Earnings release
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Corporate Communications Press Release Media Contact: Ankit Sureka, Head of External Communications, Grameenphone Ltd. Mobile: +8801711 092345 Email: ankit@grameenphone.com Third Quarter 2026: Back to Growth Supported by Stronger Customer Fundamentals and Next-Gen Network Dhaka, October 26, 2026: Grameenphone returned to modest year -on-year revenue growth in the third quarter of 2026, building on the sequential recovery seen in the previous quarter. Revenue stood at 40.2 Bn, increasing 0.2% from a year earlier, supported by network expansion , stronger customer engagement, continued data - user growth and resilient data consumption. The company reported a total subscriber base of 86. 8 million at the end of the third quarter. 61. 4% of Grameenphone’s total subscribers, or 53.3 million, are using internet services. “Our performance this quarter reflects the balance we are working to achieve: returning to growth, protecting profitability and continuing to invest for the future . In Q3, we returned to modest year -on-year revenue growth of 0.2% compared to same period last year and a sequential growth of 0.9 %. The improvement was broad-based: our customer base strengthened, data users continued to grow and data consumption remained resilient after the Eid peak. Our return to growth in this quarter is encouraging from different dimensions, and now, our focus is on making that progress sustainable. We will continue adapting our propositions to customers’ evolving needs, deepening data engagement and expanding combo adoption. We maintained a disciplined approach to costs, focusing on operational efficiency while continuing to invest in network quality and customer experience, which resulted in a broadly stable EBITDA year-over-year growth with a margin of around 59%. Year to date CAPEX-to-sales ratio stood at 12.3%, focusing mainly on 4G network & fiber connectivity expansion, along with 700 MHz spectrum deployment. Our network, spectrum and digital platforms give us the capabilities to support Bangladesh’s growing demand for connectivity. We will continue making disciplined investments that strengthen customer experience and our long-term competitiveness,” said Yasir Azman, Chief Executive Officer of Grameenphone Ltd. “We are simplifying our technology landscape, sharpening our portfolio and removing friction from customer journeys. As we move forward, AI and automation will increasingly support how we operate and serve customers. We expect the benefits to develop progre ssively as execution advances. We launched Phase 2 of our Digital Inclusion for Marginalized Communities initiative this quarter, where we aim to reach four million people across eight vulnerable communities, with women making up 70% of participants . We are also extending this ambition into AI journey. Our OneAI student pack is specifically curated to help students explore AI tools, apply them in learning and develop capabilities for future opportunities. Alongside digital inclusion, we continue to advance our environmental commitments and support communities facing immediate challenges . As we look ahead, our priorities are to sustain growth momentum, drive efficiency through AI and digital transformation, and continue disciplined investment for the long term”, he added. Key Figures (BDT) Q3 2026 Revenues (Bn) 40.2 Revenues Growth YoY +0.2% Net Profit After Taxes (Bn) 7.5 NPAT Margin 18.7% EBITDA Margin 58.8% Earnings Per Share 5.6 Capex (excl. license, lease & ARO) (Bn) 5.5
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Corporate Communications Press Release Media Contact: Ankit Sureka, Head of External Communications, Grameenphone Ltd. Mobile: +8801711 092345 Email: ankit@grameenphone.com Otto Risbakk, Chief Financial Officer of Grameenphone Ltd., said “In the third quarter, we returned to modest revenue growth. Revenue reached BDT 42 billion, up 0.2% year on year, after negative growth in the previous quarters. The positive trends we saw in subscribers and usage are now translating into revenue. Growth was supported by a larger customer base, stronger digital and data performance, and better performance in minutes. Our focus in the fourth quarter is to monetize this momentum and drive further growth . Our customer base continued to grow and is now close to 87 million. Data customers reached 53 million, supported by both lower churn and higher gross additions. Data usage