Core Insights - BT has managed to reduce the loss of broadband customers, shedding 210,000 accounts in Q4 2025, an improvement from the 240,000 lost in the previous quarter [2][3] - The company expects a total decline of 850,000 broadband customers for the full year, better than the previously forecasted 900,000 [2] Group 1: Customer Retention and Competition - BT faces intense competition from "alt-net" rivals that have emerged to challenge its market dominance by offering lower-priced deals [3] - Many of these alt-nets are struggling due to rising interest costs and weak demand, leading to a crisis for some, such as G Network, which recently went into administration [5] Group 2: Management and Strategy - Under CEO Allison Kirkby, BT has committed to reducing heavy investments in its full-fibre broadband network, aiming to cut £3 billion in costs and enhance shareholder returns [6] - Kirkby is under pressure to demonstrate growth and clarify BT's position in a competitive market [6] Group 3: Financial Performance - BT's revenue fell by 4% to just under £5 billion, attributed to lower customer income and weak mobile handset demand [9] - Pre-tax profit decreased by £244 million to £183 million, impacted by losses from TNT Sports, BT's joint venture with Warner Bros Discovery [9] Group 4: Network Expansion and Brand Strategy - BT connected an additional one million homes to its full-fibre broadband network in the last quarter, on track to meet its target of 25 million by year-end [8] - The company plans to launch a major brand refresh to highlight its heritage as it celebrates its 180th anniversary [8]