Slides
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28 October 2025 Grameenphone Q3 2025 Earnings Call
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Disclaimer This presentation is intended only for and directed solely at individuals who are considered "relevant persons" under applicable law. Any individual who is not a relevant person should not rely on or act upon the information presented herein. The information contained in this presentation regarding the past prices or yields of relevant investments should not be relied upon as a guide to future investment performance. This presentation does not constitute an offer of securities or an invitation or inducement to underwrite, subscribe for, or acquire securities in Grameenphone Ltd. The distribution, release, or publication of this presentation may be subject to legal restrictions in certain jurisdictions, and individuals in those jurisdictions should inform themselves about and comply with such restrictions.
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Sensitivity: Internal Industry and Macro Updates Q3 2025
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Sensitivity: Internal Industry Update: • Subscriber and data user growth trends • New Network and Licensing Policy introduced Macro Update: • Point to point inflation rate 8.36% • Foreign exchange reserve $26.6 Billion • USD to BDT rate stable • GDP growth rate ~3.8% • Private sector growth rate 6.4% Q3 2025
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Back to Growth Resilient growth in a cautiously recovering economy 5G commercial launch Strategic, phased rollout to build sustainable 5G leadership Simplifying for growth Driving smarter usage behavior through portfolio simplification Highlights of the Quarter
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Back to Growth Resilient growth in a cautiously recovering economy 5G commercial launch Strategic, phased rollout to build sustainable 5G leadership Simplifying for growth Driving smarter usage behavior through portfolio simplification Highlights of the Quarter
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Back to Growth Resilient growth in a cautiously recovering economy 5G commercial launch Strategic, phased rollout to build sustainable 5G leadership Simplifying for growth Driving smarter usage behavior through portfolio simplification Highlights of the Quarter
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Q3’25 Updates Advancing innovation and efficiency with AI and Analytics Building intelligent network for a better customer experience AI-backed smart energy saving solution Hyper-personalization 1. 2. 3.
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Sensitivity: Internal Driving the shift to Green Energy in Bangladesh Upskilling Y outh in AI and Digital Responsibility Becoming a preferred partner for security and digital Ensuring physical and mental well- being of employees and partners Shaping the future with our sustainable vision Environmental, Social and Governance Environmental Social Governance Health and Safety
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Financial Highlights of Q3’25 Overview of the financial results for this quarter
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Financial Results of Q3’25 Total revenues Reported year-over-year growth of total revenue in Q3’25 was: EBITDA The reported EBITDA YoY growth was: NPAT Year-over-year growth of Net Profit after Tax was: Operating Cash Flow The net operating cashflow reflecting the cash generated by our operations was BDT: Back to Growth 1.4% compared to -3.8% in Q3’24. 1.7% compared to -8.7% in Q3’24. -0.6% compared to 1.1% in Q3’24. 20.5 billion in Q3’25, compared to BDT 19.3 billion in Q3’24.
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Sensitivity: Internal Total Subscribers (Mn) Active Data Users* (Mn) *Minimum 150 KB usage within last 3 months **excluding free internet users who didn’t generate revenue as of Q3’24 Q3’25 Subscriber & Data User 9th consecutive quarter of growth in subscriber and data user Q3 2025 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 84.6 84.3 84.8 86.3 85.6 +1.2% 49.3 48.0 48.3 50.3 51.2 58.3% Q3’24** 56.9% Q4’24 57.0% Q1’25 58.3% Q2’25 59.8% Q3’25 +3.9% Active Data User % of Sub-base
