29th Jun 2026 07:01
29 June 2026
BT adjusts financial guidance for change in accounting treatment ofBT International
Following today's announcement of our agreement with Verizon to combine our respective international operations in a 50:50 joint venture, creating a new company focused on multinational connectivity, our International division, including the five non-core divestments made during FY26, will be reported as a discontinued operation in our accounts until completion. We are therefore updating our FY27 outlook and mid-term guidance, which now only reflects our continuing business, as shown in the table below.
| Previous FY27 Outlook incl. International | New FY27 Outlook excl. International | Mid-term guidance (unchanged) |
Adjusted Group revenue | £19.0 - £19.5bn | £17.1 - £17.6bn | Sustained growth |
Adjusted UK service revenue | £15.1 - £15.4bn | £15.1 - £15.4bn | Sustained growth |
Adjusted EBITDA | Growth, £8.2 - £8.3bn | Growth ex International, £8.1 - £8.2bn | Sustained growth ahead of UK service revenue, enhanced by cost transformation |
Capital expenditure excl. spectrum | c. £4.3bn | £4.2 - £4.3bn | Reduces by >£1.0bn from FY26 level |
Normalised free cash flow | c. £2.0bn | c. £2.0bn | c. £3.0bn by end of decade |
Dividend | Low to mid-single digit growth | Low to mid-single digit growth | Low to mid single digit growth until metrics consistent with BBB+ are reached; thereafter residual cash flow will be available for enhanced distributions |
Note for reference:
Company compiled consensus estimates for BT International, published 19 June 2026: FY27 Adjusted Revenue £1,821m; FY27 Adjusted EBITDA £108m
- ENDS -
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About BT Group
BT Group is the UK's leading provider of fixed and mobile telecommunications and related securedigital products, solutions and services.BT Group consists of four customer-facing units: Consumer serves individuals and families in the UK; Business covers companies and public services in the UK; International serves multinational organisations headquartered outside the UK and overseas public sector customers; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers - over 700 communications providers across the UK.British Telecommunications Limited is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange.
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