Core Viewpoint - VEON Ltd. has appointed Vitaly Shmakov as the Acting General Counsel, effective July 1, 2025, highlighting the company's commitment to internal talent development and strategic growth initiatives [1][3]. Group 1: Appointment Details - Vitaly Shmakov is currently the Group Director of M&A and Strategic Transactions at VEON and has been with the company since 2016, holding various legal roles [2]. - His previous experience includes being a Senior Associate for M&A and Corporate Law at Ashurst LLP in London, and he holds multiple LL.M degrees and is pursuing an Executive MBA [2]. Group 2: Leadership and Strategy - The appointment of Shmakov is seen as a strategic move to lead the legal team and support VEON's transformative initiatives, including the planned listing of Kyivstar on the Nasdaq Stock Market [3][4]. - Shmakov's nearly 20 years of experience in M&A and corporate law, along with his significant contributions to VEON's development, position him as a strong candidate for this role [4]. Group 3: Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, representing over 7% of the global population, and is focused on technology-driven services that promote economic growth [5].

Core Viewpoint - VEON Ltd. announces the resignation of Omiyinka Doris as Group General Counsel effective July 1, 2025, while she will continue as a strategic advisor to the Group CEO [1][2]. Group 1: Leadership Transition - Omiyinka Doris has been with VEON for a decade, serving in various roles including Deputy General Counsel and Acting Group General Counsel before becoming the Group General Counsel [2]. - Doris played a crucial role in navigating VEON through significant geopolitical changes and was instrumental in key strategic initiatives such as the exit from Russia and bond restructurings [2][5]. - The leadership transition is seen as a pivotal moment for VEON, with both the Chairman and CEO acknowledging Doris's contributions to the company's transformation and legal framework [5]. Group 2: Achievements and Contributions - Under Doris's leadership, VEON executed numerous strategic initiatives, including consolidating trading on Nasdaq and relocating the headquarters from Amsterdam to Dubai [2]. - Doris was recognized by the Financial Times in 2024 as one of the world's top 15 in-house legal leaders, highlighting her impact in the legal field [4]. - She has transformed the legal and compliance teams at VEON, fostering collaboration and establishing an Ethics and Compliance Centre of Excellence in Dubai [3]. Group 3: Company Overview - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, representing over 7% of the global population [6]. - The company focuses on technology-driven services that empower individuals and stimulate economic growth [6].

Core Viewpoint - VEON Ltd. is initiating the third phase of its share buyback program, amounting to up to USD 35 million, following the successful completion of the second phase [1][2][3] Share Buyback Program - The second phase of the buyback program was completed on May 21, 2025, resulting in the repurchase of 1.43 million American Depositary Shares (ADSs) at an average price of USD 45.59 per ADS [2] - The total share buyback program announced on August 1, 2024, is valued at up to USD 100 million [2][3] - The company believes its ADSs are undervalued compared to its operational performance and strategic potential, aiming to optimize shareholder value through this buyback [3] Financial Strategy - VEON is exploring options for raising external financing through a private placement of bonds with a tenor of up to approximately four years, aimed at supporting strategic initiatives and enhancing financial flexibility [4] - Discussions with potential institutional investors are ongoing as part of the company's capital planning efforts [4] Company Overview - VEON operates as a digital operator providing connectivity and digital services to nearly 160 million customers across six countries, representing over 7% of the global population [5]