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Sensitivity: Internal Service ARPU (BDT) Service AMPU Q3 2024 153 157 152 Q3’24 145 Q4’24 148 Q1’25 Q2’25 Q3’25 179 170 165 168 161 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 6,031 Q3’24* 6,713 Q4’24 7,434 Q1’25 7,846 Q2’25 7,307 Q3’25 Data Usage (AMBPU) Q3’25 Revenue metrics ARPU and AMPBU stable despite post-Eid seasonality *excluding free internet usage & user during Q3’24
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Sensitivity: Internal Total Revenue (BDT Bn) and Growth (YoY) Revenue development YoY (BDT Mn) *S&T refers to Subscription & traffic revenues Q3’25 Revenue Revenue rebounds riding on stable ARPU and data usage Q3 2025 39.5 37.3 38.3 41.0 40.1 -3.8% Q3’24 -7.2% Q4’24 -2.5% Q1’25 -2.8% Q2’25 1.4% Q3’25 +1.4% Revenue (Bn) Revenue Growth YoY 39,539 40,100 437 124 Revenue Q3’24 Change in S&T* Revenue Change in Other Revenue Revenue Q3’25 +1.4% Increase (in BDT Mn)
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Sensitivity: Internal Cost (BDT Bn) * EBITDA before other items EBITDA* (BDT Bn) and Margin Q3’25 Opex & EBITDA EBITDA growth outpacing revenue growth, driven by cost discipline amid inflationary pressures Q3 2025 23.2 21.4 22.0 24.6 23.6 58.7% Q3’24 57.2% Q4’24 57.4% Q1’25 60.0% Q2’25 58.9% Q3’25 +1.7% EBITDA (BDT Bn) Margin % 13.8 13.7 14.0 14.1 14.2 2.6 2.3 2.3 2.4 2.2 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 16.3 16.0 16.3 16.4 16.5 +1.0% COGS (Bn) Opex (Bn) 3.5% -12.5%
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Sensitivity: Internal NPAT (BDT Bn) and Margin NPAT development (BDT) Q3’25 Net Profit NPAT weighed down by higher D&A from new spectrum capitalization Q3 2025 7.6 6.8 6.3 8.8 7.5 19.1% Q3’24 18.1% Q4’24 16.5% Q1’25 21.4% Q2’25 18.7% Q3’25 NPAT (BDT Bn.) Margin % 5.6 5.0 4.7 6.5 5.6 Earnings per share (BDT) 7,554 7,511 561 158 470 25 NPAT Q3’24 Change in Revenue Change in Cost* Change in D&A** Change in Net financial cost, Tax and Others NPAT Q3’25 0.6% Increase (in BDT Mn) Decrease (in BDT Mn) * Cost refers to Opex and COGS excluding other operating cost **D&A refers to Depreciation and Amortization
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Sensitivity: Internal Q3 2021 OCF2 (BDT Bn) and OCF/Sales% 1. Capex here refers to operational capex excluding lease 2. OCF equals EBITDA minus Capex (excluding license & lease) 3. Net Debt = Short term debt + Long term debt - Cash and Cash equivalents (excl. restricted cash); 12 months rolling EBITDA Net debt3 (BDT Bn) and Net debt/EBITDA 19.3 18.7 17.2 21.4 20.5 48.9% Q3’24 50.2% Q4’24 44.8% Q1’25 52.1% Q2’25 51.1% Q3’25 +6.1% OCF OCF/Sales % (1.26) (15.6) 3.6 (0.01) Q3’24 (0.02) Q4’24 (0.17) Q1’25 (0.01) Q2’25 0.04 Q3’25 (2.2) (1.1) Net Debt Net Debt/EBITDA Q3’25 OCF & Net debt Capital and Cost discipline protect Cash Flow and preserve strong Balance Sheet Q3 2025 Capex1 (BDT Bn) 3.9 2.6 4.8 3.2 3.1 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Capex (BDT Bn.)
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Wrapping up Q3’25 • Addressing slow economic recovery and rising costs through operational excellence • Driving innovation and creating higher value for customers • Positioned for emerging opportunities Key Takeaways
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EMAIL: investor.relations@grameenphone.com WEBSITE: https://www.grameenphone.com/about/investor-relations For queries, please reach out to +8801755552271 Thank you.
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Appendix Q3 2025 20
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Sensitivity: Internal Q3’25 Financial Highlights Q3 summary Q3 2025 2Q25 3Q25 3Q24 YoY % Revenue 41.0 40.1 39.5 1.4% EBITDA 24.6 23.6 23.2 1.7% Margin 60.0% 58.9% 58.7% NPAT 8.8 7.5 7.6 -0.6% Margin 21.4% 18.7% 19.1% OCF 21.4 20.5 19.3 6.1% Margin 52.1% 51.1% 48.9% • Strong YoY Growth supported by leading Network • Higher Data usage and Pricing Actions lift ARPU • EBITDA growth riding on Cost Discipline and OE • NPAT affected by depreciation and amortization cost • Capital Discipline drives strong Cash Flow