BT Updates Guidance for International JV Formation
29 June 2026
BT adjusts financial guidance for change in accounting treatment of
BT 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 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 plc 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
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