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 stable revenues and EBITDA, driven by record fiber build, customer growth in all key segments, and strong cost transformation. Guidance for FY26 and long-term targets reaffirmed, with continued focus on network investment and operational efficiency.
Fiscal Year 2025
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Record fiber build and connections drove EBITDA and cash flow growth, offsetting revenue declines from legacy products. Dividend increased, with guidance for stable revenues, rising EBITDA, and significant cash flow inflection as fiber rollout nears completion.
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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.