BSkyB’s quarterly results will be delivered on Friday 14th November. Prior to these new figures, this report gives our views on the attainability of BSkyB’s medium term targets.
Growing BVOD usage in 2025 was unable to offset declining broadcast viewing, whilst YouTube continued its advance on the TV set and SVOD engagement growth was driven by older viewers.
Households are increasingly shifting towards IP-delivered video, whether through IP-only devices, or more likely hybrid UK TV platforms.
Young people’s viewing to SVOD services is less volatile across the year and throughout the day than YouTube and broadcasters—the latter of which is more likely to be shared with other people.
BT had a solid Q3 in financial terms, with various oneoffs hitting headline growth rates but underlying trends very much robust.
The highlight was reduced broadband line losses for Openreach, both in the quarter and in prospect, with retail altnets slowing faster than CityFibre improves.
Recent developments put the pace of altnet consolidation in doubt, but we expect reduced pressure on BT Consumer and Openreach in 2026 regardless.
Service revenue trends and themes were broadly consistent with those of last quarter, with management commentary suggesting German EBITDA decline of 8%+ this year.
Strong growth from VodafoneThree, better underlying trends in Germany, and fortuitous currency moves are all likely to be required to hit analyst estimates for next year, and there are reasons to be optimistic about prospects for at least some of them.
VodafoneThree’s mobile strategy seems to be quite defensive for now, save for a foray into the family market, and its approach to FWA looks likely to be quite cautious too.