VEON Ltd. · NASDAQ:VEON
VEON — Q2 2026 Earnings Presentation
29 slides from VEON's earnings presentation, Jul 31, 2026
Slide 1: Digital Revenue Climbs 53.6%; VEON Raises 2026 Outlook
Financial Digital Digital Services Life Enterprise Payments Entertainment Cloud Wallets Ride-Hailing Software Digital Revenue Climbs 53.6% Digital Banking Healthcare AI Platforms VEON Raises 2026 Revenue and EBITDA Outlook Lending SuperApps B2B Solutions Insurance Premium Digital Brands Telecommunic
Slide 2: Disclaimer
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 been
Slide 3: Telecom Foundation, Three Digital Pillars, One Flywheel
TELECOM FOUNDATION, THREE DIGITAL PILLARS, ONE FLYWHEEL $2.5bn 1H26 Revenue $1.1bn 1H26 EBITDA 1.1x Leverage 1 ~4yr Avg. Debt Maturity 1 151mn+ Mobile Customers 1 227mn+ Digital Customers 1 Double Digit $320mn $100mn+ 1H26 Revenue & EBITDA Growth 1H26 Equity FCF Annual Buyback Commitment The Flywhee
Slide 4: Strong Delivery Across All Key Priorities
STRONG DELIVERY ACROSS ALL KEY PRIORITIES 2Q: 17.0% Rev. growth, USD · Delivering sustained double-digit top-line growth while accelerating Delivering shift toward a more digital, diversified revenue mix; 1H26 EBITDA up Strong Growth 2Q: 6.2%1 11.5%1. EBITDA growth, USD · 2Q reported EBITDA and prof
Slide 5: Robust 2Q Financials: Underlying Growth Intact
ROBUST 2Q FINANCIALS: UNDERLYING GROWTH INTACT Telecommunications & Infrastructure Digital Services 2 Revenue EBITDA EBITDA margin Customer Base 1,271 552 43.4% +17.0% +6.2%1 (4.4 p.p)1 151.5 227.7 Impacted by one-offs in 2Q251 +0.6% YoY 3 +0.6% QoQ 929 342 428 124 46.1% 36.1% +0.7% QoQ +7.6% +53.6%
Slide 6: Multi-Market Strength, Led by Digital Momentum
MULTI-MARKET STRENGTH, LED BY DIGITAL MOMENTUM Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan % of total revenue 39.3% 26.8% 17.8% 9.5% 6.6% USD growth, YoY Total revenue 26.6% 19.5% 12.2% 3.1% 12.2% EBITDA 31.9% 14.0% (10.9%) (44.1%) 1 8.9% EBITDA Margin 43.3% 55.5% 39.4% 41.0% 36.8% Digital rev
Slide 7: Three Digital Pillars Driving a Diversified Ecosystem
THREE DIGITAL PILLARS DRIVING A DIVERSIFIED ECOSYSTEM 227.7mn 26.9% 76.0mn Digital Customers Digital % of Revenue Digital-Only +0.6% QoQ +6.4 p.p. YoY Digital Customers, mn Ride-Hailing & Delivery Others 1 Users active during 2Q26 Digital Life QoQ % 168.9 Premium Digital +2.3% Digital Brands Enterpr
Slide 8: Digital Services Revenues Scaling Profitably at Pace
DIGITAL SERVICES REVENUES SCALING PROFITABLY AT PACE 26.1% Digital services revenues USD, mn 19.6% 26.9% 135 % of total revenues 20.5% 224 72 119 Digital Enterprise 119 99 58 Digital Life 62 285 151 197 Financial Services 102 2Q25 2Q26 1H25 1H26 YoY YoY Total Digital services revenues 222 342 +53.6%
Slide 9: Financial Services: Building Scale Across Our Footprint
FINANCIAL SERVICES: BUILDING SCALE ACROSS OUR FOOTPRINT Financial services revenue grew 48.5% YoY to USD 151 million in 2Q26, comprising 44% of digital revenues for the quarter. STRATEGIC HIGHLIGHTS FOOTPRINT • Significantly scaled digital finance in Pakistan. 59M financial services customers · $70b
Slide 10: Pakistan Financial Services: Significant Value Creation
PAKISTAN FINANCIAL SERVICES: SIGNIFICANT VALUE CREATION Digital customers Registered accounts Active merchants Average daily loans 27.7mn 62.4mn 736,800+ 224,000+ +7.4% YoY +24.6% YoY 1 DOST users Registered accounts Loans issued digitally Gross loan portfolio 168,200+ 63.6mn 33.4% USD 298mn +2.2x Y
Slide 11: Our Flywheel in Action: Multiplay Driving ARPU and Growth
OUR FLYWHEEL IN ACTION: MULTIPLAY DRIVING ARPU AND GROWTH Growth in multiplay …fuels multiplay penetration and … driving higher ARPU and users… revenue expansion… improved monetisation Multiplay users Multiplay rev. Doubleplay 4G rev. Multiplay ARPU Voice-only ARPU in mn in USD mn in USD 3.6x 3.8x 3
Slide 12: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS (USD mn) 2Q26 2Q25 YoY% 1H26 1H25 YoY% Financial KPIs Revenues 1,271 1,086 17.0% 2,472 2,113 17.0% • Revenue up 17.0% driven by pricing-led telecommuncations growth, digital scaling and acquisition contributions. EBITDA 552 520 6.2% 1,069 959 11.5% EBITDA Margin 43.4% 47.8%
Slide 13: Strong Balance Sheet Enabling Sustained Capital Returns
