Slides
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STV Interim Results to 30 June 2026 8 September 2026
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Revenue of £66.1m and adjusted operating profit of £5.9m Strong Audience performance, supported by digital, audio and FIFA World Cup Studios impacted by continued commissioning softness, resulting in lower profitability and non- cash impairment Management actions supporting efficiency and cash generation Cautious near-term outlook, while positioning the Group for longer-term opportunities Q3 TAR expected to be down c.5% No interim dividend proposed as the Board continues to prioritise balance sheet flexibility and long-term value creation H1 position and outlook 2
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Finance Review Lindsay Dixon 3
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2025 +13% £15.5m H1 2026 key financials 2025 flat 2025 -6%2025 +6%2025 +5% 2025 +1.5%2025 -63% Total Revenue Total Advertising Revenue National Advertising Revenue Regional Advertising Revenue Studios Revenue Adjusted Operating Margin Adjusted EPS £66.1m £48.1m £30.2m £7.1m 8.9% 7.1p 2025 -27% Digital Revenue £12.2m 2025 -12% Adjusted Operating Profit £5.9m Dec-25 £45.3m Total Net Debt* £42.9m * Includes non-recourse production financing of £2.0m at 30 June 2026 (Dec-25: £2.3m) 4
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Group results Audience revenues driven by TAR +5% FIFA World Cup and launch of STV Radio Studios revenues in H1-25 included significant drama contribution Overall increase in adjusted operating margin reflects growth in TAR and cost savings Finance costs well managed; benefit from swaps in place to Nov-27 Main adjusting item in operating profit is non-cash impairment of £25.4m in Studios 5 H1 2026 £m H1 2025 £m Change Revenue - Audience 50.6 47.8 +6% - Studios 15.5 42.2 -63% 66.1 90.0 -27% Adjusted operating profit* Audience 11.1 9.1 +21% Studios (3.2) - Corporate costs (2.0) (2.4) +16% 5.9 6.7 -12% Adjusted operating margin* 8.9% 7.4% Share of associates - (0.1) Finance costs (excl. adjusting items) (2.0) (2.5) Adjusted PBT * 3.9 4.1 -3% Adjusted EPS (pence) * 7.1p 7.1p flat * Before adjusting items (see detailed appendix)
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- £5.0m £10.0m £15.0m £20.0m £25.0m £30.0m Q1 Q2 Q3 Outlook TAR by quarter 2024 2025 2026 Advertising revenue 6 Q2 benefitted from FIFA World Cup Underlying ad market (ex-football) continues to be challenging; expect Q3 TAR down c.5%; regional markets softer following years of outperformance Bauer appointed as national sales agent for STV Radio in August; initial RAJAR results very positive Year on year performance (26v25) Q1 Q2 H1 National advertising revenue -3% +16% +6% Regional advertising revenue -11% -1% -6% Digital advertising revenue +9% +18% +13% Total advertising revenue -2% +14% +5%
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Adjusted operating profit FIFA World Cup driving national revenues +6% and TAR +5% year on year Radio performance in line with business plan; national sales representation now appointed so additional revenues due in H2 Minimal scripted programming H1 2026 with The Witness (Netflix) and Criminal Record S2 (Apple TV+) in H1 2025 Unscripted profitability slightly ahead of last year £1.5m of incremental cost savings delivered from restructuring plan announced in H2 2025, and other savings 7 £6.7m £1.2m -£0.5m -£3.4m £0.2m £1.5m £0.2m H1 2025 Advertising revenue (net) Radio margin Studios scripted Studios unscripted Cost savings Net other H1 2026 £0.0m £1.0m £2.0m £3.0m £4.0m £5.0m £6.0m £7.0m £8.0m £9.0m £5.9m
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Net debt & leverage Core RCF net debt reduced over first half Production financing at start of year fully repaid; 30 June balance relates to Blue Lights s4 Leverage covenant maximum at June 2026 is 3.75x; interest cover minimum 4x Total net debt expected tobe £40-45m at year end 8 RCF Cash on Core Corporate Non-recourse Total Utilisation Hand Debt Prod Finance Net Debt At 1 January 2026 (55.3) 12.3 (43.0) (2.3) (45.3) Net cash movements - (4.7) (4.7) - (4.7) Net repayment 7.0 - 7.0 0.3 7.3 Amortisation of fees (0.2) - (0.2) - (0.2) At 30 June 2026 (48.5) 7.6 (40.9) (2.0) (42.9) Leverage 2.3x 2.4x Interest cover 5.5x 5.5x
