Slide 1: VEON 2Q25 Results Presentation
VEON 2Q25 RESULTS PRESENTATION • DIRECT DIGITAL REVENUES UP 57% YOY • SOLID EXECUTION, STRONG RESULTS 7 August 2025 1 2Q25 Results |1
Slide 2: 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 3: Notice to Readers: Financial Information Presented
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 4: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 4 2Q25 Results |4
Slide 5: Strategic Clarity, Disciplined Execution
STRATEGIC CLARITY, DISCIPLINED EXECUTION • Sustained strong revenue and profit growth into 2Q. • Grew wallet share; 11.2% LCY revenue growth outpaces both inflation and nominal GDP. DELIVERED STRONG GROWTH • Sustained billion-dollar-a-quarter in revenues, scaled half-a-billion in EBITDA. • Revising
Slide 6: YoY Revenue and EBITDA Growth
YOY REVENUE AND EBITDA GROWTH Group Total Revenue, YoY Group EBITDA, YoY 19.6% 20.0% 14-16% LCY 2 18.7% 15.1% 13.6% 15.0% 13-15% LCY 1 12.8% 11.2% 13.2% 12.1% 10.0% 5.9% 10.6% 5.0% USD 0.0% LCY -5.0% -4.3% -10.6% -10.0% 2Q23 2Q24 2Q25 2025 Guidance 2Q23 2Q24 2Q25 2025 Guidance LCY Inflation3 (%) 17.
Slide 7: 2Q25 Highlights
2Q25 HIGHLIGHTS TELCO/ DIRECT TOTAL INFRA DIGITAL EBITDA REVENUE REVENUE REVENUE $1,087mn $907mn $180mn $520mn +5.9% YoY -0.5% YoY +56.6% YoY +13.2% YoY +11.2% YoY +4.8% YoY +62.4% YoY +19.6% YoY Local Currency Local Currency Local Currency Local Currency Innovation in products and Sustained billion
Slide 8: Our Journey Towards Direct Digital Revenues
OUR JOURNEY TOWARDS DIRECT DIGITAL REVENUES We are focused on growing our direct Direct digital revenues 16.5% digital revenues USD, million % of total revenues Our core digital verticals include financial services, healthcare, education, entertainment, ride-hailing, 11.2% 180 and enterprise service
Slide 9: 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) 68% Multiplay Doubleplay
Slide 10: Group Overview
GROUP OVERVIEW Growth YoY (%) Growth YoY (%) Growth YoY (%) PAKISTAN UKRAINE KAZAKHSTAN Q2 1H Q2 1H Q2 1H Total Rev. 15.3 17.7 Total Rev. 25.8 36.1 Total Rev. 3.1 1.3 EBITDA 5.4 9.1 EBITDA 23.5 39.5 EBITDA (8.3) (8.6) Direct Digital Rev. 35.7 42.1 Direct Digital Rev. 460.3 339.6 Direct Digital Rev.
Slide 11: Our Digital Ecosystem
OUR DIGITAL ECOSYSTEM Digital portfolio of assets as of June 30, 2025 DIGITAL MAU DIGITAL-ONLY DIGITAL REVENUE TRANSACTION ALL SERVICES TOTAL MAU % IN TOTAL REV. VALUE LTM 119.7mn 29.3mn 16.5% 43.8bn USD +7.1% YoY -6.1% YoY +5.4pp YoY +53.0% YoY in LCY 3.7 1.5 40.7 44.6 +9.4% 2.1x 39.1 YoY YoY 3.5 +
Slide 12: Our Digital Assets
OUR DIGITAL ASSETS Growth engines powering engagement and scale Financial Services Entertainment Ride-Hailing & Premium Digital Platforms SuperApps Delivery Brands MAUs MAUs MAUs MAUs Growth YoY Growth YoY Growth YoY Growth YoY 12.1mn 21.2mn 1 691K -32.8% +39.6% 21.1mn +20.6% +19.4% 8.3mn 4.4mn -64.
Slide 13: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 13 2Q25 Results |13
Slide 14: 2Q25 Revenues
2Q25 REVENUES REVENUE, FX DIFFERENCES IN 2Q25 (USD million) FX differences 2Q25 results YoY trends (0) 75 13 117 201 TOTAL REVENUE 286 $1,087mn 1,087 +5.9% 395 +11.2% Local Currency Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, reported DIRECT DIGITAL eliminations REVENUE
Slide 15: 2Q25 EBITDA and EBITDA Margin
2Q25 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN 2Q25 (USD million) FX differences 2Q25 results YoY trends 28 5 -31 88 100 EBITDA $520mn 166 +13.2% 520 +19.6% 164 Local Currency EBITDA Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, underlying eliminations MARGIN 47.
