Call Start: 08:00 January 1, 0000 8:55 AM ET VEON Ltd. (NASDAQ:VEON) Q4 2021 Earnings Conference Call February 28, 2022 08:00 ET Company Participants Nik Kershaw - Group Director of Investor Relations Kaan Terzioglu - Chief Executive Officer Serkan Okandan - Group Chief Financial Officer Conference Call Participants Alastair Jones - Renaissance Capital Cesar Tiron - Bank of America Ivan Kim - Xtellus Capital Stella Cridge - Barclays Bank Nik Kershaw Welcome to the VEON's Fourth Quarter Results presentation ...

Financial Data and Key Metrics Changes - In Q3 2021, group revenues grew by 11.2% year-on-year in local currency, with a total revenue increase of 10.2% in reported currency [5][21] - Local currency EBITDA increased by 9.1%, while reported EBITDA rose by 8.6%, resulting in a reported EBITDA margin of 44.4% [5][21] - Net income for Q3 was reported at $195 million, compared to a net loss in the same quarter last year [22] Business Line Data and Key Metrics Changes - Revenue growth was observed across all markets, with double-digit growth in five countries, particularly in Kazakhstan with a 25.5% increase [7][12] - In Russia, Beeline's total revenues rose by 8.2% year-on-year, with mobile service revenue growth of 4.5% [8] - In Ukraine, Kyivstar achieved a 12% revenue growth, supported by a significant rise in 4G penetration [10] - Pakistan's revenue grew by 13%, with adjusted EBITDA growth of 24.6% after accounting for a one-off item [11] - Kazakhstan's data revenue grew by 40%, with ARPU increasing by 22.7% [12] Market Data and Key Metrics Changes - Strong performance was noted in core growth markets: Ukraine, Pakistan, and Kazakhstan, all showing double-digit growth in both revenue and EBITDA [7][33] - Bangladesh experienced a 7.2% revenue growth despite challenges, with a 61% increase in 4G subscribers [13] - The 4G subscriber base across various markets continues to grow, contributing to increased data usage and revenue [14][16] Company Strategy and Development Direction - The company is focused on increasing 4G subscriber penetration, aiming for a medium-term target of 70% [35] - There is a strategic emphasis on digital services, with significant growth in platforms like JazzCash and Toffee [35][36] - The company is actively managing its infrastructure portfolio, including the sale of tower assets in Russia and establishing separate tower entities in Ukraine and Pakistan [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a minimum of 8% local currency growth in EBITDA for the full year, reflecting better-than-expected performance [6][31] - The company is optimistic about revenue trends in Bangladesh, viewing it as a market with good structural growth opportunities [34] - Management highlighted the importance of cost efficiency initiatives under Project Optimum, aiming for a 1-2 percentage point improvement in cost intensity by FY2023 [25][35] Other Important Information - The company recorded a significant increase in operational cash flow, amounting to $509 million for the quarter [27] - The net debt level was reported at $8.15 billion, with a leverage ratio of 2.5 times, which is in line with internal comfort levels [28] Q&A Session Summary Question: Comments on Russian market turnaround and EBITDA growth - Management acknowledged the turnaround in Russia and noted that while EBITDA growth may be slower, the focus on network investments is critical for future growth [43][48] Question: ARPU growth in Russia - Management indicated that ARPU growth is currently slow but emphasized the potential for improvement as 4G penetration increases [44][49] Question: Efficiency improvements in Russian operations - Management confirmed ongoing optimization of the distribution network and store closures to enhance efficiency [51] Question: Monetization of tower assets in other countries - Management reiterated the commitment to unlocking value from tower assets across the portfolio, with established entities in Pakistan and Ukraine [53] Question: Free cash flow outlook and dividend considerations - Management expects strong free cash flow generation in Q4, with a commitment to maintaining a dividend policy of at least 50% of equity free cash flow after license payments [65][66] Question: Spectrum investment decisions - Management stated a disciplined approach to spectrum investments, with no current plans to bid in Pakistan due to unfavorable currency conditions [69][70]

3Q21 RESULTS | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | VEON | | | | | EXECUTION GAINS MOMENTUM: | | | | | ANOTHER QUARTER OF DOUBLE -DIGIT GROWTH | | | | | RAISING FULL YEAR EBITDA GUIDANCE | | | | October 28, 2021 1 AGENDA 1. OPENING Nik Kershaw 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 3Q21 FINANCIAL RESULTS Serkan Okandan 4. CLOSING REMARKS Kaan Terzioğlu 2 DISCLAIMER This presentation contains "forward- ...

