Good morning, everyone. Thank you for joining us for the Q4 2025 earnings call.

I'm Chowdhury Tazrian Israt from Investor Relations, and I'll be hosting today's session. Joining me on today's call are Mr.

Yasir Azman, our CEO, and Mr. Otto Risbakk, our CFO.

The recording of this call along with earnings release and related materials are available on our website already, and we would encourage you to review them for further details. We'll begin with remarks from our CEO and CFO covering key business highlights, financial performance, and strategic priorities.

Before we begin, a quick note on today's schedule. The Q&A session will take place right after the call at 2:00 p.m.

local time. Invites have already been shared with our investors and analysts.

If you'd like to participate, please feel free to share your email address with me during the call, and we'll make sure to include you. With that, let's now hand it over to our CEO, Mr.

Yasir Azman, to get us started.

Good morning, everyone. Thank you for joining us for our Q4 2025 earnings call.

I'm Yasir Azman, Chief Executive Officer of Grameenphone. According to the latest report from our regulators, the telecommunications industry in Bangladesh recorded a total of 187.06 million subscribers as of November 2025, reflecting a decrease of 0.91 million subscribers since September 2025.

During the same timeframe, mobile data users also decreased by 4.43 million, reaching 115.27 million in November 2025. The issuance of Bangladesh Telecommunications Ordinance 2025 introduced formal appeal and arbitration mechanisms for telecom-related disputes, strengthening regulatory clarity and access to a structured dispute resolution.

I'm very happy to share the news that we have obtained 10 MHz of 700 MHz low-band spectrum, which is extremely strategically important for our future operation and today. The High Court has stayed the enforcement of SMP directive previously imposed on Grameenphone, providing an important opening to restore competitive parity while reinforcing our ability to innovate and compete more fairly in the market.

Now let's go through the macro updates. Let me now turn to some of the key developments in the macroeconomic landscape.

The point-to-point inflation rate in December has gone up to 8.49%. As of December, the foreign exchange reserves stood at $28.6 billion as per IMF as BPM6 methodology.

Bangladesh Bank moving towards a fully market-based exchange rate system, where the USD to BDT has remained stable below 123 taka. As per IMF, Bangladesh's GDP growth rate for fiscal year 2024-25 has been revised to around 3.8%.

Private sector credit growth has slowed down to 6.6%, much lower than the target. With that context in mind, let me now walk you through the business highlights.

Our focus has been firmly on execution, specifically on building a value-led product strategy that strengthens long-term growth. To achieve this, we have taken a number of targeted actions across our portfolio.

The first, we adopted a more-for-more approach, under which we are redesigning our portfolio in three phases. The idea behind this approach is simple: to help our customers get more out of what they use and build stronger engagement without undermining affordability.

We successfully completed phase one of this portfolio redesign in this quarter, and we can see some visible impacts already: there's half a million uplift in high-value subscribers and around 30% increase in data usage, which is laying the foundation for further value progression. Second, we made the bundle portfolio more attractive and easier to adopt, positioning bundles as a central pillar of our value proposition.

We saw some good improvements in 2025, where bundle adoption increased to 14.9%, and we believe combo products will play an increasingly important role going forward as customer preference shifts towards bundle and high value propositions. Third, we are improving transaction economics by encouraging a shift towards higher validity data packs and offer better value and convenience to our customers.

This has helped move customers towards more plan usage and which will spend per transaction increasing by 17%, reflecting higher consumption patterns and improved revenue quality. We're strengthening our digital footprint.

Let me now turn to how digital is helping us drive the business forward. Through breakthrough innovation and collaboration across the ecosystem, we have been continuously focusing on establishing ourselves as an integrated digital operator by leveraging the digital assets that we have significantly and strategically built over the time.

On the innovation front, we have focused on solving real customer pain points while unlocking new revenue streams. We introduced roaming in local currency, improving transparency and significantly increase adoption.

Reported year-over-year growth for roaming stood at 113% owing to this initiative only. Through MyGP, we scaled hyper-personalization, allowing us to engage customers with more relevant offers and experiences based on usage and behavior.

We also expanded our digital content ecosystem with Bioscope Plus, Bangladesh's first large-scale content aggregator, which has delivered strong year-on-year growth of 187% in content revenue. These initiatives are not isolated features together.

They are increasing engagement, usage, and modernizing across our digital platforms. Alongside innovation, partnerships has played a critical role in accelerating and engaging and scaling and bringing in impact.

