Core Viewpoint - The business combination between VEON Ltd. and Cohen Circle Acquisition Corp. I has successfully closed, resulting in the establishment of Kyivstar Group Ltd. as a U.S.-listed company, marking a significant milestone for Ukrainian investment opportunities in the U.S. stock market [1][2][4]. Company Overview - Kyivstar Group Ltd. will begin trading on Nasdaq under the ticker symbols "KYIV" and "KYIVW" on or about August 15, 2025, making it the first pure-play Ukrainian investment opportunity in U.S. markets [2]. - VEON holds an 89.6% stake in Kyivstar Group Ltd. following the business combination [2]. Shareholder Approval and Financials - Cohen Circle's shareholders approved the business combination at an extraordinary general meeting on August 12, 2025, with only 25.4% of Class A ordinary shares exercising redemption rights, resulting in transaction proceeds of USD 178 million [3]. Leadership Statements - VEON's Chairman emphasized the historical significance of Kyivstar's listing on Nasdaq and its role in showcasing Ukraine's resilience and investment potential [4]. - The CEO of VEON highlighted the strong investor confidence in Kyivstar, evidenced by low redemption rates during the transaction [4]. - Kyivstar's President expressed excitement about sharing the company's growth story with international investors [4]. Company Services and Market Position - Kyivstar serves nearly 23 million mobile customers and 1.1 million fixed connectivity customers, offering a range of digital services including healthcare, entertainment, and enterprise solutions [6][10]. - The company is also a key player in Ukraine's software development landscape and has partnerships with international technology firms [6]. Future Developments - Kyivstar plans to commercially launch satellite-powered Direct to Cell services in Q4 2025, enhancing connectivity across Ukraine [7]. Investment Commitment - VEON and Kyivstar Group intend to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions [10].

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have successfully completed a business combination, resulting in the establishment of Kyivstar Group Ltd. as a U.S.-listed company, marking it as the first pure-play Ukrainian investment opportunity on U.S. stock markets [1][2][4] Group 1: Business Combination Details - The business combination was approved by Cohen Circle's shareholders on August 12, 2025, with only 25.4% of Class A ordinary shares redeeming, leading to transaction proceeds of USD 178 million [3] - Following the business combination, VEON holds an 89.6% stake in Kyivstar Group Ltd., which will trade on Nasdaq under the ticker symbols "KYIV" and "KYIVW" starting August 15, 2025 [2][4] Group 2: Company Overview - Kyivstar is Ukraine's leading digital operator, serving nearly 23 million mobile customers and 1.1 million fixed connectivity customers, with a diverse portfolio including digital healthcare, entertainment streaming, and ride-hailing services [6][10] - The company plans to launch satellite-powered Direct to Cell services in Q4 2025, enhancing connectivity across Ukraine [7] Group 3: Investment and Growth Strategy - VEON and Kyivstar Group intend to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions [10] - Kyivstar's growth strategy emphasizes robust execution, strong growth, and a commitment to rebuilding Ukraine, appealing to international investors seeking high-growth opportunities [4][5]

Core Viewpoint - VEON Ltd. has completed the sale of its 50.1% indirect stake in Sky Mobile LLC to Eldik Bank, marking a strategic move to optimize its portfolio and focus on larger markets with growth potential [1][2][3][4]. Group 1: Transaction Details - The sale was finalized after receiving all necessary regulatory approvals [1]. - Eldik Bank, a state-owned financial institution, acquired 100% of Sky Mobile LLC on behalf of the Government of the Kyrgyz Republic, following the government's exercise of its right of first refusal [3]. - The full transaction value was paid by Eldik Bank upon completion of the sale [3]. Group 2: Strategic Implications - This transaction aligns with VEON's strategy to simplify its group structure and concentrate on countries with larger populations and scalable digital business opportunities [2]. - The CEO of VEON, Kaan Terzioglu, emphasized that the sale represents an important step in the company's portfolio optimization efforts [4]. - The company expressed confidence in the future success of Beeline Kyrgyzstan under Eldik Bank's ownership, highlighting the achievements in expanding 4G coverage and advancing the digital operator model [4]. Group 3: Company Overview - VEON is a Nasdaq-listed digital operator serving over 160 million customers across five countries, representing more than 6% of the global population [4]. - The company focuses on technology-driven services that empower individuals and stimulate economic growth [4].

Core Insights - VEON Ltd. announces successful testing of Starlink Direct to Cell technology in Ukraine, marking a significant milestone in satellite and terrestrial network integration in Eastern Europe [1][4][5] Group 1: Technology and Implementation - Kyivstar, VEON's digital operator in Ukraine, conducted a pilot test in the Zhytomyr region, demonstrating the technology's viability by enabling direct communication via regular 4G smartphones [2][5] - The Direct to Cell service aims to provide reliable connectivity in areas lacking traditional networks, with plans for a commercial launch in Q4 2025, starting with messaging services [3][4][5] Group 2: Strategic Partnerships and Investments - The project exemplifies a partnership between the Ukrainian government, business, and technology firms, focusing on enhancing communication infrastructure amid wartime challenges [5] - VEON and Kyivstar plan to invest USD 1 billion in Ukraine from 2023 to 2027, targeting infrastructure and technological development [8] Group 3: Future Prospects - The integration of satellite and terrestrial networks is expected to redefine reliable connectivity in crisis situations, with potential expansion to other markets [6] - Kyivstar Group Ltd. is preparing for a listing on Nasdaq in collaboration with Cohen Circle Acquisition Corp I, with the expected ticker symbol KYIV [6]

