Slides
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Grameenphone Earnings call Q3’26 1 27th October 2026
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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 Q3 2026
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Sensitivity: Internal • Subscriber and data user growth trends • Point to point inflation rate 8.3% • Foreign exchange reserve $31.2 Billion (BPM6) • BDT has strengthened against USD • GDP growth rate ~4.1% (IMF, World Bank projections) Industry Update: Macro Update: Q3 2026
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Sensitivity: Internal • Subscriber and data user growth trends • Point to point inflation rate 8.3% • Foreign exchange reserve $31.2 Billion (BPM6) • BDT has strengthened against USD • GDP growth rate ~4.1% (IMF, World Bank projections) Industry Update: Macro Update: Q3 2026
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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 Sensitivity: Internal Third quarter highlights Q3 2026
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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 Sensitivity: Internal 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. Building the right propositions and network for sustained data engagement Relevant propositions to deepen data engagement Enhancing data and combo portfolios, supported by digital channels, to encourage sustained usage Portfolio enhancements and wider 700 MHz coverage to support data engagement and bundle adoption 24.4K+ 4G sites +4.4pp indoor coverage • Growing share of data carried on L700 • 700K+ new 4G data users • Enhanced indoor and wide-area data coverage 700 MHz spectrum deployment to enhance the data experience Q3 2026
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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 Sensitivity: Internal 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. Advancing transformation Simplifying the application landscape Reduced legacy systems from 100 to 65, lowering maintenance complexity and enabling simpler operations. Advancing migration to a secure private cloud Migration progressing to improve scalability and flexibility, supporting faster service delivery. Sharpening our focus on the core business Exiting underperforming core/non-core products to improve profitability, while focusing on offerings with stronger market potential. Simpler journeys, fewer customer complaints Product and process simplification helped reduce complaints by 16% in the last 6 months, improving the customer experience. Reducing business complexity and expanding digital engagement for a simpler customer experience 35% Target to reduce up to 45% within 2028reduction Q3 2026
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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 Sensitivity: Internal 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 • Empowering youth with future-ready digital skills through Phase 2 of digital inclusion for marginalized communities. • Introduced the OneAI student pack to help young people build practical AI skills and use AI in learning and everyday life • Recognized as Telenor group’s best Ai initiative for expanding access to advanced AI learning Shaping the future with our sustainable vision Q3 2026
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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 Sensitivity: Internal 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 • Continued progress in procuring 200 GWh of renewable energy under the MPP Policy, supporting our decarbonization ambitions. • Rapid relief for flood affected communities Shaping the future with our sustainable vision Q3 2026
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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 Sensitivity: Internal 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 Q3’26 Overview of the financial results for this quarter Q3 2026
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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 Sensitivity: Internal 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. 24.4K Q3 2026
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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 Sensitivity: Internal 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. Stronger Customer Fundamentals Supporting Growth Continued subscriber and Active data user growth, together with resilient usage and revenue indicators beyond the seasonal Eid peak, provide a solid foundation for sustainable growth. Total Subscribers and Active Data users1 (Mn) Data Usage (AMBPU) Service ARPU (BDT) Service AMPU 7,307 Q3’25 7,566 Q4’25 7,836 Q1’26 8,383 Q2’26 8,167 Q3’26 +11.8% 152 148 146 152 151 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 -0.6% 161 156 148 158 153 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 -5.3% 85.6 83.9 84.2 86.3 86.8 51.2 48.7 49.2 52.7 53.3 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 59.8% 58.1% 58.4% 61.1% 61.4% Active data user as % of sub-base Total Subscribers Active Data users Q3 2026 YoY change in % 1.5% 4.1% 1. Minimum 150 KB usage within last 3 months
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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 Sensitivity: Internal 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. Total Revenue (BDT Bn) and Growth (YoY) 40.1 38.6 37.6 39.8 40.2 1.4% Q3’25 3.3% Q4’25 -2.0% Q1’26 -3.0% Q2’26 0.2% Q3’26 +0.2% Back to growth Building on the recovery seen in Q2, stronger customer fundamentals, resilient revenue drivers, and continued network enhancements supported both sequential and year-on-year revenue growth in Q3 Q3 2026
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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 Sensitivity: Internal 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. Operational Discipline Sustaining Earnings Performance Cost (BDT Bn) EBITDA1 (BDT Bn) and Margin Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 25.7% 26.9% 27.3% 26.3% 26.6% +0.9 pp ROCE2 1. EBITDA before other items 2. ROCE calculated based on last 4 quarters rolling EBIT and average capital employed -2 0 2 4 6 8 10 12 Y 2022 Y 2023 Y 2024 Y 2025 YTD 2026 Point to point inflation rate (year end) Change in cost growth percentage 14.2 14.0 13.7 14.3 14.3 2.2 2.2 2.2 2.4 2.3 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 16.5 16.2 15.9 16.7 16.5 +0.3% COGS (Bn) Opex (Bn) 23.6 22.4 21.7 23.1 23.6 58.9% Q3’25 58.0% Q4’25 57.7% Q1’26 58.0% Q2’26 58.8% Q3’26 0.0% EBITDA (BDT Bn) Margin % 14.5 13.4 12.9 14.4 14.6 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +0.7% EBIT (BDT Bn) Q3 2026
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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 Sensitivity: Internal 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. NPAT (BDT Bn) and Margin NPAT development (BDT Mn) 7,511 7,50767 57 95 108 NPAT Q3’25 Revenue Q3’26 Cost Q3’26 D&A Net financial cost, Tax and Others NPAT Q3’26 -0.1% 7.5 6.9 6.6 7.6 7.5 18.7% Q3’25 18.0% Q4’25 17.6% Q1’26 19.1% Q2’26 18.7% Q3’26 -0.1% NPAT (BDT Bn.) Margin % 5.6 5.1 4.9 5.6 5.6Operational Discipline Sustaining Earnings Performance Q3 2026
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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 20.5 20.5 18.1 17.7 18.2 51.1% Q3’25 53.0% Q4’25 48.1% Q1’26 44.3% Q2’26 45.2% Q3’26 OCF OCF/Sales % 3.6 0.4 (9.8) 0.1 (3.7) 0.04 Q3’25 0.00 Q4’25 (0.11) Q1’26 0.00 Q2’26 (0.04) Q3’26 Net Debt Net Debt/EBITDA Q3’26 OCF & Net debt Strong Balance Sheet and Cash flow Supporting Strategic Investments Capex1 (BDT Bn) 3.1 5.5 Q3’25 Q3’26 1.8x Q3 2026 11.2 14.5 YTD 2025 YTD 2026 Capex (BDT Bn.) 9.4% 12.3% Capes/sales %
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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 Sensitivity: Internal 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. Q3 2026 Key Takeaways • Sustaining growth momentum • Driving efficiency through AI and digital transformation • Continuing strategic investments and collaborating with government to accelerate digital progress Q3 2026
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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 Thank you. 19 Q3 2026