Slide 1: Digital Driving Robust Growth – 3Q25 Results Presentation
Digital Driving Robust Growth Direct Digital Revenues Up 63% YoY Robust Revenue and EBITDA momentum 10 November 2025 | 3Q25 Results Presentation
Slide 2: Disclaimer and Notice to Readers
2 DISCLAIMER AND NOTICE TO READERS 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 exte
Slide 3: Significant Opportunity Across Our Footprint
3 SIGNIFICANT OPPORTUNITY ACROSS OUR FOOTPRINT Total population, 2025 21.6 mn+ to be added in 2025-2028 528 mn1 Internet users, 2025 52.5% of population 277 mn Mobile broadband connections to be added in 2025-2028 84.7 mn 4G penetration 91.2% population coverage of 4G 77% GDP per capita annual growt
Slide 4: 3Q 2025 – Key Messages
4 3Q 2025 – KEY MESSAGES Delivered 11% LCY revenue growth ahead of inflation at 8.4% Sustained bn-dollar-quarter in revenues; half-a-bn in EBITDA Raising 2025 EBITDA outlook on stronger performance Delivered Strong Growth 7.5% Rev. growth, USD 19.7% EBITDA growth, USD Accelerated digital engagement,
Slide 5: 3Q 2025 – Key Financial Metrics
5 Revenue $1,115 mn +7.5% USD Telco/Infra Revenue $917 mn +0.1% USD Direct Digital Revenue $198 mn +63.1% USD EBITDA $524 mn +19.7% USD 3Q 2025 – KEY FINANCIAL METRICS Net Debt Excl. Leases $1,729 mn 1.13x Net debt excl. leases / EBITDA Group Cash $1,666 mn LTM Equity FCF $584 mn Sustained FCF momen
Slide 6: YoY Revenue and EBITDA Growth
6 YoY REVENUE AND EBITDA GROWTH Revenue Growth 1 1. Year-on-year 9.8% 10.3% 15.7% 5.8% 7.5% 3Q24 4Q24 1Q25 2Q25 3Q25 EBITDA Growth 1 (1.5%) 18.8% 13.7% 13.2% 19.7% 3Q24 4Q24 1Q25 2Q25 3Q25 Inflation 6.1% 5.2% 7.5% 8.6% 8.4% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 14.1% 10.3% 11.2% 11.0% Showcases our abi
Slide 7: Robust Direct Digital Revenue Growth
7 53 72 81 107 13 31 25 4 15 21 14 1 2 1 6% 7.7% 11.7% 17.8% 3Q22 3Q23 3Q24 3Q25 Financial Services Entertainment Ride Hailing Premium Digital Brands Enterprise Healthcare ROBUST DIRECT DIGITAL REVENUE GROWTH % of total revenues Direct digital revenues USD, mn Our sustainable competitive advantages
Slide 8: Multiplay Driving Revenue Growth
8 3.32 3.51 3.47 0.89 0.88 0.91 3Q23 3Q24 3Q25 Multiplay ARPU Voice-only ARPU 3.6x 3.7x3.8x 3 3 MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G uptake Multiplay users drive top line growth Multiplay vs. Voice-only ARPU 92 100 104 59% 65% 69% 3Q23 3Q24 3Q25 4G users 4G penetration 293 369 452 20
Slide 9: Group Overview
9 Digital rev. as % of total (%) 28.5 28.1 11.8 8.7 12.8 12.6 8.9 4.3 11.9 10.9 Capex to sales (%) 10.8 11.4 34.2 30.3 26.9 20.9 6.0 5.6 14.3 21.6 LCY growth, YoY GROUP OVERVIEW Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan 3Q 9M 3Q 9M 3Q 9M 3Q 9M 3Q 9M Total revenue 14.6% 16.6% 21.1% 30.7% 6.7%
Slide 10: Financial Services: Pakistan
10 27.6 9.1 18.3 20.3 23.8 3Q24 4Q24 1Q25 2Q25 3Q25 FINANCIAL SERVICES: PAKISTAN The most popular domestic mobile financial services app in Pakistan Revenues 1 (USD mn) Pakistan’s largest domestic digital bank with over 23% of loans issued digitally 68.1 75.0 79.2 84.6 89.0 3Q24 4Q24 1Q25 2Q25 3Q25
Slide 11: Our Digital Ecosystem
11 OUR DIGITAL ECOSYSTEM Digital MAU All Services 143.3 mn +39.3% YoY Digital-Only Total MAU 50.0 mn +114.1% YoY Digital Revenue % in Total Rev. 17.8% +6.1pp YoY Transaction Value LTM $48.8 bn +50.3% YoY Financial Services Ride Hailing Premium Digital Brands Healthcare SuperApps Entertainment Enterp
Slide 12: Our Digital Assets – Consumer
12 44.442.1 +25.0% 62.0 +104% +17.0% 3.64 OUR DIGITAL ASSETS – CONSUMER Financial Services Entertainment Platforms SuperApps Ride-Hailing & Delivery Rides Booked 3 Deliveries Completed 3 20.6 10.52 3.8 1.3 42.2 1.2 31.8 7.3 2.1 0.95 0.95 21.8 8.3 5.2 4.7 4.3 YoY % MAUs, mn 1 1. All MAUs refer to use
Slide 13: Our Digital Assets – Enterprise
13 OUR DIGITAL ASSETS – ENTERPRISE › 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 Enterprise Digital Services AdTech › AI- and B
