Financial Data and Key Metrics Changes - The company achieved revenue growth of 8.9% year-on-year, with EBITDA rising by 13.7% [5][40] - 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 performance was even stronger, delivering a 12.9% increase, outpacing inflation and nominal GDP growth [6][11] - EBITDA margins improved by 1.8 percentage points to 42.8% for the quarter, reflecting effective pricing controls and disciplined cost management [14] Business Line Data and Key Metrics Changes - The Telecom and Infrastructure segment contributed $880 million, growing 4.2% year-on-year [14] - Direct digital revenues surged by 50.2% year-on-year, now representing 14.3% of total revenues, up from 10.4% last year [6][19] - The multiplay segment, which includes customers using both voice and digital services, generated 3.7 times more ARPU compared to voice-only subscribers [18][55] Market Data and Key Metrics Changes - Revenue growth in Pakistan was 20.3%, with EBITDA growing at 13.2% [20] - Ukraine's revenue grew by 49.5% year-on-year, with a 20.2% growth when adjusted for the previous year's cyberattack [24][25] - Kazakhstan's revenue performance was robust, growing 11.5% year-on-year, while Uzbekistan saw revenue growth of 13.1% [20][21] Company Strategy and Development Direction - The company is focusing on expanding its digital services portfolio and transitioning into a services company with a telco license [6][8] - The asset-light strategy remains a cornerstone of value creation, with ongoing initiatives to unlock infrastructure and tower value [8] - The strategic partnership with Engrave Corporation in Pakistan aims to pool infrastructure assets, unlocking $563 million in value [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, projecting 12% to 14% underlying local currency revenue growth and 13% to 15% EBITDA growth [46][47] - The company noted that inflation rates in its markets are trending lower, which could present both opportunities and challenges [45][46] - Management highlighted the importance of digital services in driving future value and diversification across the portfolio [41] Other Important Information - The second phase of the share buyback program commenced, with $23 million of shares repurchased [9] - The company repaid $472 million of bonds in April 2025, with no additional maturities until 2027 [43] - The company is making progress on Kevstar's listing on NASDAQ, which is expected to enhance visibility and profile [9][27] Q&A Session Summary Question: What percentage of revenue from multiplay customers is due to their use of apps versus telecom revenues? - Management indicated that multiplay customers generate 3.7 times more ARPU compared to voice-only customers, with data consumption three times higher and lower churn rates [55] Question: How does Tamasha compare to Netflix in terms of local programming capabilities? - Management stated that while Netflix is known, the ability to pay for subscriptions is limited in Pakistan, and they see their content as complementary rather than competitive [58][59] Question: What is the strategy around data centers in the Middle East? - Management expressed interest in partnering with investors for next-generation data centers while maintaining an asset-light strategy [67] Question: What are the drivers behind ARPU growth in Ukraine? - Management noted that ARPU growth reflects fair value pricing and the stability of the customer base, with a 20% growth adjusted for the cyberattack impact [76] Question: What is the guidance for CapEx in Ukraine? - Management indicated that CapEx in Ukraine has increased due to extraordinary investments related to energy sustainability, but they expect to remain within guidance excluding these factors [87] Question: Will direct digital revenue growth be organic? - Management confirmed that direct digital revenue growth does not include Uclone yet, and they expect to see organic growth starting in Q2 [91][92] Question: Will the company roll out fintech products in other markets? - Management confirmed that they are focusing on regulatory issues to introduce financial services in Bangladesh and Ukraine, following the success in Pakistan [97][98]

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]

Dubai and Astana, May 07, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ("VEON" and together with its subsidiaries, the "Group"), announces that QazCode, its Kazakh software development company, has signed a Memorandum of Understanding (MoU) with Seekr, an artificial intelligence (AI) technology provider, to develop and implement AI-powered business-to-business (B2B) solutions across QazCode's operations. To accelerate its development of augmented intelligence solutions for use across all of VEO ...

VEON to release 1Q 2025 trading update on May 15, 2025 Dubai, May 2, 2025 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms that the Group will release its selected financial and operating results for the first quarter ended March 31, 2025, at or around 8:00 GST (0:00 EST) on May 15, 2025. VEON will also host a results conference call with senior management at 16:00 GST (8:00 EST) on the same day. 1Q25 results conference call To register and access the event, please click here or copy an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of April 2025 Commission File Number 1-34694 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o. Information contained in this report On April 25, 2025, the Registrant issued a press release, a copy of which is furnished hereto as Ex ...

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].

Dubai, April 25, 2025: VEON Ltd. (NASDAQ:VEON), a global digital operator (‘VEON' or the ‘Company'), today announces that it has filed its Annual Report on Form 20-F for the year ended December 31, 2024 (the "2024 20-F") with the U.S. Securities and Exchange Commission at www.sec.gov. The filing follows the completion of the audit of the VEON Ltd. 2024 financial statements by the Company's independent auditor UHY LLP according to Public Company Accounting Oversight Board standards. "The filing of our 2024 2 ...