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]