Financial Performance - The company achieved strong revenue growth of 8.9% year-on-year, with EBITDA rising by 13.7% [5][11] - Adjusting for the deconsolidation of TNS Plus, revenue growth would have been 11.7% and EBITDA growth would have been 15.5% [6][12] - In local currency terms, revenue increased by 12.9%, outpacing inflation and nominal GDP growth [10][11] - Direct digital revenues grew by 50.2% year-on-year, now representing 14.3% of total revenues, up from 10.4% a year ago [6][18] Business Segment Performance - The Telecom and Infrastructure segment contributed $880 million, growing 4.2% year-on-year [13] - Direct digital revenues in Pakistan surged 49.5%, contributing 27.7% of total revenues in that market [21] - In Ukraine, total revenues grew 49.5% year-on-year, with direct digital revenues increasing by 141% [24] - Kazakhstan's telecom and infrastructure revenues grew 9.4% year-on-year, while EBITDA was impacted by the absence of regulatory tax benefits [26] Market Performance - Pakistan's revenue growth was 20.3%, with EBITDA growing at 13.2% [19] - Ukraine's operations achieved 20.2% revenue growth and 10.2% EBITDA uplift after adjusting for the previous year's cyberattack [20] - Uzbekistan reported revenue growth of 13.1% and EBITDA growth of 16.5% [30] Company Strategy and Industry Competition - The company is transitioning into a services-oriented business model, leveraging digital services and AI integration [6][7] - The asset-light strategy is a cornerstone of value creation, with ongoing initiatives to unlock infrastructure and tower value [7][8] - The strategic partnership with Engrave Corporation in Pakistan is expected to unlock $563 million in value [7] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, projecting 12% to 14% underlying local currency revenue growth [42] - Inflation rates in the company's markets are trending lower, which is seen as a potential headwind [42] - The company is optimistic about the future, expecting to continue delivering on its strategy and creating sustainable value [44] Other Important Information - The second phase of the share buyback program commenced, with $23 million of shares repurchased [8] - The company repaid $472 million of bonds in April 2025, with no additional maturities until 2027 [40] - The company is making progress on the proposed NASDAQ listing for KSTAR, expected to complete in Q3 [83] Q&A Session Summary Question: What percentage of revenue from multiplayer customers is due to their use of apps versus telecom revenues? - Management noted that multiplayer customers generate 3.7 times more ARPU compared to voice-only customers, with data consumption three times higher [51][52] Question: How does the company position itself against Netflix in Pakistan? - Management sees Netflix as a complementary service rather than a competitor, emphasizing the relevance of local content [53][54] Question: What is the strategy around data centers? - The company plans to partner with investors for next-generation data centers while maintaining an asset-light strategy [62] Question: What are the drivers behind ARPU growth in Ukraine? - ARPU growth is attributed to fair value pricing and the stability of the customer base, with tower assets separated from the operating company [72][73] Question: What is the guidance for CapEx in Ukraine? - CapEx in Ukraine has increased due to extraordinary investments in energy sustainability, but is expected to align with guidance moving forward [81][82] Question: Will the company roll out fintech products in other markets? - The company is focusing on regulatory issues to introduce financial services in Bangladesh and Ukraine, following success in Pakistan [91][92]

Core Insights - VEON reported a total revenue growth of 8.9% year-on-year to USD 1,026 million for Q1 2025, with underlying local currency growth at 12.9% [2][9] - EBITDA increased by 13.7% year-on-year to USD 439 million, with a 10.4% increase in underlying local currency terms [4][9] - Direct digital revenue grew significantly by 50.2% year-on-year to USD 147 million, representing 14.3% of total revenues for the quarter [4][9] Financial Performance - The company achieved a year-on-year revenue growth of 8.9% in reported currency and 12.9% in local currency, adjusted for the impact of a cyberattack in Ukraine and the deconsolidation of TNS+ in Kazakhstan [2][3] - EBITDA for the quarter was USD 439 million, reflecting a 13.7% increase in reported currency and a 10.4% increase in underlying local currency terms [4][9] - Total cash and cash equivalents as of March 31, 2025, amounted to USD 1,775 million, with net debt to LTM EBITDA declining to 1.23x [5][9] Capital Expenditure and Outlook - Capex increased by 8.3% year-on-year, with a capex intensity of 13.1% [5] - The company maintains its FY25 outlook, expecting underlying local currency revenue growth of 12% to 14% and EBITDA growth of 13% to 15% [6] Share Buyback Program - VEON commenced the second phase of its share buyback program in March 2025, amounting to up to USD 35 million, following the completion of the first phase [7] Strategic Focus - The company emphasizes disciplined execution and innovation, aiming to enhance customer experiences through technology-driven services [10][11]

