London · Delayed Price · Currency is GBP · Price in GBX BT Group Earnings Call Transcripts
Fiscal Year 2026
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The pension scheme continues its de-risking journey, with a focus on narrowing deficit volatility and maintaining strong governance. Funding deficits have declined, hedging strategies are robust, and regulatory compliance is a priority for the 2026 valuation.
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Delivered record fibre build, improved customer satisfaction, and met financial targets with EBITDA growth. CapEx will decline as fibre build peaks, with free cash flow set to double by 2030. Dividend to grow annually, with enhanced distributions possible after reaching BBB+ credit metrics.
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Solid half-year results with flat adjusted EBITDA and strong progress in fiber and 5G, despite revenue declines from legacy voice and equipment sales. Guidance for FY26 and long-term targets are reaffirmed, with cost transformation offsetting market and regulatory headwinds.
Fiscal Year 2025
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Record fiber build and connections drove EBITDA and cash flow growth despite revenue headwinds. Dividend increased, CapEx remains high for accelerated build, but major reduction expected post-2026. Transformation and cost savings on track, with strong Openreach and improving consumer performance.
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H1 2024 saw EBITDA and free cash flow growth despite a 3% revenue decline, driven by record fiber build, cost savings, and operational efficiencies. FY25 revenue guidance was lowered, but EBITDA and cash flow targets were reaffirmed, with continued focus on U.K. fiber expansion and cost transformation.