Core Insights - Kyivstar Group reported strong financial results for Q1 2025, with total operating revenue reaching USD 255 million, a 37.1% increase year-on-year in USD terms and 49.6% in local currency [2][5][6] - The company achieved a profit of USD 44 million for the period, reflecting a 22.2% year-on-year increase in USD and a 33.7% increase in local currency terms, resulting in a profit margin of 17.3% [2][5][6] - Adjusted EBITDA for Q1 2025 was USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency, with an adjusted EBITDA margin of 54.9% [2][5][6] Financial Performance - Total operating revenue for Q1 2025 was USD 255 million, up 37.1% year-on-year in USD and 49.6% in local currency [2][5][6] - Profit for the period amounted to USD 44 million, a 22.2% increase year-on-year in USD and 33.7% in local currency [2][5][6] - Adjusted EBITDA reached USD 140 million, representing a 50.5% year-on-year increase in USD and 64.6% in local currency [2][5][6] Customer Growth - The Multiplay customer base increased by 40.7% year-on-year to 6.1 million, representing 29.5% of one-month-active mobile customers [6] - Total digital monthly active users across Kyivstar Group's digital applications reached 10.3 million in Q1 2025, up 32.9% from 7.7 million a year earlier [6] Strategic Initiatives - The company completed the acquisition of Uklon, a leading ride-hailing business, for approximately USD 155.2 million and increased its stake in Helsi, Ukraine's largest digital health platform, from 69.99% to 97.99% [5][14] - Kyivstar Group is progressing towards a listing on the Nasdaq Stock Market, with a registration statement filed in conjunction with a business combination with Cohen Circle [8][10]

Core Points - VEON Ltd. has filed a registration statement with the SEC for the listing of Kyivstar Group on Nasdaq, marking a significant step in its plans to bring a leading Ukrainian digital operator to U.S. markets [1][2][3] - The business combination with Cohen Circle Acquisition Corp. I is expected to close in the third quarter of 2025, pending shareholder approval and customary conditions [5] - Kyivstar Group will be the only pure-play Ukrainian investment opportunity on U.S. stock markets, with its common shares and warrants to be listed under the ticker symbols "KYIV" and "KYIVW" [2][3] Company Overview - VEON is a global digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that promote economic growth [6] - Cohen Circle Acquisition Corp. I is a special purpose acquisition company formed to merge with technology and financial services businesses [7] Market Implications - The listing of Kyivstar Group on Nasdaq is anticipated to provide U.S. and global investors with a compelling opportunity to invest in Ukraine's economic growth and resilience [3][4] - The transaction is expected to enhance the visibility and accessibility of Kyivstar Group's success story to a broader investor base [4]

Group 1 - VEON Ltd. has launched "AI Tutor," an AI-powered learning assistant aimed at enhancing the learning experience in the Kazakh language for both children and adults, marking a significant step towards digital inclusion in Kazakhstan [1][4] - AI Tutor is integrated into Beeline Kazakhstan's super-app Janymda and utilizes the KazLLM large language model, offering six gamified learning modules focused on Kazakh language learning, with plans to expand into other subjects [2][3] - The KazLLM model was developed in collaboration with the Institute of Smart Systems and Artificial Intelligence and launched in December 2024, with Janymda reaching 4.9 million monthly active users as of April 2025 [3] Group 2 - The CEO of VEON Group emphasized that augmented intelligence can revolutionize education and make learning more accessible, particularly for Kazakh speakers, through the integration of AI Tutor into a leading digital platform [4] - QazCode's CEO highlighted that AI Tutor personalizes the learning experience for users, making Kazakh language and culture more accessible, and represents a significant advancement in addressing real human needs through technology [5] - QazCode, a major software development company in Kazakhstan, has developed various AI products, including the Kaz-RoBERTA conversational model, and collaborates with international institutions to enhance its capabilities in developing language models for low-resource languages [5][7] Group 3 - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed a digital ecosystem of 60 products since 2018 [6] - QazCode employs 750 people and specializes in creating private large language models, data security, and IT outsourcing services [7] - VEON operates across six countries, providing digital services to nearly 160 million customers, and is listed on NASDAQ [8]

