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]

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]

Core Viewpoint - VEON Ltd. will release its financial and operational results for the second quarter and half-year ended June 30, 2025, on August 7, 2025, at 8:00 GST (0:00 EST) [2] Group 1: Earnings Release Details - The earnings update will be followed by a conference call with senior management at 16:00 GST (8:00 EST) on the same day [2] - A registration link for the conference call is provided for participants to access the event [3] Group 2: Q&A Participation - Participants can engage in a Q&A session by selecting the 'Yes' option during registration, allowing them to join the Q&A room [5] - A platform for submitting and upvoting questions will be available starting July 31, 2025, at 8:00 EST, and will remain open until 24 hours before the conference call [8] Group 3: Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, contributing to over 7% of the world's population [10] - The company focuses on technology-driven services that empower individuals and stimulate economic growth [10]

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have executed non-redemption agreements totaling approximately USD 52.3 million, securing the minimum cash condition for the proposed business combination with Kyivstar Group, which is expected to be listed on Nasdaq under the ticker symbol "KYIV" [1][2]. Group 1: Business Combination Details - The closing of the business combination is anticipated in the third quarter of 2025, pending shareholder approval and customary closing conditions [2]. - The business combination will mark Kyivstar Group as the first pure-play Ukrainian company to be publicly listed on a U.S. stock exchange [2]. - Cohen Circle's units, Class A ordinary shares, and warrants are listed on Nasdaq under the ticker symbols "CCIRU," "CCIR," and "CCIRW" respectively [2]. Group 2: Kyivstar Group Overview - Kyivstar Group is Ukraine's leading digital operator, serving over 23 million mobile customers and more than 1.1 million home internet fixed line customers as of December 31, 2024 [3]. - The company provides a wide range of services, including 4G, big data, cloud solutions, cybersecurity, and digital TV [3]. - VEON and Kyivstar Group plan to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and charitable donations [3]. Group 3: VEON Overview - VEON operates as a digital operator providing converged connectivity and digital services to nearly 160 million customers across six countries [4]. - The company aims to transform lives through technology-driven services that empower individuals and stimulate economic growth [4]. Group 4: Cohen Circle Overview - Cohen Circle Acquisition Corp. I is a special purpose acquisition company formed to effect a merger or similar business combination with technology and/or financial services businesses [5]. - The company’s units, Class A ordinary shares, and warrants are also listed on Nasdaq under the symbols "CCIRU," "CCIR," and "CCIRW" respectively [5].

Core Viewpoint - VEON Ltd. has successfully completed a private placement of USD 200 million in senior unsecured notes due in 2029, indicating strong investor confidence in the company's strategic direction and financial outlook [1][3]. Group 1: Financial Details - The notes are issued by VEON MidCo B.V., priced at par with an annual interest rate of 9.000% [2]. - The expected credit rating from S&P and Fitch for the notes is BB- [2]. - The proceeds from the transaction will be utilized for general corporate purposes and to optimize VEON's capital structure [4]. Group 2: Market Context - This issuance marks a significant milestone in VEON's renewed capital markets strategy, enhancing its access to global capital markets [3]. - VEON operates across six countries, serving nearly 160 million customers, and is focused on technology-driven services that promote economic growth [5].

Core Insights - VEON Ltd. announces that Kyivstar has received regulatory approval for testing Starlink Direct-to-Cell (D2C) services in Ukraine, marking a significant step towards enhancing connectivity in the region [1][4] - Successful integration of Kyivstar's SIM cards with Starlink's satellite network has been confirmed, indicating compatibility and paving the way for the launch of D2C services [2] - The planned launch of D2C services, which will support SMS and over-the-top (OTT) messaging, is set for Q4 2025, aimed at improving connectivity in areas affected by infrastructure damage and during emergencies [3] Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that promote economic growth [5] - Kyivstar, as Ukraine's largest digital operator, serves over 23 million mobile subscribers and has committed to investing USD 1 billion in telecom technologies from 2023 to 2027 [6] - Kyivstar has allocated over UAH 2 billion in the past two years to support wartime challenges, including assistance to the Armed Forces and social projects [6]