Grameenphone Secures 700 MHz Spectrum as EBITDA Margin Stays at 58%
Grameenphone maintained a 58% EBITDA margin in Q1 2026 despite a 2% year-on-year revenue decline, benefiting from 15% growth in digital channel revenue and 22.7 million MyGP app MAUs. The company acquired 700 MHz spectrum to bolster rural and indoor coverage, addressing a 1.54 million subscriber decrease and ARPU pressure.
1. Q1 Financial Performance
Grameenphone reported a stable EBITDA margin of 58% in Q1 2026 while total revenue fell 2% year-on-year, weighed down by a 10.2% drop in voice minutes. ARPU continued to face pressure due to high inflation and weaker consumer spending.
2. Digital Growth Strategy
Digital channel revenue rose 15% year-over-year, driven by deeper engagement through the MyGP app, which reached 22.7 million monthly active users. Digital reloads now account for nearly half of total sales, supporting the company's resilience.
3. Spectrum Acquisition Impact
The company acquired 700 MHz spectrum to strengthen rural data coverage and enhance indoor network consistency in urban areas. Deployment is slated to begin in June, facilitating wider 4G migration.
4. Subscriber Trends and Risks
Mobile data users declined by 1.54 million in the quarter, reflecting ongoing ARPU and subscriber pressures. Geopolitical tensions and energy supply uncertainties pose additional operational risks.