BT awaits infrastructure growth payoff

BT is pushing ahead with its network build while its finances stall. By the end of December 2025, the operator’s standalone 5G network covered 69% of the UK population, and more than 21 million homes could get full-fibre broadband through Openreach, which logged record new connections. CEO Allison Kirkby said these investments, along with a mix of mobile, broadband and TV services under the EE, BT and Plusnet brands, should support long-term cashflow targets of £2 billion by fiscal 2027 and £3 billion by 2030.

For now, the returns are limited. In fiscal Q3 2026, consumer revenue was flat year-on-year at £2.5 billion, Business revenue fell 6% to £1.3 billion, and Openreach was flat. A 14% drop in international sales pulled total quarterly revenue down 4% to £5 billion, the same decline rate seen over the first nine months of the fiscal year, when revenue reached £14.8 billion. BT did not give net profit figures, but pre-tax profit fell by £244 million to £183 million, hit by losses from a sports joint venture.