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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
BT Group
BT Group (BTA) investor relations material
BT Group H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary5 Nov, 2026
Executive summary
H1 FY27 revenue rose 1% to £8.753bn and adjusted EBITDA increased 1% to £4.097bn; transformation savings and Openreach growth offset service-revenue pressure.
Openreach passed 24.1m premises, with 9.9m FTTP connections at H1 and the 10m milestone reached in October; NPS improved and postpaid mobile added 86k customers.
FY27 and medium-term guidance were reaffirmed; TalkTalk was acquired out of administration and the Verizon international joint venture is progressing.
Financial highlights
Reported revenue was £8.753bn, up 1%; adjusted revenue was £8.750bn, up 1%, and adjusted service revenue was £7.685bn, down 1%, or flat excluding voice drag.
Adjusted EBITDA rose 1% to £4.097bn; reported operating profit increased 9% to £1.716bn and reported profit before tax rose 12% to £1.071bn.
Normalised free cash flow fell 59% to £236m; capital expenditure was £2.282bn, down 5%, and reported operating costs fell 1% to £7.037bn.
Continuing-operations profit after tax was £835m, up 14%; reported basic EPS was 8.5p, up 13%, and adjusted basic EPS was 9.7p, up 1%.
Interim dividend rose 2% to 2.50p per share.
Outlook and guidance
FY27 guidance, excluding TalkTalk, remains adjusted revenue of £17.1bn–£17.6bn, adjusted service revenue of £15.1bn–£15.4bn and adjusted EBITDA of £8.1bn–£8.2bn.
FY27 capital expenditure guidance is £4.2bn–£4.3bn; normalised free cash flow target remains ~£2.0bn, excluding TalkTalk transaction effects.
Medium-term targets include sustained revenue and service-revenue growth, EBITDA growth ahead of service revenue, and normalised free cash flow of ~£3.0bn by FY30.
FY27 service-revenue guidance includes a £150m–£200m voice headwind; Consumer EBITDA is expected to be fairly flat for FY27, while Business EBITDA is expected to improve in H2.
Transformation targets £3.5bn of gross annualised savings by FY30; fibre plans remain 25m premises by March and ~30m by FY2032, with further rural build linked to BDUK funding.
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- EBITDA and cash flow rose as record FTTP and 5G growth offset revenue decline.BTAH1 2025
- Record FTTP rollout, cost savings, and rising free cash flow drive improved outlook.BTAH2 2025
Next BT Group earnings date
Q3 2027 TU4 Feb, 2027
BT Group
Next BT Group earnings date
Q3 2027 TU4 Feb, 2027
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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).