VEON Ltd. · NASDAQ:VEON
VEON — FY2025 Earnings Presentation
33 slides from VEON's earnings presentation, Mar 13, 2026
Slide 1: VEON Delivers Record Digital Growth
Revenues +9.9% in 2025, +17.4% in 4Q25 EBITDA +18.8% in 2025, +29.1% in 4Q25 Digital Revenues +63% in 2025, +84% in 4Q25 13 March 2026 | FY25 & 4Q25 Results Presentation VEON Delivers Record Digital Growth
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: Strategic Momentum & Digital Scale Define a Strong FY25
3 STRATEGIC MOMENTUM & DIGITAL SCALE DEFINE A STRONG FY25 Delivered 14% LCY revenue growth in 2025, ahead of inflation at 8.4% Scaled USD 2bn+ in EBITDA; 45.7% EBITDA margin (+3.5 p.p. YoY) Sustaining momentum into 2026, as reflected in our guidance Delivering Strong Growth 9.9% 17.4% Rev. growth, U
Slide 4: Robust Financials: Double-Digit Growth, Digital Acceleration
4 Revenue 4,399 +9.9% 1,171 +17.4% Telco/Infra Revenue 3,640 +2.9% 936 +7.6% Digital Revenue 759 +62.5% 235 +84.1% EBITDA 2,009 +18.8% 527 +29.1% ROBUST FINANCIALS: DOUBLE-DIGIT GROWTH, DIGITAL ACCELERATION Net Debt excl. Leases 1,751 1.09x Net debt excl. leases / EBITDAaL Equity FCF2 624 Sustained
Slide 5: Outpacing Inflation, Capturing Higher Wallet Share
5 OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth 1 1. Year-on-year (1.5%) 8.3% 9.9% 2023 2024 2025 EBITDA Growth 1 (7.8%) 4.9% 18.8% Inflation 18.5% 9.7% 8.4% Fair value pricing and digital growth Disciplined cost management Stable inflation across VEON markets USD LCY 16.0% 12.8%
Slide 6: Digital Revenues Continue to Scale Rapidly
6 220 282 317 425 59 111 80 23 68 62 64 5 8 1 4 5.9% 7.6% 11.7% 17.3% 2022 2023 2024 2025 DIGITAL REVENUES CONTINUE TO SCALE RAPIDLY % of total revenues Digital revenues USD, mn Our sustainable competitive advantages Optimal Cost of Distribution Low Customer Acquisition Costs 759 +19.3% +28.0% +65.7
Slide 7: Multiplay Driving Revenue Growth
7 3.0 3.2 3.5 0.91 0.90 0.91 2023 2024 2025 Multiplay ARPU Voice-only ARPU 3.6x 3.7x3.8x 3 3 MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G adoption… …fuels multiplay penetration and revenue expansion… … driving higher ARPU and improved monetization 94 99 104 60% 65% 69% 2023 2024 2025 4G user
Slide 8: Strong Performance Across All Markets
8 Digital rev. as % of total (%) 30.2 28.7 15.6 10.7 15.0 13.3 8.6 5.4 12.9 11.4 Capex to sales (%) 16.9 12.8 43.3 33.9 35.0 24.6 16.2 8.3 38.7 26.1 4Q FY 4Q FY 4Q FY 4Q FY 4Q FY Total revenue 24.5% 18.6% 29.8% 30.2% 16.8% 6.5% 1.7% (6.5%) 11.8% 11.9% EBITDA 50.6% 23.2% 23.3% 29.5% 11.1% 3.2% 51.4%
Slide 9: Financial Services: Pakistan Leading the Way
9 9.1 37.6 4Q24 4Q25 81.0 100.0 FY24 FY25 FINANCIAL SERVICES: PAKISTAN LEADING THE WAY Pakistan’s leading digital financial services platform Revenues 1 (USD mn) Pakistan’s largest digital bank 75.0 102.7 4Q24 4Q25 21.5mn +9.1% MAU 511,000+ +45.9% Active merchants USD 53bn +54.0% Gross Transaction V
Slide 10: Diverse Digital Ecosystem with Multiple Growth Engines
10 DIVERSE DIGITAL ECOSYSTEM WITH MULTIPLE GROWTH ENGINES Digital Customers Digital-Only Total Customers Digital Revenue % in Total Rev. Transaction Value Financial Services Ride Hailing Premium Digital Brands Healthcare SuperApps Entertainment Enterprise 43.1 48.7 3.8 $64mn revenue 4.2 3.9 46.7 +16
Slide 11: Our Consumer Digital Assets Have Achieved Significant Scale
11 46.743.1 +16.2% 48.7 +19.2% +8.0% 7.7 4 OUR CONSUMER DIGITAL ASSETS HAVE ACHIEVED SIGNIFICANT SCALE YoY % Customers, mn 1. Active 1-Month; 2. Active 3-Month; 3. Active policy holders; 4. Uklon was acquired in 2Q25 hence no YoY comparisons exist. 4.2 +67.5% n/a Total 63.7 87.0 60.7 7.4 A1M 1 A3M 2
Slide 12: Our Enterprise Digital Assets Are Scaling Strongly
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: We Are Embedding AI Across Our Ecosystem
13 WE ARE EMBEDDING AI1440 ACROSS OUR ECOSYSTEM Local-Language LLMs Accelerating Adoption Agentic AI Features Rolling Out Across Platforms AI for Enterprise & Cloud Delivering Measurable Impact › Kaz-LLM live in Kazakh, Turkish, English, Russian; powering agentic features › Kyivstar & Jazz progressi
Slide 14: FY25 Revenues: Digital Operator Model Delivering at Scale
14 3,850 3,755 3,698 4,004 4,399 10.5% (2.4%) (1.5%) 8.3% 9.9% 2021 2022 2023 2024 2025 YoY % FY25 REVENUES: DIGITAL OPERATOR MODEL DELIVERING AT SCALE Total Revenues USD mn Revenues in FY25 USD mn Revenue, USD +17.5% +25.8% (4.5%) (11.6%) +12.8% N/A +9.9% Revenue, LCY +18.6% +30.2% +6.5% (6.5%) +11
Slide 15: FY25 EBITDA: Strongest Growth in Last Five Years
15 1,840 1,747 1,612 1,691 2,009 13.2% (5.0%) (7.8%) 4.9% 18.8% 2021 2022 2023 2024 2025 YoY % FY25 EBITDA : STRONGEST GROWTH IN LAST FIVE YEARS EBITDA USD mn EBITDA in FY25 USD mn 2,009 712 650 408 226 115 (102) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Other VEON 47.8% 46.5% 42.2% 45.7%43.
Slide 16: Reduction in Leverage Reflects Strong Capital Structure
16 Gross debt was broadly stable at USD 4,902 million at the end of 4Q25, compared with USD 4,861 million in 3Q25 50% of external debt is held at OpCo level as of Dec 2025 REDUCTION IN LEVERAGE REFLECTS STRONG CAPITAL STRUCTURE Ample liquidity Debt Sustainable capital structure USD 557 mn at HQ leve
Slide 17: Structured, Scalable Capital Return Policy
17 Going ahead… August 2024 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 100 mn Share B
Slide 18: 2026 Outlook: Sustaining Robust Momentum
18 FY 2025 FY 2026 Outlook Total Revenue YoY Growth, USD 9.9% 9% - 12% EBITDA YoY Growth, USD 18.8% 7% - 10% Capex Intensity (ex-Ukraine) 16.6% 14% - 16% 2026 OUTLOOK: SUSTANING ROBUST MOMENTUM 1. Based on blended weighted average inflation of 8.4% as of 4Q25. 2. 2026 USD guidance assumes blended av
Slide 19: FY25 & 4Q25 Results Presentation
19 FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145
Slide 20: Expanding Our Digital Ecosystem, Strengthening Connectivity
20 Digital-first insurance provider in Pakistan Kazakhstan’s leading online classifieds platform Leading digital healthcare marketplace in Ukraine EXPANDING OUR DIGITAL ECOSYSTEM, STRENGTHENING CONNECTIVITY (1) Awaiting Regulatory approval (2). 97% stake in Uklon, controlling stake in TPL Insurance,
Slide 21: Appendix
VEON Appendix
Slide 22: 4Q25 Revenues: Robust Revenue Momentum
22 998 1,026 1,086 1,115 1,171 (3.9%) 2.9% 5.8% 2.7% 5.0% 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ % 4Q25 REVENUES: ROBUST REVENUE MOMENTUM Total revenues USD mn Revenues in 4Q25 USD mn Revenue, USD +23.2% +28.2% +11.4% (0.3%) +19.2% N/A +17.4% Revenue, LCY +24.5% +29.8% +16.7% +1.7% +11.8% N/A +19.1% 1,171(2)
Slide 23: 4Q25 EBITDA and EBITDA Margin
23 408 439 520 524 527 (6.7%) 7.6% 18.3% 0.8% 0.6% 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ % 4Q25 EBITDA AND EBITDA MARGIN EBITDA USD mn EBITDA in 4Q25 USD mn 527 200 170 99 51 33 (26) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ and others VEON 40.9% 42.8% 47.0% 45.0%47.8%Margin EBITDA, USD +49.0% +21
Slide 24: Pakistan: Digital Momentum & Core Telco Powering Growth
24 PAKISTAN: DIGITAL MOMENTUM & CORE TELCO POWERING GROWTH 43.9 50.6 55.5 62.1% 70.7% 75.2% 2023 2024 2025 53 94 131 16.9% 24.5% 28.7% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (PKR, billion) PKR 200,
Slide 25: Ukraine: Strong Growth as Digital Revenues Scale Rapidly
25 UKRAINE: STRONG GROWTH AS DIGITAL REVENUES SCALE RAPIDLY 14.9 14.5 15.4 62.2% 62.8% 68.7% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UAH, million) UAH 27,103m EBITDA +29.5% UAH 16,461m Capex +61.0%
Slide 26: Kazakhstan: Advancing the Digital Operator Strategy
26 KAZAKHSTAN: ADVANCING THE DIGITAL OPERATOR STRATEGY 8.1 8.8 9.0 73.3% 76.0% 75.8% 2023 2024 2025 32 43 56 8.8% 10.8% 13.3% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (KZT, billion) KZT 213,070m EBIT
Slide 27: Bangladesh: 4Q25 Revenue Growth Rebound & Margin Expansion
27 BANGLADESH: 4Q25 REVENUE GROWTH REBOUND & MARGIN EXPANSION 20.1 18.0 18.4 49.6% 50.2% 53.3% 2023 2024 2025 42 36 1,2580.3% 0.6% 5.4% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (BDT, million) BDT 27,
Slide 28: Uzbekistan: Strong All-Round Momentum
28 UZBEKISTAN: STRONG ALL-ROUND MOMENTUM 121 146 440 3.8% 4.2% 11.4% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UZS, billion) UZS 1,450b EBITDA +14.1% UZS 1,008b Capex (33.4%) UZS 3,866b Revenue +11.9
Slide 29: Uklon – Ride-Hailing & Delivery
29 UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 1,417mn UAH 33.7mn USD Total Revenue 386mn UAH 9.2mn USD EBITDA 4Q25 3.8 million MAU1 43.6 million Rides Booked2 +8.6% YoY 1.3 million Deliveries Completed2 +21.7% YoY N/A 1. Re
Slide 30: Our Digital Asset Portfolio
30 OUR DIGITAL ASSET PORTFOLIO Finance Entertainment HealthPremium Digital Brands EnterpriseSuperApps Learning Ride-Hailing & Delivery Marketplace Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan
Slide 31: Definitions 1/2
31 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 32: Definitions 2/2
32 DEFINITIONS 2/2 Return on Equity (ROE) is calculated as group profit/loss divided by average equity for the period. Revenues from telecommunications services and from infrastructure (“Telecom and infrastructure revenues” or “Telecom and infra revenues”) are revenues generated by VEON from providi
Slide 33: FY25 & 4Q25 Results Presentation
33 FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145