DB Media & Online #what's appening: ITV-MFE-FUTR-ATG/results, DHER/SK, RTL, HTG, UMG, CAN, Relx, WK

Research evidence excerpt

DB Media & Online #what's appening: ITV-MFE-FUTR-ATG/results, DHER/SK, RTL, HTG, UMG, CAN, Relx, WK

Deutsche Bank

Research

Europe Industry Date

14 May 2026

Media and Online DB Media & Online

Periodical

#what's appening

ITV-MFE-FUTR-ATG/results, DHER/SK,

RTL, HTG, UMG, CAN, Relx, WK

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin

Nizla Naizer

ITV (Hold, last close: 77.7p): Q1 results out with Group revenue slightly above

+44-20-754-12403

consensus (~1% beat), Q2 TAR outlook of 10% led by FIFA World Cup, ITV said it

remains in active discussion with Sky regarding a potential sale of its M&E Gareth Davies

business. Key takeaways - Research Analyst

+44-20-754-11560

n Financials: Q1-26 Group revenue increased by 1% to GPB766m and was Steve Liechti

~1% above DBe/company-compiled consensus of GBP760m, supported Research Analyst

by higher external ITV Studios. Within the mix, Media & Entertainment +44-20-7541-1549

segment revenue declined by 2% to GBP477m (in line with DBe/cons.),

Annabel Hames

impacted by a ~1.5% decline in the total advertising revenue (TAR) to

GBP416m (vs. DBe/cons: TAR down 2%), weighed down by soft demand

+44-20-754-11574

due to the weak macroenvironment, as well as advertisers likely holding

back their marketing budgets ahead of the 2026 FIFA World Cup in June/ Tarun Mittal

July. As a reminder, ITV had guided for ~2% declines in Q1 TAR, so the Research Associate

actual results were slightly better than expected. Digital advertising

revenue (led by ITVX streaming services) increased by 14% to GBP130m,

Shrishti Shubham