Core Insights - VEON Ltd. has partnered with GSMA Advance to become the inaugural member of the People Excellence Partner program, emphasizing its commitment to employee upskilling and knowledge advancement [1][2] - The partnership will provide VEON employees access to a variety of learning courses, enabling them to achieve certifications in critical areas such as 5G, IoT, mobile privacy, and regulatory best practices [3][4] - This initiative aligns with VEON's strategic move to Dubai, aiming to leverage the local talent pool and enhance its workforce capabilities in high-tech disciplines [4] Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, representing over 7% of the global population, and focuses on technology-driven services that promote economic growth [5] - The company is listed on Nasdaq and is dedicated to transforming lives through its digital services [5] GSMA Overview - GSMA represents the interests of mobile operators globally, uniting over 750 operators and nearly 400 companies in the mobile ecosystem [5] - The organization is known for hosting major industry events, including the Mobile World Congress (MWC) and the Mobile 360 Series [5]

Core Points - VEON Ltd. held its Annual General Meeting (AGM) in New York City, where shareholders approved the slate of seven directors for the incoming Board of Directors [1][2] - The Board re-elected Augie K Fabela II as Chairman for a second term, emphasizing the commitment to accelerate growth in dynamic frontier markets through AI-enabled digital services and cutting-edge technologies [2][3] - Approximately 99.5% of VEON Ltd. shares were represented at the AGM, where shareholders approved the re-appointment of UHY LLP as external auditor for the financial year ending December 31, 2025 [3] Company Overview - VEON is a Nasdaq-listed digital operator providing connectivity and digital services to nearly 160 million customers across six countries, impacting over 7% of the world's population [4]

Core Insights - VEON Ltd. has announced a partnership between its Kazakh software development company QazCode and AI technology provider Seekr to develop AI-powered B2B solutions [1][3] - The collaboration aims to integrate SeekrFlow, an end-to-end enterprise AI platform, into QazCode's operations to enhance the development of generative AI applications [2][4] Company Developments - QazCode aims to become a leading developer of AI applications both in Kazakhstan and internationally, leveraging Seekr's expertise in AI technologies [3][5] - The partnership will enhance QazCode's offerings to enterprise customers and facilitate AI adoption across business services [3][4] Product Innovations - QazCode has launched several AI products, including KazLLM, which has versions with 8 billion and 70 billion parameters, and the open-source Kaz-RoBERTA conversational model with 2 billion parameters [5][6] - KazLLM received the GSMA Foundry's Artificial Intelligence Award at Mobile World Congress in February 2025, highlighting its significance in the AI landscape [6] Company Background - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed an ecosystem of 60 digital products since 2018 [8] - QazCode, with a team of 750, specializes in creating private Large Language Models (LLMs) and offers IT outsourcing services [9] Industry Context - The global trend shows enterprises increasingly adopting augmented intelligence to gain competitive advantages, indicating a growing market for AI solutions [3]

Core Viewpoint - VEON Ltd. will release its financial and operational results for Q1 2025 on May 15, 2025, at 8:00 GST (0:00 EST) [2] Group 1: Financial Results Announcement - The trading update will cover selected financial and operating results for the first quarter ended March 31, 2025 [2] - A conference call with senior management will take place on the same day at 16:00 GST (8:00 EST) [2] Group 2: Conference Call Participation - Registration for the results conference call can be done through a provided link, and confirmation will be sent via email [3] - Participants can choose to join via webcast or dial-in for the conference call [4] Group 3: Q&A Session - Shareholders can submit and upvote questions for management through a Q&A platform starting May 8, 2025 [8] - The Q&A platform will remain open until 24 hours before the conference call [8] - Questions can also be submitted to VEON Investor Relations via email prior to the event [8] Group 4: Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, impacting over 7% of the world's population [10] - The company focuses on technology-driven services that empower individuals and drive economic growth [10]

[Filing Overview](index=1&type=section&id=Filing%20Overview) This section provides an overview of the Form 6-K filing by VEON Ltd., detailing its identification, included information, exhibit index, and official signatures [Report Identification](index=1&type=section&id=Report%20Identification) This section identifies the document as a Form 6-K report filed by VEON Ltd. for the month of April 2025, indicating its status as a foreign private issuer - The filing is a Form 6-K, a report of a foreign private issuer[1](index=1&type=chunk) - The registrant is VEON Ltd., with Commission File Number 1-34694[1](index=1&type=chunk) - The report covers the month of April 2025[1](index=1&type=chunk) [Information Contained in this Report](index=2&type=section&id=Information%20Contained%20in%20this%20Report) This section states that the report furnishes a press release issued on April 25, 2025, as Exhibit 99.1 - A press release dated April 25, 2025, is furnished as Exhibit 99.1[3](index=3&type=chunk) [Exhibit Index](index=3&type=section&id=Exhibit%20Index) The Exhibit Index confirms that Exhibit 99.1 is the Press Release dated April 25, 2025 - Exhibit 99.1 is described as a 'Press Release, dated April 25, 2025'[5](index=5&type=chunk) [Signatures](index=4&type=section&id=Signatures) The report was duly signed on behalf of VEON LTD. by A. Omiyinka Doris, Group General Counsel, on April 25, 2025 - The report was signed by A. Omiyinka Doris, Group General Counsel[6](index=6&type=chunk) - The signing date for the report was April 25, 2025[6](index=6&type=chunk)