We became the first Bangladeshi organization to partner with Netflix, strengthening our position in digital entertainment and premium content. We integrated Google Pay as a recharge partner, making digital transactions simpler and more seamless for our customers.

Over the past year, we have been deliberately modernizing our core platforms and building on our digital assets to drive scale, efficiency, and new revenue streams. Total revenue from digital reached 43.8 billion this year.

At the heart of this success is MyGP, the largest local self-service app now engaging over 22.3 million monthly active users. At the same time, MyGP penetration within our smartphone base have reached a new height, reinforcing its role as the primary interface between Grameenphone and our valued customers.

Today digital channels contribute around 32% of our total DSTR, around 42% of reload subscribers-to-sales share, reflecting the growing importance of this ecosystem in our overall business and way of work. Let's talk about network leadership with a future-fit core and how we are sustaining our network leadership and strengthening our position as the most reliable and secure connectivity partner.

Our progress here is anchored around three core pillars: number one, building a strong foundation; number two, driving efficiency; and most importantly, and being future-fit, scaling real AI adoption. First, on network and IT modernization, our focus has been strengthening the foundation of the network by reducing risk and preparing for future technologies.

We have modernized critical core system that sit at the heart of mobile connectivity, significantly improving stability, resilience, and security, while completing three large-scale migrations with minimal customer impact. In parallel, we have augmented our security operations with AI, allowing us to respond much faster, more intelligently to growing cyber threats.

This year was about laying the foundation for next-generation technology. While much of our work was structural, it positions us to unlock the full benefits of this modernization in the years ahead.

Second, on transport and radio efficiency, we have continued to improve performance while enhancing capital productivity. On the transport side, we upgraded our IP architecture and expanded near-fiber connectivity, delivering industry-lowest latency, higher reliability, and better asset utilization, while also unlocking meaningful cost efficiencies.

On the radio side, we focused on smarter network design, accelerating 5G rollouts in the country, completing the nationwide 3G shutdown to improve speeds, and deploying more cost-efficient site solutions. These initiatives allowed us to deliver a better customer experience while keeping the network scalable and economically sustainable.

Third, on AI adoption, we are moving decisively from concept to real-world use. AI is now embedded across network operations, enabling proactive congestion management, smarter resource allocation, and predictive quality monitoring.

We have also adopted AI capabilities that help us optimize energy usage with 8% energy saving this year, improve service performance, and reduce churn risk. Beyond the network, AI-driven automation is also enhancing customer interaction and operational decision-making, reinforcing our ability to deliver consistent high-quality experiences at scale.

Now let's move to our next segment. We will talk about how we are shaping the future with sustainability vision.

Before turning to sustainability priorities, I'd like to highlight that we have voluntarily adopted IFRS S1 and S2 for our sustainability and climate reporting, applying the same discipline and rigor that we bring to our financial disclosures. To support our decarbonization goal, we have consistently engaged over the past two years with policymakers and industry stakeholders to advocate for a framework that enables corporate power purchase agreement, which is very important for us and for future sustainability.

The recent approval of the merchant power plant policy marks a key milestone in this journey, creating a clear pathway for private sector renewable energy procurement. We now move into the next phase, working with stakeholders to practical steps for renewable energy integration.

Grameenphone partnered with HSBC to secure the country's first sustainability-linked financing in the telecom sector, linking financing terms to defined environmental targets. The facility supports GP's decarbonization ambition to significantly reduce Scope 1 and Scope 2 emissions by 2023 from the baseline of 2019, and maintain 100% recycling of e-waste and including lead-acid batteries and network equipment.

As we strengthen our position as a preferred partner for security and digital, Grameenphone continues to play a pivotal role in driving the nation's digital economy and enabling progress through technology. This year, we took a transformational step by expanding our online safety initiative to tertiary education through our partners with UNICEF by introducing a mandatory cybersecurity course for all first-year students at the National University, which represents over half of Bangladesh's graduates.

We embed digital safety at national scale and long-term impact. Online safety and education of both women and children have always remained a key priority for us in Grameenphone in our effort to build an inclusive digital future.

In this year alone, we have equipped over 540,000 youth and school children and trained more than 13,000 teachers on essential online safety and digital skills. Grameenphone Academy and our FutureNation program has been doing a tremendous job on bridging the skills-to-employment gap for many in the country.

