6 November 2025
If you are covering BT’s half year results, please find comments below from Matt Dorset, equity research analyst at Quilter Cheviot:
“BT’s half-year results were broadly in line with expectations, reflecting ongoing structural challenges but also signs of resilience. UK service revenue fell 1% year-on-year, mainly due to legacy landline telephone declines, while operating profit (EBITDA) was flat but slightly ahead of consensus thanks to continued cost-cutting measures offsetting wage and tax pressures.
“BT’s consumer segment remains under pressure from competitive pricing in mobile and broadband, whereas Openreach delivered the strongest performance, CPI-linked pricing, improved product mix, and positive cost transformation driving 4% EBITDA growth. Fibre rollout continues at record pace, with 1.2 million premises added in the quarter, taking the footprint beyond 20 million, and fibre net adds up 23% year-on-year. However, broadband line losses worsened to 242,000, underlining a tough market backdrop.
“BT reiterated full-year and mid-term guidance, with a clear path to cash flow growth – targeting £2bn next year and £3bn by the end of the decade – and raised its interim dividend by 2%. BT’s shares still look good value, with investment spending now peaking and strong cash flow expected in the years ahead.”
