BT Group H1 2027 Earnings Results & Report

BT Group EPS Results

• Actual EPS: GBX 9.70
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

BT Group Revenue Results

• Actual Revenue: £8.75 billion
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

BT Group is the UK’s leading provider of fixed and mobile telecommunications and related secure digital 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 (LON:BT.A) and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange. For more information, visit www.bt.com/about

BT Group H1 2027 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: BT reported 1% growth in first-half revenue and EBITDA and reiterated its guidance, including around £2 billion of normalized free cash flow in FY2027 and £3 billion by FY2030. First-half normalized free cash flow was £236 million, however, reflecting timing-related headwinds that management expects to ease.
• Positive Sentiment: Openreach connected its 10 millionth full-fibre customer and passed more than 24 million premises, with connections setting a record and broadband line losses 11% lower year over year. Openreach EBITDA rose 4%, supported by growth and lower costs.
• Positive Sentiment: Transformation delivered £312 million of annualized gross savings in the half and £1.7 billion cumulatively, alongside an 11% reduction in total labor resource. BT also migrated 1.1 million customers from the legacy PSTN network, with about 1 million remaining before the January 2027 deadline.
• Negative Sentiment: Performance was uneven across customer-facing businesses: Consumer EBITDA fell 1% and Business EBITDA fell 7%, with voice migration, legacy-product declines and brand investment weighing on results. BT expects Business to improve in the second half and said Consumer EBITDA should be broadly flat for the full year.
• Negative Sentiment: BT expects the TalkTalk acquisition to cost around £400 million in FY2027, excluding it from current-year guidance while regulatory review continues. Separately, the company agreed a pension funding plan that is expected to reduce the deficit to about £300 million after bond issuance, while BT also plans a Verizon joint venture for its international operations.

Presentation

[Operator]

Good morning and welcome, everyone, to BT Group's results presentation for the half year ended 30th of September 2026. Presenting today are Allison Kirkby, BT Group's Chief Executive, and Patricia Cobian, BT Group CFO. Following the presentation, there will be a question and answer session. I would like to make everyone aware that this event is being recorded for replay purposes. Before we start, I'd like to draw your attention to the forward-looking statements caution in the presentation and press release for examples of the factors that could cause actual results to differ from any forward-looking statements we may make. Both the press release and the presentation can be found on our website. With that, I'll now hand over to Allison.

[Allison Kirkby, CEO at BT Group]

Good morning, everyone, and a big warm welcome from us here at BT headquarters in London. Thank you for joining us for our half-year results for this fiscal year 2027. I'll start by setting out the progress we've made so far this year, and then Patricia will update you on our transformation and our financials, and then we look forward to taking your questions after a quick recap from myself. I don't remember a busier period here at BT than this half, and I am pleased that throughout it all, we are showing strong and disciplined progress against our strategy. Let me take you through a few of the highlights. We showed growth in total revenue for the first time in two and a half years, and we continue to grow EBITDA and customer satisfaction.

[Allison Kirkby, CEO at BT Group]

We won historic double awards for the best full fibre and the best mobile networks, and Openreach has hit another record on fibre connections, adding its 10 millionth fibre customer during October and seeing lower broadband line losses as a result. We continue to win in what we all know is a super competitive market, with more converged customers in consumer and a really strong order book in business.

[Allison Kirkby, CEO at BT Group]

We continue to accelerate our transformation, now halfway to our GBP 3.5 billion target, with a particular focus this year on PSTN switchover alongside all our other programs. For International, we've announced a new partnership with Verizon to create a scaled global joint venture serving multinationals, and we've reached agreement with the BT Pension Scheme trustee on the 2026 valuation in record time. Our issuance of bonds to replace future contributions will reduce the deficit to around GBP 300 million.

[Allison Kirkby, CEO at BT Group]

Finally, in unprecedented circumstances, we stepped up to buy TalkTalk out of administration, and while we await the regulatory review process to conclude, work has begun to stabilize it and to plan for it to create value for BT. As a result, we are today reconfirming all of our guidance metrics for the year and beyond, including our GBP 2 billion target for normalized free cash flow this year, that's excluding the impact of the TalkTalk acquisition, and GBP 3 billion in fiscal year 2030. Our interim dividend is rising by 2%. As you all know, our ambition is to become the U.K.'s most trusted connector of people, business, and society, guided by our purpose to connect for good.

[Allison Kirkby, CEO at BT Group]

Our strategy focuses on three things: building the best, most trusted digital networks, connecting customers so they thrive as we grow in a digital world, accelerating our modernization to restore leadership in everything we do. We are now just over two years into what is a six-year journey to create a fundamentally better BT by the end of this decade, and we are delivering.

[Allison Kirkby, CEO at BT Group]

We are building the U.K.'s much needed and only nationwide digital backbone, and we are winning with customers, all enabled by a radically simpler and better company. All of this underpins our financial guidance, which are unchanged, and which delivers growing cash flow with improving returns on capital. Let me take you through some more detail on the next slide on what we have achieved so far this year. On build, Openreach has now connected 10 million full fibre customers, with the 25 million coverage milestone well in sight.

[Allison Kirkby, CEO at BT Group]

Our 5G+ coverage keeps expanding towards our 99% target for 2030, and we achieved a historic double award win for our networks. We launched 5G network slicing, giving both consumers and businesses priority access when they need it. On connect, we relaunched the BT brand for homes and businesses with Behind Brilliant Things and new mobile, TV, and security products. We also just last week refreshed the Plusnet brand.

[Allison Kirkby, CEO at BT Group]

Our new product launches are closely allied with core connectivity, from AI Receptionist and Mission Boost in business, the loyalty program EE One Up in consumer, and Fast Lane in both, commercializing and monetizing our network slicing capabilities. Customer satisfaction also rose again across all retail brands, and we launched great products with our partners, including our new cybersecurity solution with Microsoft. We are also the only U.K. provider to offer iPhone handoff and are participating in Anthropic's Project Glasswing.

[Allison Kirkby, CEO at BT Group]

Finally, on Accelerate, despite ongoing workforce and cost transformation, our colleague engagement continues to improve with an excellent understanding of our strategy and a stronger sense of mission and purpose reported by our colleagues. We continue to simplify through the international joint venture to focus back on the U.K., accelerating transformation in business, and cutting units on legacy networks by half, with 1 million customers moving off the legacy analog phone network in the last six months alone. We are scaling AI adoption and have a ServiceNow-powered program for AI operations. Of course, we stepped up to protect service continuity for 2.5 million customers by buying TalkTalk out of administration. Moving to the next slide. Everything we do rests on our brilliant networks. Openreach has achieved a remarkable milestone, having now connected its 10 millionth customer.

