Financial Performance - VEON delivered strong revenue growth of 7.5% in USD and 11% in local currency (LCY), outpacing inflation at 8.4%[11] - EBITDA grew by 19.7% in USD and 24.2% in LCY[11, 20] - Direct digital revenues increased significantly by 63.1% in USD, representing 17.8% of total revenues[11] - LTM equity free cash flow (FCF) reached $584 million, demonstrating sustained FCF momentum[12, 13] - Earnings per ADS increased by 73.6% to $7.81 for 9M25 and by 60.2% to $8.89 for LTM[13] Digital Growth and Strategy - Digital engagement is accelerating, surpassing mobile engagement in monthly usage[12] - VEON is integrating AI-powered features into its digital applications[12] - The company is committed to the combined power of DO1440 and AI1440[12] - Total digital monthly active users (MAU) reached 143.3 million, a 39.3% year-over-year increase[28] Strategic Initiatives - VEON completed the sale of its Kyrgyzstan business[12] - The company is advancing infrastructure monetization across all markets[12] - VEON pioneered Direct to Cell satellite connectivity in its markets[12] - A new buyback plan of up to $100 million of ADS and/or bonds was announced[12] Regional Performance - Pakistan's total revenue increased by 14.6% in LCY, with direct digital revenue up by 28.5%[24] - Ukraine's total revenue grew by 21.1% in LCY, with direct digital revenue increasing 5.3x[24] - Kazakhstan's total revenue increased by 6.7% in LCY, with direct digital revenue up by 43.1%[24] - Uzbekistan's total revenue increased by 9.3% in LCY, with direct digital revenue increasing 2.4x[24]

Financial Performance - Adjusted EBITDA reached $695 million, demonstrating a year-over-year growth of 18.7%[68] - The Adjusted EBITDA margin hit a record 48.9%[18,68] - Equity Free Cash Flow (EFCF) for the first 9 months of 2025 was $638 million, an increase of $98 million compared to the same period in 2024[17,70,73] - Service revenue increased to $1344 million, a 0.5% increase compared to Q3 2024[68] Customer Growth - Postpaid net additions reached 293,000[17] - Home net additions totaled 60,000[18] - Mobile postpaid customers grew by 14% year-over-year[21] - Home HFC/FTTH customers increased by 5.4% year-over-year[25] Strategic Initiatives - Millicom incorporated Ecuador and Uruguay, diversifying its LATAM footprint[53] - Revenue from Ecuador is $489 million and Adjusted EBITDA is $161 million[54] - Revenue from Uruguay is $246 million and Adjusted EBITDA is $93 million[56] Financial Position - Net debt stood at $4627 million[90,115] - Leverage ratio decreased to 2.09x[18,90,115] Country-Specific Performance - Colombia's Adjusted EBITDA margin increased by 4.9 percentage points[35] - Guatemala's mobile service revenue grew by 20% in local currency[41] - Panama achieved a record Adjusted EBITDA margin of 52.2%[49,51]