Financial Performance - Company revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of the year, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP growth [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][32] Business Lines Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [16][32] - Digital services now account for 16.5% of total revenues, highlighting their growing relevance in the business model [32] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery in consumer sentiment is noted [24] - Revenues in Ukraine grew by 25.9%, with EBITDA increasing by 23.6% [25] - In Kazakhstan, revenues grew by 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [12][36] - A strategic infrastructure pooling partnership with ENGRO in Pakistan has been closed, unlocking significant value [10] - The company is executing a series of transactions aligned with its strategy, including the proposed Nasdaq listing for Kyivstar [11][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36] - The outlook for the full year has been revised, expecting revenue growth of 13% to 15% and EBITDA growth of 14% to 16% [37] - Inflation trends are being monitored closely, with a slight uptick noted across markets [38] Other Important Information - The company completed a $100 million share buyback program, repurchasing close to 3% of its shares [11] - Net debt, excluding leases, stood at $1.96 billion as of June, with a cash balance of $1.28 billion [19][34] - The company is focused on enhancing financial flexibility through bond issuances and repayments [34] Q&A Session Summary Question: How will the proceeds from the Engro sale be fed up to the holding company? - The proceeds will be upstreamed in equal installments through dividends, allowing for proper allocation for debt repayments or potential M&A opportunities [45][46] Question: What should be expected in the third quarter numbers around the SPAC impacts? - The SPAC impact will be calculated based on the closing price of the stock on the first trading day, with a noncash P&L impact expected between $150 million to $200 million [49][50] Question: What strategies are in place to drive 4G adoption? - The company is focusing on increasing coverage and quality of 4G services and entering the smartphone business to enhance digital service consumption [59][60] Question: How does the company plan to monetize its fintech assets? - The company is patient in developing the value of its fintech assets, with significant growth momentum observed, particularly in JazzCash [92][93] Question: When does the company expect to see ARPU close to $3? - The current multiplay ARPU is at $3.4, and as the proportion of multiplay customers increases, overall ARPU is expected to rise [98][100] Question: Will there be tailored smartphones for better penetration of digital apps? - The company has started actively deploying tailored smartphones in Kazakhstan, with promising early results [102]

Financial Performance - Revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of 2025, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][31] - The company expects local currency revenue growth between 13% to 15% year on year and EBITDA growth between 14% to 16% for 2025 [8][36] Business Line Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [17][31] - EBITDA margins increased to 47.8% in Q2, reflecting strong operational performance [17][31] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery is noted [24][31] - In Ukraine, revenues grew by 25.9% and EBITDA by 23.6% in Q2, with first-half revenues up 35.8% and EBITDA up 38.5% [25][31] - Beeline Kazakhstan's revenues grew 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24][31] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [13][36] - The integration of AI-powered features across platforms is being accelerated to enhance user experience [9][36] - The company is exploring strategic transactions to unlock value, including the upcoming Nasdaq listing for Kyivstar [12][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36][36] - The company is closely monitoring inflation trends, which have increased slightly across markets [37][36] - The outlook for continued value creation remains strong, with a focus on sustainable growth [36][36] Other Important Information - The company completed a $100 million share buyback program, repaying bond maturities and enhancing financial flexibility with a $200 million private bond issuance [12][36] - The digital ecosystem is expanding, with total digital monthly active users reaching 119.7 million, a 7% year-on-year increase [26][31] Q&A Session Summary Question: Can you explain the technical aspects of the Engro sale and its impact on the holding company? - The proceeds from the Engro sale will be upstreamed to the holding company in equal installments through dividends, allowing for debt repayments or potential M&A opportunities [41][42] Question: What should we expect regarding the SPAC's impact on third-quarter financials? - The SPAC's impact will be calculated based on the closing price of the stock on the first trading day, with an expected noncash charge of $150 to $200 million recognized in Q3 [45][46] Question: What strategies are in place to drive 4G adoption and its impact on revenue? - The company is focusing on increasing coverage and quality of 4G services, along with smartphone initiatives to drive adoption [52][55] Question: How does the company plan to monetize its fintech assets like JazzCash? - The company is patient in developing the value of its fintech assets, with significant growth momentum expected before any monetization efforts [87][88] Question: When can we expect the going concern language to be removed? - The main reasons for the going concern language are now off the table, and management is optimistic about removing it by Q3 [100][101]

