An estimate of increases in pension payments and the effect of inflation The life expectancy of beneficiaries The discount rate used to estimate the present day fair value of these obligations How do we determine the appropriate assumptions? The Group takes independent actuarial advice relating to the appropriateness of the assumptions used. IFRS requires that we estimate a discount rate by reference to high-quality fixed income investments in the UK that match the estimated term of the pension obligations. The inflation assumption has been set by looking at the difference between the yields on fixed and index-linked government bonds. The inflation assumption is used as a basis for the remaining financial assumptions, except where caps have been implemented. The discount rate has therefore been obtained using the yields available on AA rated corporate bonds, which match projected cash flows. The Group\u2019s estimate of the weighted average term of the liabilities is 10 years (2024: 11 years). The principal assumptions used in the Schemes\u2019 valuations at the year end were:
2025
2024
Discount rate
5.45%
5.45%
Inflation assumption (RPI)
2.90%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI
1
5% pension increases)
2.75%/2.80% 2.75%/3.05%
Rate of increase to deferred pensions (CPI)
2.25%
2.70%
1 Limited Price Index From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Price Index including owner occupier housing costs (CPIH). The gap between CPIH and Consumer Price Index (CPI), to which some benefits are linked, is assumed to be zero. For Defined Benefit schemes, it means that members with RPI-linked pension increases will see future retirement benefits increase more slowly from 2030 than they otherwise would. The Group\u2019s approach to setting RPI and CPI inflation assumptions is as follows: The Group continued to set RPI inflation in line with the market break-even expectations for inflation less an inflation risk premium of 0.3% The assumptions linked to RPI and CPI as at 31 December 2025 have been determined by weighting the cash flows to which the relevant inflation link applies The table below reflects published standard mortality tables in conjunction with the results of investigations into the mortality experience of Scheme beneficiaries. The assumed life expectations on retirement for the ITV Pension Scheme are:
2025
2025
2024
2024
Retiring today at age
60
65
60
65
Males
26.1
21.6
25.6
21.1
Females
27.6
22.9
27.4
22.6
Retiring in 20 years at age
60
65
60
65
Males
27.7
22.9
27.1
22.3
Females
29.2
24.4
28.9
24.1
The net pension surplus is sensitive to changes in assumptions. These are disclosed further in this note. Total defined benefit scheme assets Keeping it simple The Scheme holds assets across a number of different classes, which are managed by the Trustee, who consults with the Group on changes to its investment policy. What are the Pension Scheme assets? At 31 December 2025, the Schemes\u2019 assets were invested in a diversified portfolio that consisted primarily of debt securities, infrastructure, property and insurance policies matching the pensions due to certain beneficiaries. The tables below set out the major categories of assets. Financial instruments are in place in order to provide protection against changes in market factors (interest rates and inflation), which could act to increase the net pension surplus/deficit. One such instrument is the longevity swap, which the Scheme transacted in 2011 to obtain protection against the effect of increases in the life expectancy of the majority of pensioner beneficiaries at that date. Under the swap, the Trustee agreed to make pre-determined payments in return for payments to meet the specified pension obligations as they fall due, irrespective of how long the beneficiaries and their dependants live. The difference in the present values of these two streams of payments is reflected in the Scheme assets. The swap had a nil valuation at inception and, using market-based assumptions, is subsequently adjusted for changes in the market life expectancy and market discount rates, in line with its fair value. How do we measure the pension Scheme assets? Defined benefit scheme assets are measured at their fair value and can change due to the following: Interest income on scheme assets \u2013 this is determined by multiplying the fair value of the Scheme assets by the discount rate, both taken as of the beginning of the year. This is recognised through net financing costs in the Consolidated Income Statement Return on assets arise from differences between the actual return and interest income on Scheme assets and are recognised in the Consolidated Statement of Other Comprehensive Income Employer\u2019s contributions are paid into the Scheme to be managed and invested Benefits and administrative expenses paid out by the Schemes will lower the fair value of the Schemes\u2019 assets The movement in the fair value of the defined benefit schemes\u2019 assets is analysed below:
2025 2024
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,135
2,355
Interest income on Scheme assets
113
108
Gain/(loss) on assets, excluding interest income
8
(180)
Employer contributions
69
6
Benefits paid
(154)
(147)
Administrative expenses paid
(7)
(7)
Fair value of Scheme assets at 31 December
2,164
2,135
How are the Schemes\u2019 assets invested? The Trustee is responsible for deciding the investment strategy for the Schemes\u2019 assets, although changes in investment policies require consultation with the Group. The assets are invested in different classes to hedge against unfavourable movements in the funding obligation. When selecting the mix of assets to hold, and considering their related risks and returns, the Trustee will weigh up the variability of returns against the target long-term rate of return on the overall portfolio. The fair value of the Schemes\u2019 assets is shown in the following table by major category:
Market value Quoted Market value Market value Quoted Market value
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
374
374
464
463
Index-linked interest gilts
573
573
499
494
Interest rate and inflation
hedging derivatives (swaps,
repos and reverse repos)
(111)
(111)
(290)
(312)
836
836
39%
673
645
32%
Other bonds
1,229
61
57%
1,284
60
60%
Return-seeking investments
Infrastructure
170
174
Property
139
146
309
14%
320
15%
Other investments
Cash and cash equivalents
34
136
Insurance policies
1
41
41
Longevity swap fair value
(204)
(319)
Cash flow swap fair value
(81)
\u2013
(210)
(10%)
(142)
(7%)
Total Scheme assets
2,164
897
2,135
705
100%
1 Insurance policies include a surrender value of \u00a331 million (2024: \u00a330 million) invested in Cash Accumulated with Profits Fund Included in the above are overseas assets of \u00a380 million (2024: \u00a3118 million). None of these assets are quoted. The Trustee entered into a longevity swap in 2011, which hedges the risk of increasing life expectancy over the next 70 years for 11,700 current pensioners at inception covering \u00a31.7 billion of the pension obligation. In March 2025, the Group bifurcated the existing longevity swap, creating two IAS 19 plan assets; a cash flow swap and a pure longevity swap. The fair value of the two plan assets has been assessed separately with the difference between the old longevity swap and the two plan assets taken through other comprehensive income. The fair value of the longevity swap is negative due to declining mortality assumptions and equals the discounted value of the projected net cash flows resulting from the contract. The fair value loss has reduced in 2025 primarily due to the increase in gilt yields over the period. Defined pension deficit sensitivities Keeping it simple Which assumptions have the biggest impact on the Scheme? It is important to note that comparatively small changes in the assumptions used may have a significant effect on the Consolidated Income Statement and Consolidated Statement of Financial Position. This \u2018sensitivity\u2019 to change is analysed below to demonstrate how small changes in assumptions can have a large impact on the estimation of the defined benefit pension obligation. The Trustee manages the investment, mortality and inflation risks to ensure the pension obligations are met as they fall due. The investment strategy is aimed at the Trustee\u2019s actuarial valuation liabilities rather than IAS 19 defined pension liabilities. As such, the effectiveness of the risk hedging strategies on a valuation basis will not be the same as on an accounting basis. Those hedging strategies have significant impact on the movement in the net pension deficit as assumptions change, offsetting the impacts on the obligation disclosed below. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). Changes in the assumptions may occur at the same time as changes in the market value of Scheme assets, which may or may not offset the changes in assumptions. Changes in assumptions have a different level of impact as the value of the net pension surplus/(deficit) fluctuates, because the relationship between them is not linear. The analysis below considers the impact of a single change in principal assumptions on the defined benefit obligation while keeping the other assumptions unchanged and does not take into account any risk hedging strategies:
Assumption
Change in assumption
Impact on defined benefit obligation
Discount rate
Increase by 0.1%
Decrease by \u00a320million
Decrease by 0.1%
Increase by \u00a320million
Increase by 0.5%
Decrease by \u00a395 million
Decrease by 0.5%
Increase by \u00a3105 million
Rate of inflation
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a355 million
The sensitivity analysis has been determined by extrapolating the impact on the defined benefit obligation at the year end with changes in key assumptions that might reasonably occur. While the Schemes\u2019 risk hedging strategy is aimed at a valuation basis, the Directors estimate that on an accounting basis any change in asset values would significantly offset the above impact on the defined benefit obligation. In particular, while an increase in assumption of life expectancies by one year would increase the defined benefit obligation by \u00a355 million, the assets would benefit from an estimated increase of the value of the longevity swap by \u00a350 million, resulting in a net decrease in the defined pension surplus of \u00a35 million. Further, the ITV Pension Scheme invests in UK government bonds and interest rate and inflation swap contracts and therefore movements in the defined benefit obligation are typically offset, to an extent, by asset movements. Keeping it simple What was the impact of movements on the Schemes\u2019 assets and liabilities? The notes above describe how the Scheme obligations and assets are comprised and measured. The following note sets out the impact of various movements and expenses of the Scheme on the Group\u2019s financial statements. Amounts recognised through the Consolidated Income Statement Amounts recognised through the Consolidated Income Statement are as follows:
2025 2024
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(7)
(7)
(7)
Amount charged to exceptional costs:
Past service costs
(49)
\u2013
Amounts credited to net financing cost
Net interest on Scheme assets and defined benefit obligation
8
8
Total credit in the Consolidated Income Statement
(48)
1
Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2025 2024
\u00a3m \u00a3m
Remeasurement gains/(losses)
Gain/(loss) on scheme assets excluding interest income
8
(180)
Actuarial (losses)/gains on liabilities arising from change in:
\u2013 experience adjustments
(7)
(7)
\u2013 financial assumptions
32
142
\u2013 demographic assumptions
(17)
14
8
149
Total recognised in the Consolidated Statement of Comprehensive Income
16
(31)
The actuarial gain of \u00a38 million (2024: \u00a3149 million) on the Schemes\u2019 liabilities was principally due to the reduction in market implied inflation which reduced the value of the liabilities. This actuarial gain was partially offset by the change to the mortality assumptions, which increased the value of the liabilities.
The \u00a38 million gain (2024: \u00a3180 million loss) on the Schemes\u2019 assets was principally due to the
change in the fair value of the combined longevity swap and cash flow swap, increasing the value
of the assets. This has been partially offset by the decrease in market implied inflation, reducing
the value of the inflation-linked assets.
Addressing the defined benefit pension deficit
Keeping it simple
The Group works closely with the Trustee to agree appropriate levels of funding for the Scheme.
This involves agreeing a Schedule of Contributions at each triennial valuation, which specifies
the contribution rates for the employer and, where relevant, scheme beneficiaries and the
date these contributions are due. A recovery plan setting out the steps that will be taken to
address a funding shortfall is also agreed.
In the event that the Group\u2019s defined benefit scheme is in a net liability position, the Directors
must take steps to manage the size of the deficit. Apart from the funding agreements mentioned
above, this could involve pledging additional assets to the Scheme, as was the case in the SDN
and London Television Centre pension funding partnerships.
The levels of ongoing contributions to the Scheme are based on the expected future cash flows of
the Scheme. Contributions in 2025 for administration expenses are \u00a37 million (2024: \u00a37 million).
The Group had two asset-backed pension funding agreements with the Trustee in the year \u2013 the
SDN pension funding partnership and the London Television Centre pension funding partnership
which were set up in 2010 and 2014 respectively to address the pension deficit at that time.
SDN Pension Funding Partnership
In 2010, to address the deficit on the defined benefit pension scheme, ITV established a Pension
Funding Partnership (PFP) with the Trustees backed by SDN. The PFP was subsequently extended
in 2011 and amended in 2022.
On 17 December 2025, the Group and the Trustees agreed to exit and unwind the PFP and the
partnership was dissolved on 19 December 2025. The Group made a one-off payment of \u00a325 million
to the Scheme and has provided a \u00a375 million surety bond as collateral for any payments that may
be due to the Scheme, albeit no further payments are anticipated. SDN is no longer provided as
collateral for future payments to the Scheme.
London Television Centre Pension Funding Partnership In 2014, ITV established a Pension Funding Partnership with the Trustees backed by the London Television Centre, which resulted in the assets of Section A of the defined benefit pension scheme being increased by \u00a350 million. In November 2019, the London Television Centre was sold. \u00a350 million of the proceeds was previously held in a restricted bank account as a replacement asset in the pension funding arrangement. In 2022, this security was replaced with a surety bond and the cash was released to the Group. This structure continues to be reviewed. The Scheme\u2019s interest in these Partnerships reduces any deficit on a funding basis but does not impact any deficit on an IAS 19 basis as the Scheme\u2019s interest is not a transferrable financial instrument. Defined benefit funding contributions The accounting surplus or deficit does not drive the funding contribution. The Group\u2019s funding contributions in 2025 were \u00a33 million (31 December 2024: \u00a33 million), relating to the annual payment under London Television Centre Pension Funding Partnership. The Group also made the following one-off additional contributions to the ITV Pension Scheme: \u00a312 million, funded through the sale and maturing of gilts (other pension assets), following the transfer of liabilities for pensioners who receive a pension from the Unfunded Scheme \u00a325 million into the Scheme and \u00a36 million to the Pension Protection Fund (PPF) under the agreements in relation to the transfer of the Box Clever Group Pension Scheme \u00a325 million in relation to the unwind of the SDN Pension funding partnership Deficit contributions are agreed with the Trustees following the triennial valuations. The ITV Pension Scheme is in surplus following the latest triennial valuations; therefore no deficit contributions are payable. The payments due under the London Television Centre PFP (\u00a33 million) will be assessed annually. Other matters IFRIC 14 clarifies how the asset ceiling rules should be applied if the Schemes are expected to be in surplus, for example as a result of deficit funding agreements. The Group has determined that it has an unconditional right to a refund of any surplus assets if the Schemes are run off until the last member dies. On this basis, IFRIC 14 rules do not cause any change in the pension deficit accounting or disclosures. In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made between 1997 and 2016, without the correct actuarial certification, were not valid. In July 2024, the Court of Appeal upheld the High Court\u2019s decision that based on the relevant legislation at the time, that a written actuarial confirmation was required in many circumstances where an alteration to the scheme\u2019s rules affected pension benefits attributable to past or future service benefits. Without evidence of a written confirmation, an amendment could be void. The decision does not give any guidance on what evidence would be sufficient. The Pension Schemes Bill 2025 includes draft legislation that enables affected pension schemes to treat historical benefit changes as valid if they obtain with retrospective effect written actuarial confirmation that historical benefit changes met the necessary standards and for amendments to schemes who have been wound-up before the legislation comes into force to be treated as always being valid. The Group has not yet completed its review of the historical rule amendments; however, when the new legislation is enacted, any potential impact could be mitigated by requesting retrospective confirmation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-631": { "value": "The defined benefit pension surplus (under IAS 19) Net pension surplus of \u00a3207 million at 31 December 2025 (2024: \u00a3182 million) is stated after including the unfunded scheme security asset of \u00a333 million (2024: \u00a345 million). The totals recognised in 2025 and 2024 are:
2025 2024
\u00a3m \u00a3m
Total defined benefit scheme obligations
(1,990)
(1,998)
Total defined benefit scheme assets
2,164
2,135
Defined benefit pension surplus (IAS 19)
174
137
Presented as:
Defined benefit pension surplus
198
162
Defined benefit pension deficit
(24)
(25)
Defined benefit pension surplus (IAS 19)
174
137
Other pension asset
33
45
Net pension surplus
207
182
The following notes provide further detail on the value of the Schemes\u2019 assets and liabilities, how these are accounted for and their impact on the financial statements. Defined benefit scheme obligations Keeping it simple What causes movements in the defined benefit pension obligations? The areas that impact the defined benefit obligation (the pension scheme liabilities) position at the year end are as follows: Past service cost \u2013 is a change in present value of the benefits built up by the beneficiaries in the prior periods; can be positive or negative resulting from changes to the existing plan as a result of an agreement between ITV and employees or legislative change (including legal rulings) or as a result of significant reduction by ITV in the number of employees covered by the plan (curtailment) Interest cost \u2013 the pension obligations payable in the future are discounted to the present value at year end. A discount factor is used to determine the current value today of the future cost. The interest cost is the unwinding of one year\u2019s movement in the present value of the obligation. It is broadly determined by multiplying the discount rate at the beginning of the year by the updated present value of the obligation during the year. The discount rate is a key assumption explained later in this note. This interest cost is recognised through net financing costs in the Consolidated Income Statement (see note 4.4) Actuarial gains or losses \u2013 there are broadly two causes of actuarial movements: \u2018experience\u2019 adjustments, which arise when comparing assumptions made when estimating the liabilities and what has actually occurred, and adjustments resulting from changes in actuarial assumptions, e.g. movements in corporate bond yields or change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are recognised through other comprehensive income Benefits paid \u2013 any cash benefits paid out by the Scheme will reduce the obligation The movement in the present value of the Group\u2019s defined benefit obligation is analysed below:
2025 2024
\u00a3m \u00a3m
Defined benefit obligation at 1 January
1,998
2,194
Past service cost
49
\u2013
Interest cost
105
100
Actuarial gain
(8)
(149)
Benefits paid
(154)
(147)
Defined benefit obligation at 31 December
1,990
1,998
