VEON (VEON) Investor presentation summary

Business overview and market presence

• Operates across five countries, serving about 6% of the world's population with telecom and digital services.

• Holds market leader positions in Pakistan, Ukraine, and Kazakhstan, with strong challenger status in Bangladesh and Uzbekistan.

• Headquartered in Dubai and listed on NASDAQ.

• Brands include Jazz, Kyivstar, banglalink, Beeline, and JazzCash among others.

• Total telecom customers: 151.4 million; digital customers: 143.3 million as of September 2025.

Digital ecosystem and growth

• Digital monthly active users (MAU) reached 143.3 million, up 39.3% year-over-year.

• Digital-only MAU surged 114.1% to 50 million.

• Digital revenue now 17.8% of total revenue, up 6.1 percentage points year-over-year.

• Transaction value over the last twelve months was $48.8 billion, up 50.3%.

• Entertainment, financial services, and ride-hailing segments all showed strong MAU and revenue growth.

Financial performance

• 3Q25 revenue was $1,115 million, up 7.5% year-over-year.

• Direct digital revenue grew 63.1% to $198 million.

• EBITDA for 3Q25 was $524 million, up 19.7% year-over-year, with a margin of 47.0%.

• LTM equity free cash flow reached $584 million; group cash at $1,666 million.

• Net debt excluding leases was $1,729 million, with a net debt/EBITDA ratio of 1.13x.