STRONG BALANCE SHEET ENABLING SUSTAINED CAPITAL RETURNS 1.10x USD 2.2bn USD 182.6mn USD 100mn of announced USD 200mn Minimum share cancellation Leverage1 (lease-adjusted) Cash on hand buyback programs complete commitment Ample liquidity First buyback program (USD 100 mn, completed) • $2.2bn cash on
Slide 14: Raising Outlook to Reflect Strong Momentum
RAISING OUTLOOK TO REFLECT STRONG MOMENTUM Actuals 2026 Outlook 2Q 2026 1H 2026 Previous Revised Total revenue, USD 17.0% 17.0% 11%-14% 15%-18% EBITDA, USD 6.2%1 11.5%1 7%-10% 9%-12% LTM capex intensity 15.0% 15%-17% maintained excl. Ukraine 1. Year-over-year EBITDA growth was moderated by the non-r
Slide 15: Capital Markets Day Save the Date November 2026
Capital Markets Day SAVE THE DATE 16 November 2026 Further details will be shared in due course New York City
Slide 16: 2Q26 Results Presentation
2Q26 Results Presentation ir@veon.com +971 4 433 1145 16
Slide 17: Appendix
Appendix
Slide 18: Outpacing Inflation, Capturing Higher Wallet Share
OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth EBITDA Growth 1 Inflation 17.0% 12.1% 13.2% 10.6% 9.2% 9.7% 8.5% 5.8% 6.2% USD 2Q24 2Q25 2Q26 LCY 15.1% 11.2% 16.6% 13.6% 19.6% 6.5% Fair value pricing and Disciplined cost Weighted average inflation digital growth management across V
Slide 19: 2Q26 Revenues: Sustaining Double Digit Growth Rates
2Q26 REVENUES: SUSTAINING DOUBLE DIGIT GROWTH RATES Total Revenues Revenues in 2Q26 USD mn USD mn 1,271 84 1,271 120 1,026 1,086 226 17.0% 341 12.1% 500 5.8% 2Q24 2Q25 2Q26 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan VEON YoY % Revenue, USD +26.6% +19.5% +12.2% +3.1% +12.2% +17.0% Revenue, LCY
Slide 20: 2Q26 EBITDA: Double Digit Growth, With Margin Expansion
2Q26 EBITDA : DOUBLE DIGIT GROWTH, WITH MARGIN EXPANSION EBITDA EBITDA in 2Q26 (USD mn) (USD mn) 552 520 459 31 552 49 (22) 89 189 13.2% 216 10.6% 6.2% 2Q24 2Q25 2Q26 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ VEON YoY % EBITDA, USD +31.9% +14.0% (10.9%) (44.1%) +8.9% N/A +6.2% Margin 44.7
Slide 21: Pakistan: Broad-Based Growth and Strong EBITDA Delivery
PAKISTAN: BROAD-BASED GROWTH AND STRONG EBITDA DELIVERY Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue Multiplay 2Play 4G Other (3 month active, million) (PKR, billion) 38.7% 24% 23% 77.1% 33.6% 34% 73.9% 30.2% 15% 66.3% 16% 13% 54 60% 62% 54.6 5
Slide 22: Ukraine: Strong Growth Powered by Digital Expansion
UKRAINE: STRONG GROWTH POWERED BY DIGITAL EXPANSION Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue Multiplay 2Play 4G Other (3 month active, million) (UAH, million) 21.6% 18% 15% 26% 70.3% 30% 62.4% 64.5% 14.1% 39% 41% 8.4% 3.3 55% 43% 14.6 14.4
Slide 23: Kazakhstan: Focusing on Value Amidst Macro & Competitive Headwinds
KAZAKHSTAN: FOCUSING ON VALUE AMIDST MACRO & COMPETITIVE HEADWINDS Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue Multiplay 2Play 4G Other (3 month active, million) (KZT, billion) 15% 14% 15% 76.0% 75.3% 21.1% 74.7% 20.0% 16% 16% 23% 16.4% 62% 70
Slide 24: Bangladesh: Digital Acceleration Reshapes Growth
BANGLADESH: DIGITAL ACCELERATION RESHAPES GROWTH Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue Multiplay 2Play 4G Other (3 month active, million) (BDT, million) 13.9% 54.9% 36% 34% 51.5% 52.3% 48% 23% 24% 5.0% 18% 4.0% 21.3 19.2 2,050 18.2 34% 4
Slide 25: Uzbekistan: Digital Growth Supports Performance
UZBEKISTAN: DIGITAL GROWTH SUPPORTS PERFORMANCE Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue Multiplay 2Play 4G Other (3 month active, million) (UZS, billion) 15.3% 17% 18% 13% 74.5% 74.2% 13.3% 72.7% 18% 19% 17% 8.3% 155 65% 64% 68% 6.0 5.8 5.
Slide 26: Our Diverse Digital Asset Portfolio
OUR DIVERSE DIGITAL ASSET PORTFOLIO Digital Life Communication Financial Services Digital Services Premium SuperApps 1 Entertainment Healthcare Ride-Hailing Marketplace Enterprise Digital Brands & Delivery Pakistan Ukraine Bangladesh Kazakhstan Uzbekistan 1. Includes Education 26
Slide 27: Definitions 1/2
DEFINITIONS 1/2 4G users are mobile customers who used fourth-generation (4G or LTE) network technologies during EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the 2025 Form 20-F published by VEON. the three months prior to the measurement date. Adjusted EBITDA is a non-IFRS
Slide 28: Definitions 2/2
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 outgoing
Slide 29: 2Q26 Results Presentation
2Q26 Results Presentation ir@veon.com +971 4 433 1145 29