Highlights:

  • BT expanded its FTTP footprint to 20.3 million premises, adding over 2.2 million in H1, with plans to reach 25 million by December 2026.
  • Adjusted UK service revenue fell slightly to GBP 7.7 billion in H1, while adjusted EBITDA remained flat at GBP 4.1 billion.
  • Net cash inflow from operations reached GBP 2.8 billion, with normalised free cash flow of GBP 0.4 billion.
  • Interim dividend increased 2% to 2.45 pence per share.

BT Group plc (LSE:BT.A) has released its half-year results for the period ending 30 September 2025, highlighting record fibre rollout, growing consumer demand, and ongoing cost transformation. While revenue was affected by declines in legacy services and international operations, BT reported stable adjusted EBITDA and reaffirmed its full-year FY26 guidance. The company continues to advance its fibre-to-the-premises (FTTP) and 5G networks while improving operational efficiency and customer experience.

Record Fibre Rollout and Take-Up

BT achieved a record FTTP build of more than 2.2 million premises in the first half of FY26, taking its total FTTP footprint to 20.3 million premises, including 5.5 million in rural areas. Openreach recorded 1.1 million net adds in H1, bringing total connected premises to over 7.6 million and maintaining a market-leading take-up rate of 38%. Consumer broadband ARPU rose 4% to GBP 16.7, driven by price increases, higher FTTP adoption, and faster speeds.

Mobile and 5G Expansion

The company maintained its position as the UK’s top mobile network for a twelfth consecutive year, according to RootMetrics, and delivered the country’s leading 5G experience. 5G+ standalone coverage increased by over 20 percentage points to 66% of the population, with plans to reach 99% by FY30. Consumer mobile customers grew for the second consecutive quarter, with 5G base rising 11% to 13.9 million. BT also signed a landmark agreement with Starlink to expand broadband choice in hard-to-reach areas.

Cost Transformation and Operational Efficiency

BT’s transformation programme is delivering ahead of plan, achieving GBP 247 million in gross annualised cost savings in H1 FY26, bringing the cumulative total to GBP 1.2 billion since launch. Energy usage across networks declined 5%, labour resources reduced 6% to 111,000, and Openreach repair volumes fell 13%. Customer experience improved, with Net Promoter Score rising to 30.5, up 5.2 points year-on-year.

Financial Performance and Outlook

Reported and adjusted revenue for H1 FY26 was GBP 9.8 billion, down 3%, mainly due to declines in legacy voice, mobile handset trading, and international operations. Adjusted UK service revenue fell 1% to GBP 7.7 billion, while adjusted EBITDA remained flat at GBP 4.1 billion, supported by cost transformation and operational efficiencies. Capital expenditure increased 8% to GBP 2.4 billion, reflecting higher FTTP provisioning. Net debt rose to GBP 20.9 billion, mainly due to pension contributions and dividend payments.

BT reconfirmed its FY26 guidance, projecting adjusted group revenue of around GBP 20 billion, adjusted UK service revenue between GBP 15.3-15.6 billion, EBITDA of GBP 8.2-8.3 billion, and capital expenditure of approximately GBP 5 billion. Normalised free cash flow is expected at around GBP 1.5 billion, with mid-term targets including revenue growth from FY27, EBITDA growth ahead of revenue, and free cash flow reaching GBP 3 billion by the end of the decade.

BT Group shares were trading at GBX 187.60 per share during trading hours on 6 November 2025.