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Pension deficit continues to reduce Contributions to schemes £1m in H1; none payable in H2 Next triennial valuation due end December 2026 Re-phased contributions agreed with trustees Next payment £8m in Dec-27 £10m pa thereafter Recovery plan extended by 1 year to 2031 H1 2026 £m FY 2025 £m H1 2025 £m 9 Assets 263.6 271.4 268.4 Liabilities (301.2) (310.6) (312.8) Deficit (37.6) (39.2) (44.4) Key assumptions: Discount rate 5.80% 5.40% 5.45% RPI 3.05% 2.90% 3.00%
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Audience: Q3 looking to return to pre-World Cup levels with TARexpected to be down c.5% Cost savings coming through as planned; News savings coming through in H2 Studios: Production orderbook of contracted activity at end Jun-26 of £36m (Dec-25: £33m) Delays in commissioning decisions mean FY26 now expected to breakeven FY27 profit subject to positive decisions on a small number of material commissions Net debt at year end £40-£45m Pension contributions: £8m in Dec 2027 then £10m per annum thereafter Guidance on a page 10
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Strategic Update & Outlook Rufus Radcliffe 11
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Audience Division: Broadcast. Streaming. Audio. Maximise reach and engagement Expanded advertiser proposition Diversified revenue opportunities Studios Division: Labels for current market and future growth Returnable IP International appeal New digital opportunities Organisation Focus on cost base and capabilities Core strategic pillars 12
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Higher peak time audience than all other Commercial broadcasters, SVOD platforms and YouTube STV has 99% of top 500 audiences across commercial broadcasters and streamers Best ever H1 for STV Player, with 40.4m streaming hours – up 9% YoY and 1.6m registered active users +23% YoY . STV continues to be Scotland’s leading platform for audiences Scale & strong streaming growth The World Cup in numbers 13 3.0m STV & STV Player total reach across 46 games 39m Viewing hours across STV & STV Player 3.5m Viewing hours on STV Player – highest ever for a sporting event 1.2m Most watched moment in Scotland was Scotland vs. Morocco on STV 42% Avg. share +3 points greater than ITV1 653k Most streamed match ever on STV Player Norway vs. England Source: Barb (Advantedge/AsViewed), 11th Jun – 19th Jul 2026, Scotland, Individuals; Conviva Analytics; Freewheel
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The strategic rationale Source: Barb - All Commercial TV & BVOD, Scotland : Weekdays 2024, avg aud by daypart ; Radio = RAJAR Jul - Dec'24 All commercial Radio in Scotland Mon - Fri by daypart 0 200 400 600 800 1000 0600 0700 0800 0900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 2100 2200 2300 0000 0100 0200 All Comm. TV incl Bvod All Comm. Radio 14
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Source: Rajar, Scotland TSA, Q2 2026 139k weekly reach 1.3m listening hrs 9.3 hrs avg time per listener STV Radio is in the top ten most listened-to commercial stations in Scotland STV Radio is the only pan Scotland commercial radio station 84% of listeners in the target audience of 35+ 15 has got off to a strong start
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Our expanded audience proposition is growing reach, particularly among younger audiences 16 71% 77% STV + Player STV + STV Player + STV Radio + News + social media Adults 59% 69% STV + Player STV + STV Player + STV Radio + News + social media Under 45s +5% +10% Adults = 77% monthly reach U45s = 69% monthly reach Source: ScotPulse, Apr'26 , respondents n = 1,114
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digital views were up +14% YoY (+7.4m), driven by video views (+31% YoY) 10.8m 38.7m 6.7m 2.3m 1.7m YouTube X TikTok Meta Page views Source: Jan – Jun 2026, STV News website page views = Plausible | Video views = Social Sprout. News & Sport pages on: Meta (Facebook & Instagram), X, YouTube (on platform views only), and TikTok 17 5m + views 7m + viewsAverage monthly page & video views 60.2m
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STV continues to be Scotland’s leading platform for advertisers Pause Ads: 25 active brands 37 active brands, 10 new to STV 66.3% of brands are active on more than one platform Scotland’s leading advertising platform • Mass • Targeted • Micro-targeted • New formats • Video + Audio TV is most effective advertising platform* TV and radio multiplier effect +20%** 18*Thinkbox Profit ROI, Full Payback Profit Ability 2; Ebiquity, EssenceMediacom, Gain Theory, Mindshare, Wavemaker UK; 141 brands (UK), £1.8Bn media spend ** Source: Thinkbox 2024, voting Demand Generation
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19 Still to come in 2026
