BT Group (BTA) Q3 2025 TU earnings summary

Executive summary

• Modernisation efforts drove improvements in fibre build, customer satisfaction, and EBITDA, with cost transformation offsetting lower non-UK revenue and weak handset sales.

• Openreach achieved record full fibre build and customer connections, while Consumer returned to service revenue growth and expanded its fibre and 5G bases.

• Business segment remained stable in core UK channels, with a major £1.3bn contract signed with the Home Office.

• Progress continues toward a UK-centric focus, including the sale of the Irish data centre business and executive leadership changes.

Financial highlights

• Q3 Adjusted revenue was £5.2bn, down 3% year-over-year, mainly due to challenging non-UK trading and weaker handset sales.

• Q3 Adjusted EBITDA rose 4% to £2.1bn, driven by cost transformation and one-off operating income.

• Q3 reported profit before tax increased 1% to £427m, reflecting EBITDA growth partially offset by higher finance costs and depreciation.

• Nine-month adjusted revenue was £15.3bn, down 3% year-over-year; adjusted EBITDA for the period was £6.2bn, up 2%.

Outlook and guidance

• FY25 financial outlook and mid-term guidance reconfirmed, with cash flow inflection targeted at c.£2.0bn in 2027 and c.£3.0bn by decade's end.