Core Insights - VEON Ltd. has secured all regulatory approvals for its strategic partnership with Engro Corporation Limited to manage telecommunications infrastructure assets in Pakistan, enhancing digital investments in the country [1][2] - The partnership involves transferring VEON's infrastructure assets to Engro Connect, a subsidiary of Engro Corp, through a scheme of arrangement, expected to be completed in June [2] - This agreement is anticipated to accelerate Jazz's transformation into an asset-light services company, promoting growth for both Jazz and Engro Corp while supporting Pakistan's digital transformation [3][4] Financial Details - Engro will pay Jazz approximately USD 188 million and guarantee the repayment of Deodar's intercompany debt amounting to USD 375 million [6] Company Profiles - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that empower individuals and stimulate economic growth [7] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash and Tamasha [8] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and aims to address pressing issues through its business portfolio [9]

Core Insights - VEON Ltd. has opened a new headquarters for Beeline Uzbekistan in Tashkent IT Park, housing around 2,000 employees and various digital service teams [1][2][4] - The relocation signifies VEON's commitment to investing in Uzbekistan's digital future and enhancing the provision of digital services in Central Asia [2][5] Company Developments - Beeline Uzbekistan serves 8.2 million customers with mobile connectivity and has 7.6 million total monthly active users across its digital services [6] - The digital portfolio includes financial services application BeePul, streaming application Kinom, and super-app Hambi, showcasing a diverse range of offerings [6] - Beeline Uzbekistan reported 9.5 million monthly active digital users in Q1 2025, indicating strong demand for its digital services [4] Industry Context - Uzbekistan is positioning itself as a regional digital hub through its Digital Uzbekistan 2030 strategy, aiming to create a thriving digital economy [3] - The government welcomes partnerships with companies like VEON to support innovation and attract global investment [3] - VEON has been investing in Uzbekistan's telecommunications and digital infrastructure since 2006, expanding its services beyond traditional connectivity [5]

