A better BT for all of us
BT Group plc H1 FY26 results
BT Group plc H1 FY26 results 6 November 2025 3
Allison Kirkby
Chief Executive
BT Group plc H1 FY26 results 6 November 2025 4
Delivering on our strategy in competitive markets
Solid UK performance | Mitigating International and legacy declines Clear network leadership | In FTTP, 5G and secure networking Openreach continues to break records | Build and take-up accelerated Consumer customer base grew | Across broadband, mobile and TV Business showing signs of stability | With a robust pipeline Transformation ahead of plan | Offsetting higher input costs, including NIC/NLW Guidance reconfirmed | Interim dividend upBT Group plc H1 FY26 results 6 November 2025 5
Creating a better BT for all of us
Why we're here
We connect for good
Who we'll become
The UK's most trusted connectorof people, business and society
How we'll succeed
Build
the best, most trusted digital networks
Connect
customers so they thrive, as we grow, in a digital world
Accelerate
our modernisation to restore leadership in everything we do
Delivering for all
Most satisfied and loyal
customers
Most engaged and
empowered colleagues
Positively impacting the country
Generating superior returns for our owners
Our financial commitments FY26-30
UK Service revenue growth from FY27
EBITDA growth ahead of revenue
NFCF CAGR ~20%
to £3bn
BT Group plc H1 FY26 results 6 November 2025 6
Strategy progress in H1 FY26
Build
the best, most trusted digital networks
Best mobile network | 12thyear in a row with RootMetrics
Expanding 5G+ at pace | Coverage up from 43%2to 66%, with FY30 ambition of 99%
Landmark satellite agreement | With Starlink, increasing broadband choice for 'hard to reach'Connect
customers so they thrive, as we grow, in a digital world
Accelerate
our modernisation to restore leadership in everything we do
Transformation ahead of plan | £1.2bn savings achieved4, offsetting costs including NIC/NLW5
Sharpened UK focus | Targeted disposals agreed or completed; Business stabilising International | Plans advanced to streamline footprint and simplify product portfolio Trusted & Resilient | PSTN migrations ongoing; Leadership in safety with Safer SIMs1. Fibre to the premises; 2. At the end of FY25; 3. Of the broadband base; 4. In first 18 months of the current £3bn programme; 5. National insurance contributions / National living wage
BT Group plc H1 FY26 results 6 November 2025 7
Building the best, most trusted networks
The only nationwide FTTP network
36%
301
34%
35%
33%
25
30%
20
27%
18
16
14
9
10
12
>7.6
2.4
3.1
3.9
4.7
5.5
6.5
38%
Record FTTP build and take-upLargest national FTTP footprint
Accelerating towards our 'up to 5m'
build for FY26
Building within cost targets: Cost to pass
£250-350; Cost to connect c.£300
Clear leadership in 5G and now 5G+H123 H223 H124 H224 H125 H225 H126 FY26 Dec-26 FY30
"Best Network" for 12th year in a row
5G+ coverage up 23pp to 66%, with
FTTP build (m)
FTTP connections (m)
ambition of 99% in FY30
Growing 5G connected base2
12-13
10.8
11.2
9.8
99%3
7.8
89%
85%
75%
68%
FY23 FY24 FY25 H126 FY28-30
Ambition to achieve 30m FTTP build by FY30
Consumer connections
Goal to achieve 99%
5G connected base (m)
5G coverage (%)
BT Group plc H1 FY26 results 6 November 2025 8
Openreach |
Build and take-up
Broadband
Revenue (£m)
FTTP +44%
Ethernet
Revenue (£m)
accelerated; Continued
EBITDA growth
+5%
1,932 1,911 1,986 1,964 1,988
504
514
548 549 574
Record build and take-upFTTP footprint now reaches >20.3m
premises, with >2.2m built in H1
FTTP connections now >7.6m, equivalent to 38% take-up
Actions to counter increased competitionFaster build: 'up to 5m' target in FY26
New commercial offers
Pressure from wholesale losses largely offset
by lower retail losses
Excellent operational efficiencyRepair volumes down 13% YoY
Headcount down 11% YoY
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26
Base (k)
21,162 20,926 20,549 20,099 19,688
1
2
3
4
5
ARPU1
(£)
+4%
15.1 15.1 16.0 16.1 16.7
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26
Base (k)
404
410
415
419
420
ARPU1
(£)
+3%
210.5 210.5 221.4 219.4 228.0
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26
Excluding connections and other
BT Group plc H1 FY26 results 6 November 2025 9
Consumer |
Winning customers in
a competitive market
Commercial momentumService revenue stable ex legacy voice
