BT : H1 FY26 KPIs

Key Performance Indicators (KPIs)

For the financial years ended 31 March 2024, and 31 March 2025 and the half year ended 30 September 2025

These financial statements do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been audited or reviewed by the independent auditors.

Notes

FY25 KPIs are on a re-presented basis to reflect the formation of the International CFU following separation from Business, re-presentations of segment information due to changes in customer relationship and intersegment trading arrangements, and refreshed operational and financial KPIs for BT's Customer Facing Units. Revenue categories described as 'Of which' are intended to provide greater detail about the components of larger revenue categories, but are not intended to be the sum of that category.

The changes to BT's Customer Facing Unit financial information, including for Revenue, UK Service Revenue, EBITDA, Capital Expenditure excluding Spectrum, Operating Profit and Normalised Free Cash Flow from

the KPIs published on 22 May 2025 are detailed in the 'Restated KPIs supporting information (Document B)' published on 23 October 2025. Please see the Glossary pages at the end of this document for details about the metrics included.

Disclaimer

All re-presented financial information contained in this document is unaudited. The re-presented results are provided to investors and analysts as an indication of trend only. The financial statements do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been audited by BT Group's independent auditors. BT Group does not warrant the accuracy, completeness or validity of the information, figures or calculations in this document and shall not be liable in any way for any loss or damage arising out of the use of this information, or any errors or omissions in its content..

Reconciliations from alternative performance measures presented to reported numbers is presented in our 2025 Annual Report located https://www.bt.com/about/investors/financial-reporting-and-news/annual-reports.

For more information please contact BT Group Investor Relations Email: [e-mail]

Website: https://www.bt.com/about/investors

About BT Group

BT Group is the UK's leading provider of fixed and mobile telecommunications and related secure digital products, solutions and services.

BT Group consists of four customer-facing units: Consumer serves individuals and families in the UK; Business covers companies and public services in the UK; International serves multinational organisations headquartered outside the UK and overseas public sector customers; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers - over 700 communication providers across the UK.

For the year ended 31 March 2025, BT Group's reported revenue was £20,358m with reported profit before taxation of £1,334m.

British Telecommunications plc is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of BT Group. BT Group plc is listed on the London Stock Exchange.

BT Group plc

Registered Office: 1 Braham Street, London E1 8EE, United Kingdom Registered in England and Wales no. 4190816

https://www.bt.com/about

Group: Income statement
INCOME STATEMENT1	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Revenue
Consumer	4,903	4,930	9,833	4,836	4,859	9,695	4,684
Business2	4,100	4,028	8,128	2,644	2,704	5,348	2,589
International2	-	-	-	1,220	1,279	2,499	1,110
Openreach	3,053	3,024	6,077	3,118	3,038	6,156	3,131
Other	8	8	16	5	7	12	6
Intra-group items	(1,650)	(1,569)	(3,219)	(1,685)	(1,655)	(3,340)	(1,714)
Total Group revenue1	10,414	10,421	20,835	10,138	10,232	20,370	9,806
YoY	2.8 %	1.2 %	2.0 %	(2.7)%	(1.8)%	(2.2)%	(3.3)%

UK Service Revenue
Consumer	4,043	3,873	7,916	3,989	3,899	7,888	3,932
Business2	2,538	2,399	4,937	2,398	2,449	4,847	2,370
Openreach	3,053	3,024	6,077	3,118	3,038	6,156	3,131
Other	7	4	11	5	7	12	5
Intra-group items	(1,645)	(1,569)	(3,214)	(1,683)	(1,652)	(3,335)	(1,712)
Total UK Service revenue1,2	7,996	7,731	15,727	7,827	7,741	15,568	7,726
YoY	-	-	-	(2.0)%	0.2 %	(1.0)%	(1.3)%

EBITDA
Consumer	1,347	1,325	2,672	1,330	1,314	2,644	1,274
Business2	806	824	1,630	656	675	1,331	647
International2	-	-	-	91	114	205	66
Openreach	1,936	1,891	3,827	2,059	1,970	4,029	2,148
Other	5	(34)	(29)	(4)	4	0	(9)
Total Group EBITDA1	4,094	4,006	8,100	4,132	4,077	8,209	4,126
YoY Margin	3.8 % 39.3 %	(1.2)% 38.4 %	1.3 % 38.9 %	0.9 % 40.8 %	1.8 % 39.8 %	1.3 % 40.3 %	(0.1)% 42.1 %
Of which UK EBITDA YoY	-	-	-	4,041	3,963	8,004	4,060
	-	-	-	-	-	-	0.5%

Income Statement page 1 of 2

INCOME STATEMENT1	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Total Group revenue1	10,414	10,421	20,835	10,138	10,232	20,370	9,806
Operating costs before D&A and specific items	(6,320)	(6,415)	(12,735)	(6,006)	(6,155)	(12,161)	(5,680)
Total Group EBITDA1	4,094	4,006	8,100	4,132	4,077	8,209	4,126
Depreciation and amortisation	(2,354)	(2,545)	(4,899)	(2,348)	(2,585)	(4,933)	(2,417)
Of which lease depreciation	(330)	(322)	(652)	(324)	(320)	(644)	(305)
Adjusted operating profit	1,740	1,461	3,201	1,784	1,492	3,276	1,709
Net finance expense	(435)	(451)	(886)	(449)	(504)	(953)	(514)
Of which lease interest	(66)	(68)	(134)	(68)	(67)	(135)	(68)
Share of post tax profits/losses of assoc. & JVs	(7)	(14)	(21)	(3)	(5)	(8)	(9)
Adjusted profit before tax	1,298	996	2,294	1,332	983	2,315	1,186
Total specific items	(222)	(886)	(1,108)	(365)	(616)	(981)	(324)
Of which impact operating profit	(162)	(825)	(987)	(266)	(518)	(784)	(228)
Of which net interest on pensions	(60)	(61)	(121)	(99)	(98)	(197)	(96)
Reported profit before tax	1,076	110	1,186	967	367	1,334	862
Tax excluding tax on specific items	(287)	(189)	(476)	(289)	(191)	(480)	(276)
Tax rate before specific items	22.1 %	19.0 %	20.7 %	21.7 %	19.4 %	20.7 %	23.3 %
Tax on specific items	55	90	145	77	123	200	65
Profit after tax	844	11	855	755	299	1,054	651

