Good morning, and welcome to ITV's investor call on the announced sale of our media and entertainment business to Sky. As always, I'm here with Chris Kennedy, our Group CFO and COO, who will talk about the financial details of the transaction. We are also joined by Julian Bellamy, the Managing Director of ITV Studios, and David McGraynor, the COO of ITV Studios, who will walk you through why ITVS, as a standalone business, will create further shareholder value. The deal announced today is a transformative moment for the ITV Group. It creates significant value for shareholders, enabling a cash return of GBP 950 million. It protects and secures the future of ITV Media & Entertainment as a public service broadcaster, and it unlocks the value of studios and provides the best of both worlds, creating a distinctive, pure-play, global content business supported by a longer-term relationship on content with ITV M&E and Sky. The combination of two complementary businesses, ITV M&E with ITVX and its free-to-air channels, and Sky with its technology-led user-centric platform, benefits users and advertisers. At a time of unprecedented change in viewer behavior, characterized by infinite content choice and the proliferation of ad-supported tiers across streaming platforms, this combination enables the combined business to better compete with deep-pocketed U.S. streamers and to increase investment in British content. Now we've talked about the integrated model to you for a long time, and its value. The GBP 2.1 billion content supply agreement is a minimum spend guarantee, which replicates the benefits ITV M&E and ITV Studios have always had. Sky has also committed to all the PSB requirements, ensuring viewers can watch their favorite shows free-to-air, preserving the quality and diversity of programming and news plurality that are the hallmarks of ITV's contribution to the U.K.'s creative industries. I'm now going to hand over to Chris to give you a bit more detail on the actual transaction. Thank you, Carolyn, and good morning, everyone. We think this is a great deal for shareholders. With the transaction valuing ITV M&E at between GBP 1.4 billion and GBP 1.6 billion. This value is made up of a combination of a GBP 1.2 billion initial cash consideration, subject to customary closing adjustments, and this is payable on completion, and there is no tax to pay on this element. The contribution of Love Productions, the maker of The Great British Bake Off, which is valued at GBP 200 million, and up to another GBP 200 million of cash, which is contingent upon 2027 total advertising revenue. This earn-out becomes payable if total ad revenue is above GBP 1.7 billion, with a maximum payout at GBP 1.8 billion. The earn-out will be subject to U.K. corporation tax. For reference, the current consensus total ad revenue for 2027 is GBP 1.75 billion. Crucially, the transaction also unlocks the value of ITV Studios, which post-completion will be a distinctive, pure-play global content business. In 2025, ITV Studios' EBITDA was GBP 330 million. As an indicator of how TV production businesses are valued, the recently announced merger of Banijay and All3Media was transacted at a 10x EBITDA multiple. To unlock this value, we're separating a business that has been integrated for decades. This is a complex exercise, which includes the negotiation and then implementation of the long-term content supply agreement between ITV Studios and Sky. We've got a robust plan that will involve a significant amount of work in order to separate the two businesses. As a result, over the next three to four years, we will incur transaction and separation costs of around GBP 185 million gross or GBP 155 million net of tax. We estimate that the initial net cash proceeds from the deal are therefore around GBP 1.05 billion. We'll use this cash to deliver value to shareholders through, firstly, paying down debt to ensure that ITV Studios has a strong balance sheet. We're targeting net debt to EBITDA of around 1.5x post-completion, which is comfortably investment grade. Secondly, through a significant cash return to shareholders at completion. Lastly, ITV Studios will incur around GBP 25 million of stranded costs, which will be broadly offset by the contribution from Love Productions. Therefore, ITV Studios' historic segment performance, which we have reported, is a good proxy for pro forma EBITDA history. I appreciate that there's a lot of information to take in, to summarize, before media speculation on our discussions with Sky, ITV plc had a market cap of around GBP 2.5 billion. As a result of this transaction, shareholders have the potential to receive value materially in excess of that. A cash return of GBP 950 million, which is a substantial direct distribution of the value we've unlocked, coupled with ownership of an independent investment-grade ITV Studios in a large and attractive global market. This is before any additional return from the earn-out. Carolyn will now talk you through the benefits of the deal for other stakeholders. Thanks, Chris. As we've already said, this is a transformative moment because viewers will continue to watch their favorite shows free-to-air, from national and regional news to the most popular dramas, soaps, entertainment, and live sport. We will also have access to a broad range of programs across both free and paid platforms. Under the terms of the Channel 3 license, which Sky is acquiring as part