[Allison Kirkby, CEO at BT Group]

Just five years ago, they only had connected 1 million. Openreach has moved at an exceptional pace in the fibre race, and it always on budget. Our retail brands in consumer and business are leading the way with over 600,000 full fibre net adds in the half year alone. Our quality has been recognized by Ookla, and EE became the first major U.K. provider to offer 8 Gbps speeds on advanced full fibre broadband using XGS-PON technology. In mobile, we won the U.K.'s best network from RootMetrics for the 13th consecutive year, and we have developed Fast Lane, the U.K.'s first consumer network slicing solution. I am really pleased to say we continue to grow our postpaid base, up 86,000 in the half, the best in over four years.

[Allison Kirkby, CEO at BT Group]

Moving on to the three customer-facing units, let's start with Openreach, where, as I said, we've now passed more than 24 million premises, well in sight of the 25 million target that we set back in May 2021. Connections have been surpassing our internal expectations with a new record in the half, bringing us to 41% penetration. We have rightly prioritized satisfying that demand for connections with a slightly slower build as a result. On cost to build, and with only just over 3% of the 25 million to go, I can say that for the whole project, we'll come out just above the middle of the GBP 250-GBP 350 range per premise that we set ourselves five years ago, and that's despite inflation at more than 25% over that same period.

[Allison Kirkby, CEO at BT Group]

That's around half the average cost of our competitors, and a fantastic achievement by the team, and obviously supports our ability and our desire to pass on this efficiency in the offers we create for our communication providers, so they can drive even further uptake on a better quality premium service. Our line losses were 175,000 in the quarter, and over the half year were 11% lower than last year. As with last year, we will update our view on line losses with the Q3 results, taking into account the impact of the PSTN switchover in Q4, the effect of the TalkTalk acquisition, plus the market's natural variability from one quarter to another. In our operations, we met all Ofcom quality of service standards and maintained our excellent Trustpilot rating.

[Allison Kirkby, CEO at BT Group]

Because fibre is naturally more reliable, repair volumes continue to decrease 16% year over year, and that, combined with transformation initiatives, enabled ongoing headcount reduction. Together with top-line growth in broadband and Ethernet, our cost transformation enabled us to grow EBITDA by 4%. Moving now on to consumer. We all know how competitive the U.K. market is, so it's great to report that we grew converged, mobile, and TV customers in the half, with only a modest decline in broadband. While we have the biggest converged base in the market, there is much more still to go for. We held service revenue flat, even after a voice drag of 1 percentage point, and grew equipment revenue, achieving 2% revenue growth overall.

[Allison Kirkby, CEO at BT Group]

Admittedly, there is some ARPU pressure in broadband, some of which is actually due to voice, given the way we report and bundle, and some is from a competitive market. As you've seen this half, we're able to drive value across all our services, while our transformation makes room for brand and other investments. We're also doing well in equipment, not just because of higher prices, but through deep partnerships for new device launches with all major handset suppliers. In a constrained supply market, that makes a real difference, helping us win with the highest value customers, driving better quality net adds and better ARPUs. On subscribers, we're winning by investing in all three of our retail brands, BT, EE, and Plusnet. I hope you like our new Plusso character.

[Allison Kirkby, CEO at BT Group]

In the half, we relaunched BT, created the new EE One Up loyalty program, and last week, we refreshed Plusnet too, which will benefit us in this coming half. We are winning by leading with full fibre, which now accounts for a remarkable 58% of our broadband base across the whole country, and that is over 70% in areas where Openreach has built full fibre. NPS improved across all three brands as we continue to focus on brand and product innovation alongside improving customer experience, resulting in stable churn rates year on year at relatively low levels across mobile and broadband. Consumer, as a unit, reached its best NPS level in four years, and Plusnet reached a record high as value for money becomes increasingly important for certain customer segments.

[Allison Kirkby, CEO at BT Group]

AI is also starting to have a positive impact, making interactions more personalized and effortless, supporting our people with better knowledge, offers, coaching, and call summarization. We will work to ensure that in an agentic future, choice is about product and quality and not just about price. As we said at full year, we had higher brand marketing costs in the half, but we were able to offset those, and also the cost of the voice migration through cost transformation.

[Allison Kirkby, CEO at BT Group]

So we actually did better than we expected at EBITDA in the half. It is worth noting, considering some of the short-term headwinds we faced this year, the actual underlying momentum that we are seeing in consumer. Specifically, without the voice drag, EBITDA would have grown 1%, and excluding the additional voice migration costs to help, in particular, vulnerable customers switch over their PSTN, it would have grown 2%.

[Allison Kirkby, CEO at BT Group]

Moving now to business on slide 10. Revenue in business continues to be more stable than in the past, and that was the case in each of our three segments individually too, whether that be small and medium-sized businesses, corporate and public sector, and wholesale. Overall, we saw revenue and service revenue were down 1%, but both were up 1% excluding the voice drag. Within this, we continue to grow full fibre connections. They were up nearly 30%. A particular highlight of the half has been high double-digit order growth with major wins and renewals across public and private sectors. That has included contracts with the likes of Scottish Water, Royal Mail, the Ministry of Justice, and the Cabinet Office. As legacy runoff reduces, the benefit from this strong order book will be more visible in the future.

[Allison Kirkby, CEO at BT Group]

Like in consumer, NPS improved, up 5 points, driven by continued improvements in service and especially in our corporate and public sector division. Consideration for the BT brand is also up on the back of our Behind Brilliant Things campaign and investment. We also expanded our AI and security capabilities, including AI Receptionist from BT, and a deepened Microsoft partnership launching a new managed cybersecurity service for U.K. organizations. All these capabilities strengthen our role in supporting the U.K.'s mission-critical organizations and national resilience as the most trusted connector. As we said at the full year, EBITDA was expected to be lower in the first half due to migrations from legacy products, and of course, the higher marketing costs associated with the BT brand relaunch, but it is expected to improve in the second half. Now moving to international.