Through Grameenphone Academy, we're strengthening youth employability by equipping technical education graduates with practical and market-relevant digital skills. Initiatives such as freelancing factory, industry-led masterclasses translate learning into real economic outcomes, enabling young talent to build careers, launch enterprises, and participate meaningfully in the digital economy.

Building a future-ready national talent base requires both advanced technology skills and strong communication capabilities. In partnership with UNICEF, Grameenphone is supporting Bangladesh's long-term digital competitiveness by developing specialized expertise in emerging technologies while helping nurture a sustainable tech leadership ecosystem with HarvardX courses.

We have marked our place as a sustainable leader, and we shall continue our commitment to building a sustainable and safer future, making a positive difference in the communities we serve. We'll now move to the important part of today's presentation: our financials performance for the quarter.

Before diving into the numbers, let me briefly revisit the narrative we have been sharing throughout the year. Over the past several quarters, we have observed early signs of stabilization in the macro environment.

While the overall economy momentum has remained slow and recovery was uneven, we have continued to stay focused on disciplined execution, customer experience, and operational resilience. This year has particularly been the year of recovery for us.

Starting with revenue, we have delivered 3.3% year-on-year growth, which we feel good about, and especially given that Q4 is usually a slower quarter due to winter and the broader economic environment remains challenging for us. This is a clear reversal from the 7.2% decline we have seen in Q4 last year.

What's encouraging is that this growth is coming from the steady progress we have made in simplifying our portfolio, driving higher data usage, and gradually changing customer behavior toward more consistent and higher value consumption. Our focus on bundles, higher validity plans, and a value-led approach is helping improve the quality of revenue even as overall consumer spending stays under pressure.

On EBITDA, we saw an increase of 4.7% year-over-year, which is higher than the pace of revenue growth, and this was the case in the previous quarter as well. This reflects the strong focus we have had on cost optimization, our discipline in operations alongside the revenue uplift.

Even as we continue to invest in network and IT transformation, we are seeing the benefits of tighter cost control and efficiency initiatives flowing through, allowing profitability to grow faster than the top line. Moving to NPAT, we recorded a modest 2.6% increase year-on-year, a significant improvement from the 12.9% decline recorded in Q4 last year.

This was largely driven by higher depreciation and amortization linked to recent investment in spectrum and the network, depreciating currency, and heavy taxes. These costs weigh on the bottom line in the short term, but they are also investment that strengthen the business and support future growth.

Finally, on operating cash flow, we delivered a solid performance, with cash flow increasing by 9.2% year-on-year to BDT 20.5 billion. Our ability to generate cash has remained strong and consistent throughout the year, even as macroeconomic and political conditions remained challenging for us.

Overall, while the environment remains tough, Q4 shows that we are moving in the right direction: growing revenue, protecting profitability, and generating strong cash flow, while continuing to build a more value-focused and resilient business for the long term. Now I will hand over to our Chief Financial Officer, Otto Risbakk, for further details on our financials for Q4 2025 and for the year 2025.

Thank you.

Thank you, Yasir, and welcome again to all investors and analysts on this last quarter review for 2025. It's great to have so many people on the call.

Referring to Azman's introduction on the challenging macro, it is clear that having more than half of the country on our network, what happens to the country is also happening to us. I'm very pleased to see that we have managed this difficult period in a very good way.

Looking at the revenue, you can see that we have gone from a period with, if you take fourth quarter back in the fourth quarter last year, -7%, then we stabilized the revenue in the first quarters of the year, we were still minus, -2.5%, and now in the last two quarters of 2025, we have had positive growth: so 1.3% in Q3 and now 3.3% growth in Q4. That development is driven by a lot of factors.

I am very pleased to see that our strategy, what we call more-for-more, is working well. We are working on a lot of different levers to address the transformation that we have now, that people are going from more voice-centric to more data-centric packages.

In that, we are also focusing on making life more convenient for the customers. Traditionally in Bangladesh, a lot of customers have bought very small packages with a short duration.

We believe, and we see obviously that from our neighboring countries and Europe, that it's more convenient to have bigger packages and longer duration, so that people can use digital tools every day for their needs instead of every now and then. We see the uptake in the market for the initiatives we have with more-for-more.

More-for-more means that our customers that they get more data, more value for their money buying bigger packages, so that they can plan better their digital lives better. We see that on the growth side on the right side of the graph, we see the bundles that we have introduced now representing it was an average of 15% almost in the quarter.