of this transaction, Sky will comply with all our public service broadcast commitments to the end of the license period in 2034, including regional and national news. Advertisers will continue to benefit from trusted, high-quality content. The combined business will have the resources and technology capabilities to compete more effectively with global media and technology companies in the U.K., creating a scaled alternative U.K. platform for advertisers. Together, Sky and ITV M&E have a significant content budget underpinned by the CSA, which will support continued investment in British creativity. Turning to ITV Studios. As you know, it has a compelling investment proposition, which includes, first, profitable organic revenue growth ahead of the market, further enhanced through disciplined capital allocation, including potential for value-accretive bolt-on M&E, building on its very successful track record. Secondly, industry-leading margins and strong cash generation, enabling ongoing growth investment and an attractive dividend. Thirdly, an investment-grade balance sheet. Finally, it has a very clear value creation strategy going forward. Before I hand over to Julian to provide a deeper dive on the Studios business, we wanted to show you some of its brilliant programs, which really demonstrates the quality of the business. [Presentation] Thanks, Carolyn. I'm Julian Bellamy, Managing Director of ITV Studios. I've been running the studios division for 10 years. I've also been a producer, director, and commissioner. I know firsthand what an extraordinary and rare creative powerhouse ITV Studios is. We own some of television's most loved shows and brands. We originate, produce, distribute, and monetize this content, delighting audiences around the world. Our people are passionate, and our culture is strong. Over the next few minutes, I'll explain why we're really excited about ITV Studios' next chapter. We have a terrific business, well-positioned to deliver sustained, profitable growth and cash generation going forward. It's a business built off three significant competitive advantages, world-class talent, global scale, and a unique IP library. These advantages underpin the results we deliver. Over GBP 2 billion of revenue, around GBP 330 million of EBITDA, and industry-leading EBITDA margins of 16%. Let's look at each one of those advantages in turn. First, we have an amazing creative talent base across over 60 production labels in 13 markets. It's one of the most formidable in the industry. That's important because they ultimately create and produce the shows that power our studios business. It's people like the creators of "I'm a Celebrity" and "Love Island," or the producers of "Rivals," the hit Disney+ series, or the team behind "One Piece," a global number one series for Netflix. It's creators of this caliber across over 60 labels that also means we can attract some of the best on-screen talent in the industry. Assembling a creative talent base of that quality is far from easy. It takes years and years of patient investment, carefully nurtured relationships, hard-won trust, and a distinctive producer-friendly culture that has creative freedom, entrepreneurialism, and empowerment at its heart. That culture is why we have such a high retention rate for our top creative talent. For example, in the U.K., three-quarters of our label MDs and creative leaders have stayed with us after finishing their earn-outs. 2/3 of our label MDs have served over five years with us. As you saw in the tape, it's also why our talent is widely recognized as being amongst the best in the business. Of course, our outstanding team of creative talent is why we're able to produce some of the biggest and most memorable shows on TV year in, year out. Entertainment hits like "The Voice," "Love Island," "The Chase," "Come Dine with Me," and many other shows that we sell all around the world. This gives ITV Studios a really solid base of long-term recurring revenue, diversified across both customers and geographies. As for our scripted output, that's been blazing its own trail with a consistent track record of success. From the BBC smash hit drama, "Line of Duty," to "Fool Me Once," one of Netflix's biggest English language shows of all time. From "Mr Bates vs The Post Office," which was ITV's biggest drama in over 20 years, to "Coronation Street" and "Emmerdale," the U.K.'s biggest and longest-running soaps. It's a track record that we're very proud of. Building on that success, the addition of Love Productions will complement and further strengthen our talent base and our library of world-beating IP. As multi-award-winning producers of hit shows including "The Great British Bake Off," "The Piano," and "The Great British Sewing Bee," all of which have been recommissioned this year, Love has a proven track record of brilliant unscripted series and a consistently strong financial performance with GBP 75 million of revenue and GBP 24 million EBITDA. We're delighted they're joining us. Our second big competitive advantage is scale, there are two parts to this. The first is about the U.K. ITV Studios is Britain's biggest producer, with around 30 production labels making over 5,000 hours of programming every year. Now, that's important because the U.K. is the world's leader in creating and exporting unscripted formats. It's the biggest exporter of scripted shows outside America, and the world's biggest market