Adjusted basic earnings per share (pence)	10.3	8.2	18.5	10.7	8.1	18.8	9.3
Reported basic earnings per share (pence)	8.6	0.1	8.7	7.8	3.0	10.8	6.7

Dividend per share (pence)

2.31

5.69

8.00

2.40

5.76

8.16

2.45

Average number of shares in issue (m)

9,816

9,828

9,823

9,781

9,777

9,779

9,789

1Adjusted, i.e. before specific items

2Revenue, UK Service Revenue and EBITDA for FY25 has been re-presented to reflect the separation of the International CFU from Business forming a new CFU. FY24 has not been represented. The net impact of the changes in trading relationships is immaterial for these periods.

Please see the Glossary pages for relevant definitions, including UK Service Revenue

Income Statement page 2 of 2 End

Group: Cash flow & net debt
CASH FLOW & NET DEBT	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Total Group EBITDA1	4,094	4,006	8,100	4,132	4,077	8,209	4,126
Interest (includes notional cash interest on leases)	(397)	(306)	(703)	(413)	(411)	(824)	(387)
Tax (ex cash tax benefit of pension deficit payments)	(26)	(33)	(59)	72	(37)	35	(28)
Lease payments	(360)	(388)	(748)	(383)	(356)	(739)	(380)
Change in working capital and other	(400)	59	(341)	(230)	84	(146)	(334)
Cash available for investment and distribution	2,911	3,338	6,249	3,178	3,357	6,535	2,997
Cash capital expenditure	(2,455)	(2,514)	(4,969)	(2,463)	(2,474)	(4,937)	(2,589)
Normalised free cash flow	456	824	1,280	715	883	1,598	408
Payments/refund for the acquisition of spectrum	-	-	-	-	-	-	(1)
Net cash flow from specific items	(204)	(235)	(439)	(270)	(228)	(498)	(242)
Reported free cash flow	252	589	841	445	655	1,100	165
Equity dividends paid	(532)	(227)	(759)	(556)	(232)	(788)	(566)
Repurchase of ordinary share capital	(55)	(78)	(133)	(79)	-	(79)	(126)
Residual free cash flow	(335)	284	(51)	(190)	423	233	(527)
Cash tax benefit of pension deficit payments	-	-	-	-	-	-	-
Gross pension deficit payment	(702)	(121)	(823)	(791)	(12)	(803)	(789)
Free cash flow post pension deficit payments	(1,037)	163	(874)	(981)	411	(570)	(1,316)
Other	(95)	(58)	(153)	(37)	(33)	(70)	45
Net change in lease liabilities	302	105	407	230	73	303	234
Change in net (debt)/cash	(830)	210	(620)	(788)	451	(337)	(1,037)

Net (debt)/cash (reported)	(19,689)	(19,479)	(19,479)	(20,267)	(19,816)	(19,816)	(20,853)
Lease liabilities2	(5,060)	(4,955)	(4,955)	(4,725)	(4,652)	(4,652)	(4,418)
Net financial (debt)/cash (excluding lease liabilities)	(14,629)	(14,524)	(14,524)	(15,542)	(15,164)	(15,164)	(16,435)

1Adjusted, i.e. before specific items

2Lease liabilities classified as held for sale at H1 FY26 is £68m Please see the Glossary pages for relevant definitions

End

Group: Costs
OPERATING COSTS1	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Wages and salaries	2,110	2,087	4,197	2,017	1,952	3,969	1,907
Social security costs	210	215	425	216	216	432	239
Other pension costs	185	173	358	171	162	333	159
Share-based payments	37	34	71	30	32	62	24
Gross labour costs	2,542	2,509	5,051	2,434	2,362	4,796	2,329
Capitalised direct labour	(645)	(787)	(1,432)	(710)	(702)	(1,412)	(696)
Net staff costs	1,897	1,722	3,619	1,724	1,660	3,384	1,633
Indirect labour costs	604	624	1,228	653	618	1,271	663
Capitalised indirect labour	(394)	(378)	(772)	(388)	(418)	(806)	(388)
Net indirect labour costs	210	246	456	265	200	465	275
Net labour costs	2,107	1,968	4,075	1,989	1,860	3,849	1,908
Product costs	1,658	1,791	3,449	1,551	1,779	3,330	1,526
External sales commissions	260	246	506	229	211	440	231
Payments to telecommunications operators	640	587	1,227	564	510	1,074	488
Property and energy costs	666	672	1,338	637	659	1,296	632
Network operating and IT costs	523	622	1,145	534	543	1,077	540
Provision and Installation	204	174	378	170	209	379	172
Marketing and sales	180	187	367	168	162	330	120
Net Impairment losses on trade receivables & contract assets	72	93	165	75	96	171	80
Other operating costs	127	196	323	208	284	492	138
Other operating income	(117)	(121)	(238)	(119)	(158)	(277)	(155)
Depreciation and amortisation (D&A)	2,354	2,545	4,899	2,348	2,585	4,933	2,417
Total operating costs before specific items	8,674	8,960	17,634	8,354	8,740	17,094	8,097
Specific items	155	794	949	245	527	772	232
Total operating costs	8,829	9,754	18,583	8,599	9,267	17,866	8,329

