Slide 1: VEON Delivers Record Digital Growth
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
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: Strategic Momentum & Digital Scale Define a Strong FY25
STRATEGIC MOMENTUM & DIGITAL SCALE DEFINE A STRONG FY25 FY25 4Q25 9.9% 17.4% Delivered 14% LCY revenue growth in 2025, ahead of inflation at 8.4% Delivering Rev. growth, USD Strong Growth 18.8% 29.1% Scaled USD 2bn+ in EBITDA; 45.7% EBITDA margin (+3.5 p.p. YoY) EBITDA growth, USD Sustaining momentu
Slide 4: Robust Financials: Double-Digit Growth, Digital Acceleration
ROBUST FINANCIALS: DOUBLE-DIGIT GROWTH, DIGITAL ACCELERATION FY25 4Q25 All figures expressed in USD million, unless specified otherwise Revenue Telco/Infra Revenue Digital Revenue EBITDA 4,399 3,640 759 2,009 +9.9% +2.9% +62.5% +18.8% 1,171 936 235 527 +17.4% +7.6% +84.1% +29.1% 2 Capex Net Debt exc
Slide 5: Outpacing Inflation, Capturing Higher Wallet Share
OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth 1 EBITDA Growth 1 Inflation 18.5% 18.8% 9.9% 8.3% 9.7% 8.4% 4.9% USD (1.5%) 2023 2024 2025 (7.8%) LCY 16.0% 9.8% 24.2% 12.8% 14.2% 10.0% Fair value pricing and Disciplined cost Stable inflation across digital growth management VEON ma
Slide 6: Digital Revenues Continue to Scale Rapidly
DIGITAL REVENUES CONTINUE TO SCALE RAPIDLY Our sustainable competitive advantages Optimal Cost of Distribution Low Customer Acquisition Costs 17.3% Digital revenues USD, mn 759 4 11.7% 8 % of total revenues 64 68 SuperApps & Others 1 80 467 Healthcare 7.6% 5 111 5.9% 62 23 Enterprise 59 Premium Digi
Slide 7: Multiplay Driving Revenue Growth
MULTIPLAY DRIVING REVENUE GROWTH YoY % Steady growth in 4G adoption… …fuels multiplay penetration and … driving higher ARPU and revenue expansion… improved monetization 1 2 2 3 3 4G users 4G penetration Multiplay rev. Doubleplay 4G rev. Multiplay ARPU Voice-only ARPU 69% 65% 60% 3.3x 3.6x 3.6x 3.8x
Slide 8: Strong Performance Across All Markets
STRONG PERFORMANCE ACROSS ALL MARKETS Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan LCY growth, YoY 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% 32.5% 12.8% 14.1% Digital revenue 43.7% 38.8%
Slide 9: Financial Services: Pakistan Leading the Way
FINANCIAL SERVICES: PAKISTAN LEADING THE WAY 1 Pakistan’s leading digital Revenues (USD mn) Pakistan’s largest digital bank financial services 355.5 platform 262.0 102.7 75.0 MAU 21.5mn MAU 111,400+ Dost app +9.1% +54.9% 4Q24 4Q25 FY24 FY25 Active 511,000+ 1 merchants EBITDA and EBITDA margin (USD m
Slide 10: Diverse Digital Ecosystem with Multiple Growth Engines
DIVERSE DIGITAL ECOSYSTEM WITH MULTIPLE GROWTH ENGINES Digital Customers Telecom Customers Digital-Only Total Customers Digital Revenue % in Total Rev. Transaction Value 205.8 mn FY25 4Q25 Active 3-Month Users 150.2 mn 33.1 mn 17.3% 20.1% $55.2 bn 135.5 mn +26.3% YoY +5.6 p.p. YoY +7.3 p.p. YoY +51.