Of the above total defined benefit obligation at 31 December 2025, \u00a324 million relates to the unfunded schemes (2024: \u00a337 million). In October 2025, all members of the Box Clever Group Pension Scheme transferred into the ITV Pension Scheme. The IAS 19 valuation of the Scheme liabilities at the transfer date was \u00a347 million. An estimated \u00a32 million has been provided for back payments to members reflecting the difference between PPF level benefits and the full ITV Scheme benefits. The liabilities have been recognised as a past service cost through Exceptional Pension related items. Assumptions used to estimate the Scheme obligations Keeping it simple What are the main assumptions used to estimate the Scheme obligations? The main assumptions are: An estimate of increases in pension payments and the effect of inflation The life expectancy of beneficiaries The discount rate used to estimate the present day fair value of these obligations How do we determine the appropriate assumptions? The Group takes independent actuarial advice relating to the appropriateness of the assumptions used. IFRS requires that we estimate a discount rate by reference to high-quality fixed income investments in the UK that match the estimated term of the pension obligations. The inflation assumption has been set by looking at the difference between the yields on fixed and index-linked government bonds. The inflation assumption is used as a basis for the remaining financial assumptions, except where caps have been implemented. The discount rate has therefore been obtained using the yields available on AA rated corporate bonds, which match projected cash flows. The Group\u2019s estimate of the weighted average term of the liabilities is 10 years (2024: 11 years). The principal assumptions used in the Schemes\u2019 valuations at the year end were:
2025
2024
Discount rate
5.45%
5.45%
Inflation assumption (RPI)
2.90%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI
1
5% pension increases)
2.75%/2.80% 2.75%/3.05%
Rate of increase to deferred pensions (CPI)
2.25%
2.70%
1 Limited Price Index From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Price Index including owner occupier housing costs (CPIH). The gap between CPIH and Consumer Price Index (CPI), to which some benefits are linked, is assumed to be zero. For Defined Benefit schemes, it means that members with RPI-linked pension increases will see future retirement benefits increase more slowly from 2030 than they otherwise would. The Group\u2019s approach to setting RPI and CPI inflation assumptions is as follows: The Group continued to set RPI inflation in line with the market break-even expectations for inflation less an inflation risk premium of 0.3% The assumptions linked to RPI and CPI as at 31 December 2025 have been determined by weighting the cash flows to which the relevant inflation link applies The table below reflects published standard mortality tables in conjunction with the results of investigations into the mortality experience of Scheme beneficiaries. The assumed life expectations on retirement for the ITV Pension Scheme are:
2025
2025
2024
2024
Retiring today at age
60
65
60
65
Males
26.1
21.6
25.6
21.1
Females
27.6
22.9
27.4
22.6
Retiring in 20 years at age
60
65
60
65
Males
27.7
22.9
27.1
22.3
Females
29.2
24.4
28.9
24.1
The net pension surplus is sensitive to changes in assumptions. These are disclosed further in this note. Total defined benefit scheme assets Keeping it simple The Scheme holds assets across a number of different classes, which are managed by the Trustee, who consults with the Group on changes to its investment policy. What are the Pension Scheme assets? At 31 December 2025, the Schemes\u2019 assets were invested in a diversified portfolio that consisted primarily of debt securities, infrastructure, property and insurance policies matching the pensions due to certain beneficiaries. The tables below set out the major categories of assets. Financial instruments are in place in order to provide protection against changes in market factors (interest rates and inflation), which could act to increase the net pension surplus/deficit. One such instrument is the longevity swap, which the Scheme transacted in 2011 to obtain protection against the effect of increases in the life expectancy of the majority of pensioner beneficiaries at that date. Under the swap, the Trustee agreed to make pre-determined payments in return for payments to meet the specified pension obligations as they fall due, irrespective of how long the beneficiaries and their dependants live. The difference in the present values of these two streams of payments is reflected in the Scheme assets. The swap had a nil valuation at inception and, using market-based assumptions, is subsequently adjusted for changes in the market life expectancy and market discount rates, in line with its fair value. How do we measure the pension Scheme assets? Defined benefit scheme assets are measured at their fair value and can change due to the following: Interest income on scheme assets \u2013 this is determined by multiplying the fair value of the Scheme assets by the discount rate, both taken as of the beginning of the year. This is recognised through net financing costs in the Consolidated Income Statement Return on assets arise from differences between the actual return and interest income on Scheme assets and are recognised in the Consolidated Statement of Other Comprehensive Income Employer\u2019s contributions are paid into the Scheme to be managed and invested Benefits and administrative expenses paid out by the Schemes will lower the fair value of the Schemes\u2019 assets The movement in the fair value of the defined benefit schemes\u2019 assets is analysed below:
2025 2024
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,135
2,355
Interest income on Scheme assets
113
108
Gain/(loss) on assets, excluding interest income
8
(180)
Employer contributions
69
6
Benefits paid
(154)
(147)
Administrative expenses paid
(7)
(7)
Fair value of Scheme assets at 31 December
2,164
2,135
How are the Schemes\u2019 assets invested? The Trustee is responsible for deciding the investment strategy for the Schemes\u2019 assets, although changes in investment policies require consultation with the Group. The assets are invested in different classes to hedge against unfavourable movements in the funding obligation. When selecting the mix of assets to hold, and considering their related risks and returns, the Trustee will weigh up the variability of returns against the target long-term rate of return on the overall portfolio. The fair value of the Schemes\u2019 assets is shown in the following table by major category:
Market value Quoted Market value Market value Quoted Market value
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
374
374
464
463
Index-linked interest gilts
573
573
499
494
Interest rate and inflation
hedging derivatives (swaps,
repos and reverse repos)
(111)
(111)
(290)
(312)
836
836
39%
673
645
32%
Other bonds
1,229
61
57%
1,284
60
60%
Return-seeking investments
Infrastructure
170
174
Property
139
146
309
14%
320
15%
Other investments
Cash and cash equivalents
34
136
Insurance policies
1
41
41
Longevity swap fair value
(204)
(319)
Cash flow swap fair value
(81)
\u2013
(210)
(10%)
(142)
(7%)
Total Scheme assets
2,164
897
2,135
705
100%
1 Insurance policies include a surrender value of \u00a331 million (2024: \u00a330 million) invested in Cash Accumulated with Profits Fund Included in the above are overseas assets of \u00a380 million (2024: \u00a3118 million). None of these assets are quoted. The Trustee entered into a longevity swap in 2011, which hedges the risk of increasing life expectancy over the next 70 years for 11,700 current pensioners at inception covering \u00a31.7 billion of the pension obligation. In March 2025, the Group bifurcated the existing longevity swap, creating two IAS 19 plan assets; a cash flow swap and a pure longevity swap. The fair value of the two plan assets has been assessed separately with the difference between the old longevity swap and the two plan assets taken through other comprehensive income. The fair value of the longevity swap is negative due to declining mortality assumptions and equals the discounted value of the projected net cash flows resulting from the contract. The fair value loss has reduced in 2025 primarily due to the increase in gilt yields over the period. Defined pension deficit sensitivities Keeping it simple Which assumptions have the biggest impact on the Scheme? It is important to note that comparatively small changes in the assumptions used may have a significant effect on the Consolidated Income Statement and Consolidated Statement of Financial Position. This \u2018sensitivity\u2019 to change is analysed below to demonstrate how small changes in assumptions can have a large impact on the estimation of the defined benefit pension obligation. The Trustee manages the investment, mortality and inflation risks to ensure the pension obligations are met as they fall due. The investment strategy is aimed at the Trustee\u2019s actuarial valuation liabilities rather than IAS 19 defined pension liabilities. As such, the effectiveness of the risk hedging strategies on a valuation basis will not be the same as on an accounting basis. Those hedging strategies have significant impact on the movement in the net pension deficit as assumptions change, offsetting the impacts on the obligation disclosed below. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). Changes in the assumptions may occur at the same time as changes in the market value of Scheme assets, which may or may not offset the changes in assumptions. Changes in assumptions have a different level of impact as the value of the net pension surplus/(deficit) fluctuates, because the relationship between them is not linear. The analysis below considers the impact of a single change in principal assumptions on the defined benefit obligation while keeping the other assumptions unchanged and does not take into account any risk hedging strategies:
Assumption
Change in assumption
Impact on defined benefit obligation
Discount rate
Increase by 0.1%
Decrease by \u00a320million
Decrease by 0.1%
Increase by \u00a320million
Increase by 0.5%
Decrease by \u00a395 million
Decrease by 0.5%
Increase by \u00a3105 million
Rate of inflation
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a355 million
The sensitivity analysis has been determined by extrapolating the impact on the defined benefit obligation at the year end with changes in key assumptions that might reasonably occur. While the Schemes\u2019 risk hedging strategy is aimed at a valuation basis, the Directors estimate that on an accounting basis any change in asset values would significantly offset the above impact on the defined benefit obligation. In particular, while an increase in assumption of life expectancies by one year would increase the defined benefit obligation by \u00a355 million, the assets would benefit from an estimated increase of the value of the longevity swap by \u00a350 million, resulting in a net decrease in the defined pension surplus of \u00a35 million. Further, the ITV Pension Scheme invests in UK government bonds and interest rate and inflation swap contracts and therefore movements in the defined benefit obligation are typically offset, to an extent, by asset movements.
Keeping it simple
What was the impact of movements on the Schemes\u2019 assets and liabilities?
The notes above describe how the Scheme obligations and assets are comprised and measured.
The following note sets out the impact of various movements and expenses of the Scheme on
the Group\u2019s financial statements.
Amounts recognised through the Consolidated Income Statement
Amounts recognised through the Consolidated Income Statement are as follows:
2025 2024
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(7)
(7)
(7)
Amount charged to exceptional costs:
Past service costs
(49)
\u2013
Amounts credited to net financing cost
Net interest on Scheme assets and defined benefit obligation
8
8
Total credit in the Consolidated Income Statement
(48)
1
Amounts recognised through the Consolidated Statement of Comprehensive Income
The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2025 2024
\u00a3m \u00a3m
Remeasurement gains/(losses)
Gain/(loss) on scheme assets excluding interest income
8
(180)
Actuarial (losses)/gains on liabilities arising from change in:
\u2013 experience adjustments
(7)
(7)
\u2013 financial assumptions
32
142
\u2013 demographic assumptions
(17)
14
8
149
Total recognised in the Consolidated Statement of Comprehensive Income
16
(31)
The actuarial gain of \u00a38 million (2024: \u00a3149 million) on the Schemes\u2019 liabilities was principally due
to the reduction in market implied inflation which reduced the value of the liabilities. This actuarial
gain was partially offset by the change to the mortality assumptions, which increased the value of
the liabilities.
The \u00a38 million gain (2024: \u00a3180 million loss) on the Schemes\u2019 assets was principally due to the change in the fair value of the combined longevity swap and cash flow swap, increasing the value of the assets. This has been partially offset by the decrease in market implied inflation, reducing the value of the inflation-linked assets. Addressing the defined benefit pension deficit Keeping it simple The Group works closely with the Trustee to agree appropriate levels of funding for the Scheme. This involves agreeing a Schedule of Contributions at each triennial valuation, which specifies the contribution rates for the employer and, where relevant, scheme beneficiaries and the date these contributions are due. A recovery plan setting out the steps that will be taken to address a funding shortfall is also agreed. In the event that the Group\u2019s defined benefit scheme is in a net liability position, the Directors must take steps to manage the size of the deficit. Apart from the funding agreements mentioned above, this could involve pledging additional assets to the Scheme, as was the case in the SDN and London Television Centre pension funding partnerships. The levels of ongoing contributions to the Scheme are based on the expected future cash flows of the Scheme. Contributions in 2025 for administration expenses are \u00a37 million (2024: \u00a37 million). The Group had two asset-backed pension funding agreements with the Trustee in the year \u2013 the SDN pension funding partnership and the London Television Centre pension funding partnership which were set up in 2010 and 2014 respectively to address the pension deficit at that time. SDN Pension Funding Partnership In 2010, to address the deficit on the defined benefit pension scheme, ITV established a Pension Funding Partnership (PFP) with the Trustees backed by SDN. The PFP was subsequently extended in 2011 and amended in 2022. On 17 December 2025, the Group and the Trustees agreed to exit and unwind the PFP and the partnership was dissolved on 19 December 2025. The Group made a one-off payment of \u00a325 million to the Scheme and has provided a \u00a375 million surety bond as collateral for any payments that may be due to the Scheme, albeit no further payments are anticipated. SDN is no longer provided as collateral for future payments to the Scheme. London Television Centre Pension Funding Partnership In 2014, ITV established a Pension Funding Partnership with the Trustees backed by the London Television Centre, which resulted in the assets of Section A of the defined benefit pension scheme being increased by \u00a350 million. In November 2019, the London Television Centre was sold. \u00a350 million of the proceeds was previously held in a restricted bank account as a replacement asset in the pension funding arrangement. In 2022, this security was replaced with a surety bond and the cash was released to the Group. This structure continues to be reviewed. The Scheme\u2019s interest in these Partnerships reduces any deficit on a funding basis but does not impact any deficit on an IAS 19 basis as the Scheme\u2019s interest is not a transferrable financial instrument. Defined benefit funding contributions The accounting surplus or deficit does not drive the funding contribution. The Group\u2019s funding contributions in 2025 were \u00a33 million (31 December 2024: \u00a33 million), relating to the annual payment under London Television Centre Pension Funding Partnership. The Group also made the following one-off additional contributions to the ITV Pension Scheme: \u00a312 million, funded through the sale and maturing of gilts (other pension assets), following the transfer of liabilities for pensioners who receive a pension from the Unfunded Scheme \u00a325 million into the Scheme and \u00a36 million to the Pension Protection Fund (PPF) under the agreements in relation to the transfer of the Box Clever Group Pension Scheme \u00a325 million in relation to the unwind of the SDN Pension funding partnership Deficit contributions are agreed with the Trustees following the triennial valuations. The ITV Pension Scheme is in surplus following the latest triennial valuations; therefore no deficit contributions are payable. The payments due under the London Television Centre PFP (\u00a33 million) will be assessed annually. Other matters IFRIC 14 clarifies how the asset ceiling rules should be applied if the Schemes are expected to be in surplus, for example as a result of deficit funding agreements. The Group has determined that it has an unconditional right to a refund of any surplus assets if the Schemes are run off until the last member dies. On this basis, IFRIC 14 rules do not cause any change in the pension deficit accounting or disclosures. In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made between 1997 and 2016, without the correct actuarial certification, were not valid. In July 2024, the Court of Appeal upheld the High Court\u2019s decision that based on the relevant legislation at the time, that a written actuarial confirmation was required in many circumstances where an alteration to the scheme\u2019s rules affected pension benefits attributable to past or future service benefits. Without evidence of a written confirmation, an amendment could be void. The decision does not give any guidance on what evidence would be sufficient. The Pension Schemes Bill 2025 includes draft legislation that enables affected pension schemes to treat historical benefit changes as valid if they obtain with retrospective effect written actuarial confirmation that historical benefit changes met the necessary standards and for amendments to schemes who have been wound-up before the legislation comes into force to be treated as always being valid. The Group has not yet completed its review of the historical rule amendments; however, when the new legislation is enacted, any potential impact could be mitigated by requesting retrospective confirmation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-587": { "value": "
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2025 cash flow movements 2025
\u00a3m \u00a3m
\u00a3m
Reclassifications
\u00a3m \u00a3m
Loans and facilities due within
one year
(10)
(17)
17
(313)
(2)
(325)
Loans and facilities due after
one year
(723)
\u2013
\u2013
313
(30)
(440)
Total loans and facilities
(733)
(17)
17
\u2013
(32)
(765)
Currency component of
forwards and swaps held against
euro-denominated bonds
(20)
\u2013
\u2013
\u2013
28
8
Lease liabilities
(105)
(2)
26
\u2013
(30)
(111)
Total debt
(858)
(19)
43
\u2013
(34)
(868)
Cash
296
\u2013
(69)
\u2013
(6)
221
Cash equivalents
131
\u2013
(51)
\u2013
1
81
Total cash and cash equivalents
427
\u2013
(120)
\u2013
(5)
302
Net debt
(431)
(19)
(77)
\u2013
(39)
(566)
1 Loans on acquisitions includes \u00a33 million from the acquisition of Moonage and \u00a314 million (\u20ac16 million) from the acquisition of
Plano a Plano
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2024 cash flow movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(5)
(6)
1
\u2013
(10)
Loans and facilities due after one year
(758)
\u2013
5
30
(723)
Total loans and facilities
(763)
(6)
6
30
(733)
Currency component of forwards and swaps
held against euro-denominated bonds
2
(15)
\u2013
10
(15)
(20)
Lease liabilities
(115)
\u2013
25
(15)
(105)
Total debt
(893)
(6)
41
\u2013
(858)
Cash
215
\u2013
86
(5)
296
Cash equivalents
125
\u2013
4
2
131
Total cash and cash equivalents
340
\u2013
90
(3)
427
Net debt
(553)
(6)
131
(3)
(431)
1 Loans on acquisitions includes \u00a36 million from the acquisition of Eagle Eye
2 Net cash flow from currency component of forwards and swaps relates to the euro-denominated bond repaid in 2024
In June 2025, the Group entered into a new \u00a3300 million term loan facility. This committed facility has been put in place ahead of the September 2026 bond maturing. The term loan facility is available for drawing from 26 June 2026 and matures three years from the date it is drawn. Available facilities In addition to the new \u00a3300 million term loan facility, the Group also has good access to liquidity from the following: The Group has \u00a3500 million of committed funding through an RCF with a group of relationship banks, which matures in January 2029. At 31 December 2025, the facility was undrawn (31 December 2024: undrawn). The RCF documentation defines a leverage covenant (which has to be maintained at less than 3.5x) and an interest cover covenant (which has to be maintained at greater than 3.0x). Both are tested at 30 June and 31 December each year. All financial covenants were met and the facility remains available at 31 December 2025. This RCF contains Scope 1, 2 and 3 greenhouse gas emissions targets which align to ITV\u2018s stated objective to have Net Zero carbon emissions by 2030. These targets are measured at the end of each financial year and independently verified in July following the relevant December year end. Scope 1 and 2 emissions are measured separately to Scope 3 emissions. The margin on the facility reduces by 2.5bps if Scope 1, 2 and 3 targets are met, by 1.25bps if either Scope 1 and 2 targets are met or Scope 3 targets are met and increases by 2.5bps if neither target is met. Failing to meet targets does not impact the availability of the RCF. The Group met Scope 1, 2 and 3 targets for 2024; those emissions were verified in June 2025. Over the life of the facility, it may be necessary to recalibrate the baseline emissions level set in 2019, particularly in relation to Scope 3 emissions and there is a mechanism in the RCF documentation that allows for this. The Group has \u00a3100 million of committed funding via a bilateral RCF, which matures in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned to the \u00a3500 million RCF facility. The facility was undrawn at 30 December 2025 (31 December 2024: undrawn). The Group has a \u00a3200 million bilateral loan facility which matures December 2030. Utilisations on this facility are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS). The facility has a committed accreting profile, and the full \u00a3200 million is available from 1 January 2026. At 31 December 2024, the Group had \u00a350 million of the facility available. The facility is free of financial covenants and is currently undrawn (31 December 2024: undrawn). The Group has a \u00a3300 million bilateral loan facility, which matures on 30 June 2026. Utilisation requests are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS) in the market at the time the utilisation request is made. The facility remains free of financial covenants. The facility is currently undrawn (31 December 2024: undrawn). ", "dimensions": { "concept": "itvplc:DisclosureOfNetDebt", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-632": { "value": "
