Slide 1: 1Q25 Results Presentation
VEON 1Q25 RESULTS PRESENTATION • STRONG START TO 2025 • DIRECT DIGITAL REVENUES SURGE 50%, DRIVING GROWTH 15 May 2025 1 1Q25 Results |1
Slide 2: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 1Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 2 1Q25 Results |2
Slide 3: Disclaimer
DISCLAIMER VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this documen
Slide 4: Notice to Readers: Financial Information Presented; Impact of the War in Ukraine
NOTICE TO READERS: FINANCIAL INFORMATION PRESENTED VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility o
Slide 5: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 1Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 5 1Q25 Results |5
Slide 6: Strong Start to 2025
STRONG START TO 2025 • Grew USD revenue 8.9% YoY, grew USD EBITDA 13.7% YoY in 1Q25. DELIVERED • Grew underlying LCY revenue by 12.9%, outpacing both inflation and nominal GDP. Grew underlying EBITDA by 10.4% YoY. STRONG GROWTH • We are back to being a Billion-Dollar-a-quarter company. • Grew Direct
Slide 7: YoY Revenue and EBITDA Growth Performance
YOY REVENUE AND EBITDA GROWTH PERFORMANCE Group Total Revenue, YoY Group EBITDA, YoY 30.0% 30.0% 12-14% 13-15% 20.0% Underlying LCY based 20.0% Underlying LCY based 12.9% on 8.2% inflation 13.7% on 8.2% inflation 10.4% 10.0% 8.9% 10.0% 6.6% 0.0% 0.0% 0.2% -8.7% -10.0% -10.0% -13.5% -20.0% -20.0% 1Q2
Slide 8: Identified Items
IDENTIFIED ITEMS Group Revenue Group EBITDA 1Q25 1Q25 1Q24 YoY YoY 1Q25 1Q25 1Q24 YoY YoY USD millions USD millions USD LCY USD USD LCY USD LCY USD USD LCY Total Revenue (Reported) 1,026 1,090 942 8.9% 15.7% EBITDA (Reported) 439 471 386 13.7% 22.1% Identified items: Identified items: UKR – Cyber at
Slide 9: 1Q25 Highlights
1Q25 HIGHLIGHTS TELCO/ DIRECT TOTAL INFRA DIGITAL EBITDA REVENUE REVENUE REVENUE $1,026mn $880mn $147mn $439mn +8.9% YoY +4.2% YoY +50.2% YoY +13.7% YoY +15.7 YoY +11.2% YoY +54.3% YoY +22.1% YoY Local Currency Local Currency Local Currency Local Currency Back to a Billion Dollar Sustained focus on
Slide 10: Multiplay Driving Revenue Growth
MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G Multiplay users drive top Multiplay ARPU versus uptake line growth voice-only ARPU 4G users and penetration Multiplay and Doubleplay 4G revenues Multiplay and Voice-Only ARPU (3 months active, million) (USD million) (USD) 67% Multiplay Doubleplay
Slide 11: Our Journey Towards Direct Digital Revenues
OUR JOURNEY TOWARDS DIRECT DIGITAL REVENUES We are focused on growing our Direct digital revenues direct digital revenues USD, million 14.3% % of total revenues • Our core digital verticals include: fintech, healthcare, education, entertainment, and enterprise services (AdTech, cloud, software 10.4%
Slide 12: 1Q25 Group Overview
1Q25 GROUP OVERVIEW Pakistan Ukraine Kazakhstan USD LCY USD Underlying LCY1 USD Underlying LCY2 Total revenue Total revenue Total revenue +20.4% +20.3% +36.9% +20.2% -12.3% +11.5% EBITDA EBITDA EBITDA +13.2% +13.2% +50.6% +10.2% -20.0% -4.0% Bangladesh Uzbekistan USD LCY USD LCY Total revenue Total
Slide 13: Pakistan
PAKISTAN Digital continues to drive 20%+ revenue growth 1Q25 RESULTS AND YOY TRENDS, PKR SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) 27.7% TOTAL DIRECT Multiplay 2Play 4G Other REVENUE DIGIT
Slide 14: Ukraine
