Allison Kirkby, Chief Executive, commenting on the results, said:

“BT has made a solid start to the year. We are connecting more customers to our next-generation networks, and are increasingly the choice for mission-critical solutions, as we connect and protect the country and accelerate our transformation.

"Across Openreach and Consumer we achieved record new full fibre connections and take-up, resulting in fibre contributing to more than half of our broadband revenues for the first time. By investing in all our brands, and the services they offer, we’re continuing to grow our Consumer customer base. In Business, service revenue is stabilising, with excellent sales order growth from major customers. In this final year of the PSTN, our service revenue, excluding voice, grew in the quarter.

"We expanded 5G+ further to now reach 77% of the UK population and our full fibre build is on track to reach 25 million premises by the end of December. Internationally, our proposed joint venture with Verizon will create a scaled global connectivity platform and allow us to focus on our transformation in the UK.

“No-one is upgrading and investing in the country’s digital backbone at the scale and pace that BT is. We remain on track to deliver our targets, including cash flow of c£2.0bn this year and c£3.0bn by the end of the decade – as we create a better BT, for all of us.”

Strategic priorities delivering to plan:

• FTTP footprint increased to 23.4m, an increase of 514k in the quarter, on track to achieve our 25m FTTP build target by December 2026
• Record customer demand for Openreach FTTP with 574k net adds in the quarter; total premises connected 9.4m, bringing our market-leading take-up rate to 40%; Openreach broadband ARPU grew by 7% to £17.7, driven by higher FTTP take-up, speed mix and price increases
• Openreach broadband lines fell by 192k; we continue to expect losses of c. 800k in the year
• EE maintained its mobile leadership, winning P3’s Test Champion Award and topping the Reliability, Coverage and Performance categories; 5G+ population coverage rose to 77%, up from 73% last quarter
• Record retail FTTP base growth, up 1.1m year-on-year to 4.8m, comprising 4.5m Consumer connections (54% of the broadband base) and 0.3m Business connections
• Continued Consumer customer growth, up 1k in broadband, 13k in postpaid mobile and 9k in TV. Both our broadband and postpaid mobile churn remained stable year-on-year at 1.1% and 1.0% respectively despite competition as our fibre-first strategy continues to deliver
• Consumer ARPU of £40.9 in broadband, down 2% year-on-year primarily due to declines in voice; £19.7 in postpaid mobile, up 2% year-on-year; Consumer fixed and mobile convergence increased to 26.8% from 26.6% last quarter and 25.5% last year; EE One Up rewards programme launched
• Business service revenue stabilising, with strong sales order growth including new connectivity contracts signed with Scottish Water and Royal Mail
• International JV with Verizon announced combining our operations to create a stronger scaled global connectivity business and marking a significant milestone in delivering BT Group's UK-focused strategy
• Cost transformation delivered efficiencies across all units, with year-on-year reductions in network energy usage of 8%, total labour resource excluding International of 8% to 94k and in Openreach repair volumes of 21%
• BT Group NPS increased to 30.7, up 3.6pts year-on-year, rebased for the exclusion of International

On track to achieve full year guidance:

Following the announcement in June of our agreement with Verizon to create a combined global business, the International CFU is now reported as a discontinued operation. The below metrics are reported on a continuing basis.

• Revenue £4.3bn, flat year-on-year. Adjusted UK service revenue £3.8bn down 1%, as growth in broadband and Corporate and Public Sector in Business and customer base growth in Consumer were offset by declines in voice
• Adjusted EBITDA £2.0bn, down 1% year-on-year and broadly flat excluding the impact of prior year one-offs, with lower broadband and voice margins offsetting strong cost transformation
• Reported profit before tax of £505m, down 4% driven by higher finance costs offset by lower restructuring costs
• Reconfirming all FY27 and multi-year financial outlook metrics as updated in June to reflect our continuing operations

_{¹ Refer to page 2 for an explanation of how the 2025 comparatives have been re-presented
n/m: comparison not meaningful}

Group financial guidance as updated in June to reflect our continuing operations

Discontinued operations

Following the announcement in June of our agreement with Verizon to create a combined global business, the International CFU is now reported as a discontinued operation. International adjusted revenue was £451m (Q1 FY26: £542m; of which the five businesses divested from International during FY26 generated £78m) and adjusted EBITDA was £29m (Q1 FY26: £21m).

