Core Viewpoint - Kyivstar Group Ltd. has acquired 100% of Tabletki.ua for USD 160 million, enhancing its digital services portfolio in Ukraine's healthcare sector [1][2][3] Group 1: Acquisition Details - The acquisition was completed with a total consideration of USD 160 million, to be paid in Ukrainian hryvna [1] - Tabletki.ua is a leading digital marketplace in Ukraine for healthcare products, partnering with over 14,000 pharmacies [2][3] - The gross merchandise value (GMV) of bookings through Tabletki.ua was UAH 45 billion (USD 1,056 million) for FY2024 and UAH 57.3 billion (USD 1,191 million) for the last 12 months ending September 30, 2025 [3] Group 2: Financial Performance - Tabletki.ua generated LTM EBITDA of USD 24 million and LTM net profit of USD 20 million as of September 30, 2025 [4] - The acquisition price corresponds to a price to LTM earnings (PE) ratio of 8.0X [4] Group 3: Strategic Rationale - The acquisition aims to expand digital healthcare services to a wider customer base, leveraging Kyivstar's experience in digital business [3] - Kyivstar's portfolio includes various digital services such as the Helsi healthcare platform, Uklon ride-hailing, and Kyivstar TV [2] Group 4: Future Investments - Kyivstar, in partnership with VEON, plans to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development [6]

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]

Core Insights - VEON Ltd. and Kyivstar are launching the "Invest in Ukraine NOW!" campaign in the U.S. to celebrate Kyivstar's listing on Nasdaq, marking a significant milestone for Ukrainian investment opportunities [1][2][4] - Kyivstar began trading on Nasdaq on August 15, becoming the first Ukrainian company listed on a U.S. stock exchange, with plans to ring the opening bell on August 29 [2][3] - The campaign aims to foster discussions on Ukraine's reconstruction through public-private partnerships and international investments, involving key stakeholders from both Ukrainian and American business communities [2][4] Company Overview - Kyivstar serves nearly 22.4 million mobile customers and over 1.1 million home internet customers, with 13.4 million digital monthly active users as of June 30, 2025 [4][6] - In Q2 2025, Kyivstar reported operating revenue of USD 284 million, reflecting a 20.9% year-on-year increase [4] - The company operates a diverse portfolio of digital services, including healthcare, entertainment, and ride-hailing platforms, and plans to invest USD 1 billion in Ukraine from 2023 to 2027 [4][6] Strategic Partnerships - Kyivstar has partnered with global technology companies, including Starlink, to enhance connectivity services in Ukraine, with a commercial launch planned for Q4 2025 [5][6] - The company aims to strengthen its position as a leading digital operator while contributing to Ukraine's resilience and reconstruction efforts [4][5]

Core Viewpoint - The business combination between VEON Ltd. and Cohen Circle Acquisition Corp. I has successfully closed, resulting in the establishment of Kyivstar Group Ltd. as a U.S.-listed company, marking a significant milestone for Ukrainian investment opportunities in the U.S. stock market [1][2][4]. Company Overview - Kyivstar Group Ltd. will begin trading on Nasdaq under the ticker symbols "KYIV" and "KYIVW" on or about August 15, 2025, making it the first pure-play Ukrainian investment opportunity in U.S. markets [2]. - VEON holds an 89.6% stake in Kyivstar Group Ltd. following the business combination [2]. Shareholder Approval and Financials - Cohen Circle's shareholders approved the business combination at an extraordinary general meeting on August 12, 2025, with only 25.4% of Class A ordinary shares exercising redemption rights, resulting in transaction proceeds of USD 178 million [3]. Leadership Statements - VEON's Chairman emphasized the historical significance of Kyivstar's listing on Nasdaq and its role in showcasing Ukraine's resilience and investment potential [4]. - The CEO of VEON highlighted the strong investor confidence in Kyivstar, evidenced by low redemption rates during the transaction [4]. - Kyivstar's President expressed excitement about sharing the company's growth story with international investors [4]. Company Services and Market Position - Kyivstar serves nearly 23 million mobile customers and 1.1 million fixed connectivity customers, offering a range of digital services including healthcare, entertainment, and enterprise solutions [6][10]. - The company is also a key player in Ukraine's software development landscape and has partnerships with international technology firms [6]. Future Developments - Kyivstar plans to commercially launch satellite-powered Direct to Cell services in Q4 2025, enhancing connectivity across Ukraine [7]. Investment Commitment - VEON and Kyivstar Group intend to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions [10].

