STV continues to deliver resilient profits through tough near-term markets, at the same time as shifting strategically towards the growth markets of content production and streaming. We cut FY25E/26E forecasts to reflect the ongoing absence of UK economic upside (as well as a higher NI burden) but we continue to see a good growth trajectory for the group beyond the four-year sports-cycle low year of FY25E. CEO Rufus Radcliffe plans a strategy refresh in May focused on what STV should look like by 2030: we see a growing business with strong cash generation and minimal pension overhang.