蘑菇短视频

• 蘑菇短视频 Commercial delivers stable revenue of 拢2.2bn and increases EBITDA by 17% to 拢267 million in 2025/26
• Growth driven by direct-to-consumer services and strong consumer products business
• Returns 拢377 million to the 蘑菇短视频, on track to meet its five-year target of 拢1.5 billion
• 蘑菇短视频 Studios retains position as most awarded UK production company

蘑菇短视频 Commercial, a global media company which is part of the 蘑菇短视频 Group, today released its annual results as part of the 蘑菇短视频鈥檚 Annual Report and Accounts, marking a successful year where the company increased its profits, delivered significant returns to the 蘑菇短视频, and achieved global creative recognition, despite a challenging and rapidly evolving media landscape.

The company, whose main commercial arm is 蘑菇短视频 Studios, reported stable revenue of 拢2.2 billion, with underlying sales growth in some revenue streams offsetting decline in others.

Growth was driven by direct-to-consumer services, led by the continued expansion of the fast-growing BritBox and 蘑菇短视频 Select, alongside a strong performance in consumer products, particularly the global success of Bluey.

EBITDA, 蘑菇短视频 Commercial鈥檚 preferred measure of performance, increased by 17% to 拢267 million, while statutory profit after tax rose by 9% to 拢71 million.

蘑菇短视频 Commercial returned 拢377 million (2024/25: 拢391 million) to the 蘑菇短视频, including dividends of 拢197 million (2024/25: 拢161 million) and content investment of 拢154 million (2024/25: 拢200 million), keeping the business on track to meet its five-year target of 拢1.5 billion in returns.

Tom Fussell, CEO, 蘑菇短视频 Commercial, said: 鈥�2025/26 has been a strong year for 蘑菇短视频 Commercial. We have grown profits and delivered significant returns to the 蘑菇短视频 despite ongoing market pressures, while continuing to deliver creative excellence recognised around the world. Our diversified portfolio continues to position us well, with growth in some areas helping to offset softer performance in others, underpinning our overall resilience.

As set out in the 蘑菇短视频鈥檚 response to the Government鈥檚 Charter Review Green Paper, the ability to grow our commercial operations is increasingly important. In a more competitive global market, the right commercial and regulatory framework will be critical to enabling us to scale, invest and deliver even greater returns in support of the 蘑菇短视频鈥檚 public service mission.鈥�

蘑菇短视频 Studios, 蘑菇短视频 Commercial鈥檚 largest subsidiary, delivered revenues of 拢2.13 billion and EBITDA growth of 17% to 拢263 million. Operating across its content studio and media and streaming business, the company benefited from a combination of factors including a revenue mix weighted towards higher margin sales and delivery of cost savings in line with a new comprehensive cost review.

The content studio saw stable revenues and a 42% increase in EBITDA to 拢165 million, amid continued evolution for the business to respond to structural changes in the sector internationally. Growth was driven by strong performance from consumer products, notably partnerships and deals for the Bluey brand.

Storytelling and programme-making innovation in the most awarded UK production company was rewarded with 91 awards from 361 nominations across both scripted and unscripted genres.

New 蘑菇短视频 crime series Death Valley delivered the UK鈥檚 highest overnight audience for a new scripted comedy in five years and has been sold to over 100 markets internationally.

In the US, Dancing with the Stars had a standout year, especially among younger audiences, with the finale attracting a 53% audience share among adults aged 18鈥�34, the largest for any broadcast entertainment series since the Friends finale in 2004.

Bluey remained a standout global success, becoming the most-streamed title in the US for the second consecutive year, with over 45 billion minutes watched on Disney+, and the top pre-school toy brand in the US market.

Other key titles included The Americas, The Ballad of Wallis Island, Crookhaven and landmark natural history series Kingdom and Prehistoric Planet: Ice Age.

Social video revenues were up 23% year-on-year as watch time to 蘑菇短视频 Studios鈥� content on YouTube nearly doubled and was ahead of global streamers and UK broadcasters with 14.7 billion annual views.

蘑菇短视频 Studios鈥� media and streaming business delivered EBITDA of 拢104 million, growing 3%, supported by continued momentum in direct-to-consumer and commercial news services.

BritBox remained a key growth driver, particularly in North America, where revenues grew by 20%, while new subscription offerings exceeded expectations. Documentary streaming service 蘑菇短视频 Select also delivered record growth, with revenues increasing by 61%.