grew by almost 12% in the quarter, continuing the stronger trend we saw in Q2. Costs remained stable at BDT 16.5 billion in Q3, and year-to-date costs were down 0.2%. Our cost management combines short -term actions with longer-term structural measures. We protected profitability- thanks to good cost management for which net income remained broadly stable year on year at BDT 7.5 billion, following several quarters of negative development. With the global tensions we see and the energy shock, we know that we have to continue to focus very strongly on costs in the fourth quarter. Our disciplined capital allocation and investment over time are now contributing to lower depreciation. Return on Capital Employed (ROCE) improved to 26.6%, up 0.9% compared with a year ago. These indicators reflect the strength of our operating performance and capital management.” About Grameenphone Ltd. Grameenphone, part of the Telenor Group, is a leading telecommunications service provider in Bangladesh with over 86.8 million subscribers. With a mission to empower societies and minimize the digital divide since its inception in 1997, Grameenphone has built the largest cellular network in the country, covering over 99 percent of the country's population. It is committed to making things possible with the power of connectivity, further enhancing customers' digital lifestyle, while constantly innovating to be a future-fit, customer-centric technology service provider. Grameenphone is listed on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). For more information about Grameenphone and our services, please visit our Website : www.grameenphone.com Facebook : www.facebook.com/grameenphone LinkedIn : www.linkedin.com/company/grameenphone-ltd/about/ YouTube : www.youtube.com/user/grameenphone Instagram : www.instagram.com/grameenphone/ X : https://twitter.com/Grameenphone TikTok : https://www.tiktok.com/@grameenphone?lang=en
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3rd Quarter 2026 Business Highlights Back to growth, supported by next-gen network and stronger customer fundamentals Grameenphone returned to modest year-on-year revenue growth in Q3'26, building on the sequential recovery seen in Q2. Stronger subscriber and 4G-user fundamentals, resilient usage and disciplined execution supported revenue growth of 0.2% year-on-year and 0.9% quarter-on-quarter. EBITDA remained stable at BDT 23.6 billion with a strong 58.8% margin, while NPAT was broadly unchanged year- on-year. The quarter reflects sustained commercial momentum, earnings resilience and continued investment in network capability. Financial Performance Total revenue reached BDT 40.2 billion in Q3'26, increasing 0.2% year-on-year and 0.9% sequentially. Service ARPU remained resilient at BDT 151. Average data usage stood at 8.0 GB per user, remaining well above the prior-year level despite normalizing from the seasonal Q2 peak. Highlights The subscriber base increased to 86.8 million, while 4G data users reached 52.0 million, representing 59.9% of the subscriber base. Grameenphone continued to strengthen network capacity, with 700 MHz deployed at 2,403 sites until Q3’26. These improvements provide a stronger platform for sustained data-led engagement and future growth. Service ARPU (BDT) 152 Q3’25 148 Q4’25 146 Q1’26 152 Q2’26 151 Q3’26 Data Usage (AMBPU) 7,307 Q3’25 7,566 Q4’25 7,836 Q1’26 8,383 Q2’26 8,167 Q3’26 Total Revenue (BDT Bn) and Growth (YoY) Total Subscribers and Active Data Users (Mn) 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 54.3% 53.2% 53.7% 56.6% 59.9% 4G data users as % of sub-base Total Subscribers Active Data Users Key Q3’26 Customer Indicators 86.8 Mn Subscribers 52.0 Mn 4G data users 59.9% 4G penetration 151 Service ARPU 8.0GB Data Usage (AGBPU) Customer fundamentals strengthened further in Q3, while revenue and usage indicators remained resilient beyond the seasonal Eid peak. This provides a solid foundation for sustainable, data-led growth. For any queries please contact investor.relations@grameenphone.com1. Minimum 150 KB usage within last 3 months