for original commissions after China and the U.S. Crucially, it's a territory where producers are able to own their IP, unlocking profit streams that other markets with less rights don't. The other advantage of scale is our global reach. Outside the U.K., we have around 30 production labels across the U.S., Europe, and Australia, plus a world-class global distribution and commercial arm that monetizes our shows around the world. Now, that's important because it enables us to capture the full value chain of the IP we create, helping to drive our industry-leading margins. As you can see from this slide, our global scale also builds diversification and resilience, meaning we're not dependent on any one geography, customer, or genre. As with our talent base, this U.K. and global scale can't be achieved overnight or easily replicated. It's taken years and years to build and has positioned ITV Studios as a strong, resilient business with the capability to adapt to the changing media environment. That scale also means we have long-standing, trusted, and strategic relationships with a tremendous range of buyers worldwide, from Netflix to Disney, RTL to TF1, and many, many others. Of course, in the U.K., we'll have a very close ongoing relationship with ITV M&E and Sky, underpinned by a new long-term content supply agreement that includes a minimum spend commitment of GBP 2.1 billion from 2028 to the end of 2032. A welcome and exciting extension to our mutually beneficial relationship that's existed between ITV Studios and ITV M&E for many years. The content supply agreement formally guarantees that ITV M&E's current level of spend with ITV Studios outside sport is maintained until at least the end of 2032. It spans genres including drama, entertainment, the soaps, and daytime, and encompasses programs commissioned for either ITV M&E or Sky. This provides ITV Studios with a guaranteed bedrock of commissions from one of Europe's biggest commissioners and a fantastic platform for our amazing talent to launch new shows and create new IP at scale. It's also a tremendous opportunity to build an even closer relationship and win more business with the fantastic team at Sky. Something we're all really looking forward to. The third major competitive advantage is our special and unique IP library. It's a vast catalog with over 100,000 hours of content spanning over 60 years. In fact, you may not even realize some of these shows are in our library, from "Poirot" to "Sherlock," "The Graham Norton Show" to "Poldark," and it's growing by roughly 4,000 hours of new IP every year, continuously adding to some of the biggest brands in global television. Not only that, over 90% of that IP library is English language, the vast majority of which is British content, which is a much more valuable asset than most, and a real competitive advantage. The library is also very diversified, covering a broad range of genres from drama to entertainment to factual, enabling us to act as a one-stop shop for our clients' programming needs. In addition, we're driving significant incremental revenue through our fast-growing digital studio, Zoo55, which not only distributes and monetizes our IP across all digital and social platforms, but enables us to build a direct relationship with fans of our shows around the world. Last year, our content had over 47 billion views across social platforms. An IP library of this scale and pedigree, more than six decades in the making, is critical to our future success and one of the most durable competitive advantages in the industry. All this is important because a strong IP library drives higher margins and builds further diversification and resilience into the business. More on that from David shortly. In summary, our combination of talent, scale, and the IP library really sets ITV Studios apart in a dynamic, competitive industry, and they all underpin the financials and the value creation plan that David will take you through now. Thanks, Julian, and good morning, everyone. I'm David McGraynor, the Chief Operating Officer of ITV Studios, where I lead our global commercial, operational, and business development teams. I joined the business 15 years ago as CFO, becoming COO in 2020. I've seen firsthand the growth and transformation of ITV Studios into one of the world's leading content businesses. Now, Julian's just explained what makes us such a distinctive, creative business with unique strengths. I'm now going to focus on how this translates into a business with attractive economics. Firstly, through high-quality earnings. Secondly, by illustrating our strong financial track record. Third to our growth potential, and finally, how that generates long-term shareholder value. Let me start with the quality of our earnings. When I think about the quality of earnings, four things stand out. First, our diversified operations across markets, customers, and genres not only gives us resilience, but allows us to capture opportunities wherever they emerge. Second, we have a high level of recurring revenues. Across the business, more than 75% of revenues come from returning shows and recurring monetization activities, giving us real visibility and predictability. Third, the quality of our content, combined with disciplined cost management, supports attractive EBITDA margins of between 14% and 16%, which I'll talk more about later. Finally, our cash generation is strong. On average, we convert