[Allison Kirkby, CEO at BT Group]

As you are well aware, at the end of June, we announced our intention to create a 50/50 joint venture with Verizon through the combination of our respective international operations, which will trigger a payment of $625 million in equalization payment to BT at closing of the transaction, which we continue to expect in the second half of calendar 2027 following regulatory approvals. The new joint venture will serve more than 3,000 customers across more than 180 countries, representing approximately $4 billion in combined annual revenue. While BT International has to now be treated as discontinued in our financial accounts, we continue to focus on making it better under Clive Selley since the 1st of April, and Martijn Blanken since the 5th of October, who, as you know, will be the incoming CEO when we create the JV.

[Allison Kirkby, CEO at BT Group]

EBITDA was up GBP 24 million on a like-for-like basis, enabled by excellent cost discipline and transformation. We are confident the cash outflow from international will improve from around GBP 150 million last year to around GBP 50 million in this fiscal year. While we plan for the future, we are also seeing underlying business momentum improve. For example, we are onboarding customers, including Atos now, to our Global Fabric network as a service. We are adding AI and security capabilities, and we secured contract extensions from EUROCONTROL and AIA, to name a couple. Moving to the next transaction during the period, that was TalkTalk. TalkTalk had been in a sale process for a long time, and it became apparent to their board that in the absence of a viable offer, they would need to move to liquidation.

[Allison Kirkby, CEO at BT Group]

This would have ended service for 2.5 million customers, including thousands of vulnerable customers, hospitals, and even the traffic light systems in large cities like Belfast. By stepping in, we have been able to protect service, aiming to stabilize and then quickly integrate the business once we have the approvals to do so. The cost of the acquisition is around GBP 400 million in this fiscal year, and this comprises a combination of consideration, transaction, and administration costs, working capital impacts, as well as a trading loss for the balance of this fiscal year, and non-receipt of around GBP 100 million that would otherwise have been due to Openreach. TalkTalk will appear as a separate reportable segment in our accounts, and we will update you later this fiscal year on revenue, EBITDA, and CapEx following alignment of their financial reporting to BT's accounting policies.

[Allison Kirkby, CEO at BT Group]

Of course, we are awaiting the conclusion of the regulatory review before we can do that. With that, let me welcome Patricia to what unexpectedly is already her second time speaking to you following our call when we acquired TalkTalk on the 5th of October in only her fifth week in the seat as CFO.

[Patricia Cobian, CFO at BT Group]

Thank you, Allison. It is great to be here. Two months into my role, I have already experienced what BT can deliver at pace, and that gives me lots of confidence for the future. I will start with our transformation program before also giving you more detail on our pension triennial outturn and the divisional performance. On transformation, we continue to deliver on the program initiated in April 2024, which was extended in May this year to run for the six years to the end of FY 2030. The only change in this half year is that we are re-presenting the program, given BT International is now treated as a discontinued operation for accounting purposes. That way, we can align the program benefits and costs to our accounting, including the restructuring costs.

[Patricia Cobian, CFO at BT Group]

In the half year, we delivered GBP 312 million of gross annualized cost savings on this new basis, at a cost to achieve of GBP 85 million. Taking the represented cumulative total to GBP 1.7 billion at a cost to achieve of GBP 800 million for the last two and a half years. As you know, this transformation program is a multifaceted one, which includes decommissioning legacy networks, simplifying our product set, scaling to fewer shared platforms, and deepening our data and AI capabilities. As a result, we reduced energy usage by 7% year on year, total labor resource by 11%, and Openreach reduced repair volumes by an excellent 16%. We migrated 1.1 million customers off the PSTN in the half year, leaving just 1 million to go before the deadline in January 2027.

[Patricia Cobian, CFO at BT Group]

A final point to note, our FY 2030 total labor resource target has also been represented to exclude BT International, reducing from 75,000-80,000 to 65,000-70,000. Now, total labor resource is below 100,000 for the first time in our history, and this is 90,000 excluding BT International across both direct labor and subcontractors. Let's turn to the successful conclusion of our pension triennial review. I am pleased that we have been able to agree the 2026 triennial in record time, as Allison said, with a consistent approach for closing the deficit. As you can see, the deficit has continued to reduce. We have seen a low volatility of outcome at each valuation, reflecting our longstanding hedging program covering rates, inflation, and longevity. We were behind plan in 2026, mainly due to increased longevity and some asset performance.

[Patricia Cobian, CFO at BT Group]

As a result, we will make an additional payment in FY 2034 with a present value of GBP 282 million. We have also agreed to convert our payments into zero-coupon bonds, giving the pension trustees even greater certainty. After the issue of these bonds, which we expect to take place very shortly, the deficit will fall to around GBP 0.3 billion. There is no change to the tax consequences. In time, if funds are not returned to us but are paid into the pension fund, we will obtain a tax deduction.

[Patricia Cobian, CFO at BT Group]

The new agreement also makes several other changes, including having greater freedom to declare a dividend or other distribution of up to GBP 1.5 billion a year, which is double what had been agreed at the start of the last triennial, and that is rising to GBP 2 billion by FY 2030, also reducing trustee discretion on returning contribution to us. In return, we are giving the pension fund a charge over GBP 4 billion of EE assets, and we have agreed a mechanism to close any deficit that reopens from 2029. In summary, this is a well-balanced plan supporting the pension scheme in line with our capital allocation policy, and no more contributions are expected to be required for the BTPS to reach full funding by 2030. Let's move to our financial results, and let's start with Openreach.

[Patricia Cobian, CFO at BT Group]

Openreach revenue grew 1% year-on-year to GBP 3.2 billion. Inflation-linked price rises and an increasing FTTP mix in broadband were offset by the lower broadband customer base. Openreach EBITDA again grew ahead of revenue, up 4% to GBP 2.2 billion, driven by ongoing cost transformation, including lower repair volumes and lower labor resource. In Consumer, service revenue was flat at GBP 3.9 billion and up 1% excluding the impact of voice. Broadband ARPU fell partly due to voice, but postpaid mobile ARPU grew. We will continue to compete to defend and grow our customer base in a competitive market. Consumer total revenue rose by 2%, driven by higher handset prices, with equipment revenue up 12% in the half.

