Court Decision and Corporate Rights - The Shevchenkivskyi District Court of Kyiv unfroze VEON's corporate rights in Kyivstar and other Ukrainian subsidiaries, including Ukraine Tower Company, KyivstarTech, and Helsi [1][2] - This decision reflects Ukraine's commitment to the rule of law and protection of international investors' rights [2] - The unfreezing removes a source of concern for VEON's investors and enables accelerated business partnerships in Ukraine [4] VEON's Strategic Direction - VEON aims to create further value in Kyivstar by exploring ways to attract international and local investors [5] - Kyivstar is highlighted as the sole Ukrainian investment theme on the U S listed equity market through VEON's Nasdaq listing [5] VEON's Global Presence - VEON is a NASDAQ-listed digital operator serving nearly 160 million customers across six countries, representing over 7% of the world's population [7] - The company focuses on providing connectivity and digital services to drive economic growth and transform lives [7] Investor Confidence - VEON expresses gratitude to investors for their continued confidence and support during the period of frozen corporate rights [3] - The court ruling is seen as a win-win for VEON's investors, Kyivstar, and Ukraine, enhancing the country's appeal as an investment destination [4]

Company Strategy - VEON consolidates its share trading on the Nasdaq Capital Market in New York, ceasing trading on Euronext Amsterdam to enhance liquidity and simplify reporting [1][2] - The move to Nasdaq is part of VEON's strategy to improve accessibility for current and potential investors, focusing on growth in dynamic frontier markets [3] - VEON plans to relocate its Group headquarters to Dubai, increasing visibility for Gulf investors and becoming the largest Nasdaq-listed company with a Dubai headquarters [4] Shareholder Information - VEON's common shares will continue to be traded on Nasdaq as American depositary shares (ADSs), with each ADS representing 25 common shares under the ticker symbol VEON [4] - Euronext Amsterdam shareholders can deposit their Common Shares with The Bank of New York Mellon in exchange for ADSs, with VEON covering ADS issuance fees until 6 December 2024 [5] Company Overview - VEON is a Nasdaq-listed digital operator providing connectivity and digital services to nearly 160 million customers across six countries, representing over 7% of the world's population [7] - The company focuses on technology-driven services that empower individuals and drive economic growth in its operating regions [7]

Amsterdam and Dubai, November 21, 2024 – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, (“VEON” or the “Company” or together with its subsidiaries, the “Group”), today published the 2023 Dutch Annual Report for its wholly-owned subsidiary VEON Holdings B.V., which includes audited consolidated financial statements for the year ended December 31, 2023. A copy of the VEON Holdings B.V. 2023 Dutch Annual Report can be found on the Financial Results section of VEON website: http ...

Core Points - VEON Ltd. confirms that its shares will cease trading on Euronext Amsterdam on 22 November 2024, with delisting effective from 25 November 2024 [1][2][3] - The company is consolidating its trading on the Nasdaq Capital Market and has extended its offer to pay ADS issuance fees until 6 December 2024 for shareholders who deposit their Common Shares [2][3] - VEON's CEO stated that the transition to Nasdaq is on track and expressed enthusiasm for consolidating all trading on Nasdaq starting 25 November 2024 [3] Company Overview - VEON is a digital operator providing connectivity and digital services to nearly 160 million customers across six countries, representing over 7% of the world's population [5] - The company aims to transform lives through technology-driven services that empower individuals and drive economic growth [5]

Stock Performance - VEON Ltd shares have rallied approximately 36% and 25% since the initial upgrade to a 'Buy' rating in May and the reiterated bullish stance in late July [1] Investment Strategy - The investment approach focuses on buying undervalued profitable stocks with strong balance sheets and minimal debt [2] - Additional income is generated by writing calls against positions when opportunities arise [2] - Risk management is implemented through position sizing and the use of trailing stop losses over time [2]

Amsterdam, Dubai and Tashkent, 19 November 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator (“VEON” or the “Company”), today announces that its subsidiary Beeline Uzbekistan has signed a Memorandum of Understanding (MoU) with the GSMA and the Ministry of Digital Technologies of the Republic of Uzbekistan to hold M360 Eurasia 2025 in Tashkent on 20-21 May 2025.  The signing ceremony took place during M360 MENA 2024 in Doha, Qatar. Presented by the GSMA, M360 is a series o ...