Costs page 1 of 2

REPORTED CAPITAL EXPENDITURE EXCLUDING SPECTRUM	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Consumer	538	637	1,175	570	637	1,207	567
Business4	361	414	775	269	313	582	268
International4	-	-	-	59	81	140	53
Openreach	1,390	1,455	2,845	1,329	1,509	2,838	1,529
Other	32	53	85	42	48	90	25
Total Group2	2,321	2,559	4,880	2,269	2,588	4,857	2,442
Of which capacity/network	1,179	1,278	2,457	1,177	1,370	2,547	1,270
Of which customer driven	651	637	1,288	694	767	1,461	850
Of which systems/IT	396	500	896	326	363	689	269
Of which non-network infrastructure	95	144	239	72	88	160	53

ROLES Full-time equivalent3	FY24 H1	FY24 H2	FY24 Full year	FY25 H1	FY25 H2	FY25 Full year	FY26 H1
Total Labour Resource (including subcontracted labour)	123,395	120,149	120,149	118,033	116,233	116,233	111,113
Total Labour Resource (excluding subcontracted labour)	94,946	91,697	91,697	88,887	85,269	85,269	81,012
Of which Consumer FTE	16,328	15,781	15,781	15,579	16,199	16,199	15,332
Of which Business FTE	23,574	22,599	22,599	22,020	20,982	20,982	11,645
Of which International FTE	-	-	-	-	-	-	8,329
Of which Openreach FTE	35,040	32,754	32,754	30,290	27,804	27,804	27,003
Of which Other FTE	20,004	20,563	20,563	20,998	20,284	20,284	18,703

1Numbers prior to H1 FY25 have been restated for employee pension costs, reclassification of sales commissions to wages and salaries, and other reclassifications between cost categories

2Gainshare payments relating to grant liabilities, for example BDUK, are not included in capacity/network: H1 FY26:£83m; FY25: £106m; FY24: £215m

3FTE have not been re-presented for the creation of the International unit, for FY26 employee numbers will be split between the CFUs to be reported in this period

4Reported capital expenditure excluding spectrum for FY25 has been re-presented to reflect the separation of the International CFU from Business forming a new CFU. FY24 have not been represented.

Please see the Glossary pages for relevant definitions Costs page 2 of 2

End

Consumer

FINANCIAL	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Revenue Service revenue YoY Of which broadband 1 YoY Of which postpaid mobile1YoY Equipment & Other YoY Total YoY Of which Internal Of which UK Service Revenue YoY	4,043 4.7 % 2,088 3.5 % 1,695 7.9 % 860 (3.6)% 4,903 3.1 % 24 4,043	3,873 4.3 % 2,034 5.2 % 1,584 4.9 % 1,057 2.3 % 4,930 3.9 % 23 3,873	7,916 4.5 % 4,122 4.3 % 3,279 6.4 % 1,917 (0.4)% 9,833 3.5 % 47 7,916	3,989 (1.3)% 2,104 0.8 % 1,635 (3.5)% 847 (1.5)% 4,836 (1.4)% 20 3,989 -1.3%	3,899 0.7 % 2,059 1.2 % 1,589 0.3 % 959 (9.3)% 4,859 (1.4)% 22 3,899 0.7%	7,888 (0.4)% 4,163 1.0 % 3,224 (1.7)% 1,806 (5.8)% 9,695 (1.4)% 42 7,888 -0.4%	3,932 (1.4)% 2,063 (1.9)% 1,613 (1.3)% 752 (11.2)% 4,684 (3.1)% 20 3,932 -1.4%
	-	-	-

Consumer page 1 of 3

OPERATIONAL

FY24 H1

FY24 H2

FY24 Full year

FY25 H1

FY25 H2

FY25 Full year

FY26 H1

Average revenue per customer (£ per month)
Broadband customers1 YoY	41.6 4.3 %	40.8 6.0 %	41.2 5.1 %	42.5 2.2 %	41.8 2.5 %	42.2 2.4 %	41.9 (1.4)%
Postpaid mobile1,2 YoY	19.9 9.3 %	18.9 8.0 %	19.4 9.0 %	19.7 (1.0)%	19.1 1.1 %	19.4 - %	19.3 (2.0)%

Monthly churn
Broadband Postpaid mobile	1.1 % 1.0 %	1.1 % 1.1 %	1.1 % 1.1 %	1.3 % 0.9 %	1.2 % 1.0 %	1.2 % 1.0 %	1.2 % 1.0 %

Fibre share of broadband base
Superfast Ultrafast	72.5 % 20.8 %	69.8 % 24.4 %	69.8 % 24.4 %	66.8 % 28.0 %	62.9 % 32.6 %	62.9 % 32.6 %	59.1 % 37.1 %

Best Network
Total broadband connections (000s) Of which FTTP (000s) Total postpaid mobile connections (000s)2 Of which 5G (000s)3	8,347 2,080 14,093 8,953	8,283 2,428 13,859 9,835	8,283 2,428 13,859 9,835	8,234 2,775 13,875 10,468	8,198 3,202 13,863 10,806	8,198 3,202 13,863 10,806	8,210 3,677 13,924 11,199
Broadband average customer data monthly usage (GB) Postpaid mobile average customer monthly data usage (GB)	389.1 16.8	429.5 16.2	409.3 16.5	436.5 16.7	446.1 17.0	441.3 16.8	444.0 18.2

