Financial Data and Key Metrics Changes - Revenues grew 7.5% year-on-year in USD terms, reaching $1.115 billion in Q3 2025 [4][22] - USD EBITDA increased by 19.7% year-on-year, amounting to $524 million, with an EBITDA margin of 47%, up 400 basis points year-on-year [4][22] - Last 12-month EPS stands at $8.89, up 60.2% year-on-year, although reported EPS for Q3 alone was a loss of $1.84 per share due to non-cash charges [7][8] - Direct digital revenues surged 63% year-on-year, now contributing 17.8% of total group revenues [4][22] Business Line Data and Key Metrics Changes - Telecom and infrastructure segment revenues grew 3.5% on a like-for-like basis, reflecting differentiated networks and services [7] - Digital services now account for 17.8% of total revenues, up from 11% a year ago [22] - Multiplay customers, who use at least one digital service in addition to voice and data, generated 55.4% of total customer revenues, growing revenue-wise by 23% year-on-year [11][12] Market Data and Key Metrics Changes - Strong double-digit revenue growth was delivered across all markets except Bangladesh, which returned to year-on-year growth for the first time in 14 months [12] - VLINE Kazakhstan's revenues grew 23.3% on a like-for-like basis, adjusting for TNS Plus deconsolidation [12] - The financial services business in Pakistan saw gross transaction value rise 40% year-on-year, representing 13% of Pakistan's GDP [13] Company Strategy and Development Direction - The company is focused on a digital operator model, combining connectivity, digital platforms, and financial inclusion to unlock sustainable growth [4] - The asset-light strategy continues with the sale of Kyrgyzstan operations and a global framework agreement with Starlink for satellite connectivity [5][6] - The company is committed to enhancing its digital services portfolio, with AI integration becoming central to operations [5][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite macro and geopolitical challenges, revising EBITDA growth outlook to 16%-18% in local currency terms for the full year [24] - The board approved a $100 million share and/or bond repurchase program, reflecting confidence in growth prospects [6][24] - Management highlighted the importance of digital engagement exceeding mobile engagement, indicating a shift in customer interaction [15] Other Important Information - The listing of Kyivstar on NASDAQ unlocked significant value, with a current market valuation of $2.8 billion [6] - The company retains an 89.6% stake in Kyivstar, valued at $2.5 billion at current market prices [6] - The company ended the quarter with a cash balance of $1.67 billion, including $653 million at headquarters [23] Q&A Session Summary Question: Motivation for choosing a SPAC structure for Kyivstar's listing - Management believed in Ukraine's future and opted for a De-SPAC process to fast-track the listing, achieving a valuation of $2.8 billion [26][27] Question: Plans for cash at headquarters level - The cash at headquarters is $653 million, with limitations on upstreaming due to martial law in Ukraine, focusing on investments in the country [27][28] Question: Future of tower assets in Ukraine - The company aims to pursue an asset-light strategy, considering independent tower companies for better infrastructure management [29][30] Question: Financial services growth in Pakistan - The financial services business is growing steadily, with a focus on microloans and a significant merchant network driving cashless transactions [32][33] Question: Plans for ride-hailing business expansion - The ride-hailing business operates in 28 cities, with plans to explore growth in other markets on a city-by-city basis [44] Question: Digital banking license for MMBL - The company is considering upgrading to a full digital bank license to enhance capabilities and contribute to the cashless economy initiative [43]