BT delivered a solid start to the year in fiscal Q1

Results for the three months to 30 June 2026

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.