Slide 1: 1Q26 Results Presentation: Strong Start to 2026
Revenue +17.0%, EBITDA +17.7% Digital Surges +57.7% to 25.2% of Total Revenue 13 May 2026 | 1Q26 Results Presentation Strong Start to 2026
Slide 2: Disclaimer: Notice to Readers
2 DISCLAIMER Notice To Readers Certain of VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and have not be
Slide 3: Delivering Strongly Across All Key Priorities
3 DELIVERING STRONGLY ACROSS ALL KEY PRIORITIES Driving USD 1.2 bn+ in quarterly revenues, EBITDA consistently USD 0.5 bn+ Revising up revenue guidance for 2026; consistently growing wallet share Prioritizing cash flow conversion; EFCF 1 +73.4% for 1Q26 to USD 246 mn Delivering Strong Growth 17.0% R
Slide 4: Strong Start to the Year with Robust 1Q Financials
4 STRONG START TO THE YEAR WITH ROBUST 1Q FINANCIALS Equity FCF 3 246 +73.4% All figures expressed in USD million, unless specified otherwise. Growth figures YoY 1. Revenues from enterprise identity and credentials management services have been reported within the Digital Enterprise vertical from 1Q
Slide 5: Outpacing Inflation, Capturing Higher Wallet Share
5 OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth 6.6% 8.9% 17.0% 1Q24 1Q25 1Q26 EBITDA Growth 0.2% 13.7% 17.7% Inflation 13.1% 7.5% 8.1% Fair value pricing and digital growth Disciplined cost management Weighted average inflation across VEON markets USD LCY 11.6% 15.7% 17.3% 5.1%
Slide 6: Digital Revenues Surging, and Are Scaling at Pace
6 96 135 61 63 20 37 16 35 33 18.7% 25.2% 1Q25 1Q26 DIGITAL REVENUES SURGING, AND ARE SCALING AT PACE Digital revenues 1 USD, mn Digital revenues EBITDA, USD mn EBITDA margin 105 34.6% Ride Hailing Premium Digital Brands, Healthcare, SuperApps & Others Entertainment Enterprise Financial Services % o
Slide 7: Multiplay Driving ARPU and Revenue Growth
7 3.2 3.4 3.6 0.85 0.91 0.93 1Q24 1Q25 1Q26 Multiplay ARPU Voice-only ARPU 3.6x 3.7x3.8x MULTIPLAY DRIVING ARPU AND REVENUE GROWTH Steady growth in 4G adoption… …fuels multiplay penetration and revenue expansion… … driving higher ARPU and improved monetisation 98 102 106 62% 67% 70% 1Q24 1Q25 1Q26 4
Slide 8: Multi Market Strength, Led by Digital Momentum
8 16.412.017.120.736.9Digital rev. as % of total (%) 25.4%8.8%23.2%33.0%12.1%LTM Capex to rev. (%) 6.6%4.9%10.3%31.4%20.6%Total revenue 1.8%23.9%(6.9%)26.4%29.4%EBITDA 26.2%7.5x15.2%2.7x33.1%Digital revenue LCY growth, YoY MULTI MARKET STRENGTH, LED BY DIGITAL MOMENTUM Pakistan Ukraine Kazakhstan Ba
Slide 9: Financial Services: Pakistan Going from Strength to Strength
9 18 20 24 38 36 1Q25 2Q25 3Q25 4Q25 1Q26 FINANCIAL SERVICES: PAKISTAN GOING FROM STRENGTH TO STRENGTH Pakistan’s leading digital financial services platform Revenues 1 (USD mn) Pakistan’s largest digital bank 79 85 89 103 119 1Q25 2Q25 3Q25 4Q25 1Q26 29.2mnDigital customers 605,000+ +77.8% Active m
Slide 10: Diversified Digital Ecosystem, Multiple Growth Drivers
10 DIVERSIFIED DIGITAL ECOSYSTEM, MULTIPLE GROWTH DRIVERS Digital Customers Digital-Only Total Customers Digital Revenue % in Total Rev. LTM Transaction Value Financial Services Ride Hailing Premium Digital Brands Healthcare SuperApps Entertainment Enterprise 66.0 93.4 5.1 $63mn revenue 8.2 14.0 65.
