Slide 1: FY24 & 4Q24 Trading Update
VEON FY24 & 4Q24 TRADING UPDATE • STRONG DELIVERY IN 2024 • DIGITAL DRIVING GROWTH 20 March 2025 1 FY24 & 4Q24 trading update |1
Slide 2: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 2 FY24 & 4Q24 trading update |2
Slide 3: Disclaimer
DISCLAIMER VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this documen
Slide 4: Notice to Readers: Financial Information Presented
NOTICE TO READERS: FINANCIAL INFORMATION PRESENTED VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility o
Slide 5: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 5 FY24 & 4Q24 trading update |5
Slide 6: 2024: A Transformative Year
2024: A TRANSFORMATIVE YEAR • Grew USD revenue 8.3% YoY, grew USD EBITDA 4.9% YoY in 2024; in line with FY2024 USD Expectations. DELIVERED • Sustained high LCY revenue growth, outpacing both inflation and nominal GDP, gaining a larger share of consumer wallets. STRONG GROWTH • Grew VEON to a USD 4 b
Slide 7: Our Equity Has Performed Strongly
OUR EQUITY HAS PERFORMED STRONGLY STOCK PRICE HAS RECOVERED TO PRE-WAR LEVELS VEON 24-MONTH SHARE PRICE PERFORMANCE 45.00 45.98 163% Ukraine/Russia war commences Share price Officially exits performance Russia business 36 month: 229% 24 month: 200% 22% 7.53 Announces sale 12 month: 95% of Russia 5%
Slide 8: Our Credit Has Recovered Strongly as Well
0 20 40 60 80 100 120 Feb 22 18.6 Mar 22 Apr 22 56.9 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Source: Cbonds.com, Bloomberg, as of March 18, 2025 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 2027 VEON Bond (Coupon 3.375%) Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 OUR CREDIT HAS RE
Slide 9: YoY Revenue and EBITDA Growth Performance
YOY REVENUE AND EBITDA GROWTH PERFORMANCE Group Total Revenue, YoY Group EBITDA, YoY 16.4% 14.0% 14.6% 12-14% Underlying LCY 13-15% 14.0% Underlying LCY 12.6% 12.0% 9.9% 10.0% 8.3% 4.9% 4.0% 0.0% -1.5% -2.4% -6.0% -5.3% 2022 2023 2024 2025 Guidance -10.0% -7.9% 2022 2023 2024 2025 Guidance USD Under
Slide 10: Identified Items for FY24 Revenue and EBITDA
IDENTIFIED ITEMS FOR FY24 REVENUE AND EBITDA Group Total Revenue Group EBITDA One-offs, Constant FX, adj One-offs, Constant FX, adj USD, million Reported Constant FX USD, million Reported Constant FX constant FX for one-offs constant FX for one-offs Ukraine 925 1,019 48 1,067 Ukraine 518 572 49 621
Slide 11: FY24 Highlights
FY24 HIGHLIGHTS TELCO/ DIRECT TOTAL INFRA DIGITAL EBITDA REVENUE REVENUE REVENUE $4,004mn $3,544mn $460mn $1,691mn +8.3% YoY +3.8% YoY +63.0% YoY +4.9% YoY +14.6% YoY +7.1% YoY +64.1% YoY +12.0% YoY Underlying LCY Local Currency Local Currency Underlying LCY 4Q24 grew +4.7% YoY in 4Q24 grew +0.8% Yo
Slide 12: FY24 Group Overview
FY24 GROUP OVERVIEW Ukraine Pakistan Kazakhstan USD Underlying LCY1 USD LCY USD Underlying LCY2 Total revenue Total revenue Total revenue +0.7% +13.7% +23.5% +22.7% +10.3% +16.2% EBITDA EBITDA EBITDA -4.2% +10.3% +16.3% +15.6% +5.1% +9.0% Bangladesh Uzbekistan USD LCY USD LCY Total revenue Total rev
Slide 13: Multiplay Driving Revenue Growth
MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G Multiplay users drive top Multiplay ARPU versus uptake line growth voice-only ARPU 4G users and penetration Multiplay and Doubleplay 4G revenues Multiplay and Voice-Only ARPU (3 months active, million) (USD million) (USD) 60% 65% Multiplay Doublep