[Patricia Cobian, CFO at BT Group]

Consumer EBITDA fell by 1% to GBP 1.3 billion, a little better than we had signaled in May, as our transformation programs and tight cost controls successfully mitigated much of the cost of the BT brand relaunch and other cost inflation. Moving to Business, service revenue was GBP 2.3 billion, down 1%, but up 1% excluding voice. Business total revenue fell by 1% to GBP 2.6 billion, with equipment revenues up 3% in the period. Business EBITDA was down 7% to GBP 601 million due to the migration from legacy products and the higher marketing cost associated with the BT brand relaunch. As we said in May, and as Allison has just mentioned, we expect a better performance in H2. Moving to results for the group as a whole. First half total revenue grew by 1% to GBP 8.75 billion, supported by higher price equipment sales.

[Patricia Cobian, CFO at BT Group]

The first half U.K. service revenue was GBP 7.7 billion, down 1% after a drag of about a percentage point from voice. Note that internal revenues rose 3%, principally as Consumer was successful in holding its broadband base and growing fibre. As a result of our cost transformation programs, supported by tight spend controls, EBITDA grew 1% to GBP 4.1 billion. Reported CapEx fell by 5% to GBP 2.3 billion, as we have passed the peak of the full fibre build, partly offset by very strong customer connections in Openreach. Cash CapEx was over GBP 200 million higher than reported CapEx due to the timing of capital credit payments. These will fall in H2, and for FY 2028, we expect cash CapEx of just under the H2 run rate. Normalized free cash flow was GBP 236 million for the half.

[Patricia Cobian, CFO at BT Group]

This was around GBP 300 million lower than last year on a continuing operating basis due to the timing effect of the Ofcom decision on the broadband anchor price, receivables timing, which was not TalkTalk related, and repayment of working capital financing. We remain confident in our outlook for circa GBP 2 billion in the full year. As Allison just announced, our interim dividend is up 2% year on year to GBP 0.025 per share, in line with our policy of paying 30% of the previous year's full-year dividend. The IAS 19 pension deficit fell to GBP 3.2 billion from GBP 4.2 billion at the FY 2026 year end, predominantly as a result of the payment of scheduled contributions over the period. As you know, the IAS 19 deficit does not drive our cash contributions and is calculated on a different basis.

[Patricia Cobian, CFO at BT Group]

The cash contributions are determined by the actuarial valuation, which I have already presented. Let's now look at our normalized free cash flow progression in more detail on the next page. As you know, our H1 cash flow is typically lower than H2 due to the impact on billing cycles of 30-day month ends, to the payment of bonuses in June, and to CapEx seasonality. As I mentioned before, our normalized free cash flow in the first half was also impacted by the timing effect of the Ofcom decision on the broadband anchor price, by receivables timing, and by the repayment of working capital financing. There was not yet a benefit from falling CapEx as a result of the flows in capital creditors from our record build in Q4.

[Patricia Cobian, CFO at BT Group]

Looking out to the financial year as a whole in FY 2027, the main component of NFCF growth will be lower cash CapEx and some EBITDA growth, partially offset by slightly higher interest, license, and tax. As we have previously said, working capital programs help mitigate the impact of higher-value handset sales and longer handset repayment contracts. To the degree that we grow equipment revenues, we will also finance the purchase of devices, given their high value and extended payment terms. Note that International is now excluded from our group normalized free cash flow, but it would, in any case, have had a much more limited impact on FY 2027, as we continue to expect its normalized free cash outflow to improve from around GBP 150 million to around GBP 50 million.

[Patricia Cobian, CFO at BT Group]

Finally, let me reiterate, as BT's new CFO, that our capital allocation framework has not changed. Let me take each component in turn. One, we start investing for growth. That includes investing with care on achieving returns above our cost of capital in our fibre and 5G networks, or our acquisition of TalkTalk. Two, we support the pension scheme, and while doing this, we ensure we mitigate investment and longevity risks. As you have seen, this has enabled a good outcome in this triennial and the issuance of bonds to the pension scheme. Three, we aim to maintain and improve the strength of our balance sheet. In today's higher rate environment, our BBB rating, with aim to achieve BBB+, is a clear competitive strength and best for equity holders too.

[Patricia Cobian, CFO at BT Group]

Our shareholders return policy is clear, to grow the dividend at a low to mid-single-digit percentage rate per annum until metrics consistent with BBB+ are reached, from which point residual cash flow will be available for enhanced distributions to shareholders. With that, I will hand back to Allison to conclude.

[Allison Kirkby, CEO at BT Group]

Thanks, Patricia. Moving on to our guidance. As I said, this remains as set out at the full year, updated to show BT International as discontinued, and for the fiscal year 2027 guidance, to exclude the impact of the TalkTalk acquisition. We are not giving an update on TalkTalk today since we are still awaiting for the regulatory review process to conclude.

[Allison Kirkby, CEO at BT Group]

With that proviso, for this fiscal year, we continue to expect total revenue of around GBP 17.1 billion-GBP 17.6 billion and U.K. service revenue between GBP 15.1 billion and GBP 15.4 billion. Adjusted EBITDA is expected to grow year-on-year to between GBP 8.1 billion and GBP 8.2 billion. For CapEx, having now passed the peak, we expect this to be between GBP 4.2 billion-GBP 4.3 billion on an accounting basis, with some prior year spend falling into fiscal year 2027 in cash terms, as Patricia just outlined.

[Allison Kirkby, CEO at BT Group]

We are continuing to target normalized free cash flow for fiscal year 2027 of around GBP 2 billion, exactly what we promised this time two and a half years ago. Looking further ahead, our medium-term guidance to the end of the decade remains sustained revenue growth, EBITDA growing ahead of U.K. service revenue, and normalized free cash flow reaching around GBP 3 billion by fiscal year 2030, enabling and underpinning the updated distribution policy that we announced in May. We will continue to allocate capital with care, as Patricia just outlined, increasing our return on capital employed over time. To conclude, it was a busy half. Openreach continued to break records, and Consumer and Business showed that we can and are winning in a highly competitive market.

[Allison Kirkby, CEO at BT Group]

We continue to transform BT into a simpler, more agile, more modern-day U.K.-focused telco, and we reached agreement in record time with the BT Pension Scheme to substantially close the deficit. We found a great partner in Verizon for our international business, and when the country needed us, BT stepped up to keep TalkTalk's customers and vital national services connected. Of course, there is still a huge amount to do, but we are firmly on the right path as we build a better BT for all of us. Thank you for listening, and we will now move to Q&A, which will be audio only. If you please can try to keep it to one question each, that will leave time for everyone. Let's take the first question, please.