around 80% of operating profit into cash, and that's supported by a flexible made-to-order production model, an asset-light operating structure, and a largely variable cost base. Underpinning all of this, our integrated operating model, which combines local production with global distribution and monetization, allows us to capture more value from the IP we create and own. The heart of our business model and how we create and capture value is illustrated on this slide. First, we create and produce content through each of our 60+ labels. That includes both new IP and returning series, all produced to order for broadcasters and streamers around the world. Today, our production business represents around 80% of Studios revenues and delivers stable, predictable earnings. Second, where we own rights, that content becomes part of the IP library Julian's just spoken about. Third, we monetize that IP repeatedly through global partnerships and Zoo55. We sell finished programs and formats internationally. We produce our formats in markets where we have local production companies. We monetize content on digital platforms such as YouTube, and we connect our brands with consumers through licensing, merchandising, and commercial partnerships. The Voice is a great example of how a successful brand can be scaled and monetized globally with over 150 adaptations in 76 territories. Across Studios, monetization activity is around 20% of revenues, but it is high margin and highly recurring because it's driven by existing IP rather than new productions. The key point of our business model is this: a successful idea isn't a one-off project. It becomes a multi-year, multi-market, multi-channel revenue stream. That is what makes our model so powerful, and it's what underpins the quality, durability, and cash generation of the business. The result of those economics is a business that consistently delivers industry-leading margins relative to our peer group. Our margins reflect both the quality and mix of our content, as well as the efficiency of the operating model we've built over many years. While margins are an important indicator of quality, our focus is ultimately on maximizing economic returns rather than targeting a specific margin at an individual project or segment level in isolation. The strength of the business is also reflected in our long-term financial track record. Over more than a decade, we've consistently grown revenues while maintaining attractive margins. That performance has been driven by competitive advantages Julian described earlier, combined with disciplined execution and a clear strategic focus on the fastest-growing parts of the market. Those same strengths give us confidence in our ability to continue creating value in the years ahead. Turning to the market, we operate in a large and attractive global content market worth more than $235 billion last year. It's a market that has proven remarkably resilient despite industry disruption over the past few years. While growth is increasingly driven by streamers, ad-supported platforms, and demand for library content, the free-to-air segment remains a large and important part of the ecosystem. Combined, these characteristics play directly to our strengths. In a market where overall growth is moderating, talent, scale, and IP ownership become even more crucial in winning market share. It's equally important to be well-positioned in the fastest-growing parts of the market. Our ability to pivot early and at scale to growth segments of the market is something we've consistently demonstrated over time. For example, we've significantly increased our focus on streamers as that segment expanded, and as a result, revenues from streamers have almost tripled over the past four years. We've also expanded our scripted capability, enabling us to capture growing demand from global platforms, and more recently, we've launched Zoo55, which is accelerating the digital monetization of our IP. Zoo55 is a highly capital-efficient growth opportunity because it creates incremental revenue from content we already own. Now, looking ahead, our priorities are clear. We want to continue delivering profitable revenue growth, to generate strong cash flow, and to allocate capital in a disciplined way. Over the medium term, we expect to continue delivering profitable organic revenue growth ahead of the market, while maintaining margins within our established 13%-15% EBITDA range. Cash generation is expected to remain strong, with operating profit to cash conversion averaging around 80% over time. As Chris highlighted earlier, we remain committed to maintaining a robust investment-grade balance sheet. As a result of the transaction, there are a few adjustments to ITV Studios' revenues and margins, the details of which can be found in the RNS, and their financial guidance reflects these changes. Finally, let me turn to value creation. Value creation starts with investing organically to drive profitable growth while maintaining a strong investment-grade balance sheet. That, in turn, supports an attractive dividend. Beyond that, we can enhance returns through disciplined value accretive acquisitions, building on our successful track record. Where appropriate, surplus capital can be returned directly to shareholders. Taken together, our competitive strengths, market positioning, and disciplined approach to capital allocation give us confidence to deliver durable long-term