Financial Performance - VEON's total revenue reached $1087 million, a 5.9% YoY increase in reported terms and 11.2% in local currency[21, 48] - EBITDA was $520 million, up 13.2% YoY in local currency and 19.6% in reported terms, with an EBITDA margin of 47.8%, a 3.1 percentage point increase[21, 54] - Direct digital revenues grew significantly, reaching $180 million, a 56.6% YoY increase in reported terms and 62.4% in local currency, representing 16.5% of total revenues[21, 48] Digital Growth & Strategy - Direct digital revenues now account for 16.5% of total group revenues, compared to 11.2% in Q2 2024[21] - VEON is focused on growing direct digital revenues through financial services, healthcare, entertainment, ride-hailing, and enterprise services[24] - Multiplay users are driving revenue growth, with multiplay segment revenue reaching $438 million[29, 31] Debt & Liquidity - Net debt (excluding leases) stood at $1962 million, with a net debt to LTM EBITDA ratio of 1.32x[21] - Group cash was $1283 million, including $206 million at the HQ level[21, 58] - The company enhanced financial flexibility with a subsequent $200 million bond placement[16, 58] Revised Outlook - VEON revised its 2025 outlook, projecting total revenue growth of 13%-15% and EBITDA growth of 14%-16% in local currency[15, 60] - Capex intensity is expected to be 17%-19% for 2025[60]

[Q25 Highlights & Executive Summary](index=2&type=section&id=Q25%20HIGHLIGHTS%20%26%20EXECUTIVE%20SUMMARY) VEON reported strong financial and operational results for 2Q25, with significant growth in total revenue and EBITDA, particularly driven by direct digital revenues, alongside increases in 4G users and total digital monthly active users [Q25 Key Financial and Operational Highlights](index=2&type=section&id=2.1%20Q25%20Key%20Financial%20and%20Operational%20Highlights) VEON reported strong financial and operational results for 2Q25, with significant growth in total revenue and EBITDA, particularly driven by direct digital revenues. The company also saw an increase in 4G users and total digital monthly active users Key Financial and Operational Metrics | Metric | Value | Change | Metric | Value | Change | |---|---|---|---|---|---| | TOTAL REVENUE | USD 1,087 million | +5.9% YoY (+11.2% YoY in local currency) | TELECOM AND INFRA | USD 907 million | -0.5% YoY (+4.8% YoY in local currency) | | DIRECT DIGITAL REVENUE | USD 180 million | +56.6% YoY (+62.4% YoY in local currency) | EBITDA | USD 520 million | +13.2% YoY (+19.6% YoY in local currency) | | CAPEX | USD 231 million | +27.5% YoY | LTM EQUITY FREE CASHFLOW | USD 611 million | +33.7% YoY | | TOTAL CASH, CASH EQUIVALENTS AND DEPOSITS | USD 1,283 million | | GROSS DEBT | USD 4,627 million | USD 666 million higher YoY | | NET DEBT EXCLUDING LEASES | USD 1,962 million | | NET DEBT EXCL. LEASES / LTM EBITDA | 1.32x | | | 4G USERS | 103.1 million | +3.9% YoY, 67.7% penetration | TOTAL DIGITAL MONTHLY ACTIVE USERS | 119.7 million | +7.1% YoY | Consolidated Financial Performance | Metric | 2Q25 (USD million) | 2Q24 (USD million) | YoY Reported | YoY Local Currency | |---|---|---|---|---| | Total revenue | 1,087 | 1,027 | 5.9% | 11.2% | | Telecom and infrastructure revenue | 907 | 912 | (0.5%) | 4.8% | | Direct digital revenue | 180 | 115 | 56.6% | 62.4% | | Digital Revenue as % of Total Revenue | 16.5% | 11.2% | 5.4p.p. | | | EBITDA | 520 | 460 | 13.2% | 19.6% | | Net profit for the period | 608 | 89 | >100% | | | Basic Earnings per ADS (USD) | 8.56 | 0.97 | >100% | | | Diluted Earnings per ADS (USD) | 8.30 | 0.94 | >100% | | | Capex | 231 | 181 | 27.5% | 34.0% | | LTM Equity Free Cash Flow (before leases & license) | 611 | 457 | 33.7% | | - Direct digital revenues accounted for **16.5%** of total revenues in 2Q25, up from **11.2%** a year ago, reflecting a strategic milestone with the Uklon acquisition[6](index=6&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk) [Executive Commentary and Strategic Direction](index=3&type=section&id=2.2%20Executive%20Commentary%20and%20Strategic%20Direction) Kaan Terzioğlu, CEO, highlighted the company's strong momentum, disciplined execution, and strategic clarity, emphasizing the rapid progress in the digital operator strategy and the acceleration of AI integration. The company is focused on profitable growth and long-term shareholder value creation - VEON's local currency revenue growth continues to outpace inflation and nominal GDP, indicating a growing share of consumer wallets[9](index=9&type=chunk) - The company is making rapid progress in its digital operator strategy, with direct digital revenues rising by **56.6%** and now accounting for **16.5%** of Group revenues[10](index=10&type=chunk) - VEON completed its **USD 100 million** share buyback program, repurchasing **2.14 million ADSs** at an average price of **US$46.55** per ADS[8](index=8&type=chunk) [2Q25 Group Performance](index=6&type=section&id=2025%20GROUP%20PERFORMANCE) VEON's 2Q25 performance showed robust revenue and EBITDA growth in local currency, surpassing the average weighted inflation rate, driven by significant increases in direct digital revenues and telecom and infrastructure revenues [Operational and Financial Overview](index=6&type=section&id=3.1%20Operational%20and%20Financial%20Overview) VEON's 2Q25 performance showed robust revenue and EBITDA growth in local currency, surpassing the average weighted inflation rate. Direct digital revenues experienced significant growth, partly due to the consolidation of Uklon, while telecom and infrastructure revenues also increased in local currency - Group revenue grew **5.9% YoY** in reported currency and **11.2%** in local currency, exceeding the average weighted inflation rate of **8.7%** in its markets[17](index=17&type=chunk) - Direct digital revenues reached **USD 180 million**, growing **56.6% YoY** in reported currency and **62.4% YoY** in local currency, with Uklon contributing **US$21.7 million**[19](index=19&type=chunk) Group Revenue and EBITDA Growth | Metric | 2Q25 USD YoY | 2Q25 LCY YoY | 1H25 USD YoY | 1H25 LCY YoY | |---|---|---|---|---| | Total Revenue (Group) | 5.9% | 11.2% | 7.3% | 13.4% | | EBITDA (Group) | 13.2% | 19.6% | 13.4% | 20.8% | - The Group's 4G user base grew **3.9% YoY** to **103.1 million**, representing **67.7%** of the total subscriber base[22](index=22&type=chunk) - Multiplay customers increased by **24.1% YoY** to **43.3 million**, contributing to **20.3% YoY** growth in multiplay revenues and delivering **3.7x** higher ARPU with **50%** lower churn rates compared to voice-only users[23](index=23&type=chunk) [Digital Operator and AI Strategy](index=6&type=section&id=3.2%20Digital%20Operator%20and%20AI%20Strategy) VEON is actively executing its DO1440 Digital Operator strategy and accelerating its AI1440 strategy, focusing on integrating AI-powered features across digital platforms. This dual strategy aims to expand hyper-local digital services and embed inclusive, human-centric AI, driving growth across various verticals like financial services, entertainment, healthcare, and ride-hailing - VEON is accelerating its AI1440 strategy, integrating AI-powered features like AI Tutor within SuperApps and developing native-language models[24](index=24&type=chunk)[25](index=25&type=chunk) - Direct digital revenue grew **56.6% YoY**, contributing **16.5%** of total Group revenue, reflecting strong momentum across financial services (**40.7 million MAUs**, **+27.9% YoY**), SuperApps (**44.6 million MAUs**, **+18.1% YoY**), and ride-hailing (**3.5 million MAUs**)[26](index=26&type=chunk)[27](index=27&type=chunk) - In Kazakhstan, VEON introduced AI-powered learning modules built on KazLLM, and in Ukraine, it signed a memorandum to co-develop the first Ukrainian-language LLM[28](index=28&type=chunk) [Strategic Transactions and Shareholder Returns](index=7&type=section&id=3.3%20Strategic%20Transactions%20and%20Shareholder%20Returns) VEON completed its infrastructure partnership in Pakistan, generating a significant one-time gain, and made steady progress on Kyivstar's proposed Nasdaq listing. The company also concluded its USD 100 million share buyback program - VEON successfully closed its infrastructure partnership in Pakistan, resulting in a one-time gain of **US$489 million** at Group Level, net of tax[30](index=30&type=chunk) - Progress was made on Kyivstar's proposed Nasdaq listing, with investor commitments secured to meet the minimum cash condition of **USD 50 million**[31](index=31&type=chunk) - VEON completed its **USD 100 million** share buyback program, acquiring **722,588 ADSs** for **US$35 million** in the final phase, with a total of **2.14 million ADSs** repurchased at an average price of **US$46.55** per ADS[32](index=32&type=chunk) [Outlook for 2025](index=8&type=section&id=OUTLOOK%20FOR%202025) VEON has revised its 2025 outlook upwards, anticipating stronger local currency growth for both total revenue and EBITDA, while maintaining its capex intensity within a defined range [Revised 2025 Financial Outlook](index=8&type=section&id=4.1%20Revised%202025%20Financial%20Outlook) VEON has revised its 2025 outlook upwards, anticipating stronger local currency growth for both total revenue and EBITDA, while maintaining its capex intensity within a defined range Revised 2025 Financial Outlook | Metric | 1H25 | FY25 Outlook (Revised) | |---|---|---| | Total Revenue, YoY (LCY) | 13.4% | 13 - 15% growth | | EBITDA, YoY (LCY) | 20.8% | 14 - 16% growth | | LTM Capex Intensity | 21.4% | 17 - 19% | - The revised outlook reflects continued operational momentum and strong performance across key markets[33](index=33&type=chunk) [Presentation of Financial Results](index=9&type=section&id=PRESENTATION%20OF%20FINANCIAL%20RESULTS) This section outlines VEON's financial reporting practices, including the use of IFRS and non-IFRS measures, and presents preliminary unaudited consolidated financial statements and details on liquidity and capital structure [Accounting Standards and Non-IFRS Measures](index=9&type=section&id=5.1%20Accounting%20Standards%20and%20Non-IFRS%20Measures) VEON's financial results are presented based on International Financial Reporting Standards (IFRS) and are unaudited. The document also includes non-IFRS financial measures such as EBITDA, net debt, and capex intensity, which are defined and reconciled in the attachments - Results are based on **IFRS** and have not been externally audited or reviewed[36](index=36&type=chunk) - Non-IFRS information, including **EBITDA**, **net debt**, **capex**, **capex intensity**, and **local currency trends**, is defined in Attachment E and reconciled in Attachment B[38](index=38&type=chunk) [Preliminary Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=5.2%20Preliminary%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) VEON's consolidated financial statements for 2Q25 show significant increases in operating profit and net profit, primarily driven by a gain on subsidiary disposals. Cash flows from operating activities decreased, while investing activities saw a net inflow due to disposals. The balance sheet reflects growth in total assets and equity Preliminary Unaudited Condensed Consolidated Income Statement (USD million) | Metric | Q2'25 | Q2'24 | YoY Reported | |---|---|---|---| | Total operating revenues | 1,087 | 1,027 | 5.9% | | Operating profit | 820 | 278 | >100% | | Net finance costs | (118) | (106) | 10.3% | | Profit for the period | 608 | 89 | >100% | | Net Profit attributable to the owners of the parent | 596 | 68 | >100% | | Basic Earnings per ADS (USD) | 8.56 | 0.97 | >100% | | Diluted Earnings per ADS (USD) | 8.30 | 0.94 | >100% | - Operating profit increased significantly due to a **USD 498 million** gain on subsidiary disposals related to the Deodar transaction[39](index=39&type=chunk) Preliminary Unaudited Condensed Consolidated Cash Flow Statement (USD million) | Activity | Q2'25 | Q2'24 | YoY Reported % | |---|---|---|---| | Net cash flows from operating activities | 137 | 205 | -33.2% | | Net cash flows used in investing activities | (110) | (343) | 67.8% | | Net cash flows used in financing activities | (515) | 198 | <100% | | Net