Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
BT’s network and customer metrics improved in the six months to 30 September 2025, but growth in 5G and full fibre did not yet translate into higher group revenue or statutory profit. Revenue fell 3% to £9.8 billion and reported profit before tax fell 11% to £862 million. Adjusted EBITDA held at £4.1 billion as savings and cost control offset pressure from declining legacy services and higher employment costs. BT reconfirmed its FY26 guidance.
What BT reported for the half year
BT Group published its results on 6 November 2025 for the six months ended 30 September 2025. Revenue was £9.8 billion on both a reported and adjusted basis, down 3% year on year. Adjusted UK service revenue was £7.7 billion, down 1%. Adjusted EBITDA remained flat at £4.1 billion, while reported profit before tax fell 11% to £862 million. BT Group’s half-year results provide the company’s full figures and explanations.
The gap between flat adjusted EBITDA and falling reported profit before tax reflects different pressures on the measures. BT said higher depreciation and amortisation, associated with its larger asset base, and higher net finance expense as interest rates rose weighed on profit before tax. Adjusted EBITDA, by contrast, was supported by transformation savings and cost control, which offset revenue pressure and higher employment costs.
Why revenue declined despite network growth
BT attributed the revenue decline mainly to falling legacy voice revenue, lower mobile handset trading volumes and declines in International. These pressures outweighed an improving Openreach full-fibre mix and price increases. Network expansion can improve the products available and attract customers without immediately overcoming contraction in older services or weaker device sales.
#1 Best Overall
- 5G High-Speed Internet Gateway Designed for fast and stable connectivity using T-Mobile 5G network
- Model G5AR-1 Official T-Mobile gateway device
- Dual-Band WiFi Support Provides reliable wireless connections for multiple devices simultaneously
- Wi-Fi 7
- Wide Device Compatibility Works with PCs, smart TVs, smartphones, gaming consoles, and smart home devices
Legacy voice and handset trading
Legacy voice revenue continued to decline as customers and services move away from older products. BT also reported lower mobile handset trading volumes. Both reduced revenue during the period, even as the company expanded its newer network services.
International and the partial offsets
International declines added to the pressure. Openreach’s improving full-fibre mix and price increases partly offset those factors, but not enough to prevent the 3% fall in group revenue. The results therefore show network progress alongside a still-challenging mix of revenue sources.
Rank #2
- 5G FAST INTERNET from just about ANYWHERE! This travel router can achieve download speeds up to 3.4 Gbps on 5G NSA, ensuring rapid data transfer and seamless streaming.
- 5G ROUTER and BACKWARD COMPATIBLE with 4G LTE Cellular Networks. Supports standalone (SA) and non-standalone (NSA) 5G networks. Can be used as a 5G router with Sim card Slot, LTE router, or 4G router
- 4X MORE WIFI CAPACITY with the highest 4X4 5GHz MIMO radios, to deliver exceptional WiFi speeds of up to 5.4 Gigabits for unmatched coverage and bandwidth performance.
- CELLULAR FAIL-OVER CAPABILITY acts as a safeguard for uninterrupted connectivity for both residential and SOHO users when maintaining an Internet connection is crucial.
- CERTIFIED TO WORK with T-Mobile, AT&T and US Cellular. Requires a Nano SIM card from one of three certified carriers.
What improved in fibre, 5G and customer adoption
BT reported substantial network reach and customer growth in the period. Openreach full fibre reached more than 20 million homes and businesses. EE 5G+ coverage reached 66% of the UK population, and the 5G base grew 11% year on year to 13.9 million.
- Consumer retail FTTP customers increased by 476,000 to 3.7 million.
- Business retail FTTP customers increased by 44,000 to 0.3 million.
- Consumer fixed/mobile convergence rose to 25.9%, from 23.1% a year earlier.
- BT Group’s Net Promoter Score (NPS) improved by 5.2 points year on year to 30.5.