Amsterdam and Dubai, 15 November 2024 - VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, ("VEON" or the "Group"), announces that it has completed the registration of and received the commercial license for its branch office in Dubai International Finance Centre (“DIFC”). “We are pleased to receive the necessary licenses from Dubai authorities for our branch office. These approvals enable us to upgrade our presence in Dubai in line with our plans to move VEON’s headquarters to ...

[Third Quarter 2024 Trading Update](index=1&type=section&id=Third%20Quarter%202024%20Trading%20Update) VEON's Q3 2024 revenue grew 9.8% YoY, driven by digital services, while EBITDA declined 1.5% due to operational pressures [3Q 2024 Highlights](index=2&type=section&id=3Q%202024%20Highlights) VEON's Q3 2024 revenue grew 9.8% YoY, driven by digital services, while EBITDA declined 1.5% due to operational pressures 3Q 2024 Key Financial and Operational Metrics | Metric | Value | YoY Change (Reported) | YoY Change (Local Currency) | | :--- | :--- | :--- | :--- | | **Total Revenue** | USD 1,038 million | +9.8% | +14.1% | | **Telecom and Infra Revenue** | USD 916 million | +7.2% | +12.2% | | **Direct Digital Revenue** | USD 121 million | +35.1% | +32.6% | | **EBITDA** | USD 438 million | -1.5% | +3.5% | | **Capex** | USD 198 million | +51.2% | - | | **LTM Equity Free Cashflow** | USD 421 million | +22.2% | - | | **Gross Debt** | USD 3.991 billion | -USD 335 million | - | | **Net Debt (excl. leases)** | USD 2.100 billion | - | - | | **4G Users** | 99.9 million | +7.7% | - | | **Total Digital MAUs** | 103 million | +9.7% | - | - EBITDA for Q3 2024 was **USD 438 million**, a **1.5% YoY decrease** in reported currency, primarily impacted by operational pressures in Bangladesh and restructuring costs[7](index=7&type=chunk) - Capex significantly increased to **USD 198 million**, up **51.2% YoY**, with LTM capex intensity at **19.2%**[8](index=8&type=chunk) Revised Full Year 2024 Guidance | Metric | Guidance (USD Terms) | Guidance (Local Currency) | | :--- | :--- | :--- | | **Total Revenue Growth** | 8% - 10% YoY | 12% - 14% YoY | | **EBITDA Growth** | 4% - 6% YoY | 9% - 11% YoY | [Group Performance](index=5&type=section&id=3Q24%20GROUP%20PERFORMANCE) VEON's Q3 2024 group revenue grew 9.8% YoY, led by digital services and 4G user growth, despite a 1.5% EBITDA decline [Overall Performance Analysis](index=5&type=section&id=Overall%20Performance%20Analysis) VEON's Q3 2024 group revenue grew 9.8% YoY, led by digital services and 4G user growth, despite a 1.5% EBITDA decline 3Q24 YoY Revenue Growth by Country | Country | Reported Growth | Local Currency Growth | | :--- | :--- | :--- | | **Total** | **9.8%** | **14.1%** | | Ukraine | 4.8% | 17.9% | | Pakistan | 28.5% | 22.6% | | Kazakhstan | 9.3% | 14.8% | | Bangladesh | (15.7%) | (8.4%) | | Uzbekistan | 8.3% | 15.2% | - Direct digital revenues reached **USD 121 million**, growing **35% YoY** in reported currency and accounting for **12% of total revenue**[20](index=20&type=chunk) - The Group's 4G user base grew by **7.7% YoY** to **99.9 million**, with 4G penetration reaching **64.8%** of the total subscriber base[22](index=22&type=chunk) - Multiplay B2C customers (using at least one digital service) increased by **16% YoY** to **34.7 million** These customers have **4.1x higher ARPU** and **2.1x lower churn** than voice-only customers[27](index=27&type=chunk) - The company revised its FY 2024 guidance downwards, now expecting **12%-14% revenue growth** and **9%-11% EBITDA growth** in local currency, citing decelerating inflation, civil unrest in Bangladesh, and an asset sale in Kazakhstan[32](index=32&type=chunk) [Key Recent Developments](index=8&type=section&id=KEY%20RECENT%20DEVELOPMENTS) VEON