value for shareholders. With that, I'll hand back to Carolyn. Thank you, Julian. Thank you, David. You've heard ITV Studios is a really exciting business, and we look forward to going into much more detail at the Capital Markets Day. Let me now just walk you through the key transaction milestones from here on in. As you'd expect, the transaction is subject to customary regulatory approvals. We're working very closely with Ofcom, DCMS, and the CMA to ensure we cooperate fully with their respective processes, provide all requested information. The same applies, of course, to Comcast and Sky. Initial discussions have already taken place. We plan to make formal regulatory filings in short order, targeting Q4 2026 for commencement of the formal review period. As I said, we will host Capital Markets Day for ITV Studios closer to completion, indicatively in H1 2027, where management will provide further detail on the company's strategy, financial performance, and medium-term outlook as a standalone business. Completion is expected in H2 2027. Based on the advice we've been given and our own assessments, we are confident because we think the regulators will also see the fundamental changes that I described earlier on in the market. The capital return to shareholders will follow completion, with further details to be provided closer to that date. Just to summarize, this deal creates significant and sustainable value for our shareholders. It enables a cash return of around GBP 950 million. It unlocks the value of studios, and more than that, it benefits multiple stakeholders through the attractive combination of two leading British streamers and broadcasters. As you all know, ITV celebrated its 70th birthday last year, and it continues to hold a unique and valuable place, both in the lives of British viewers and in our creative sector. Through the More Than TV strategy, ITV has successfully evolved in a rapidly changing media landscape, and this transaction actually builds on that momentum. The value this deal creates reflects a huge amount of hard work by the people in ITV, and they have been the ones that have executed our strategy so successfully. I would like to thank every single one of our colleagues for their continued focus and commitment in transforming ITV and setting up both of our divisions for future success. Thank you very much for listening, we will now take your questions. Thank you, Carolyn. If you would like to ask a question today, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two to remove yourself from the question queue. When preparing to ask your question, please ensure your device is unmuted locally. The first question today comes from Ed Young of Morgan Stanley. Your line is now open. Please go ahead. Thank you, good morning. Two questions, please. First of all, I wondered if you could elaborate a bit more on why now is the right time for this transaction. Connected with that, what were the key elements of the deal that were must-haves to get right to proceed with it? Second of all, in terms of the use of proceeds, just wondering how you considered shareholder returns versus keeping hold of more cash to potentially be more aggressive in terms of a little bit about the balance of building scale and maintaining the right culture and home in the business for the creatives that are already there. Thank you. Okay. Thanks, Ed. Why now? Well, look, we have as a Board, we have said to you, we look at all our strategic options. We've kept them under review for forever really. We always look at those. We had done a lot of work on this for a long time. Why now is kind of like because all the conditions were right to come together. We think the market has changed so fundamentally. It's changed exponentially actually since COVID in terms of viewing habits. The global streamers have really accelerated what they do in the U.K. in particular. Also, that's had an impact obviously on viewers and on advertisers. I think both companies have seen the benefits of coming together because we're complementary. We know we will make a bigger, better content business, so i.e., for viewers. We also think there are a lot of benefits for advertisers. We think the market has changed fundamentally, which means scale is very, very important. I also think that from a regulatory point of view, I'm hoping that very much the regulators see those changes too. Actually, it is worth saying that through all our strategic thinking on the ExCo and the Board, the company at the top of the list to do anything with was Sky. ITV did approach Sky actually to just say, "Do you want to chat, and do you want to talk further?" That's really how this happened. I think really the conditions were right all round for us to have these very serious discussions that have now materialized in a transaction. Chris, do you want to take the second one? Yeah. Key elements of the deal. Fundamentally, it needed to be a deal that created value for shareholders because that's the lens we use as a Board. We were pleased with the valuation that was put on M&E by Sky. That's a reflection, I think, of the successful execution of the strategy. We wouldn't be in this position if the team hadn't done an amazing job on ITVX and the viewing and the advertising revenue that's come from that. It was important to replicate the current arrangement between M&E and Studios. This long-term supply agreement, five years from completion, GBP 