Re-presentation of FY26 comparatives

FY26 comparative information has been re-presented to reflect that the International division is now reported as a discontinued operation; all financial metrics are presented on a continuing operations basis. Q1 FY26 comparative information for Business has also been re-presented to reflect this change (at Q1 FY26 International was reported as part of the Business CFU), together with revisions to segmental revenue presentation to better reflect the nature of services and trading relationships between CFUs.

Reconciliation to non-GAAP measures

Our commentary focuses on the trading results on an adjusted basis. This is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee and assists in providing a meaningful analysis of the trading results of the group. In accordance with IFRS, we updated our financial reporting to recognise that the International CFU is a discontinued operation. Accordingly, all metrics below are presented on a continuing basis. Reported revenue and reported profit before tax are the equivalent unadjusted or statutory measures.

_{¹ FY26 comparative information has been re-presented to reflect that the International division is now reported as a discontinued operation; all financial metrics are presented on a continuing operations basis. Q1 FY26 comparative information has also been re-presented to reflect this change, together with revisions to segmental revenue to reflect the nature of services and trading relationships between CFUs.
² Continuing profit before tax was £505m (Q1 FY26: £526m), discontinued loss before tax was £43m (Q1 FY26: £58m), equating to a total profit before tax of £462m (Q1 FY26: £468m).}

Forward-looking statements – caution advised

Certain information included in this announcement is forward-looking in nature and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Forward-looking statements relate to all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations. These statements can be identified by the use of forward-looking terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. Forward-looking statements in this announcement are not guarantees of future performance. All forward-looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements, which speak only at their respective dates. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

Download PDF - Results for the three months to 30 June 2026

Delivering on our strategy:

• More than 1m premises passed with FTTP for an eighth consecutive quarter, continuing the fastest build any company has achieved in Europe; FTTP footprint at 21.4m premises, of which 5.9m in rural locations; on track to achieve up to 5m this fiscal year and reach 25m by December 2026

• Record customer demand for Openreach FTTP with net adds of 571k, up 21% year-on-year; total premises connected 8.2m, increasing our market-leading take up rate to over 38%; Openreach broadband ARPU grew 4% to £16.8, driven by higher FTTP take-up, speed mix and price increases

• Openreach broadband lines fell 210k, down quarter-on-quarter and at a similar rate to last year; we now expect full year losses at c.850k for the year, better than our previous estimate 

• Retail FTTP base grew 32% year-on-year to 4.2m, of which Consumer 3.9m and Business 0.3m

• UK's best mobile network for a record 11th consecutive year as awarded by Umlaut Connect, extending EE's lead over the second placed network; Opensignal placed EE first in 11 of 15 categories in its January report and yesterday RootMetrics named EE the UK's best network for the 25th time; 5G base reached 14.3m, up 10% year-on-year; 5G+ coverage at 69%

• All Consumer customer bases grew for a fourth consecutive quarter in broadband, up 8k, a third consecutive quarter in postpaid mobile, up 55k, and a sixth consecutive quarter in TV, up 22k

• Consumer service revenue was flat year-on-year and remains on track for growth in H2; Consumer broadband ARPU was down 1% year-on-year to £41.8 and postpaid mobile ARPU was down 1% to £19.2; Consumer fixed and mobile convergence grew to 26.2% from 25.9% last quarter

• Business continues to make progress on its transformation; Q3 year-on-year performance was impacted by contract milestones, mainly in the financial and public sectors and wholesale, as well as the phasing of costs across quarters

• All five targeted disposals in International are now complete with the last, BT Radianz, closing on 1 February; disposals reduced International revenue in the quarter by £45m