increase / (decrease) in cash and cash equivalents | (488) | 60 | <100% | | Cash and cash equivalents at end of period | 1,282 | 862 | 48.8% | Preliminary Unaudited Condensed Consolidated Balance Sheet (USD million) | Metric | 30 Jun 2025 | 31 Dec 2024 | vs. Dec % | |---|---|---|---| | Total non-current assets | 5,818 | 5,136 | 13.3% | | Total current assets | 2,571 | 2,828 | -9.1% | | Total assets | 8,463 | 8,036 | 5.3% | | Total equity | 1,496 | 1,257 | 19.1% | | Total non-current liabilities | 3,939 | 3,125 | 26.1% | | Total current liabilities | 2,992 | 3,626 | -17.5% | | Total equity and liabilities | 8,463 | 8,036 | 5.3% | [Liquidity and Capital Structure](index=12&type=section&id=5.3%20Liquidity%20and%20Capital%20Structure) VEON's liquidity saw a decrease in cash and cash equivalents, primarily due to debt repayments and the Uklon acquisition. Gross debt increased, driven by higher lease liabilities, leading to an increase in net debt and leverage ratios. The company also completed a USD 200 million bond issuance and repaid maturing notes Liquidity and Capital Structure (USD million) | Metric | 30 Jun 2025 | 31 Mar 2025 | YoY % | |---|---|---|---| | Cash and cash equivalents and deposits | 1,283 | 1,775 | 48.5% | | Gross debt | 4,627 | 4,377 | 16.8% | | Bonds and loans - principal | 2,849 | 3,212 | 2.7% | | Lease liabilities - principal | 1,708 | 1,095 | 69.1% | | Net debt | 3,671 | 2,905 | 13.4% | | Net debt excluding leases | 1,962 | 1,810 | (11.9%) | | Net debt to LTM EBITDA | 2.03x | 1.67x | | | Net debt excluding leases / LTM EBITDA | 1.32x | 1.23x | | - Cash and cash equivalents and deposits decreased to **USD 1,283 million**, primarily due to net debt repayments at HQ and the acquisition of Uklon Group[44](index=44&type=chunk) - Gross debt increased to **USD 4,627 million**, mainly driven by an increase in lease liabilities to **USD 1,708 million**[45](index=45&type=chunk)[46](index=46&type=chunk) - VEON completed a **USD 200 million** bond issuance of senior unsecured notes due in 2029 with a **9.0%** annual interest rate and fully repaid **USD 472 million** and **USD 100 million** VEON Holdings notes maturing in April and June 2025, respectively[48](index=48&type=chunk) [Country Overview](index=13&type=section&id=COUNTRY%20OVERVIEW) This section provides a detailed overview of VEON's operational and financial performance across its key markets: Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan, highlighting country-specific growth drivers and strategic initiatives [Pakistan: Sustained All-Round Growth](index=14&type=section&id=6.1%20Pakistan) Pakistan's operations demonstrated sustained growth in 2Q25, with strong local currency revenue growth driven by resilient telecom performance and rapid expansion of digital segments, particularly JazzCash. EBITDA margin moderated due to a shifting revenue mix towards lower-margin digital services and increased investment costs Pakistan Key Figures (PKR million) | Metric | 2Q25 | 2Q24 | YoY | |---|---|---|---| | Total revenue | 111,219 | 96,450 | 15.3% | | Telecom and infrastructure | 79,998 | 73,436 | 8.9% | | Direct digital revenue | 31,221 | 23,014 | 35.7% | | EBITDA | 46,224 | 43,873 | 5.4% | | EBITDA margin (%) | 41.6% | 45.5% | -3.9 pp | | Mobile customers (mln) | 73.9 | 71.4 | 3.5% | | 4G customers (mln) | 54.6 | 47.3 | 15.3% | | Multiplay customers (mln) | 22.3 | 17.3 | 29.2% | | Mobile ARPU (LCY) | 332 | 305 | 8.9% | | Digital customers (mln) | 72.1 | 63.3 | 13.9% | | Jazz Cash MAUs (mln) | 21.1 | 17.7 | 19.4% | - Direct digital revenue grew **35.7% YoY**, contributing **28.1%** of total revenue, led by JazzCash's **47.1% YoY** growth[53](index=53&type=chunk) - JazzCash monthly active users reached **21.1 million**, with Gross Transaction Value growing **42.5% YoY** to **PKR 3.2 trillion**[56](index=56&type=chunk) - VEON completed its infrastructure partnership with Engro Corporation, transferring tower assets at an enterprise value of **USD 562.7 million**, with Jazz continuing to lease the infrastructure[60](index=60&type=chunk) [Ukraine: Building Further on Strong Growth with Uklon](index=15&type=section&id=6.2%20Ukraine) Kyivstar in Ukraine achieved strong revenue growth in 2Q25, significantly boosted by the consolidation of Uklon's ride-hailing services and robust performance across other digital platforms. Despite cost pressures and customer migration due to conflict, EBITDA grew, and the company made progress on its Nasdaq listing and AI initiatives Ukraine Key Figures (UAH million) | Metric | 2Q25 | 2Q24 | YoY | |---|---|---|---| | Total revenue | 11,857 | 9,425 | 25.8% | | Telecom and infrastructure | 10,594 | 9,200 | 15.2% | | Direct digital revenue | 1,263 | 225 | 460.3% | | EBITDA | 6,898 | 5,585 | 23.5% | | EBITDA margin (%) | 58.2% | 59.3% | -1.1 pp | | Mobile customers (mln) | 22.4 | 23.4 | -4.5% | | 4G customers (mln) | 14.4 | 14.6 | -1.2% | | Multiplay customers (mln) | 6.5 | 5.3 | 23.7% | | Mobile ARPU (LCY) | 146 | 121 | 20.6% | | Digital customers (mln) | 13.4 | 8.8 | 51.2% | | Uklon MAUs (mln) | 3.5 | - | - | - Direct digital revenues surged **460.3% YoY** to **UAH 1.3 billion**, driven by the first-time consolidation of Uklon and strong momentum from Helsi and Kyivstar TV[64](index=64&type=chunk) - Uklon contributed **US$21.7 million** in revenues and **US$9.3 million** in EBITDA for the quarter, broadening Kyivstar's footprint in everyday digital services[67](index=67&type=chunk) - Kyivstar received regulatory approval to begin field testing Starlink's Direct-to-Cell services in Ukraine, planned for launch in **4Q25**[72](index=72&type=chunk) - VEON is making steady progress on Kyivstar's proposed Nasdaq listing, securing investor commitments to meet the minimum cash condition of **USD 50 million**[73](index=73&type=chunk) [Kazakhstan: Growth driven by network investments and digital expansion](index=16&type=section&id=6.3%20Kazakhstan) Beeline Kazakhstan's 2Q25 revenues increased in local currency, driven by ARPU expansion, handset sales, and strong direct digital revenue growth. While reported