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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BT Group PLC

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

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