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

Financial Performance - VEON's total revenue increased by 8.9% YoY to $1,026 million in USD terms[16, 25], and by 15.7% in local currency terms[25, 78] - The underlying local currency revenue grew by 12.9% YoY, outpacing inflation and nominal GDP[16] - VEON's EBITDA increased by 13.7% YoY in USD terms[16, 25], and by 22.1% in local currency terms[25, 83] - Underlying EBITDA grew by 10.4% YoY[16] - Direct digital revenues surged by 50.2% YoY, comprising 14.3% of total revenues in 1Q25[1, 16, 25, 36] Digital Growth - Direct Digital Revenues reached $147 million in 1Q25, reflecting a 50.2% YoY increase[25, 81] - Multiplay segment revenue YoY growth was 24.8%[32] - Multiplay ARPU increased by 4.2%[32] Operational Highlights - VEON repaid the April 2025 VEON Holdings notes of $472 million[16] - June 2025 notes of $94 million are to be repaid at maturity[16, 93] - Group cash increased to $1,775 million[25, 93] - Net debt excl leases to LTM EBITDA ratio decreased to 1.2x in 1Q25 from 1.3x in 4Q24[25] Regional Performance - Pakistan's total revenue increased by 20.3% and EBITDA by 13.2%[39, 46] - Ukraine's total revenue increased by 20.2% and EBITDA by 10.2% in underlying local currency terms[40, 50, 52] - Kazakhstan's underlying revenue increased by 11.5%, but EBITDA decreased by 4.0%[41, 54, 55, 57] - Bangladesh's revenue decreased by 4.8% and EBITDA decreased by 47.5%[42, 59] - Uzbekistan's revenue increased by 13.1% and EBITDA increased by 16.5%[43, 63, 65, 66]

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]

Core Insights - VEON Ltd. has announced a partnership between its Kazakh software development company QazCode and AI technology provider Seekr to develop AI-powered B2B solutions [1][3] - The collaboration aims to integrate SeekrFlow, an end-to-end enterprise AI platform, into QazCode's operations to enhance the development of generative AI applications [2][4] Company Developments - QazCode aims to become a leading developer of AI applications both in Kazakhstan and internationally, leveraging Seekr's expertise in AI technologies [3][5] - The partnership will enhance QazCode's offerings to enterprise customers and facilitate AI adoption across business services [3][4] Product Innovations - QazCode has launched several AI products, including KazLLM, which has versions with 8 billion and 70 billion parameters, and the open-source Kaz-RoBERTA conversational model with 2 billion parameters [5][6] - KazLLM received the GSMA Foundry's Artificial Intelligence Award at Mobile World Congress in February 2025, highlighting its significance in the AI landscape [6] Company Background - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed an ecosystem of 60 digital products since 2018 [8] - QazCode, with a team of 750, specializes in creating private Large Language Models (LLMs) and offers IT outsourcing services [9] Industry Context - The global trend shows enterprises increasingly adopting augmented intelligence to gain competitive advantages, indicating a growing market for AI solutions [3]

Core Viewpoint - VEON Ltd. will release its financial and operational results for Q1 2025 on May 15, 2025, at 8:00 GST (0:00 EST) [2] Group 1: Financial Results Announcement - The trading update will cover selected financial and operating results for the first quarter ended March 31, 2025 [2] - A conference call with senior management will take place on the same day at 16:00 GST (8:00 EST) [2] Group 2: Conference Call Participation - Registration for the results conference call can be done through a provided link, and confirmation will be sent via email [3] - Participants can choose to join via webcast or dial-in for the conference call [4] Group 3: Q&A Session - Shareholders can submit and upvote questions for management through a Q&A platform starting May 8, 2025 [8] - The Q&A platform will remain open until 24 hours before the conference call [8] - Questions can also be submitted to VEON Investor Relations via email prior to the event [8] Group 4: Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, impacting over 7% of the world's population [10] - The company focuses on technology-driven services that empower individuals and drive economic growth [10]

[Filing Overview](index=1&type=section&id=Filing%20Overview) This section provides an overview of the Form 6-K filing by VEON Ltd., detailing its identification, included information, exhibit index, and official signatures [Report Identification](index=1&type=section&id=Report%20Identification) This section identifies the document as a Form 6-K report filed by VEON Ltd. for the month of April 2025, indicating its status as a foreign private issuer - The filing is a Form 6-K, a report of a foreign private issuer[1](index=1&type=chunk) - The registrant is VEON Ltd., with Commission File Number 1-34694[1](index=1&type=chunk) - The report covers the month of April 2025[1](index=1&type=chunk) [Information Contained in this Report](index=2&type=section&id=Information%20Contained%20in%20this%20Report) This section states that the report furnishes a press release issued on April 25, 2025, as Exhibit 99.1 - A press release dated April 25, 2025, is furnished as Exhibit 99.1[3](index=3&type=chunk) [Exhibit Index](index=3&type=section&id=Exhibit%20Index) The Exhibit Index confirms that Exhibit 99.1 is the Press Release dated April 25, 2025 - Exhibit 99.1 is described as a 'Press Release, dated April 25, 2025'[5](index=5&type=chunk) [Signatures](index=4&type=section&id=Signatures) The report was duly signed on behalf of VEON LTD. by A. Omiyinka Doris, Group General Counsel, on April 25, 2025 - The report was signed by A. Omiyinka Doris, Group General Counsel[6](index=6&type=chunk) - The signing date for the report was April 25, 2025[6](index=6&type=chunk)