These figures describe reach, adoption and customer indicators; they do not mean the new networks had already reversed the group’s revenue decline. BT’s stated explanation is that declines in legacy voice, handset trading and International more than offset the positive contribution from full-fibre mix and price increases.
Rank #3
- Australian Shepherd 8:1 High performance antenna, IP67, 5G, CAT18, 2.4 GHz-6 GHz antenna; 4 LTE/5G, 2 WIFI, BT, GPS, (Black radome) SMA male connectors with (8)15 ft. cables; Bolt length 0.7 inches
- Low Profile, 5G, CBRS, 4X4 MIMO LTE, 2X2 MIMO WiFi, BT, GPS, and IP67-rated External Antenna
- LTE Frequency Range: 617– 894 MHz 1710 – 2700 MHz 3400 – 4000 MHz (CBRS) 5150 – 5925 MHz (LTE LAA) / WiFi Frequency Range: 2400–2483.5 MHz 4900 – 5900 MHz
- LTE Bands: AT&T 2, 4, 5, 14, 17, 29, 30, 48, 66 / Verizon 2, 4, 5, 13, 48, 66 / T-Mobile 2, 4, 12, 25, 26, 41, 48, 66, 71
- Mounting Hole: 1.5 inches
How savings and investment shaped the result
Transformation savings helped protect adjusted EBITDA. BT recorded £247 million of gross annualised cost savings in H1 FY26 and said cumulative savings in the first 18 months of its £3 billion programme had reached £1.2 billion. These are savings figures, not revenue growth; their role in the half-year picture was to help counter cost and revenue pressures.
Capital expenditure was £2.4 billion, up 8% year on year. The higher investment sits alongside the expansion of fibre and 5G coverage, while also contributing to a larger asset base. BT linked higher depreciation and amortisation to that larger base, one reason reported profit before tax fell even though adjusted EBITDA was flat.
Rank #4
- Power: 15 Watts
- Wi-Fi: Next-Gen 7
- Ethernet: 10G SFP+
- Switch: 4-port 2.5 GbE
- Power over Ethernet (PoE) Port
What BT’s guidance says about the transition
BT reconfirmed its FY26 outlook rather than resetting guidance after the half-year decline. Its targets are adjusted group revenue of about £20 billion, adjusted UK service revenue of £15.3 billion–£15.6 billion, adjusted EBITDA of £8.2 billion–£8.3 billion, capital expenditure excluding spectrum of about £5.0 billion and normalised free cash flow of about £1.5 billion.
Recommended Free Tools
For the mid-term, BT’s framework calls for sustained growth in adjusted group and UK service revenue from FY27, EBITDA growth ahead of revenue, and capex falling by more than £1 billion from FY26. It expects normalised free cash flow of about £2.0 billion in FY27 and about £3.0 billion by the end of the decade. These are company targets, not outcomes established by the half-year results.
BT also announced an interim dividend of 2.45 pence per share, up from 2.40 pence. Chief Executive Allison Kirkby said: “BT is delivering on its strategy in competitive markets. We’re building the UK’s digital backbone, connecting the country like no one else and accelerating our transformation.” She also said: “Openreach full fibre broadband now reaches more than 20 million homes and businesses and our award-winning EE network is live with 5G+ coverage for 66% of the population.”
How to read the results
- Network adoption versus legacy decline: fibre reach and customer numbers grew, but legacy voice, handset trading and International were stronger revenue headwinds.
- Operating resilience versus reported profit pressure: adjusted EBITDA was flat with savings and cost control, while higher depreciation, amortisation and net finance expense contributed to the fall in reported profit before tax.
- Investment now versus cash flow later: capex rose as BT built its networks; its forecast is for lower capex and stronger normalised free cash flow in later periods.
The coverage figures above are specific to the half year ended 30 September 2025, not current network coverage. In a later update, BT reported 5G+ coverage of 77% and a target of 25 million full-fibre premises by December 2026. BT’s subsequent company update gives those later figures.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