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3rd Quarter 2026 Business Highlights For any queries please contact investor.relations@grameenphone.com The return to revenue growth, coupled with continued cost discipline, supported resilient earnings in Q3’26. EBITDA remained stable year-on-year with sequential margin improvement, while net profit was broadly maintained at BDT 7.5 billion. Cost (BDT Bn) EBITDA2 (BDT Bn) and Margin 23.6 Q3’25 22.4 Q4’25 21.7 Q1’26 23.1 Q2’26 23.6 Q3’26 58.9% 58.0% 57.7% 58.0% 58.8% NPAT (BDT Bn) and Margin 7.5 Q3’25 6.9 Q4’25 6.6 Q1’26 7.6 Q2’26 7.5 Q3’26 18.7% 18.0% 17.6% 19.1% 18.7% Q3’26 key ratios 0.2% Total Revenue YoY 0.3% Total Cost YoY 58.8% EBITDA Margin 18.7% NPAT Margin 2. EBITDA before other items During Q3’26, total costs increased moderately by 0.3% year-on-year, demonstrating continued cost discipline despite the high-inflation environment. OPEX and COGS remained broadly stable year-on- year, reflecting the benefits of increased automation, tighter operational controls, and targeted efficiency measures implemented over the past several quarters. EBITDA remained stable year-on-year at BDT 23.6 billion, supported by the return to revenue growth and sustained cost discipline. EBITDA margin stood at 59%, broadly stable year-on-year and improving from 58% in Q2’26. This resilience is noteworthy given the continued operating headwinds, including elevated inflation and pressure on energy costs. Disciplined execution and targeted efficiency measures enabled to protect both earnings and margin despite modest revenue growth. Net profit after tax for the quarter stood at 7.5 billion with a margin of 18.7% this quarter, which is broadly stable compared to the third quarter of which has been largely absorbed by movements in depreciation, financial costs, taxes and other items. So, GP protected profitability while returning the top line to growth and increasing investment in the network. Operational discipline sustaining earnings performance During Q3'26, total costs were BDT 16.5 billion, increasing only 0.3% year-on-year despite continued network investment, inflationary pressure and higher energy costs. Sequentially, costs improved from Q2’26, demonstrating continued focus on operational efficiency and tighter cost management.
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3rd Quarter 2026 Business Highlights For any queries please contact investor.relations@grameenphone.com Operational discipline sustaining earnings performance Grameenphone continued to step up investment in Q3’26, directing capital towards network capacity, coverage and future data growth. The accelerated rollout of 700 MHz spectrum, alongside continued 4G and fiber expansion, strengthens network fundamentals and positions the business to support growing data demand and customer experience over the longer term. The increased investment intensity continues to be supported by healthy cash generation and a strong balance sheet. Despite the higher Capex cycle, operating cash flow remained robust and Grameenphone maintained a net cash position, preserving financial flexibility while continuing to deliver healthy returns on invested capital. Q3’26 key ratios 12.3% YTD CAPEX to sales 0.04x Net cash leverage 26.6% ROCE (LTM) 2,403 700 MHz sites 3. OCF equals EBITDA minus Capex (excluding license & lease) 3. Net Debt = Short-term debt + Long-term debt - Cash and cash equivalents (excluding restricted cash); leverage uses 12-month rolling EBITDA CAPEX (BDT Bn) OCF3 (BDT Bn) and OCF/Sales% 20.5 Q3’25 20.5 Q4’25 18.1 Q1’26 17.7 Q2’26 18.2 Q3’26 51.1% 53.0% 48.1% 44.3% 45.2% Net debt³ (BDT Bn) and Net debt/EBITDA GP’s YTD capex to sales (excl. license, lease and ARO) ratio stood at 12.3%. Grameenphone invested 14.5 billion CAPEX (excluding license, lease and ARO) until Q3’26 focusing mainly on 4G network & fiber connectivity expansion, along with 700 MHz spectrum deployment. As of Q3’26, Grameenphone’s 4G sites reached 24.4K with 98.3% 4G population coverage. The operating cash flow for the quarter stood at 18.2 billion. The year-on-year decrease was primarily reflecting increased capital expenditure to support continued network investment and future growth. The operating cash flow margin was around 45.2%. This year the company has paid BDT 89.0 billion to the national exchequer in the form of taxes, VAT, duties, licenses and spectrum assignment fees till Q3’26. Since its inception, Grameenphone has contributed BDT 1,516 billion (151,635 crores) to the national exchequer. GP is funding its investments from a position of financial strength. Grameenphone ended Q3’26 with a net cash position of around 3.7 billion, and net debt to EBITDA of -0.04x. This reflects prudent capital allocation, disciplined investment sequencing, and healthy cash flows. Q3’25 Q3’26 3.1 5.5 9.4% 12.3% YTD’25 YTD’26 11.2 14.51.8x