Earnings call transcript: Grameenphone returns to growth in Q3 2026

Grameenphone reported a modest return to growth in Q3 2026, marking a small improvement after two consecutive quarters of decline. The company's revenue increased by 0.2% to BDT 40.2 billion, with EBITDA remaining flat at BDT 14.6 billion. Net profit after tax slipped slightly, falling by 0.1% to BDT 7.5 billion. The stock saw a brief rise during regular hours, closing at $1.47, but fell by 10.2% in after-hours trading to $1.32.

Despite a 12% increase in data usage, revenue growth remained modest, and operating costs remained flat at BDT 16.5 billion. Grameenphone's subscriber base reached 87 million, while data subscribers rose to 53 million. The company's ROCE improved by 0.9 percentage points year-over-year at 26.6%. Management attributed the growth to stronger subscriber trends, better data usage, and improved voice performance.

Investors remain cautious, as the stock has declined 89% over the past year and is trading at a potential undervaluation.