Slides
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour on the right panel of this slide, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. 3 February 2026 Grameenphone Q4 2025 Earnings Call
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. 2 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 Q4 2025
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Sensitivity: Internal Q4 2025 • Subscriber and data user growth trends • Issuance of Bangladesh Telecommunication (Amendment) Ordinance, 2025 • Secured 10 Mhz of 700 Mhz spectrum band • High Court Stay on SMP Directive • Point to point inflation rate 8.49% • Foreign exchange reserve $28.6 Billion (BPM6) • USD to BDT rate stable • GDP growth rate ~3.8% • Private sector growth rate 6.6% Industry Update: Macro Update:
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Sensitivity: Internal Q4 2025 • Subscriber and data user growth trends • Issuance of Bangladesh Telecommunication (Amendment) Ordinance, 2025 • Secured 10 Mhz of 700 Mhz spectrum band • High Court Stay on SMP Directive • Point to point inflation rate 8.49% • Foreign exchange reserve $28.6 Billion (BPM6) • USD to BDT rate stable • GDP growth rate ~3.8% • Private sector growth rate 6.6% Industry Update: Macro Update:
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Portfolio simplified around a more-for-more approach Bundle revenue increased 14.9% in 2025 vs last year Stronger bundle portfolio driving revenue mix improvement Customer spend per transaction went up by 17% Improved transaction economics from higher validity packs High-value subscribers grew by more than half a million compared to last year Advancing value-led growth across the customer base Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Documentation Partnerships • First Bangladeshi organization to partner with Netflix • Google Pay integrated as recharge partner 43.8 BN BDT Total Revenue from Digital in 2025 32.1% Contribution to DSTR from Digital in Dec’25 41.7% Digital Reload Share in Dec’25 51.6% MyGP Penetration in Smartphone Base Strengthening Digital Footprint Modernizing the core and building on digital assets Innovation • Launched Roaming in local currency; 113% YoY • Hyper-personalization in MyGP • Launched Bioscope+, first ever content aggregator of Bangladesh; 187% YoY content revenue Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Network leadership with a future-fit core Strengthening our position as the most reliable and secure connectivity partner Network and IT Modernization Reduce risk and enable future technologies Foundation • Enhanced system stability with lower operational risk • Scalable, simplified core enabling efficient growth • Security upgrade delivering faster, smarter, and more automated cyber threat response Transport & Radio Efficiency Performance and capital productivity Efficiency • Near-Fiber network with industry- lowest latency through IP architecture revamp • Decentralization of data centers • Optimized network efficiency and improved asset utilization AI: From Concept to Real Use AI Adoption • Proactive congestion & surge handling • Predictive microwave optimization lowers operating costs • AI-driven security intelligence cuts response time • Smart sales-distribution transformation AI driven network and experience outcomes Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Environmental, social and governance Driving the Green Energy in Bangladesh • Catalyzing private sector renewable energy investment through CPPA enablement • Advancing climate commitments through country’s first ever sustainability-linked financing Shaping the future with our sustainable vision Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Environmental, social and governance Becoming a preferred partner for security and digital “Strengthening digital literacy for Children” project with UNICEF aims at providing online protection for over 10 million children until 2030.” • Scaling cyber safety education through National University partnership. • In 2025, 540K+ youth and school children along with 13K+ teachers were trained on digital awareness and safety. Shaping the future with our sustainable vision Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Environmental, social and governance Advancing youth employability and future-ready skills development • Bridging the skills-to-employment gap for technical education graduates • Empowering Bangladesh’s youth with future-ready tech skills through a training initiative through Harvardx courses. Shaping the future with our sustainable vision Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour on the right side of this slide, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Financial Highlights of Q4’25 Overview of the financial results for this quarter Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Financial Results of Q4’25 Total revenues Reported year-over-year growth of total revenue in Q4’25 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: Resilient Performance 3.3% -7.2% in Q4’24. 4.7% -13.4% in Q4’24. 2.6% -12.9% in Q4’24. 20.5 billion in Q4’25 vs 18.7 billion in Q4’24. Q4 2025