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2025 cash flow movements 2025
\u00a3m \u00a3m
\u00a3m
Reclassifications
\u00a3m \u00a3m
Loans and facilities due within
one year
(10)
(17)
17
(313)
(2)
(325)
Loans and facilities due after
one year
(723)
\u2013
\u2013
313
(30)
(440)
Total loans and facilities
(733)
(17)
17
\u2013
(32)
(765)
Currency component of
forwards and swaps held against
euro-denominated bonds
(20)
\u2013
\u2013
\u2013
28
8
Lease liabilities
(105)
(2)
26
\u2013
(30)
(111)
Total debt
(858)
(19)
43
\u2013
(34)
(868)
Cash
296
\u2013
(69)
\u2013
(6)
221
Cash equivalents
131
\u2013
(51)
\u2013
1
81
Total cash and cash equivalents
427
\u2013
(120)
\u2013
(5)
302
Net debt
(431)
(19)
(77)
\u2013
(39)
(566)
1 Loans on acquisitions includes \u00a33 million from the acquisition of Moonage and \u00a314 million (\u20ac16 million) from the acquisition of Plano a Plano
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2024 cash flow movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(5)
(6)
1
\u2013
(10)
Loans and facilities due after one year
(758)
\u2013
5
30
(723)
Total loans and facilities
(763)
(6)
6
30
(733)
Currency component of forwards and swaps
held against euro-denominated bonds
2
(15)
\u2013
10
(15)
(20)
Lease liabilities
(115)
\u2013
25
(15)
(105)
Total debt
(893)
(6)
41
\u2013
(858)
Cash
215
\u2013
86
(5)
296
Cash equivalents
125
\u2013
4
2
131
Total cash and cash equivalents
340
\u2013
90
(3)
427
Net debt
(553)
(6)
131
(3)
(431)
1 Loans on acquisitions includes \u00a36 million from the acquisition of Eagle Eye 2 Net cash flow from currency component of forwards and swaps relates to the euro-denominated bond repaid in 2024 In June 2025, the Group entered into a new \u00a3300 million term loan facility. This committed facility has been put in place ahead of the September 2026 bond maturing. The term loan facility is available for drawing from 26 June 2026 and matures three years from the date it is drawn. Available facilities In addition to the new \u00a3300 million term loan facility, the Group also has good access to liquidity from the following: The Group has \u00a3500 million of committed funding through an RCF with a group of relationship banks, which matures in January 2029. At 31 December 2025, the facility was undrawn (31 December 2024: undrawn). The RCF documentation defines a leverage covenant (which has to be maintained at less than 3.5x) and an interest cover covenant (which has to be maintained at greater than 3.0x). Both are tested at 30 June and 31 December each year. All financial covenants were met and the facility remains available at 31 December 2025. This RCF contains Scope 1, 2 and 3 greenhouse gas emissions targets which align to ITV\u2018s stated objective to have Net Zero carbon emissions by 2030. These targets are measured at the end of each financial year and independently verified in July following the relevant December year end. Scope 1 and 2 emissions are measured separately to Scope 3 emissions. The margin on the facility reduces by 2.5bps if Scope 1, 2 and 3 targets are met, by 1.25bps if either Scope 1 and 2 targets are met or Scope 3 targets are met and increases by 2.5bps if neither target is met. Failing to meet targets does not impact the availability of the RCF. The Group met Scope 1, 2 and 3 targets for 2024; those emissions were verified in June 2025. Over the life of the facility, it may be necessary to recalibrate the baseline emissions level set in 2019, particularly in relation to Scope 3 emissions and there is a mechanism in the RCF documentation that allows for this. The Group has \u00a3100 million of committed funding via a bilateral RCF, which matures in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned to the \u00a3500 million RCF facility. The facility was undrawn at 30 December 2025 (31 December 2024: undrawn). The Group has a \u00a3200 million bilateral loan facility which matures December 2030. Utilisations on this facility are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS). The facility has a committed accreting profile, and the full \u00a3200 million is available from 1 January 2026. At 31 December 2024, the Group had \u00a350 million of the facility available. The facility is free of financial covenants and is currently undrawn (31 December 2024: undrawn). The Group has a \u00a3300 million bilateral loan facility, which matures on 30 June 2026. Utilisation requests are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS) in the market at the time the utilisation request is made. The facility remains free of financial covenants. The facility is currently undrawn (31 December 2024: undrawn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-678": { "value": "
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2025 cash flow movements 2025
\u00a3m \u00a3m
\u00a3m
Reclassifications
\u00a3m \u00a3m
Loans and facilities due within
one year
(10)
(17)
17
(313)
(2)
(325)
Loans and facilities due after
one year
(723)
\u2013
\u2013
313
(30)
(440)
Total loans and facilities
(733)
(17)
17
\u2013
(32)
(765)
Currency component of
forwards and swaps held against
euro-denominated bonds
(20)
\u2013
\u2013
\u2013
28
8
Lease liabilities
(105)
(2)
26
\u2013
(30)
(111)
Total debt
(858)
(19)
43
\u2013
(34)
(868)
Cash
296
\u2013
(69)
\u2013
(6)
221
Cash equivalents
131
\u2013
(51)
\u2013
1
81
Total cash and cash equivalents
427
\u2013
(120)
\u2013
(5)
302
Net debt
(431)
(19)
(77)
\u2013
(39)
(566)
1 Loans on acquisitions includes \u00a33 million from the acquisition of Moonage and \u00a314 million (\u20ac16 million) from the acquisition of Plano a Plano
Currency
and
1 January
Acquisitions
1
Net non-cash 31 December
2024 cash flow movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(5)
(6)
1
\u2013
(10)
Loans and facilities due after one year
(758)
\u2013
5
30
(723)
Total loans and facilities
(763)
(6)
6
30
(733)
Currency component of forwards and swaps
held against euro-denominated bonds
2
(15)
\u2013
10
(15)
(20)
Lease liabilities
(115)
\u2013
25
(15)
(105)
Total debt
(893)
(6)
41
\u2013
(858)
Cash
215
\u2013
86
(5)
296
Cash equivalents
125
\u2013
4
2
131
Total cash and cash equivalents
340
\u2013
90
(3)
427
Net debt
(553)
(6)
131
(3)
(431)
1 Loans on acquisitions includes \u00a36 million from the acquisition of Eagle Eye 2 Net cash flow from currency component of forwards and swaps relates to the euro-denominated bond repaid in 2024 In June 2025, the Group entered into a new \u00a3300 million term loan facility. This committed facility has been put in place ahead of the September 2026 bond maturing. The term loan facility is available for drawing from 26 June 2026 and matures three years from the date it is drawn. Available facilities In addition to the new \u00a3300 million term loan facility, the Group also has good access to liquidity from the following: The Group has \u00a3500 million of committed funding through an RCF with a group of relationship banks, which matures in January 2029. At 31 December 2025, the facility was undrawn (31 December 2024: undrawn). The RCF documentation defines a leverage covenant (which has to be maintained at less than 3.5x) and an interest cover covenant (which has to be maintained at greater than 3.0x). Both are tested at 30 June and 31 December each year. All financial covenants were met and the facility remains available at 31 December 2025. This RCF contains Scope 1, 2 and 3 greenhouse gas emissions targets which align to ITV\u2018s stated objective to have Net Zero carbon emissions by 2030. These targets are measured at the end of each financial year and independently verified in July following the relevant December year end. Scope 1 and 2 emissions are measured separately to Scope 3 emissions. The margin on the facility reduces by 2.5bps if Scope 1, 2 and 3 targets are met, by 1.25bps if either Scope 1 and 2 targets are met or Scope 3 targets are met and increases by 2.5bps if neither target is met. Failing to meet targets does not impact the availability of the RCF. The Group met Scope 1, 2 and 3 targets for 2024; those emissions were verified in June 2025. Over the life of the facility, it may be necessary to recalibrate the baseline emissions level set in 2019, particularly in relation to Scope 3 emissions and there is a mechanism in the RCF documentation that allows for this. The Group has \u00a3100 million of committed funding via a bilateral RCF, which matures in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned to the \u00a3500 million RCF facility. The facility was undrawn at 30 December 2025 (31 December 2024: undrawn). The Group has a \u00a3200 million bilateral loan facility which matures December 2030. Utilisations on this facility are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS). The facility has a committed accreting profile, and the full \u00a3200 million is available from 1 January 2026. At 31 December 2024, the Group had \u00a350 million of the facility available. The facility is free of financial covenants and is currently undrawn (31 December 2024: undrawn). The Group has a \u00a3300 million bilateral loan facility, which matures on 30 June 2026. Utilisation requests are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS) in the market at the time the utilisation request is made. The facility remains free of financial covenants. The facility is currently undrawn (31 December 2024: undrawn). Accounting policies Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate method. Under the amortised cost method, the difference between the amount initially recognised and the redemption value is recorded in the Consolidated Income Statement over the period of the borrowing on an effective interest rate basis. Managing credit and liquidity risk Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long- term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure are limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board-approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s, S&P and Fitch. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV. Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of cash and undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium- term debt requirements were provided throughout 2025 through bank credit facilities detailed above. At 31 December 2025, the Group had \u00a31,025 million bank credit facilities available. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. Fair value versus book value The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2025 2024 2025 2024
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
Other short-term loans
Various
12
10
12
10
\u20ac600 million Eurobond
Sept 2026
313
\u2013
312
\u2013
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
\u2013
298
\u2013
292
\u20ac500 million Eurobond
June 2032
436
417
447
420
Other long-term loans
Various
4
8
4
8
Accounting policies Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recorded in the Consolidated Income Statement, except where derivatives qualify for cash flow hedge accounting. In this case, the effective portion of a cash flow hedge is recognised in other comprehensive income and presented in the hedging reserve within equity. The cumulative gain or loss is later reclassified to the Consolidated Income Statement in the same period as the relevant hedged transaction is realised. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Determining fair value The fair value of forward foreign exchange contracts and cross-currency interest rate swaps is determined by the change in price between the contracted rates and the market rates at the reporting date. The contracted cash flows are then discounted by the time remaining to the settlement date of the contract, with a discount curve that incorporates credit risk. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account current interest rates and the Group\u2019s current creditworthiness, as well as that of the swap counterparties. How do we manage our currency and interest rate risk? Currency risk As the Group expands its international operations, the performance of the business becomes increasingly sensitive to movements in foreign exchange rates, primarily with respect to the US dollar and the euro. The Group\u2019s foreign exchange policy is to use forward foreign exchange contracts to hedge material non-functional currency-denominated costs or revenue for up to five years forward. The Group ensures that its net exposure to foreign currency-denominated cash balances is kept to a minimal level, where necessary using foreign currency swaps to exchange balances back into sterling or by buying or selling foreign currencies at spot rates. The Group also utilises foreign exchange swaps and cross-currency interest rate swaps both to manage foreign currency cash flow timing differences and to hedge foreign currency-denominated monetary items. The following table highlights the Group\u2019s exposure to foreign currency risk resulting from a 10% strengthening/weakening in sterling against the US dollar, euro and Australian dollar, assuming all other variables are held constant:
Impact on Impact on
profit before profit before Impact on Impact on
tax tax Equity Equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(15)
(9)
8
8
US dollar \u2013 decrease 10%
19
11
(10)
(9)
Euro \u2013 increase 10%
(6)
(1)
3
3
Euro \u2013 decrease 10%
2
2
(3)
(2)
Australian dollar \u2013 increase 10%
(2)
(2)
(2)
1
Australian dollar \u2013 decrease 10%
2
3
4
(1)
Interest rate risk The Group\u2019s interest rate policy is to allow fixed rate gross debt to vary between 20% and 100% of total gross debt to accommodate floating rate borrowings under the Revolving Credit Facility. For financial assets and liabilities classified at fair value through profit or loss, the movements in the year relating to changes in fair value and interest are not separated. At 31 December 2025, the Group\u2019s fixed rate debt represented 71% of total gross debt (2024: 71%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. What is the value of our derivative financial instruments? The following table shows the fair value of derivative financial instruments analysed by type of contract. Interest rate swap fair values exclude accrued interest.
Assets Liabilities
At 31 December 2025 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
4
(1)
Foreign exchange forward contracts and swaps \u2013 fair value through profit
or loss
1
\u2013
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(5)
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
5
\u2013
Cross-currency interest swaps \u2013 fair value hedges
8
\u2013
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
\u2013
19
(6)
Assets Liabilities
At 31 December 2024 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
3
(2)
Foreign exchange forward contracts and swaps \u2013 fair value through profit
or loss
1
(1)
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(18)
Cross-currency interest swaps \u2013 fair value hedges
\u2013
(2)
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
\u2013
5
(23)
Cash flow hedges The Group applies hedge accounting for certain foreign currency firm commitments and highly probable cash flows where the underlying cash flows are payable within the next five years. In order to fix the sterling cash outflows associated with the commitments and interest payments \u2013 which are mainly denominated in US dollars or euros \u2013 the Group has taken out forward foreign exchange contracts and cross-currency interest rate swaps for the same foreign currency amount and maturity date as the expected foreign currency outflow. There is an economic relationship between the hedged items (being between 60% to 100% of the total exposure) and the hedging instruments as the terms of the foreign exchange forward contracts and cross-currency interest rate swaps match the terms of the expected highly probable forecast transactions or firm commitments (i.e. % notional amount and expected receipt or payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange forward contracts are identical to the hedged risk components. Sources of ineffectiveness include: Differences in the timing of the cash flows of the hedged items and the hedging instruments The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items Changes to the forecasted amount of cash flows of hedged items and hedging instruments The Group uses the hedge relationship, credit risk and hedge ratio to measure the hedge effectiveness. The amount recognised in other comprehensive income during the year all relates to the effective portion of the revaluation loss associated with these contracts. A cumulative gain of \u00a331 million (2024: \u00a320 million of cumulative loss) was recycled to the Consolidated Income statement to offset movements on the hedged item, a residual value of less than a million (2024: less than a million) remained on the income statement which was not offset. Under IFRS 9, the Group has adopted the \u2018cost of hedging\u2019 approach which allows the recognition of the value of the currency basis at inception of the hedge to be recorded on the Consolidated Statement of Financial Position and amortised through net financing costs in the Consolidated Income Statement over the life of the bond. Any mark-to-market change in fair value of the currency basis is recognised in \u2018cost of hedging\u2019 in the Consolidated Statement of Comprehensive Income. Fair value hedges The Group has cross-currency interest rate swaps to hedge the exposure to changes in the fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Consolidated Income Statement together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of the cross-currency interest rate swaps hedging fixed rate borrowings is recognised in the Consolidated Income Statement within net financing costs together with changes in the fair value of the hedged fixed-rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognised in the Consolidated Income Statement. All fair value hedges were highly effective throughout the year. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to the Consolidated Income Statement over the period to maturity using a recalculated effective interest rate. Undiscounted financial liabilities Keeping it simple The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities (including derivatives). The amounts disclosed in the table are the contractual undiscounted cash flows (including interest), so will not always reconcile with the amounts disclosed on the Statement of Financial Position.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(765)
(899)
(348)
(20)
(58)
(473)
Lease liabilities
(111)
(130)
(21)
(17)
(51)
(41)
Trade and other payables
(972)
(972)
(917)
(28)
(27)
\u2013
Other payables \u2013 non-current
(42)
(42)
\u2013
(38)
(4)
\u2013
Other payables \u2013 commitments
on acquisitions
(42)
(115)
1
(8)
(17)
(54)
(36)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
5
240
157
57
26
\u2013
Outflow
(1)
(234)
(153)
(56)
(25)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
5
600
327
9
28
236
Outflow
(5)
(619)
(341)
(12)
(37)
(229)
Cross-currency swaps \u2013 fair value hedges
Inflow
8
282
9
9
28
236
Outflow
\u2013
(292)
(13)
(12)
(37)
(230)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
144
127
15
2
\u2013
Outflow
\u2013
(143)
(126)
(15)
(2)
\u2013
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(733)
(878)
(32)
(321)
(58)
(467)
Lease liabilities
(105)
(175)
(19)
(21)
(63)
(72)
Trade and other payables
(929)
(929)
(896)
(18)
(15)
\u2013
Other payables \u2013 non-current
(32)
(32)
\u2013
(32)
\u2013
\u2013
Other payables \u2013 commitments
on acquisitions
(34)
(105)
1
(5)
(15)
(42)
(43)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
4
198
154
40
4
\u2013
Outflow
(2)
(197)
(153)
(40)
(4)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
583
13
311
26
233
Outflow
(18)
(641)
(22)
(341)
(37)
(241)
Cross-currency swaps \u2013 fair value hedges
Inflow
\u2013
277
9
9
26
233
Outflow
(2)
(320)
(14)
(15)
(43)
(248)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
173
166
7
\u2013
\u2013
Outflow
(1)
(172)
(165)
(7)
\u2013
\u2013
(1,851)
(2,218)
(964)
(443)
(206)
(605)
1 Undiscounted expected future payments depending on performance of acquisitions Timing profile of hedging instrument Keeping it simple The Group is required to provide a breakdown that discloses a profile of the timing of the nominal amount of the hedging instrument and if applicable, the average price or rate (for example strike or forward prices, etc.) of the hedging instrument. The Group holds the following foreign exchange and cross-currency interest rate swap contracts. Material currency pairs are disclosed in full, whilst immaterial pairs are aggregated.