EBITDA declined, adjusted figures showed a smaller decline, influenced by tax benefits absence and investments in digital offerings. The company continues to expand its digital ecosystem and integrate AI-powered solutions Kazakhstan Key Figures (KZT million) | Metric | 2Q25 | 2Q24 | YoY | |---|---|---|---| | Total revenue | 103,466 | 100,315 | 3.1% | | Telecom and infrastructure | 90,206 | 90,673 | -0.5% | | Direct digital revenue | 13,256 | 9,642 | 37.5% | | EBITDA | 51,326 | 55,856 | -8.3% | | EBITDA margin (%) | 49.6% | 55.8% | -6.2 pp | | Mobile customers (mln) | 11.7 | 11.4 | 2.9% | | 4G customers (mln) | 8.8 | 8.7 | 2.0% | | Multiplay customers (mln) | 4.3 | 3.9 | 11.1% | | Mobile ARPU (LCY) | 2,281 | 2,236 | 2.0% | | Digital customers (mln) | 12.8 | 11.4 | 12.7% | | Simply MAUs (mln) | 3.2 | 1.7 | 94.7% | - Adjusting for the TNS+ deconsolidation, total revenue growth would have been **14.5% YoY**, and telecom and infrastructure revenue growth was **11.8% YoY**[74](index=74&type=chunk)[75](index=75&type=chunk) - Direct digital revenues grew **37.5% YoY** to **KZT 13.2 billion**, representing **12.8%** of total revenues, driven by platforms like BeeTV, Simply, IZI, and Janymda[76](index=76&type=chunk) - Beeline Kazakhstan launched "**AI Tutor**," an AI-powered Kazakh language learning tool integrated into its Janymda super-app, based on the locally developed **KazLLM**[80](index=80&type=chunk) [Bangladesh: Growth challenges, margins and cost control hold firm](index=17&type=section&id=6.4%20Bangladesh) Banglalink experienced a YoY revenue decline in 2Q25 due to past political unrest and macroeconomic headwinds, though QoQ revenue showed recovery. EBITDA grew significantly, boosted by structural cost efficiencies and a one-off tax impact. The company maintained its DO1440 strategy, focusing on a leaner, higher-quality subscriber base and expanding digital services like Toffee and Ryze Bangladesh Key Figures (BDT million) | Metric | 2Q25 | 2Q24 | YoY | |---|---|---|---| | Total revenue | 14,203 | 16,031 | -11.4% | | Telecom and infrastructure | 13,744 | 15,776 | -12.9% | | Direct digital revenue | 459 | 254 | 80.4% | | EBITDA | 10,739 | 5,974 | 79.8% | | EBITDA margin (%) | 75.6% | 37.3% | 38.3 pp | | Mobile customers (mln) | 34.8 | 41.3 | -15.7% | | 4G customers (mln) | 18.2 | 21.3 | -14.5% | | Multiplay customers (mln) | 6.3 | 4.8 | 32.4% | | Mobile ARPU (LCY) | 134 | 128 | 4.1% | | Digital MAUs (mln) | 12.9 | 20.8 | -37.9% | | Toffee MAUs (mln) | 4.4 | 12.3 | -64.6% | - Direct digital revenues rose **80.4% YoY**, driven by the wider integration of Toffee's services into consumer bundles, despite a decline in MAUs from a temporary boost in 2Q24[84](index=84&type=chunk) - EBITDA grew by **79.8%** to **BDT 10.7 billion**, reflecting structural cost efficiencies and a one-off tax impact of **BDT 5.1 billion**[85](index=85&type=chunk) - Multiplay customer base increased by **32.4% YoY**, with multiplay revenues up by **9.9% YoY**, now comprising **40.9%** of the consumer revenue base[86](index=86&type=chunk) [Uzbekistan: Growth driven by ARPU gains and expanding digital base](index=18&type=section&id=6.5%20Uzbekistan) Beeline Uzbekistan maintained strong revenue momentum in 2Q25, driven by both telecom and rapidly expanding digital operations. Direct digital revenues showed exceptional growth, fueled by user adoption of key digital platforms. EBITDA and its margin improved, reflecting effective pricing and operating leverage, as the company continued to advance its DO1440 strategy Uzbekistan Key Figures (UZS million) | Metric | 2Q25 | 2Q24 | YoY | |---|---|---|---| | Total revenue | 958,199 | 843,257 | 13.6% | | Telecom and infrastructure | 860,854 | 810,648 | 6.2% | | Direct digital revenue | 97,345 | 32,609 | 198.5% | | EBITDA | 363,486 | 297,699 | 22.1% | | EBITDA margin (%) | 37.9% | 35.3% | 2.6 pp | | Mobile customers (mln) | 7.9 | 8.1 | -2.9% | | 4G customers (mln) | 5.8 | 6.0 | -3.3% | | Multiplay customers (mln) | 3.4 | 3.4 | 2.0% | | Mobile ARPU (LCY) | 35,221 | 32,813 | 7.3% | | Digital MAUs (mln) | 8.0 | 7.0 | 14.0% | | Beepul MAU (mln) | 1.5 | 1.3 | 17.7% | | Hambi MAU (mln) | 4.6 | 4.2 | 2.3% | - Direct digital revenues grew **198.5% YoY**, fueled by accelerating user adoption of platforms like Beepul, Hambi, and Kinom[92](index=92&type=chunk) - Beepul maintained strong momentum with MAUs growing **17.7%** to **1.5 million** and processing over **$100 million** in monthly transactions, signing a strategic partnership with ANORBANK[96](index=96&type=chunk) - The Hambi SuperApp recorded **4.6 million MAUs** and remained the highest-ranked app on Google Play[97](index=97&type=chunk) [Key Recent Developments](index=19&type=section&id=KEY%20RECENT%20DEVELOPMENTS) This section highlights VEON's recent corporate and strategic initiatives, including new office openings, progress on Kyivstar's Nasdaq listing, a bond issuance, and advancements in AI development across its markets [Corporate and Strategic Initiatives](index=19&type=section&id=7.1%20Corporate%20and%20Strategic%20Initiatives) VEON has undertaken several key corporate and strategic initiatives, including opening new offices to foster innovation, securing investor commitments for Kyivstar's Nasdaq listing, completing a USD 200 million bond placement, and advancing AI development in its markets - Beeline Kazakhstan opened a new office in Almaty to foster cross-functional collaboration and accelerate innovation in telecom, AI, and digital services[100](index=100&type=chunk) - VEON and Cohen Circle secured investor commitments totaling approximately **USD 52.3 million** for the proposed business combination of Kyivstar Group Ltd. and Cohen Circle, meeting the minimum cash condition for the Nasdaq listing[101](index=101&type=chunk) - VEON completed a private placement of **USD 200 million** of senior unsecured notes due in 2029 with a **9.0%** annual interest rate[102](index=102&type=chunk)[103](index=103&type=chunk) - Kyivstar received regulatory approval to conduct testing of Starlink Direct-to-Cell (D2C) services in