Slide 11: Our Consumer Digital Assets Are Scaling at Pace
11 65.493.4 19.1 OUR CONSUMER DIGITAL ASSETS ARE SCALING AT PACE Digital Customers, mn Users active during 1Q26 1. Unique policy holders in the quarter. 8.2Total 66.0 Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan Financial Services Entertainment SuperApps Premium Digital Brands Healthcare 29.2 1
Slide 12: Our Enterprise Digital Assets Building Momentum
12 › Secure local platform for AI, IoT, and big data › Local language LLMs for locally relevant products › Private and hybrid cloud tailored to enterprise needs › ~2,000 IT engineers, software developers & data scientists Digital Enterprise Services AdTech › Launched Prism platform for telco-data an
Slide 13: Actively Embedding AI1440 Across Our Ecosystem
13 WE ARE ACTIVELY EMBEDDING AI1440 ACROSS OUR ECOSYSTEM AgenticAI Across Platforms AI for Enterprise& Cloud Local-Language LLMs Accelerating Adoption 1.4mn+ Customers live across AI products | 1,000+ AI use cases identified AI at work across our OpCos today AI News Channel 0.6mn Customers Entertain
Slide 14: 1Q26 Revenues: Sustaining Double Digit Growth Rates
14 942 1,026 1,201 6.6% 8.9% 17.0% 1Q24 1Q25 1Q26 YoY % 1Q26 REVENUES: SUSTAINING DOUBLE DIGIT GROWTH RATES Total Revenues USD mn Revenues in 1Q26 USD mn +17.0%+13.6%+4.2%+13.1%+26.7%+20.4%Revenue, USD +17.3%+6.6%+4.9%+10.3%+31.4%+20.6%Revenue, LCY 1,201 465 325 212 116 82 Pakistan Ukraine Kazakhsta
Slide 15: 1Q26 EBITDA: Double Digit Growth, with Margin Expansion
15 386 439 517 0.2% 13.7% 17.7% 1Q24 1Q25 1Q26 YoY % 1Q26 EBITDA : DOUBLE DIGIT GROWTH, WITH MARGIN EXPANSION EBITDA USD mn EBITDA in 1Q26 USD mn 42.8% 43.0%41.0%Margin +17.7%N/A+8.5%+23.1%(3.9%)+21.8%+29.2%EBITDA, USD +18.4%N/A+1.8%+23.9%(6.9%)+26.4%+29.4%EBITDA, LCY 517 209 174 91 46 30 (33) Pakis
Slide 16: Strong, Sustainable Capital Structure
16 Gross debt was stable at USD 4,907 million at the end of 1Q26, compared with USD 4,902 million in 4Q25 Approximately 50% of external debt is held at OpCo level as of Mar 2026 STRONG, SUSTAINABLE CAPITAL STRUCTURE Ample liquidity Debt Sustainable capital structure USD 457 mn cash at HQ level USD 5
Slide 17: Executing to Structured, Scalable Capital Return Policy
17 Going ahead… August 2024 EXECUTING TO STRUCTURED, SCALABLE CAPITAL RETURN POLICY 1. Subject to prevailing market conditions, liquidity consideration, prevailing share price relative to our assessment of fair value for the VEON stock, regulatory requirements, and requisite internal approvals USD 1
Slide 18: Proactively Mitigating Risks, Revising 2026 Outlook
18 PROACTIVELY MITIGATING RISKS, REVISING 2026 OUTLOOK 1. Based on blended weighted average inflation rate of 8.4% for 2025; 2. 2026 USD guidance assumes average depreciation of 4% of VEON’s key operating currencies versus USD; actual results may vary due to FX movements. MANAGING ENERGY MARKET VOLA
Slide 19: 1Q26 Results Presentation
19 1Q26 Results Presentation ir@veon.com +971 4 433 1145
Slide 20: Appendix
20 Appendix
Slide 21: Pakistan: Digital and Telco Driving Robust Growth
21 PAKISTAN: DIGITAL AND TELCO DRIVING ROBUST GROWTH 45.9 53.3 57.1 64.0% 72.6% 76.3% 1Q24 1Q25 1Q26 26 36 48 29.2% 33.4% 36.9% 1Q24 1Q25 1Q26 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (PKR, billion) PKR 58,590m EBI
Slide 22: Ukraine: Strong Start and Clear Trajectory
22 UKRAINE: STRONG START AND CLEAR TRA JECTORY 15.0 14.3 15.3 62.7% 63.1% 69.6% 1Q24 1Q25 1Q26 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UAH, million) UAH 7,525m EBITDA +26.4% UAH 3,080m Capex +27.2% UAH 14,087m To
Slide 23: Kazakhstan: Resilient Growth, Furthering Digital Agenda
23 KAZAKHSTAN: RESILIENT GROWTH, FURTHERING DIGITAL AGENDA 8.4 8.8 8.7 75.6% 75.8% 74.6% 1Q24 1Q25 1Q26 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (KZT, billion) KZT 45,243m EBITDA (6.9%) KZT 8,725m Capex (28.5%) KZT
Slide 24: Bangladesh: Sustaining Its Recovery Momentum
24 BANGLADESH: SUSTAINING ITS RECOVERY MOMENTUM 21.5 17.9 18.7 52.3% 51.0% 54.5% 1Q24 1Q25 1Q26 537 200 1,696 3.5% 1.5% 12.0% 1Q24 1Q25 1Q26 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (BDT, million) BDT 5,673m EBITDA
Slide 25: Uzbekistan: Furthering Digital Adoption
25 UZBEKISTAN: FURTHERING DIGITAL ADOPTION 66 130 164 7.9% 13.8% 16.4% 1Q24 1Q25 1Q26 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UZS, billion) UZS 362b EBITDA +1.8% UZS 104b Capex (9.8%) UZS 1,001b Revenue +6.6% UZS
Slide 26: Uklon – Ride-Hailing & Delivery
26 UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan Expanded ecosystem now includes bus ticket purchasing 1,426mn UAH 32.9mnUSD Total Revenue 539mn UAH 12.4mn USD EBITDA 1Q26 5.1 million Digital Customers 43.7 million Rides Booke
Slide 27: Tabletki - Healthcare
27 TABLETKI - HEALTHCARE Leading marketplace for online booking of medicine and other healthcare products Consolidated effective February 2026 234mn UAH 5.3mnUSD Total Revenue 196mn UAH 4.5mn USD EBITDA 1Q26 6.3 million Digital Customers USD 258 million Gross merchandise value N/A 30.6 million Total
Slide 28: Our Digital Asset Portfolio
28 OUR DIGITAL ASSET PORTFOLIO Finance Entertainment HealthPremium Digital Brands EnterpriseSuperApps Learning Ride-Hailing & Delivery Marketplace Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan
Slide 29: Definitions 1/2
29 DEFINITIONS 1/2 4G users are mobile customers who used fourth-generation (4G or LTE) network technologies during the three months prior to the measurement date. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate ARPU by dividing our mobile
Slide 30: Definitions 2/2
30 DEFINITIONS 2/2 Mobile customers (also - mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgo
Slide 31: 1Q26 Results Presentation
31 1Q26 Results Presentation ir@veon.com +971 4 433 1145