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2025 1 year years years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(17)
(13)
(15)
\u2013
(45)
Average forward rate (AUD/GBP)
2.1098
2.0727
2.0526
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
31
8
\u2013
\u2013
39
Average forward rate (EUR/GBP)
1.1482
1.1115
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
19
22
1
\u2013
42
Average forward rate (USD/GBP)
1.1855
1.3277
1.3350
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
16
7
\u2013
\u2013
23
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
320
\u2013
\u2013
421
741
Average hedge rate (EUR/GBP)
1.1264
\u2013
\u2013
1.1854
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2024 1 year years years
5 years
Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(13)
8
\u2013
\u2013
(5)
Average forward rate (AUD/GBP)
1.8937
1.9324
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
24
8
\u2013
\u2013
32
Average forward rate (EUR/GBP)
1.1495
1.1725
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(21)
18
(1)
\u2013
(4)
Average forward rate (USD/GBP)
1.2601
1.2970
1.2892
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
10
9
3
\u2013
22
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
320
\u2013
421
741
Average hedge rate (EUR/GBP)
\u2013
1.1264
\u2013
1.1854
Impact of hedged items on Consolidated Statement of Financial Position,
Consolidated Statement of Other Comprehensive Income and
Consolidated Statement of Changes in Equity
Keeping it simple
This table provides the following details in relation to cash flow hedges and fair value hedges:
The change in value of the hedged item used as the basis for recognising hedge
ineffectiveness for the year
The balance in the cash flow hedge reserve relating to continuing hedges
The impact of hedged items on the Consolidated Statement of Financial Position is as follows:
Cash flow hedge
2025
2024
Pre-tax Pre-tax Pre-tax
Change in fair closing closing Change in fair Pre-tax closing
value used for cash flow cost of value used for closing cash cost of
measuring hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly
probable/firm commitment
forecast transactions
4
5
\u2013
(2)
1
\u2013
Borrowings
(7)
2
(2)
9
12
(4)
The hedging (loss)/gain recognised in the Consolidated Statement of Changes in Equity before tax is
equal to the change in fair value used for measuring effectiveness. There is less than a million
pounds of ineffectiveness recognised in the Consolidated Income Statement.
Fair value hedge
2025
2024
Pre-tax Pre-tax
Change in closing Change in closing
Change in fair fair value of cost of Change in fair fair value of cost of
value of hedged hedging hedging value of hedged hedging hedging
item instrument reserve item instrument reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(7)
9
(1)
(3)
(1)
(2)
Keeping it simple This table details the effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income. The effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income is as follows:
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2025 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Net
commitment financing Cost of sales/
forecast transactions
4
\u2013
cost
\u2013
(4)
overheads
Net
financing Net financing
Borrowings
(7)
\u2013
cost
2
(27)
cost
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2024 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/
firm commitment Cost of sales/
forecast transactions
(2)
\u2013
\u2013
\u2013
(3)
overheads
Net
financing Net financing
Borrowings
9
(1)
cost
(2)
23
cost
Keeping it simple This table provides a reconciliation of each component of the translation reserve reported within equity and an analysis of other comprehensive income in accordance with IAS 1. Set out below is the reconciliation of each component of the translation reserve reported in the Consolidated Statement of Changes in Equity and the analysis of other comprehensive income:
Cash Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
7
(3)
74
78
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
1
\u2013
\u2013
1
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
(12)
(2)
\u2013
(14)
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(3)
\u2013
\u2013
(3)
CCIRS reclassified to finance costs
23
\u2013
\u2013
23
Net gain on cash flow hedges and cost of hedging
9
(2)
\u2013
7
Exchange differences on translation of foreign operations
\u2013
\u2013
(4)
(4)
Income tax charge on other comprehensive income/(expense)
(2)
\u2013
\u2013
(2)
As at 31 December 2024
14
(5)
70
79
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
9
\u2013
\u2013
9
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
17
2
\u2013
19
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(4)
\u2013
\u2013
(4)
CCIRS reclassified to finance costs
(27)
\u2013
\u2013
(27)
Net loss on cash flow hedges and cost of hedging
(5)
2
\u2013
(3)
Exchange differences on translation of foreign operations
\u2013
\u2013
(27)
(27)
Income tax credit on other comprehensive income/(expense)
1
\u2013
\u2013
1
As at 31 December 2025
10
(3)
43
50
Netting arrangements of financial instruments Keeping it simple This section details the Group\u2019s financial assets and financial liabilities that are subject to netting and set-off arrangements. Financial assets and liabilities that do not meet the criteria for offsetting on the Consolidated Statement of Financial Position but could be settled net in certain circumstances principally relate to derivative transactions executed under ISDA agreements where each party has the option to settle amounts on a net basis in the event of default of the other party.
Net financial Related
Gross collateral assets/liabilities amounts not
Gross financial assets/liabilities per balance set-off in the
assets/liabilities set-off sheet balance sheet Net
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial
instruments
19
\u2013
19
(6)
13
Cash and cash equivalents
302
\u2013
302
\u2013
302
Liabilities
Derivative financial
instruments
(6)
\u2013
(6)
6
\u2013
Loans and facilities
(765)
\u2013
(765)
\u2013
(765)
Related
Gross collateral Net financial amounts not
Gross financial assets/liabilities assets/liabilities set-off in the
assets/liabilities set-off per balance sheet balance sheet Net
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial
instruments
5
\u2013
5
(5)
\u2013
Cash and cash equivalents
427
\u2013
427
\u2013
427
Liabilities
Derivative financial
instruments
(23)
\u2013
(23)
5
(18)
Loans and facilities
(733)
\u2013
(733)
\u2013
(733)
4.5 FAIR VALUE HIERARCHY Keeping it simple The financial instruments included in the Consolidated Statement of Financial Position are measured at either fair value or amortised cost. The measurement of this fair value can in some cases be subjective, and can depend on the inputs used in the calculations. The Group generally uses external valuations using market inputs or market values (e.g. external share prices). The different valuation methods are called \u2018hierarchies\u2019 and are described below. Level 1 Fair values are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values are measured using inputs, other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly. Interest rate swaps and options are accounted for at their fair value based upon exit prices at the current reporting period. Forward foreign exchange contracts are accounted for at the difference between the contract exchange rate and the quoted forward exchange rate at the reporting date. Level 3 Fair values are measured using inputs for the asset or liability that are not based on observable market data. The tables below set out the financial instruments included on the Consolidated Statement of Financial Position at fair value:
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
33
33
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
81
81
\u2013
\u2013
Equity investments (see note 3.6)
32
\u2013
\u2013
32
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
Cross-currency interest rate swaps \u2013 fair value hedges
8
\u2013
8
\u2013
Financial assets at fair value through reserves
Cash flow hedges
10
\u2013
10
\u2013
165
114
19
32
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(18)
\u2013
\u2013
(18)
Financial liabilities at fair value through reserves
Cash flow hedges
(6)
\u2013
(6)
\u2013
(24)
\u2013
(6)
(18)
There have been no changes in the classification of assets and liabilities and there have been no movements within levels. Information on the fair value measurements of level 3 assets and liabilities is detailed in the relevant notes referenced above.
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
45
45
\u2013
\u2013
Financial instruments at fair value through profit
or loss
Money market funds
131
131
\u2013
\u2013
Equity investments (see note 3.6)
31
\u2013
\u2013
31
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
214
176
5
33
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(21)
\u2013
\u2013
(21)
Foreign exchange forward contracts and swaps
(1)
\u2013
(1)
\u2013
Cross-currency interest rate swaps \u2013 fair value hedges
(2)
\u2013
(2)
\u2013
Financial liabilities at fair value through reserves
Cash flow hedges
(20)
\u2013
(20)
\u2013
(44)
\u2013
(23)
(21)
Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-588": { "value": "Accounting policies Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate method. Under the amortised cost method, the difference between the amount initially recognised and the redemption value is recorded in the Consolidated Income Statement over the period of the borrowing on an effective interest rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-589": { "value": "Managing credit and liquidity risk Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long- term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure are limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board-approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s, S&P and Fitch. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV. Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of cash and undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium- term debt requirements were provided throughout 2025 through bank credit facilities detailed above. At 31 December 2025, the Group had \u00a31,025 million bank credit facilities available. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. Fair value versus book value The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2025 2024 2025 2024
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
Other short-term loans
Various
12
10
12
10
\u20ac600 million Eurobond
Sept 2026
313
\u2013
312
\u2013
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
\u2013
298
\u2013
292
\u20ac500 million Eurobond
June 2032
436
417
447
420
Other long-term loans
Various
4
8
4
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-659": { "value": "Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-660": { "value": "Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of cash and undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium- term debt requirements were provided throughout 2025 through bank credit facilities detailed above. At 31 December 2025, the Group had \u00a31,025 million bank credit facilities available. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-590": { "value": "Accounting policies Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recorded in the Consolidated Income Statement, except where derivatives qualify for cash flow hedge accounting. In this case, the effective portion of a cash flow hedge is recognised in other comprehensive income and presented in the hedging reserve within equity. The cumulative gain or loss is later reclassified to the Consolidated Income Statement in the same period as the relevant hedged transaction is realised. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-591": { "value": "Determining fair value The fair value of forward foreign exchange contracts and cross-currency interest rate swaps is determined by the change in price between the contracted rates and the market rates at the reporting date. The contracted cash flows are then discounted by the time remaining to the settlement date of the contract, with a discount curve that incorporates credit risk. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account current interest rates and the Group\u2019s current creditworthiness, as well as that of the swap counterparties. How do we manage our currency and interest rate risk? Currency risk As the Group expands its international operations, the performance of the business becomes increasingly sensitive to movements in foreign exchange rates, primarily with respect to the US dollar and the euro. The Group\u2019s foreign exchange policy is to use forward foreign exchange contracts to hedge material non-functional currency-denominated costs or revenue for up to five years forward. The Group ensures that its net exposure to foreign currency-denominated cash balances is kept to a minimal level, where necessary using foreign currency swaps to exchange balances back into sterling or by buying or selling foreign currencies at spot rates. The Group also utilises foreign exchange swaps and cross-currency interest rate swaps both to manage foreign currency cash flow timing differences and to hedge foreign currency-denominated monetary items.
The following table highlights the Group\u2019s exposure to foreign currency risk resulting from a 10%
strengthening/weakening in sterling against the US dollar, euro and Australian dollar, assuming all
other variables are held constant:
Impact on Impact on
profit before profit before Impact on Impact on
tax tax Equity Equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(15)
(9)
8
8
US dollar \u2013 decrease 10%
19
11
(10)
(9)
Euro \u2013 increase 10%
(6)
(1)
3
3
Euro \u2013 decrease 10%
2
2
(3)
(2)
Australian dollar \u2013 increase 10%
(2)
(2)
(2)
1
Australian dollar \u2013 decrease 10%
2
3
4
(1)
Interest rate risk
The Group\u2019s interest rate policy is to allow fixed rate gross debt to vary between 20% and 100% of
total gross debt to accommodate floating rate borrowings under the Revolving Credit Facility.
For financial assets and liabilities classified at fair value through profit or loss, the movements in the
year relating to changes in fair value and interest are not separated.
At 31 December 2025, the Group\u2019s fixed rate debt represented 71% of total gross debt (2024: 71%),
therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest
do not materially affect the Group\u2019s net interest charge.
What is the value of our derivative financial instruments?
The following table shows the fair value of derivative financial instruments analysed by type of
contract. Interest rate swap fair values exclude accrued interest.
Assets Liabilities
At 31 December 2025 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
4
(1)
Foreign exchange forward contracts and swaps \u2013 fair value through profit
or loss
1
\u2013
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(5)
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
5
\u2013
Cross-currency interest swaps \u2013 fair value hedges
8
\u2013
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
\u2013
19
(6)
Assets Liabilities
At 31 December 2024 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
3
(2)
Foreign exchange forward contracts and swaps \u2013 fair value through profit
or loss
1
(1)
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(18)
Cross-currency interest swaps \u2013 fair value hedges
\u2013
(2)
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
\u2013
5
(23)
Cash flow hedges The Group applies hedge accounting for certain foreign currency firm commitments and highly probable cash flows where the underlying cash flows are payable within the next five years. In order to fix the sterling cash outflows associated with the commitments and interest payments \u2013 which are mainly denominated in US dollars or euros \u2013 the Group has taken out forward foreign exchange contracts and cross-currency interest rate swaps for the same foreign currency amount and maturity date as the expected foreign currency outflow. There is an economic relationship between the hedged items (being between 60% to 100% of the total exposure) and the hedging instruments as the terms of the foreign exchange forward contracts and cross-currency interest rate swaps match the terms of the expected highly probable forecast transactions or firm commitments (i.e. % notional amount and expected receipt or payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange forward contracts are identical to the hedged risk components. Sources of ineffectiveness include: Differences in the timing of the cash flows of the hedged items and the hedging instruments The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items Changes to the forecasted amount of cash flows of hedged items and hedging instruments The Group uses the hedge relationship, credit risk and hedge ratio to measure the hedge effectiveness.
The amount recognised in other comprehensive income during the year all relates to the effective
portion of the revaluation loss associated with these contracts. A cumulative gain of \u00a331 million
(2024: \u00a320 million of cumulative loss) was recycled to the Consolidated Income statement to offset
movements on the hedged item, a residual value of less than a million (2024: less than a million)
remained on the income statement which was not offset.
Under IFRS 9, the Group has adopted the \u2018cost of hedging\u2019 approach which allows the recognition
of the value of the currency basis at inception of the hedge to be recorded on the Consolidated
Statement of Financial Position and amortised through net financing costs in the Consolidated
Income Statement over the life of the bond. Any mark-to-market change in fair value of the currency
basis is recognised in \u2018cost of hedging\u2019 in the Consolidated Statement of Comprehensive Income.
Fair value hedges
The Group has cross-currency interest rate swaps to hedge the exposure to changes in the fair value
of fixed rate borrowings due to interest rate and foreign currency movements which could affect the
income statement. Changes in the fair value of derivatives that are designated and qualify as fair
value hedges are recorded in the Consolidated Income Statement together with any changes in the
fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating to the effective portion of the cross-currency interest rate swaps hedging fixed rate
borrowings is recognised in the Consolidated Income Statement within net financing costs together
with changes in the fair value of the hedged fixed-rate borrowings attributable to interest rate risk.
The gain or loss relating to the ineffective portion is recognised in the Consolidated Income
Statement. All fair value hedges were highly effective throughout the year.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to the
Consolidated Income Statement over the period to maturity using a recalculated effective
interest rate.