Ukraine[104](index=104&type=chunk) - Kyivstar partnered with Ukraine's Ministry of Digital Transformation to develop the country's first national large language model (**LLM**) trained on Ukrainian-language data[105](index=105&type=chunk) - Beeline Kazakhstan launched "**AI Tutor**," an AI-powered Kazakh language learning tool integrated into its Janymda super-app[111](index=111&type=chunk) - VEON successfully closed its infrastructure partnership in Pakistan with Engro Corporation Limited, transferring tower assets into Engro Connect[113](index=113&type=chunk)[114](index=114&type=chunk) - Beeline Uzbekistan moved its headquarters to Tashkent's IT Park, deepening its commitment to Uzbekistan's digital future[115](index=115&type=chunk) [Attachments](index=22&type=section&id=ATTACHMENTS) This section provides supplementary information, including detailed customer statistics, reconciliation tables for key financial metrics, an overview of debt management and liquidity, and definitions of financial and operational terms [Attachment A: Customers](index=23&type=section&id=8.1%20Attachment%20A%3A%20Customers) This attachment provides a detailed breakdown of mobile and fixed-line broadband customer numbers across VEON's operating countries for 2Q25, 1Q24, and 2Q24, including year-over-year changes Mobile and Fixed-line Broadband Customers (millions) | Country | Mobile 2Q25 | Mobile 2Q24 | Mobile YoY | Fixed-line broadband 2Q25 | Fixed-line broadband 2Q24 | Fixed-line broadband YoY | |---|---|---|---|---|---|---| | Pakistan | 73.9 | 71.4 | 3.5% | | | | | Ukraine | 22.4 | 23.4 | (4.5%) | 1.1 | 1.1 | 0.0% | | Kazakhstan | 11.7 | 11.4 | 2.9% | 0.7 | 0.7 | 4.8% | | Bangladesh | 34.8 | 41.3 | (15.7%) | | | | | Uzbekistan | 7.9 | 8.1 | (2.9%) | | | | | Kyrgyzstan | 1.6 | 1.8 | (6.6%) | | | | | Total | 152.3 | 157.4 | (3.2%) | 1.9 | 1.8 | 1.8% | [Attachment B: Reconciliation Tables](index=24&type=section&id=8.2%20Attachment%20B%3A%20Reconciliation%20Tables) This section provides reconciliations for key financial metrics, including EBITDA to profit for the period, capital expenditures, equity free cash flow, and local currency versus reported year-over-year growth rates, offering transparency on non-IFRS measures Reconciliation of Consolidated EBITDA to Profit/(Loss) for the Period (USD million Unaudited) | Metric | 2Q25 | 2Q24 | |---|---|---| | EBITDA | 520 | 459 | | Depreciation | (142) | (130) | | Amortization | (54) | (49) | | (Loss) /gain on disposals of subsidiaries | 498 | | | Operating profit | 820 | 278 | | Profit for the period | 608 | 89 | Reconciliation of Equity Free Cash Flow (USD million) | Metric | 2Q25 | 2Q24 | YoY change | |---|---|---|---| | EBITDA | 520 | 450 | 70 | | Net tax paid | (175) | (79) | (96) | | Cash capex (excluding license payments) | (203) | (181) | (22) | | Proceeds from sale of Business | 180 | - | 180 | | Equity Free Cash Flow | 153 | 66 | 87 | | Equity Free Cash Flow (after leases and licenses) | 75 | (41) | 115 | Reconciliation of Local Currency and Reported YoY Growth Rates (2Q25) | | Revenue LCY | Impact of FX and other | Revenue Reported | |---|---|---|---| | Pakistan | 15.3% | (1.3%) | 14.0% | | Ukraine | 25.8% | (5.0%) | 20.8% | | Kazakhstan | 3.1% | (13.2%) | (10.1%) | | Bangladesh | (11.4%) | (5.6%) | (17.0%) | | Uzbekistan | 13.6% | (1.6%) | 12.0% | | Total | 11.2% | (5.3%) | 5.9% | | | EBITDA LCY | Impact of FX and other | EBITDA Reported | | Pakistan | 5.4% | (1.3%) | 4.0% | | Ukraine | 23.5% | (4.9%) | 18.6% | | Kazakhstan | (8.3%) | (11.8%) | (20.1%) | | Bangladesh | 79.8% | (11.7%) | 68.1% | | Uzbekistan | 22.1% | (1.7%) | 20.4% | | Total | 19.6% | (6.4%) | 13.2% | [Attachment C: Debt Management and Liquidity Overview](index=27&type=section&id=8.3%20Attachment%20C%3A%20Debt%20Management%20and%20Liquidity%20Overview) This attachment details VEON's debt structure, including net debt reconciliation, currency mix of gross debt, and outstanding debt by entity and maturity period, along with lease liabilities Reconciliation of Net Debt (USD million) | Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Dec 2024 | |---|---|---|---| | Net debt, excluding leases and banking operations in Pakistan | 1,962 | 1,810 | 1,901 | | Lease liabilities - principal | 1,708 | 1,095 | 1,033 | | Net debt, excluding banking operations in Pakistan | 3,671 | 2,905 | 2,934 | | Cash and cash equivalents | 1,282 | 1,773 | 1,689 | | Gross debt | 4,627 | 4,377 | 4,381 | Group Debt and Liquidity Currency Mix (As of 30 June 2025 USD equivalent, millions) | Currency | Gross Debt | Capitalised leases | Gross debt excluding leases | Cash, cash equivalents and deposits | Net debt * excluding leases | |---|---|---|---|---|---| | USD | 1,450 | 5 | 1,445 | 613 | 832 | | EUR | 153 | | 153 | 66 | 87 | | PKR | 1,916 | 929 | 987 | 413 | 900 | | BDT | 566 | 378 | 188 | 74 | 114 | | UAH | 181 | 181 | | 40 | (40) | | Other | 361 | 215 | 146 | 77 | 69 | | Total | 4,627 | 1,708 | 2,919 | 1,283 | 1,962 | Lease Liabilities (Principal) (USD, million) | Country | 30-Jun-25 | 31-Dec-24 | 30-Jun-24 | |---|---|---|---| | Pakistan | 929 | 321 | 299 | | Ukraine | 181 | 166 | 170 | | Bangladesh | 378 | 364 | 385 | | Kazakhstan | 169 | 140 | 116 | | Uzbekistan | 46 | 40 | 36 | | Headquarters | 5 | 2 | 5 | | Total | 1,708 | 1,033 | 1,011 | [Attachment D: Rates of Functional Currencies to USD](index=29&type=section&id=8.4%20Attachment%20D%3A%20Rates%20of%20Functional%20Currencies%20to%20USD) This attachment provides the average and closing exchange rates of VEON's functional currencies against the USD for 2Q25 and 2Q24, along with year-over-year changes Average and Closing Rates of Functional Currencies to USD | Currency | 2Q25 Average | 2Q24 Average | YoY Average | 2Q25 Closing | 2Q24 Closing | YoY Closing | |---|---|---|---|---|---|---| | Pakistan Rupee | 281.8 | 278.2 | -1.3% | 283.8 | 278.4 | -2.0% | | Ukraine Hryvnia | 41.5 | 39.8 | -4.2% | 41.6 | 40.5 | -2.7% | | Kazakhstan Tenge | 513.8 | 447.7 | -14.8% | 520.4 | 471.5 | -10.4% | | Bangladeshi Taka | 121.7 | 113.9 | -6.8% | 122.2 | 117.4 | -4.1% | | Uzbekistan Som | 