Convergence
Fixed & Mobile convergence Revenue generating units per address	23.0 % 1.89	22.9 % 1.88	22.9 % 1.88	23.1 % 1.88	24.6 % 1.87	24.6 % 1.87	25.9 % 1.89

Consumer page 2 of 3

FINANCIAL	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Revenue YoY	4,903 3.1 %	4,930 3.9 %	9,833 3.5 %	4,836 (1.4)%	4,859 (1.4)%	9,695 (1.4)%	4,684 (3.1)%
EBITDA YoY Margin	1,347 3.9 % 27.5 %	1,325 6.5 % 26.9 %	2,672 5.2 % 27.2 %	1,330 (1.3)% 27.5 %	1,314 (0.8)% 27.0 %	2,644 (1.0)% 27.3 %	1,274 (4.2)% 27.2 %
Operating profit	507	427	934	457	355	812	425
YoY	3.5 %	(4.0)%	(0.1)%	(9.9)%	(16.9)%	(13.1)%	(7.0)%
Reported capital expenditure	538	637	1,175	570	637	1,207	567
YoY	(9.6)%	1.8 %	(3.8)%	5.9 %	- %	2.7 %	(0.5)%
Normalised free cash flow4	798	225	1,023	817	208	1,025	540
YoY	59.9 %	(61.7)%	(5.8)%	2.4 %	(7.6)%	0.2 %	(33.9)%

1In FY25 Consumer reassessed the treatment of EE One and more specifically the standalone selling price of each good and service provided to the customer under the converged offering, and as such the allocation of the total transaction price to be received under the contract to each distinct product. This resulted in a reclassification of revenues between product types increasing broadband revenue by £37m in H1 FY25 and reducing postpaid mobile revenue by £37m in H1 FY25

2Includes the impact of our strategic decision to run down the lower-ARPU Plusnet Mobile base in H1 FY24

3Comparative figure for H2 FY24 has been restated to include contract types which were previously omitted

4Excludes interest, tax and other corporate-level adjustments

Please see the Glossary pages for relevant definitions, including UK Service Revenue

Consumer page 3 of 3 End

Business

FINANCIAL	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1

Revenue by type
Fixed YoY Of which voice YoY Of which broadband YoY Of which WAN and Ethernet YoY	949	922	1,871	911
	-	-	-	-4.0%
	336	311	647	287
	-	-	-	-14.6%
	232	228	460	242
	-	-	-	4.3%
	239	236	475	235
	-	-	-	-1.7%
Mobile	573	564	1,137	565
YoY	-	-	-	-1.4%
Of which retail mobile	507	506	1,013	492
YoY	-	-	-	-3.0%
Managed services	882	969	1,851	870
YoY	-	-	-	-1.4%
Other	240	249	489	243
Total	2,644	2,704	5,348	2,589
YoY	-	-	-	-2.1%
Of which Internal	99	101	200	109
Of which Service Revenue	2,398	2,449	4,847	2,370
YoY	-	-	-	-1.2%

Revenue by channels
Small and Medium Businesses (SMB) YoY	817	797	1,614	808 -1.1%
	-	-	-
Corporate and Public sector YoY	1,138	1,205	2,343	1,094 -3.9%
	-	-	-
Wholesale & Other YoY	689	702	1,391	687 -0.3%
	-	-	-

Please see the Glossary pages for relevant definitions, including UK Service Revenue Business page 1 of 2

OPERATIONAL

FY25 H1

FY25 H2

FY25 Full year

FY26 H1

Number of products/customers ('000s)
Voice lines1 Of which traditional voice lines Of which VoIP seats	2,204 869 1,336	2,085 711 1,374	2,085 711 1,374	1,919 538 1,381
External broadband lines1 Of which retail broadband lines Of which retail FTTP broadband lines Of which wholesale broadband lines Of which wholesale FTTP broadband lines	1,307 617 112 690 82	1,292 595 127 697 93	1,292 595 127 697 93	1,264 576 144 688 131
WAN and Ethernet1	149	152	152	154
Mobile customers1	4,162	4,222	4,222	4,328
MVNO customers	2,533	2,582	2,582	2,811

FINANCIAL £m unless otherwise stated

FY25 H1

FY25 H2

FY25 Full year

FY26 H1

Revenue YoY	2,644	2,704	5,348	2,589 -2.1%
	-	-	-
EBITDA YoY Margin	656	675	1,331	647 -1.4% 25%
	-	-	-
	24.8%	25.0%	24.9%
Operating profit YoY	296	314	610	275 -7.1%
	-	-	-
Reported capital expenditure YoY	269	313	582	268 -0.4%
	-	-	-
Normalised free cash flow2 YoY	97	443	540	164 69%
	-	-	-

1Volumes for MNC accounts are now included, these accounts have been transferred to Business following the separation of Business and International. FY25 figures have been re-presented for comparability.

2Excludes interest, tax and other corporate-level adjustments. Please see the Glossary pages for relevant definitions

Business page 2 of 2 End

International

FINANCIAL	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1

Revenue by channels
International Accounts YoY	1,067	1,121	2,188	972 -8.9%
	-	-	-
Portfolio and other YoY	153	158	311	138 -9.8%
	-	-	-
Other	-	-	-	-
Total YoY	1,220	1,279	2,499	1,110 -9.0%
	-	-	-
Of which Internal YoY	-	-	-	(1) 100%
	-	-	-

FINANCIAL	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1

Revenue YoY	1,220	1,279	2,499	1,110 -9.0%
	-	-	-
EBITDA	91	114	205	66
YoY	-	-	-	-27.5%
Margin				5.9 %
	7.5 %	8.9 %	8.2 %
Operating profit	(26)	(9)	(35)	(36)
YoY				-38.5%
	-	-	-
Reported capital expenditure	59	81	140	53
YoY				-10.2%
	-	-	-
Normalised free cash flow1	(109)	75	(34)	(149)
YoY	-	-	-	-36.7%