Undiscounted financial liabilities
Keeping it simple
The Group is required to disclose the expected timings of cash outflows for each of its
financial liabilities (including derivatives). The amounts disclosed in the table are the
contractual undiscounted cash flows (including interest), so will not always reconcile
with the amounts disclosed on the Statement of Financial Position.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(765)
(899)
(348)
(20)
(58)
(473)
Lease liabilities
(111)
(130)
(21)
(17)
(51)
(41)
Trade and other payables
(972)
(972)
(917)
(28)
(27)
\u2013
Other payables \u2013 non-current
(42)
(42)
\u2013
(38)
(4)
\u2013
Other payables \u2013 commitments
on acquisitions
(42)
(115)
1
(8)
(17)
(54)
(36)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
5
240
157
57
26
\u2013
Outflow
(1)
(234)
(153)
(56)
(25)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
5
600
327
9
28
236
Outflow
(5)
(619)
(341)
(12)
(37)
(229)
Cross-currency swaps \u2013 fair value hedges
Inflow
8
282
9
9
28
236
Outflow
\u2013
(292)
(13)
(12)
(37)
(230)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
144
127
15
2
\u2013
Outflow
\u2013
(143)
(126)
(15)
(2)
\u2013
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(733)
(878)
(32)
(321)
(58)
(467)
Lease liabilities
(105)
(175)
(19)
(21)
(63)
(72)
Trade and other payables
(929)
(929)
(896)
(18)
(15)
\u2013
Other payables \u2013 non-current
(32)
(32)
\u2013
(32)
\u2013
\u2013
Other payables \u2013 commitments
on acquisitions
(34)
(105)
1
(5)
(15)
(42)
(43)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
4
198
154
40
4
\u2013
Outflow
(2)
(197)
(153)
(40)
(4)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
583
13
311
26
233
Outflow
(18)
(641)
(22)
(341)
(37)
(241)
Cross-currency swaps \u2013 fair value hedges
Inflow
\u2013
277
9
9
26
233
Outflow
(2)
(320)
(14)
(15)
(43)
(248)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
173
166
7
\u2013
\u2013
Outflow
(1)
(172)
(165)
(7)
\u2013
\u2013
(1,851)
(2,218)
(964)
(443)
(206)
(605)
1 Undiscounted expected future payments depending on performance of acquisitions
Timing profile of hedging instrument
Keeping it simple
The Group is required to provide a breakdown that discloses a profile of the timing of
the nominal amount of the hedging instrument and if applicable, the average price or
rate (for example strike or forward prices, etc.) of the hedging instrument.
The Group holds the following foreign exchange and cross-currency interest rate swap contracts.
Material currency pairs are disclosed in full, whilst immaterial pairs are aggregated.
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2025 1 year years years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(17)
(13)
(15)
\u2013
(45)
Average forward rate (AUD/GBP)
2.1098
2.0727
2.0526
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
31
8
\u2013
\u2013
39
Average forward rate (EUR/GBP)
1.1482
1.1115
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
19
22
1
\u2013
42
Average forward rate (USD/GBP)
1.1855
1.3277
1.3350
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
16
7
\u2013
\u2013
23
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
320
\u2013
\u2013
421
741
Average hedge rate (EUR/GBP)
1.1264
\u2013
\u2013
1.1854
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2024 1 year years years
5 years
Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(13)
8
\u2013
\u2013
(5)
Average forward rate (AUD/GBP)
1.8937
1.9324
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
24
8
\u2013
\u2013
32
Average forward rate (EUR/GBP)
1.1495
1.1725
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(21)
18
(1)
\u2013
(4)
Average forward rate (USD/GBP)
1.2601
1.2970
1.2892
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
10
9
3
\u2013
22
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
320
\u2013
421
741
Average hedge rate (EUR/GBP)
\u2013
1.1264
\u2013
1.1854
Impact of hedged items on Consolidated Statement of Financial Position, Consolidated Statement of Other Comprehensive Income and Consolidated Statement of Changes in Equity Keeping it simple This table provides the following details in relation to cash flow hedges and fair value hedges: The change in value of the hedged item used as the basis for recognising hedge ineffectiveness for the year The balance in the cash flow hedge reserve relating to continuing hedges The impact of hedged items on the Consolidated Statement of Financial Position is as follows: Cash flow hedge
2025
2024
Pre-tax Pre-tax Pre-tax
Change in fair closing closing Change in fair Pre-tax closing
value used for cash flow cost of value used for closing cash cost of
measuring hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly
probable/firm commitment
forecast transactions
4
5
\u2013
(2)
1
\u2013
Borrowings
(7)
2
(2)
9
12
(4)
The hedging (loss)/gain recognised in the Consolidated Statement of Changes in Equity before tax is equal to the change in fair value used for measuring effectiveness. There is less than a million pounds of ineffectiveness recognised in the Consolidated Income Statement. Fair value hedge
2025
2024
Pre-tax Pre-tax
Change in closing Change in closing
Change in fair fair value of cost of Change in fair fair value of cost of
value of hedged hedging hedging value of hedged hedging hedging
item instrument reserve item instrument reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(7)
9
(1)
(3)
(1)
(2)
Keeping it simple This table details the effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income. The effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income is as follows:
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2025 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Net
commitment financing Cost of sales/
forecast transactions
4
\u2013
cost
\u2013
(4)
overheads
Net
financing Net financing
Borrowings
(7)
\u2013
cost
2
(27)
cost
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2024 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/
firm commitment Cost of sales/
forecast transactions
(2)
\u2013
\u2013
\u2013
(3)
overheads
Net
financing Net financing
Borrowings
9
(1)
cost
(2)
23
cost
Keeping it simple
This table provides a reconciliation of each component of the translation reserve reported
within equity and an analysis of other comprehensive income in accordance with IAS 1.
Set out below is the reconciliation of each component of the translation reserve reported in the
Consolidated Statement of Changes in Equity and the analysis of other comprehensive income:
Cash Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
7
(3)
74
78
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
1
\u2013
\u2013
1
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
(12)
(2)
\u2013
(14)
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(3)
\u2013
\u2013
(3)
CCIRS reclassified to finance costs
23
\u2013
\u2013
23
Net gain on cash flow hedges and cost of hedging
9
(2)
\u2013
7
Exchange differences on translation of foreign operations
\u2013
\u2013
(4)
(4)
Income tax charge on other comprehensive income/(expense)
(2)
\u2013
\u2013
(2)
As at 31 December 2024
14
(5)
70
79
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
9
\u2013
\u2013
9
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
17
2
\u2013
19
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(4)
\u2013
\u2013
(4)
CCIRS reclassified to finance costs
(27)
\u2013
\u2013
(27)
Net loss on cash flow hedges and cost of hedging
(5)
2
\u2013
(3)
Exchange differences on translation of foreign operations
\u2013
\u2013
(27)
(27)
Income tax credit on other comprehensive income/(expense)
1
\u2013
\u2013
1
As at 31 December 2025
10
(3)
43
50
Netting arrangements of financial instruments
Keeping it simple
This section details the Group\u2019s financial assets and financial liabilities that are subject to
netting and set-off arrangements. Financial assets and liabilities that do not meet the criteria
for offsetting on the Consolidated Statement of Financial Position but could be settled net in
certain circumstances principally relate to derivative transactions executed under ISDA
agreements where each party has the option to settle amounts on a net basis in the event
of default of the other party.
Net financial Related
Gross collateral assets/liabilities amounts not
Gross financial assets/liabilities per balance set-off in the
assets/liabilities set-off sheet balance sheet Net
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial
instruments
19
\u2013
19
(6)
13
Cash and cash equivalents
302
\u2013
302
\u2013
302
Liabilities
Derivative financial
instruments
(6)
\u2013
(6)
6
\u2013
Loans and facilities
(765)
\u2013
(765)
\u2013
(765)
Related
Gross collateral Net financial amounts not
Gross financial assets/liabilities assets/liabilities set-off in the
assets/liabilities set-off per balance sheet balance sheet Net
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial
instruments
5
\u2013
5
(5)
\u2013
Cash and cash equivalents
427
\u2013
427
\u2013
427
Liabilities
Derivative financial
instruments
(23)
\u2013
(23)
5
(18)
Loans and facilities
(733)
\u2013
(733)
\u2013
(733)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-661": { "value": "
How do we manage our currency and interest rate risk?
Currency risk
As the Group expands its international operations, the performance of the business becomes
increasingly sensitive to movements in foreign exchange rates, primarily with respect to the
US dollar and the euro.
The Group\u2019s foreign exchange policy is to use forward foreign exchange contracts to hedge material
non-functional currency-denominated costs or revenue for up to five years forward.
The Group ensures that its net exposure to foreign currency-denominated cash balances is kept to a
minimal level, where necessary using foreign currency swaps to exchange balances back into sterling
or by buying or selling foreign currencies at spot rates.
The Group also utilises foreign exchange swaps and cross-currency interest rate swaps both to
manage foreign currency cash flow timing differences and to hedge foreign currency-denominated
monetary items.
The following table highlights the Group\u2019s exposure to foreign currency risk resulting from a 10% strengthening/weakening in sterling against the US dollar, euro and Australian dollar, assuming all other variables are held constant:
Impact on Impact on
profit before profit before Impact on Impact on
tax tax Equity Equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(15)
(9)
8
8
US dollar \u2013 decrease 10%
19
11
(10)
(9)
Euro \u2013 increase 10%
(6)
(1)
3
3
Euro \u2013 decrease 10%
2
2
(3)
(2)
Australian dollar \u2013 increase 10%
(2)
(2)
(2)
1
Australian dollar \u2013 decrease 10%
2
3
4
(1)
Interest rate risk The Group\u2019s interest rate policy is to allow fixed rate gross debt to vary between 20% and 100% of total gross debt to accommodate floating rate borrowings under the Revolving Credit Facility. For financial assets and liabilities classified at fair value through profit or loss, the movements in the year relating to changes in fair value and interest are not separated. At 31 December 2025, the Group\u2019s fixed rate debt represented 71% of total gross debt (2024: 71%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-633": { "value": "Cash flow hedges The Group applies hedge accounting for certain foreign currency firm commitments and highly probable cash flows where the underlying cash flows are payable within the next five years. In order to fix the sterling cash outflows associated with the commitments and interest payments \u2013 which are mainly denominated in US dollars or euros \u2013 the Group has taken out forward foreign exchange contracts and cross-currency interest rate swaps for the same foreign currency amount and maturity date as the expected foreign currency outflow. There is an economic relationship between the hedged items (being between 60% to 100% of the total exposure) and the hedging instruments as the terms of the foreign exchange forward contracts and cross-currency interest rate swaps match the terms of the expected highly probable forecast transactions or firm commitments (i.e. % notional amount and expected receipt or payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange forward contracts are identical to the hedged risk components. Sources of ineffectiveness include: Differences in the timing of the cash flows of the hedged items and the hedging instruments The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items Changes to the forecasted amount of cash flows of hedged items and hedging instruments The Group uses the hedge relationship, credit risk and hedge ratio to measure the hedge effectiveness. The amount recognised in other comprehensive income during the year all relates to the effective portion of the revaluation loss associated with these contracts. A cumulative gain of \u00a331 million (2024: \u00a320 million of cumulative loss) was recycled to the Consolidated Income statement to offset movements on the hedged item, a residual value of less than a million (2024: less than a million) remained on the income statement which was not offset. Under IFRS 9, the Group has adopted the \u2018cost of hedging\u2019 approach which allows the recognition of the value of the currency basis at inception of the hedge to be recorded on the Consolidated Statement of Financial Position and amortised through net financing costs in the Consolidated Income Statement over the life of the bond. Any mark-to-market change in fair value of the currency basis is recognised in \u2018cost of hedging\u2019 in the Consolidated Statement of Comprehensive Income. Fair value hedges The Group has cross-currency interest rate swaps to hedge the exposure to changes in the fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Consolidated Income Statement together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of the cross-currency interest rate swaps hedging fixed rate borrowings is recognised in the Consolidated Income Statement within net financing costs together with changes in the fair value of the hedged fixed-rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognised in the Consolidated Income Statement. All fair value hedges were highly effective throughout the year. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to the Consolidated Income Statement over the period to maturity using a recalculated effective interest rate. Timing profile of hedging instrument Keeping it simple The Group is required to provide a breakdown that discloses a profile of the timing of the nominal amount of the hedging instrument and if applicable, the average price or rate (for example strike or forward prices, etc.) of the hedging instrument. The Group holds the following foreign exchange and cross-currency interest rate swap contracts. Material currency pairs are disclosed in full, whilst immaterial pairs are aggregated.
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2025 1 year years years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(17)
(13)
(15)
\u2013
(45)
Average forward rate (AUD/GBP)
2.1098
2.0727
2.0526
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
31
8
\u2013
\u2013
39
Average forward rate (EUR/GBP)
1.1482
1.1115
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
19
22
1
\u2013
42
Average forward rate (USD/GBP)
1.1855
1.3277
1.3350
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
16
7
\u2013
\u2013
23
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
320
\u2013
\u2013
421
741
Average hedge rate (EUR/GBP)
1.1264
\u2013
\u2013
1.1854
Between Between Greater
Less than 1 to 2 2 to 5 than
At 31 December 2024 1 year years years
5 years
Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(13)
8
\u2013
\u2013
(5)
Average forward rate (AUD/GBP)
1.8937
1.9324
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
24
8
\u2013
\u2013
32
Average forward rate (EUR/GBP)
1.1495
1.1725
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(21)
18
(1)
\u2013
(4)
Average forward rate (USD/GBP)
1.2601
1.2970
1.2892
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
10
9
3
\u2013
22
Various currency pairs
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
320
\u2013
421
741
Average hedge rate (EUR/GBP)
\u2013
1.1264
\u2013
1.1854
Impact of hedged items on Consolidated Statement of Financial Position, Consolidated Statement of Other Comprehensive Income and Consolidated Statement of Changes in Equity Keeping it simple This table provides the following details in relation to cash flow hedges and fair value hedges: The change in value of the hedged item used as the basis for recognising hedge ineffectiveness for the year The balance in the cash flow hedge reserve relating to continuing hedges The impact of hedged items on the Consolidated Statement of Financial Position is as follows: Cash flow hedge
2025
2024
Pre-tax Pre-tax Pre-tax
Change in fair closing closing Change in fair Pre-tax closing
value used for cash flow cost of value used for closing cash cost of
measuring hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly
probable/firm commitment
forecast transactions
4
5
\u2013
(2)
1
\u2013
Borrowings
(7)
2
(2)
9
12
(4)
The hedging (loss)/gain recognised in the Consolidated Statement of Changes in Equity before tax is equal to the change in fair value used for measuring effectiveness. There is less than a million pounds of ineffectiveness recognised in the Consolidated Income Statement. Fair value hedge
2025
2024
Pre-tax Pre-tax
Change in closing Change in closing
Change in fair fair value of cost of Change in fair fair value of cost of
value of hedged hedging hedging value of hedged hedging hedging
item instrument reserve item instrument reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(7)
9
(1)
(3)
(1)
(2)
Keeping it simple
This table details the effect of the cash flow hedge in the Consolidated Income Statement
and Consolidated Statement of Comprehensive Income.