• Cost transformation delivered efficiencies across all units, offsetting higher employer costs of National Living Wage and National Insurance; the year to date energy usage in our networks was down 6%, total labour resource was down 7% to 108k and Openreach repair volumes were down 18%

• Record BT Group NPS of 31.4, up 2.1pts year-on-year, demonstrating further improving customer experience

On track to achieve full year guidance:

• Q3 reported and adjusted revenue¹ £5.0bn, down 4% year-on-year due to service revenue declines, lower equipment revenue, primarily handset trading, in Consumer and Business and the impact of divestments; Q3 adjusted UK service revenue¹ £3.8bn, down 2%, due to the ongoing drag from legacy voice of over one percentage point as well as the phasing of trading in the prior year

• Q3 adjusted EBITDA¹ £2.1bn, down 1% and broadly flat excluding the impact of prior year one-off other operating income, with lower revenue offset by continued strong cost transformation

• Q3 reported profit before tax of £183m, down £244m, driven by a £214m share of losses from the Sports JV

• We remain on track for our financial outlook and guidance metrics, including  our  cash  flow  inflection  to  c.£2.0bn next year, and to c.£3.0bn by the end of the decade
   

_{¹  See Glossary below
²  Q3 FY25 comparative information for the Business CFU has been re-presented to reflect the formation of the new International CFU and re-presentations of segmental revenue to reflect the nature of services and trading relationships between CFUs. For further information see the glossary below or bt.com/about for a separation publication covering the formation of International
n/m: comparison not meaningful}
 

Glossary

Our commentary focuses on the trading results on an adjusted basis. This is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee and assists in providing a meaningful analysis of the trading results of the group. Reported revenue and reported profit before tax are the equivalent unadjusted or statutory measures and are reconciled in pages 228 to 230 of the Annual Report 2025.

We are scheduled to announce the fourth quarter and full year results for FY26 on 21 May 2026.

Forward-looking statements – caution advised

Certain information included in this announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward looking statements. Forward looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations. Forward looking statements can be identified by the use of forward looking terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. Forward looking statements in this announcement are not guarantees of future performance. All forward looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward looking statements, which speak only at their respective dates. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

 Download PDF - Trading update for the quarter and nine months to 31 December 2025

Allison Kirkby, Chief Executive, commenting on the results, said:

“BT has had a solid start to the year, with our full fibre broadband now reaching more than 19 million homes and businesses and our 5G network available to over 87% of the UK population. We’re seeing strong customer demand for our next-generation broadband and mobile connectivity across all our brands, with record Openreach fibre take-up again this quarter. And we’re delivering on our transformation, as we radically simplify our business while improving customer experience.

“BT is investing more than anyone else in the nation's networks, we’re connecting customers faster, and we're on track to deliver our targets for this year, next year, and the end of the decade - creating a better BT, for all of us.”

Strategic priorities delivering to plan:

• More than 1m premises passed with FTTP for a sixth consecutive quarter, at an average build rate of 81k per week, on track to achieve up to 5m this fiscal year; FTTP footprint reached more than 19m premises, of which 5.2m in rural locations
• Record customer demand for Openreach FTTP with net adds up 46% year-on-year to 566k; total premises connected 7.1m, increasing our market-leading take up rate to 37%; Hyperoptic has entered into a wholesale agreement with Openreach, further extending its national footprint; Openreach broadband ARPU up 4% to £16.6, driven by higher FTTP take-up, speed mix and price increases
• Openreach broadband lines fell by 169k, driven by losses to competitors and a weaker broadband market; our full year expectation remains unchanged from that given in May
• Retail FTTP base grew by 32% year-on-year to 3.7m of which Consumer 3.4m and Business 0.3m; 5G base reached 13.5m, up 12% year-on-year
• Consumer customer base grew in the quarter, with broadband base up 11k and postpaid mobile base up 41k; Consumer broadband ARPU² down 2% year-on-year to £41.9 and postpaid mobile ARPU² of £19.4 broadly flat year-on-year, and we continue to expect a similar seasonal growth pattern as FY25; Consumer fixed and mobile convergence grew to 25.5% from 24.6% last quarter; EE proud to be sponsors of the Lionesses as they head towards the UEFA Euro 2025 final
• Business adjusted UK service revenue down 2%, stable excluding traditional voice; EBITDA pressure was mainly in the international segment; Business will be reported as two separate customer-facing units from Q2 FY26 for our UK and International operations
• Cost transformation delivered efficiencies across all units, fully offsetting higher employer costs of National Living Wage and National Insurance: year-on-year energy usage in our networks was down 5%, total labour resource was down 5% to 113k and Openreach repair volumes were down 14%
• BT Group NPS of 30.4, up 5.6pts year-on-year, with improved customer experience across all our customer facing units

