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 - 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]

Financial Data and Key Metrics Changes - VEON reported an 8.3% revenue growth in 2024 in USD terms, exceeding the 8% to 10% growth expectation [8] - EBITDA grew by 4.9% in USD terms, surpassing the 4% to 6% expectation [8] - In local currency terms, revenue growth was 14.6%, exceeding the 12% to 14% expectation, while EBITDA grew by 12%, surpassing the 9% to 11% expectation [9][15] Business Line Data and Key Metrics Changes - Direct digital revenues surged by 63% for the full year, contributing 12.6% of total revenues in Q4 [10][25] - Telecom and Infrastructure segment revenues reached $3.6 billion, growing by 3.8% year on year in USD [18] - The Pakistan business showed the strongest performance with revenues growing 22.7% and EBITDA growing 15.6% in local currency terms [22] Market Data and Key Metrics Changes - Ukraine's revenues grew 13.7% and EBITDA grew 10.3% in local currency terms, recovering from a cyber attack [22][26] - Bangladesh faced significant challenges due to political unrest, but direct digital revenues increased by 66% [36] - Uzbekistan's revenues grew 9.4% in local currency terms, while EBITDA declined by 3.7% due to higher operating expenses [37] Company Strategy and Development Direction - VEON is focused on scaling digital services and has made substantial progress in executing an asset-light strategy [10][53] - The company plans to list Kyivstar on NASDAQ, enhancing visibility and profile [11][30] - VEON aims to continue delivering on its digital operator strategy and explore accretive market opportunities [54][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 revenue guidance of 12% to 14% in local currency, driven by strong growth in digital services [15][56] - The company is optimistic about the recovery of consumer confidence in Bangladesh and expects significant growth potential in the market [64] - Management acknowledged the impact of macroeconomic conditions but remains bullish about domestic growth and consumer confidence [106] Other Important Information - VEON's net debt to EBITDA ratio improved to 1.3 times, reflecting disciplined debt management [21][52] - The company completed a $100 million share buyback program, with $30 million repurchased in phase one [11][55] - Direct digital revenues are expected to continue growing, with a target of increasing their contribution to total revenues [63] Q&A Session Summary Question: Key drivers behind 2025 guidance and country contributions - Management highlighted direct digital revenues and acquisitions as key growth drivers, with expectations for strong contributions from Ukraine, Pakistan, and Kazakhstan [64] Question: Competition developments in main markets - New competitors are entering markets like Ukraine and Kazakhstan, but VEON is well-positioned as a digital operator [66] Question: Plans for tower assets - Management confirmed ongoing tower assets in various countries and a significant deal with Anglo Corporation for tower sales [68] Question: Use of proceeds from tower deals - Proceeds from tower deals will be used for deleveraging at both local and corporate levels [89] Question: Eurobond market access timeline - Management indicated no immediate plans to return to the Eurobond market but remains open to future opportunities [91] Question: Strategic rationale behind the acquisition of Ooklon - The acquisition is seen as a way to meet unmet demand in frontier markets and integrate ride-hailing services into the digital ecosystem [78] Question: Guidance assumptions regarding Ukraine's political situation - Management remains focused on customer needs and is prepared for various political scenarios in Ukraine [80]

Financial Data and Key Metrics Changes - The company recorded a revenue of RMB9.75 billion and a net profit of RMB1.4 billion for 2023, with profit attributable to shareholders amounting to RMB810 million [10][21] - Total rental and related income increased to RMB3.24 billion, representing a growth of 16% year on year [11][47] - The net gearing ratio increased slightly to 52%, while cash and bank deposits totaled RMB8.9 billion [11][27] Business Line Data and Key Metrics Changes - Property sales amounted to RMB5.9 billion, primarily from the Panlong Qiandi project, with total contract sales of RMB11.4 billion [21][33] - Rental income increased by 16% year on year to RMB2.4 billion, driven by successful openings of commercial projects [21][47] - The company maintained a stable management area of 9 million square meters in property management [48] Market Data and Key Metrics Changes - The residential market showed a slow recovery, with a significant drop in residential sales area and record high national housing inventory [14] - In Shanghai, prime retail property vacancy rates and rents remained stable, with a slight 0.2% drop in rental rates year on year [15] - The office market faced challenges with a 27% drop in grade A office rents in Shanghai, leading to higher vacancy rates [16] Company Strategy and Development Direction - The company will continue to adopt a prudent capital management strategy and maintain an asset-light approach, focusing on Tier one cities in the Yangtze River Delta and Greater Bay Area [6][17] - Emphasis on urban regeneration and mixed-use developments to capture unique market opportunities [18][44] - The company aims to strengthen its brand and enhance product quality in high-quality mixed-use communities [45] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing economic challenges, including geopolitical tensions, high interest rates, and sluggish market recovery [5][7] - Future market recovery is expected to be slow, with continued consolidation in the property sector [7][14] - The company remains optimistic about the Shanghai market, citing stable demand and opportunities for growth [7][43] Other Important Information - The company successfully issued the largest private green mortgage-backed onshore CMBS in April 2023 [12] - The Board recommended a final dividend of $0.58 per share, with a total full-year dividend of $0.90 per share [13][21] - Significant progress in sustainability efforts, with improved ESG ratings and over 96% of existing assets certified as green or healthy buildings [19] Q&A Session Summary Question: What are the company's views on the current market conditions? - The company noted that the property sector is experiencing a downturn, with divergent performance among cities and regions, but top-tier cities are showing resilience [43][44] Question: How does the company plan to navigate the challenges in the office market? - The company aims to maintain high occupancy rates and focus on acquiring large tenants while enhancing service offerings [52][56] Question: What are the future plans for property development? - The company plans to launch several premium residential projects in Shanghai and continue to explore urban renewal opportunities [36][40][45]