Slide 16: 2Q25 Debt and Liquidity Update
2Q25 DEBT AND LIQUIDITY UPDATE CASH • Group cash at USD 1,283 million (of which USD 206 million is at the HQ level ) compared to USD 1,775 million in 1Q25 (of which USD, million 30 June 2025 31 Mar 2025 QoQ USD 662 million was at HQ level). The change was primarily driven by net repayments of debt a
Slide 17: Agenda
AGENDA 1. OPENING Anand Ramachandran 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 4. 2025 OUTLOOK Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran 17 2Q25 Results |17
Slide 18: Revising 2025 Outlook
REVISING 2025 OUTLOOK1 1H25 FY25 Outlook 1 Total Revenue, YoY 13.4% 2 Total Revenue, YoY 13%-15% growth 2,3 2 EBITDA, YoY 20.8% EBITDA, YoY 14%-16% growth 2,3 LTM Capex intensity 4 21.4% Capex intensity 4 17%-19% (1) Based on blended weighted average inflation of 8.2% as of 4Q24. The weighted averag
Slide 19: Q&A
VEON 2Q25 RESULTS PRESENTATION Q&A 19 2Q25 Results |19
Slide 20: Pakistan
1 2 3 PAKISTAN Sustained All-Round Growth 2Q25 RESULTS AND YOY TRENDS, PKR SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % OF TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other REVENUE DIGITAL 73.9% 28.1% 66.3%
Slide 21: Ukraine
1 2 3 UKRAINE Building further on strong growth with Uklon 2Q25 RESULTS AND YOY TRENDS, UAH SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE1 PENETRATION % OF TOTAL REVENUE (billion) (3 month active, million) (million) 10.7% TOTAL DIRECT Multiplay 2Play 4G Other DIGITAL 6
Slide 22: Kazakhstan
1 2 3 KAZAKHSTAN Growth driven by network investments and digital expansion 2Q25 RESULTS AND YOY TRENDS, KZT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % OF TOTAL REVENUE (billion) (3 month active, million) (billion) 12.8% TOTAL DIRECT Multiplay 2Play 4G
Slide 23: Bangladesh
1 2 3 BANGLADESH Growth challenges, margins and cost control hold firm 2Q25 RESULTS AND YOY TRENDS, BDT SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % OF TOTAL REVENUE (billion) (3 month active, million) (million) 3.2% TOTAL DIRECT Multiplay 2Play 4G Other
Slide 24: Uzbekistan
1 2 3 UZBEKISTAN Growth driven by ARPU gains and expanding digital base 2Q25 RESULTS AND YOY TRENDS, UZS SEGMENT REVENUES IN 4G USERS AND DIRECT DIGITAL REVENUE AND CONSUMER REVENUE PENETRATION % OF TOTAL REVENUE (billion) (3 month active, million) (billion) TOTAL DIRECT Multiplay 2Play 4G Other DIG
Slide 25: 1H25 Revenues
1 2 3 1H25 REVENUES REVENUE, FX DIFFERENCES IN 1H25 (USD million) FX differences 1H25 results YoY trends 147 26 228 TOTAL -1 389 REVENUE $2,113mn 542 +7.3% +13.4% 2,113 Local Currency 781 DIRECT DIGITAL REVENUE $326mn Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations V
Slide 26: 1H25 EBITDA and EBITDA Margin
1 2 3 1H25 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN 1H25 (USD million) FX differences 56 9 1H25 results YoY trends 126 195 -62 EBITDA 309 $959mn +13.4% +20.8% 959 Local Currency 326 EBITDA MARGIN 45.4% Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, reported elimi
Slide 27: Financial Services in Pakistan
1 2 3 FINANCIAL SERVICES IN PAKISTAN JazzCash and Mobilink Bank 2Q25 RESULTS AND YOY TRENDS The most popular domestic mobile Pakistan’s largest domestic digital financial services app in Pakistan bank with over 22% of loans TOTAL REVENUE issued digitally MAU MAU Dost app 21.1 million 23.8bn +19.4% Y
Slide 28: Ride-Hailing & Delivery
1 2 3 RIDE-HAILING & DELIVERY Uklon Leading domestic ride-hailing platform in Ukraine 2Q25 RESULTS Scaling operations and footprint in Uzbekistan TOTAL 1 REVENUE MAU 21.7mn 3.5 million USD 2 Rides Booked 41.2 million EBITDA 1 +18.9% YoY Deliveries Completed 2 9.3mn USD 1.1 million +33.4% YoY 28
Slide 29: 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 30: VEON 2Q25 Results Presentation
VEON 2Q25 RESULTS PRESENTATION ir@veon.com Tel: +971 4 433 1145 30 2Q25 Results |30