[Operator]

Thank you. We will now begin the Q&A session. If you wish to ask a question, please use the raise hand function at the bottom of your screen. If you have dialed in by phone, press star nine to raise your hand and star six to unmute. We will take our first question from David Wright from Bank of America. Please unmute your line and ask your question.

[David Wright, Analyst at Bank of America]

Thank you, guys. I hope you can hear me. So yeah, basically a question around the pension adjustment and the bond issuance. Does that, now that the deficit, or once the bonds are distributed, the deficit's essentially reduced to low hundreds of millions, does that expedite your conversations with the rating agencies on the shift to BBB+ now that that's essentially done? The question associated with that, still one question, I'm sure about that, is the dividend cap or the shareholder distribution cap, it's not just dividend, I believe, that was set, how exactly was that set? I'm just obviously looking at a GBP 2 billion cap against your FY 2030 guide, and potentially more cash flow to return than just the GBP 2 billion. Thank you very much.

[Allison Kirkby, CEO at BT Group]

Okay, why don't I start, then you can maybe take the credit agency question, Patricia Cobian. First of all, the headroom of GBP 1.5 billion that we agreed with the pension trustees will increase at a rate of 10% every year. So by fiscal year 2030, that headroom will already be at GBP 2 billion. That is available then. By then, as you know, that facilitates our overall dividend policy, which has not changed today, David. To be clear, it's in line with what we agreed in May, that is to grow the dividend at low to mid-single digits per annum, starting this fiscal year, until we've reached a BBB+ like credit rating. Then residual cash flows will then be available for expanded distributions to shareholders at that point in time.

[Allison Kirkby, CEO at BT Group]

The board will then decide how much of that is returned at that point in time, that could be a mix of ordinary dividends and buybacks, but that is a few years down the line from now. So there's no change to our policy that we announced. Clearly, the great relationship that we have with the trustees, the strength of our covenant, and the de-risking of the overall pension fund has allowed us to increase that headroom with the trustees as and when we get there. I don't know whether you want to touch on the credit agencies.

[Patricia Cobian, CFO at BT Group]

Absolutely. Thank you, Allison. David, in terms of the impact of this pension arrangement on evolution towards BBB+, it actually has no impact, as the rating agencies see the pension deficit today, which will be replaced by increased debt. Therefore, the pension arrangement makes no difference to the path to BBB+. By the way, the TalkTalk transaction doesn't either, given it's small. Hope that answers your question.

[David Wright, Analyst at Bank of America]

It does. Thank you very much.

[Allison Kirkby, CEO at BT Group]

Thanks, David.

[Operator]

Thank you. Our next question is from Maurice Patrick from Barclays. Please unmute your line and ask your question.

[Maurice Patrick, Analyst at Barclays]

Yeah. Hi, guys. It's Maurice here from-

[Allison Kirkby, CEO at BT Group]

Hi, Maurice.

[Maurice Patrick, Analyst at Barclays]

Hi there. Hopefully you can hear me well.

[Allison Kirkby, CEO at BT Group]

Yep.

[Maurice Patrick, Analyst at Barclays]

Yeah, just a simple question, really. Obviously, we all look at revenues, EBITDA, and inside that, there's obviously lots of moving parts. You talk a lot about cost cutting, big opportunity for you over the coming years, you've talked about that. But I'm sure there's lots of inflationary pressures that you're having to actively manage that we don't see from the outside. So I'd love to get an understanding from you a bit about what those inflationary pressures are, how you're managing them, and what you're doing about them. Thank you.

[Allison Kirkby, CEO at BT Group]

Thank you. Thanks, Maurice. I will kick off and then pass to Patricia to give more detail. First of all, we have in our pricing strategies a very clear underpin that supports us from an inflationary point of view. Last year, the CPI index price increase in Openreach was 3.6%. It is probably going to be pretty similar this year. Those rates are always set at the end of October. We have then got our mid-contract pricing in our consumer business, which this year, mid-contract price increases will go up by GBP 4 on broadband and GBP 2.50 on mobile. Clearly, in a higher inflation environment, we will work harder to get more of that net through into our business. We are doing We have pretty much hedged out energy for all of this fiscal year and into next fiscal year.

[Allison Kirkby, CEO at BT Group]

What you are seeing, a lot of the chip pricing is actually being passed through to consumers in the form of handset pricing, has gone up. The manufacturers themselves are putting that through to us, and we are passing that through, and that is not yet having an impact on revenue growth. In fact, you saw it was a positive in the period. We have also instigated a new connection fee for fibre customers because routers also have increased costs associated with the chip pricing. So we instigated that during the half to try and drive some, offset some of the inflationary pressure there. Patricia Cobian, do you want to say anything else?

[Patricia Cobian, CFO at BT Group]

Sure. I will just build on Allison's outline of actually how we manage the top line to offset inflationary pressures and drive it forward. In terms of the cost management, because there is indeed significant inflationary pressures, I think that the scale and our transformation programs help us manage them quite well. Allison has touched on energy, and we are indeed pretty much completely hedged for 2027, 70% hedged for next year, and more than 50% hedged into the long term.

[Patricia Cobian, CFO at BT Group]

So it is a good management on that side of things. Remember that actually a large portion of our energy costs are non-commodity, around 60%. Beyond what we do in terms of pricing, think about our transformation, and as we migrate off legacy platforms and switch them off, then our energy consumption should come down. So that in terms of energy. Let me talk about other two cost categories.

[Patricia Cobian, CFO at BT Group]

Allison has mentioned DRAM, and clearly there is the component that we are able to pass on to our customers through handset pricing. We are also dialing up our refurb in CPE. It is actually up 100% versus last year. We are also managing the phasing of purchases of certain categories, such as laptops. Finally, the third cost category I would mention is wages, and there we have already locked the pay increase for FY 2027. It is 3% for team members, agreed with CWU, and that is 4.1% for colleagues earning less than GBP 30,000. For the manager population, budget is 3% with individual manager discretion agreed with Prospect. Hopefully that gives you a bit of a broader picture on cost management.

[Allison Kirkby, CEO at BT Group]

We saw a lot of that inflationary pressure in the half, Maurice, and we were able to offset it and offset the drag from voice with a growing EBITDA. We will continue to do so going forward.

[Maurice Patrick, Analyst at Barclays]

Thank you.

[Operator]

Thank you. Our next question is from Akhil Dattani from JPMorgan. Please unmute your line and ask your question.