Slide 14: Our Journey Towards Direct Digital Revenues
OUR JOURNEY TOWARDS DIRECT DIGITAL REVENUES We are focused on growing our Direct digital revenues 11% direct digital revenues USD, million % of total revenues Full year • Our core digital verticals include: fintech, Q4 8% 460 healthcare, education, entertainment, and enterprise services (AdTech, Clo
Slide 15: Ukraine
UKRAINE A strong finish to 2024 FY24 RESULTS AND YOY TRENDS, UAH SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND SERVICE REVENUE1 PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) 2.7% TOTAL DIRECT Multiplay 2Play 4G Other REVENUE DIGITAL 10.3 62.2% 62.8% REVEN
Slide 16: Listing Kyivstar in the US
LISTING KYIVSTAR IN THE US Highly Profitable, Multiple National Champion Growth Levers Leading digital operator. One of the most recognizable national brands in 2 5 Positioned for growth through Ukrainian Ukraine and proven leader in Ukraine's recovery and digital services expansion digital infrastr
Slide 17: Pakistan FY24
PAKISTAN FY24 Sustaining Robust Growth Momentum FY24 RESULTS AND YOY TRENDS, PKR SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND SERVICE REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other 26.1% REVENUE DIGITAL 70.7%
Slide 18: Kazakhstan FY24
KAZAKHSTAN FY24 Healthy growth momentum maintained FY24 RESULTS AND YOY TRENDS, KZT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND SERVICE REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other 11.3% 76.0% REVENUE DIGIT
Slide 19: Bangladesh FY24
BANGLADESH FY24 Impacted by Macro-Economic Headwinds and Civil Unrest FY24 RESULTS AND YOY TRENDS, BDT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND SERVICE REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (million) TOTAL DIRECT Multiplay 2Play 4G Other REVENU
Slide 20: Uzbekistan FY24
UZBEKISTAN FY24 Strong performance, supported by enhanced digital offerings FY24 RESULTS AND YOY TRENDS, UZS SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND SERVICE REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other
Slide 21: Our Digital Ecosystem
OUR DIGITAL ECOSYSTEM Our digital portfolio of assets as of 31 December 2024 CUMULATIVE MAU DIGITAL-ONLY DIRECT DIGITAL REV. AS TRANSACTION ALL SERVICES TOTAL USERS A % OF TOTAL REV. IN FY24 VALUE LTM 121.6mn 29.1mn 11.5% USD 36.5bn +27.2% YoY 23.9% of Total +3.9pp YoY +61.9% YoY in LCY Health al Le
Slide 22: Our Mobile Financial Services
OUR MOBILE FINANCIAL SERVICES Provide a broad portfolio of branchless banking services for customers JazzCash Simply Beepul Total Pakistan Kazakhstan Uzbekistan Incl. others 4Q24 ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 19.7 21.1% 3.2 2.5x 2.4 3.6x 38.5 42.3% LTM Total transactions (million) 2,
Slide 23: Our Entertainment Platforms
OUR ENTERTAINMENT PLATFORMS Offer new experiences and unique content to our customers Tamasha Toffee Kyivstar TV BeeTV Kinom Total Pakistan Bangladesh Ukraine Kazakhstan Uzbekistan 4Q24 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 17.1 61.5% 6.6 -22.0% 2.0 54.8% 1.0 8.0% 1.0 -11.0%
Slide 24: Our SuperApps & Premium Digital Brand Platforms
OUR SUPERAPPS & PREMIUM DIGITAL BRAND PLATFORMS 1 Simosa MyBL My Kyivstar Hambi Janymda Total SuperApps Pakistan Bangladesh Ukraine Uzbekistan Kazakhstan 4Q24 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 19.0 29.9% 7.8 -0.2% 6.2 42.7% 5.1 -3.2% 4.9 3.6% 42.8 16.9% Penetration in tot