The effect of the cash flow hedge in the Consolidated Income Statement and Consolidated
Statement of Comprehensive Income is as follows:
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2025 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Net
commitment financing Cost of sales/
forecast transactions
4
\u2013
cost
\u2013
(4)
overheads
Net
financing Net financing
Borrowings
(7)
\u2013
cost
2
(27)
cost
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2024 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/
firm commitment Cost of sales/
forecast transactions
(2)
\u2013
\u2013
\u2013
(3)
overheads
Net
financing Net financing
Borrowings
9
(1)
cost
(2)
23
cost
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-662": { "value": "Undiscounted financial liabilities Keeping it simple The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities (including derivatives). The amounts disclosed in the table are the contractual undiscounted cash flows (including interest), so will not always reconcile with the amounts disclosed on the Statement of Financial Position.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(765)
(899)
(348)
(20)
(58)
(473)
Lease liabilities
(111)
(130)
(21)
(17)
(51)
(41)
Trade and other payables
(972)
(972)
(917)
(28)
(27)
\u2013
Other payables \u2013 non-current
(42)
(42)
\u2013
(38)
(4)
\u2013
Other payables \u2013 commitments
on acquisitions
(42)
(115)
1
(8)
(17)
(54)
(36)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
5
240
157
57
26
\u2013
Outflow
(1)
(234)
(153)
(56)
(25)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
5
600
327
9
28
236
Outflow
(5)
(619)
(341)
(12)
(37)
(229)
Cross-currency swaps \u2013 fair value hedges
Inflow
8
282
9
9
28
236
Outflow
\u2013
(292)
(13)
(12)
(37)
(230)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
144
127
15
2
\u2013
Outflow
\u2013
(143)
(126)
(15)
(2)
\u2013
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(733)
(878)
(32)
(321)
(58)
(467)
Lease liabilities
(105)
(175)
(19)
(21)
(63)
(72)
Trade and other payables
(929)
(929)
(896)
(18)
(15)
\u2013
Other payables \u2013 non-current
(32)
(32)
\u2013
(32)
\u2013
\u2013
Other payables \u2013 commitments
on acquisitions
(34)
(105)
1
(5)
(15)
(42)
(43)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
4
198
154
40
4
\u2013
Outflow
(2)
(197)
(153)
(40)
(4)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
583
13
311
26
233
Outflow
(18)
(641)
(22)
(341)
(37)
(241)
Cross-currency swaps \u2013 fair value hedges
Inflow
\u2013
277
9
9
26
233
Outflow
(2)
(320)
(14)
(15)
(43)
(248)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
173
166
7
\u2013
\u2013
Outflow
(1)
(172)
(165)
(7)
\u2013
\u2013
(1,851)
(2,218)
(964)
(443)
(206)
(605)
1 Undiscounted expected future payments depending on performance of acquisitions", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-634": { "value": "Undiscounted financial liabilities Keeping it simple The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities (including derivatives). The amounts disclosed in the table are the contractual undiscounted cash flows (including interest), so will not always reconcile with the amounts disclosed on the Statement of Financial Position.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(765)
(899)
(348)
(20)
(58)
(473)
Lease liabilities
(111)
(130)
(21)
(17)
(51)
(41)
Trade and other payables
(972)
(972)
(917)
(28)
(27)
\u2013
Other payables \u2013 non-current
(42)
(42)
\u2013
(38)
(4)
\u2013
Other payables \u2013 commitments
on acquisitions
(42)
(115)
1
(8)
(17)
(54)
(36)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
5
240
157
57
26
\u2013
Outflow
(1)
(234)
(153)
(56)
(25)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
5
600
327
9
28
236
Outflow
(5)
(619)
(341)
(12)
(37)
(229)
Cross-currency swaps \u2013 fair value hedges
Inflow
8
282
9
9
28
236
Outflow
\u2013
(292)
(13)
(12)
(37)
(230)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
144
127
15
2
\u2013
Outflow
\u2013
(143)
(126)
(15)
(2)
\u2013
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(733)
(878)
(32)
(321)
(58)
(467)
Lease liabilities
(105)
(175)
(19)
(21)
(63)
(72)
Trade and other payables
(929)
(929)
(896)
(18)
(15)
\u2013
Other payables \u2013 non-current
(32)
(32)
\u2013
(32)
\u2013
\u2013
Other payables \u2013 commitments
on acquisitions
(34)
(105)
1
(5)
(15)
(42)
(43)
Derivative financial instruments
Foreign exchange forward contracts and
swaps \u2013 cash flow hedges
Inflow
4
198
154
40
4
\u2013
Outflow
(2)
(197)
(153)
(40)
(4)
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
583
13
311
26
233
Outflow
(18)
(641)
(22)
(341)
(37)
(241)
Cross-currency swaps \u2013 fair value hedges
Inflow
\u2013
277
9
9
26
233
Outflow
(2)
(320)
(14)
(15)
(43)
(248)
Foreign exchange forward contracts and
swaps \u2013 fair value through profit or loss
Inflow
1
173
166
7
\u2013
\u2013
Outflow
(1)
(172)
(165)
(7)
\u2013
\u2013
(1,851)
(2,218)
(964)
(443)
(206)
(605)
1 Undiscounted expected future payments depending on performance of acquisitions", "dimensions": { "concept": "itvplc:DisclosureOfIFRS7OfUndiscountedFinanicalLiabilties", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-663": { "value": "Cash flow hedge
2025
2024
Pre-tax Pre-tax Pre-tax
Change in fair closing closing Change in fair Pre-tax closing
value used for cash flow cost of value used for closing cash cost of
measuring hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly
probable/firm commitment
forecast transactions
4
5
\u2013
(2)
1
\u2013
Borrowings
(7)
2
(2)
9
12
(4)
The hedging (loss)/gain recognised in the Consolidated Statement of Changes in Equity before tax is equal to the change in fair value used for measuring effectiveness. There is less than a million pounds of ineffectiveness recognised in the Consolidated Income Statement. Fair value hedge
2025
2024
Pre-tax Pre-tax
Change in closing Change in closing
Change in fair fair value of cost of Change in fair fair value of cost of
value of hedged hedging hedging value of hedged hedging hedging
item instrument reserve item instrument reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(7)
9
(1)
(3)
(1)
(2)
Keeping it simple This table details the effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income. The effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income is as follows:
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2025 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Net
commitment financing Cost of sales/
forecast transactions
4
\u2013
cost
\u2013
(4)
overheads
Net
financing Net financing
Borrowings
(7)
\u2013
cost
2
(27)
cost
Total Amounts
hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised Income Line item in recognised Income Line item in
in OCI Statement the Income in OCI Statement the Income
At 31 December 2024 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/
firm commitment Cost of sales/
forecast transactions
(2)
\u2013
\u2013
\u2013
(3)
overheads
Net
financing Net financing
Borrowings
9
(1)
cost
(2)
23
cost
Keeping it simple This table provides a reconciliation of each component of the translation reserve reported within equity and an analysis of other comprehensive income in accordance with IAS 1. Set out below is the reconciliation of each component of the translation reserve reported in the Consolidated Statement of Changes in Equity and the analysis of other comprehensive income:
Cash Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
7
(3)
74
78
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
1
\u2013
\u2013
1
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
(12)
(2)
\u2013
(14)
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(3)
\u2013
\u2013
(3)
CCIRS reclassified to finance costs
23
\u2013
\u2013
23
Net gain on cash flow hedges and cost of hedging
9
(2)
\u2013
7
Exchange differences on translation of foreign operations
\u2013
\u2013
(4)
(4)
Income tax charge on other comprehensive income/(expense)
(2)
\u2013
\u2013
(2)
As at 31 December 2024
14
(5)
70
79
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
9
\u2013
\u2013
9
Cross-currency interest rate swaps \u2013 borrowings:
Change in fair value from the effective hedge instrument
17
2
\u2013
19
Amount reclassified to Income Statement
FX forward reclassified to cost of sales/overheads
(4)
\u2013
\u2013
(4)
CCIRS reclassified to finance costs
(27)
\u2013
\u2013
(27)
Net loss on cash flow hedges and cost of hedging
(5)
2
\u2013
(3)
Exchange differences on translation of foreign operations
\u2013
\u2013
(27)
(27)
Income tax credit on other comprehensive income/(expense)
1
\u2013
\u2013
1
As at 31 December 2025
10
(3)
43
50
Netting arrangements of financial instruments Keeping it simple This section details the Group\u2019s financial assets and financial liabilities that are subject to netting and set-off arrangements. Financial assets and liabilities that do not meet the criteria for offsetting on the Consolidated Statement of Financial Position but could be settled net in certain circumstances principally relate to derivative transactions executed under ISDA agreements where each party has the option to settle amounts on a net basis in the event of default of the other party.
Net financial Related
Gross collateral assets/liabilities amounts not
Gross financial assets/liabilities per balance set-off in the
assets/liabilities set-off sheet balance sheet Net
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial
instruments
19
\u2013
19
(6)
13
Cash and cash equivalents
302
\u2013
302
\u2013
302
Liabilities
Derivative financial
instruments
(6)
\u2013
(6)
6
\u2013
Loans and facilities
(765)
\u2013
(765)
\u2013
(765)
4.7.2 Merger and other reserves Merger and other reserves at 31 December include the following reserves:
2025 2024
\u00a3m \u00a3m
Merger reserves
95
95
Capital reserves
112
112
Capital redemption reserves
55
48
Revaluation reserves
2
2
Put option liabilities arising on acquisition of subsidiaries
(12)
(12)
Total
252
245
Merger reserves, Capital reserves and Capital redemption reserves relate primarily to balances arising on previous mergers and acquisitions, including the merger of Granada and Carlton in 2003. The movement in the capital redemption reserves in the year relates to the cancellation of shares associated with the Group\u2019s share buyback programme. See note 4.7.1 and 4.7.5 for further details. Put option liabilities arising on acquisition of subsidiaries relates to options and forward contracts over shares relating to non-controlling interests. 4.7.3 Translation reserve The translation reserve comprises: All foreign exchange differences arising on the translation of the accounts of, and investments in, foreign operations The gains or losses on the portion of cash flow hedges that have been deemed effective and costs of hedging under IFRS 9 (see note 4.3) The net movement in the cash flow hedge reserve was a loss of \u00a34 million (2024: gain of \u00a37 million). This is made up of a loss on cash flow hedges in the year of \u00a35 million (2024: gain of \u00a39 million) and a related tax credit of \u00a31 million (2024: charge of \u00a32 million) The net movement in the cost of hedging reserve was a gain of \u00a32 million (2024: a loss of \u00a32 million). This is made up of a gain on the cost of hedging in the year of \u00a32 million (2024: a loss of \u00a32 million) and a related tax credit of \u00a3nil (2024: \u00a3nil) The amount in the foreign currency translation reserve relating to discontinued hedges at 31 December 2025 is a loss of \u00a319 million (2024: \u00a319 million loss) 4.7.4 Fair value reserve The fair value reserve comprises all movements arising on the revaluation of gilts and equity investments under the media for equity programme, accounted for at fair value through OCI. The movement in 2025 is a \u00a33 million loss on revaluation (2024: loss of \u00a36 million) and a related tax credit of \u00a32 million (2024: \u00a31 million). See notes 2.3, 3.6 and 3.8. 4.7.5 Retained earnings The retained earnings reserve comprises profit for the year attributable to owners of the Company of \u00a3220 million (2024: \u00a3408 million) and other items recognised directly through equity as presented in the Consolidated Statement of Changes in Equity. Other items include the credit for the Group\u2019s share-based compensation schemes, which are described in note 4.8. The Board recognises the importance of the ordinary dividend to ITV shareholders. Reflecting its confidence in the business and its strategy, as well as the continued strong cash generation, the Board proposes a final dividend of 3.3p (2024: 3.3p), giving a full year dividend of 5.0p (2024: 5.0p) per share. \u00a3187 million of dividends were paid (2024: \u00a3198 million), representing a final 2024 dividend of 3.3p per share and an interim 2025 dividend of 1.7p per share. Share buyback programme In the year, 53 million 10p shares (31 December 2024: 270 million 10p shares) were bought back at a cost of \u00a337 million (31 December 2024: \u00a3198 million). All 53 million shares were cancelled (31 December 2024: 118 million), reducing the Group\u2019s share capital. 23 million shares bought back in 2024 were also cancelled in the year. When such shares are cancelled, they are transferred to the capital redemption reserve. The stamp duty costs were less than a million (31 December 2024: \u00a31 million) and the associated fees charged for the repurchase programme were \u00a31 million (31 December 2024: \u00a31 million). The total cost of the shares including the directly attributable fees, have reduced the Group\u2019s retained earnings. The share buyback programme was completed in the year. In total, 323 million shares were bought back at a cost of \u00a3235 million. 194 million shares were cancelled. Total stamp duty costs were \u00a31 million and associated fees charged were \u00a32 million. The repurchased shares held in Treasury and the shares held by the Group\u2019s Employee Benefit Trust (EBT) are excluded in calculating the weighted average number of shares in issue used in Earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-664": { "value": "Accounting policies Net financing costs comprise interest income on funds invested, gains/losses on the disposal of financial instruments, changes in the fair value of financial instruments, interest expense on borrowings, unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-635": { "value": "Accounting policies Net financing costs comprise interest income on funds invested, gains/losses on the disposal of financial instruments, changes in the fair value of financial instruments, interest expense on borrowings, unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-592": { "value": "Accounting policies Net financing costs comprise interest income on funds invested, gains/losses on the disposal of financial instruments, changes in the fair value of financial instruments, interest expense on borrowings, unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-593": { "value": "
Net financing costs
Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related
liabilities, fair value adjustments on acquisition-related liabilities and bank charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-690": { "value": "Net financing costs Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related liabilities, fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-686": { "value": "Net financing costs Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related liabilities, fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-679": { "value": "Net financing costs Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related liabilities, fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-665": { "value": "Net financing costs Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related liabilities, fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-636": { "value": "Net financing costs Net financing costs can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Financing income
Interest income
15
22
Foreign exchange gain
9
2
Pension interest income (see note 3.8)
9
9
Other finance income
1
18
34
51
Financing costs
Pension interest expense (see note 3.8)
(1)
(1)
Interest expense on financial liabilities measured at amortised cost
(23)
(22)
Foreign exchange loss
(10)
\u2013
Other finance expense
(25)
(28)
(59)
(51)
Net financing costs
(25)
\u2013
Other finance expense includes lease interest payments, the unwinding of acquisition-related liabilities, fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-637": { "value": "4.5 FAIR VALUE HIERARCHY Keeping it simple The financial instruments included in the Consolidated Statement of Financial Position are measured at either fair value or amortised cost. The measurement of this fair value can in some cases be subjective, and can depend on the inputs used in the calculations. The Group generally uses external valuations using market inputs or market values (e.g. external share prices). The different valuation methods are called \u2018hierarchies\u2019 and are described below. Level 1 Fair values are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values are measured using inputs, other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly. Interest rate swaps and options are accounted for at their fair value based upon exit prices at the current reporting period. Forward foreign exchange contracts are accounted for at the difference between the contract exchange rate and the quoted forward exchange rate at the reporting date. Level 3 Fair values are measured using inputs for the asset or liability that are not based on observable market data. The tables below set out the financial instruments included on the Consolidated Statement of Financial Position at fair value:
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
33
33
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
81
81
\u2013
\u2013
Equity investments (see note 3.6)
32
\u2013
\u2013
32
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
Cross-currency interest rate swaps \u2013 fair value hedges
8
\u2013
8
\u2013
Financial assets at fair value through reserves
Cash flow hedges
10
\u2013
10
\u2013
165
114
19
32
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(18)
\u2013
\u2013
(18)
Financial liabilities at fair value through reserves
Cash flow hedges
(6)
\u2013
(6)
\u2013
(24)
\u2013
(6)
(18)
There have been no changes in the classification of assets and liabilities and there have been no movements within levels. Information on the fair value measurements of level 3 assets and liabilities is detailed in the relevant notes referenced above.
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
45
45
\u2013
\u2013
Financial instruments at fair value through profit
or loss
Money market funds
131
131
\u2013
\u2013
Equity investments (see note 3.6)
31
\u2013
\u2013
31
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
214
176
5
33
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(21)
\u2013
\u2013
(21)
Foreign exchange forward contracts and swaps
(1)
\u2013
(1)
\u2013
Cross-currency interest rate swaps \u2013 fair value hedges
(2)
\u2013
(2)
\u2013
Financial liabilities at fair value through reserves
Cash flow hedges
(20)
\u2013
(20)
\u2013
(44)
\u2013
(23)
(21)
Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-594": { "value": "4.5 FAIR VALUE HIERARCHY Keeping it simple The financial instruments included in the Consolidated Statement of Financial Position are measured at either fair value or amortised cost. The measurement of this fair value can in some cases be subjective, and can depend on the inputs used in the calculations. The Group generally uses external valuations using market inputs or market values (e.g. external share prices). The different valuation methods are called \u2018hierarchies\u2019 and are described below. Level 1 Fair values are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values are measured using inputs, other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly. Interest rate swaps and options are accounted for at their fair value based upon exit prices at the current reporting period. Forward foreign exchange contracts are accounted for at the difference between the contract exchange rate and the quoted forward exchange rate at the reporting date. Level 3 Fair values are measured using inputs for the asset or liability that are not based on observable market data.
The tables below set out the financial instruments included on the Consolidated Statement of
Financial Position at fair value:
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
33
33
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
81
81
\u2013
\u2013
Equity investments (see note 3.6)
32
\u2013
\u2013
32
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
Cross-currency interest rate swaps \u2013 fair value hedges
8
\u2013
8
\u2013
Financial assets at fair value through reserves
Cash flow hedges
10
\u2013
10
\u2013
165
114
19
32
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(18)
\u2013
\u2013
(18)
Financial liabilities at fair value through reserves
Cash flow hedges
(6)
\u2013
(6)
\u2013
(24)
\u2013
(6)
(18)
There have been no changes in the classification of assets and liabilities and there have been no
movements within levels. Information on the fair value measurements of level 3 assets and liabilities
is detailed in the relevant notes referenced above.