[Akhil Dattani, Analyst at JPMorgan]

Hi, morning. Thanks for taking the question. Allison, maybe if I could start just with a very big picture question around guidance. When you joined as CEO, one of the first steps you took was to provide long-term guidance to evidence to the market the cash accretion you would see as CapEx went away and you got to that GBP 3 billion 2030 number. I just wondered, as you think going forward now, whether there could be value in maybe tweaking or changing how you think about that. I guess what I am trying to think through is the pension prepayment that you have made today is obviously very valuable in terms of cleaning up your cash, but obviously it increases your interest cost a little bit into the mid-term.

[Akhil Dattani, Analyst at JPMorgan]

Secondly, when we look at the shareholder returns, if you were to increase shareholder returns substantially, let us say towards the GBP 2 billion, whereas consensus only has GBP 1 billion, that would similarly increase your interest. Both of these are for good reasons. I guess what I am trying to understand is, these are two positive dynamics in the business, but that would actually erode free cash relative to your guide. I just wondered, when you think about it, could it make sense to do some sort of measure that would guide in a way that does not impact that free cash flow metric? Are there other things that could make sense for you?

[Allison Kirkby, CEO at BT Group]

Well, clearly at the end of the day, it is real residual cash that is important, and I think that is what you are getting at, Akhil.

[Akhil Dattani, Analyst at JPMorgan]

Correct, yeah.

[Allison Kirkby, CEO at BT Group]

As the pension payments reduce, now being replaced by the bonds, and as clearly our special items associated with restructuring also reduce, there is going to be a faster expanding real residual cash flow than there is normalized free cash flow. That is something we can definitely take away and think about as we are getting closer to the end of the decade. You are absolutely right. Normalized free cash flow, we are guiding to around GBP 3 billion by the end of the decade. Because of all of those other elements that I just mentioned there, our residual cash flow will be above the GBP 2 billion by then. I do not think consensus yet reflects that. Let us take it away, and we can think about it when we update with the full-year results.

[Patricia Cobian, CFO at BT Group]

Yeah. Could I just build on the second, Akhil, because I think that you mentioned cash interest going up, and actually, that will only happen if the zeros get refinanced, but they may also be repaid from residual cash flow.

[Akhil Dattani, Analyst at JPMorgan]

Great. Thank you.

[Allison Kirkby, CEO at BT Group]

Thanks.

[Operator]

Thank you. Our next question is from James Ratzer from New Street Research. Please unmute your line and ask your question.

[James Ratzer, Analyst at New Street Research]

Yes. Good morning, afternoon, Patricia. Hopefully you can hear me. So, lots we could ask about, but I will try and keep it this morning to just the consumer competition in the market, and in particular, the ARPU trends that you are seeing. I mean, in the last six months, those have slipped from around -1% to -3% year-on-year. So, I was just wondering if you could talk a little bit more about the dynamics you are seeing there, how you see that trend in particular developing over the next six to 12 months from here. I mean, obviously, a lot of other competitive offers around in the market. Does that put further pressure on your blended ARPU going forward? Thank you.

[Allison Kirkby, CEO at BT Group]

Okay. Thanks, James. That -1% to -3% is broadband.

[James Ratzer, Analyst at New Street Research]

Yeah.

[Allison Kirkby, CEO at BT Group]

Clearly, overall, you saw in the H2, our consumer service revenue actually grew year-on-year, in the second quarter. If you take out the voice drag, it would have been about 1% higher. Whilst we are seeing some softness on broadband ARPUs, some of which is self-inflicted because of the voice drag, we are offsetting that with mobile ARPUs growing 3%, an underlying growing mobile base, TV base, converged base. Yes, a little bit of softness in broadband, but overall, we are projecting service revenue on the right trajectory in consumer as we leverage all three of our brands, as we leverage some of the great products, and innovation that we are bringing to market, as we really drive value through convergence, and now also investing back into the Plusnet brand. Then we believe overall we are in a strong position.

[Allison Kirkby, CEO at BT Group]

Our cost transformation, some of the interventions we are making to offset inflationary pressure, and lower sports costs as we go into the second half, means the EBITDA will be able to expand at a higher rate than service revenue.

[James Ratzer, Analyst at New Street Research]

Got it. That is great. Thank you.

[Allison Kirkby, CEO at BT Group]

Thanks.

[Operator]

Thank you. Our next question is from Karen Egan from Enders Analysis. Please unmute your line and ask your question.

[Karen Egan, Analyst at Enders Analysis]

Good morning.

[Allison Kirkby, CEO at BT Group]

Hi, Karen. We can't hear you.

[Karen Egan, Analyst at Enders Analysis]

Oh.

[Allison Kirkby, CEO at BT Group]

Oh, that's better.

[Karen Egan, Analyst at Enders Analysis]

Oh, you can hear me now?

[Allison Kirkby, CEO at BT Group]

Yep.

[Patricia Cobian, CFO at BT Group]

Yeah.

[Karen Egan, Analyst at Enders Analysis]

Yeah. Okay. Good morning, everybody. I wonder if you might be able to give a little bit more color around your operational metrics over the past several quarters. They've obviously been really quite strong in the market context and relative to competitors. I'm thinking subscriber numbers in particular. If you could elaborate on what kind of tactical and strategic moves you think have been making a difference, and are making a difference now, and any macro factors that are driving those, such as perhaps reduced altnet pressure on the broadband side. On the mobile side, kind of where you have very strong subscriber numbers in both retail and wholesale, do you think that network quality is becoming a more important factor in consumers' minds?

[Karen Egan, Analyst at Enders Analysis]

If I could just have one supplementary question, if you could comment on reports that Openreach is in discussions with VMO2 for a wholesale deal.

[Allison Kirkby, CEO at BT Group]

Okay, thank you. A lot of questions to unpack there, Karen. Listen, we have been very focused over the last couple of years on getting our subscriber base across both consumer and business back to growth after years of decline. The strategic levers we have used is to now relaunch all three brands so that we can play to all segments in the market, to properly leverage convergence, not just on EE, where it was before, but now on BT as well, and to take a broader sets of products and services into the business segment as well, building on our brilliant networks and our core connectivity.

