BT Group Results for Year to End of 31st March 2026

Key Takeaways

• BT Group revenue fell 3% to £19.7bn (~$25bn)
• Full‑fibre connections grew 2.2 million, covering two‑thirds of UK homes
• EE 5G+ coverage rose to 73% of population, up from 43%
• Consumer broadband ARPU slipped 1% to £41.70 (~$53)
• Dividend increased to 8.32p per share, signaling confidence in cash flow

Pulse Analysis

BT Group’s FY26 report underscores a strategic pivot toward infrastructure over traditional services. While headline revenue slipped modestly, the company’s aggressive Openreach rollout added 2.2 million full‑fibre connections, now reaching more than two‑thirds of UK premises. This scale not only fuels higher‑value FTTP subscriptions—evidenced by a 31% jump in BT Consumer’s FTTP base—but also creates cross‑selling opportunities for mobile, TV and cloud services. The accelerated fibre build, backed by Project Gigabit and R100 contracts, cements BT’s role as the nation’s digital backbone, a critical asset as businesses and households demand ever‑greater bandwidth.

The telecom landscape in the United Kingdom is rapidly evolving, with 5G becoming a competitive differentiator. EE’s 5G+ coverage now blankets 73% of the population, a stark improvement from 43% a year earlier, reinforcing BT’s mobile leadership and opening new revenue streams from enterprise 5G solutions. Simultaneously, the looming PSTN switch‑off in January 2027 introduces operational risk, especially for customers still reliant on copper‑based services. BT’s careful management of this transition—ensuring seamless migration to VoIP or SoGEA products—will be vital to maintain service continuity and protect its brand reputation.

Financially, BT’s decision to raise the full‑year dividend to 8.32 pence per share signals confidence in its cash‑flow trajectory, with guidance pointing to £2 bn in FY27 and £3 bn by decade’s end. The modest profit uplift, combined with lower line losses and disciplined cost control, suggests the fibre and 5G investments are beginning to pay off. For investors, the mix of stable dividend income and a clear path to higher cash generation makes BT an attractive play in a market where many peers are still grappling with legacy network liabilities.