BT Group PLC

BT.A: XLON (GBR)

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BT Earnings: Cost Discipline Drives Resilience as Line Loss Trajectory Improves; Fair Value GBX 230

Javier Correonero

May 22, 2026

BT’s commitment to cost discipline has delivered tangible results in fiscal 2026, with EBITDA holding flat despite a 4% revenue decline and a 1% service revenue decline. We are impressed by the 6% decline in total operating costs, from GBP 17.87 billion in fiscal 2025 to GBP 16.57 billion this year.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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BT Group PLC

BT Earnings: Cost Discipline Drives Resilience as Line Loss Trajectory Improves; Fair Value GBX 230

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