We will see that that product segment will continue to grow as people will combine voice and data into one very convenient bundle covering all digital needs. Also, I should add that in this quarter the return to growth has not been driven by spending.

We actually cut down on market spending. What you see here is a more fundamental growth rather than spending-driven.

Now over to the drivers of the revenue that I showed on the previous slides. It is clear that the macro picture that I described on the previous slide is impacting all the drivers that you see on this slide.

Starting with the revenue and the ARPU side here on the left side of the slide, and afterwards I will go into the drivers of that, which is data usage and minutes. Overall, if you look at the subscriber development, we've had a good growth over the years of subscriber.

The market is typically adding a couple of 1 to 2 million subscribers per year. However, this year has been very different.

All in all, what we can see from market reports is that the market has lost about 10 million subscribers. At the end of Q4, the government changed the limitations on the number of SIMs that each subscriber can have from 15 to 10.

For us, that means that we were deregistering 1 million subscribers. Despite that, we still have year-to-year growth, but you can see that the development of subscribers, if you look a little bit longer term, has been more stagnant in the past.

We believe that fundamentally the market is still underpenetrated, you will see that that will start growing again. When is obviously difficult to say.

You also see that on the data subscribers, we continue to grow, and that's obviously a trend which is supporting by the digital revolution that we see here in Bangladesh. On the ARPU, the ARPU is mainly reflecting, I would say, the stabilization of economy and our performance that I described on the revenue slide.

You see here a little dip in the last two quarters, that is more a seasonal pattern. The winter months are the colder months, the economy is cooling a little bit down.

Also in the second quarter last year, we had two Eids. That's a natural development.

Longer term, we see now that there is a small 2.4% ARPU growth year-on-year. It is clear that we need to see that ARPU going up more in the future.

That brings me over to the right side of the slide and starting with data. Data, you can see the seasonal pattern as described with a little bit dip in the third and the fourth quarter.

We see a year-on-year growth of about 13%, 14%. This has been in the past, if I go back, this has been more than 50%, and then it's coming down towards the 10%.

I believe that this volume will start growing in as the economy is restarting and as more and more users will start using 4G handsets. There are encouraging initiatives also by the government to reduce taxes on handsets, making them more affordable, and more obviously the global trend that more and more people will start using digital tools in their daily lives.

Now over to the voice part. There you see the opposite side of the digital trend, that people are using less minutes because they go to OTT.

We think that has gone on for a while, and that's a trend that will continue. We do see that data growth is more than compensating the fall in minutes.

With belief in the future that when the data growth will start growing more again, that that will have a positive impact on ARPU. When that will happen again, it's very difficult to see.

Now over to the results. This slide shows how we have been navigating in this difficult environment.

I'm pleased to see on the right side of the slide up here that we continue to deliver strong EBITDA and strong EBITDA margins. The growth of the EBITDA this quarter is up almost 5%, and that is 2% more than the revenue.

You can see that on the left side of the slide, we have been managing our cost very well over time, this is not only a quarter thing. If I take all COGS and OPEX all together, they increased with only 1% this quarter compared to last year.

That in an environment with 8.5% inflation for this last quarter and an inflation that has been 9% to 10% and even 11% if you go back. Very high inflationary pressure that is affecting the market.

However, we have been working very structurally on three different levers. First, we have the efficiency programs, and that's not a short-term thing, that's programs that we have been running long time, and many of them take time to implement, and that is to optimize all the processes we have, simplify all the process, and automate.

We see a lot of results from that, and that has to be done day by day, week by week, and month by month, and we're continuing to do that. We are also, in addition to that, working on transformation.

These are more big steps. We see when the macro is a little bit slow, I think that's actually quite a good time to do transformations.

Doing that, we have over this last year take into use a lot of new digital tools and platforms that is transforming operation, both if I take on the customer sides, we have implemented a new billing system, where we took in use Ericsson's latest platform, onboarding more than 85 million customers in less than 9 months with no hiccups whatsoever. A big big big thanks to our IT team and our customer team who made that possible.

We've also working on distribution side. As the distribution in Bangladesh is very complex, with more than 400,000 points of sales, the digital tool, the digital journey to support all this distribution is very important to us.

I'm quite proud to say that we have now achieved 100% touch-free distribution, meaning that all interfaces with all our distributors is 100% digital. That is bringing a lot of effect not only on the cost side, but obviously also on the management side.