Slide 11: Our Consumer Digital Assets Have Achieved Significant Scale
OUR CONSUMER DIGITAL ASSETS HAVE ACHIEVED SIGNIFICANT SCALE 1 2 A1M A3M Customers, mn Financial Services Entertainment SuperApps Premium Digital Ride-Hailing & Delivery Brands Healthcare 21.5 Pakistan 17.5 24.1 1.5 3 11.2 Ukraine 2.5 6.2 Rides MAU Booked Preparing for 6.4 8.1 0.33 2.5 Bangladesh PSP
Slide 12: Our Enterprise Digital Assets Are Scaling Strongly
OUR ENTERPRISE DIGITAL ASSETS ARE SCALING STRONGLY ▪ Kyivstar Tech (Ukraine) Digital Enterprise Services ▪ Garaj (Pakistan) › Secure local platform for AI, IoT, and big data DIGITAL ▪ QazCode (Kazakhstan) › Local language LLMs for locally relevant products ▪ BuildX (Uzbekistan) ENTERPRISE › Private
Slide 13: We Are Embedding AI Across Our Ecosystem
WE ARE EMBEDDING AI1440 ACROSS OUR ECOSYSTEM Local-Language LLMs Accelerating Adoption › Kaz-LLM live in Kazakh, Turkish, English, Russian; powering agentic features › Kyivstar & Jazz progressing development of sovereign local-language LLMs › Expansion into Uzbek and Bangla to deepen market-specific
Slide 14: FY25 Revenues: Digital Operator Model Delivering at Scale
FY25 REVENUES: DIGITAL OPERATOR MODEL DELIVERING AT SCALE Total Revenues Revenues in FY25 USD mn USD mn 4,399 4,399 308 27 3,850 4,004 460 3,755 3,698 816 10.5% 1,164 9.9% 8.3% 1,624 (1.5%) (2.4%) 2021 2022 2023 2024 2025 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Other VEON YoY % Revenue, US
Slide 15: FY25 EBITDA: Strongest Growth in Last Five Years
FY25 EBITDA : STRONGEST GROWTH IN LAST FIVE YEARS EBITDA EBITDA in FY25 USD mn USD mn 2,009 115 (102) 2,009 226 1,840 1,747 1,691 408 1,612 650 18.8% 13.2% 4.9% 712 (5.0%) (7.8%) 2021 2022 2023 2024 2025 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Other VEON YoY % EBITDA, USD +22.0% +25.4% (7.
Slide 16: Reduction in Leverage Reflects Strong Capital Structure
REDUCTION IN LEVERAGE REFLECTS STRONG CAPITAL STRUCTURE USD mn 31 Dec 2025 30 Sep 2025 Ample liquidity USD 557 mn at HQ level Cash and cash equivalents and deposits1 1,734 1,666 Net dividends upstreamed from OpCos: 2 USD 40 mn for 4Q25; USD 323 mn for FY25 Gross debt, of which 4,902 4,861 Bonds and
Slide 17: Structured, Scalable Capital Return Policy
STRUCTURED, SCALABLE CAPITAL RETURN POLICY August 2024 › Commenced in December 2024, completed in August 2025 USD 100 mn › 2.15m ADSs repurchased at an average repurchase price of USD46.48 Share Buyback Program Completed per ADS › Commenced in November 2025 November 2025 › 614.3K ADSs repurchased fo
Slide 18: 2026 Outlook: Sustaining Robust Momentum
2026 OUTLOOK: SUSTANING ROBUST MOMENTUM FY 2025 FY 2026 Outlook Total Revenue 9.9% 9% - 12% YoY Growth, USD EBITDA 18.8% 7% - 10% YoY Growth, USD Capex Intensity 16.6% 14% - 16% (ex-Ukraine) 1. Based on blended weighted average inflation of 8.4% as of 4Q25. 2. 2026 USD guidance assumes blended avera
Slide 19: FY25 & 4Q25 Results Presentation
FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145 19
Slide 20: Expanding Our Digital Ecosystem, Strengthening Connectivity
EXPANDING OUR DIGITAL ECOSYSTEM, STRENGTHENING CONNECTIVITY Mar-25 Sep-25 Oct-25 Feb-26 Mar-26 RIDE-HAILING & FINANCIAL SERVICES LIFESTYLE HEALTHCARE SPECTRUM DELIVERY OLX Tabletki.ua Market Leader in Digital-first insurance Kazakhstan’s leading Leading digital Jazz wins largest Ukraine provider in
Slide 21: Appendix
