Grameenphone (GP) Q2 2025 earnings summary

Executive summary

• Q2 2025 demonstrated resilience amid economic headwinds, with sequential revenue and margin growth, supported by digital transformation, AI integration, and network modernization.

• Subscriber base and digital adoption increased, with MyGP users up 12% year-over-year to 22.5 million and digital revenue rising 13%.

• Eid and Hajj season campaigns, along with digital innovation, drove strong engagement and data user growth.

• Interim financial statements for H1 2025 were audited and present a fair view in accordance with IFRS.

• Interim dividends declared, maintaining a consistent payout strategy for shareholders.

Financial highlights

• Q2 2025 revenue was BDT 41.0bn, up 7% sequentially but down 2.8% year-over-year; H1 2025 revenue was BDT 79.38bn, down from BDT 81.56bn in H1 2024.

• EBITDA margin returned to 60%, with EBITDA at BDT 24.6bn; net profit for Q2 was BDT 8.8bn (21.4% margin), and H1 net profit was BDT 15.13bn.

• Operating cash flow margin at 52.1% in Q2, with BDT 21.4bn cash flow; H1 net operating cash flow was BDT 36.38bn.

• ARPU and ARPA increased by 5.7% sequentially, with service ARPU rising to BDT 165.

• Interim dividend of BDT 11 per share declared for 1H25, with a 98.2% payout ratio.

Outlook and guidance

• Entering Q3 with strong momentum in subscriber and ARPU growth, but cautious on CapEx due to macro uncertainty and regulatory risks.

• Confident in returning to year-over-year growth if macroeconomic stability continues; ongoing assessment of regulatory and tax disputes.