BT grew both revenue and EBITDA in Q2 FY27, handily bolstering its case for sustainable growth in these in the longer term.
Operating highlights included particularly strong mobile net adds and service revenue growth, and Openreach’s broadband losses continuing to wane as altnets slow.
Challenges certainly remain, including the successful integration of TalkTalk, but current performance adds significant confidence to BT’s long term cashflow turnaround targets.
VMO2 had a mixed Q3, with it finally arresting the decline in underlying revenue growth thanks to improving mobile, but the broadband side continued to struggle.
Financing pressure drove the company to preview a new strategic plan, which has many sensible elements, including freezing fibre upgrades and looking to use wholesale off-net.
More detail will likely be required to calm the financial markets, as well as improved operational performance, which may be tricky in the short term as pressures persist.