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have successfully completed a business combination, resulting in the establishment of Kyivstar Group Ltd. as a U.S.-listed company, marking it as the first pure-play Ukrainian investment opportunity on U.S. stock markets [1][2][4] Group 1: Business Combination Details - The business combination was approved by Cohen Circle's shareholders on August 12, 2025, with only 25.4% of Class A ordinary shares redeeming, leading to transaction proceeds of USD 178 million [3] - Following the business combination, VEON holds an 89.6% stake in Kyivstar Group Ltd., which will trade on Nasdaq under the ticker symbols "KYIV" and "KYIVW" starting August 15, 2025 [2][4] Group 2: Company Overview - Kyivstar is Ukraine's leading digital operator, serving nearly 23 million mobile customers and 1.1 million fixed connectivity customers, with a diverse portfolio including digital healthcare, entertainment streaming, and ride-hailing services [6][10] - The company plans to launch satellite-powered Direct to Cell services in Q4 2025, enhancing connectivity across Ukraine [7] Group 3: Investment and Growth Strategy - VEON and Kyivstar Group intend to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions [10] - Kyivstar's growth strategy emphasizes robust execution, strong growth, and a commitment to rebuilding Ukraine, appealing to international investors seeking high-growth opportunities [4][5]

Core Insights - Kyivstar Group reported strong financial results for Q2 2025, showcasing resilience and growth in its digital operator strategy [3][5][6] - The integration of Uklon has significantly contributed to revenue and profitability, reinforcing Kyivstar's position in the market [3][5][6] Financial Performance - Total operating revenue reached USD 284 million, a 20.9% increase year-on-year in USD and 25.9% in local currency [5][6] - Profit for the period was USD 82 million, up 13.9% year-on-year in USD and 18.6% in local currency, with a profit margin of 28.9% [5][6] - Adjusted EBITDA was USD 165 million, reflecting an 18.7% year-on-year increase in USD and 23.6% in local currency, with an adjusted EBITDA margin of 58.1% [5][6] Digital Growth - Direct digital revenue now accounts for 10.3% of total operating revenue, with Uklon contributing USD 21.7 million in revenue and USD 9.3 million in adjusted EBITDA [5][6] - The Multiplay customer base increased by 23.7% year-on-year to 6.5 million, representing 31.7% of one-month active mobile customers [6] - Total digital monthly active users reached 13.4 million, a 51.2% increase from the previous year, including 3.5 million users from Uklon [6] Strategic Initiatives - The company is on track for its Nasdaq listing, which is expected to enhance its investment appeal and support Ukraine's digital transformation [3][13] - Kyivstar Group plans to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development [10]

Core Insights - Kyivstar Group reported strong financial results for Q1 2025, with total operating revenue reaching USD 255 million, a 37.1% increase year-on-year in USD terms and 49.6% in local currency [2][5][6] - The company achieved a profit of USD 44 million for the period, reflecting a 22.2% year-on-year increase in USD and a 33.7% increase in local currency terms, resulting in a profit margin of 17.3% [2][5][6] - Adjusted EBITDA for Q1 2025 was USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency, with an adjusted EBITDA margin of 54.9% [2][5][6] Financial Performance - Total operating revenue for Q1 2025 was USD 255 million, up 37.1% year-on-year in USD and 49.6% in local currency [2][5][6] - Profit for the period amounted to USD 44 million, a 22.2% increase year-on-year in USD and 33.7% in local currency [2][5][6] - Adjusted EBITDA reached USD 140 million, representing a 50.5% year-on-year increase in USD and 64.6% in local currency [2][5][6] Customer Growth - The Multiplay customer base increased by 40.7% year-on-year to 6.1 million, representing 29.5% of one-month-active mobile customers [6] - Total digital monthly active users across Kyivstar Group's digital applications reached 10.3 million in Q1 2025, up 32.9% from 7.7 million a year earlier [6] Strategic Initiatives - The company completed the acquisition of Uklon, a leading ride-hailing business, for approximately USD 155.2 million and increased its stake in Helsi, Ukraine's largest digital health platform, from 69.99% to 97.99% [5][14] - Kyivstar Group is progressing towards a listing on the Nasdaq Stock Market, with a registration statement filed in conjunction with a business combination with Cohen Circle [8][10]

