Comment: ITV company feedback

研报英文原文证据摘录

Comment: ITV company feedback

24 June 2026

Annick Maas +44 20 7676 6683 annick.maas@bernsteinsg.com

Christophe Cherblanc +41 582 723 540 christophe.cherblanc@bernsteinsg.com

Christopher Pancur +44 20 7676 7280 christopher.pancur@bernsteinsg.com

We catch up from time to time with the companies under our coverage to get an idea of recent developments. We did so this morning with

ITV and the group confirmed again its FY guidance. Some of the learnings we took from this are:

• ITV has guided for c.10% TAR in 2Q helped by the World Cup spend. The group has reiterated this guidance. World Cup spend this

time around, on top of the usual sports advertisers (e.g. male brands and gaming brands), has seen a lot of advertising spend from AI and

Tech platforms. The group also sees the WC spend equally split between June and July (some TAR 3Q should benefit as well). While the

Middle East conflict had and adverse impact on 1Q and some of 2Q TAR - airlines make up c.10% of the ad mix and spent less in 1Q/

start of 2Q - this should have been more than offset by the WC spend. Consensus for 1H TAR is at +4.0% with the range being 3.8-5.0%.

We have +4.0%.

• Last year Studios had a few high margin deliveries (that boosted topline and profits), which have not been repeated in 1H, impacting

external revenues adversely. Internal revenues saw a positive impact from the WC production but were adversely impacted by the slim-

lining of the ITV day schedule. Combined this implies that revenues and profits will be more 2H weighted.

• The group did not comment on ongoing M&A speculation, notably a potential Comcast take over of M&E. The group reiterated only its 1Q

official message, which is that they keep on discussing. The group acknowledged that it had been receiving more questions on the