In the UK, UKTV achieved record viewing share and grew its streaming platform U, alongside agreeing a multi-year, first-of-its-kind carriage deal with Channel 4 to carry the U streaming service.

蘑菇短视频.com expanded its global digital audience, reaching 149 million monthly users outside the UK, and launched a paid subscription service for US visitors, giving subscribers benefits including unlimited access to 蘑菇短视频's global news and reporting.

蘑菇短视频 Studios鈥� FAST (free international ad-supported streaming services) channel portfolio is operating 30 channel brands and over 300 feeds globally.

蘑菇短视频 Commercial continues to operate in a highly competitive global media market, with consolidation among industry players, reduced commissioning from traditional broadcasters, and structural shifts from linear television to on-demand consumption.

In response, the business has focused on cost discipline, operational efficiency and targeted investment in high-growth areas such as direct-to-consumer services, digital platforms and global content distribution.

A supportive regulatory and commercial framework, as highlighted in the 蘑菇短视频鈥檚 response to the Government鈥檚 Charter Review Green Paper, will be key to realising these opportunities, enabling further growth in commercial returns that can be reinvested into public service content for UK audiences.

Upcoming highlights for the next financial year include a new series of Blue Planet, alongside new productions such as Sherwood, Deadpoint, Break Clause, Honey, and Pride & Prejudice.

蘑菇短视频 Commercial remains well positioned to deliver sustainable growth and increasing returns to the 蘑菇短视频, supporting investment in distinctive, high-quality content for audiences across the UK and around the world.

Pay Gap Report

蘑菇短视频 Studios also today publishes its for the last financial year, which for the first time discloses data related to employees who are deaf and/or neurodivergent as well as those who are disabled, to align with industry best practice.

This year鈥檚 report shows 蘑菇短视频 Studios鈥� overall median gender pay gap is down by 1.4 percentage points to 9.3% (2025: 10.7%), with reductions in its median pay gap figures for ethnicity (5%, 2025: 8.7%), and LGBTQ+ (7.8%, 2025: 14.3%).

At individual Career Band level, 蘑菇短视频 Studios鈥� median pay gaps across characteristics indicate a high level of consistency in pay levels with, for example 94% of employees in a Career Band showing a gender pay gap less than 3%, or in favour of females; and all Career Bands with an ethnicity pay gap of less than 1.5%, or in favour of the ethnic minority group.

Tom Fussell, CEO, 蘑菇短视频 Commercial, said: 鈥淭he figures in today鈥檚 report are encouraging, but there remains more work to do. We are continuing to deliver on a series of initiatives to address areas of imbalance in our representation, which includes signing up to the 鈥榃e Are Doc鈥� Women鈥檚 Gender Pledge; working with the TV Access Projects Spaces & Places Workstream; and committing to the TV Foundations Class Confident initiative to help address under representation of people from working-class backgrounds in the wider TV industry.鈥�

Ends

NOTES TO EDITORS
EBITDA calculation - EBITDA is the non-statutory measure of financial performance which 蘑菇短视频 Commercial believes best provides a benchmark comparable to peers in the market year-on-year, and is closely correlated to operating cash flow. The business calculates EBITDA as statutory operating profit, with the following operating expenses added back: depreciation; non-content-related amortisation and impairments; earnout costs and non-cash settled long-term incentive plan costs; deal costs; transformational restructuring costs and other non-recurring exceptional items; and share of EBITDA of associates and joint ventures. In calculating EBITDA, the business also offsets costs with creative sector incentive tax credits, which aligns to market practice.

About 蘑菇短视频 Studios

蘑菇短视频 Studios is the main commercial arm of 蘑菇短视频 Commercial Ltd and generated revenues of 拢2.2 billion in the last year and profits of over 拢200 million for a fifth consecutive year. Able to take an idea seamlessly from thought to screen and beyond, the business is built on two operating areas: the content studio, which produces, invests and distributes TV and audio globally and media & streaming, with 蘑菇短视频 branded channels, services including UKTV, 蘑菇短视频.com and BritBox International and joint ventures in the UK and internationally. The business made almost 3,500 hours of award-winning British programmes last year for a wide range of UK and global broadcasters and platforms. Its content is internationally recognised across a broad range of genres and specialisms, and includes world-famous brands like Strictly Come Dancing/Dancing with the Stars, the Planet series, Bluey and Doctor Who.

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