Broadband, mobile & TV bases growing
Leveraging all brands - EE, BT, and Plusnet
Convergence +2.8pp YoY to 25.9%
Broadband
FTTPBroadband
Revenue (£m)
-2%
2,088 2,034 2,104 2,059 2,063
1,695
Postpaid Mobile2
Revenue (£m)
-1%
1,584 1,635 1,589 1,613
NPS stable/up for all brands1; Churn stable
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26
ARPU managementCompeting carefully to protect customer base and premium to market
Navigating the impact of past price rises
Upselling: FTTP base now at 3.7m (45% of base); 5G growth +7%
Cost headwinds will dissipateImpact from NIC / NLW rises
Drag from accelerated voice transition ahead of Jan-27 PSTN closure
Base (k)
8,347
8,283
8,234
8,198
8,210
ARPU
(£)
-1%
41.6 40.8 42.5 41.8 41.9
Base (k)
14,093 13,859 13,875 13,863
13,924
ARPU
(£)
-2%
19.9 18.9 19.7 19.1 19.3
In the first half
Includes Plusnet mobile, discontinued in FY24
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26
BT Group plc H1 FY26 results 6 November 2025
Service revenue
Equipment revenue10
FTTP
5GBusiness | Showing signs of stability, as
1
transformation steps up
2,644
Revenue
-2%
(£m)
2,704
2
3
2,589
Growing FTTP and 5G connections
(k)
2,066
2,368
275
194
220
2,751
UK is stabilisingPositive impact from dedicated leadership
Revenue and EBITDA stabilising ex voice headwind
Underlying connectivity revenue flat YoY
Robust CPS pipeline, including in industrials
sector
H1 FY25 H2 FY25 H1 FY26
H1 FY25 H2 FY25 H1 FY26
Units on legacy networks (k)1
1,317 1,076 822
UK Revenue Generating Units (k)
7,823
7,751
7,665
FTTP connections up 42%, 5G up 33%
Transformation driving efficiencyNPS improving, up 1.9 pts1
Units on legacy networks reduced 38%
Ex voice
VoiceConnectivity
Revenue (£m)
Managed Services
-1%
Revenue (£m)
flat
Simplified the product portfolio down to
193, and on track to reduce to 150 by FY30
Strengthened multi-year operating plan is driving clarity and transformation step up
1,186 1,175 1,189
882
969 870
336
311
287
H1 FY25 H2 FY25 H1 FY26
H1 FY25 H2 FY25 H1 FY26
vs. FY25
Relates to the networks planned for decommissioning
BT Group plc H1 FY26 results 6 November 2025 11
Current programme
Previous programmeTransformation | Solid progress, ahead of plan
Cumulative gross annualised cost savings2 (£bn)
3.4
2.5
3.0
24%
3.9 4.2
Total headcount
(k)
-6%
£3bn programme delivering ahead of plan£247m annualised cost savings YTD, taking cumulative benefits to £1.2bn1
Potential to unlock further gains through AI in customer care, personalised marketing, and corporate functions
Achievements in H1TLR down 6%; energy use down 5% YoY
Strong contribution from decommissioning of legacy networks and improved digital efficiency
Plans advanced to reshape International
H1FY24 H2FY24 H1FY25 H2FY25 H1FY26
Units on legacy networks3
-42%
9
7
5
4
3
(m)
123
120
118
116
111
H1FY24 H2FY24 H1FY25 H2FY25 H1FY26
Closing business applications
-18%
1.9
1.7
1.5
1.4
1.3
(k)
In the past 18 months
Since April 2020
Relates to the networks planned for decommissioning
H1FY24 H2FY24 H1FY25 H2FY25 H1FY26
H1FY24 H2FY24 H1FY25 H2FY25 H1FY26
BT Group plc H1 FY26 results 6 November 2025
Transformation | Plans advanced to reshape International
12
Agreed or completed our targeted international disposals during FY261
2019 2020 2021 2025
Reshaping International will further
simplify BT
Greater strategic focus following the carve-out
Clearer plans to streamline footprint
and products
Repositioning for value and optionality
Restructuring benefits will restore EBITDA
growth, and remove dilutive impact of Unit on Group NFCF
More focussed, asset light model, enabled by Global Fabric
Refocusing the product portfolio and rationalising our
organisational footprint
EBITDA growth path secured as part of our £3bn transformation - plans for a return to EBITDA growth in FY27
1. List of businesses from which significant divestments have been made since 2019
BT Group plc H1 FY26 results 6 November 2025 13
Simon Lowth
Chief Financial Officer
BT Group plc H1 FY26 results 6 November 2025
Financial performance in line with our plan
