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BT Group (BTA) investor relations material
BT Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary6 Nov, 2025
Executive summary
Delivered solid UK performance with flat adjusted EBITDA, offsetting international and legacy declines, and maintaining leadership in FTTP, 5G, and secure networking.
Openreach achieved record FTTP build and take-up; consumer base grew across broadband, mobile, and TV.
Business segment showed financial stabilization and robust order pipeline, with a £3 billion transformation program delivering £1.2 billion in cost savings.
Four targeted international disposals agreed or completed, accelerating the reshaping of the international business.
Interim dividend increased 2% to 2.45p per share; all guidance metrics for the year and beyond reconfirmed.
Financial highlights
Adjusted revenue for H1 FY26 was £9,810m, down 3% year-over-year, mainly due to international, legacy voice, and lower handset sales.
UK service revenue declined 1% year-over-year to £7,726m, with a £100m drag from legacy voice.
Adjusted EBITDA was flat at £4,126m; up £19m excluding international.
Reported CapEx rose 8% to £2,443m, reflecting higher FTTP build and provision in Openreach.
Normalised free cash flow was £408m, down from £715m in H1 FY25 due to higher CapEx and reduced working capital.
Outlook and guidance
FY26 guidance reconfirmed: Adjusted group revenue c.£20bn, UK service revenue £15.3–£15.6bn, EBITDA £8.2–£8.3bn, CapEx c.£5.0bn, normalised free cash flow c.£1.5bn.
Sustained growth in revenue and EBITDA expected from FY27, with free cash flow targeted at c.£2.0bn in FY27 and c.£3.0bn by end of decade.
Dividend policy remains progressive.
Second half revenues expected to be slightly stronger than the first half.
Long-term targets unchanged, progressing toward BBB+ credit rating.
Openreach line loss impact on future ARPU growth?
How do labour costs offset transformation savings?
What drives H2 Consumer service revenue growth confidence?
Openreach ARPU growth strategy in flat market
What specific levers will drive Consumer EBITDA growth in H2?
Detail the path to positive cash flow for International
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Q3 2026 TU5 Feb, 2026
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Frequently asked questions
BT Group plc is a multinational telecommunications and digital services company based in the United Kingdom. The company provides a wide range of services, including broadband, mobile, fixed-line telephony, and digital TV, as well as IT and network services for residential, business, and public sector customers. BT operates through several divisions, including Consumer, Enterprise, Global, and Openreach, which manages the UK’s broadband infrastructure. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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