UKRAINE Strong all-around performance: 20%+ revenue growth 1Q25 RESULTS AND YOY TRENDS, UAH SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (million) 3.1% TOTAL DIRECT Multiplay 2Play 4G Other REVENUE DIG
Slide 15: Kazakhstan
KAZAKHSTAN +11.5% revenue growth - well positioned for future growth 1Q25 RESULTS AND YOY TRENDS, KZT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other 12.1%
Slide 16: Bangladesh
BANGLADESH QoQ sequential increase in EBITDA amidst challenging environment 1Q25 RESULTS AND YOY TRENDS, BDT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (million) 0.6% TOTAL DIRECT Multiplay 2Play 4G
Slide 17: Uzbekistan
UZBEKISTAN Digital growth and policy shifts accelerate progress 1Q25 RESULTS AND YOY TRENDS, UZS SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % IN TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other 10.5% REVEN
Slide 18: Our Digital Ecosystem
OUR DIGITAL ECOSYSTEM Our digital portfolio of assets as of March 31, 2025 CUMULATIVE MAU DIGITAL-ONLY DIRECT DIGITAL REV. AS TRANSACTION ALL SERVICES TOTAL USERS A % OF TOTAL REV. IN 1Q25 VALUE LTM 125.1mn 32.4mn 14.3% USD 40.7bn +25.5% YoY +58.3% YoY +3.9pp YoY +59.4% YoY in LCY Health 3.9mn MAUs
Slide 19: Our Mobile Financial Services
OUR MOBILE FINANCIAL SERVICES Providing a broad portfolio of branchless banking services for customers JazzCash Simply Beepul Total Pakistan Kazakhstan Uzbekistan Incl. others 1Q25 ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 20.6 1.2x 3.3 2.4x 2.3 2.5x 40.0 33.5% LTM Total transactions (million) 3
Slide 20: Our Entertainment Platforms
OUR ENTERTAINMENT PLATFORMS Offering new experiences and unique content to our customers Tamasha Toffee Kyivstar TV BeeTV Beeline TV + Kinom Total incl. Others Pakistan Bangladesh Ukraine Kazakhstan Uzbekistan 1Q25 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 16.5 37.6% 8.9 -3.7% 2.
Slide 21: Our SuperApps & Premium Digital Brand Platforms
OUR SUPERAPPS & PREMIUM DIGITAL BRAND PLATFORMS Simosa MyBL My Kyivstar Hambi Janymda Total SuperApps Pakistan Bangladesh Ukraine Uzbekistan Kazakhstan 1Q25 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 20.9 40.2% 7.8 -3.6% 5.6 35.9% 4.3 30.4% 4.9 12.0% 45.1 21.7% Premium Digital Bra
Slide 22: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 1Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 22 1Q25 Results |22
Slide 23: 1Q25 Revenues
1Q25 REVENUES REVENUE, FX DIFFERENCES IN 1Q25 (USD million) FX differences 1Q25 results YoY trends 73 12 (0) (0) 111 TOTAL 188 REVENUE 257 $1,026mn +8.9% 386 1,026 1,026 +15.7% Local Currency Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, DIRECT DIGITAL el
Slide 24: 1Q25 EBITDA and EBITDA Margin
1Q25 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN 1Q25 (USD million) FX differences 1Q25 results YoY trends 27 4 (30) 38 (0) 95 EBITDA 143 $439mn +13.7% 439 439 162 +22.1% Local Currency Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, Identified VEON, eliminations und
Slide 25: 1Q25 Debt and Liquidity Update
1Q25 DEBT AND LIQUIDITY UPDATE CASH • Group cash increased to USD 1,775 million, of which USD 662 million is at the HQ level. This increase was, amongst other, driven by the proceeds from the TNS+ sale. USD, million 31 Mar 2025 31 Dec 2024 QoQ • In addition to the USD 1,775 million, we also held USD
Slide 26: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 1Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 26 1Q25 Results |26