VEON Ltd. (NASDAQ:VEON) Q2 2021 Earnings Conference Call August 31, 2021 8:00 AM ET Company Participants Nik Kershaw - Head, IR Kaan Terzioglu - Co-CEO Sergi Herrero - Co-CEO Serkan Okandan – CFO Conference Call Participants Vyacheslav Degtyarev - Goldman Sachs Group Ivan Kim - Xtellus Capital Henrik Herbst - Morgan Stanley Alexander Vengranovich - Renaissance Capital Good day, and thank you for standing by. Welcome to the VEON Q2 2021 Results Conference Call. At this time, all participants are in a listen- ...

VEON Ltd. (NASDAQ:VEON) Q1 2021 Earnings Conference Call April 29, 2021 8:00 AM ET Company Participants Nik Kershaw - Head, Investor Relations Kaan Terzioglu - Co-Chief Executive Officer Sergi Herrero - Co-Chief Executive Officer Serkan Okandan - Chief Financial Officer Conference Call Participants Ondrej Cabejsek - UBS Alastair Jones - New Street Research Henrik Herbst - Morgan Stanley Vyacheslav Degtyarev - Goldman Sachs Group Ivan Kim - Xtellus Capital Operator Good day, ladies and gentlemen and welcome ...

Use these links to rapidly review the document TABLE OF CONTENTS TABLE OF CONTENTS Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o ...

VEON Ltd. (NASDAQ:VEON) Q4 2020 Earnings Conference Call February 18, 2021 8:00 AM ET Company Participants Nik Kershaw - Head, Investor Relations Kaan Terzioglu - Co-Chief Executive Officer Sergi Herrero - Co-Chief Executive Officer Serkan Okandan - Chief Financial Officer Alexander Torbakhov - Chief Executive Officer, Beeline Russia Conference Call Participants Ondrej Cabejsek - UBS Henrik Herbst - Morgan Stanley Ivan Kim - Xtellus Capital Alastair Jones - New Street Research Operator Good day, ladies and ...

VEON Ltd. (NASDAQ:VEON) Q3 2020 Earnings Conference Call October 29, 2020 9:00 AM ET Company Participants Nik Kershaw - Group Head of IR Serkan Okandan - Group CFO Kaan Terzioglu - Co-CEO Sergi Herrero - Co-CEO Conference Call Participants Ondrej Cabejšek - UBS Ivan Kim - Xtellus Capital Maria Sukhanova - BCS Dilya Ibragimova - Citi Alex Vengranovich - Renaissance Capital Operator Good day, ladies and gentlemen, and welcome to VEON Third Quarter 2020 Results Webcast and Conference Call. [Operator Instructio ...

| --- | --- | --- | --- | --- | --- | |------------|-----------------------------------|------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Veon 3Q20 RESULTS 29 October 2020 | | | | | | banglalink | DJEZZ جازي Beeline® | - KVİVSTAR | | | | - 35 81/28 AGENDA 1. OPENING Nik Kershaw: Head of IR 2. FINANCIAL RESULTS Serkan Okandan: CFO | --- | --- | |-------------------------|---------------------------------------------------| | 3. OPERATIONAL REVIEW | Kaan Terzioğ ...

VEON Ltd (NASDAQ:VEON) Q2 2020 Earnings Conference Call August 6, 2020 8:00 AM ET Company Participants Nik Kershaw - Group Director IR Serkan Okandan - Group CFO Kaan Terzioglu - Co-CEO Sergi Herrero - Co-CEO Conference Call Participants Vyacheslav Degtyarev - Goldman Sachs Group Ivan Kim - Xtellus Capital Partners Ondrej Cabejšek - UBS Investment Bank Stella Cridge - Barclays Bank Maria Sukhanova - BCS Financial Group Operator Good day, ladies and gentlemen, and welcome to the VEON Second Quarter 2020 Resu ...