1Excludes interest, tax and other corporate-level adjustments. Please see the Glossary pages for relevant definitions

End

Openreach

FINANCIAL	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Revenue
Broadband rental products YoY Of which ADSL rental YoY Of which VDSL rental YoY Of which FTTP rental YoY	1,932 8.8 % 144 (10.6)% 1,435 2.5 % 353 64.2 %	1,911 6.9 % 129 (10.4)% 1,345 (1.2)% 437 55.0 %	3,843 7.8 % 273 (10.5)% 2,780 0.7 % 790 59.0 %	1,986 2.8 % 124 (13.9)% 1,318 (8.2)% 544 54.1 %	1,964 2.8 % 109 (15.5)% 1,208 (10.2)% 647 48.1 %	3,950 2.8 % 233 (14.7)% 2,526 (9.1)% 1,191 50.8 %	1,988 0.1 % 95 (23.4)% 1,111 (15.7)% 782 43.8 %
Voice only rental YoY	144 (5.3)%	129 (10.4)%	273 (7.8)%	122 (15.3)%	109 (15.5)%	231 (15.4)%	100 (18.0)%
Ethernet rental1 YoY	504 14.0 %	514 13.0 %	1,018 13.5 %	548 8.6 %	549 6.8 %	1,097 7.8 %	574 4.7 %
Other1	473	470	943	462	416	878	469
Total YoY of which Internal7YoY Of which UK Service Revenue	3,053 7.7 % 1,499	3,024 6.5 % 1,501	6,077 7.1 % 3,000	3,118 2.1 % 1,566 4.5 % 3,118	3,038 0.5 % 1,532 2.1 % 3,038	6,156 1.3 % 3,098 3.3 % 6,156	3,131 0.4 % 1,586 1.3 % 3,131
	-	-	-
	3,053	3,024	6,077

OPERATIONAL	FY24	FY24	FY24	FY25	FY25	FY25	FY26
	H1	H2	Full year	H1	H2	Full year	H1

Network deployment ('000 premises passed)
Superfast2	29,897	30,090	30,090	30,295	31,140	31,140	31,340
Ultrafast FTTP	11,852	13,812	13,812	15,882	18,083	18,083	20,313

Network usage ('000 premises connected)
Total broadband lines3	21,162	20,926	20,926	20,549	20,099	20,099	19,688
Of which ADSL3	2,357	2,171	2,171	1,926	1,658	1,658	1,430
Of which VDSL3	14,934	14,054	14,054	13,090	11,908	11,908	10,608
Of which FTTP	3,871	4,701	4,701	5,533	6,533	6,533	7,650
Total physical lines	23,380	22,887	22,887	22,315	21,665	21,665	21,065
Ethernet	404	410	410	415	419	419	420

Openreach page 1 of 2

FINANCIAL	FY24	FY24	FY24	FY25	FY25	FY25	FY26
£m unless otherwise stated	H1	H2	Full year	H1	H2	Full year	H1

Revenue YoY	3,053 7.7 %	3,024 6.5 %	6,077 7.1 %	3,118 2.1 %	3,038 0.5 %	6,156 1.3 %	3,131 0.4 %
EBITDA YoY Margin	1,936 11.6 % 63.4 %	1,891 6.5 % 62.5 %	3,827 9.0 % 63.0 %	2,059 6.4 % 66.0 %	1,970 4.2 % 64.8 %	4,029 5.3 % 65.4 %	2,148 4.3 % 68.6 %
Operating profit	944	831	1,775	1,085	912	1,997	1,095
YoY	18.7 %	10.8 %	14.9 %	14.9 %	9.7 %	12.5 %	0.9 %
Reported capital expenditure	1,390	1,455	2,845	1,329	1,509	2,838	1,529
YoY	(7.6)%	8.3 %	(0.1)%	(4.4)%	3.7 %	(0.2)%	15.0 %
Normalised free cash flow4	152	438	590	355	484	839	296
YoY	157.6 %	173.8 %	169.4 %	133.6 %	10.5 %	42.2 %	(16.6)%

Reported capital expenditure excluding spectrum5
Copper-based YoY	161 (5.3)%	153 18.6 %	314 5.0 %	132 (18.0)%	118 (22.9)%	250 (20.4)%	102 (22.7)%
FTTP6 YoY	846 (16.0)%	931 9.4 %	1,777 (4.4)%	851 0.6 %	1,028 10.4 %	1,879 5.7 %	1,077 26.6 %
Ethernet YoY	178 (1.7)%	151 (19.7)%	329 (10.8)%	140 (21.3)%	141 (6.6)%	281 (14.6)%	136 (2.9)%
Other6 YoY	205 40.4 %	220 25.7 %	425 32.4 %	206 0.5 %	222 0.9 %	428 0.7 %	214 3.9 %
Total YoY	1,390 (7.6)%	1,455 8.3 %	2,845 (0.1)%	1,329 (4.4)%	1,509 3.7 %	2,838 (0.2)%	1,529 15.0 %

1In FY25 Ethernet revenue was restated to include only Ethernet rental revenue, with connection revenue reclassified under Other revenue.

2In FY25 refreshed premises database identified a further c.450k which now have Superfast speeds

3In FY25 the broadband base was restated to remove 40k lines identified in a base cleanse where the physical line had been ceased but the Broadband element was still being counted in our Broadband lines: 16k ADSL and 24k VDSL

4Excludes interest, tax and other corporate-level adjustments.

