London, Feb 16, 2026, 10:50 GMT — Regular session
- BT slipped roughly 1% in mid-morning trades, trailing the stronger FTSE 100.
- The spotlight remains on fibre rollouts, Openreach’s churn rate, and those cash-flow goals.
- Now, eyes are turning to upcoming regulatory cues and BT’s full-year numbers due in May.
Shares of BT Group plc lost ground Monday, lagging behind a firmer London market as investors backed off UK telecoms following a rapid rally earlier this month.
This is significant for BT, whose investment case continues to hinge on Openreach’s ability to turn its aggressive fibre rollout into loyal customers—and more predictable cash. Competition across broadband remains patchy, though.
BT slipped roughly 1.2% to 207.8 pence as of 10:35 GMT. (London South East)
Friday’s close saw the stock at 210.3 pence. (Investing)
Financial stocks led gains as the FTSE 100 rose 0.41% by mid-morning, while traders looked ahead to UK inflation and retail sales data due this week. (Reuters)
BT’s most recent numbers, released Feb. 5, put net fibre additions for the quarter at 571,000. Openreach, meanwhile, posted line-losses of 210,000. Revenue dropped 4%; adjusted EBITDA—a cash earnings metric—slipped 1% to 2.1 billion pounds. Still, BT said it’s sticking to its guidance. According to chief executive Allison Kirkby, line losses are slowing because “we are still building and others are not.” She also downplayed the effect of Sky turning to CityFibre alongside Openreach, calling the impact limited. (Reuters)
Openreach faces off with Virgin Media O2 and a cluster of “altnets”—alternative network providers—who’ve been extending fibre into BT’s core territory. But as funding tightens and consolidation heats up, those rivals are running into tougher limits.
A management shake-up last week kept a spotlight on Openreach’s execution. BT tapped Katie Milligan to head the division, stepping in for Clive Selley, who’s set to take charge of BT International. With the bulk of buildout nearly wrapped, Milligan signaled there won’t be sweeping changes—“not revolutionary”—but noted investors should expect “slight changes” as priorities turn to customer connections. (Reuters)
BT faces a clear risk: if gains in fibre adoption lag behind the slide in legacy services, or churn picks up again as competitors revive price wars, the company could be in trouble. Cash generation can’t afford a stumble—too much of BT’s story hinges on the hope that capital spending pressure lets up soon.
BT’s full-year numbers land May 21. That’s when investors are hoping for a sharper view on how quickly cash flow might pick up—and just how fast customers are shifting to full fibre. (Bt)