Slide 25: Our Healthcare Platforms
OUR HEALTHCARE PLATFORMS Helsi - Ukraine FikrFree - Pakistan Patients registered in the system Users registered in the system 28+ million 1.4+ million +5% YoY E-Pharmacy Active healthcare institutions 50+ cities 1,600+ Active doctors and specialists +3% YoY Active doctors and specialists 400+ 39,000
Slide 26: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 26 FY24 & 4Q24 trading update |26
Slide 27: FY24 Revenues
FY24 REVENUES REVENUE, FX DIFFERENCES IN FY24 (USD million) FX differences FY24 results YoY trends TOTAL 273 55 (5) (65) REVENUE 539 854 $4bn 971 +8.3% 4,070 4,004 +14.6% 1382 Underlying LCY Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, DIRECT DIGITAL eli
Slide 28: 4Q24 Revenues
4Q24 REVENUES REVENUE, FX DIFFERENCES IN 4Q24 (USD million) FX differences 4Q24 results YoY trends 70 13 (0) (9) 124 TOTAL 193 REVENUE $998mn 251 +4.7% 1,007 998 356 +11.1% Underlying LCY Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, DIRECT DIGITAL elimin
Slide 29: FY24 EBITDA and EBITDA Margin
FY24 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN FY24 (USD million) FX differences 100 18 (115) FY24 results YoY trends 200 (104) 442 EBITDA 565 $1,691mn 1,795 1,691 +4.9% 584 +12.0% Underlying LCY Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, elim
Slide 30: 4Q24 EBITDA and EBITDA Margin
4Q24 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN 4Q24 (USD million) FX differences 4Q24 results YoY trends 27 4 (25) 43 (17) EBITDA 102 $408mn 140 +11.3% 426 408 134 +18.8% Local currency Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, eliminations u
Slide 31: 4Q24 Debt and Liquidity Update
4Q24 DEBT AND LIQUIDITY UPDATE CASH • Group cash increased to USD 1,691 million, of which USD 481 million is at the HQ level. The increase was driven by (i) USD 300 million of new debt at the level of Pakistan, which remained on the bank USD, million 31 Dec 2024 30 Sep 2024 QoQ accounts and deposits
Slide 32: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 32 FY24 & 4Q24 trading update |32
Slide 33: Transforming Towards a Faster, Stronger Digital Operator
TRANSFORMING TOWARDS A FASTER, STRONGER DIGITAL OPERATOR Past 12-18 Months Next 12-18 months Exited Russia Execute Kyivstar Listing ✓ ✓ Accelerated Digital Operator Strategy Sustain Growth Momentum. ✓ Explore Accretive In-Market Opportunities ✓ Progressed Asset-Light Strategy Continue Execution of A
Slide 34: 2025 Outlook
2025 OUTLOOK Total revenue, EBITDA, Capex intensity YoY in local currency YoY in local currency 20.6% (18.7% excluding FY 2024 Actuals 14.6% growth 12.0% growth Ukraine) FY 2025 Guidance1 12%-14% growth 13%-15% growth 17%-19% 1. Based on blended weighted average inflation of 8.2% as of 4Q24 (versus
Slide 35: Q&A
VEON FY24 & 4Q24 TRADING UPDATE Q&A 35 FY24 & 4Q24 trading update |35
Slide 36: Appendix
VEON FY24 & 4Q24 TRADING UPDATE APPENDIX 36 FY24 & 4Q24 trading update |36
Slide 37: 4Q24 Highlights
4Q24 HIGHLIGHTS TOTAL TELECOM/ DIRECT REVENUE INFRA DIGITAL EBITDA REVENUE REVENUE $998mn $872mn $126mn $408mn +4.7% YoY +0.8% YoY +42.4% YoY +11.3% YoY +11.1% YoY +5.4% YoY +43.5% YoY +14.1% YoY Underlying LCY Local currency Local currency Underlying LCY FY24 grew +8.3% YoY in FY24 grew +3.8% YoY i
Slide 38: 4Q24 Group Overview
4Q24 GROUP OVERVIEW Ukraine Pakistan Kazakhstan USD Underlying LCY USD LCY USD Underlying LCY Total revenue Total revenue Total revenue +15.9% +19.1% +18.8% +16.6% -7.1% +10.7% EBITDA EBITDA EBITDA +20.5% +12.6% +4.4% +2.5% -12.8% -1.1% Bangladesh Uzbekistan USD LCY USD LCY Total revenue Total reven
Slide 39: Digital Financial Services in Pakistan
DIGITAL FINANCIAL SERVICES IN PAKISTAN JazzCash and Mobilink Bank DFS 4Q24 RESULTS AND YOY TRENDS The most popular domestic mobile Pakistan’s largest domestic digital financial services app in Pakistan TOTAL bank with over 20% of loans REVENUE issued digitally MAU MAU Dost app 20.8bn 19.7 million PK
Slide 40: Simply
SIMPLY Kazakhstan’s first mobile online-only neobank MAU 3.2 million 2.5x YoY LTM Gross Transaction Value KZT 577 billion 1.5x YoY LTM # of transactions 90 million +22% YoY 40 FY24 & 4Q24 trading update |40
Slide 41: Beepul
BEEPUL Beeline Uzbekistan’s integrated mobile financial services MAU 2.4 million 3.6x YoY LTM Gross Transaction Value UZS 7.0 trillion +40% YoY LTM # of Transactions 54.5 million 4.7 4.8 41 FY24 & 4Q24 trading update |41
Slide 42: Tamasha
TAMASHA Pakistan’s leading domestic entertainment platform MAU 17.1 million +61% YoY Guest users 49.9% +4.5p.p. YoY Total # of sessions 259.9 million -53.2% YoY Ad revenues in 4Q24 PKR 1,674 million new revenue streams keep momentum ARPU Pakistan Digital Award 2024: PKR 674 Best Online Streaming Pla
Slide 43: Toffee
TOFFEE The largest Bangladeshi mobile entertainment platform MAU 6.6 million -22% YoY Guest users 59.7% -5.5p.p. YoY Total # of sessions 43.1 million -72% YoY Ad and subscription revenues in 4Q24 BDT 17 million ARPU BDT 367 3.1x higher than single play voice customers 43 FY24 & 4Q24 trading update |
Slide 44: IZI
IZI Youth-focused mobile entertainment operator in Kazakhstan Entertainment platform Mobile operator The app offers a variety of With the highest NPS score in unique and new content Kazakhstan MAU Monthly active mobile customers 679k 302,000+ +56.9% YoY +21.8% YoY Guest users “I Join” NPS 55.5% 63.6
Slide 45: ROX
ROX Digital-first lifestyle operator in Pakistan Lifestyle platform Mobile operator The app brings entertainment, Offering fast data and crystal- gaming, streaming and more clear voice services MAU ARPU 1M+ PKR 739 (ARPU Jazz: PKR 413) Guest users 58.2% Average DAU 65,500+ 45 FY24 & 4Q24 trading upd
Slide 46: Hambi
HAMBI Uzbek AI-powered SuperApp Lifestyle platform Mobile operator An AI-powered innovative Number 1 App in business platform that consolidates a category on Google Play / App comprehensive suite of digital Store services and connectivity into a single application App MAU 3.79 million Guest users 73
Slide 47: RYZE
RYZE Bangladesh’s first AI-powered lifestyle app Entertainment features Telco features AI productivity tools -Unlimited data packs Quick access to OTTS & -Bundle customization feature entertainment apps MAU Monthly Active Mobile Customers 222,933 146,585 Guest users 76,348 Monthly Avg. DAU 14,766 47
Slide 48: Definitions
DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. Average revenue per user (“ARPU”) measures the mont
Slide 49: VEON Investor Relations
VEON FY24 & 4Q24 TRADING UPDATE ir@veon.com Tel: +971 4 433 1145 49 FY24 & 4Q24 trading update |49