5Openreach reported capital expenditure excluding spectrum is allocated to Openreach driver programmes and is not representative of Class of Work asset expenditure as defined under BT's Cumulo business rates assessment.

6H1 FY25 restated to move £18m of capex from Other to FTTP reflecting a programme reclassification

7FY24 and FY25 Openreach Internal revenue has been re-presented for certain Openreach pass-through services previously reported as external revenue in Business that have been reclassified to Openreach reflecting the underlying trading relationship. Year on year trend has been removed from FY24 as the FY23 comparator has not been re-presented.

Please see the Glossary pages for relevant definitions Openreach page 2 of 2

Glossary

FY25 KPI's

Re-presented

We have re-presented certain H1 FY25 comparatives to reflect changes in the Group's internal reporting structure. The International CFU was separated from Business forming a new CFU, effective from 1 July 2025. In addition, two re-presentations have been made to segmental revenue reporting, consistent with the information now provided to the Executive Committee, which is the key management committee and represents the 'chief operating decision maker' (CODM): Certain Openreach pass-through services previously reported as external revenue in Business have been reclassified to Openreach to reflect the customer relationship. As a result of this change the prior year comparatives have been re-presented to present revenue on a consistent basis resulting in a £46m reduction in Business segment revenue for the half year to 30 September 2024, with no impact on Openreach segmental revenue due to the intra-group nature of the transaction. Following an update to the commercial terms governing a trading relationship between EE and BT Wholesale, BT Wholesale will now recognise services provided to EE as part of this trading relationship as intersegment revenue. Previously, these services were internally reported as cost recovery. This change results in the recognition of revenue within the Business segment. As a result of this change the prior year comparatives have been re-presented to present revenue and cost for the segment on a consistent basis. The effect of this change is to increase Business revenue by £42m, with a corresponding increase in cost.

GROUP: INCOME STATEMENT

Revenue
Service Revenue	Service revenue comprises all revenue less equipment revenue. Some revenue from equipment is included within adjusted service revenue where this is sold as part of a managed services contract or where that equipment cannot be practicably separated from the underlying service.
UK Service Revenue	UK Service revenue comprises all revenue less equipment revenue. Some revenue from equipment is included within adjusted UK service revenue where this is sold as part of a managed services contract or where that equipment cannot be practicably separated from the underlying service. UK revenue excludes International revenue.

GROUP: COSTS

Operating costs
Wages and salaries	Total gross costs associated with wates and salaries.
Social security costs	Total gross costs associated with social security costs, for example National Insurance Contributions.
Other pension costs	Total gross costs associated with pension contributions.
Share-based payments	Employee share-based payments.
Capitalised direct labour	Labour costs associated with the construction, modification, or installation of capital expenditure programmes (defined below), for employees excluding agency and subcontracted labour.
Indirect labour costs	Labour costs associated with agency and subcontracted labour.
Capitalised indirect labour	Labour costs associated with the construction, modification, or installation of capital expenditure programmes (defined below), for agency and subcontracted labour.
Product costs	Costs incurred in the creation of products, including the purchase of equipment and services for resale.
External sales commissions	Commission paid to third parties for selling the Group's products and services.
Payments to telecommunications operators	Costs typically including payments to other communications providers (CPs) when terminating voice traffic on their networks to carry a call to the customer receiving the call. Also called 'payments to other licensed operators' (POLOs).
Property and energy costs	Costs associated with energy usage and the property estate.
Network operating and IT costs	Costs associated with network operations and IT.
Provision and Installation	Costs incurred in providing the products and network services to customers. Includes the cost of installation, equipment stock level changes and valuation adjustments, and equipment consumed by the Group for its own use.
Marketing & sales	Costs incurred for publicising and presenting products and services to customers, and to secure potential orders for products and services.
Other operating costs	Costs not included in any other category, such as those relating to travel and subsistence, transport, consultancy and bad debts.
Other operating income	Income that the Group generates from activities outside the provision of communication services and equipment sales. Includes income from repayment works, profits and losses on the disposals of businesses, property, plant and equipment.
Specific items	Items that in management's judgement need to be disclosed separately by virtue of their size, nature or incidence. In the current period these relate to our assessment of our provision for historic regulatory matters, impairment loss on remeasurement of held for sale items, increase in litigation provisions, restructuring charges, divestment-related items, Sports JV-related items and net interest expense on pensions. In determining whether an event or transaction is specific, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence.

Reported capital expenditure
Reported capital expenditure excluding spectrum	Excludes payments relating to spectrum
Of which capacity/network	Investment in our integrated network to improve the coverage and reliability of our superfast broadband network, increase the deployment of ultrafast broadband, enhance and expand our mobile network, and deliver a truly integrated network that supports converged products/services. Includes Broadband Delivery UK (BDUK) grant funding deferrals.
Of which customer driven	Investment that directly generates revenue from continued development of customer contract-specific infrastructure for our UK and global clients, deployment of Ethernet and broadband connections for homes and businesses, including reduction of the existing workstacks.
Of which systems/IT	Investments in systems and information technology to develop differentiated customer experiences, new products and services, or transformation initiatives to drive cost savings.
Of which non-network Infrastructure	Investment that covers, for example, investment in our property estate, power and cooling investments to drive energy savings, specialist vehicle replacement.

Roles
Total Labour resource	The total number of roles including both the number of full time equivalent (FTE) roles and subcontractors.
Full-time equivalent	The number of full time equivalent (FTE) roles at the end of the period, directly employed by the company rather than by agencies or subcontractors.

UNITS

General terms
YoY	An abbreviation of 'year on year' i.e. the change compared to the equivalent period in the previous year.