Appendix 21
Slide 22: 4Q25 Revenues: Robust Revenue Momentum
4Q25 REVENUES: ROBUST REVENUE MOMENTUM Total revenues Revenues in 4Q25 USD mn USD mn 1,171 (2) 1,171 1,115 83 1,086 115 998 1,026 215 322 5.8% 5.0% 2.9% 2.7% 438 (3.9%) 4Q24 1Q25 2Q25 3Q25 4Q25 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ and VEON eliminations QoQ % Revenue, USD +23.2% +28.2
Slide 23: 4Q25 EBITDA and EBITDA Margin
4Q25 EBITDA AND EBITDA MARGIN EBITDA EBITDA in 4Q25 USD mn USD mn (26) 33 527 520 524 527 51 99 439 408 170 18.3% 200 7.6% 0.8% 0.6% (6.7%) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ and VEON 4Q24 1Q25 2Q25 3Q25 4Q25 others QoQ % EBITDA, USD +49.0% +21.8% 6.0% +48.3% +20.2% N/A +29.1% Marg
Slide 24: Pakistan: Digital Momentum & Core Telco Powering Growth
PAKISTAN: DIGITAL MOMENTUM & CORE TELCO POWERING GROWTH Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue 0.0 Multiplay 2Play 4G 0.0 Other 0.0 (3 month active, million) (PKR, billion) 28.7% 24.5% 24% 39% 33% 70.7% 75.2% 15% 62.1% 16.9% 13% 16% 131 6
Slide 25: Ukraine: Strong Growth as Digital Revenues Scale Rapidly
UKRAINE: STRONG GROWTH AS DIGITAL REVENUES SCALE RAPIDLY Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue 0.0 Multiplay 2Play 4G 0.0 Other 0.0 (3 month active, million) (UAH, million) 10.7% 17% 33% 25% 68.7% 62.2% 62.8% 39% 41% 43% 2.4% 1.2% 5,196
Slide 26: Kazakhstan: Advancing the Digital Operator Strategy
KAZAKHSTAN: ADVANCING THE DIGITAL OPERATOR STRATEGY Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue 0.0 Multiplay 2Play 0.0 4G Other0.0 (3 month active, million) (KZT, billion) 13.3% 19% 16% 14% 73.3% 76.0% 75.8% 21% 18% 10.8% 26% 8.8% 63% 68% 56
Slide 27: Bangladesh: 4Q25 Revenue Growth Rebound & Margin Expansion
BANGLADESH: 4Q25 REVENUE GROWTH REBOUND & MARGIN EXPANSION Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue 0.0 Multiplay 2Play 0.0 4G Other0.0 (3 month active, million) (BDT, million) 5.4% 37% 53.3% 48% 47% 49.6% 50.2% 23% 20% 19% 0.3% 0.6% 1,258
Slide 28: Uzbekistan: Strong All-Round Momentum
UZBEKISTAN: STRONG ALL-ROUND MOMENTUM Segment revenues 4G Users Digital revenue in consumer revenue and penetration and % of total revenue 0.0 Multiplay 2Play 4G 0.0 Other 0.0 (3 month active, million) (UZS, billion) 11.4% 19% 18% 18% 77.0% 18% 16% 25% 73.6% 73.1% 4.2% 3.8% 66% 440 64% 57% 6.2 6.1 5
Slide 29: Uklon – Ride-Hailing & Delivery
UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 4Q25 MAU1 3.8 million Total Revenue N/A 1,417mn UAH 33.7mn USD Rides Booked2 Deliveries Completed2 43.6 million 1.3 million EBITDA +8.6% YoY +21.7% YoY 386mn UAH 9.2mn USD 29 1. Re
Slide 30: Our Digital Asset Portfolio
OUR DIGITAL ASSET PORTFOLIO Premium Learning Ride-Hailing SuperApps Finance Entertainment Health Marketplace Enterprise Digital Brands & Delivery Pakistan Ukraine Bangladesh Kazakhstan Uzbekistan 30
Slide 31: Definitions 1/2
DEFINITIONS 1/2 4G users are mobile customers who used fourth-generation (4G or LTE) network technologies during the three Financial services encompass a comprehensive suite of financial solutions delivered through digital platforms. These months prior to the measurement date. include cash deposits
Slide 32: Definitions 2/2
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 providing
Slide 33: FY25 & 4Q25 Results Presentation
FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145 33