2.1 billion which underpins the partnership that will continue between M&E and Studios was also important. As Carolyn said, we needed the confidence that the time was right with the regulators and the certainty around completion. Can't prejudge it, but we have that confidence. Use of proceeds, Ed. You know we've consistently said, I'll pass to Julian, ITV Studios has the scale right now to compete. It's one of the largest independent producers in the world. We don't need scale for scale's sake. We've had a really successful history of bolt-on acquisitions which fulfill a purpose that financially sensible, but also that they build out the portfolio of labels that we have. Obviously, we're getting Love Productions as part of this deal, that's a GBP 200 million, effectively a GBP 200 million acquisition there and then. We feel that the right thing to do is to set the ITV Studios business up for success with an investment-grade balance sheet, 1.5x Leverage, which is comfortably investment grade, which allows ITV Studios to continue to do bolt-on acquisitions, but we don't need to retain the cash. Just to add to that. As Chris said, I think in ITV Studios we feel we've absolutely got the scale to compete. It's the scale and the quality, hopefully that came across in the presentation where it's the scale both in the U.K. and international, but also then blended with the IP library and the talent base. Look, we're very focused on getting the best out of the assets that we have and executing our strategy and delivering value for our shareholders. As Chris said, we've always had, and we will continue to have a very clear and consistent approach to our bolt-on M&E strategy. We're always looking for great creative businesses that are a great strategic cultural fit, and that they can join the group in a way that creates value for shareholders. Okay. Thanks very much. Thank you. The next question comes from Julien Roch of Barclays. Your line is now open. Please go ahead. Yes. Good morning, everybody. Thank you for taking my questions. I'll start with the GBP 2.1 billion spend from Sky over 2028, 2032, five years, so that's GBP 525 million a year. Internal revenue have been GBP 600 million every year for the past four years. Does that mean you expect less revenue going forward? That's my first production. My first question, sorry. The second one is Love Productions. It seems that the numbers you're giving us, GBP 75 million of revenue and GBP 24 million of EBITDA are 2024 numbers. Can we get the 2025 numbers? Can we also get the IFRS 16 depreciation? Finally, Zoo55 revenues, are those included in the GBP 603 million of streamer revenues in 2025, and which was Zoo55 revenues in 2025? All numbers question. Sorry. Thank you. That's good. Well, Chris, all numbers questions. Lucky I'm here, Julien. Yes. The GBP 600 million in internal revenue that you reference, that includes intra-Studios revenue, which was GBP 89 million last year. It also includes sport production, which is transferring from Studios to M&E at completion because Sky are a brilliant broadcaster of sports, and we've got a brilliant sports team, it made sense as part of that. That's about GBP 50 million. Yeah. The GBP 420 million average over the five years is in line with the internal supply historically. No change there. Love Productions, 2025 numbers have not yet been made publicly available, but they are pretty much in line with 2024. I didn't quite get the question on Zoo55, I think it was. Is Zoo55 revenue part of the CSA? Anything that goes to Zoo55. Yes. As you know, Zoo55 do the channel management for the M&E programming on YouTube. That will continue in the future. Yeah, that Zoo55 relationship remains. No, sorry, my question was, is the Zoo55 revenue included in your GBP 603 million of streamer revenues? When you're breaking down your revenue between streamer, internal, and broadcast, is Zoo55 in the GBP 603 million? In- Content. Yeah. Yeah. Why don't we take that one offline, Julien, because I'm not sure I know the question you're asking. Yeah. It was page 23. Sorry, slide 23. Yeah. You're breaking down your GBP 2.130 billion, GBP 1.527 billion, FC, pay TV and other, and GBP 603 million streamers. Is the Zoo55 revenue in the GBP 603 million, or is it in the GBP 1.527 billion? Of course it is. Yeah, I don't have the numbers on this. Oh, I see where you are. Right. I think it is, yeah. Yeah. That is by customer, so it will include all the revenue streams- Yeah. ...from- It will include. ...the studios business- Zoo55, yeah. ...the proportion of Zoo55 that's there. Yeah. Yeah. It's in. It's in the 603. Okay. How much was Zoo55 in 2025 of revenue? At the moment, it's around GBP 60 million. Right. Thank you. Okay. Thanks. Thank you. The next question comes from Adam Berlin of Goldman Sachs. Your line is now open. Please go ahead. Hi, good morning. My first question, you showed a helpful slide with the market for TV content, which has been reasonably stable for the last few years. Can you just talk a little bit more detail, this question for Julian, about how you plan to grow ITV Studios in what seems to be a fairly flat market? Why should ITV Studios grow in the flat market? That's the first question. The second question is, can you help us, Chris, with free cash flow for, say, 2025 for ITV Studios? I know you've given us the profit-to-cash ratio for adjusted EBITDA, but any estimate you've got on what you think the standalone