Financial
Internal revenue	Intra-group revenue generated from the sale of regulated products and services, based on market price. Intra-group revenue from the sale of other products and services is agreed between the relevant customer-facing units (CFUs) and therefore CFU profitability may be impacted by transfer pricing levels.
Reported capex	Capital expenditure recorded in accounts but for which cash has not necessarily yet been paid.
Normalised free cash flow	Free cash flow (net cash inflow from operating activities after net capital expenditure) after net interest paid and payment of lease liabilities, before pension deficit payments (including their cash tax benefit), payments relating to spectrum, and specific items. It excludes cash flows that are determined at a corporate level independently of ongoing trading operations such as dividends paid, share buybacks, acquisitions and disposals, repayment and raising of debt, cash flows relating to loans with joint ventures, and cash flows relating to the Building Digital UK demand deposit account which have already been accounted for within normalised free cash flow. For non-tax related items the adjustments are made on a pre-tax basis.

CONSUMER

Revenue
Service	Earned from services delivered using our fixed and mobile network connectivity, including but not limited to,: broadband, calls, line rental, TV, residential BT Sport subscriptions, mobile data connectivity, incoming & outgoing mobile calls and roaming by customers of overseas networks.
Of which broadband	Earned from products/services delivered using only fixed network connectivity, including broadband, calls, line rental, TV, leased fixed customer equipment, value added services and residential BT Sport subscriptions but excludes revenue earned from customers only taking fixed voice product.
Of which postpaid mobile	Earned from customers paying monthly subscriptions for mobile network connectivity.
Equipment & Other	Earned from mobile and fixed equipment sales, such as mobile handsets or TV set top boxes and Wi-Fi and other service partners
Of which internal	Mainly BT Wi-fi revenue from services sold by Global on certain contracts, and services and applications sold by Plusnet to Global.

Operational
Broadband average revenue per customer	Broadband revenue (defined above) during the period divided by the average number of broadband customers during the period, and presented as a monthly amount.
Postpaid mobile average revenue per customer	Postpaid mobile revenue (defined above) during the period divided by the average number of postpaid mobile customers during the period, and presented as a monthly amount.
Broadband monthly churn	Number of fixed broadband customers who disconnect from the network, voluntarily or involuntarily, during the period - excluding those who join another BT group brand, divided by the average number of broadband customers during the period, presented as a monthly figure.
Postpaid mobile monthly churn	Number of postpaid mobile customers who disconnect from the network, voluntarily or involuntarily (excluding money-back return, fraudulent connections and inter-brand migrations) during the period, divided by the average number of postpaid customers during the period, presented as a monthly figure.
Superfast fibre share of broadband base	The proportion of broadband lines purchasing a superfast connection i.e. with a maximum download speed of up to 76Mbps. These connections are supplied to customers by Consumer purchasing an FTTC/FTTP wholesale product from Openreach.
Ultrafast fibre share of broadband base	The proportion of broadband lines purchasing a ultrafast connection i.e. with a maximum download speed above 100Mbps. These connections are supplied to customers by Consumer purchasing a Gfast/FTTP wholesale product from Openreach.
FTTP connections	The number of customers taking a fibre-to-the-premises broadband plan.
5G connections	The number of EE consumer customers receiving 5G network connection from a 5G enabled SIM.
Broadband average customer data usage (GB)	Total data download usage (GB) for customers on all technologies (FTTP, FTTC, Copper) divided by total active customers during the period presented as a monthly amount
Postpaid mobile average customer data usage (GB)	Total data download usage (GB) for EE postpaid customers divided by data active customers during the period presented as a monthly amount
Fixed and mobile convergence	Total households served by Consumer which have both a BT Group (any brand) fixed broadband and PAYM mobile connection present divided by total number of Consumer households (excluding voice fixed line).
Revenue Generating Units per address	Number of chargeable products, excluding voice fixed line, per separate address measured across the BT, EE and Plusnet brands, aggregated to give a total for the Consumer CFU.

BUSINESS

Revenue
Fixed	Earned from products/services across our brands that use only primarily fixed network connectivity.
Of which voice	Earned from products/services that provide our customers with voice connectivity.
Of which broadband	Earned from products/services that provide our customers with broadband internet connectivity.
Of which WAN and Ethernet	Earned from products/services that provide our customers Wide Area Network (WAN) connectivity i.e. network connections linking a number of sites, including BT Net sales, and Ethernet connectivity, i.e. a dedicated high bandwidth connection.
Mobile	Earned from products/services across our brands that use primarily our mobile network connectivity.
Of which retail mobile	Earned from products/services sold to retail customers for mobile network connectivity.
Managed services	Earned from bespoke contracts that is not directly apportioned to either fixed or mobile connectivity, including that from the Emergency Services Network (ESN).
of which UK Corporates and Public Sector	Earned from bespoke contracts with large UK corporations and Public Sector bodies, including Major Government.
of which Global	Earned from bespoke contracts primarily from outside the UK
Other	Any revenue not included within any of the above categories, e.g. revenue from professional and IT services
Of which Internal	Contains internal charges to other parts of BT. Mainly revenue arising from Consumer for mobile Ethernet access and BT Technology unit for transmission planning services, but may include other internal revenue.

Revenue by channel
SMB	Revenue from corporations and small/medium enterprises (SMEs) that are UK focused, including from the Public Sector, from products under the BT and EE brands, including, but not exclusively, calls, lines, broadband, mobile, ICT, and managed network services.
UK Corporates and Public Sector	Revenue from large UK corporations and Public Sector bodies, including Major Government, from products under the BT and EE brands, including, but not exclusively, calls, lines, broadband, mobile, ICT, and managed network services.
Wholesale and other	Revenue from Wholesale products/services, sold to communications providers (CPs) which use them to provide products/services to their end customers and other business operations not listed above.