Core Insights - Kyivstar Group reported strong financial results for Q1 2025, with total operating revenue reaching USD 255 million, a 37.1% increase year-on-year in USD and 49.6% in local currency terms [2][6][7] - The company achieved a profit of USD 44 million for the period, reflecting a 22.2% year-on-year increase in USD and 33.7% in local currency terms, resulting in a profit margin of 17.3% [2][6][7] - Adjusted EBITDA for Q1 2025 was USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin of 54.9% [2][6][7] Financial Performance - Total operating revenue for Q1 2025 was USD 255 million, up 37.1% year-on-year in USD and 49.6% in local currency terms [2][6][7] - Profit for the period amounted to USD 44 million, a 22.2% increase year-on-year in USD and 33.7% in local currency terms [2][6][7] - Adjusted EBITDA reached USD 140 million, reflecting a 50.5% year-on-year increase in USD and 64.6% in local currency terms [2][6][7] Strategic Developments - The company completed the acquisition of Uklon, a leading ride-hailing business in Ukraine, for approximately USD 155.2 million [6][14] - Kyivstar Group increased its stake in Helsi, Ukraine's largest digital health platform, from 69.99% to 97.99% [6][14] - The company is progressing towards a listing on the Nasdaq Stock Market, following a business combination agreement with Cohen Circle Acquisition Corp. [5][9] Customer Growth - The Multiplay customer base grew by 40.7% year-on-year to 6.1 million customers, representing 29.5% of one-month-active mobile customers [7] - Total digital monthly active users across Kyivstar Group's digital applications reached 10.3 million in Q1 2025, up 32.9% from 7.7 million a year earlier [7]

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]

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have signed a business combination agreement that will lead to the listing of JSC Kyivstar on the Nasdaq Stock Market, marking a significant milestone for Ukraine's economic future and providing international investors with access to the Ukrainian market [1][4][5]. Company Overview - Kyivstar is Ukraine's largest digital operator, serving over 24 million customers with fixed and mobile communication services [8][10]. - The company has a strong consumer digital service portfolio, including a healthcare platform with over 28 million registered patients and a streaming platform with 2 million monthly active users [8]. - Kyivstar plans to invest USD 1 billion into new telecom technologies in Ukraine from 2023 to 2027 [10]. Business Combination Details - Following the business combination, Kyivstar Group will be listed on Nasdaq under the ticker symbol KYIV, with VEON retaining a minimum of 80% ownership [2]. - The transaction assigns a pro-forma valuation of USD 2.21 billion to Kyivstar at closing [8]. - The business combination is expected to close in Q3 2025, pending shareholder approval and customary closing conditions [2][20]. Management Commentary - VEON's Chairman emphasized that Kyivstar's listing will be a defining moment for Ukraine's economic future and a unique opportunity for global investors [4]. - The CEO of VEON highlighted Kyivstar's strong financial profile and governance structure, which are expected to attract international investors [5]. - Kyivstar's CEO noted the company's resilience during the war and its commitment to rebuilding Ukraine's infrastructure [6]. Advisors - Rothschild & Co is acting as the lead financial advisor to VEON, while BTIG, LLC and Cantor Fitzgerald & Co. are also involved as capital markets advisors [9].