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.8)
45
45
\u2013
\u2013
Financial instruments at fair value through profit
or loss
Money market funds
131
131
\u2013
\u2013
Equity investments (see note 3.6)
31
\u2013
\u2013
31
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
214
176
5
33
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 other (see notes
3.1.4 and 3.1.5)
(21)
\u2013
\u2013
(21)
Foreign exchange forward contracts and swaps
(1)
\u2013
(1)
\u2013
Cross-currency interest rate swaps \u2013 fair value hedges
(2)
\u2013
(2)
\u2013
Financial liabilities at fair value through reserves
Cash flow hedges
(20)
\u2013
(20)
\u2013
(44)
\u2013
(23)
(21)
Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-666": { "value": "Accounting policies Lease liabilities represent the discounted future lease payments. Discount rates are calculated for similar assets, in similar economic environments, taking into account the length of the lease. The unwinding of the discounting is recognised in net financing costs in the Consolidated Income Statement. The following table outlines the maturity analysis of the lease liabilities: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-595": { "value": "
2025 2024
\u00a3m \u00a3m
Contractual discounted cash flows
Less than one year
17
15
Two to five years
56
58
More than five years
38
32
Lease liabilities at 31 December
111
105
Currency and
1 January Net cash non-cash 31 December
2025 flow movements 2025
\u00a3m \u00a3m
\u00a3m
1
\u00a3m
Lease liabilities
(105)
26
(32)
(111)
Total lease liabilities
(105)
26
(32)
(111)
1 Includes \u00a32 million from the acquisition of Moonage and Plano a Plano. See note 4.1
Currency and
1 January non-cash 31 December
2024 Net cash flow movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(115)
25
(15)
(105)
Total lease liabilities
(115)
25
(15)
(105)
The following amounts have been included in the Consolidated Income Statement:
2025 2024
\u00a3m \u00a3m
Interest expense on lease liabilities
(5)
(5)
Amounts recognised in the Consolidated Income Statement
(5)
(5)
The Group has elected not to recognise right of use assets and lease liabilities for short-term leases (i.e. lease term less than 12 months) or low-value assets (i.e. under \u00a35,000). The Group will continue to expense the lease payments associated with these leases on a straight-line basis over the lease term. At 31 December 2025, this was less than \u00a31 million (2024: less than \u00a31 million). Variable lease payments that depend on an index or a rate are also less than \u00a31 million (2024: less than \u00a31 million). Some property leases contain extension options beyond the non-cancellable period. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The lease liability at 31 December 2025 does not include any such extension options beyond the non-cancellable period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-596": { "value": "Fair value reserve Financial assets are stated at fair value, with any gain or loss recognised directly in the fair value reserve in equity, unless the loss is a permanent impairment, when it is then recorded in the Consolidated Income Statement. ", "dimensions": { "concept": "itvplc:DescriptionOfAccountingPolicyForFairValueReserve", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-597": { "value": "Dividends Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment. Dividends are distributed based on the realised distributable reserves (within retained earnings) of ITV plc (the Company) and not based on the Group\u2019s retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-638": { "value": "4.7.1 Share capital and share premium The Group\u2019s share capital at 31 December 2025 of \u00a3387 million (2024: \u00a3394 million) and share premium of \u00a3174 million (2024: \u00a3174 million) is the same as that of ITV plc. Details of this are given in the ITV plc Company financial statements section of this Annual Report. On 1 March 2024 the Group announced its intention to return the entire net proceeds from the disposal of BritBox International up to a maximum consideration of \u00a3235 million to the Group\u2019s shareholders through a share buyback. The share buyback programme was completed in April 2025. Of the shares bought back, 76 million were cancelled in the year (31 December 2024: 118 million), reducing the Group\u2019s share capital. When such shares are cancelled they are transferred to the capital redemption reserve. The repurchased shares held in Treasury and the shares held by the Group\u2019s Employee Benefit Trust (EBT) are excluded in calculating the weighted average number of shares in issue used in Earnings per share. See 4.7.5 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-598": { "value": "4.7.1 Share capital and share premium The Group\u2019s share capital at 31 December 2025 of \u00a3387 million (2024: \u00a3394 million) and share premium of \u00a3174 million (2024: \u00a3174 million) is the same as that of ITV plc. Details of this are given in the ITV plc Company financial statements section of this Annual Report. On 1 March 2024 the Group announced its intention to return the entire net proceeds from the disposal of BritBox International up to a maximum consideration of \u00a3235 million to the Group\u2019s shareholders through a share buyback. The share buyback programme was completed in April 2025. Of the shares bought back, 76 million were cancelled in the year (31 December 2024: 118 million), reducing the Group\u2019s share capital. When such shares are cancelled they are transferred to the capital redemption reserve. The repurchased shares held in Treasury and the shares held by the Group\u2019s Employee Benefit Trust (EBT) are excluded in calculating the weighted average number of shares in issue used in Earnings per share. See 4.7.5 for further details. 4.7.2 Merger and other reserves Merger and other reserves at 31 December include the following reserves:
2025 2024
\u00a3m \u00a3m
Merger reserves
95
95
Capital reserves
112
112
Capital redemption reserves
55
48
Revaluation reserves
2
2
Put option liabilities arising on acquisition of subsidiaries
(12)
(12)
Total
252
245
Merger reserves, Capital reserves and Capital redemption reserves relate primarily to balances arising on previous mergers and acquisitions, including the merger of Granada and Carlton in 2003. The movement in the capital redemption reserves in the year relates to the cancellation of shares associated with the Group\u2019s share buyback programme. See note 4.7.1 and 4.7.5 for further details. Put option liabilities arising on acquisition of subsidiaries relates to options and forward contracts over shares relating to non-controlling interests. 4.7.3 Translation reserve The translation reserve comprises: All foreign exchange differences arising on the translation of the accounts of, and investments in, foreign operations The gains or losses on the portion of cash flow hedges that have been deemed effective and costs of hedging under IFRS 9 (see note 4.3) The net movement in the cash flow hedge reserve was a loss of \u00a34 million (2024: gain of \u00a37 million). This is made up of a loss on cash flow hedges in the year of \u00a35 million (2024: gain of \u00a39 million) and a related tax credit of \u00a31 million (2024: charge of \u00a32 million) The net movement in the cost of hedging reserve was a gain of \u00a32 million (2024: a loss of \u00a32 million). This is made up of a gain on the cost of hedging in the year of \u00a32 million (2024: a loss of \u00a32 million) and a related tax credit of \u00a3nil (2024: \u00a3nil) The amount in the foreign currency translation reserve relating to discontinued hedges at 31 December 2025 is a loss of \u00a319 million (2024: \u00a319 million loss) 4.7.4 Fair value reserve The fair value reserve comprises all movements arising on the revaluation of gilts and equity investments under the media for equity programme, accounted for at fair value through OCI. The movement in 2025 is a \u00a33 million loss on revaluation (2024: loss of \u00a36 million) and a related tax credit of \u00a32 million (2024: \u00a31 million). See notes 2.3, 3.6 and 3.8. 4.7.5 Retained earnings The retained earnings reserve comprises profit for the year attributable to owners of the Company of \u00a3220 million (2024: \u00a3408 million) and other items recognised directly through equity as presented in the Consolidated Statement of Changes in Equity. Other items include the credit for the Group\u2019s share-based compensation schemes, which are described in note 4.8. The Board recognises the importance of the ordinary dividend to ITV shareholders. Reflecting its confidence in the business and its strategy, as well as the continued strong cash generation, the Board proposes a final dividend of 3.3p (2024: 3.3p), giving a full year dividend of 5.0p (2024: 5.0p) per share. \u00a3187 million of dividends were paid (2024: \u00a3198 million), representing a final 2024 dividend of 3.3p per share and an interim 2025 dividend of 1.7p per share. Share buyback programme In the year, 53 million 10p shares (31 December 2024: 270 million 10p shares) were bought back at a cost of \u00a337 million (31 December 2024: \u00a3198 million). All 53 million shares were cancelled (31 December 2024: 118 million), reducing the Group\u2019s share capital. 23 million shares bought back in 2024 were also cancelled in the year. When such shares are cancelled, they are transferred to the capital redemption reserve. The stamp duty costs were less than a million (31 December 2024: \u00a31 million) and the associated fees charged for the repurchase programme were \u00a31 million (31 December 2024: \u00a31 million). The total cost of the shares including the directly attributable fees, have reduced the Group\u2019s retained earnings. The share buyback programme was completed in the year. In total, 323 million shares were bought back at a cost of \u00a3235 million. 194 million shares were cancelled. Total stamp duty costs were \u00a31 million and associated fees charged were \u00a32 million. The repurchased shares held in Treasury and the shares held by the Group\u2019s Employee Benefit Trust (EBT) are excluded in calculating the weighted average number of shares in issue used in Earnings per share. 4.7.6 Non-controlling interests Non-controlling interest (NCI) represents the share of non-wholly owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of ITV. The movement for 2025 comprises: The share of profit attributable to NCI of \u00a35 million (2024: share of loss attributable to NCI of \u00a32 million) Foreign exchange differences of \u00a33 million (2024: \u00a3nil) The distributions made to NCI of \u00a33 million (2024: \u00a39 million) The movement in the share of net assets/liabilities attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2025 was \u00a32 million (2024: \u00a37 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-667": { "value": "4.7.6 Non-controlling interests Non-controlling interest (NCI) represents the share of non-wholly owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of ITV. The movement for 2025 comprises: The share of profit attributable to NCI of \u00a35 million (2024: share of loss attributable to NCI of \u00a32 million) Foreign exchange differences of \u00a33 million (2024: \u00a3nil) The distributions made to NCI of \u00a33 million (2024: \u00a39 million) The movement in the share of net assets/liabilities attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2025 was \u00a32 million (2024: \u00a37 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-599": { "value": "Accounting policies For each of the Group\u2019s share-based compensation schemes, the fair value of the equity instrument granted is measured at grant date and spread over the vesting period via a charge to the Consolidated Income Statement with a corresponding increase in equity. The fair value of the share options and awards is measured using either market price at grant date or, for the SAYE scheme, a Black-Scholes model, taking into account the terms and conditions of the individual scheme. Expected volatility is based on the historical volatility of ITV plc shares over a three or five year period, based on the life of the options. A dividend yield discount is applied when determining a fair value for those options that do not accrue dividends during the course of the vesting period. Vesting conditions are limited to service conditions and performance conditions. For performance- based schemes, the relevant Group performance measures are projected to the end of the performance period in order to determine the number of options expected to vest. This estimate of the performance measures is used to determine the option fair value, discounted to present value. The Group revises the number of options that are expected to vest, including an estimate of forfeitures at each reporting date based on forecast performance measures. The impact of the revision to original estimates, if any, is recognised in the Consolidated Income Statement, with a corresponding adjustment to equity. Exercises of share options granted to employees can be satisfied by market purchase or issue of new shares. No new shares may be issued to satisfy exercises under the terms of the DSA. During the year, exercises were satisfied by using shares purchased in the market and held in the ITV Employees\u2019 Benefit Trust as well as the issue of new shares. Share-based compensation charges totalled \u00a316 million in 2025 (2024: \u00a318 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-600": { "value": "
Share options outstanding
The table below summarises the movements in the number of share options outstanding for the
Group and their weighted average exercise price:
2025 2024
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
(\u2018000) (pence) (\u2018000) (pence)
Outstanding at 1 January
94,929
21.45
90,234
25.88
Granted during the year \u2013 nil priced
20,877
\u2013
22,701
\u2013
Granted during the year \u2013 other
6,274
61.07
9,603
57.27
Forfeited during the year
(3,822)
36.11
(3,570)
36.22
Exercised during the year \u2013 nil priced
(15,307)
0.00
(8,991)
\u2013
Exercised during the year \u2013 other
(8,780)
56.36
(8,929)
49.38
Expired during the year
(2,402)
57.03
(6,119)
45.49
Outstanding at 31 December
1
91,769
17.98
94,929
21.45
Exercisable at 31 December
7,134
21.86
4,469
9.45
1 ESP awards carry rights to reinvested dividend equivalents, which may be settled in shares at the time of vesting
The average share price during 2025 was 77.82 pence (2024: 72.87 pence).
Of the options still outstanding, the range of exercise prices and weighted average remaining
contractual life of these options can be analysed as follows:
2025 2024
Weighted Weighted
average average
Weighted remaining Weighted remaining
average Number contractual average Number contractual
Range of exercise prices exercise price of options life exercise price of options life
(pence) (pence) (\u2018000) (years) (pence)
(\u2018000)
1
(years)
1
Nil
\u2013
63,390
1.19
\u2013
59,640
1.25
20.00 \u2013 49.99
49.17
1,849
0.33
49.17
6,002
1.33
50.00 \u2013 69.99
58.02
25,039
1.53
58.05
26,937
2.09
70.00 \u2013 99.99
71.55
1,490
0.76
75.76
2,343
1.45
100.00 \u2013 109.99
\u2013
\u2013
\u2013
105.98
7
\u2013
120.00 \u2013 149.99
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 The number of options and the weighted average exercise price in 2024 has been re-presented to reflect the dividends reinvested
for the relevant options outstanding
Assumptions
ESP, DSA, LTIP and PSP options are valued directly by reference to the share price at date of grant.
The options granted in the current and prior year for the HMRC approved SAYE scheme, are valued
using the Black-Scholes model, using the assumptions below:
Gross
Share price Exercise Expected Expected dividend Risk-free
Scheme at grant price volatility life yield rate Fair value
name Date of grant (pence) (pence) % (years) % % (pence)
3 Year
15 April 2024
70.45
57.27
39.43
3.25
\u2013
3.40
17.80
5 Year
15 April 2024
70.45
57.27
42.66
5.25
\u2013
3.28
18.24
3 Year
09 April 2025
66.20
61.07
33.43
3.25
\u2013
3.86
14.12
5 Year
09 April 2025
66.20
61.07
38.49
5.25
\u2013
4.09
15.24
The SAYE scheme participants are not entitled to dividends over the vesting period. The valuation of
these schemes therefore incorporates a dividend yield discount.
Employees\u2019 Benefit Trust The Group has investments in its own shares as a result of shares purchased by the ITV Employees\u2019 Benefit Trust (EBT). Transactions with the Group-sponsored EBT are included in these financial statements and consist of the EBT\u2019s purchases of shares in ITV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of ITV plc shares held in the EBT at 31 December 2025 and the releases from the EBT made in the year to satisfy awards under the Group\u2019s share schemes:
Number of shares Nominal value
Scheme
Shares held at
(released)/purchased \u00a3
1 January 2025
24,320,852
2,432,085
LTIP releases
(2,239,207)
DSA releases
(4,186,843)
ESP releases
(10,876,685)
SAYE releases
(8,791,256)
Transferred from Treasury
55,000,000
31 December 2025
53,226,861
5,322,686
The total number of shares held by the EBT at 31 December 2025 represents 1.38% (2024: 0.62%) of ITV\u2019s issued share capital. The market value of own shares held at 31 December 2025 is \u00a344 million (2024: \u00a318 million). In April 2025, 20 million of the shares bought back as part of the Group\u2019s share buyback programme (see note 4.7.5), were transferred to the Group\u2019s Employee Benefit Trust (EBT) to satisfy maturing share awards. A further 35 million of the shares were transferred in December 2025. The shares will be held in the EBT until such time as they may be transferred to participants of the various Group share schemes. Rights to dividends have been waived by the EBT in respect of shares held that do not relate to restricted shares under the DSA. In accordance with the Trust Deed, the Trustees of the EBT have the power to exercise all voting rights in relation to any investment (including shares) held within that trust. The Trust is accounted for as a separate entity and therefore is only accounted for in the consolidated financial statements and not included in the ITV plc Company financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-639": { "value": "Share options outstanding The table below summarises the movements in the number of share options outstanding for the Group and their weighted average exercise price:
2025 2024
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
(\u2018000) (pence) (\u2018000) (pence)
Outstanding at 1 January
94,929
21.45
90,234
25.88
Granted during the year \u2013 nil priced
20,877
\u2013
22,701
\u2013
Granted during the year \u2013 other
6,274
61.07
9,603
57.27
Forfeited during the year
(3,822)
36.11
(3,570)
36.22
Exercised during the year \u2013 nil priced
(15,307)
0.00
(8,991)
\u2013
Exercised during the year \u2013 other
(8,780)
56.36
(8,929)
49.38
Expired during the year
(2,402)
57.03
(6,119)
45.49
Outstanding at 31 December
1
91,769
17.98
94,929
21.45
Exercisable at 31 December
7,134
21.86
4,469
9.45
1 ESP awards carry rights to reinvested dividend equivalents, which may be settled in shares at the time of vesting The average share price during 2025 was 77.82 pence (2024: 72.87 pence). Of the options still outstanding, the range of exercise prices and weighted average remaining contractual life of these options can be analysed as follows:
2025 2024
Weighted Weighted
average average
Weighted remaining Weighted remaining
average Number contractual average Number contractual
Range of exercise prices exercise price of options life exercise price of options life
(pence) (pence) (\u2018000) (years) (pence)
(\u2018000)
1
(years)
1
Nil
\u2013
63,390
1.19
\u2013
59,640
1.25
20.00 \u2013 49.99
49.17
1,849
0.33
49.17
6,002
1.33
50.00 \u2013 69.99
58.02
25,039
1.53
58.05
26,937
2.09
70.00 \u2013 99.99
71.55
1,490
0.76
75.76
2,343
1.45
100.00 \u2013 109.99
\u2013
\u2013
\u2013
105.98
7
\u2013
120.00 \u2013 149.99
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 The number of options and the weighted average exercise price in 2024 has been re-presented to reflect the dividends reinvested for the relevant options outstanding ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-668": { "value": "5.1 RELATED PARTY TRANSACTIONS Keeping it simple The related parties identified by the Directors include joint ventures, associated undertakings, fixed asset investments and key management personnel. To enable users of our financial statements to form a view about the effects of related party relationships on the Group, we disclose the Group\u2019s transactions with those related parties during the year and any associated year end trading balances. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2025 2024
\u00a3m \u00a3m
Sales to joint ventures
5
4
Sales to associated undertakings
20
20
Purchases from joint ventures
31
35
Purchases from associated undertakings
82
81
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited. Sales to associated undertakings include airtime sales to DTV Services Limited, and the recognition of airtime sales as part of the Group\u2019s Media for Equity scheme. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2025 2024
\u00a3m \u00a3m
Amounts owed by joint ventures
1
\u2013
Amounts owed by associated undertakings
2
11
Amounts owed to joint ventures
1
3
Amounts owed to associated undertakings
2
8
None of the balances are secured. Balances owed by associated undertakings largely relate to DTV Services Limited. Balances owed to associated undertakings primarily relate to amounts owed to ITN Limited and Everyone TV Platforms Limited. Amounts paid to the Group\u2019s pension benefit plans are set out in note 3.8. Transactions with key management personnel Key management consists of ITV plc Executive and Non-executive Directors and the other members of the ITV Executive Committee. Key management personnel compensation is as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
12
13
Share-based compensation
6
6
18
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-640": { "value": "5.1 RELATED PARTY TRANSACTIONS Keeping it simple The related parties identified by the Directors include joint ventures, associated undertakings, fixed asset investments and key management personnel. To enable users of our financial statements to form a view about the effects of related party relationships on the Group, we disclose the Group\u2019s transactions with those related parties during the year and any associated year end trading balances. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2025 2024
\u00a3m \u00a3m
Sales to joint ventures
5
4
Sales to associated undertakings
20
20
Purchases from joint ventures
31
35
Purchases from associated undertakings
82
81
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited. Sales to associated undertakings include airtime sales to DTV Services Limited, and the recognition of airtime sales as part of the Group\u2019s Media for Equity scheme. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2025 2024
\u00a3m \u00a3m
Amounts owed by joint ventures
1
\u2013
Amounts owed by associated undertakings
2
11
Amounts owed to joint ventures
1
3
Amounts owed to associated undertakings
2
8
None of the balances are secured. Balances owed by associated undertakings largely relate to DTV Services Limited. Balances owed to associated undertakings primarily relate to amounts owed to ITN Limited and Everyone TV Platforms Limited. Amounts paid to the Group\u2019s pension benefit plans are set out in note 3.8.