12,842.4 | 12,659.4 | -1.4% | 12,654.1 | 12,555.2 | -0.8% | | Kyrgyzstan Som | 87.3 | 88.2 | 1.0% | 87.4 | 86.4 | -1.1% | [Attachment E: Definitions](index=30&type=section&id=8.5%20Attachment%20E%3A%20Definitions) This attachment provides definitions for key financial and operational terms used throughout the earnings release, including 4G users, ARPU, Capex, Direct digital revenues, EBITDA, Net debt, and various customer metrics - Definitions are provided for terms such as **4G users**, **ARPU**, **Capital expenditures (capex)**, **Capex intensity**, **Direct digital revenues**, **EBITDA**, **EBITDA margin**, **Equity free cash flow**, **Gross debt**, **Local currency (LCY) trends**, **Mobile customers**, **Mobile financial services (MFS)**, **Multiplay customers**, **Net debt**, and **Telecom and infrastructure revenues**[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) [Disclaimer and Notice to Readers](index=32&type=section&id=DISCLAIMER%20AND%20NOTICE%20TO%20READERS) This section provides important disclaimers regarding the preliminary and unaudited nature of the financial information, outlines risks associated with forward-looking statements, and addresses the impact of the war in Ukraine on VEON's operations [Disclaimer Regarding Financial Information and Forward-Looking Statements](index=32&type=section&id=9.1%20Disclaimer%20Regarding%20Financial%20Information%20and%20Forward-Looking%20Statements) This section emphasizes that the financial information presented is unaudited and preliminary, based on internal management accounts, and subject to change. It also includes a comprehensive disclaimer regarding forward-looking statements, highlighting inherent risks and uncertainties that could cause actual results to differ materially from projections - The financial information is **preliminary**, **unaudited**, and based on internal management accounts, and should not be unduly relied upon[149](index=149&type=chunk)[154](index=154&type=chunk) - The document contains **forward-looking statements**, which are subject to risks and uncertainties, including further escalation of the war in Ukraine, market volatility, governmental regulation, and other factors[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [Notice Regarding Impact of War in Ukraine](index=33&type=section&id=9.2%20Notice%20Regarding%20Impact%20of%20War%20in%20Ukraine) VEON acknowledges the significant impact of the ongoing war in Ukraine, including sanctions and counter-sanctions, on its operations and financial results in Ukraine and potentially other markets. The company is actively monitoring the situation and prioritizing employee safety and service continuity - The ongoing war in Ukraine and resulting sanctions have impacted and may significantly impact VEON's results and operations in Ukraine and other countries[155](index=155&type=chunk) - VEON is focused on protecting employee safety and ensuring uninterrupted communication, financial, and digital services in Ukraine[156](index=156&type=chunk) - Financial results for Kyivstar include the full consolidation of **Ukraine Tower Company LLC (UTC)**, but UTC will be excluded from Kyivstar's standalone **Nasdaq listing**[157](index=157&type=chunk)

Financial Performance - VEON reported a revenue growth of 5.9% year-on-year to USD 1,087 million in the second quarter of 2025, with local currency growth at 11.2% YoY, surpassing the average inflation rate of 8.6% in its operating countries [2][9] - Direct digital revenues increased by 56.6% YoY in reported currency and 62.4% YoY in local currency, accounting for 16.5% of total revenues, up from 5.4% a year ago [3][9] - EBITDA reached USD 520 million, reflecting a 13.2% YoY increase in reported currency and a 19.6% increase in local currency terms [3][9] Capital Expenditure and Financial Position - Capital expenditures (Capex) for 2Q25 were USD 231 million, resulting in a capex intensity of 21.3% for the quarter [4] - Total cash and cash equivalents as of June 30, 2025, amounted to USD 1,283 million, with net debt to EBITDA at 1.32x [4][9] Outlook - The company revised its 2025 outlook, expecting local currency revenue growth of 13% to 15% and local currency EBITDA growth of 14% to 16% [5][10] - Capex intensity for 2025 is anticipated to remain within the range of 17% to 19% [5][10] Strategic Initiatives - VEON completed the third phase of its share buyback program, acquiring 722,588 ADSs for a total of USD 35 million, completing a previously announced USD 100 million buyback program [6] - The acquisition of Uklon in April 2025 marks a strategic milestone in expanding VEON's digital services footprint [8]

Core Insights - VEON Ltd. has launched a new office for Beeline Kazakhstan in Almaty, aimed at enhancing collaboration and innovation within its telecom, AI, and digital services teams [1][2][3] Group 1: New Office Launch - The new office is designed to foster cross-functional collaboration among approximately 500 professionals from the VEON ecosystem in Kazakhstan, including Beeline and QazCode [2][4] - The inauguration ceremony was attended by key executives, including VEON Chairman and Founder Augie Fabela and Group CEO Kaan Terzioglu [3] Group 2: Strategic Importance - Kaan Terzioglu emphasized the office's role in transforming innovative capabilities into digital services for millions of customers, showcasing VEON's commitment to Kazakhstan's digital economy [4] - Evgeny Nastradin highlighted the office's potential to strengthen collaboration between telecom, digital, and AI teams, supporting the Digital Kazakhstan strategy [4] Group 3: Company Overview - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, executing a digital operator strategy since 2018 [5] - QazCode, a subsidiary of Beeline Kazakhstan, is one of the largest software development companies in Kazakhstan, focusing on private Large Language Models and IT outsourcing services [6][5] Group 4: VEON Overview - VEON operates across six countries, providing digital services to nearly 160 million customers and driving economic growth through technology [7]