Financial Performance - VEON reported total revenue of USD 1,026 million for Q1 2025, reflecting an 8.9% year-on-year increase in reported currency and a 12.9% increase in underlying local currency terms[5][7]. - EBITDA for Q1 2025 reached USD 439 million, representing a 13.7% year-on-year increase in reported currency and a 10.4% increase in underlying local currency terms[5][19]. - In Q1 2025, total operating revenues increased by 8.9% year-on-year to US$1,026 million, with net profit for the period reaching US$118 million, a 50.9% increase[38][39]. - VEON expects total revenue growth of 12% to 14% and EBITDA growth of 13% to 15% year-on-year for 2025[9][11]. - The company’s net debt, excluding leases and banking operations in Pakistan, decreased to USD 1,810 million as of March 31, 2025, down from USD 1,901 million at the end of 2024[122]. - Cash and cash equivalents at the end of Q1 2025 were US$1,774 million, a significant increase from US$832 million in Q1 2024[40]. - The company reported a gross debt of USD 4,377 million, with net debt excluding leases at USD 3,282 million[123]. Digital Revenue Growth - Direct digital revenues surged by 50.2% year-on-year to USD 147 million, now accounting for 14.3% of total revenues, up from 10.4% a year ago[12][11]. - Total digital users reached 125.1 million, a 25% year-on-year increase, with digital-only users surging 58% to 32.4 million[25]. - Direct digital revenue in Pakistan surged 49.5% YoY, contributing 27.7% of total revenues, with JazzCash revenues growing 66.1% YoY[52]. - Digital revenues in Kazakhstan increased by 29.4% YoY, contributing 12.1% to total revenues in 1Q25, driven by demand for digital services like BeeTV and Simply[71]. - The mobile financial services platform Beepul grew its customer base by 152% YoY to over 2.3 million MAUs[89]. Customer Growth and Engagement - The number of 4G users grew by 3.3% year-on-year to 101.5 million, with 4G penetration reaching 66.6% of the total subscriber base[20][12]. - Multiplay customers increased by 24.8% year-on-year to 42.7 million, representing 32.3% of the total user base, contributing to a 26.4% year-on-year growth in multiplay revenues[21][12]. - JazzCash in Pakistan reported 20.6 million monthly active users (MAUs), a 19.4% year-on-year increase, with LTM transactional value rising 62.8% year-on-year to PKR 10.8 billion (US$38.6 billion)[26]. - Tamasha in Pakistan grew MAUs by 37.6% year-on-year to 16.5 million, while Kyivstar TV in Ukraine reached 2 million MAUs, a 34.9% year-on-year increase[27]. - The SuperApp Hambi reached 4.3 million users, a 30.4% increase from the prior period, and was ranked as the top app on Google Play in Uzbekistan[90]. Capital Expenditure and Investments - Capex increased by 8.3% year-on-year to USD 135 million, with a last twelve months (LTM) capex intensity of 20.4%[8][12]. - The company’s capex intensity for 2025 is expected to be in the range of 17% to 19%[33]. - Capex in Ukraine reached UAH 2,422 million, up 125.9% YoY, indicating a focus on network and digital capabilities expansion[60]. - In 1Q25, Kyivstar's capex surged by 126% YoY to UAH 2,422 million, resulting in a capex intensity of 22.6% as the company focused on network resilience and 4G expansion[67]. - Capex in Uzbekistan dropped by 78.2% YoY to UZS 114,870 million in 1Q25, reflecting a capex intensity of 12.2%[83]. Strategic Initiatives - VEON is focusing on its "AI1440" strategy to integrate AI-powered features in digital applications, enhancing customer experience across various markets[22][12]. - The company is focusing on expanding its digital platforms, which contribute to direct digital revenues, enhancing overall revenue streams[130]. - VEON's strategic priorities include expanding its digital experience and leveraging technologies such as artificial intelligence to enhance customer offerings[146]. Regional Performance - Total revenue increased by 8.9% YoY to USD 1,026 million in 1Q25, with significant growth in Ukraine (49.5% YoY) and Pakistan (20.4% YoY) revenues[49]. - Kyivstar's total revenue increased by 49.5% YoY to UAH 10,720 million, driven by a 140.7% increase in direct digital revenue[60]. - Banglalink's total revenue in Bangladesh decreased by 12.4% YoY to BDT 13,519 million in 1Q25, impacted by a 14.6% decline in mobile customers[77][78]. - In Uzbekistan, total revenue rose by 13.1% YoY to UZS 938,751 million in 1Q25, with digital revenue skyrocketing by 224.5% YoY[83][84]. Debt and Financial Leverage - Net debt to LTM EBITDA, excluding lease liabilities, improved to 1.23x, down from 1.34x as of December 31, 2024[8][12]. - Net debt decreased by 1.0% quarter-on-quarter to US$2,905 million, with a net debt to LTM EBITDA ratio of 1.67x[42]. - The net debt of VEON is calculated as interest-bearing long-term debt minus cash and cash equivalents, providing insight into the company's financial leverage[140]. Market Challenges - The ongoing war in Ukraine has significantly impacted VEON's operations, necessitating close monitoring of the situation and its effects on financial performance[151]. - Future market developments and trends are uncertain, with potential impacts from geopolitical conflicts and regulatory changes affecting operations[146].

1 VEON 1Q25 RESULTS PRESENTATION 15 May 2025 • STRONG START TO 2025 • DIRECT DIGITAL REVENUES SURGE 50%, DRIVING GROWTH 1Q25 Results |1 | 1. OPENING | | Anand Ramachandran | | --- | --- | --- | | 2. HIGHLIGHTS & BUSINESS UPDATE | | Kaan Terzioğlu | | 3. 1Q25 FINANCIAL RESULTS | | Burak Ozer | | 4. 2025 OUTLOOK | | Kaan Terzioğlu | | 5. Q&A | Kaan Terzioğlu, Burak Ozer, Anand Ramachandran | | AGENDA 1Q25 Results |2 2 DISCLAIMER VEON's results and other financial information presented in this document are, un ...