Then we have, when the market is slow, we also obviously do some short-term optimization on the cost. There are things that we can not do, there are things that we can postpone, and all those three things together, the efficiency program, the transformation, and the more short-term actions, all together has led to that we have managed to offset the inflation pressure and that we now have 1% growth in this quarter.

I'm very pleased with this performance, and again a big thank to everybody in the organization, but this has been an effort which is including everybody from the markets, from obviously from operations, network side, IT, and also the back office. Big thanks to all for this good performance.

Now a few words on the net profit. I showed in the previous slide that we saw that revenue was increasing with 3%, EBITDA was increasing with 5%, and here you can see that our net profit is increasing with 2.6%.

On the right side of the slide, you can see the main elements of how net profit is evolving. Now let me also comment a little bit on the margins.

As you can see here, we have consistently been delivering very high profit margins over time, and in this difficult environment, we are still managing to deliver margins at 18% and above. That is a testimony of what I described earlier on the cost side and on the revenue side, our strategy of engaging more customers on the data side and also on managing cost both on a short-term and a long-term.

Then you can see on the right the developments of the net profit, and here you can see what I just said, that the revenue, if you see the revenue increased by 1.2 billion, then cost increases were very minor compared to revenue, only 236 million on operating costs and 139 million on DNA, depreciation and amortization. Then we see that there are some more developments below EBITDA, and financial cost deviation is mainly driven by a forex translation adjustment that we did in Q4 last year, and obviously also on the tax side, there we had a one-off last year that is impacting the year-on-year comparison.

All in all, we see that the good results on the top line are flowing down to EBITDA and that also the cost levels below EBITDA reflect our very strong balance sheet with very little leakage out below EBITDA. Now over to the cash flow.

On this slide, you see three different graphs. On the left side, you see the CapEx; in the middle, you see the operating cash flow; and on the right side, you see our debt levels.

Starting with the graph in the middle, I'm very proud to once again show our operating cash flow performance. We are consistently delivering over 20 billion operating cash flow every quarter, and that corresponds to margins above 50%.

There are many drivers behind this good performance, starting with the CapEx on the left. Here you can see that we had the profile of our CapEx with very high in the first quarter and declining as we go on during the year.

You should not read this graph like this. You have to see the totals for the year.

We typically start the year with a master plan of CapEx, and it's very typical if you go back, you can see that we very often spend more in the first quarters as compared to the end of the year, and this year is the same. All in all, we spent 13 about 13 billion in CapEx this year.

It's representing 8.4%, I believe, of revenue, and that's obviously quite a low level. We have done a lot of efforts actually to optimize CapEx this year.

A very strict prioritization. When the economy is cooling down and as you saw earlier on the data, the data usage is growing less, there is less need for increasing the capacity.

We have done less capacity upgrades than previously because it has been not needed. Actually, we have improved the performance of our network tremendously during the year, with congestions reduced to a very, very tiny level.

Another thing that we have done this year is to reuse old equipment. We've actually added about 900 sites this year, and a lot of these sites we have reused equipment that may not be good enough for areas with very dense population and high usage, but they are perfectly good in areas lower population density and hence lower pressure on these sites.

By reusing this equipment, in the past maybe has been a tendency just to buy new all the time, but we see that reusing is very beneficial. It creates a good capacity in the areas where we deploy them, and obviously it reduces cost and it's also good for the environment.

All in all, the cash flow, I'm very proud of the cash flow that we are delivering, and you can see on the right side of the slide that we continue to have a very, very strong balance sheet with basically no external debt. Now over to the dividends.

Q4 is the time of the year where we announce the final dividend of the year and also when we can sum up the year. Starting this slide, I prefer here to show a long history of dividends and also tax base, showing that we are focusing on contributing both to shareholders and that we also contribute to society.

Starting with the dividends, I'm very pleased that our board has proposed a dividend of 10.5 taka per share for the second half, bringing total dividend for the year up to 21.5 taka. That corresponds to, if we look at the share price, to a dividend yield of 8.3%.

We continue to pay predictable dividends and offer great dividend yield for our shareholders. Also, I should add that these dividends are fully supported by operational cash flow, and they're also protected by a very, very strong balance sheet.

Perhaps also a comment on the total tax payments that we have made to the government this year. As you can see, over the last 10 years, there is a very nice growth in tax contributions to the country, starting at 59 billion in 2016, and we can see in the last three years we've been over 120 billion.