Financial Performance - Net Debt is calculated as the sum of interest-bearing long-term and short-term debt minus cash and cash equivalents, providing insight into the company's financial position [27]. - Mobile average revenue per user (ARPU) is calculated by dividing mobile service revenue by the average number of mobile customers during the period [31]. - The company expects improvements in Average Revenue Per User (ARPU) and future costs and operating results [53]. Operational Segments - VEON's reportable segments include Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan, with Kyrgyzstan reported separately under "Other" [28]. - The company presents capital expenditures excluding licenses and right-of-use assets, which include spending on equipment, new construction, and upgrades [26]. User Engagement - The number of 4G users is a key performance indicator, reflecting mobile customers engaged in revenue-generating activities over the 4G network [30]. - Digital services monthly active users (MAUs) represent the total active users across all digital products and services offered by VEON [32]. Market and Industry Insights - Market and industry data is sourced from regulatory publications and third-party studies, with mobile penetration rates defined as mobile connections divided by population [38]. - The company anticipates changes in competitive strengths, customer demands, and market trends in its operating industries [53]. Risks and Challenges - The ongoing war in Ukraine poses risks to the company's operations, including economic conditions and supply chain disruptions [49]. - Forward-looking statements in the report are based on management's estimates and are subject to various risks and uncertainties [47]. - The company is aware of potential adverse legislative and regulatory developments that could impact profitability [53]. - The company has outlined various risks in its Annual Report on Form 20-F that could affect its performance [53]. Strategic Initiatives - The company aims to expand its product offerings, including 4G and 5G networks, broadband services, and digital services in various sectors [49]. - The company plans to enhance marketing and distribution strategies, including customer loyalty programs [53]. - The company emphasizes the importance of meeting license requirements and obtaining regulatory approvals for operations [53]. - The company recognizes the importance of retaining key personnel for its operations [53].

Core Points - VEON Ltd. has filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The filing indicates progress in transparency, operational discipline, and long-term value creation, as stated by the Group CEO Kaan Terzioglu [2] - The 2024 20-F report is available on the company's website, and shareholders can request a hard copy free of charge [3] Company Overview - VEON is a Nasdaq-listed digital operator providing connectivity and digital services to nearly 160 million customers across six countries [4] - The company operates in regions that account for over 7% of the world's population, focusing on technology-driven services that empower individuals and drive economic growth [4]

Core Insights - VEON Ltd. published its 2024 Integrated Annual Report, highlighting strong operational and financial performance along with a commitment to social impact [1][2][3] Financial Performance - Group revenues for FY24 increased by 8.3% year-on-year, while Group EBITDA grew by 4.9% year-on-year in reported currency [13] - Direct revenues from digital services accounted for 11.5% of total revenues, growing at a rate of 63% year-on-year in reported currency [13] Digital Transformation and AI Initiatives - VEON served 122 million total monthly active users across its digital services portfolio by the end of 2024, providing access to financial services, digital information, entertainment, healthcare, and learning opportunities [4] - The company launched AI-based solutions, including Kaz-LLM, a large language model in Kazakhstan, as part of its AI1440 ambition to augment human capabilities [5] Commitment to Ukraine - VEON and Kyivstar committed USD 1 billion in investments from 2023 to 2027 to rebuild Ukraine's digital infrastructure and expand essential digital services [6] - Key milestones included partnerships for satellite-based services and enhancing energy resilience [6] Energy Efficiency and Sustainability - The number of Base Transceiver Stations (BTS) using power-saving technology increased from approximately 63,000 in 2023 to 70,000 in 2024 [7] - The number of base stations powered by renewable energy rose from 993 in 2023 to 1,085 in 2024, while overall energy consumption in offices decreased by nearly 28% [7] Governance and Corporate Structure - VEON streamlined its governance by consolidating trading in its shares to the Nasdaq Stock Market and relocating its headquarters to the Dubai International Financial Center [9][10] Investment in Human Capital - The company invested USD 4.4 million in employee training and development in 2024, up from USD 2.6 million in 2023 [11] - Initiatives to support women's inclusion in the workforce were launched, with significant increases in women's representation in leadership roles across various countries [12]