BT chair Adam Crozier acknowledged investor frustration over the company's stagnant share price but insisted the decade-long turnaround is progressing, citing CEO Allison Kirkby's leadership since 2024. He defended Kirkby's efforts to refocus BT on core business, national importance, and customer needs, stating results will eventually follow. Despite BT's market cap of £20.3bn, New Street Research estimates its Openreach broadband network alone could be worth £30bn.

Kirkby projects £2bn in free cash flow by 2027 and £3bn by 2030, linking share price performance directly to cash flow generation. She has built on predecessor Philip Jansen's work, including the 2022 BT Sport-Eurosport UK merger, 55,000 job cuts, and a £15bn Openreach upgrade targeting 25mn full-fibre homes by end-2026. In 2024, Kirkby announced £3bn in additional cost cuts and raised the dividend, boosting shares by 17%.

She later increased savings targets to £3.7bn by 2030 and agreed to merge BT's lossmaking international unit with Verizon's after years of failed attempts. Openreach will add 5mn more fibre homes by 2030. Matt Howett of Assembly Research described turning BT around as 'like turning around a juggernaut — slow and careful', but noted the company is now 'pointing in the right direction'.

Challenges trace back to earlier leadership, including Gavin Patterson's 2013 BT Sport launch and 2016 £12.5bn EE acquisition.