Operational (refers to UK-based customers only)
Voice lines	The total number of revenue-generating voice connections on our fixed network, across all external customers, measured at the end of the period. The revenue generated by these connections is included within 'Fixed of which voice' revenue.
Of which traditional voice lines	The total number of revenue-generating voice connections on our fixed network that use legacy analogue technology, across all external customers, measured at the end of the period. The revenue generated by these connections is included within 'Fixed of which voice' revenue.
Of which VoIP seats	The total number of revenue-generating voice connections on our fixed network that use Voice over Internet Protocol (VoIP) technology, across all external customers, measured at the end of the period. The revenue generated by these connections is included within 'Fixed of which voice' revenue.
External broadband lines	The closing base of broadband live circuits (including copper & fibre) sold to external customers on our fixed network. The revenue generated by these connections is included within 'Fixed - Broadband' revenue.
Of which retail broadband lines	The closing base of broadband live circuits (including copper & fibre) sold to external retail customers on our fixed network. The revenue generated by these connections is included within 'Fixed - Broadband' revenue.
of which retail FTTP	The closing base within our retail customer network that are using our Fibre-to-the-Premises live circuits.
Of which wholesale broadband lines	The closing base of broadband live circuits (including copper & fibre) sold to external wholesale customers (communications providers (CPs)) on our fixed networks. The revenue earned by these connections is included within 'Fixed - Broadband' revenue.
Of which wholesale FTTP	The closing base within our wholesale customer network that are using our Fibre-to-the-Premises live circuits.
WAN and Ethernet	The closing base of data circuits excluding broadband lines sold to all external customers. The revenue generated by these networks is included within 'Fixed of which WAN and Ethernet' revenue.
Mobile customers	The total number of revenue-generating connections on our mobile network, across external retail customers and all our brands, measured at the end of the period. The revenue generated by these connections is mainly included within 'Mobile - Retail mobile' revenue, with the remainder generated from BT One Phone reported in Other.
MVNO customers	The closing base of subscribers (reported a quarter in arrears) on our mobile network through mobile virtual network operators (MVNO) purchasing access from Business.

INTERNATIONAL

Revenue by channel
International Accounts	Multinational corporate customers, international government institutions and indirect partners that consume (or resell) our global telecom platform portfolio globally
Portfolio and other	Revenue from standalone businesses in our International portfolio channel and other operations not listed above

OPENREACH

Revenue
Broadband rental products	Revenue earned from the rental of products delivered using a broadband technology (ADSL, VDSL or FTTP).
Of which ADSL rental	Revenue earned from the rental of Asymmetrical Digital Subscriber Lines, a broadband technology that uses the copper network. This includes Metallic Path Facility (MPF), Shared Metallic Path Facility (SMPF) and Single Order Transitional Access Product (SOTAP) lines. It also includes rental revenue from WLR products which provides a voice service for SMPF lines
Of which VDSL rental	Revenue earned from the rental of Very high-speed Digital Subscriber Lines, a broadband technology that uses the fibre-to-the-cabinet network. This includes FTTC and Gfast services including Single Order variants. It also includes rental from WLR products which provides a voice service for FTTC and Gfast lines.
Of which FTTP rental	Revenue earned from the rental of Fibre-To-The-Premises, a broadband technology that uses the fibre all the way to the customer premise.
Voice only rental	Revenue earned from the rental of WLR, ISDN2 and SOTAP Media Gateway products that use the copper network to deliver a voice service with no broadband overlay technology.
Ethernet rental	Revenue earned from Ethernet and Optical Product rentals. Also includes revenue from Cablelinks used to support Ethernet in exchanges.
Other	Primarily broadband connection revenue and revenue from service-based activity.
Of which internal	Primarily revenue related to broadband rental, WLR only and Ethernet services supplied to BT's other customer-facing units.

Operational
Superfast	All premises in the UK that are able to place an order to access a product using FTTC, Gfast, or FTTP technology (subject to CP readiness).
Ultrafast FTTP	All premises in the UK that are able to place an order to access a product delivered using FTTP technology (subject to CP readiness).
Total broadband lines	Total lines that use a broadband technology (ADSL, VDSL or FTTP) in the UK at the end of the reporting period.
Of which ADSL	The number of lines that use ADSL technology in the UK delivered using the copper network at the end of the reporting period.
Of which VDSL	The number of lines that use VDSL technology in the UK delivered using the Fibre to the fibre-to-the-cabinet network at the end of the reporting period.
Of which FTTP	The number of lines that use FTTP technology in the UK delivered using Fibre all the way to the customer premises at the end of the reporting period.
Total physical lines	Total number of broadband (ADSL, VDSL and FTTP) and non-broadband (WLR only) lines in the UK at the end of the reporting period.
Ethernet	Total connections in the UK for Ethernet products at the end of the reporting period.

Reported capital expenditure excluding spectrum
Copper-based	Investment in our copper-based fixed access network to improve the coverage and reliability of our network, and to connect homes and businesses to our network. Includes investment in passive infrastructure, for example in duct and pole networks, built primarily to support our copper-based network.
FTTP	Investment in our FTTP network to improve the coverage of our ultrafast, ultra-reliable FTTP broadband network, and connect homes and businesses to our network. Includes investment in passive infrastructure, for example in duct and pole networks, built primarily to support our FTTP network.
Ethernet	Investment in our Ethernet fixed access network, primarily customer-driven deployment. Includes investment in passive infrastructure, for example in duct and pole networks, built primarily to support our Ethernet network.
Other	Investment that covers systems and information technology, passive infrastructure built for other network providers, maintenance of existing passive infrastructure and tools used in improving coverage and reliability of our networks.

End