BT Group (BT.L): Largely supportive Ofcom review of Openreach’s pricing proposals

研报英文原文证据摘录

BT Group (BT.L): Largely supportive Ofcom review of Openreach’s pricing proposals

Equity Research

28 July 2026 | 9:21AM BST

BT Group (BT.L): Largely supportive Ofcom review of Openreach’s

pricing proposals

Ofcom has responded to BT’s proposal for targeted, time-limited pricing offers Andrew Lee

+44(20)7774-1383 |

within its wholesale broadband unit, Openreach. While the regulator intends to andrew.j.lee@gs.com

Goldman Sachs International

block one element of the proposal, it does not plan to intervene in the majority of

Halima Elyas

the proposed offers. Specifically, Ofcom believes that significant discounts available +44(20)7774-6503 |

under the ‘Incremental New to Openreach Customer Offer’ result in margins that may halima.elyas@gs.comGoldman Sachs International

prevent a reasonably efficient operator from recovering its costs. However, it Mollie Witcombe

proposes to approve a geographically targeted version aimed at customers within +44(20)7051-6252mollie.witcombe@gs.com|

VMO2, concluding that the scale of discounts in this case does not amount to undue Goldman Sachs International

Rakicevicdiscrimination. Overall, we view this as supportive of Openreach’s competitive Sofija | +44(20)7774-6556

positioning and growth outlook, giving BT the ability to compete more effectively sofija.rakicevic@gs.com Goldman Sachs International

in certain areas while also incentivising fibre upsell. That said, we do not expect a

Mridul Agrawal

material impact to consensus estimates given these changes are factored into +1(332)245-7969 |

mridul.y.agrawal@gs.com

guidance. The proposals remain provisional, with Ofcom’s final decision expected by Goldman Sachs India SPL

the end of September.

As we have highlighted previously: 1) price adjustments are already factored into