On track to achieve full year guidance:

• Reported and adjusted revenue¹ £4.9bn, down 3% year-on-year mainly due to weaker handset sales in Consumer and continued challenging international trading, offsetting the benefit of FTTP growth in Openreach and price increases; Adjusted UK service revenue¹ £3.9bn, down 1%, largely due to the seasonal impact of price changes in Consumer and traditional voice in Business
• Adjusted EBITDA¹ £2.1bn, down 1% with adverse revenue offset by strong cost transformation
• Reported profit before tax of £468m, down 10% primarily due to an increase in net finance costs and depreciation and amortisation
• Reconfirming all FY26 and multi-year financial outlook metrics

_{¹  See Glossary below
²  As reported at Q4 FY25, broadband and postpaid mobile ARPUs for Q1 FY25 have been restated following a reassessment of the EE One treatment which resulted in a reclassification of revenues between product types.
³  Following a review of trading relationships relating to a number of Openreach pass-through services, a number of customers were transferred from Business to Openreach. Q1 FY25 has been restated to remove £24m revenue from Business. There is no impact on Openreach segmental results as the revenue was previously classified as internal so was already included in Openreach results; there is a contra entry through intra-group items.
n/m: comparison not meaningful} 
 

Glossary

Our commentary focuses on the trading results on an adjusted basis. This is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee and assists in providing a meaningful analysis of the trading results of the group. Reported revenue and reported profit before tax are the equivalent unadjusted or statutory measures and are reconciled in pages 228 to 230 of the Annual Report 2025.

We are scheduled to announce the second quarter and half year results for FY26 on 6 November 2025.

Forward-looking statements – caution advised

Certain information included in this announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward looking statements. Forward looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations. Forward looking statements can be identified by the use of forward looking terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. Forward looking statements in this announcement are not guarantees of future performance. All forward looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward looking statements, which speak only at their respective dates. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

 Download PDF - Trading update for the three months to 30 June 2025

Allison Kirkby, Chief Executive, commenting on the results, said

“Our ongoing modernisation continues at pace, delivering a further step-up in fibre build and take-up, customer satisfaction and EBITDA. Benefits from our cost transformation more than offset lower revenue outside the UK and weak handset sales.

“Openreach again performed strongly with the highest ever full fibre build, passing more than 1 million premises for the fourth consecutive quarter, and connecting a new record of nearly half a million customers. Consumer returned to service revenue growth and continued to expand its full fibre and 5G customer bases. In Business, our core UK channels were stable. Cost transformation remains firmly on track, with excellent progress on both energy costs and productivity in the quarter.

“We continue to make progress towards becoming fully focused on the UK, with the sale of our data centre business in Ireland. I am also very pleased to welcome Jon James to BT’s Executive Committee as the new CEO of a UK-centric BT Business, effective early March. This appointment enables Bas Burger to dedicate his time to the optimisation of our international business segment, which is progressing to plan.

"BT’s continued delivery means we remain on track to deliver our financial outlook for this year and our cash flow inflection to c.£2.0bn in 2027 and c£3.0bn by the end of the decade.”

