Core Insights - SAP is focusing on cloud revenue growth through its cloud ERP suite and modernization programs like RISE and GROW, aiming to attract customers for system upgrades and SAP Business Suite services [3][4] - The company's cloud backlog increased by 23% year over year in Q3 2025, totaling $21.8 billion (18.8 billion euros), highlighting the critical importance of cloud business performance for SAP [4] - SAP's cloud revenue rose by 22% in Q3 2025, marking the fifth consecutive quarter of high cloud revenue increases, although it represents a decline from 24% growth in Q2 [6] Company Strategy - SAP plans to continue releasing AI agents and orchestrating a network of AI assistants to enhance business value across its value chain [5] - The company is collaborating with industry customers to co-develop AI assistants, which are envisioned to support functions like supply chain management [5][6] - SAP aims to accelerate total revenue growth through 2027, with AI being identified as a key enabler of this growth [6] Financial Performance - SAP reported total revenue of approximately $10.5 billion for Q3 2025, reflecting a 7% year-over-year increase, down from a 9% increase in Q2 [6] - Executives expressed confidence in a strong pipeline for Q4, which is expected to support the ambition for accelerating total revenue growth in 2026 [6]

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]