BT Shares Dip After Full-Year Results as FY27 Revenue Decline Looms

BT Group (LON: BT.A) shares opened lower on Thursday morning, as investors digested the telecoms giant’s full-year results for FY26 — a report that delivered broadly in line with expectations but flagged a further revenue decline ahead.

The stock opened at 225p, as is currently down over 2% at 226p. The previous session’s close had been 230.9p.

The sell-off appeared driven by BT’s FY27 revenue guidance, with the company forecasting adjusted revenues of between £19.0bn and £19.5bn — down from £19.65bn in FY26. The decline is primarily attributed to headwinds from falling voice volumes as BT progresses towards PSTN closure, adding an estimated £150–200 million drag, alongside ongoing softness in handset trading and legacy services.

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Despite the revenue outlook, BT’s underlying story was more encouraging. Adjusted EBITDA held flat year-on-year at £8.23bn, and the company raised its full-year dividend by 2% to 8.32 pence per share, underpinned by a new progressive dividend policy targeting low-to-mid single-digit annual growth.

Chief Executive Allison Kirkby highlighted record full-fibre (FTTP) build of 4.8 million premises in the year, reaching over two-thirds of the UK, while cash flow guidance was reiterated — targeting a step-up to approximately £2.0bn in FY27 and £3.0bn by the end of the decade.

Normalised free cash flow for FY26 came in at £1.51bn, broadly meeting the company’s own guidance of approximately £1.5bn.