Continued progress on strategic priorities:

• Record FTTP build rate of over 1m premises passed in the quarter for a fourth consecutive quarter; FTTP footprint reached 17m premises, more than half of the UK; on track to pass 4.2m in FY25 and reach 25m by December 2026
• Record customer demand for Openreach FTTP with net adds of 472k in the quarter; total premises connected 6.0m with a growing take up rate of over 35%. Openreach total broadband lines fell by 208k, as we continue to see moderately higher competitor losses with a weaker overall broadband and new homes market; over 80% of our line losses occur where we have not built FTTP
• Openreach broadband ARPU in the quarter grew year on year by 6% to £16.1, ahead of the CPI price increases, driven by a greater FTTP take-up and speed mix
• Retail FTTP base grew by 33% year on year to 3.2m of which Consumer 3.0m and Business 0.2m
• Consumer service revenue returned to growth, up 0.4% year on year after a 1.3% decline in H1; service revenue growth was more than offset by a 12% decline in equipment revenue, mainly handset trading
• Consumer customer base relatively stable with broadband base down 40k quarter on quarter (0.5% decline); postpaid mobile base down 4k quarter on quarter (<0.1% decline)
• Consumer broadband ARPU down 1.2% year on year to £40.6; Consumer postpaid mobile ARPU up 5.7% year on year to £20.3
• Consumer fixed and mobile convergence grew in the quarter from 23.1% to 23.4%; 5G standalone launched in a further 16 new locations, bringing 5G standalone to over 30 major UK towns and cities; EE was named the winner of the umlaut connect 2025 Mobile Network Test in the UK for a 10th consecutive year
• Business revenues were stable in our core UK channels; £1.3bn contract signed with the Home Office to continue providing mobile services for the Emergency Services Network over the next seven years
• Cost transformation remains on track as we continue to create a simpler BT Group, delivering efficiencies across all units; energy usage in our networks was down 3% in the year-to-date and total labour resource down 3% year-on-year to 117k; we achieved an 11% reduction in year-to-date Openreach repair volumes
• BT Group NPS of 29.6, up 4.0pts during Q3, reflecting ongoing improvements in customer experience

Excellent cost control continues to deliver EBITDA growth:

• Q3 Adjusted¹ revenue £5.2bn, down 3% year-on-year mainly due to continued challenging non-UK trading conditions in our Global and Portfolio channels and weaker handset trading in Consumer, offsetting the impact of FTTP growth in Openreach and price increases. Reported revenue £5.2bn, down 3%
• Q3 Adjusted¹ EBITDA £2.1bn, up 4% driven by strong cost transformation and one-off other operating income in the low tens of millions which more than offset adverse revenue
• Q3 Reported profit before tax of £427m, up 1% primarily due to EBITDA growth, offset partially by increased net finance costs and increased depreciation and amortisation
• Reconfirming our FY25 financial outlook and our mid-term guidance

_{¹   See Glossary below
² As disclosed in the prior year, Q3 FY24 results included a correction of H1 FY24 revenue across Openreach and Business, with no impact on total group revenue. £38m external wholesale revenue was incorrectly recognised by Business in H1 FY24. H1 FY24 results were not restated; the correction was booked within Q3 FY24 to ensure the results for the nine months to 31 December 2023 were correctly stated. Excluding the adjustment, Q3 Business revenue would have declined 4%, while intra-group items would have increased 4%.
n/m: comparison not meaningful}
 

Glossary

Our commentary focuses on the trading results on an adjusted basis. This is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee and assists in providing a meaningful analysis of the trading results of the group. Reported revenue and reported profit before tax are the equivalent unadjusted or statutory measures and are reconciled in pages 231 to 233 of the Annual Report 2024.

We are scheduled to announce the fourth quarter and full year results for FY25 on 22 May 2025.

Forward-looking statements – caution advised

Certain information included in this announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward looking statements. Forward looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations. Forward looking statements can be identified by the use of forward looking terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. Forward looking statements in this announcement are not guarantees of future performance. All forward looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward looking statements, which speak only at their respective dates. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

 Download PDF - Trading update for the quarter and nine months to 31 December 2024

Allison Kirkby, Chief Executive, commenting on the results, said

“We’ve made a solid start to the year, with excellent growth in both fibre build and connections, and increased EBITDA.