[Allison Kirkby, CEO at BT Group]

We are attempting to lead the market with first-to-market things so that we can lead with higher speed fibre, we can lead with slicing to Fast Lane, so that every chance we can to commercialize and monetize the best network and the quality of what we can deliver to customers is very much in there as well. Yes, from an Openreach point of view, we are certainly seeing the benefit that we have been building faster, further, and now in three-quarters of the country, with our full fibre when others have slowed their build, and that is coming through in lower line losses. All of it, our build, connect, accelerate strategy is really coming through across everything. Network quality, absolutely important, but resilience, even more important.

[Allison Kirkby, CEO at BT Group]

Reliability and trust in this environment is, we believe, is going to become increasingly important, and that is where we believe we have got a competitive edge. That is why we are really pushing mission-critical services and leveraging our capabilities in cybersecurity, and in mission-critical services, from our experience with the 999s and the emergency service networks into a broader set of improved network services, particularly in the business segment. On the reports on Openreach and VMO2, I cannot comment on speculation that is in the media. But having built to three-quarters of the country, full fibre now with Openreach and still going further, VMO2 is the only major CP that is not on the Openreach platform. Clearly, with constrained capital, higher interest rates for longer, it makes sense for all CPs and all operators to be reconsidering where they build and where they buy.

[Allison Kirkby, CEO at BT Group]

As you know, Openreach is available to everybody. It is a regulated asset. That is all I want to say, Karen.

[Operator]

Thank you. Our next question is from Joshua Mills from BNP Paribas. Please unmute your line and ask your question.

[Joshua Mills, Analyst at BNP Paribas]

Hi, guys. Thank you for taking the question. Mine's on the network build and the CapEx implications. You are now talking specifically about the TalkTalk deal or the VMO2 wholesale opportunity. It does seem like longer term, there may be more customers on the Openreach base, both within your own retail customer base, but potentially with new wholesale partners. How does that change your medium-term view on the full fibre coverage beyond the 25 million target and the pace at which you want to pursue that? Sorry, if I can relate this back to the CapEx question, you did try and provide a bit of guidance there on the gaps between accounting and cash CapEx, both for the second half and for 2028.

[Joshua Mills, Analyst at BNP Paribas]

Could you just give us some explicit numbers on what we should expect the cash CapEx to be this year and for 2028, if that's something which Patricia's happy to do? Thank you.

[Allison Kirkby, CEO at BT Group]

Yeah, Patricia can take that at the end, Joshua. On the network build, our plans do not change. We will hit the 25 million in March, and we will continue to build to around 30 million by around fiscal year 2032. That is linked very much to the availability of BDUK funding for those more rural, more expensive to build areas. That build plan has not changed. We have clearly seen increased demand in this fiscal year for provisioning and connections, and we have managed that within our CapEx envelope, and we will continue to do so. It is too early to comment what the implications of TalkTalk, because it is still under regulatory review at the moment. But we have done a very good job at managing that increased demand, and the 25 million-30 million build is over the next seven years.

[Allison Kirkby, CEO at BT Group]

Patricia, on the cash CapEx.

[Patricia Cobian, CFO at BT Group]

Yeah, thanks, Allison. I think what I mentioned earlier, Josh, was that 2028, we should expect cash CapEx to be a bit less than twice the H2 cash CapEx. But I think if I stand back, just think about cash CapEx being GBP 100 million ahead of reported CapEx.

[Joshua Mills, Analyst at BNP Paribas]

And that stands for the second half of the year as well. So, we should take your CapEx guidance this year, back out the cash CapEx for H2, and then extrapolate that for 2028?

[Patricia Cobian, CFO at BT Group]

It is GBP 100 million more for FY 2027. If you look at H1, it was GBP 200 million more reported CapEx, cash CapEx than reported CapEx. So, we are talking about GBP 100 million for the year.

[Joshua Mills, Analyst at BNP Paribas]

Thank you.

[Operator]

Thank you. Our next question is from Andrew Lee from Goldman Sachs. Please unmute your line and ask your question.

[Andrew Lee, Analyst at Goldman Sachs]

Good morning, everyone. I had a question.

[Allison Kirkby, CEO at BT Group]

Morning, Andrew.

[Andrew Lee, Analyst at Goldman Sachs]

Morning. Hey, Patricia, and hey, Allison. I had a question on cost efficiency and AI. Telcos and BT appear to have shifted in the market's eyes from being AI winners to losers, and that's because telco and BT throughout the U.K. in particular are seen as agentic AI losers specifically. We're also coming closer to calendar 2027, and I think you'd mentioned previously that's when we'd start to get more of a tailwind from AI cost efficiencies. Just wondering how you view all this. Will AI cost efficiencies offset the headwinds from agentic AI? Is the net of this any different to how you expect or what you expected when you set the long-term free cash flow guidance? Just helping us how you're thinking about the kind of why telco should be viewed as a winner rather than a loser in the AI debate.

[Andrew Lee, Analyst at Goldman Sachs]

Thank you.

[Allison Kirkby, CEO at BT Group]

I still believe telcos like BT in particular will be an AI winner, Andrew, because AI has dramatic potential to improve how we serve our customers, how we run our operations, and how we just move faster in everything we do. What are we seeing? AI is one part of a multifaceted transformation, business transformation, both cultural and operational at BT. We are kind of embedding it everywhere.

[Allison Kirkby, CEO at BT Group]

And where we see the real benefits today, which are not yet scaling to have a bottom line benefit, is, as I said on the call, how our agents are able to use it for call summarization to get better insights and information on their customers so they can do better cross-sell and upsell. We are seeing real benefits in our B2B division, where we had a lot of legacy products and services and very poor visibility on end-to-end processes.

[Allison Kirkby, CEO at BT Group]

We have got a great example of where our own team created an agent recently to improve the bids, the complex bids for some of our more complex customers. That agent has already reduced the bid time from 14 man-weeks to three man-days. Just think about the scaling opportunity of that. We remain convinced that AI will have great operational and customer service improvement. In terms of the threat from agentic AI, well, now we need to start feeding the models and feeding the agents with all of the great knowledge, not just about price, but the quality services and the benefits of convergence of all of our brands. The agents are this new channel. They understand the true value of buying a product and service from a BT brand versus others.

[Allison Kirkby, CEO at BT Group]

And we have yet to see how it is all going to play out from a regulatory point of view, because clearly, to remain the most trusted connector, we want to ensure, as we deal with agents in the future, that we can understand the identity, whether they have the consent of the human behind there as well. Quite a lot to run through on the agentic side, but we will be investing in feeding those models so that the agents can see the true value and breadth of our products and services. And finally, the U.K. We have had One Touch Switch, lots of websites for understanding where the best deals and best offers are for many, many years. The agents will just be feeding from that, and we have defended our business very well through that as well.