Slide 14: Embedding AI1440 Across Our Ecosystem
14 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 developing first Ukrain
Slide 15: 3Q25 Revenues
15 1,038 998 1,026 1,086 1,115 9.8% 4.7% 8.9% 5.8% 7.5% 3Q24 4Q24 1Q25 2Q25 3Q25 USD mn YoY % 3Q25 REVENUES Total revenues Revenues in 3Q25 USD mn Revenue, USD +12.8% +19.8% (4.9%) (5.0%) +10.6% N/A +7.5% Revenue, LCY +14.6% +20.9% +6.7% (2.4%) +9.3% N/A +11.0% 1,115 405 299 213 117 77 5 Pakistan Uk
Slide 16: 3Q25 EBITDA and EBITDA Margin
16 438 408 439 520 524 -1.5% 11.3% 13.7% 13.2% 19.7% 3Q24 4Q24 1Q25 2Q25 3Q25 USD mn YoY % 3Q25 EBITDA AND EBITDA MARGIN EBITDA EBITDA in 3Q25 USD mn EBITDA, USD +25.1% +20.4% +8.3% (0.9%) +6.7% N/A (30.2%) +19.7% EBITDA, LCY +27.1% +21.5% +21.5% +1.8% +5.7% N/A (30.2%) +24.2% 524186 172 115 49 27 2
Slide 17: Balance Sheet
17 Change in gross debt reflects successful completion of USD 200 mn bond issuance in 3Q25 50% of external debt at OpCo level as of Sep 2025 BALANCE SHEET Ample liquidity Debt Sustainable capital structure USD 653 mn at HQ level Net dividends upstreamed from OpCos: USD 96 mn for 3Q25; USD 285 mn for
Slide 18: Outlook
18 16% - 18% OUTLOOK maintained maintained 10% - 11% 7% to 8% 1.Based on blended weighted average inflation rate of 8.2% as of 4Q24; rate at 8.4% for 9M25; 2. Assuming no significant fluctuations in exchange rates from current levels 3Q 2025 YTD 9M 2025 2025 1 Current Updated Total revenue, LCY 11.0
Slide 19: Appendix
VEON Appendix
Slide 20: Pakistan: All-Round Growth Supported by Margin Improvement
20 PAKISTAN: ALL-ROUND GROWTH SUPPORTED BY MARGIN IMPROVEMENT 43.2 49.4 55.1 61.2% 69.1% 75.7% 3Q23 3Q24 3Q25 20 25 33 14.8% 23.9% 28.1% 3Q23 3Q24 3Q25 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Direct digital revenue and % of total revenue (PKR, billion)
Slide 21: Ukraine: Resilient Growth and Expanding Digital Scale
21 UKRAINE: RESILIENT GROWTH AND EXPANDING DIGITAL SCALE 14.2 14.6 15.0 58.8% 62.6% 66.5% 3Q23 3Q24 3Q25 45 232 1,4640.5% 2.3% 11.8% 3Q23 3Q24 3Q25 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Direct digital revenue and % of total revenue (UAH, million) UAH
Slide 22: Kazakhstan: Investment-Led Growth & Accelerating Digital Adoption
22 KAZAKHSTAN: INVESTMENT-LED GROWTH & ACCELERATING DIGITAL ADOPTION 8.0 8.9 9.1 72.6% 76.7% 76.7% 3Q23 3Q24 3Q25 8 10 15 8.8% 9.6% 12.8% 3Q23 3Q24 3Q25 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Direct digital revenue and % of total revenue (KZT, billion
Slide 23: Bangladesh: Stable Quarter Amid Margin Strength and Cost Control
23 BANGLADESH: STABLE QUARTER AMID MARGIN STRENGTH AND COST CONTROL 19.6 19.3 18.7 49.1% 51.2% 54.1% 3Q23 3Q24 3Q25 42 36 1,258 0.3% 0.2% 8.9% 3Q23 3Q24 3Q25 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Direct digital revenue and % of total revenue (BDT, mi
Slide 24: Uzbekistan: Momentum Driven by Rising ARPU
24 UZBEKISTAN: MOMENTUM DRIVEN BY RISING ARPU & ACCELERATING DIGITAL ADOPTION 20 34 116 2.6% 3.8% 11.9% 3Q23 3Q24 3Q25 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Direct digital revenue and % of total revenue (UZS, billion) UZS 334 bn EBITDA +5.7% +6.7 in
Slide 25: Uklon – Ride-Hailing & Delivery
25 UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 1,027mn UAH 24.7mn USD Total Revenue 378mn UAH 9.1mn USD EBITDA 3Q25 3.6 million MAU1 42.2 million Rides Booked2 +13.2% YoY 1.2 million Deliveries Completed2 +33.4% YoY N/A 1. R
Slide 26: Our Digital Asset Portfolio
26 OUR DIGITAL ASSET PORTFOLIO Finance Entertainment HealthPremium Digital Brands EnterpriseSuperApps Learning Ride-Hailing & Delivery Marketplace Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan
Slide 27: Definitions
27 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. ARPU (average revenue per user) measures the mon
Slide 28: 3Q25 Results Presentation
28 3Q25 Results Presentation ir@veon.com +971 4 433 1145