“Openreach continues to build at pace and with even more efficiency, passing the milestones of 5 million connections and - just yesterday - 15 million premises built. In Consumer, the widespread availability of FTTP and 5G combined with our new EE propositions has contributed to an improved trend in our customer base, in what remains a very competitive market. In Business, we also saw improved trends, as we continue to modernise our portfolio and our operations towards a simpler business, delivering secure, cloud-based connectivity and communication services for all our customers.

“Our ongoing cost transformation contributed to EBITDA growth, and more than offset the expected revenue declines in Consumer and Business in the quarter. There is much more to do to simplify BT Group and deliver for our customers. We remain on track to deliver our financial outlook for this year and our cash flow inflection to c. £2.0bn in 2027 and c. £3.0bn by the end of the decade.”

Strategic priorities delivering to plan:

• Record FTTP build of over 1m premises passed in the quarter at an average build rate of 78k per week; FTTP footprint is now 15m with 4.2m rural premises passed and around a further 6m where initial build is underway
• FTTP customer base surpassed 5m during the quarter; strong FTTP demand with orders up 29% year-on-year; take up rate is at 34% with continued strong net adds of 387k
• Openreach broadband ARPU grew by 6% year-on-year due to price rises and increased volumes of FTTP; Openreach broadband line losses of 196k, with moderately higher competitor losses combined with a weaker overall broadband and new homes market
• Consumer broadband ARPU up 1% year-on-year to £42.4 and Consumer postpaid mobile ARPU increased 0.5% year-on-year to £19.8, with positive mix effects offsetting the expected tougher pricing comparative
• Consumer base trend improved despite a competitive market, with the broadband base down 28k quarter-on-quarter (0.3% decline) and postpaid mobile base down 15k quarter-on-quarter (0.1% decline)
• Business financial performance continues to be impacted by legacy managed contract declines, reduced low margin sales activity and contraction in the portfolio unit offset by cost transformation
• Retail FTTP base grew year-on-year by 36% to 2.7m of which Consumer 2.6m and Business 0.1m; 5G base 11.3m, up 22% year-on-year
• BT Group NPS of 25.1, up 0.3pts year-on-year, demonstrating further improving customer experience
• BT Group has been recognised by TIME Magazine and Statista as one of the “World’s Most Sustainable Companies 2024”

Transformation and tight cost control delivers EBITDA growth:

• Adjusted¹ revenue £5.1bn, down 2% on Q1 FY24 due to legacy managed contract declines, reduced low margin sales activity and contraction in the portfolio unit within Business, and the continued shift to mobile SIM only and a lower CPI benefit in a competitive market in Consumer. This is partly offset by price increases and FTTP and Ethernet base growth in Openreach; reported revenue £5.0bn was down 2%
• Adjusted¹ EBITDA £2.1bn, up 1% with transformation and tight cost control, including lower staff costs, partly offset by revenue decline
• Reported profit before tax of £520m, down 3%, with decreased revenue broadly offset by reduction in reported operating costs
• Reconfirming all FY25 financial outlook metrics

_{¹   See Glossary 
n/m: comparison not meaningful}

Glossary

Our commentary focuses on the trading results on an adjusted basis. This is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee and assists in providing a meaningful analysis of the trading results of the group. Reported revenue and reported profit before tax are the equivalent unadjusted or statutory measures and are reconciled in pages 231 to 233 of the Annual Report 2024.

We are scheduled to announce the second quarter and half year results for FY25 on 7 November 2024.

Forward-looking statements – caution advised

Certain information included in this announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward looking statements. Forward looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations. Forward looking statements can be identified by the use of forward looking terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. Forward looking statements in this announcement are not guarantees of future performance. All forward looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward looking statements, which speak only at their respective dates. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

 Download PDF - Trading update for the three months to 30 June 2024