RE: Another negative spin article aimed at BT7 Oct 2025 18:04
This is typical lazy journalism — grab a few old UBS numbers, paste them into a negative spin, and presume nobody will fact-check.
For example, regarding the claim that “altnets have built a footprint covering 17.5 million homes with pricing 20–30% cheaper than Openreach.” Although this is broadly in line with independent data (INCA / Point Topic report ~16.4 million premises), they fail to mention that they only have about ~2.7 million connections (i.e. paying customers), which equates to ~16% take-up. So all ~100 altnet premises passed combined are roughly on par with BT’s rollout, but BT has an FTTP take-up rate of almost 40% and plenty of other paying customers still using copper.
Next, the article warns that altnets “can sustain lower pricing if penetration exceeds 35%,” but totally fails to address the fact that none of them are anywhere near that threshold — meaning they are all losing loads of money...which is why “consolidation” is the new paradigm.
Their forecast that BT Openreach line losses will accelerate (-225k, -300k, etc.) is highly speculative — especially given BT’s latest report of decreasing quarterly losses (-169k) and its strong FTTP rollout of ~1 million premises passed per quarter, continuing up until the end of 2026.
Regarding the fintech / MVNO entry claim, yes, they may enter marketing or retail competition, but they still depend on underlying infrastructure providers like Openreach. So, probably more of an opportunity than a risk!
Finally, they say “For BT/EE, the end of the MBNL network joint venture with Three in 2031 could result in £20–40 million in additional annual lease costs.” We can agree that these are huge numbers, but in the big picture of BT’s turnover… peanuts!