free cash flow would've been for ITV Studios? Thanks very much. Shall I take the first one? Yeah. Hi. Yeah, I hope this came across in the presentation that our revenue growth is going to be driven by leveraging those competitive advantages that we talked about. That's your formidable talent base that we have, the scale that we have both in the U.K. and globally, and also the IP library, a scaled IP library, predominantly English language. Plus, we're leaning into those growth segments within the market. Streamers, you can see how much we've grown our business with the streamers. It's something like doubled over the last five years. In scripted, 10% growth in 2025. We've seen a big growth for us in that segment. In the library, with the IP library, global partnerships, again, driving a lot of growth, aided by Zoo55, something like 7.5% CAGR between 2021 and 2025. Those have really been the primary levers of our growth. It's worth also just adding that the streamers are doing much more unscripted now- Yeah. ....given you're the leading unscripted producer, really. Yeah, it's a really good point. We've seen that segment grow a lot, and you can see some of the success that we're having, whether it's Squid Game: The Challenge, for Netflix or, of course, Love Island is a smash hit at the moment over in the U.S. The most watched streaming series in the U.S. across all streaming platforms in 2025. Which is on Peacock. It's on Peacock. Yeah. Yeah. On the cash generation, Adam, we've said that we believe the Studios business will be at around the 80% cash conversion mark, which is broadly where it's been historically. There tends to be, because it's growing and in scripted, you do get a working capital movement each year as we grow the business. On an adjusted EBITDA last year of around GBP 300, that's GBP 240 of cash. It's a capital-light model, so very little CapEx at all. We don't own large studios or lots of kits. It's a variable cost model. Out of that, you've got then the interest on 1.5x Leverage and tax, which is broadly at the U.K. corporation tax rate. Thanks very much, Chris. Very helpful. Thank you. The next question comes from Annick Maas of Bernstein. Your line is now open. Please go ahead. Good morning. My first question is, you've shown us very helpfully how much streamers have contributed to growth and free-to-air and pay TV have contributed to the decline in the last few years. Can you give us a numbers indication of how much you expect streamers to grow in the mix in the next years and free-to-air pay TV to decline? My second one is, I'm coming back to your comment on the fact that it's the right time with the regulator. Do you have any deal precedents that make you more confident that the regulator will look this time around not only at the TV advertising market, but at a wider definition of the ad market? Thank you. Okay. What we were saying about growth in Studios, so we can't do an It's very much future, yeah. Yeah. We're not going to do an outlook statement, but we would say the market overall is growing, and then we will always say that we will grow ahead of the market. That's really what we can say today. As you can see from the slides that we presented that capture the overall content market, this is the data from Ampere. You can see the view is that there'll be a gentle decline in free-to-air of around about just under 2%, and you'll see the stream is growing by around about 2%. Within that, of course, there are other segments that we mentioned earlier on, the growth of unscripted among streamers, the growth of scripted and so on. That's broadly the latest data. Annick, remember, this is a fragmented market, it's well over GBP 200 billion. Our turnover is GBP 2 billion. The market trends are important, but also what we do for self-help is as important. That's why this strategy about making sure we've got global formats, making sure we're going after streamers. Zoo55 is very exciting as the 100,000 hours of catalog that we've got, English language primarily, becomes open to digital exploitation, and that's an incremental revenue stream. Yeah. Honestly, the studio strategy is all about self-help within a very big market. It's about growing share. Growing share. Continuing to grow share, which we've been doing effectively. Yeah. On the regulator, look, there hasn't been a media deal for many years. The Vodafone- Three deal went through, and the regulators took a very rational, very sensible approach to that. I do think that, as I said, we've taken a lot of advice, and we've done a lot of assessment, as have Sky. We do believe now is the time because it is so fundamentally a changed market. You just have to look at your own experiences to know how viewing has changed. Certainly from where we sit, we have ample evidence of how advertising has changed. As we say, there is no precedent at the moment for this in the media space, but we believe that the evidence is pretty compelling, but we can't prejudge a process. Thank you. Okay. Thank you. The final question today comes from Adrien de Saint Hilaire of Bank of America. Your line is now open. Please go ahead. Thank you very much. A couple of questions if that's okay. First one, I know it's quite early in the process, could you talk a bit about the future capital allocation of the new ITV Studios? I appreciate the market is indeed pretty fragmented on your side. Do you think there will be opportunities for future