regained Nasdaq compliance, initiated Euronext delisting, plans HQ relocation, and completed a strategic asset sale [Corporate and Strategic Initiatives](index=8&type=section&id=Corporate%20and%20Strategic%20Initiatives) VEON regained Nasdaq compliance, initiated Euronext delisting, plans HQ relocation, and completed a strategic asset sale - VEON filed its 2023 Form 20-F, regained full compliance with Nasdaq listing requirements, and re-appointed UHY LLP as its auditor for 2024[35](index=35&type=chunk) - The company commenced the delisting of its shares from Euronext Amsterdam, effective November 25, 2024, to consolidate trading of its ADSs on the Nasdaq Capital Market[35](index=35&type=chunk) - The Board of Directors approved a plan to move the Group headquarters from Amsterdam to the Dubai International Financial Centre[37](index=37&type=chunk) - Completed the sale of its **49% stake** in TNS Plus LLP in Kazakhstan for a deferred consideration of **USD 137.5 million**, aligning with its asset-light strategy[37](index=37&type=chunk) - VEON Holdings B.V. notes were included in the J.P. Morgan EM Corporate Indices (CEMBI, JACI and JSEG) at the end of September 2024[37](index=37&type=chunk) [Liquidity and Capital Structure](index=10&type=section&id=LIQUIDITY%20AND%20CAPITAL%20STRUCTURE) VEON's Q3 2024 cash increased to USD 1,019 million, with net debt decreasing to USD 3.1 billion, improving leverage ratios [Debt and Cash Position](index=10&type=section&id=Debt%20and%20Cash%20Position) VEON's Q3 2024 cash increased to USD 1,019 million, with net debt decreasing to USD 3.1 billion, improving leverage ratios Key Liquidity and Debt Data (USD million) | Metric | 30 Sep 2024 | 30 Jun 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | 1,019 | 862 | (55%) | | **Gross debt** | 3,991 | 3,961 | (7.7%) | | **Net debt** | 3,114 | 3,237 | 45.9% | | **Net debt excluding leases** | 2,100 | 2,226 | 65.1% | | **Net debt / LTM EBITDA** | 1.89x | 1.95x | - | | **Net debt excl. leases / LTM EBITDA** | 1.52x | 1.59x | - | - Total cash and cash equivalents increased to **USD 1,019 million** in Q3 2024 from **USD 862 million** in Q2 2024 Of this, **USD 453 million** is held at the HQ level[41](index=41&type=chunk) - Net debt decreased to **USD 3.1 billion** at the end of Q3 2024 from **USD 3.2 billion** at the end of Q2 2024, leading to lower leverage ratios[44](index=44&type=chunk)[47](index=47&type=chunk) - VEON HQ has no debt maturities until April 2025 Maturities in 2025 amount to **USD 593 million**[48](index=48&type=chunk) [Country Performance](index=12&type=section&id=COUNTRY%20PERFORMANCE) This section details the financial and operational performance across VEON's key markets Pakistan and Kazakhstan were the primary growth drivers for the group, while Ukraine showed resilience with strong local currency growth Uzbekistan continued its consistent double-digit growth trajectory In contrast, Bangladesh faced significant headwinds from civil unrest and macroeconomic challenges, negatively impacting its results [Key Figures by Country](index=12&type=section&id=Key%20Figures%20by%20Country) Q3 2024 group revenue reached USD 1,038 million (+9.8% YoY), with Pakistan leading growth, while EBITDA declined 1.5% 3Q24 Financials by Country (USD million) | Country | Total Revenue | YoY Reported (Rev) | YoY LCY (Rev) | EBITDA | YoY Reported (EBITDA) | YoY LCY (EBITDA) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **1,038** | **9.8%** | **14.1%** | **438** | **(1.5%)** | **3.5%** | | Ukraine | 250 | 4.8% | 17.9% | 144 | (5.0%) | 6.9% | | Pakistan | 359 | 28.5% | 22.6% | 149 | 20.2% | 14.7% | | Kazakhstan | 224 | 9.3% | 14.8% | 106 | (10.2%) | (5.9%) | | Bangladesh | 123 | (15.7%) | (8.4%) | 50 | (11.6%) | (4.0%) | | Uzbekistan | 70 | 8.3% | 15.2% | 25 | 8.0% | 15.0% | [Ukraine](index=13&type=section&id=Ukraine) Kyivstar's revenue grew 17.9% YoY in local currency, with 6.9% EBITDA growth, driven by ARPU and 4G expansion Ukraine Key Metrics (3Q24) | Metric | Value | YoY Change (LCY) | | :--- | :--- | :--- | | Total Revenue | UAH 10,267 million | +17.9% | | EBITDA | UAH 5,924 million | +6.9% | | EBITDA Margin | 57.7% | -5.9 p.p. | | Mobile Customers | 23.3M | -3.3% | | 4G Users | 15.3M | +4.3% | | ARPU | UAH 134 | +20.2% | - Digital healthcare platform Helsi Ukraine reached over **28 million registered patients** (**+8.4% YoY**), while media streaming service Kyivstar TV saw a **42.5% YoY increase** in MAUs[53](index=53&type=chunk) [Pakistan](index=14&type=section&id=Pakistan) Jazz's revenue grew 22.6% YoY in local currency, fueled by 4G and JazzCash, with EBITDA increasing 14.7% Pakistan Key Metrics (3Q24) | Metric | Value | YoY Change (LCY) | | :--- | :--- | :--- | | Total Revenue | PKR 99,930 million | +22.6% | | EBITDA | PKR 41,380 million | +14.7% | | EBITDA Margin | 41.4% | -2.8 p.p. | | Mobile Customers | 71.6M | +1.6% | | 4G Users | 49.4M | +14.5% | | ARPU | PKR 302 | +6.9% | - JazzCash reported **19.2 million MAUs** (**+25% YoY**) and its total revenue grew **85.5% YoY**, driven by digital lending and an expanding retail network[54](index=54&type=chunk) - The SIM care app SIMOSA reached **15.4 million MAUs** (**+13.9% YoY**), and the streaming platform Tamasha achieved **10.6 million MAUs**[54](index=54&type=chunk) [Kazakhstan](index=15&type=section&id=Kazakhstan) Beeline Kazakhstan's revenue grew 14.8% YoY in local currency, driven by customer growth, despite a 5.9% EBITDA decline Kazakhstan Key Metrics (3Q24) | Metric | Value | YoY Change (LCY) | | :--- | :--- | :--- | | Total Revenue | KZT 106,830 million | +14.8% | | EBITDA | KZT 50,535 million | -5.9% | | EBITDA Margin | 47.3% | -10.5 p.p. | | Mobile Customers | 11.6M | +5.9% | | 4G Users | 8.9M | +11.8% | | ARPU | KZT 2,224 | +3.6% | - The neobank 'Simply' saw a **7.1x YoY increase** in MAUs, reaching almost **2.3 million**, driven by an ecosystem cashback program[55](index=55&type=chunk) [Bangladesh](index=16&type=section&id=Bangladesh) Banglalink's revenue declined 8.4% YoY in local currency due to political unrest and taxes, with potential impairment charges Bangladesh Key Metrics (3Q24) | Metric | Value | YoY Change (LCY) | | :--- | :--- | :--- | | Total Revenue | BDT 14,546 million | -8.4% | | EBITDA | BDT 5,866 million | -4.0% | | EBITDA Margin | 40.3% | +1.9 p.p. | | Mobile Customers | 37.8M | -5.4% | | 4G Users | 19.3M | -1.4% | | ARPU | BDT 121 | -8.0% | - The decline in revenue was attributed to political unrest, civil disturbances, new taxes on telecom services, and network outages[57](index=57&type=chunk) - The company disclosed that a substantial impairment charge to the carrying value of the Bangladesh Cash Generating Unit is possible for the period ended September 30, 2024[57](index=57&type=chunk) [Uzbekistan](index=17&type=section&id=Uzbekistan) Beeline Uzbekistan achieved 15.2% YoY local currency revenue growth and 15.0% EBITDA growth, driven by data and digital services Uzbekistan Key Metrics (3Q24) | Metric | Value | YoY Change (LCY) | | :--- | :--- | :--- | | Total Revenue | UZS 881,813 million | +15.2% | | EBITDA | UZS 315,912 million | +15.0% | | EBITDA Margin | 35.7% | -0.1 p.p. | | Mobile Customers | 8.2M | -6.0% | | 4G Users | 6.1M | -1.2% | | ARPU | UZS 34,500 | +20.6% | - Multiplay users increased **14.6% YoY** and now account for **46.9%** of the monthly active B2C customer base, driving a **31.4% YoY increase** in B2C revenues[58](index=58&type=chunk) - The Beepul mobile financial services platform grew **2.0x YoY**, reaching **1.3 million MAUs**[58](index=58&type=chunk) [Additional Information](index=18&type=section&id=Additional%20Information) Attachments provide definitions, customer data, financial reconciliations, and currency exchange rates for supplementary information [Conference Call Information](index=18&type=section&id=Conference%20Call%20Information) Details for the Q3 2024 results conference call, including registration and dial-in information, are provided - VEON hosted a conference call for its 3Q24 results on November 14, 2024, at 14:00 CET[61](index=61&type=chunk) - Details for registration, webcast access, and participation in the Q&A session were provided[62](index=62&type=chunk)[64](index=64&type=chunk) [Presentation of Financial Results](index=19&type=section&id=Presentation%20of%20Financial%20Results) Financial results are IFRS-based and unaudited, with non-IFRS measures defined and reconciled in attachments - The financial results presented are based on International Financial Reporting Standards (IFRS) and have not been externally audited or reviewed[68](index=68&type=chunk) - Non-IFRS measures such as EBITDA, net debt, and local currency trends are defined in Attachment A and reconciled to comparable IFRS information in Attachment C[69](index=69&type=chunk) [Disclaimer and Notice to Readers](index=20&type=section&id=Disclaimer%20and%20Notice%20to%20Readers) The document contains forward-looking statements and preliminary, unaudited financial information, noting Ukraine war impacts - The document contains forward-looking statements that involve risks and uncertainties, and actual outcomes may differ materially[73](index=73&type=chunk) - The financial information is preliminary, based on internal management accounts, and has not been audited or reviewed[72](index=72&type=chunk)[78](index=78&type=chunk) - A specific notice is provided regarding the impact of the ongoing war in Ukraine on the company's results and operations[79](index=79&type=chunk) [Attachments](index=23&type=section&id=Attachments) Attachments provide definitions, customer data, financial reconciliations, and currency exchange rates for supplementary information - Attachment A provides definitions for key financial and operational terms like ARPU, Capex, EBITDA, and customer metrics[86](index=86&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk) - Attachment B details mobile and fixed-line customer numbers by country[105](index=105&type=chunk) - Attachment C includes reconciliation tables for consolidated EBITDA to profit, Capex, Equity Free Cash Flow, and local currency growth rates[106](index=106&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - Attachment D lists the average and closing exchange rates of functional currencies to the USD[119](index=119&type=chunk)

Amsterdam and Dubai, 13 November 2024 - VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, ("VEON" or, together with its subsidiaries, the "Group"), announces that the VEON Board of Directors has re-appointed UHY LLP (“UHY”) as the independent registered public accounting firm for the audit of the Group's consolidated financial statements for the year ended December 31, 2024 in accordance with the standards established by the Public Company Accounting Oversight Board, United Stat ...

Amsterdam, Dubai and Dhaka - 11 November 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, announces that Banglalink, its digital operator in Bangladesh, has launched RYZE, a comprehensive digital lifestyle app tailored to engage Bangladesh’s emerging generation featuring AI-powered personalization. Over 48% of Bangladesh’s 175 million people are under the age of 25, according to the Bangladesh Bureau of Statistics. As a digital operator providing mobile connectivity and a ...