BT Group analysts project price gains despite £20.9bn debt

BT Group is facing a dual narrative regarding its financial outlook. Analysts have set a consensus target price of 224.8p by next August, suggesting a potential 13% gain, though the company manages a significant net debt of £20.9bn as of September 30, 2025.

On the positive side, the company reported a 25% year-on-year increase in normalised free cash flow for FY2025, reaching £1,598m. BT Group aims to double this cash flow to £3bn by FY2030, supported by a planned reduction in capital expenditure as its full-fibre build-out slows. The network arm, Openreach, has connected 20.3 million premises with full-fibre and is targeting 25 million by December 2026.