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UK commissioning activity remains significantly below recent levels and recommissioning decisions are taking longer Viewing and advertising spend continue to migrate to digital platforms, reshaping the market Creative diversity and financial discipline remain critical competitive advantages We have increasing focus on returnable IP , international customers and new digital opportunities Actions are being taken to protect profitability, cash generation and future investment capacity Studios: creating value in a changing market 20
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Returnable IP: Building enduring content franchises 21 24 brands currently commissioned so far in 2026 Development spend focused on repeatable formats Potential to improve margins and generate distribution revenue as successful series return and scale Building long-term value through repeat commissions and IP ownership
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Winning with global audiences and buyers Growing relationships with Netflix, Apple TV, Hulu and other international buyers Scripted content broadens addressable market beyond traditional UK commissioning Disciplined drama pod strategy expands our creative pipeline at limited risk Building a more diversified and international customer base 22 • First commission for Netflix • #1 most watched show globally in week 1 on Netflix • 10 million views globally • First commission for Hulu • Returnable format • Global launch in October • Unique access to high profile creative talent through Kevin McKidd and Ferryman Films • Expands scripted pipeline and exposure to international commissioners THE WITNESS
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Digital first content is one of the fastest growing segments of the media market FanClub provided a capital light route to build capability and market understanding We are building expertise and relationships in a rapidly evolving sector Testing new routes to developing IP , reaching new audiences and growing new revenues Creating new paths to digital audiences & revenue 23
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Active review of portfolio and investment priorities Resources focused on the strongest growth opportunities Development prioritised towards returnable, international and scalable IP Cost discipline supporting profitability Active portfolio management 24
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STV: Building a broader, more diversified media business Audience Scotland’s leading broadcaster, streamer and news provider complemented by a fast-growing commercial radio station Strong audience reach, growing streaming and new audio diversification Expanded advertiser proposition across broadcast, digital and audio Trusted consumer brands and resilient cash generation Studios One of UK’s leading independent production groups Portfolio of returnable, scripted and internationally relevant IP Increasing exposure to global buyers Building capability in digital-first content and creator led opportunities 25 A unique combination of market-leading Scottish audiences, high quality content creation and growing revenue diversification
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Appendices 26
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Divisional p&ls 2026 2025 £m £m Change Revenue - National advertising 30.2 28.5 +6% - Regional advertising 7.1 7.5 -6% - Digital revenue 12.2 10.8 +13% - Other 1.2 0.9 +30% 50.6 47.8 +6% Operating costs (39.5) (38.7) -2% Operating profit 11.1 9.1 +21% Operating margin 21.9% 19.1% Audience 2026 2025 £m £m Change Revenue 15.5 42.2 -63% Operating costs (18.7) (42.2) 56% Operating loss (3.2) - Operating margin -20.5% 0.0% Studios 27
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Adjusting items 28 Impairment of Studios assets £25.4m Goodwill £16.9m, Intangibles £2.5m, inventory £6.0m Other finance costs – unwind of discount on put/call option liabilities Other gains and losses – fair value adjustments relating to put option liabilities (non-cash) 2026 2025 Operating 2026 Operating 2025 £m Profit PBT Profit PBT Adjusted operating results 5.9 3.9 6.7 4.1 Operating items: Impairment of Studios assets (25.4) (25.4) - - Restructuring costs (0.2) (0.2) (2.0) (2.0) Amortisation of intangible assets (0.8) (0.8) (0.9) (0.9) HETV tax credits - - (0.5) (0.5) Finance costs: IAS19 net finance costs - (1.0) - (1.1) Other finance costs - (0.7) - (0.9) Other gains and losses - 1.5 - 1.1 Statutory operating results (20.5) (22.7) 3.3 (0.2)