[Allison Kirkby, CEO at BT Group]

Overall, AI will definitely be beneficiary to a business like BT as it continues on its transformation.

[Andrew Lee, Analyst at Goldman Sachs]

Thank you. Just one quick follow-up. You said the real benefits are not yet scaling to the bottom line in terms of the savings from the cost. Is that a FY 2028 thing, or is it more FY 2029? How quickly do we actually see that?

[Allison Kirkby, CEO at BT Group]

It is all part of our journey towards our GBP 3.5 billion by the end of the period, and we will see in the coming months whether it is how much of an upside it might bring to that or not. But we are very confident on our GBP 3 billion program, which is now excluding international, as a result of what we are seeing from AI at this point in time.

[Andrew Lee, Analyst at Goldman Sachs]

Thank you.

[Operator]

Thank you. Our next question is from Robert Grindle from Deutsche Bank. Please unmute your line and ask your question.

[Robert Grindle, Analyst at Deutsche Bank]

Yeah. Hi there. Good morning.

[Allison Kirkby, CEO at BT Group]

Hi, Robert.

[Robert Grindle, Analyst at Deutsche Bank]

Can you hear me?

[Allison Kirkby, CEO at BT Group]

Yes, hi, Robert.

[Robert Grindle, Analyst at Deutsche Bank]

Good stuff. I have got a CapEx question too. It is about the mobile side, because we recently heard from VodafoneThree, who are busy combining and upgrading their networks and want to replace you guys as best network. O2 does not seem to be scaling back its CapEx despite scaling back its fixed CapEx. Just to ask, how are you feeling about your trajectory to keep up with the competitors? Do you need to strike new tower deals and stuff like that? Thanks.

[Allison Kirkby, CEO at BT Group]

We remain confident in our ability to sustain best network. We keep winning the awards. I think we are recognized still as the best network in some of the Ofcom surveys recently as well. Our CapEx, our mid-term CapEx plan, absolutely allows us to continue to invest in our mobile networks going forward, Robert.

[Robert Grindle, Analyst at Deutsche Bank]

Thank you.

[Allison Kirkby, CEO at BT Group]

Thanks.

[Operator]

Thank you. Our final question is from Nick Lyall from Berenberg. Please unmute your line and ask your question.

[Nick Lyall, Analyst at Berenberg]

Hi, Allison. Hi, Patricia. Hope you can hear me.

[Allison Kirkby, CEO at BT Group]

Yep, hi, Nick.

[Nick Lyall, Analyst at Berenberg]

Just a quick clarification first. On the consumer side, Allison, you sound quite optimistic still about the second half for consumer. I wondered whether the cost pull-through for the first half had mitigated some of those benefits. What's the actual year-on-year, full-year consumer EBITDA expected? Is it up or is it flat, or can you give us a little bit of guidance on that firstly? Then secondly, on the OpEx outlook for Openreach, you've got a few big things coming up, PSTN switch-off. You're still cutting costs at between 5% and 8%. What's the outlook for costs over the next, say, 18-24 months, please? Does the cost savings actually accelerate from here? Thank you.

[Allison Kirkby, CEO at BT Group]

Thanks, Nick. For consumer side, we do not guide at a unit level, but we are expecting kind of consumer EBITDA to be fairly flattish for the year. In terms of Openreach, as we passed peak CapEx in Q4, clearly there has been quite dramatic transformation benefits that are starting to flow through in the Openreach division. But they are really benefiting from more customers on full fibre versus copper, lower energy usage as well. We are going to continue to see cost transformation be beneficial to all of our units. In fact, it should be more visible in our business unit going forward now as well.

[Nick Lyall, Analyst at Berenberg]

Thanks, Allison. Anything specific? I mean, given PSTN shutdown and everything else, is there anything specific in Openreach you could outline? I expect some of the savings to actually accelerate to Touchstone here, possibly.

[Allison Kirkby, CEO at BT Group]

Yeah. I guess there is nothing really specific, because remember, the PSTN shutdown does not allow us to get off of copper totally. What we have specific in our retail units at the moment is we are carrying costs to manage the long tail of PSTN customers, still 1 million to get off, and they are particularly vulnerable households, vulnerable customers, and CNI customers. We are carrying kind of extra contact center costs as we handhold a lot of those customers to switch over from the PSTN to alternative voice products. That is, I would say, more in the retail units.

[Patricia Cobian, CFO at BT Group]

Yeah

[Allison Kirkby, CEO at BT Group]

that you will see an SG&A benefit going forward. I do not know whether you want to build on that, Patricia Cobian.

[Patricia Cobian, CFO at BT Group]

Yeah. Look, what I was going to say, Nick, is as Allison says, we don't guide at a divisional level. I think that what we've said around the PSTN switch-off is that over time, it will build to around high double-digit EBITDA uplift overall, but that builds over time because, as you know, migrations, shutdowns, replacements take longer

[Allison Kirkby, CEO at BT Group]

Yeah

[Patricia Cobian, CFO at BT Group]

to apply.

[Nick Lyall, Analyst at Berenberg]

Super. Thank you.

[Allison Kirkby, CEO at BT Group]

Thanks, Nick.

[Operator]

This concludes the Q&A session. I will now hand back to Allison for closing remarks.

[Allison Kirkby, CEO at BT Group]

Thank you all for your time today and for the Q&As. I am sure Patricia and I will be seeing the vast majority of you as we do our roadshow now in the coming days and weeks. Thank you again, and see you all soon.

[Patricia Cobian, CFO at BT Group]

Thank you.

[Operator]

Thank you for joining today's call. We are no longer live. Have a nice day.

Participants

Executives

• Allison Kirkby, CEO
• Patricia Cobian, CFO

Analysts

• David Wright, Analyst at Bank of America
• Maurice Patrick, Analyst at Barclays
• Akhil Dattani, Analyst at JPMorgan
• James Ratzer, Analyst at New Street Research
• Karen Egan, Analyst at Enders Analysis
• Joshua Mills, Analyst at BNP Paribas
• Andrew Lee, Analyst at Goldman Sachs
• Robert Grindle, Analyst at Deutsche Bank
• Nick Lyall, Analyst at Berenberg