BT Group reported second-quarter revenue of GBP 4.9 billion, down 3% year over year, with adjusted EBITDA of GBP 4.9 billion, 1% ahead of expectations. The company achieved GBP 247 million in cost savings, on track for its GBP 3 billion target by fiscal 2029. Openreach’s FTTP penetration rate grew to 37.7%.

Despite a 15% share price decline, Morningstar maintains a GBX 200 fair value estimate and no-moat rating for BT Group. Management maintained its full-year outlook for revenue and EBITDA, showing strong execution in a challenging broadband market. Cost control measures continue to provide margin relief amid revenue pressure.

Read more at Morningstar: BT Earnings: Good Execution in a Challenging Market Environment; Guidance Reaffirmed