Slide 27: Maintaining 2025 Outlook
MAINTAINING 2025 OUTLOOK 1Q25 FY25 Outlook 1 Total Revenue, YoY 15.7% 2 12%-14% Total Underlying Revenue, YoY 12.9% growth Total Underlying Revenue EBITDA, YoY 22.1% 2 13%-15% Underlying EBITDA, YoY 10.4% growth Total Underlying EBITDA Capex intensity 13.1% Capex intensity 17%-19% LTM Capex intensit
Slide 28: Q&A
VEON 1Q25 RESULTS PRESENTATION Q&A 28 1Q25 Results |28
Slide 29: Appendix
VEON 1Q25 RESULTS PRESENTATION APPENDIX 29 1Q25 Results |29
Slide 30: Digital Financial Services in Pakistan
DIGITAL FINANCIAL SERVICES IN PAKISTAN JazzCash and Mobilink Bank DFS 1Q25 RESULTS AND YOY TRENDS The most popular domestic mobile Pakistan’s largest domestic digital financial services app in Pakistan TOTAL bank with over 22% of loans REVENUE issued digitally MAU MAU Dost app 22.1bn 20.6 million PK
Slide 31: Simply
SIMPLY Kazakhstan’s first mobile online-only neobank MAU 3.3 million 2.4x YoY LTM Gross Transaction Value KZT 453 billion -4.6% YoY LTM # of transactions 71 million -17.4% YoY 31 1Q25 Results |31
Slide 32: Beepul
BEEPUL Beeline Uzbekistan’s integrated mobile financial services MAU 2.3 million 2.5x YoY LTM Gross Transaction Value UZS 8.6 trillion +67% YoY LTM # of Transactions 57 million +9.3% YoY 4.8 4.8 32 1Q25 Results |32
Slide 33: Tamasha
TAMASHA Pakistan’s leading domestic entertainment platform MAU 16.5 million +38% YoY Guest users 52.7% +17.4p.p. YoY Total # of sessions 338 million 11.5% YoY Ad revenues in 1Q25 PKR 820 million Search Impact During ICC new revenue streams keep momentum Champions Trophy 2025 ARPU PKR 721 3.6x higher
Slide 34: Toffee
TOFFEE The largest Bangladeshi mobile entertainment platform MAU 8.9 million -3.7% YoY Guest users 67.7% -0.7p.p. YoY Total # of sessions 46.3 million -58% YoY Ad and subscription revenues in 1Q25 BDT 54.6 million ARPU BDT 342 2.9x higher than single play voice customers 34 1Q25 Results |34
Slide 35: IZI
IZI Youth-focused mobile entertainment operator in Kazakhstan Entertainment platform Mobile operator The app offers a variety of With the highest NPS score in unique and new content Kazakhstan MAU Monthly active mobile customers 590k 358,000+ +10.3% YoY +30% YoY Guest users “Top-Down” NPS 41.1% 22 p
Slide 36: ROX
ROX Digital-first lifestyle operator in Pakistan Lifestyle platform ROX-Branded Concert The app brings entertainment, Hosted first ROX concert with gaming, streaming and more seamless in-app ticketing. MAU ARPU 700k+ PKR 1,148 (ARPU Jazz: PKR 328) Guest users 45.2% Average DAU 44,983+ 36 1Q25 Result
Slide 37: Hambi
HAMBI Uzbek AI-powered SuperApp Lifestyle platform Mobile operator An AI-powered innovative Number 1 App in business platform that consolidates a category on Google Play / App comprehensive suite of digital Store services and connectivity into a single application App MAU 4.3 million Guest users 745
Slide 38: RYZE
RYZE Bangladesh’s first AI-powered lifestyle app Entertainment features Telco features AI productivity tools -Unlimited data packs Quick access to OTTS & -Bundle customization feature entertainment apps MAU 101,995 Guest users 13,558 DAU 9,972 38 1Q25 Results |38
Slide 39: Definitions
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 monthl
Slide 40: VEON 1Q25 Results Presentation
VEON 1Q25 RESULTS PRESENTATION ir@veon.com Tel: +971 4 433 1145 40 1Q25 Results |40