BT Group shares remain range-bound after mixed quarterly results

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BT Group shares remain range-bound after mixed quarterly results

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Mykhailo Ihnatenko

Yesterday

BT Group shares remain range-bound after mixed quarterly results — Mixed results leave GBX 191–200 as the key range.

BT Group maintained its FY27 guidance, but lower profit and Openreach line losses muted the market reaction. The shares remained within the GBX 191–200 range, and a breakout will determine their next direction.

BT Group maintained its guidance for the 2027 financial year following a relatively stable quarter. Revenue from continuing operations stood at £4.32 billion and was broadly unchanged year over year. Adjusted EBITDA declined by 1% to £2.01 billion, while profit before tax fell by 4% to £505 million.

Full Fibre expansion remained the main positive. The FTTP footprint reached 23.4 million premises, Openreach recorded 574,000 new connections and the take-up rate increased to 40%. Fibre broadband revenue exceeded half of the division’s total revenue for the first time. Meanwhile, 5G+ coverage increased from 73% to 77% of the UK population.

The company still expects its Full Fibre footprint to reach 25 million premises by the end of December 2026. Its guidance includes adjusted revenue excluding International of £17.1–£17.6 billion, EBITDA of £8.1–£8.2 billion, capital expenditure of £4.2–£4.3 billion and normalised free cash flow of around £2 billion. By the end of the decade, BT plans to increase normalised free cash flow to approximately £3 billion.

Range breakout will determine the next major move

The previous analysis suggested that the earnings report could increase volatility and help the shares break out of the GBX 191–200 range. However, the results did not produce a wide gap or a strong directional move, leaving the previous consolidation zone intact.

Key support stands at GBX 191. Holding this level preserves the possibility of another recovery towards the GBX 198–200 zone, where the 200-day SMA is located. A decisive breakout and sustained move above GBX 200 would confirm an exit from consolidation and open the way towards resistance near GBX 210.

Conversely, a break below GBX 191 would increase selling pressure and raise the likelihood of a decline first towards GBX 187.50 and then GBX 182.

Weak service revenue limits post-earnings momentum

The muted market reaction largely reflected a 1% decline in adjusted UK service revenue and the loss of 192,000 Openreach broadband lines. Continued Full Fibre growth and unchanged full-year guidance failed to offset these weaker indicators.

The report did not provide a standalone catalyst for the shares, meaning their next direction will depend on a breakout from the GBX 191–200 range.

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