That includes all kinds of taxes: so corporate income tax, consumer taxes, VAT, and so on, and also spectrum. It's the total tax payment if you want to the government.

Again, this is a demonstration that leading profitable companies is very important to the country, because we provide obviously a lot of development and services to our customers, that's our main focus, but we also bring back to society through high contributions to the exchequer, and we also bring good contributions to our shareholders. This is a slide I'm very proud of.

Let me now go over to sum up the full year since this is the last quarter of 2025. Let me conclude this financial part of the presentation with some words on the full-year performance.

I prefer to do this showing the last five years rather than just focusing on '24-'25. Bangladesh has been through a revolution over this last two years, and obviously that is changing everything.

If you look back on the history of Bangladesh, there has been historically very good growth in the telecom sector. We saw it flattening out a little bit towards the end of 2010 to '20 period, but still in '24, '23, and '22 and '23, we had 5% top-line growth.

Then as the unrest hit the country in the summer of 2024, we saw that we went from +5% and a very good trend to -5% in the second half of the year, bringing a flat revenue for 2024. We see that this trend has continued.

If I take the full year of 2025, it's about flattish. This means that the country has not yet fully recovered from the unrest, and we can see that on the macro statistics with a very high inflation, which is obviously reducing the buying power of the large part of the population.

We also see government spending and business spending in particular being slowed down due to the uncertainty. Obviously the external geopolitical tensions and what's happening on the trade arena is also impacting the country.

Going into 2026, obviously a very interesting year with elections coming up in a few days, I'm positive for the development of Bangladesh going forward. Also the development I described of revenue, you see it also on the EBITDA, on the NPAT, I discussed that earlier.

We see good EBITDA performance, a little bit de-growth due to the cost pressure that I described, but also a very good work that's been done to contain cost and optimize our operations through both efficiency measures and transformation measures and more short-term measures. On the net profit side, we also see we continue to deliver good margins.

I bring here today a new slide, ROCE, return on capital employed, and that's a very important measure that we will focus more on going forward. You can see here on this graph, obviously as a CFO, I don't like to see that going down, but I think that is reflecting what I just described on the macro side, that when growth is stopping up and we continue to invest in our operations, logically return on capital employed is going partly down.

I have to add that the levels that we had with levels above 30% and we now have about 26% return on capital employed is still far above our cost of capital, and we will work going forward even more to optimize capital allocations in order not only to drive results, but make sure also that the return on capital employed stays at a high level. If I can sum up everything I said in one minute at the end of the presentation, we have maintained a strong top line despite the macro headwinds, and we have also taken market share.

If I go back to publications of our competitors in the third quarter, and we have taken 0.7% revenue market share for the first three quarters of the year. We are doing well in a difficult market.

We have succeeded well with managing operations and costs and transforming that, leading to a very high and solid EBITDA with margins of 59% and net profit margins of 19%. We continue to pay attractive dividends to our shareholder, 21.5 taka in dividend per share for 2025, a yield of 8.3%.

These dividends are fully covered by operational cash flow and protected by a very strong balance sheet, almost without any debt. We have a very robust and resilient business.

We have already invested a lot in transformative new tools and softwares and solutions, which will allow us to face hopefully this much better period going ahead with elections coming up and more stability in the country. With that, I'm leaving the word to Azman to conclude this presentation.

Thank you. Thanks, Otto.

While wrapping up 2025, I want to thank you for taking the time to connect with us on this call today. As we wrap up, I want to leave you with three key takeaways that summarize how we are investing for the future in nationwide coverage, national digital progress, and network security.

We secured 10 MHz of 700 MHz spectrum, which we hope will reinforce our role in strengthening digital infrastructure and connectivity across the country. This low-band spectrum can significantly improve our indoor experience and can expand reliable coverage in the rural areas, helping close long-standing connectivity gaps.

The telecom industry continues to face structural pressure from a weak macroeconomic environment, telecom prices not adjusting to inflation, and higher taxation. While growth remains constrained in the near term, we are seeing strong long-term opportunity in Bangladesh's digitalization journey.

We remain committed to partnering with the government to support national digital priorities and unlock sustainable value for the economy and society. As digital adoption accelerates, cybersecurity has become central to trust in connectivity.

Grameenphone continues to differentiate itself by operating the safest network in the market, supported by advanced multilayer cybersecurity capabilities. Beyond securing our own systems, we have extended protection to customers through GP Shield, reinforcing our role as a trusted partner in enabling a safe and secure.