Report Overview

BT: Bouncing back

Contents

Bounce or inflection point? Bit of both

Revenue growth improves, EBITDA growth transforms

Broadband volumes resilient, pricing firm

Consumer fixed revenue growth recovers…somewhat

Mobile bounces back (partially), more to come

Openreach back on track

VMO2 goes full spooky fibre

On track for guidance, but road likely to be bumpy

About Enders Analysis

About Venture Insights

Figures and Tables

Figure 1: BT Group revenue and EBITDA growth

Figure 2: Revenue growth

Figure 3: BT Group revenue and EBITDA growth

Figure 4: Year-on-year absolute change in EBITDA (£m)

Figure 5: Broadband net adds (000)

Figure 6: Consumer broadband monthly churn

Figure 7: Broadband entry level dual-play pricing, new customers (£/month)

Figure 8: Broadband high speed pricing, new customers (£/month)

Figure 9: BT Consumer fixed operating performance

Figure 10: BT Consumer ultrafast (>100Mbps) adoption where available

Figure 11: BT’s mobile operating performance

Figure 12: UK contract net additions (000)

Figure 13: UK mobile service revenue growth by operator

Figure 14: Openreach revenue growth

Figure 15: Openreach ultrafast coverage premises net adds (000)

Figure 16: Openreach FTTP net adds (000)

Figure 17: Openreach full fibre adoption where available

Figure 18: BT Group guidance and results