deals here? Thanks for giving the splits of streaming versus traditional clients. Could we double-click a bit within streaming between SVOD and AVOD? It seems like most of the growth now in the market is coming from AVOD. I'm not quite sure if that category for you guys is significant. Related to that, as most of your revenue or your revenue growth comes from streaming, do you think this will have a bearing on your margin? I think these companies, the streamers, are all set to have better, stronger bargaining power vis-à-vis the producers. Thank you. Yeah. Adrien, on the future capital allocation, I think we said earlier, the capital allocation model really is a continuation of the way we work today. It's about investing for organic growth. There will be a sustainable dividend. We'll maintain investment grade, we will continue to look for value-accretive acquisitions with a strategic fit to the current portfolio. Really no change there in terms of the capital allocation of the future business. On the streaming customers, SVOD versus AVOD. Well, all fronts. Look, one of the characteristics of the last year, in the last few years, is that we have grown our streamer business right across the board, not just with global streamers. Actually, there is also regional local streamers like BritBox, for example, that we've grown. AVOD fast, we see that very much as part of our overall digital strategy that Zoo55 is right at the forefront with, and that is in conjunction with our YouTube business, gaming, and so on. We're pushing on all fronts, and it is an important growth lever for us going forward. Yeah. In terms of with the margin question, as you know, the ITV Studios business is a mix of lots of different business channels. All the way from a format sale, which is 100% margin, to sports production, which is a very low, it is that kind of mid-single-digit margin, and then everything in between. We're not worried about streamers' buying power because essentially our moat is brilliant creative ideas that are must-have for shows. I think you've got some great statistics about the power of our shows on the likes of Netflix, in terms of- Also- ...global viewing. ...yeah. Go on. No, I was just going to say, look, when we're looking at our margin as a studios business, our focus is we are always focused on what's going to give us the best economic return. The margin is like an output of those decisions. The thing, and I hope this came across in the presentation, the margin is really driven by a number of things. The three big ones are, one, the hit factor, the creative strength of the slate. Two, the amount of reoccurring revenue that we have, and you saw that in the mid-70s%. The power of those big brands. When you've got a show like "Love Island" that's in 76 different territories, that's really then driving, and then is driving ancillary revenue as well. That's driving a lot of our leading margins. Drama is a good example, isn't it, of where streamers look to us because we do drama in a sweet spot, which is high quality- Yeah. ...not as expensive as- Yeah. ...some of the big budget kind of dramas- Yeah. ...like "Bridgerton" or whatever. Exactly. When you think, for example, that there's a show like "Fool Me Once," made by Quay Street Productions, a company just outside of Manchester, that is in the top 10 all-time most watched English language Netflix shows, it gives you a sense of the power and influence of some of those shows. Quay Street, and they've had multiple shows on Netflix. Oh, yeah. Multiple. I think we're known, as you said, this moat is a very deep moat because we're known for certain things, and we do it very efficiently, so it's cost-efficient for streamers. I think that's important. I think overall just it's worth reiterating we have the leading margins in the production industry, but also our KPI is very clear. We've always said we'd be between 13% and 15%- Yeah. ...which is top end. That's the last question. Thanks alot. Thank you. Any more questions? I think we have one more. Okay, great. We do. We do have a follow-up from Julien Roch of Barclays. Your line is now open. Please go ahead. Yes, it's me again, which is a follow-up from Adrien's question and my initial question, which is on page 22, you kind of broke down the market between traditional, then YouTube AVOD, then SVOD. On page 23, you broke down your revenue in two, not in three. What we're trying to do is break your revenue in three. Which was Adrien's question, but also mine, is in the GBP 603 of streamers, does that include Zoo55? And is Zoo55 the entirety of your YouTube AVOD revenue, or is there more? What is Zoo55 revenue in 2025? We're trying to break down the market, your revenue in three in 2025, not in two basically. Yeah, Julien, that data is all available. I think the best thing, we will take on board your desire to see a bit more granularity on the streamers. As we said in the presentation, there will be a Capital Markets Day presentation later in the regulatory process. I think that level of detail is probably best left to that market presentation. Actually, it's a good point because we would be aiming to do that, I think indicatively, we are saying H1 2027. Yeah. That's next year- Yeah. ...where we will go much, much deeper into the studios business. If that is the last question. All right. Thank you. I'd just like to say thank you all very much for joining us this morning, and see you all soon.