Adjusted revenue dragged by International, legacy voice and lower handsets UK Service revenue -1%, after c£100m legacy voice drag Adjusted EBITDA flat, up £19m ex International Normalised free cash flow in line with plan given higher capex and tax credit in previous year Dividend up 2%, in line with our progressive dividend policy1. Before specific items; 2. Before specific items, share of post tax profits/losses of associates and joint ventures and net finance expense; 3. Excluding spectrum payments; 4. After net interest paid and payment of lease liabilities, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items; 5. Pence per share
14
H1 FY26 £m | H1 FY25 £m | Change YoY% |
9,806 | 10,138 | (3) |
7,726 | 7,827 | (1) |
4,126 | 4,132 | - |
2,442 | 2,269 | 8 |
408 | 715 | (43) |
2.45 | 2.40 2 | |
Adjusted revenue1
UK Service revenue1
Adjusted EBITDA2
Reported capex3Normalised free
cash flow4
Dividend (pps)5
BT Group plc H1 FY26 results 6 November 2025
Summary of customer facing units in H1 FY26
Openreach EBITDA growth ahead ofrevenue with ongoing cost transformation
Consumer pressure on handset market and some price pressure offset by cost transformation; impact of NIC/NLW and legacy voice transition Business stabilising, legacy voice a lowsingle digit drag to revenue and EBITDA
International competitive pressure; around half of revenue decline from agreed or completed divestments, and FXOpenreach Consumer
Service revenue
Business
Service revenue International Other
Intra-group items
15
H1 FY26
Adjusted revenue Adjusted EBITDA
3,131 | - | 2,148 | 4 |
4,684 | (3) | 1,274 | (4) |
3,932 | (1) | - | - |
2,589 | (2) | 647 | (1) |
2,370 | (1) | - | - |
1,110 | (9) | 66 | (27) |
6 | n.m. | (9) | n.m. |
(1,714) | 2 | - | - |
9,806 | (3) | 4,126 | - |
7,726 | (1) | - | - |
£m Change YoY % £m Change YoY %
UK Service revenue
Total
BT Group plc H1 FY26 results 6 November 2025 16
Allison Kirkby
Chief Executive
BT Group plc H1 FY26 results 6 November 2025 17
Outlook | All metrics reconfirmed
FY26 |
~£20bn |
£15.3bn-15.6bn |
£8.2bn-8.3bn |
£5.0bn |
~£1.5bn |
Progressive |
End of decade
Adjusted revenue UK Service revenue Adjusted EBITDA
Reported capex
Normalised free cash flow
Dividend
Sustained growth from FY27
Sustained growth from FY27
Consistent and predictable growth ahead of revenue enhanced by cost transformation
Reduces by >£1bn post FY26 level
~£2.0bn in FY27 ~£3.0bn by end of decade ProgressiveBT Group plc H1 FY26 results 6 November 2025 18
Delivering on our strategy in competitive markets
Solid UK performance | Mitigating International and legacy declines Clear network leadership | In FTTP, 5G and secure networking Openreach continues to break records | Build and take-up accelerated Consumer customer base grew | Across broadband, mobile and TV Business showing signs of stability | With a robust pipeline Transformation ahead of plan | Offsetting higher input costs, including NIC/NLW Guidance reconfirmed | Interim dividend upBT Group plc
H1 FY26 results
6 November 2025
BT Group Plc FY25 results 22 May 2025
19
Appendix
BT Group plc H1 FY26 results 6 November 2025 20
Q2 FY26 Customer Facing Units results
Q2 FY26
Adjusted Revenue Adjusted EBITDA
£m Change YoY % £m Change YoY %
Openreach | 1,565 | - | 1,080 | 4 |
Consumer Service revenue | 2,352 | (3) | 638 | (5) |
1,970 | (1) | - | - | |
Business Service revenue | 1,302 | (2) | 324 | (1) |
1,187 | (1) | - | - | |
UK Service Revenue | 3,863 | (1) | - | - |
International | 568 | (6) | 45 | 5 |
Other | 3 | n.m. | (11) | n.m. |
Intra-group items | (863) | 2 | - | - |
Total | 4,927 | (3) | 2,076 | - |
BT Group plc H1 FY26 results 6 November 2025 21
Strategic KPIs
Accelerate
our modernisation to restore leadership in everything we do
Connect
customers so they thrive, as we grow, in a digital world
Build
the best, most trusted digital networks
Actuals | Future BT Group | ||||
Openreach FTTP premises passed | FY25 18.1m | H1 FY26 20.3m | FY28-FY30 25m-30m | ||
Openreach FTTP take-up | 36% | 38% | 40-55% | ||
5G UK population coverage | 85% | 89% | 99% | ||
Retail FTTP take-up | 3.4m | 4.0m | 6.5m-8.5m | ||
5G connections | 13.2 | 13.9m | 13.0-14.5 | ||
Convergence households | 24.6% | 25.9% | 30-50% | ||
Group NPS | +29.5 | +30.5 | +30.0-35.0 | ||
Units on legacy networks | 4.2m | 3.1m | <500k | ||
Total headcount | 116k | 111k | 75k-90k | ||
Number of Business products | 203 | 193 | 150 | ||
Number of applications | 1,400 | 1,256 | 500 | ||
Note: Retail FTTP and 5G are combined Consumer and Business connections
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BT Group plc published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 06, 2025 at 09:33 UTC.