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Sensitivity: Internal Total Revenue (BDT Bn) and Growth (YoY) Bundle Revenue (BDT Bn) and Growth (YoY) Q4’25 Revenue Revenue growth sustained riding on data usage and bundles Q4 2025 37.3 38.3 41.0 40.1 38.6 -7.2% Q4’24 -2.5% Q1’25 -2.8% Q2’25 1.4% Q3’25 3.3% Q4’25 +3.3% Revenue (Bn) Revenue Growth YoY -4.8% Q4’24 14.9% 2025 Bundle revenue Growth YoY
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour on the right side of this slide, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. ARPU stable, growing data usage offsetting structural voice decline Total Subscribers and Active Data users (Mn) Data Usage (AMBPU) Service ARPU (BDT) Service AMPU Q4 2025 6,713 Q4’24 7,434 Q1’25 7,846 Q2’25 7,307 Q3’25 7,566 Q4’25 +12.7% 145 148 157 152 148 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +2.4% 170 165 168 161 156 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 -8.2% 84.3 84.8 86.3 85.6 83.9 48.0 48.3 50.3 51.2 48.7 Q4’24 Q1’25 Q2’25 Q3’25 Q4’251.1 Mn subscribers de- registered due to BTRC regulation on 10 SIM per individual 56.9% 57.0% 58.3% 59.8% 58.1% Active data user as % of sub-base Total Subscribers Active Data users
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Sensitivity: Internal Cost (BDT Bn) and Margin * EBITDA before other items EBITDA* (BDT Bn) and Margin Q4’25 Opex & EBITDA EBITDA growth driven by consistent cost discipline amid inflationary pressures Q4 2025 21.4 22.0 24.6 23.6 22.4 57.2% Q4’24 57.4% Q1’25 60.0% Q2’25 58.9% Q3’25 58.0% Q4’25 +4.7% EBITDA (BDT Bn) Margin % 13.7 14.0 14.1 14.2 14.0 2.3 2.3 2.4 2.2 2.2 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 16.0 16.3 16.4 16.5 16.2 +1.5% COGS (Bn) Opex (Bn) 2.1% -2.0%
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Sensitivity: Internal NPAT (BDT Bn) and Margin NPAT development (BDT Mn) Q4’25 Net Profit NPAT growth offset by higher D&A, new spectrum and taxes Q4 2025 6.8 6.3 8.8 7.5 6.9 18.1% Q4’24 16.5% Q1’25 21.4% Q2’25 18.7% Q3’25 18.0% Q4’25 +2.6% NPAT (BDT Bn.) Margin % 5.0 4.7 6.5 5.6 5.1 Earnings per share (BDT) 6,760 6,933 1,231 236 139 683 NPAT Q4’24 Revenue Q4’25 Cost Q4’25 D&A Net financial cost, Tax and Others NPAT Q4’25 +2.6% Increase (in BDT million)
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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 18.7 17.2 21.4 20.5 20.5 50.2% Q4’24 44.8% Q1’25 52.1% Q2’25 51.1% Q3’25 53.0% Q4’25 +9.2% OCF OCF/Sales % (2.2) (15.6) 3.6 0.4 (0.02) Q4’24 (0.17) Q1’25 (0.01) Q2’25 0.04 Q3’25 0.00 Q4’25 (1.1) Net Debt Net Debt/EBITDA Q4’25 OCF & Net debt Capital and cost discipline protect cash flow and preserve strong balance sheet Q4 2025 Capex1 (BDT Bn) 2.6 4.8 3.2 3.1 1.9 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Capex (BDT Bn.)
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Sensitivity: Internal Q4 2025 H2’25 Final Dividend Consistent dividend payout and contribution to exchequer supported by solid results and strong balance sheet Dividend Per Share BDT 11.0 BDT 10.5 1H 2025 2H 2025 BDT 21.5 Dividend Per Share 2025 (Full Year)58.6 61.8 84.2 86.0 98.2 102.8 104.3 121.8 123.2 121.6 23.6 27.7 37.8 17.6 37.1 33.8 29.7 16.9 44.6 29.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Contribution to National Exchequer (BDT Bn) Total Dividend paid (BDT Bn) 98% % Payout 123%51%99%99%100%61%108%101%105% 98.16% Payout Ratio 2025 (Final) 8.3% Dividend yield 2025 (Final)
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour on the right side of this slide, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Resilient performance in turbulent period Total Revenue (BDT Bn) and Growth (YoY) EBITDA* (BDT Bn) and Margin 2021 2022 2023 2024 2025 34.5% 31.2% 29.6% 26.6% 26.1% -24.5% NPAT (BDT Bn) and Margin ROCE * EBITDA before other items Q4 2025 143.1 150.4 158.7 158.4 158.1 2.5% 2021 5.1% 2022 5.5% 2023 -0.2% 2024 -0.2% 2025 +10.5% 89.5 93.9 97.3 94.0 92.6 62.6% 2021 62.4% 2022 61.3% 2023 59.3% 2024 58.6% 2025 +3.4% 34.1 30.1 33.1 36.3 29.6 23.9% 2021 20.0% 2022 20.8% 2023 22.9% 2024 18.7% 2025 -13.3% 0 2% 4% 6% 8% 10% 12% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 GDP growth rate (FY: Jul-Jun) Annual avg inflation rate (FY:Jul-Jun) Change in total cost (CY: Jan-Dec)
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Resilient performance in turbulent period Subscriber and ARPU growth impacted by weaker macro and higher indirect tax increases 143 149 161 155 151 2021 2022 2023 2024 2025 +5.8% Total Subscribers (Mn) Service ARPU (BDT) 17.3 17.3 20.0 18.3 13.1 2021 2022 2023 2024 2025 -24.2% 72.3 76.5 77.4 75.7 79.5 2021 2022 2023 2024 2025 +10.0% Capex1 (BDT Bn) Operating Cash flow (OCF2)-BDT Bn 1. Capex here refers to operational capex excluding lease 2. OCF equals EBITDA minus Capex (excluding license & lease) Q4 2025 83.3 79.1 82.0 84.3 83.9 2021 2022 2023 2024 2025 +0.7%
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Wrapping up 2025 • Improving indoor and rural coverage through low-band spectrum • Navigating industry pressures while partnering in national digitization • Scaling multi-layer cybersecurity to build the safest network 22 Key Takeaways Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. EMAIL: investor.relations@grameenphone.com WEBSITE: https://www.grameenphone.com/about/investor-relations For queries, please reach out to +8801755552271 23 Thank you.