Transactions with key management personnel
Key management consists of ITV plc Executive and Non-executive Directors and the other members
of the ITV Executive Committee. Key management personnel compensation is as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
12
13
Share-based compensation
6
6
18
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-680": { "value": "Transactions with key management personnel Key management consists of ITV plc Executive and Non-executive Directors and the other members of the ITV Executive Committee. Key management personnel compensation is as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
12
13
Share-based compensation
6
6
18
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-601": { "value": "
5.2 CONTINGENT ASSETS AND LIABILITIES
Keeping it simple
A contingent asset or liability is an asset or liability that is not sufficiently certain to qualify for
recognition as an asset or provision where uncertainty may exist regarding the outcome of
future events.
Contingent liabilities
There are contingent liabilities in respect of certain litigation and guarantees, broadcasting issues,
and in respect of warranties given in connection with certain disposals of businesses. In addition,
the determination of employment tax status of some individuals contracted by ITV is complex and
a future liability could arise in relation to this. None of these items are expected to have a material
effect on the Group\u2019s results or financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-602": { "value": "5.3 SUBSEQUENT EVENTS Keeping it simple Where the Group receives information in the period between 31 December 2025 and the date of this report about conditions related to certain events that existed at 31 December 2025, we update our disclosures that relate to those conditions in light of the new information. Such events can be categorised as adjusting or non-adjusting depending on whether the condition existed at 31 December 2025. If non-adjusting events are material, non-disclosure could influence the economic decisions that users make on the basis of the financial statements. Accordingly, for each material category of non-adjusting event after the reporting period we disclose in this section the nature of the event and an estimate of its financial effect, or a statement that such an estimate cannot be made. There are no subsequent events to report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-669": { "value": "5.4 SUBSIDIARIES EXEMPT FROM AUDIT Keeping it simple Certain subsidiaries of the Group can take an exemption from having an audit. Strict criteria must be met for this exemption to be taken, and it must be agreed by the Directors of that subsidiary entity. Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A.
Company Company
number Company name number Company name
04195187
12 Yard Productions (Investments) Limited
03776018
Gorilla TV Limited
04042168
3sixtymedia Limited
00290076
Granada Group Limited
16617948
Big Talk Christmas Limited
03962410
Granada Limited
12092620
Big Talk Friday Limited
03106798
Granada Media Limited
16116907
Big Talk Help Limited
05344772
Granada Screen (2005) Limited
13087733
Big Talk Horseface Limited
00840590
Granada Television Limited
07037447
Big Talk Investments Limited
00733063
Granada Television Overseas Limited
13813181
Big Talk Ludwig Limited
00250311
Granada UK Rental and Retail Limited
16850442
Big Talk Marbles Limited
04842712
Interactive Telephony Limited
16617936
Big Talk Mole Limited
00608490
ITC Entertainment Group Limited
11723899
Big Talk Offenders Limited
00510330
ITC Entertainment Holdings Limited
11109572
Big Talk Peacock Limited
SC375274
ITV (Scotland) Limited
02897434
Big Talk Pictures Limited
11516620
ITV 112
Limited
15718662
Big Talk Secret Limited
16585282
ITV 70 Up Limited
06567813
Big Talk Studios Limited
15800907
ITV ADT Limited
15869612
Big Talk Transaction Limited
12956892
ITV AdVentures Limited
02936337
Boom Cymru TV Ltd
14047839
ITV Archie Limited
07922831
Boom Pictures Limited
16823441
ITV BB Limited
03866274
Box Clever Technology Limited
16229006
ITV Believe Me Limited
11801341
BritBox SVOD Limited
02578005
ITV Breakfast Limited
01891539
Broad Street Films Limited
02937518
ITV Consumer Limited
02285229
Campania Limited
14133299
ITV Grace Limited
04159249
Carlton Content Holdings Limited
04159210
ITV Holdings Limited
00301188
Carlton Film Distributors Limited
04159213
ITV International Channels Limited
03053908
Carlton Programmes Development Limited
14846610
ITV JCDM Limited
03210452
Carlton Screen Advertising (Holdings) Limited
SC473179
ITV LTVC (Scotland) Limited
03210363
Carltonco Ninety-Six
14863612
ITV Mandrake Limited
06409013
Cat\u2019s on the Roof Media Limited
00603893
ITV Network Limited
04257248
Channel Television Holdings Limited
11723842
ITV Nightingale Limited
08195508
Cirkus Limited
00603471
ITV Pension Scheme Limited
10240192
Cloth Cat LBB Limited
14460328
ITV RE Limited
02852812
Cosgrove Hall Films Limited
08554937
ITV Shetland Limited
08479545
Double Double Limited
11723826
ITV Spy Limited
07821062
EQ Pictures Limited
02203983
ITV Studios Global Partnerships Limited
15078072
Fifteen Days Limited
09498877
ITV TFG Holdings Limited
05946785
Gorilla TV Group Limited
11107934
ITV The Bay Limited
Company Company
number
Company name
number
Company name
16228996
ITV The Dark Limited
13813329
MT Mrs Sidhu Limited
14048049
ITV Venturer Limited
14763338
Output Productions Limited
03089273
ITV Ventures Limited
07473151
Oxford Scientific Films Limited
11107431
ITV Vera Limited
15175627
Planet V Limited
05518785
Juice Music UK Limited
13506403
Planet Woo Limited
08297277
Mainstreet Pictures Limited
09020906
Possessed Limited
16117245
Mammoth Screen (Betrayal) Limited
14163547
QSP ATF Limited
15502127
Mammoth Screen (COS) Limited
16229001
QSP Blame Limited
16897890
Mammoth Screen (EN) Limited
14784655
QSP Buried Limited
09355455
Mammoth Screen (End) Limited
15502132
QSP Coach House Limited
08546227
Mammoth Screen (End2) Limited
14163654
QSP FMO Limited
11109917
Mammoth Screen (End6) Limited
14462220
QSP MY Limited
11908267
Mammoth Screen (End7) Limited
14460933
QSP PD Limited
12368766
Mammoth Screen (End8) Limited
15782700
QSP Run Away Limited
10528827
Mammoth Screen (End9) Limited
16727887
QSP Tenby Limited
13087685
Mammoth Screen (Evans) Limited
16464474
QSP The Woods Limited
12368661
Mammoth Screen (FS) Limited
15801118
QSP Tip Toe Limited
NI734154
Mammoth Screen (FWNI) Limited
14460663
QSP TRK Limited
13989267
Mammoth Screen (GK) Limited
16482681
Quay West Productions Limited
11995990
Mammoth Screen (MD) Limited
09366311
Second Act Productions Limited
12735978
Mammoth Screen (MD2) Limited
07714999
Sightseers Film Limited
13989179
Mammoth Screen (MIE) Limited
03991026
So Television Limited
11062257
Mammoth Screen (NC) Limited
15546550
TGP Critical Limited
09660486
Mammoth Screen (Pol2) Limited
11423826
The Addressable Platform Limited
10031005
Mammoth Screen (Pol3) Limited
07155077
The Garden Productions Limited
10528763
Mammoth Screen (Pol4) Limited
02351132
TwoFour Broadcast Limited
11108289
Mammoth Screen (Pol5) Limited
08602993
TwoFour Group Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
05493388
TwoFour Group Limited
09646520
Mammoth Screen (QV) Limited
11816700
Unforgotten Productions Limited
16326446
Mammoth Screen (Rapture) Limited
02483078
World Productions Limited
NI678277
Mammoth Screen (TJ) Limited
15800988
WP BFB Limited
13087656
Mammoth Screen (Tower) Limited
14360979
WP Delia Limited
15502121
Mammoth Screen (TZ) Limited
12368643
WP Diplomat Limited
10528702
Mammoth Screen (VF) Limited
13988864
WP Fifteen Limited
11108322
Mammoth Screen (Vic3) Limited
12116627
WP Karen Pirie Limited
16444434
Mammoth Screen (WF) Limited
14988579
WP Lockerbie Limited
11108320
Mammoth Screen (WOF) Limited
15800942
WP LOD7 Limited
NI687412
Mammoth Screen (WOF2) Limited
13087865
WP Malpractice Limited
05976348
Mammoth Screen Ltd
12368475
WP Showtrial Limited
13412337
Metavision Limited
15801483
WP Springburn Limited
09477931
Monumental Television Limited
16768728
WP Sutherland Limited
15986342
MT Frauds Limited
14653603
WP The Gathering Limited
12368748
MT Ghosts Limited
16507273
WP The Party Limited
14764613
MT Marlow Murder Club Limited
12368477
WP The Suspect Limited
13989060
MT Maryland Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited and ITV Holdings (Cayman) Limited are exempt from audit under the requirement in the relevant jurisdictions ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-641": { "value": "5.4 SUBSIDIARIES EXEMPT FROM AUDIT Keeping it simple Certain subsidiaries of the Group can take an exemption from having an audit. Strict criteria must be met for this exemption to be taken, and it must be agreed by the Directors of that subsidiary entity. Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A.
Company Company
number Company name number Company name
04195187
12 Yard Productions (Investments) Limited
03776018
Gorilla TV Limited
04042168
3sixtymedia Limited
00290076
Granada Group Limited
16617948
Big Talk Christmas Limited
03962410
Granada Limited
12092620
Big Talk Friday Limited
03106798
Granada Media Limited
16116907
Big Talk Help Limited
05344772
Granada Screen (2005) Limited
13087733
Big Talk Horseface Limited
00840590
Granada Television Limited
07037447
Big Talk Investments Limited
00733063
Granada Television Overseas Limited
13813181
Big Talk Ludwig Limited
00250311
Granada UK Rental and Retail Limited
16850442
Big Talk Marbles Limited
04842712
Interactive Telephony Limited
16617936
Big Talk Mole Limited
00608490
ITC Entertainment Group Limited
11723899
Big Talk Offenders Limited
00510330
ITC Entertainment Holdings Limited
11109572
Big Talk Peacock Limited
SC375274
ITV (Scotland) Limited
02897434
Big Talk Pictures Limited
11516620
ITV 112
Limited
15718662
Big Talk Secret Limited
16585282
ITV 70 Up Limited
06567813
Big Talk Studios Limited
15800907
ITV ADT Limited
15869612
Big Talk Transaction Limited
12956892
ITV AdVentures Limited
02936337
Boom Cymru TV Ltd
14047839
ITV Archie Limited
07922831
Boom Pictures Limited
16823441
ITV BB Limited
03866274
Box Clever Technology Limited
16229006
ITV Believe Me Limited
11801341
BritBox SVOD Limited
02578005
ITV Breakfast Limited
01891539
Broad Street Films Limited
02937518
ITV Consumer Limited
02285229
Campania Limited
14133299
ITV Grace Limited
04159249
Carlton Content Holdings Limited
04159210
ITV Holdings Limited
00301188
Carlton Film Distributors Limited
04159213
ITV International Channels Limited
03053908
Carlton Programmes Development Limited
14846610
ITV JCDM Limited
03210452
Carlton Screen Advertising (Holdings) Limited
SC473179
ITV LTVC (Scotland) Limited
03210363
Carltonco Ninety-Six
14863612
ITV Mandrake Limited
06409013
Cat\u2019s on the Roof Media Limited
00603893
ITV Network Limited
04257248
Channel Television Holdings Limited
11723842
ITV Nightingale Limited
08195508
Cirkus Limited
00603471
ITV Pension Scheme Limited
10240192
Cloth Cat LBB Limited
14460328
ITV RE Limited
02852812
Cosgrove Hall Films Limited
08554937
ITV Shetland Limited
08479545
Double Double Limited
11723826
ITV Spy Limited
07821062
EQ Pictures Limited
02203983
ITV Studios Global Partnerships Limited
15078072
Fifteen Days Limited
09498877
ITV TFG Holdings Limited
05946785
Gorilla TV Group Limited
11107934
ITV The Bay Limited
Company Company
number
Company name
number
Company name
16228996
ITV The Dark Limited
13813329
MT Mrs Sidhu Limited
14048049
ITV Venturer Limited
14763338
Output Productions Limited
03089273
ITV Ventures Limited
07473151
Oxford Scientific Films Limited
11107431
ITV Vera Limited
15175627
Planet V Limited
05518785
Juice Music UK Limited
13506403
Planet Woo Limited
08297277
Mainstreet Pictures Limited
09020906
Possessed Limited
16117245
Mammoth Screen (Betrayal) Limited
14163547
QSP ATF Limited
15502127
Mammoth Screen (COS) Limited
16229001
QSP Blame Limited
16897890
Mammoth Screen (EN) Limited
14784655
QSP Buried Limited
09355455
Mammoth Screen (End) Limited
15502132
QSP Coach House Limited
08546227
Mammoth Screen (End2) Limited
14163654
QSP FMO Limited
11109917
Mammoth Screen (End6) Limited
14462220
QSP MY Limited
11908267
Mammoth Screen (End7) Limited
14460933
QSP PD Limited
12368766
Mammoth Screen (End8) Limited
15782700
QSP Run Away Limited
10528827
Mammoth Screen (End9) Limited
16727887
QSP Tenby Limited
13087685
Mammoth Screen (Evans) Limited
16464474
QSP The Woods Limited
12368661
Mammoth Screen (FS) Limited
15801118
QSP Tip Toe Limited
NI734154
Mammoth Screen (FWNI) Limited
14460663
QSP TRK Limited
13989267
Mammoth Screen (GK) Limited
16482681
Quay West Productions Limited
11995990
Mammoth Screen (MD) Limited
09366311
Second Act Productions Limited
12735978
Mammoth Screen (MD2) Limited
07714999
Sightseers Film Limited
13989179
Mammoth Screen (MIE) Limited
03991026
So Television Limited
11062257
Mammoth Screen (NC) Limited
15546550
TGP Critical Limited
09660486
Mammoth Screen (Pol2) Limited
11423826
The Addressable Platform Limited
10031005
Mammoth Screen (Pol3) Limited
07155077
The Garden Productions Limited
10528763
Mammoth Screen (Pol4) Limited
02351132
TwoFour Broadcast Limited
11108289
Mammoth Screen (Pol5) Limited
08602993
TwoFour Group Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
05493388
TwoFour Group Limited
09646520
Mammoth Screen (QV) Limited
11816700
Unforgotten Productions Limited
16326446
Mammoth Screen (Rapture) Limited
02483078
World Productions Limited
NI678277
Mammoth Screen (TJ) Limited
15800988
WP BFB Limited
13087656
Mammoth Screen (Tower) Limited
14360979
WP Delia Limited
15502121
Mammoth Screen (TZ) Limited
12368643
WP Diplomat Limited
10528702
Mammoth Screen (VF) Limited
13988864
WP Fifteen Limited
11108322
Mammoth Screen (Vic3) Limited
12116627
WP Karen Pirie Limited
16444434
Mammoth Screen (WF) Limited
14988579
WP Lockerbie Limited
11108320
Mammoth Screen (WOF) Limited
15800942
WP LOD7 Limited
NI687412
Mammoth Screen (WOF2) Limited
13087865
WP Malpractice Limited
05976348
Mammoth Screen Ltd
12368475
WP Showtrial Limited
13412337
Metavision Limited
15801483
WP Springburn Limited
09477931
Monumental Television Limited
16768728
WP Sutherland Limited
15986342
MT Frauds Limited
14653603
WP The Gathering Limited
12368748
MT Ghosts Limited
16507273
WP The Party Limited
14764613
MT Marlow Murder Club Limited
12368477
WP The Suspect Limited
13989060
MT Maryland Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited and ITV Holdings (Cayman) Limited are exempt from audit under the requirement in the relevant jurisdictions ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "ITV White City, 201 Wood Lane, London W12 7RU, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }