Slide 1: Execution gains momentum: 3Q21 results
VEON EXECUTION GAINS MOMENTUM: ANOTHER QUARTER OF DOUBLE-DIGIT GROWTH RAISING FULL YEAR EBITDA GUIDANCE 3Q21 RESULTS 1 October 28, 2021
Slide 2: Agenda
AGENDA 1. OPENING Nik Kershaw 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 3Q21 FINANCIAL RESULTS Serkan Okandan 4. CLOSING REMARKS Kaan Terzioğlu 2
Slide 3: Disclaimer
DISCLAIMER This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward- looking statements may be identified by words such as “m
Slide 4: Agenda
AGENDA 1. OPENING Nik Kershaw 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 3Q21 FINANCIAL RESULTS Serkan Okandan 4. CLOSING REMARKS Kaan Terzioğlu 4
Slide 5: Key highlights
KEY HIGHLIGHTS Further progress with second quarter of double-digit growth 3Q21 RESULTS YOY TRENDS TOTAL SERVICE DATA EBITDA REVENUE REVENUE REVENUE $2.005bn $1.825bn $685mn $889mn +9.1% +11.2% +9.4% +18.8% +13.6% norm.1 local currency local currency local currency local currency +10.2% reported +8.
Slide 6: 3Q21 local currency portfolio performance
3Q21 LOCAL CURRENCY PORTFOLIO PERFORMANCE Strong YoY growth in revenues with healthy underlying profitability RUSSIA PAKISTAN KAZAKHSTAN UKRAINE +8.2% Revenue +13.0% Revenue +25.5% Revenue +11.9% Revenue +1.9% EBITDA -9.7% EBITDA +36.7% EBITDA +11.4% EBITDA +24.6% Norm. EBITDA +26.7% Norm. EBITDA BA
Slide 7: Russia
RUSSIA Service revenue growth accelerates 3Q21 RESULTS REVENUE AND YOY TRENDS 4G USERS AND PENETRATION DOUBLE/MULTIPLAY 4G YOY TRENDS (RUB Billion and %) (3 month active, million and %) CUSTOMERS1 -2.7% +8.2% 53% TOTAL SERVICE - 6.8% 46% 70% REVENUE REVENUE 38% 64% 54% 75.3bn 64.9bn 74.7 69.6 75.3 2
Slide 8: Ukraine
UKRAINE Strong performance in revenue and EBITDA continues 3Q21 RESULTS REVENUE AND YOY TRENDS 4G USERS AND PENETRATION DOUBLE/MULTIPLAY 4G YOY TRENDS (UAH Billion and %) (3 month active, million and %) CUSTOMERS +11.9% 44% 56% TOTAL SERVICE +11.6% REVENUE REVENUE +18.3% 34% 45% 7.3bn 7.2bn 24% 31%
Slide 9: Pakistan
PAKISTAN Market-leading position anchored on 4G and digital services 3Q21 RESULTS REVENUE AND YOY TRENDS 4G USERS AND PENETRATION DOUBLE/MULTIPLAY 4G YOY TRENDS (PKR Billion and %) (3 month active, million and %) CUSTOMERS 50% TOTAL SERVICE 47% +13.0% 38% REVENUE REVENUE +11.5% -7.0% 35% 57.3bn 52.5
Slide 10: Kazakhstan
KAZAKHSTAN Second consecutive quarter of growth above 20% 3Q21 RESULTS REVENUE AND YOY TRENDS 4G USERS AND PENETRATION DOUBLE/MULTIPLAY 4G YOY TRENDS (KZT Billion and %) (3 month active, million and %) CUSTOMERS 73% +25.5% 62% 62% TOTAL SERVICE REVENUE REVENUE +14.4% 50% 49% +13.7% 39% 63.9bn +61.6b
Slide 11: Bangladesh
BANGLADESH 4G rollout enables strong growth in data consumption 3Q21 RESULTS REVENUE AND YOY TRENDS 4G USERS AND PENETRATION DOUBLE/MULTIPLAY 4G YOY TRENDS (BDT Billion and %) (3 month active, million and %) CUSTOMERS 39% 33% TOTAL SERVICE +7.2% REVENUE REVENUE +3.8% +0.8% 21% 23% 12.4bn 12.1bn 10%
Slide 12: Other markets
OTHER MARKETS Continued progress in digital experience UZBEKISTAN GEORGIA KYRGYZSTAN • 61% 4G population coverage • 92% 4G population coverage • 93% 4G population coverage • 32% YoY increase in 4G users • 5.0% YoY increase in 4G users • 13% YoY increase in 4G users • 45% YoY increase in Double- and
Slide 13: VEON digital products
VEON DIGITAL PRODUCTS Growing range of digital services and partnerships JAZZCASH MY KYIVSTAR SIMPLY 14mn 89K 3.0mn 455K Monthly active Monthly active Monthly active users Registered users users merchants +34% YoY 6.6 times QoQ +44% YoY 3 times YoY TOFFEE BEELINE TV RUSSIA KYIVSTAR TV 6.3mn 150.2mln
Slide 14: Digital products and 4G network rollout
VEON DIGITAL PRODUCTS AND 4G NETWORK ROLLOUT Supporting higher customer engagement Group-wide DOUBLE/MULTIPLAY 4G CUSTOMERS 2.2x 0.3x 3.0x 1.9x 61% 1.8x 0.4x 2.4x 1.4x Total 52% customers 41% Double play 4G customers Multiplay 4G customers 34% 25% 18% ARPU Churn rate Data usage Minutes of use 3Q19 3
Slide 15: Agenda
AGENDA 1. OPENING Nik Kershaw 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 3Q21 FINANCIAL RESULTS Serkan Okandan 4. CLOSING REMARKS Kaan Terzioğlu 15
Slide 16: 3Q21 highlights
3Q21 HIGHLIGHTS Key financial results and YoY trends TOTAL SERVICE DATA EBITDA REVENUE REVENUE REVENUE $2.005bn $1.825bn $685mn $889mn +11.2% +9.4% +18.8% +9.1% local currency local currency local currency +13.6% norm.1 local currency +10.2% reported +8.4% reported +18.1% reported +8.6% reported EBI
Slide 17: 3Q21 revenue
3Q21 REVENUE Strong YoY revenue performance for the Group REVENUE IN 3Q21 (USD million) 3Q21 RESULTS YOY TRENDS 145 51 22 -8 150 270 349 TOTAL REVENUE 1,025 2,005 $2.005bn +11.2% local currency Russia Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Georgia and Eliminations Group Kyrgyzstan +10.2%
Slide 18: 3Q21 EBITDA and net income
3Q21 EBITDA AND NET INCOME Project Optimum supports healthy EBITDA performance EBITDA IN 3Q21 (USD million) 26 10 3Q21 RESULTS 62 -35 YOY TRENDS 86 173 183 EBITDA 384 889 $889mn +9.1% +13.6% norm1 local currency Russia Ukraine Pakistan Kazakhstan Bangladesh Uzbekistan Georgia and HQ and Group Kyrgyz
Slide 19: 3Q21 operational capex build-up
3Q21 OPERATIONAL CAPEX BUILD-UP Operational cashflow achieved while investment continues OPERATIONAL CAPEX IN 3Q21 (USD million) 3Q21 RESULTS YOY TRENDS 6 5 1 12 24 44 58 OPERATIONAL 231 CAPEX 381 $381mn +17.1% local currency Russia Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Georgia and HQ an
Slide 20: 3Q21 equity free cash flow and net debt
3Q21 EQUITY FREE CASH FLOW AND NET DEBT Strong equity free cashflow performance EQUITY FREE CASH FLOW GENERATION IN 3Q21 (USD million) 3Q21 RESULTS -381 YOY TRENDS -117 LEVERAGE -91 889 -59 64 25 311 -4 308 -18 2.5X 0.2x lower EBITDA Op Capex Lease Net financial Net tax Movements Working Other Equit
Slide 21: FY 2021 outlook
FY 2021 OUTLOOK Improved 2021 Guidance 1Q21 FY 2021 2Q21 FY 2021 9M21 Actual FY 2021 Guidance new Guidance update Guidance update +9.7% YoY High single-digit local High single-digit local Total Revenue in local currency Mid single-digit local currency growth currency growth currency growth in +8.7%
Slide 22: Agenda
AGENDA 1. OPENING Nik Kershaw 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 3Q21 FINANCIAL RESULTS Serkan Okandan 4. CLOSING REMARKS Kaan Terzioğlu 22
Slide 23: FY 2021 priorities
FY 2021 PRIORITIES Execution gains momentum 1 4G network rollout 46% 4G penetration, +10p.p. YoY Revenue up 8% YoY in local currency 2 Russia back to YoY growth Service revenues 4.7% YoY Revenue +15% YoY in aggregate in local 3 Double-digit growth in Ukraine, Pakistan and Kazakhstan currency Toffee
Slide 24: Appendix
_—— cc y So & aw. vv Ss f @ I @ b APPENDIX A
Slide 25: Important comparability matters: Algeria key financials
IMPORTANT COMPARABILITY MATTERS Algeria key financial (reported as discontinued operations) DZD million 3Q21 3Q20 YoY 9M21 9M20 YoY Total revenue 23,077 22,275 3.6% 66,051 65,166 1.4% EBITDA 10,818 10,155 6.5% 29,330 28,127 4.3% EBITDA margin 46.9% 45.6% 1.3pp 44.4% 43.2% 1.2pp Operational Capex 3,0
Slide 26: Important comparability matters: Algeria key financials
IMPORTANT COMPARABILITY MATTERS Algeria key financial (reported as discontinued operations) INCOME STATEMENT & CAPITAL EXPENDITURES FINANCIAL POSITION AND CASH FLOW YoY YoY USD million unaudited 3Q21 2Q21 QoQ USD million unaudited 3Q21 3Q20 9M21 9M20 reported reported Total revenue 170 173 (1.8%) 49
Slide 27: Important comparability matters: Algeria discontinued operation
IMPORTANT COMPARABILITY MATTERS ALGERIA (Discontinued operation) Following the exercise of the put option for our stake in Algeria on 1st July 2021, the Algerian business, in line with the IFRS 5 requirements, become a discontinued operation, and is accounted for as “Asset held for sale”. This impli
Slide 28: Important comparability matters: Algeria disclosure consideration
IMPORTANT COMPARABILITY MATTERS ALGERIA (Disclosure consideration) Balance Sheet - All the assets and liabilities of Algeria are shown as held for sale in a single line item under current assets and liabilities Income Statement - Profit and loss from Algerian operations is shown as a separate line i
Slide 29: Important comparability matters: Georgia NCI acquisition
IMPORTANT COMPARABILITY MATTERS Acquisition of Non-controlling interest (NCI) in Georgia VEON acquired in September 2021 the outstanding 20% in Georgia from the minority shareholder for a total consideration of USD 6.5 million. This transaction resulted in VEON’S ownership in the Georgian operations
Slide 30: Group capital structure as at 30 September 2021
FINANCIAL RESULTS Group capital structure as at 30 September 2021 LEGEND: USD RUB PKR BDT UAH DZD EUR OTHER CASH GROSS DEBT CURRENCY MIX NET DEBT CURRENCY MIX CURRENCY MIX1 (EXCLUDING LEASES) (EXCLUDING LEASES AFTER HEDGING2,3) 2% 2% 3% 3%1% 4% -2% 3% 7% 7% 5% 8% USD 31% USD USD 53% 1.5bn 61% 7.7bn
Slide 31: Debt by entity
DEBT BY ENTITY1 30 SEPTEMBER 2021 USD MILLION EQUIVALENT Outstanding debt Type of debt Cash-pool Entity Bonds Loans overdrafts2 and Total other VEON Holdings B.V. 5,116 1,649 - 6,765 Pakistan Mobile Communications Limited - 557 - 557 Private Joint Stock Company Kyivstar - 262 - 262 Banglalink Digita
Slide 32: Debt transactions extended maturity
FINANCIAL RESULTS Debt transactions extended maturity • RUB 20 billion (USD 273 million) 5 year bond with coupon of 8.125% AVERAGE COST OF DEBT (%) issued under global MTN program 6.3% 6.1% 6.1% • Bond issued at limited spread of 1.25% over OFZ thus indicating credit 5.9% 5.9% strength of the Group
Slide 33: Reconciliation tables
RECONCILIATION TABLES extract from VEON Ltd.’s Earnings Release RECONCILIATION OF CONSOLIDATED EBITDA RECONCILIATION OF CAPEX USD million unaudited 3Q21 3Q20 9M21 9M20 USD million unaudited 3Q21 3Q20 9M21 9M20 Operational Capex 381 328 1,260 1,150 EBITDA 889 819 2,505 2,403 Adding back purchase of l
Slide 34: Reconciliation tables
RECONCILIATION TABLES extract from VEON Ltd.’s Earnings Release RECONCILIATION OF ORGANIC AND REPORTED GROWTH RATES RECONCILIATION OF VEON CONSOLIDATED NET DEBT 3Q21 compared to 3Q20 Total Revenue EBITDA USD million 30 September 2021 30 June 2021 31 March 2021 Forex, Armenia Forex, Armenia Net debt
Slide 35: Russia
RUSSIA Service revenue growth accelerates REVENUE EBITDA 4G USERS AND PENETRATION1 (RUB Billion) (RUB Billion) (Million and %) +1.9% YoY 53% +8.2% YoY 51% 46% 48% 49% 27.7 26.8 28.2 42% 69.6 71.9 69.6 75.3 25.7 26.2 26.3 65.5 68.4 22.6 23.1 24.2 25.4 20.1 21.7 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q20 3Q20
Slide 36: Ukraine
UKRAINE Strong performance in revenue and EBITDA continues REVENUE EBITDA 4G USERS AND PENETRATION (UAH Billion) (UAH Billion) (Million and %) +11.9% YoY +11.4% YoY 44% 7.1 7.3 4.9 38% 40% 6.7 6.8 4.5 4.7 4.8 36% 6.0 6.5 4.1 4.4 34% 31% 10.3 11.6 8.8 9.3 9.7 7.8 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q20 3Q
Slide 37: Pakistan
PAKISTAN Market-leading position anchored on 4G and digital services REVENUE EBITDA1 4G USERS AND PENETRATION (PKR Billion) (PKR Billion) (Million and %) +13.0% YoY -9.7% YoY 47% 44% 41% 35% 38% 31.4 57.2 57.3 28.4 30% 50.7 52.3 55.0 23.2 24.7 24.8 47.1 21.7 30.8 33.8 22.8 28.7 22.2 25.0 19.1 2Q20 3
Slide 38: Kazakhstan
KAZAKHSTAN Second consecutive quarter of growth above 20% REVENUE EBITDA1 4G USERS AND PENETRATION (KZT Billion) (KZT Billion) (Million and %) +25.5% YoY +36.7% YoY 62% 36.8 56% 59% 32.5 30.8 50% 54% 58.9 63.9 26.9 27.7 44% 54.5 53.7 25.3 34.1 46.4 50.9 27.7 5.3 5.7 6.1 4.8 5.2 4.2 2Q20 3Q20 4Q20 1Q
Slide 39: Bangladesh
BANGLADESH 4G rollout enables strong growth in data consumption REVENUE EBITDA 4G USERS AND PENETRATION (BDT Billion) (BDT Billion) (Million and %) +7.2% YoY +3.6% YoY 33% 12.4 5.1 5.2 29% 4.6 4.6 4.7 4.8 26% 11.8 21% 24% 11.1 11.5 11.4 11.4 18% 11.4 9.0 9.9 7.0 8.0 5.9 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 40: Main definitions
MAIN DEFINITIONS Capital expenditures (capex) are purchases of new equipment, new construction, upgrades, licenses, software, other long-lived assets and related reasonable costs incurred prior to intended use of the non-current asset, accounted at the earliest event of advance payment or delivery.